Slides
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Results of mBank Group – Q2 2025 Presentation for the market, 31.07.2025 Another quarter of dynamic loan growth
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AGENDA 2 Key financial and business highlights for H1 2025 Overview of the results development in Q2 2025 Update on Poland’s macroeconomic situation and outlook Investor Presentation | Q2 2025
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Key highlights in mBank Group in H1 2025 3Investor Presentation | Q2 2025 Dynamic expansion of business volumes and market shares on upward trajectory Outstanding financial performance driven by high revenues and excellent efficiency Strengthened capital base and issuance of Tier 2 to pave the way for growth Lower legal risk costs related to FX mortgage loans amid reduced exposure and lawsuits
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of which: Results of mBank Group after H1 2025 – New lending business 4Investor Presentation | Q2 2025 Higher sales of mortgage and consumer loans, along with solid corporate credit origination Sales of mortgage loans PLN million Sales of non-mortgage loans Sales of corporate loans PLN million PLN million mBank PL mBank CZSK mBank PL mBank CZSK by segment: K1 K2 K3 717 687 1,040 4,565 H1/24 1,405 5,477 H1/25 2,642 Q1/25 2,836 Q2/25 5,606 6,882 3,359 3,523 +23% +5% 563 93 4,527 H1/24 5,603 H1/25 171 2,318 Q1/25 392 3,285 Q2/25 4,620 6,167 2,489 3,677 +33% +48% 3,691 13,994 1,700 H1/24 5,684 15,912 2,222 H1/25 2,979 8,764 1,030 Q1/25 2,705 7,148 1,192 Q2/25 19,385 23,818 12,772 11,045 +23% -14% including: new agreements, increases in volume, and renewal of existing loans Volume of loans granted under government subsidy program “2% Safe Mortgage”1,397
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Results of mBank Group after H1 2025 – Loans to customers 5Investor Presentation | Q2 2025 Faster-than-market growth of loan portfolio in both corporate and retail business segment Development of mBank Group’s gross loans PLN million Market shares in loans in Poland +5% +3% ∆ YoY +4% +4% Mortgage loans to individuals Other retail loans Loans to corporate clients Loans to public sector Gross loans to retail customers, excluding non-core portfolio+4% ∆ QoQ 160 57,383 23,981 43,436 06/24 145 54,251 24,611 45,978 12/24 143 59,745 25,294 46,252 03/25 150 62,407 26,144 47,976 06/25 124,960 124,985 131,434 136,677 +9% +4% 64,328 68,204 69,758 -6% +9% +9% +10% +13%72,554 06/24 06/25 7.4% 7.9% +0.5 06/24 06/25 8.2% 8.6% +0.4 06/24 06/25 7.8% 8.5% +0.8 06/24 06/25 6.8% 6.9% +0.1 enterpriseshouseholds total loans w/o FX total loans householdshouseholds PLN mortgage loans non-mortgage loans
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enterpriseshouseholds Results of mBank Group after H1 2025 – Customer deposits 6Investor Presentation | Q2 2025 Expansion of deposit base fuelled primarily by inflows to retail transactional accounts Development of mBank Group’s deposits PLN million Market shares in deposits in Poland 928 53,020 24,484 109,098 06/24 841 57,720 24,753 117,495 12/24 875 55,341 24,677 119,725 03/25 937 56,329 24,313 124,144 06/25 187,531 200,809 200,617 205,724 +10% +3% Retail current and saving accounts Retail term deposits Deposits from corporate clients Deposits from public sector Investment funds distributed to customers via mBank's solutions of which PLN 3.7 billion managed by mTFI 11,373 12,814 13,305 14,168 +7% -1% +2% +4% +1% -1% +6% +14% ∆ YoY∆ QoQ total deposits total deposits enterpriseshouseholds current deposits current deposits 06/24 06/25 8.3% 8.5% +0.2 06/24 06/25 10.4% 10.0% -0.4 06/24 06/25 9.2% 9.7% +0.4 06/24 06/25 13.3% 12.8% -0.5
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24.7 +4.1% +5.7% +4.7% Results of mBank Group after H1 2025 – Total income and margin 7Investor Presentation | Q2 2025 Positive revenue trajectory thanks to rising net interest income and stronger net fees Development of mBank Group’s total income PLN million Development of net interest margin quarterly data, excluding impact of “credit holidays” Net interest income Net trading income Net fee and commission income Net other operating income Dividend income, gains less losses from financial assets and liabilities ∆ QoQ ∆ YoY1,085.2 4,936.0 H1/25 198.633.7 2.2491.2 2,164.7 Q2/24 -4.5 71.9 20.8503.1 2,438.7 H1/24 29.268.9 19.9582.1 2,497.2 Q2/25 218.6 87.026.9 975.4 4,504.7 140.740.7 Q1/25 6,227.2 2,890.4 3,029.9 3,197.3 5,812.6 +7.1% +10.6% +5.5% +2.4% +15.4% +15.7% +18.5% -4.2% +104.2% Reported revenue dynamics are distorted by one-off factors: ▪ in Q2/25: net fees and commissions included an upfront income from new contracts signed with UNIQA in the amount of PLN 43.0 million ▪ in Q2/24: other operating income included a refund of collection costs related to a loan insured by KUKE at PLN 164.0 million ▪ in Q2/24: net interest income was negatively impacted by the cost of extension of “credit holidays” at PLN 256.8 million mBank Group Core business (excl. FX ML) 4.44% 4.50% Q2/24 4.31% 4.35% Q3/24 4.27% 4.31% Q4/24 4.23% 4.29% Q1/25 4.12% 4.16% Q2/25 1defined as mBank Group excluding FX Mortgage Loans segment mBank Group Core business 1 +X.X% adjusted for one-off items On 08.05.2025, interest rates in Poland were cut by 50 basis points +7.2% +9.8% +3.1% 198.6 29.2
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+8.0% +12.1% +10.8% Results of mBank Group after H1 2025 – Total costs and efficiency 8Investor Presentation | Q2 2025 Excellent efficiency level upheld by cost discipline despite accelerated amortisation Development of mBank Group’s operating costs PLN million Development of Cost/Income ratio Personnel costs Amortization Material costs Other costs Contributions to the Bank Guarantee Fund (in 2024 to the Resolution Fund only, in 2025 also to Deposit Guarantee Scheme) ∆ QoQ ∆ YoY -0.1% +10.6% +18.2% +8.2% +17.7% +21.7% +X.X% excluding contributions 1excluding impact of “credit holidays” and a refund by KUKE (in Q2/24) quarterly data 312.6 34.2 474.0 867.5 H1/25 -1.0 138.913.9 237.4 392.1 Q2/24 191.5 23.4143.6 16.8 217.2 191.5 Q1/25 23.4 169.0 17.3 256.8 433.6 Q2/25 146.8 275.3 30.7 441.7 775.5 H1/24 433.9 1,670.0 1,926.5 781.1 1,026.4 900.1 46.8 +15.4% +15.2% -12.3% reported normalizedreported normalized (with linear BFG)1 27.0% 27.4% Q2/24 25.8% 28.0% Q3/24 29.7% 31.0% Q4/24 33.9% 29.1% Q1/25 28.2% 29.6% Q2/25 29.4% Normalized Cost/Income ratio for H1/25
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quarterly YtD Results of mBank Group after H1 2025 – Credit losses and cost of risk 9Investor Presentation | Q2 2025 A decline of risk costs due to lower credit provisioning for the corporate exposures Net impairment losses and fair value change on loans PLN million Development of cost of risk quarterly data, basis points (bps) Retail Banking: at amortized cost at fair value Corporate & Investment Banking: at amortized cost at fair value 180.7 H1/25 0.8 87.2 0.5 82.8 Q2/24 -0.5 70.4 1.1 94.1 Q1/25 -0.1 35.5 8.0 86.6 Q2/25 67.3 1.6 150.7 H1/24 -0.9 105.9 9.1 219.4 294.8 171.3 165.2 129.6 -0.4 +34.4% -24.4% -21.5% ∆ QoQ ∆ YoY -0.8% +13.4% -49.8% -60.1% 58 62 57 53 4037 46 49 53 46 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 quarterly YtD by business segment Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 retail portfolio 51 59 64 55 53 corporate portfolio 65 67 48 50 24 Dynamics for the segments including combined provisions for loans in both valuation methods
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mBank Group Core businessmBank Group Core business Results of mBank Group after H1 2025 – Net result and profitability 10Investor Presentation | Q2 2025 Reported net profit improved, with core operations revealing the underlying strength Development of mBank Group’s net profit PLN million Development of return on equity (ROE) (2,062.5) 684.4 H1/24 (1,150.6) 1,665.1 H1/25 (936.6) 421.9 Q2/24 (561.3) 705.7 Q1/25 (589.3) 959.4 Q2/25 2,746.9 2,815.7 1,358.5 1,266.9 1,548.7 +2.5% +14.0% +22.2% ∆ QoQ ∆ YoY +36.0% +127.4% +5.0% -37.1% Reported net result for mBank Group Part of the net profit of core business consumed by losses incurred on non-core segment quarterly data 39.4% 11.6% Q2/24 42.5% 14.9% Q3/24 36.1% 23.8% Q4/24 29.4% 15.6% Q1/25 34.1% 19.9% Q2/25 Return on tangible equity (ROTE) H1/24 H1/25 Q2/24 Q1/25 Q2/25 10.9% 22.0% 13.2% 20.3% 25.3% mBank Group (reported data)
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After obtaining the consent from the Polish FSA in Q3/25, the issued subordinated bonds are classified to the bank's own funds as Tier 2 instruments, improving the total capital ratio by 1.4 p.p. Results of mBank Group after H1 2025 – Capital position 11Investor Presentation | Q2 2025 Significant capital surplus over regulatory minima enabling further business expansion Own funds and their components Total risk exposure amount mBank Group’s capital ratios PLN million PLN million compared to regulatory requirement 1,640 13,570 06/24 1,358 1,500 14,590 12/24 1,250 1,500 15,370 03/25 1,183 1,500 15,182 06/25 15,210 17,448 18,120 17,865 +17% -1% CET1 capital AT1 Tier 2 capital 06/24 12/24 03/25 06/25 93,678 102,430 112,372 119,053 +27% +6% CET1 ratio AT1 Tier 2 1.33% 1.46% 14.24% 12/24 1.11% 1.33% 13.68% 03/25 0.99% 1.26% 12.75% 06/25 2.00% 1.50% 7.58% minimum requiment 17.03% 16.13% 15.01% 11.08% +3.93 Note: Own funds and capital ratios as of 03/25 recalculated taking into account the retrospective inclusion of the net profit (after the approval of Polish FSA). +4.93
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4,283 17,338 06/24 3,449 12,547 12/24 2,877 9,914 03/25 21,621 15,996 12,791 06/25 9,955 7,709 2,246 -54% -22% Results of mBank Group after H1 2025 – Legal risk of CHF portfolio 12Investor Presentation | Q2 2025 Continued progress with settlements, declining number of new and pending court cases Settlements concluded by mBank New CHF-related court cases CHF loan contracts in court with CHF borrowers, cumulative number mBank launched the settlement program for borrowers on 26.09.2022. number of contracts entering the court proceedings, by quarter active contracts repaid contracts number of pending cases Classification to active or repaid status as of the reporting date. active contracts repaid contracts 06/24 12/24 03/25 06/25 17,016 22,902 26,079 28,733 +11,717 +2,654 735 447 277 202 495 533 436 501 5161,006 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 1,501 1,268 883 778 718 -52% -8% Repaid contracts as a % of total 49% 64% 72%42%33% 22%20% 22% 23%
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of which: 6% in court total number of disbursed loans 34,961 repaid loans 11,826 final verdict 28,733 settlements active contracts 85,520 10,000 -88% Results of mBank Group after H1 2025 – Legal risk of CHF portfolio 13Investor Presentation | Q2 2025 Effective management of CHF portfolio allowed to further reduce balance sheet risks Value of CHF mortgage loans Decomposition of CHF loan contracts at mBank granted to natural persons, PLN million, net number of contracts, as of 30.06.2025 closed or converted into PLN of which: 77% in courtexcluding verdicts followed by settlements PLN 17.7 billion With PLN 544 million booked in Q2/25, cumulative value of all FX-related legal risk provisions created by mBank since Q1/18 amounted to 2015 9,064 2021 6,142 2022 1,853 2023 2024 06/25 19,177 12,849 11,894 8,187 4,468 2,735 1,853 666 portfolio deductions due to legal risks 127 Outstanding legal provisions for FX mortgage loans ▶ Total value of provisions as of 06/25 amounted to PLN 4,930 million and was composed of PLN 2,942 million deducted from outstanding loans and PLN 1,988 million included in the liabilities. The split of the amount was PLN 4,565 million for CHF and PLN 365 million for other currencies. ▶ CHF coverage ratio, defined as relation of legal provisions for CHF loan contracts to the active CHF loan portfolio (before deductions), reached 167% as of 06/25. Share of CHF mortgages in total loan portfolio declined from 23.6% in 2015 to 0.1% at the end of Q2/25
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mBank outperformed all financial targets set in the current strategy 14Investor Presentation | Q2 2025 Strategic financial targets of mBank Group for 2023-2025 compared to the reported results strategic measure target level execution in H1 2025 Efficiency [in 2025] Cost/Income ratio (C/I) below 40% 30.9% supported by high interest rates offsetting cost and wage inflation Stability [in the mid-term] Tier 1 capital ratio year-end level min 2.5 p.p. above the PFSA requirement +4.9 p.p. surplus helped by secu- ritisations and issuance of AT1 capital bonds Cost of risk (COR) ~0.80% 0.46% lower thanks to solid financial standing of clients and NPL sale Growth [CAGR till 2025] Dynamics of loans average 2022-2025: ~3% +9.4% YoY lending revival fuelled by surging new sales in both client segments Dynamics of deposits average 2022-2025: ~6% +9.7% YoY growth focused on current accounts amid pricing optimisation Dynamics of total revenues average 2022-2025: 4-5% +7.1% YoY positive trajectory of core income kept amid start of rate cuts Profitability [in 2025] Net interest margin (NIM) above 3.0% 4.2% thanks to hefty loan yields and active deposit management Return on equity (ROE) ~14% 17.8% despite legal costs related to CHF loans, while core ROE at 31.8% 1 ✓ ✓ ✓ ✓ ✓ ✓ ✓ 1 the growth pace calculated against the level of revenues adjusted for the negative impact of “credit holidays” at PLN 9,191 m illion ✓
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Key take-aways after H1 2025 15Investor Presentation | Q2 2025 We delivered: continued good progress with settlements and sustained downward trend in CHF litigations, allowing for a gradual decline of legal provisions robust capital position strengthened by retained earnings, while newly issued Tier 2 instruments will further contribute to keeping safe buffer higher reported net profit and ROTE above 20%, thanks to strong core revenues, best-in-class cost efficiency and contained credit losses dynamic growth of net loan portfolio and deposit base (both by +10% YoY) in both client segments, translating into market share improvement
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AGENDA 16 Key financial and business highlights for H1 2025 Overview of the results development in Q2 2025 Update on Poland’s macroeconomic situation and outlook Investor Presentation | Q2 2025
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Summary of financial results in Q2 2025: Profit and Loss Account 17Investor Presentation | Q2 2025 1 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 PLN million Q2 2024 Q1 2025 Q2 2025 ∆ QoQ ∆ YoY Net interest income 2,164.7 2,438.7 2,497.2 +2.4% +15.4% Net fee and commission income 491.2 503.1 582.1 +15.7% +18.5% Net trading and other income 234.6 88.1 117.9 +33.8% -49.7% Total income 2,890.4 3,029.9 3,197.3 +5.5% +10.6% Total costs (excl. compulsory contributions) -782.2 -811.5 -876.7 +8.0% +12.1% Contributions to the BFG 1.0 -214.9 -23.4 -89.1% +/- Loan loss provisions and fair value change1 -171.3 -165.2 -129.6 -21.5% -24.4% Costs of legal risk related to FX loans -1,033.5 -661.8 -543.7 -17.8% -47.4% Operating result 904.5 1,176.6 1,623.9 +38.0% +79.5% Taxes on the Group balance sheet items -185.2 -187.1 -190.8 +2.0% +3.0% Profit or loss before income tax 719.3 989.5 1,433.1 +44.8% +99.2% Net profit or loss 421.9 705.7 959.4 +36.0% +127.4% Net interest margin (w/o “credit holidays”) 4.44% 4.23% 4.12% -0.11pp -0.32pp Cost/Income ratio 27.0% 33.9% 28.2% -5.7pp +1.2pp Cost of risk 0.58% 0.53% 0.40% -0.13pp -0.18pp Return on equity (ROE) 11.6% 15.6% 19.9% +4.3pp +8.3pp Return on tangible equity (ROTE) 13.2% 20.3% 25.3% +5.0pp +12.1pp
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PLN million Q2 2024 Q1 2025 Q2 2025 ∆ QoQ ∆ YoY Total assets 230,296 246,068 256,176 +4.1% +11.2% Gross loans to customers 124,960 131,434 136,677 +4.0% +9.4% Individual client loans 67,417 71,546 74,120 +3.6% +9.9% Corporate client loans 1 52,655 55,399 57,904 +4.5% +10.0% Customer deposits 187,531 200,617 205,724 +2.5% +9.7% Individual client deposits 133,583 144,402 148,458 +2.8% +11.1% Corporate client deposits 2 51,768 54,159 54,863 +1.3% +6.0% Total equity 14,609 18,549 19,513 +5.2% +33.6% Loan-to-deposit ratio 64.6% 63.7% 64.7% +1.0pp +0.1pp NPL ratio 4.3% 3.8% 3.5% -0.3pp -0.8pp Coverage ratio (including stage 1 & 2) 72.2% 73.5% 74.4% +0.9pp +2.2pp Tier 1 Capital Ratio 14.5% 15.0% 14.0% -1.0pp -0.5pp Total Capital Ratio 16.2% 16.1% 15.0% -1.1pp -1.2pp Summary of financial results in Q2 2025: Balance Sheet 18Investor Presentation | Q2 2025 3 3 1 Excluding reverse repo or buy/sell back transactions; 2 Excluding repo or sell/buy back transactions 3 Capital ratios recalculated taking into account the retrospective inclusion of the net profit in own funds (after the approval of Polish FSA)
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mBank’s inaugural issuance of subordinated Tier 2 bonds in EUR 19 ▪ In June 2025, mBank successfully priced the first-ever EUR- denominated Tier 2 transaction out of Poland. ▪ The spread was tightened by 40 bps from the Initial Price Thoughts (IPT) level of Mid-Swaps+290 bps. It was achieved as result of an unprecedented orderbook of EUR 3.6 billion (9x oversubscribed) and the participation of over 200 investors. Transaction details Investor Presentation | Q2 2025 Distribution by investor location Distribution by investor type 85% 7% 6% 1% 1% Fund and asset managers Hedge funds Banks and private banks Central banks and official institutions Other 38% 19% 11% 8% 6% 4% 6% 6% 2% United Kingdom & Ireland France DACH countries BeNeLux Poland Nordics Asia & Middle East Southern Europe & CEE Other Type of notes Tier 2 Subordinated Issue size EUR 400 million Tenor 10.25NC5.25 Issue rating BB+ (S&P) / BB+ (Fitch) Pricing date 17.06.2025 Settlement date 25.06.2025 (T+6) Maturity date 25.09.2035 Reset Date 25.09.2030 (5.25 year) Spread MS+250 bps Coupon 4.7784% fixed p.a. for 5.25 years until Reset Date. On the Reset Date, the coupon will reset to a new fixed rate based on the 5-year EUR Mid-Swap rate plus the Spread (no step-up). Listing Luxembourg Stock Exchange
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legal risk costs related to FX mortgage loans to materially burden the financial results for the last time in 2025 both corporate loans and retail credit portfolio to rise at a faster pace than the market capital and MREL buffers to be sound thanks to strong profit generation, along with Tier 2 issuance and new securitization transaction total revenues to be above the level reported for 2024 and exceed PLN 12 billion1 Outlook for mBank Group for 2025 20Investor Presentation | Q2 2025 We expect: 1 assuming interest rate scenario presented on the slide 24
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AGENDA 21 Key financial and business highlights for H1 2025 Overview of the results development in Q2 2025 Update on Poland’s macroeconomic situation and outlook Investor Presentation | Q2 2025
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Macroeconomic situation in Poland: GDP growth, inflation, rates 22Investor Presentation | Q2 2025 Soft indicators have risen of late suggesting a better outlook for consumption ahead. Overall, consumption is expected to increase slightly as consumers have largely replenished their savings, which were depleted earlier. The labour market in Poland proved to be resilient in the past years. Given structural factors, the unemployment rate will remain low in the coming quarters buoyed by the ongoing economic recovery. Consumption growth is likely to pick up somewhat Unemployment rate (still) very low 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 3.8%. Inflation was a bit elevated in Q2/25, but it should fall substantially from Q3/25 onwards. Core inflation should follow this trend as well. As a result, the MPC is likely to cut rates, which will reach 4.5% at the year-end. GDP path and forecast for Poland (% YoY) Inflation set to decline over 2025 -50 -40 -30 -20 -10 0 10 20 Jan.16 Jan.17 Jan.18 Jan.19 Jan.20 Jan.21 Jan.22 Jan.23 Jan.24 Jan.25 Consumer Confidence Self-assessed household financial situation 0% 2% 4% 6% 8% 10% 12% Jan.16 Jan.17 Jan.18 Jan.19 Jan.20 Jan.21 Jan.22 Jan.23 Jan.24 Jan.25 Unemployment rate Source: GUS Source: GUS -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2019 2020 2021 2022 2023 2024 2025 2026 Repo rate CPI inflation Core inflation Repo rate forecast CPI forecast Core CPI forecast 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 2.2 3.2 2.8 3.4 3.2 3.3 4.2 4.4 -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: GUS Source: NBP, GUSmBank’s forecast mBank’s forecast
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Macroeconomic situation in Poland: financial markets 23Investor Presentation | Q2 2025 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. -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% Jan.13 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 -10% -5% 0% 5% 10% 15% 20% 25% 30% Jan.13 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 Source: NBP Source: NBP Corporate loans and deposits (YoY, FX-adjusted) Household loans and deposits (YoY, FX-adjusted) 3,60 3,80 4,00 4,20 4,40 4,60 4,80 5,00 5,20 Jan.19 Jul.19 Jan.20 Jul.20 Jan.21 Jul.21 Jan.22 Jul.22 Jan.23 Jul.23 Jan.24 Jul.24 Jan.25 Jul.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 Bond yields on domestic debt have decreased recently. This was mainly due to a change in the rhetoric of Polish central bank regarding interest rates. Credit risk measures remain quite stable. Polish currency has gained ground against USD as the NBP has resumed rate cuts. On the other hand, PLN has largely stayed unchanged against EUR amid a continued US dollar weakness. 0 100 200 300 400 500 600 700 800 900 Jan.19 Jul.19 Jan.20 Jul.20 Jan.21 Jul.21 Jan.22 Jul.22 Jan.23 Jul.23 Jan.24 Jul.24 Jan.25 Jul.25 2Y 5Y 10Y Source: Bloomberg Source: Bloomberg Government bond yields decreased somewhat recently (bps) PLN got stronger against USD
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Macroeconomic forecasts and outlook for Poland 24Investor Presentation | Q2 2025 Source: Statistics Poland, National Bank of Poland, mBank’s estimates as of 28.07.2025. 2022 2023 2024 2025F 2026F GDP growth (YoY) 5.3% 0.2% 2.9% 3.8% 3.5% Domestic demand (YoY) 4.8% -3.0% 4.2% 4.5% 3.5% Private consumption (YoY) 5.0% -0.3% 3.1% 3.0% 3.2% Investment (YoY) 1.7% 12.7% -2.2% 9.8% 6.0% Inflation (eop) 16.6% 6.2% 4.7% 2.6% 2.4% MPC rate (eop) 6.75% 5.75% 5.75% 4.50% 4.00% CHF/PLN (eop) 4.73 4.68 4.55 4.55 4.63 EUR/PLN (eop) 4.69 4.34 4.28 4.28 4.40 2022 2023 2024 2025F 2026F Corporate loans 9.6% -0.7% 4.9% 5.2% 4.6% Household loans -3.8% -1.3% 2.9% 3.9% 4.2% Mortgage loans -3.2% -3.6% 2.9% 2.0% 3.9% Mortgage loans in PLN -1.8% 1.8% 7.7% 5.3% 6.9% Non-mortgage loans -5.1% 3.0% 2.8% 7.4% 4.8% Corporate deposits 11.6% 8.7% 3.9% 9.0% 6.3% Household deposits 3.3% 11.3% 9.9% 7.9% 7.2% ▪ GDP growth in Poland is expected to reach 3.8%, which should be a decent number without reigniting inflationary risks. ▪ Polish households have rebuilt their savings. Consumption will rise amid improving sentiment. ▪ Investment did accelerate in Q1/25 and is expected to speed up even more in H2/25, driven by an array of projects financed by EU funds. ▪ Inflation has become more benign lately. This trend is likely to unfold in 2025, when quite a steady downward path is forecast. An expected slowdown in wage growth ought to play a role. ▪ Amid easing inflationary trends, and with weakish external demand, NBP is anticipated to keep cutting interest rates, although some risks to inflation over the medium-term mount. ▪ Higher investment dynamics, and lower interest rates, should support loan growth in 2025. On the flip side, a significant pile of own funds among companies and high house prices could limit the pace. Main factors driving the performance in 2025 Polish banking sector – monetary aggregates YoY Key economic indicators for Poland
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Appendix 25
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Consolidated Profit and Loss Account – quarterly 26Investor Presentation | Q2 2025 Quarterly results (PLN thou.) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net interest income 2,164,656 2 571,355 2,512,930 2,438,716 2,497,238 Net fee and commission income 491,227 499,244 497,286 503,086 582,143 Dividend income 6,194 4,944 146 468 7,561 Net trading income 33,728 44,273 45,396 71,861 68,871 Gains less losses from financial assets1 -3,961 32,338 14,582 20,327 12,300 Net other operating income 198,599 -2,290 -25,843 -4,527 29,198 Total income 2,890,443 3 149,864 3,044,497 3,029,931 3,197,311 Total operating costs -781,147 -813,100 -905,214 -1,026,389 -900,106 Overhead costs -642,284 -670,611 -736,386 -882,836 -731,092 Amortisation -138,863 -142,489 -168,828 -143,553 -169,014 Loan loss provisions and fair value change2 -171,311 -191,125 -175,017 -165,190 -129,593 Costs of legal risk related to FX loans -1,033,481 -970,708 -932,212 -661,769 -543,700 Operating result 904,504 1 174,931 1,032,054 1,176,583 1,623,912 Taxes on the Group balance sheet items -185,217 -190,925 -194,328 -187,123 -190,837 Profit or loss before income tax 719,287 984,006 837,726 989,460 1,433,075 Net result attributable to owners of mBank 421,856 572,864 986,002 705,671 959,390 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 Including a part of ‘Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss’ related to equity instruments and debt securities (without related to loans and advances)
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Consolidated Statement of Financial Position – quarterly 27Investor Presentation | Q2 2025 Assets (PLN thou.) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Cash and balances with Central Bank 21,707,034 25,893,176 36,680,926 16,722,455 20,796,566 Loans and advances to banks 11,577,948 17,503,613 9,738,457 18,791,826 19,280,968 Trading securities 976,576 900,963 1,187,749 2,097,484 2,876,660 Derivative financial instruments 619,261 664,665 609,993 634,780 740,908 Loans and advances to customers 121,202,225 123,831,793 121,418,598 127,815,651 133,168,486 Investment securities 66,760,510 62,770,296 68,993,423 72,147,270 71,808,453 Intangible assets 1,763,204 1,817,337 1,956,693 2,005,116 2,025,999 Tangible fixed assets 1,461,714 1,412,282 1,461,811 1,427,484 1,394,592 Other assets 4,227,119 3,780,221 3,909,713 4,425,901 4,083,293 Total assets 230,295,591 238,574,346 245,957,363 246,067,967 256,175,925 Liabilities (PLN thou.) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Amounts due to banks 3,231,573 3,808,611 3,059,431 2,969,133 4,692,792 Derivative financial instruments 1,691,718 1,568,728 1,094,037 1,729,580 1,926,213 Amounts due to customers 187,531,268 193,499,927 200,808,978 200,616,936 205,724,024 Debt securities in issue 10,476,503 12,310,939 12,130,336 10,728,103 11,578,230 Subordinated liabilities 2,661,354 2,672,670 2,675,537 1,875,278 3,586,883 Other liabilities 10,093,796 9,384,514 8,422,050 9,600,200 9,155,022 Total liabilities 215,686,212 223,245,389 228,190,369 227,519,230 236,663,164 Total equity 14,609,379 15,328,957 17,766,994 18,548,737 19,512,761 Total liabilities and equity 230,295,591 238,574,346 245,957,363 246,067,967 256,175,925
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Key financial ratios Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Interest Margin, quarterly 4.44% 4.31% 4.27% 4.23% 4.12% Net Interest Margin, YtD 4.41% 4.37% 4.35% 4.23% 4.18% Net Interest Margin, excl. CHF portfolio, YtD 4.46% 4.43% 4.39% 4.29% 4.22% Cost/Income Ratio, quarterly 27.0% 25.8% 29.7% 33.9% 28.2% Cost/Income Ratio, YtD 28.7% 27.7% 28.2% 33.9% 30.9% Cost of Risk, quarterly 0.58% 0.62% 0.57% 0.53% 0.40% Cost of Risk, YtD 0.37% 0.46% 0.49% 0.53% 0.46% Return on Equity (ROE net), quarterly 11.6% 14.9% 23.8% 15.6% 19.9% Return on Equity (ROE net), YtD 9.6% 11.4% 14.8% 15.6% 17.8% Return on Assets (ROA net) quarterly 0.74% 0.97% 1.62% 1.17% 1.53% Return on Assets (ROA net), YtD 0.61% 0.73% 0.97% 1.17% 1.36% Loan-to-Deposit Ratio 64.6% 64.0% 60.5% 63.7% 64.7% Total Capital Ratio 16.24% 16.19% 17.03% 16.13% 15.01% Tier 1 Capital Ratio 14.49% 14.64% 15.71% 15.01% 14.01% Leverage ratio 5.2% 5.6% 6.1% 6.4% 6.0% Equity / Assets 6.3% 6.4% 7.2% 7.5% 7.6% TREA / Assets 40.7% 40.6% 41.6% 45.7% 46.5% NPL ratio 4.3% 4.1% 4.1% 3.8% 3.5% NPL coverage ratio 54.2% 53.8% 51.1% 52.6% 52.3% NPL coverage ratio incl. stage 1&2 provisions 72.2% 72.2% 71.4% 73.5% 74.4% mBank Group’s financial ratios – quarterly and cumulatively 28Investor Presentation | Q2 2025
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Quarterly results of mBank Group – Net interest income 29Investor Presentation | Q2 2025 Presented development is adjusted for the impact of “credit holidays” Structure of mBank Group’s interest income Structure of mBank Group’s interest expense PLN million PLN million Loans received Other (incl. derivatives) Deposits (incl. from banks) Subordinated liabilities Investment debt securities Other (incl. cash and Debt securities held for trading Loans and advances Derivatives (banking book) Issue of debt securitiesshort-term placements) 730.8 297.1 41.0 141.3 1.1 793.0 Q3/24 285.2 40.3 117.61.1 813.9 Q4/24 232.7 26.0 155.3 Q2/24 772.6 Q1/25 199.1 23.2 165.8 1.1 784.0 Q2/25 291.4 40.7 117.51.1 1.1 1,273.5 1,258.1 1,187.7 1,173.21,181.6 -0.7% -1.2% Q2/24 265.730.612.0 752.7 2,783.8 Q3/24 -8.2 248.048.618.8 764.3 2,691.3 Q4/24 198.6 278.3 815.6 2,587.2 Q1/25 165.330.7 825.4 2,649.1 Q2/25 17.816.2 679.0 2,354.9 3,603.0 3,734.8 3,762.8 3,626.4 3,670.4 25.0 +1.9% +1.2% 256.8 -110.1 2.3% 2.4% 2.3% 2.2% 2.1% funding costs6.6% 6.5% 6.4% 6.2% 6.0% asset yield
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Quarterly results of mBank Group – Net fees and commissions 30Investor Presentation | Q2 2025 Structure of mBank Group’s fee and commission income Structure of mBank Group’s fee and commission expense PLN million PLN million 17.1 Q2/24 118.3 7.0 63.0 9.816.8 106.5 Q3/24 124.9 8.9 64.5 11.720.0 103.5 Q4/24 132.3 4.6 85.4 9.912.1 93.5 Q1/25 133.2 6.9 76.5 11.016.1 83.3 Q2/25 123.1 4.6 56.8 9.9 68.0 321.3 333.6 320.4 327.0 296.9 +10.2% +2.1% 42.5 137.8 185.7 Q2/24 81.1 119.0 39.429.8 155.9 34.7 146.5 214.1 Q3/24 92.5 124.6 37.828.5 161.2 42.5 145.3 198.5 Q4/24 88.8 115.7 38.930.0 155.4 53.0 146.6 194.9 Q1/25 92.3 127.6 87.7 30.7 164.2 47.5 83.4 217.0 Q2/25 121.3 35.728.4 142.1 153.2 788.1 820.5 830.9 823.4 909.2 +15.4% +10.4% Discharged brokerage fees Other (incl. insurance activity) Cash handling fees Fees paid to NBP and KIR Brokerage activity & securities issue Foreign currencies exchange Credit related fees Other (incl. custody) Accounts & money transfers Insurance activity Payment card fees Commissions paid to external entitiesPayment card fees Guarantees & trade finance The fee result in Q2/25 included an upfront income of PLN 43 million from new contracts signed with UNIQA
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31Investor Presentation | Q2 2025 Selected Financial Data – Loan portfolio quality mBank Group’s impaired loans portfolio mBank Group’s NPL ratio PLN million provisions for stage 3 & POCI including provisions for stage 1 & 2 130 5,216 06/24 101 5,093 09/24 89 5,004 12/24 84 4,929 03/25 80 4,722 06/25 5,346 5,194 5,093 5,013 4,801 -10.2% -4.2% at amortized cost at fair value through profit and loss 54.2% 06/24 53.8% 09/24 51.1% 12/24 52.6% 03/25 52.3% 06/25 72.2% 72.2% 71.4% 73.5% 74.4% Note: Risk indicators presented for credit portfolio measured both at amortized cost and at fair value through profit or loss. NPL ratio according to EBA definition has remained considerably below 5% 4.3% 06/24 4.1% 09/24 4.1% 12/24 3.8% 03/25 3.5% 06/25 1.12% 06/24 1.10% 09/24 1.10% 12/24 1.07% 03/25 1.11% 06/25 granted to private individuals 4.9% 4.1% 06/24 4.5% 3.9% 09/24 4.3% 3.9% 12/24 4.4% 3.6% 03/25 3.8% 3.5% 06/25 Corporate portfolio Retail portfolio Corporate portfolio Retail portfolio mBank Group’s coverage ratio mBank Group’s NPL ratio, by segment NPL ratio of mortgage loan portfolio in PLN
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Selected Financial Data – Balance sheet analysis 32Investor Presentation | Q2 2025 Structure of mBank Group’s total assets Structure of mBank Group’s liabilities and equity PLN billion PLN billion 1% 80% 2% 11.8 2.710.5 187.5 3.2 06/24 15.3 11.0 2.712.3 193.5 3.8 09/24 17.8 9.5 2.712.1 200.8 3.1 14.6 18.5 11.3 1.910.7 200.6 3.0 03/25 19.5 11.1 3.611.6 205.7 4.7 06/25 230.3 238.6 246.0 246.1 256.2 12/24 66.8 0.61.0 121.2 11.6 06/24 32.9 62.8 0.70.9 123.8 17.5 09/24 44.0 69.0 0.61.2 121.4 9.7 29.2 24.6 72.1 0.62.1 127.8 18.8 03/25 28.3 71.8 0.72.9 133.2 19.3 06/25 230.3 238.6 246.0 246.1 256.2 12/24 28% 52% 8% 0% 1% 11% Amounts due to customers Other liabilities Amounts due to other banks Subordinated liabilities Loans and advances to customers Investment securities Trading securities Other assets Amounts due from banks Derivative financial instruments Debt securities in issue Equity (total) 8% 5% 4%
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45.7% 1.2% 33.9% 1.4% 17.7% 0.1% Selected Financial Data – Structure of loans and deposits 33Investor Presentation | Q2 2025 30.06.2025 Structure of mBank Group’s gross loans, by client segment and industry Structure of mBank Group’s deposits 30.06.2025 1 Including local currency mortgage loans granted in Poland, the Czech Republic and Slovakia 2 Including repo transactions PLN billion Corporate clients: current accounts2 44.2 Corporate clients: term deposits 12.1 Individual clients: current accounts 76.3 Individual clients: saving accounts 47.9 Individual clients: term deposits 24.3 Public sector clients 0.9 TOTAL 205.7 PLN billion Corporate loans 62.4 Mortgage loans in FX to individuals 1.6 Mortgage loans in LC to individuals1 46.3 Mortgage loans to microfirms 1.9 Non-mortgage retail loans 24.3 Public sector loans 0.2 TOTAL 136.7 A well diversified loan portfolio with granular structure of exposures 72.2% Power & heating distribution Transport and logistics Motorisation Professional activities Metals Construction materials Health care Chemicals and plastics Wholesale trade Wood, furniture and paper Other (<1.05%) 5.3% 4.4% Real estate 2.6% 2.6% 2.3% 2.1% 1.9% 1.8% 1.7% 1.4% 1.3% 1.2% 1.0% 11.7% Building industry Financial activities Food sector 4.4% 54.2% 21.5% 5.9% 37.1% 23.3% 11.8% 0.4%
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62.7% 24.2% 2.0% 4.9% 1.5% 4.7% Selected Financial Data – Funding profile 34Investor Presentation | Q2 2025 Structure of mBank Group’s funding Summary of mBank’s long-term funding instruments 30.06.2025 30.06.2025 (without covered bonds issued by mBank Hipoteczny) Summary of mBank’s ratings 30.06.2025 Corporate__ deposits 86.9% Retail deposits Due to banks Debt securities in issue Subordinated liabilities Other Fitch Ratings S&P Global Ratings Long-term rating BBB BBB+ Outlook stable stable Short-term rating F2 A-2 Viability rating / SACP bbb bbb Nominal value Currency Issue date Maturity date Tenor Coupon 500 M EUR 20.09.2021 21.09.2027 6.0 Y 0.966% 750 M EUR 11.09.2023 11.09.2027 4.0 Y 8.375% 500 M EUR 27.09.2024 27.09.2030 6.0 Y 4.034% 250 M CHF 21.03.2018 21.03.2028 10.0 Y LIBOR3M +2.75% 550 M PLN 09.10.2018 10.10.2028 10.0 Y WIBOR6M +1.80% 200 M PLN 09.10.2018 10.10.2030 12.0 Y WIBOR6M +1.95% 400 M EUR 25.06.2025 25.09.2035 10.25 Y 4.7784% 113 M CHF 04.09.2017 04.09.2025 8.0 Y - 176 M CHF 30.07.2018 30.07.2025 7.0 Y - 138 M CHF 02.08.2019 02.08.2027 8.0 Y - NPS and PS issues under Euro Medium Term Note (EMTN) Programme Subordinated loan and bonds Loans and advances received 1 1 1 bonds issued in non-preferred senior (NPS) format; 2 bond issued in preferred senior (PS) format; 3 issued under EMTN programme 2 3
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Selected Financial Data – Capital requirements and liquidity 35Investor Presentation | Q2 2025 Regulatory capital requirements for mBank Group 14.01% reported 0.08%0.50% 2.50% 0.00% 6.00% minimum 15.01% reported 0.08%0.50% 2.50% 0.00% 8.00% minimum 9.08% 11.08% +4.93 pp +3.93 pp Tier 1 Capital Ratio Total Capital Ratio 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. Systemic Risk Buffer (SRB), originally set at 3.0% in Poland, reduced to 0% starting from 19.03.2020; for mBank it applies only to domestic exposures. 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. 06/24 09/24 12/24 03/25 06/25 153% 213% 157% 215% 159% 222% 153% 222% 154% 222% Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) Basel III requirement ≥100% Ratios for mBank Group as of 06/25 NSFR: 161% LCR: 231% 30.06.2025 Development of mBank’s liquidity ratios
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Selected Financial Data – Fulfilment of MREL requirements 36Investor Presentation | Q2 2025 Development of mBank Group’s MRELTREA ratio Development of mBank Group’s MRELTREA Subordinated ratio 1 MREL ratios recalculated taking into account the retrospective inclusion of the net profit (after the approval of Polish FSA) MREL requirement CBR calculated on TREA (w/o mBH) as of 06/25 06/24 09/24 12/24 03/25 06/25 3.14% 15.36% minimum requirement 23.58% 24.05% 24.73% 23.19% 23.69% 18.50% +5.19 06/24 09/24 12/24 03/25 06/25 3.14% 13.61% minimum requirement 22.73% 22.50% 23.10% 21.70% 21.88% 16.75% +5.13 06/24 09/24 12/24 03/25 06/25 minimum requirement 8.97% 9.12% 9.58% 9.75% 9.97% 5.91% +4.06 06/24 09/24 12/24 03/25 06/25 minimum requirement 8.65% 8.54% 8.95% 9.12% 9.20% 5.33% +3.87 1 1 1 1 Development of mBank Group’s MRELTEM ratio Development of mBank Group’s MRELTEM Subordinated ratio
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Overview of customer activity and process digitalisation 37Investor Presentation | Q2 2025 number of active users logging into every month, thousand number of unique users, thousand, in Poland number of users performing defined actions, thousand number of customers serviced in corporate area, thousand Users of mobile application Monthly active users (MAU) Corporate clientsUsers of PFM functionalities 488 3,242 06/24 551 3,469 06/25 3,730 4,020 +290 06/24 06/25 1,580 1,889 +309 580 3,421 06/24 602 3,504 06/25 4,001 4,106 +105 06/24 06/25 35.7 37.0 +1.2 mBank PL mBank CZSK mBank PL mBank CZSK 89% 91% share of processes in retail banking area initiated by the clients in digital channels (in H1/25) 82% share of digital channel in the sale of non-mortgage loans (by number of pieces in H1/25) 94% share of corporate clients with at least one user logging in tomobile application monthly (in H1/25) share of digitally opened accounts in new acquisition using a dedicated process (in H1/25)
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A leading mobile banking offer for individual clients 38 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 4.6 4.8 4.3 Investor Presentation | Q2 2025
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Retail Banking – profit and network 39Investor Presentation | Q2 2025 Profit before income tax of the segment Number of Retail Service Locations PLN million Number of retail clients Value of non-cash payments with cards and BLIK thousand PLN million 7,033 24,287 Q2/24 7,453 24,935 Q3/24 8,324 25,406 Q4/24 7,980 24,075 Q1/25 8,562 26,678 Q2/25 31,321 32,388 33,730 32,055 35,240 +13% +10% cards BLIKmBank PL mBank CZSK 1,103 4,576 06/24 1,108 4,579 09/24 1,116 4,599 12/24 1,138 4,644 03/25 1,154 4,658 06/25 5,679 5,687 5,714 5,782 5,812 +133 +30 1 including financial centres and agency service points 82 82 79 138 141 141 45 45 41 1530 06/24 40 1529 03/25 42 40 1529 06/25 351 352 346 -5 mBank CZSK mFinanse1 mKiosks Advisory centres Light branches (in shopping malls) mBank’s outlets (standard format) mBank CZSK Poland excluding impact of "credit holidays“ 52.7 1,120.5 Q2/24 57.4 1,129.8 Q3/24 30.2 1,037.4 Q4/24 61.7 964.4 Q1/25 80.1 1,121.3 Q2/25 1,173.2 1,187.2 1,067.6 1,026.1 1,201.4 +2% +17%+17%
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Retail Banking – business volumes 40Investor Presentation | Q2 2025 Development of gross loans to retail banking clients Development of deposits from retail banking clients PLN million PLN million Note: Currency and geographical breakdown based on management information . 17% 32% 51% 293 24,253 44,257 68,619 09/24 259 24,753 44,751 72,485 12/24 296 24,677 46,401 275 03/25 340 24,313 47,895 75,910 06/25 24,484 42,551 66,272 06/24 133,583 137,421 142,248 144,402 148,458 73,027 +11.1% +2.8% 34,323 22,645 1,980 5,793 2,851 36,431 09/24 22,674 1,937 5,721 2,453 37,804 12/24 23,396 1,899 5,630 06/24 38,772 03/25 24,272 1,873 5,853 1,628 40,495 06/25 21,934 2,047 5,956 3,158 1,851 69,700 70,589 71,546 74,120 67,417 +9.9% +3.6% 18% 32% 50% 32% 5% 51% 33% 2% 55% 3% 9% 2% 8% Saving accounts Other Current accounts Term deposits FX mortgage loans to individuals Non-mortgage loans Mortgage loans granted in CZSK PLN mortgage loans to individuals Mortgage loans to microfirms
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mBank in the Czech Republic and Slovakia 41Investor Presentation | Q2 2025 Note: Volumes based on management information. Gross loans and share in total mBank’s retail volume Deposits and share in total mBank’s retail volumes PLN million PLN million Number of clients Development of total revenues thousand PLN million 41.4 81.6 Q2/24 48.7 87.6 Q3/24 46.4 91.5 Q4/24 46.4 98.5 Q1/25 49.7 108.6 Q2/25 123.0 136.4 137.9 145.0 158.4 +29% +9% SK CZ 323.3 779.3 06/24 322.0 786.0 09/24 323.8 791.8 12/24 338.8 798.9 03/25 343.2 810.5 06/25 1,102.6 1,108.0 1,115.6 1,137.7 1,153.8 +51.2 +16.1 SK CZ Main interest rate CZ: 3.50% SK: 2.15% 30.06.2025 Users of mobile application CZ: 382.1 SK: 168.6 30.06.2025 2,963 5,982 06/24 3,009 5,985 09/24 3,052 6,102 12/24 3,052 6,190 03/25 3,180 6,557 06/25 8,946 8,994 9,153 9,242 9,737 +9% +5% SK CZ 13.1% 4,377 12,254 06/24 4,286 12,624 09/24 4,324 12,709 12/24 4,276 12,775 03/25 4,472 13,335 06/25 16,631 16,910 17,033 17,051 17,806 +7% +4% SK CZ 12.0%
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mBank in the Czech Republic and Slovakia 42Investor Presentation | Q2 2025 Note: Volumes based on management information. 8 light branches 6 financial centres 14 mKiosks 7 light branches 1 financial centres 6 mKiosks Czech Republic Slovakia physical network: physical network: 23,023 06/24 22,419 03/25 22,914 06/25 0% +2% 430.6 06/24 414.1 03/25 419.1 06/25 -3% +1% 11,125 06/24 13,615 03/25 14,323 06/25 +29% +5% 72,159 06/24 76,201 03/25 77,769 06/25 +8% +2% 238.9 06/24 294.5 03/25 310.6 06/25 +30% +5% 1,034.2 06/24 1,023.7 03/25 1,055.9 06/25 +2% +3% Mortgage loans Non-mortgage loans CZK million CZK million Customer deposits CZK million Mortgage loans Non-mortgage loans EUR million EUR million Customer deposits EUR million
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Best digital banking services for corporate clients 43 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 Investor Presentation | Q2 2025
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Corporate & Investment Banking – profit and network 44Investor Presentation | Q2 2025 Profit before income tax of the segment Number of corporate service locations – 30.06.2025 PLN million 1 Corporate loan and deposit volumes (for mBank stand-alone) according to NBP rules (monetary reporting system – MONREP) 52,201 06/24 54,497 09/24 58,724 12/24 54,287 03/25 55,812 06/25 +6.9% +2.8% 34,584 06/24 35,288 09/24 34,850 12/24 36,492 03/25 38,309 06/25 +10.8% +5.0% 777.4 Q2/24 640.6 Q3/24 645.6 Q4/24 580.4 Q1/25 696.3 Q2/25 -10% +20% 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 Development of loans to enterprises 1 Development of deposits from enterprises 1 PLN million PLN million Result in Q2/24 was supported by a refund of loan collection costs from KUKE at PLN 164.0 million
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Corporate & Investment Banking – business volumes 45Investor Presentation | Q2 2025 Development of gross loans to corporates and public sector Development of deposits from corporates and public sector PLN million PLN million Note: Corporate clients split: K1 – annual sales over PLN 1 B and non-banking financial institutions; K2 – annual sales of PLN 50 M to PLN 1 B; K3 – annual sales below 50 M and full accounting . 1,789 13,236 24,439 16,616 09/24 1,299 14,825 27,317 15,119 12/24 1,360 14,105 26,217 1,672 03/25 1,032 14,137 26,939 15,159 06/25 12,907 23,939 15,431 06/24 53,949 56,079 58,561 56,215 57,266 14,533 +6.1% +1.9% 23,713 06/24 6,446 3,251 9,143 2,951 24,338 11,675 09/24 6,681 3,093 8,886 2,860 24,341 8,535 12/24 6,882 3,225 12,361 3,028 25,730 12,224 03/25 7,042 3,674 8,735 3,271 26,891 12,944 06/25 6,491 3,258 8,900 2,820 8,798 57,803 54,396 59,888 62,556 57,543 +8.7% +4.5% K1 K2 K3 OtherK1 K2 K3 mLeasing mFaktoring Other1 1 Other category includes leasing granted to clients of retail segment, but classified in the financial statements to 'loans an d advances to corporate customers'
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Performance of main subsidiaries of mBank 46Investor Presentation | Q2 2025 established in 1995 offered services include domestic and export recourse and non-recourse factoring and import guaranteesestablished in 1991 offered financing in the form of leasing of cars, trucks, machinery and real estate as well as car fleet management (CFM) servicesestablished in 1999 specialised mortgage bank and active issuer of covered bonds on both domestic and foreign markets Market share in 2024: 6.5% Market share in 2024: 7.8% Outstanding amount of covered bonds Leasing contracts PLN million, nominal value, incl. private placement PLN million Factoring contracts PLN million Source: Calculation based on data published by Polish Leasing Association (PLA) and Polish Factors Association (PFA). Company’s profit before income tax Company’s profit before income tax PLN million PLN million Company’s profit before income tax PLN million Q2/24 5.9 Q1/25 7.8 Q2/25 -47.7 -/+ +32% 13.7 Q2/24 Q1/25 22.8 Q2/25 -5.3 +66% -/+ 1,970 Q2/24 1,869 Q1/25 1,826 Q2/25 -7% -2% 9,322 Q2/24 9,171 Q1/25 10,633 Q2/25 +14% +16% 51.9 Q2/24 56.7 Q1/25 68.0 Q2/25 +31% +20% 6,100 06/24 5,794 03/25 6,522 06/25 +7% +13% loss due to "credit holidays“
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ESG is well embedded in mBank Group's strategy (1/2) 47Investor Presentation | Q2 2025 Reducing greenhouse gases (GHG) emissions of our loan portfolio, steered by SBTi as the most prominent driver to become net-zero ▶ transform our loan portfolioto reach net-zero by 2050 Environmental pillar Limiting own GHG emissions by decarbonizing our operations ▶ become net zero in own operationsby 2040 1 please see the webpage for disclaimer statements ESG ratings 1 as of 08.11.2024 as of 09.01.2025 Partnering with our clients by offering products and services to stimulate their sustainable and green activities ▶ provide PLN 10 billionof green financing(for renewable energy sources, decarbonization, circular economy, e-mobility,etc.) by the end of 2025,includingPLN 5 billionfrom mBank and PLN 5 billionfromothersourcessuchas consortiaand greenbondsissues arranged for clients ▶ increase the yearly sale of mortgage loansfor real estates compliant with the NZEB-10% (Nearly Zero Energy Building) standard to 14% in 2024 and 18% in 2025 of total mBank’s mortgage loan production (by volume) ▶ offer at least 50%of investment solutionsmanaged within mBank Group promoting environmental or social characteristics (“light green” in line with Art. 8 of SFDR) by 2025 ▶ issue green bondsin the amount of PLN 5 billionuntil the end of 2025
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ESG is well embedded in mBank Group's strategy (2/2) 48Investor Presentation | Q2 2025 Social pillar Governance pillar ▶ increase the level of gender representationin managerial bodies of mBank’s main subsidiaries (including mLeasing, mFaktoring, mBank Hipoteczny, mTFI, mFinanse) to 40% by the end of 2026 ▶ incorporate ESG into credit and Internal Capital Adequacy Assessment Process documentation, and perform materiality assessmentof ESG risk each year Ensuring balanced gender representation at mBank Group Integrating environmental, social and governance risks with mBank’s risk management ▶ ensure gender balancein the succession program (at minimum 45% of a given gender) and reduce the pay gap (keeping it below 5%) ▶ have all TOP 100 managers (at mBank and main subsidiaries) with goals related to ESGat a 10% weight in their Objective and Key Results Providing an attractive work environment that ensures diversity, equity and inclusion Enhancing our corporate governance by ESG aspects ▶ continue financial educationand promote responsible management of personal financeamong clients by growing the number of users of dedicated functionalities in mBank's mobile and internet services ▶ have 70% of eligible partners and suppliers (under central purchasing process) to be compliant with the 10 Principles of the UN Global Compactby 2025 Making social impact through fostering financial health and education of our clients Promoting transparency and ESG standards among our business partners
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Historical financial results of mBank Group 49Investor Presentation | Q2 2025 PLN million 2020 2021 2022 2023 2024 ∆ YoY Net interest income 4,009.3 4,126.3 5,924.0 8,873.5 9,589.0 +8.1% Net fee and commission income 1,508.3 1,867.8 2,120.1 1,915.9 1,971.9 +2.9% Net trading and other income 349.2 117.1 -187.2 12.9 446.0 +3345% Total income 5,866.8 6,111.1 7,856.9 10,802.3 12,006.9 +11.2% Total costs -2,411.1 -2,456.9 -3,319.2 -3,074.4 -3,388.3 +10.2% Loan loss provisions and fair value change -1,292.8 -878.6 -849.3 -1,105.5 -585.5 -47.0% Operating profit before legal provisions and taxes 2,162.8 2,775.7 3,688.4 6,622.3 8,033.1 +21.3% Costs of legal risk related to FX loans -1,021.7 -2,758.1 -3,112.3 -4,908.2 -4,307.0 -12.2% Taxes on the Group balance sheet items -531.4 -608.6 -684.2 -743.6 -752.4 +1.2% Income tax -506.0 -587.8 -594.5 -946.5 -730.4 -22.8% Net profit or loss 103.8 -1,178.8 -702.7 24.1 2,243.2 +9226% Total assets 178,861 198,373 209,892 226,981 245,957 +8.4% Gross loans to customers 111,912 120,856 123,437 117,229 124,985 +6.6% Customer deposits 133,672 157,072 174,131 185,467 200,809 +8.3% Total equity 16,675 13,718 12,715 13,737 17,767 +29.3% Net interest margin 2.3% 2.2% 3.7% 4.2% 4.3% +0.1pp Cost/Income ratio 41.1% 40.2% 42.2% 28.5% 28.2% -0.3pp Cost of risk 1.20% 0.76% 0.69% 0.93% 0.49% -0.44pp Return on equity (ROE) 0.6% -7.2% -5.3% 0.2% 14.8% +14.6pp Tier 1 capital ratio 17.0% 14.2% 13.8% 14.7% 15.7% +1.0pp Total capital ratio 19.9% 16.6% 16.4% 17.0% 17.0% 0.0pp
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mBank’s index membership and weights mBank’s share price performance v. main indices (rebased to 100) Information about mBank's shares on the stock exchange 50Investor Presentation | Q2 2025 Source: WSE, Bloomberg (data as of 30.06.2025). as of 30.06.2025 WIG20 2.786% WIG30 2.686% WIG 2.008% WIG-Banks 7.099% WIG-Poland 2.042% ▪ mBank has been listed on the Warsaw Stock Exchange since October 1992 ▪ A strategic shareholder, Germany’s Commerzbank, owns 69.02% of shares ISIN PLBRE0000012 Bloomberg MBK PW Number of shares issued 42 525 841 mBank is also a part of MSCI Poland index. 80 85 90 95 100 105 110 115 120 125 130 135 140 30.06.24 31.07.24 31.08.24 30.09.24 31.10.24 30.11.24 31.12.24 31.01.25 28.02.25 31.03.25 30.04.25 31.05.25 30.06.25 mBank WIG-Banks Index WIG-20 Index +11.1% +25.3% +18.9% mBank’s share price 30.06.2024 637.0 MIN (28.11.2024) 530.0 MAX (24.04.2025) 868.6 30.06.2025 798.0 new all-time high
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Disclaimer 51Investor Presentation | Q2 2025 This presentation has been prepared by mBank S.A. for information purposes only and is based on the Condensed Consolidated Financial Statements for the first half of 2025, prepared under the International Financial Reporting Standards. For more detailed information on mBank S.A. and mBank Group results, please refer to the respective financial statements and data. This presentation contains certain estimates and projections regarding potential future trends. Estimates and projections presented in this presentation rely on historical information and other factors and assumptions which reflect mBank S.A. current position about potential future trends which seem justified under the given circumstances. Estimates and projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the projections, and the variations may be material. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No statement in this presentation is intended to be a profit forecast. While this information has been prepared in good faith, no representation or warranty, expressed or implied, is or will be made and no responsibility or liability is or will be accepted by mBank S.A. or any subsidiaries or affiliates of mBank S.A. or by any of their respective officers, employees or agents in relation to the accuracy or completeness of these materials. The presentation should not be treated as a recommendation to purchase securities, an offer, invitation or a solicitation of an offer to purchase, invest or conclude any transaction on securities, in particular with respect to securities of mBank and its subsidiaries. This presentation has been completed as of the date indicated at the beginning. mBank S.A. does not undertake any obligation to update or revise this presentation, including any forward-looking estimates and projections, whether as a result of new information, future events or otherwise.
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Contact details mBank S.A., ul. Prosta 18, 00-850 Warszawa Investor Relations website: www.mbank.pl/en/investor-relations/ Karol Prażmo Managing Director for Treasury and Investor Relations +48 607 424 464 karol.prazmo@mbank.pl Joanna Filipkowska Head of Investor Relations +48 510 029 766 joanna.filipkowska@mbank.pl Paweł Lipiński +48 508 468 023 pawel.lipinski@mbank.pl Marta Polańska +48 508 468 016 marta.polanska@mbank.pl mBank’s Investor Relations at your service: e-mail address: investor.relations@mbank.pl