Slides
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Results of mBank Group Q3 2025 Presentation for the market, 30.10.2025 Volume momentum and strong results continued
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Key financial and business highlights for 9M 2025 Overview of the results development in Q3 2025 Update on Poland’s macroeconomic situation and outlook Appendix 01 02 03 04 Agenda
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Key financial and business highlights for 9M 2025 01
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Key highlights at mBank Group in 9M 2025 4Investor Presentation | Q3 2025 Improving reported net profit amid strong financial performance Total revenues on the upward trajectory, driven by rising net interest income, supported by volumes, and better net fees Best-in-class operating efficiency despite higher contributions to the Bank Guarantee Fund and investments into the franchise Reported net result doubled YoY to the level of PLN 2.5 billion accompanied by the outstanding profitability metrics Development of total income for mBank Group (PLN million) Normalized cost/income ratio 1 for mBank Group Return on tangible equity (ROTE) for mBank Group 1 with linear Resolution Fund as well as excluding impact of "credit holidays“ and a one -off gain (refund by KUKE) for 2024 9M/24 9M/25 8,962 9,407 +5% 9M/24 9M/25 27.3% 29.9% +2.6pp 9M/24 9M/25 13.0% 20.1% +7.1pp
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Key highlights at mBank Group in 9M 2025 5Investor Presentation | Q3 2025 Well on track with strategic priorities set for 2025 Dynamic expansion of business volumes with credit portfolio growing in both retail and corporate segments Declining legal provisions for FX mortgage loans amid reduced exposure and downward trends in new and pending lawsuits Strengthened capital base with significant surplus over regulatory minimum ensuring foundation for scaling business activity Development of core gross loans, excl. reverse repo and FX ML (PLN billion)1 Costs of legal risk related to FX loans for mBank (PLN million) Tier 1 capital ratio (vs. requirement) for mBank Group as of 30.09.2025 1 gross loan portfolio without reverse repo transactions and contracts classified to ”FX Mortgage Loans segment” 09/24 09/25 120.7 133.9 +11% 9M/24 9M/25 3,375 1,660 -51% reported requirement 14.5% 10.0% +4.5pp
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Market position of mBank Group in Poland after 9M 2025 6Investor Presentation | Q3 2025 mBank Group’s market shares in strategic product categories Source: mBank’s calculations based on MONREP statistics published by the National Bank of Poland (NBP). STRATEGIC GOAL market shares in key products ≥ 10% HOUSEHOLDS total loans HOUSEHOLDS total deposits HOUSEHOLDS total mortgage loans ENTERPRISES total loans ENTERPRISES total deposits 7.8% 7.8% 7.8% 7.9% 8.0% 09/24 12/24 03/25 06/25 09/25 8.5% 09/24 8.4% 12/24 8.4% 03/25 8.5% 06/25 8.5% 09/25 8.4% 09/24 8.4% 12/24 8.4% 03/25 8.4% 06/25 8.6% 09/25 8.3% 09/24 12/24 8.4% 03/25 8.6% 06/25 8.6% 09/25 8.1% 10.7% 09/24 10.8% 12/24 10.4% 03/25 06/25 10.3% 09/25 10.0%
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Highlights of financial innovation in Q3 2025 7Investor Presentation | Q3 2025 Setting new standards in technological and product development mBank won Forrester’s Technology Strategy Impact Award 2025 for EMEA The jury has highly praised the significance of recent mBank’s technology modernization achievements including: ▪ full modernization of both retail and corporate banking core systems (and retiring mainframes) ▪ hybrid cloud approach, offering full flexibility by mixing private on-premises cloud with two public cloud vendors ▪ successful, results-driven generative AI incubation program with practical applications already implemented mBank is the first in the world to offer a smart payment ring with health and activity tracking In cooperation with Mastercard, mBank launches a new smart payment ring designed by Czech company NiceBoy. In line with the strategy, the device supports focus on financial and physical well-being of clients. ▪ has payment function (NFC) ▪ measures body temperature, heart rate, and heart rate variability ▪ counts steps, calories burned, and distance travelled ▪ evaluates sleep quality and has an SoO2 (oxygen saturation) function ▪ works for 7 to 10 days and takes only 40 minutes to fully charge ▪ is water-resistant to 50 meters The technology modernization is a foundation and key enabler for future growth set in the new strategy for 2026-2030, providing scalability, cost efficiency and reusable innovation potential for the bank.
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Developing a resilient business model alongside credible transition plan mBank’s Transition Plan published in October 2025 8Investor Presentation | Q3 2025 mBank is the first bank in Poland with decarbonization targets validated by the Science Based Targets initiative (SBTi), ensuring alignment with the Paris Agreement’s 1.5°C pathway. Transition Plan of mBank Group translates climate ambitions into business actions, sector-specific initiatives, and measurable targets, fully embedded in the business strategy for 2026-2030. Achieving these goals is a long-term challenge, depending on the bank’s clients reaching their decarbonization targets. We will support them on this journey with dedicated products, education and market-leading expertise in sustainable finance. Ambitious Emission Targets Key Milestones for 2030 Integration with business strategy Net-zero emissions: ▪ in own operations by 2040 ▪ in financed portfolio by 2050 More details can be found HERE. Absolute scope 1 and 2 GHG emissions reduction by 42% by 2030 vs 2022 base year Sectoral decarbonization targets set for Commercial Real Estate, Power Generation and Residential Real Estate, as well as for Assets under Management and mLeasing sales volume of mortgage loans for energy efficient properties compared to 2024 of corporate loan portfolio allocated to sustainable, transition and impact finance 2x 15%
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Overview of the results development in Q3 2025 02
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Summary of financial results in Q3 2025: Profit and Loss Account 10Investor Presentation | Q3 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 Q3 2024 Q2 2025 Q3 2025 ∆ QoQ ∆ YoY Net interest income 2,571.4 2,497.2 2,461.3 -1.4% -4.3% Net fee and commission income 499.2 582.1 580.2 -0.3% +16.2% Net trading and other income 79.3 117.9 137.8 +16.9% +73.9% Total income 3,149.9 3,197.3 3,179.3 -0.6% +0.9% Total costs (excl. compulsory contributions) -813.1 -876.7 -905.7 +3.3% +11.4% Contributions to the BFG 0.0 -23.4 -23.7 +1.4% - Loan loss provisions and fair value change1 -191.1 -129.6 -206.6 +59.4% +8.1% Costs of legal risk related to FX loans -970.7 -543.7 -455.0 -16.3% -53.1% Operating result 1,174.9 1,623.9 1,588.2 -2.2% +35.2% Taxes on the Group balance sheet items -190.9 -190.8 -195.3 +2.4% +2.3% Profit before income tax 984.0 1,433.1 1,392.9 -2.8% +41.6% Net profit 572.9 959.4 837.0 -12.8% +46.1% Net interest margin (w/o “credit holidays”) 4.31% 4.12% 3.89% -0.23pp -0.42pp Cost/Income ratio 25.8% 28.2% 29.2% +1.0pp +3.4pp Cost of risk 0.62% 0.40% 0.61% +0.21pp -0.01pp Return on equity (ROE) 14.9% 19.9% 16.4% -3.5pp +1.5pp Return on tangible equity (ROTE) 16.9% 23.3% 18.9% -4.4pp +2.0pp
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PLN million Q3 2024 Q2 2025 Q3 2025 ∆ QoQ ∆ YoY Total assets 238,574 256,176 261,538 +2.1% +9.6% Gross loans to customers 127,504 136,677 139,746 +2.2% +9.6% Individual client loans 69,700 74,120 76,860 +3.7% +10.3% Corporate client loans 1 53,629 57,904 58,317 +0.7% +8.7% Customer deposits 193,500 205,724 213,962 +4.0% +10.6% Individual client deposits 137,421 148,458 153,479 +3.4% +11.7% Corporate client deposits 2 54,181 54,863 57,463 +4.7% +6.1% Total equity 15,329 19,513 20,430 +4.7% +33.3% Loan-to-deposit ratio 64.0% 64.7% 63.7% -1.0pp -0.3pp NPL ratio 4.1% 3.5% 3.4% -0.1pp -0.7pp Coverage ratio (including stage 1 & 2) 72.2% 74.4% 74.6% +0.2pp +2.4pp Tier 1 Capital Ratio 14.6% 14.9% 14.5% -0.4pp -0.1pp Total Capital Ratio 16.2% 15.9% 16.7% +0.8pp +0.5pp Summary of financial results in Q3 2025: Balance Sheet 11Investor Presentation | Q3 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 approva l of Polish FSA)
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of which: Results of mBank Group after Q3 2025 – New lending business 12 Superb sales of mortgages, along with solid consumer and 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 687 661 1,649 6,781 9M/24 2,066 8,194 9M/25 2,836 Q2/25 2,717 Q3/25 8,429 10,260 3,523 3,378 +22% -4% 197 7,762 9M/24 1,091 9,650 9M/25 392 3,285 Q2/25 528 4,046 Q3/25 7,958 10,741 3,677 4,574 +35% +24% 5,280 21,010 2,520 9M/24 8,475 23,756 3,156 9M/25 2,705 7,148 1,192 Q2/25 2,791 7,845 934 Q3/25 28,810 35,387 11,045 11,569 +23% +5% including: new agreements, increases in volume, and renewal of existing loans Volume of loans granted under government subsidy program “2% Safe Mortgage”1,397 Investor Presentation | Q3 2025
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Results of mBank Group after Q3 2025 – Loans to customers 13 Faster-than-market growth of loan portfolio mainly driven by retail business segment Development of mBank Group’s gross loans PLN million 145 54,251 24,611 45,978 12/24 143 59,745 25,294 46,252 03/25 150 62,407 26,144 168 06/25 135 62,751 26,594 50,266 09/25 57,636 24,625 45,075 09/24 127,504 124,985 131,434 136,677 139,746 47,976 +9.6% +2.2% 66,917 68,204 69,758 72,554 Investor Presentation | Q3 2025 75,493 -10.0% +1.7% ∆ YoY +0.6% +4.8% Mortgage loans to individuals Other retail loans Loans to corporate clients Loans to public sector +4.1% ∆ QoQ -19.8% +8.0% +8.9% +11.5% +12.8% Market shares in loans 30.09.2025, in Poland HOUSEHOLDS total loans w/o FX 8.0% (+0.5 p.p. YoY) HOUSEHOLDS PLN mortgage loans 8.8% (+0.7 p.p. YoY) HOUSEHOLDS non-mortgage loans 6.9% (+0.1 p.p. YoY) ENTERPRISES total loans 8.6% (+0.3 p.p. YoY)Gross loans to retail customers, excluding non-core portfolio
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Results of mBank Group after Q3 2025 – Customer deposits 14 Dynamic expansion of deposit base fuelled by steady inflows to retail transactional accounts Development of mBank Group’s deposits PLN million 841 57,720 24,753 117,495 12/24 875 55,341 24,677 119,725 03/25 937 56,329 24,313 882 06/25 1,511 58,972 24,502 128,977 09/25 55,197 24,253 113,168 09/24 193,500 200,809 200,617 205,724 213,962 124,144 +10.6% +4.0% 12,240 12,814 13,305 14,168 Investor Presentation | Q3 2025 Market shares in deposits 30.09.2025, in Poland 15,437 +61.2% +0.8% ∆ YoY +4.7% +3.9% ∆ QoQ +71.3% +1.0% +6.8% +14.0% 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 4.2 billion managed by mTFI HOUSEHOLDS total deposits 8.5% (+0.1 p.p. YoY) HOUSEHOLDS current deposits 9.7% (+0.2 p.p. YoY) ENTERPRISES total deposits 10.3% (-0.4 p.p. YoY) ENTERPRISES current deposits 13.0% (-0.4 p.p. YoY)
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216.3 -0.5% +3.2%+4.2% Results of mBank Group after Q3 2025 – Total income and margin 15 Net interest income under some pressure due to rate cuts, while net fees stayed strong 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 ∆ YoY131.364.1 1,474.6 7,076.1 9M/24 237.9 1,665.4 7,397.3 9M/25 8,962.4 9,406.5 23.1 82.9 +5.0% -1.4% -4.3% -0.3% +16.2% +41.0% +119.4% Reported revenue dynamics are distorted by one-off factors: ▪ net fees and commissions by settlement with a payment card organisation: +PLN 41.6 million in Q3/25, and an upfront income from new contracts signed with UNIQA: +PLN 43.0 million in Q2/25 ▪ net interest income by an extension of “credit holidays”: initial cost -PLN 256.8 million in Q2/24 and reversal +PLN 110.1 million in Q3/24 mBank Group Core business (excl. FX ML) 4.31% 4.35% Q3/24 4.27% 4.31% Q4/24 4.23% 4.29% Q1/25 4.12% 4.16% Q2/25 3.89% 3.93% Q3/25 1 excluding FX Mortgage Loans segment mBank Group Core business 1 +X.X% adjusted for one-off items -0.1% 0.0% 44.3 37.3 499.2 2,571.4 Q3/24 29.268.9 19.9 582.1 2,497.2 Q2/25 97.1 42.3 580.2 2,461.3 Q3/25 3,149.9 3,197.3 3,179.3 +0.9% -0.6% -2.3 29.2 Net interest margin (NIM) 4.08% in 9M 2025 -0.29 p.p. YoY vs. 4.37% in 9M 2024 impacted by interest rate cuts in Poland 08.05.2025: -50 bps to 5.25% 03.07.2025: -25 bps to 5.00% 04.09.2025: -25 bps to 4.75% -1.6 +7.9% Investor Presentation | Q3 2025
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+11.4% +11.0% Results of mBank Group after Q3 2025 – Total costs and efficiency 16 Excellent efficiency maintained despite increased marketing spending and 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 +0.3% +10.3% +12.6% +11.3% -3.4% +14.6% +X.X% excluding contributions Normalized ratio calculated excluding one-off factors: ▪ Q3/24: partial reversal of the cost of “credit holidays” (+PLN 110.1 million) ▪ 9M/24: impact of the extension of “credit holidays” (-PLN 146.7 million) and a refund of collection costs related to a loan insured by KUKE recognized in Q2/24 (+PLN 164.0 million) quarterly data 146.8 417.8 47.2 701.5 1,169.8 9M/24 191.5 70.5 475.8 52.7 763.1 1,302.3 9M/25 2,483.1 2,856.0 +15.0% reported normalizedreported normalized (with linear BFG) 25.8% 28.0% Q3/24 29.7% 31.0% Q4/24 33.9% 29.1% Q1/25 28.2% 29.6% Q2/25 29.2% 30.7% Q3/25142.5 16.5 259.8 394.3 Q3/24 23.4 169.0 17.3 256.8 433.6 Q2/25 23.7 163.2 18.6 289.1 434.8 Q3/25 813.1 900.1 929.5 +14.3% +3.3% Normalised cost/Income ratio (C/I) 29.9% in 9M 2025 +2.6 p.p. YoY vs. 27.3% in 9M 2024 Investor Presentation | Q3 2025
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mBank Group Results of mBank Group after Q3 2025 – Credit losses and cost of risk 17 A normalization of risk costs along with a rise of credit provisions for the corporate exposures Net impairment losses and fair value change on loans PLN million Development of cost of risk quarterly data Retail Banking: at amortized cost at fair value Corporate & Investment Banking: at amortized cost at fair value -1.0 161.4 2.1 248.0 9M/24 -1.6 212.4 11.7 278.9 9M/25 410.5 501.4 +22.1% ∆ QoQ ∆ YoY +6.6% +3.0% +201.6% +13.4% 0.62% Q3/24 0.57% Q4/24 0.53% Q1/25 0.40% Q2/25 0.61% Q3/25 Dynamics for the segments including combined provisions for loans in both valuation methods -0.8 94.1 0.5 97.3 Q3/24 -0.4 35.5 8.0 86.6 Q2/25 -0.7 106.5 2.6 98.2 Q3/25 191.1 129.6 206.6 +8.1% +59.4% mBank Group Cost of risk (COR) 0.52% in 9M 2025 +0.06 p.p. YoY vs. 0.46% in 9M 2024 0.67% 0.48% 0.50% 0.24% 0.69% 0.59% 0.64% 0.55% 0.53% 0.55% retail corporateX.XX% X.XX% Investor Presentation | Q3 2025
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18 Results of mBank Group after Q3 2025 – Loan portfolio quality Good asset quality confirmed by risk metrics, NPL ratio supported by sale of impaired loans mBank Group’s impaired loans portfolio mBank Group’s NPL ratio PLN million provisions for stage 3 & POCI including provisions for stage 1 & 2 53.8% 09/24 51.1% 12/24 52.6% 03/25 52.3% 06/25 51.5% 09/25 72.2% 71.4% 73.5% 74.4% 74.6% Note: Risk indicators presented for credit portfolio measured both at amortized cost and at fair value through profit or loss. 1.10% 09/24 1.10% 12/24 1.07% 03/25 1.11% 06/25 1.07% 09/25 granted to private individuals mBank Group’s coverage ratio NPL ratio of mortgage loan portfolio in PLN at amortized cost at fair value through profit and loss 101 5,093 09/24 89 5,004 12/24 84 4,929 03/25 80 4,722 06/25 78 4,616 09/25 5,194 5,093 5,013 4,801 4,694 -9.6% -2.2% mBank Group’s NPL ratio, by segment NPL ratio according to EBA definition has remained considerably below 5% 4.1% 09/24 4.1% 12/24 3.8% 03/25 3.5% 06/25 3.4% 09/25 4.5% 3.9% 09/24 4.3% 3.9% 12/24 4.4% 3.6% 03/25 3.8% 3.5% 06/25 3.7% 3.3% 09/25 Corporate portfolio Retail portfolio Corporate portfolio Retail portfolio Investor Presentation | Q3 2025
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735 447 277 202 136 533 436 501 516 477 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 1,268 883 778 718 613 -52% -15% 4,098 15,411 09/24 3,449 12,547 12/24 2,246 7,709 06/25 1,822 5,589 09/25 19,509 15,996 9,955 7,411 -62% -26% Results of mBank Group after Q3 2025 – Legal risk of CHF portfolio 19 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 09/24 12/24 06/25 09/25 19,519 22,902 28,733 30,735 +11,216 +2,002 Repaid contracts as a % of total 64% 72% 78%49%42% 23%21% 22% 25% Investor Presentation | Q3 2025
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closed or converted into PLN total number of disbursed loans 33,915 repaid loans 13,353 final verdict 30,735 settlements active contracts 85,520 7,517 -91% of which: 5% in court Results of mBank Group after Q3 2025 – Legal risk of CHF portfolio 20 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 30.09.2025 of which: 74% in courtexcluding verdicts followed by settlements PLN 18.2 billion With PLN 455 million booked in Q3/25, 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 09/25 19,177 12,849 11,894 8,187 4,468 2,012 1,853 666 portfolio deductions due to legal risks 94 Outstanding legal provisions for FX mortgage loans ▶ Total value of provisions as of 09/25 amounted to PLN 4,084 million and was composed of PLN 2,317 million deducted from outstanding loans and PLN 1,767 million included in the liabilities. The split of the amount was PLN 3,629 million for CHF and PLN 455 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 180% as of 09/25. Share of CHF mortgages in total loan portfolio declined from 23.6% in 2015 to 0.1% at the end of Q3/25 Investor Presentation | Q3 2025
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mBank Group Core businessmBank Group Core business Results of mBank Group after Q3 2025 – Net result and profitability 21 Reported net profit at already sound level, underpinned by the strength of core operations Development of mBank Group’s net profit PLN million Development of return on equity (ROE) (3,022.0) 1,257.2 9M/24 (1,748.7) 2,502.1 9M/25 4,279.2 4,250.7 -0.7% ∆ QoQ ∆ YoY -12.8% +46.1% +1.5% -37.7% Reported net result for mBank Group Part of the net profit of core business consumed by losses incurred on non-core segment quarterly data 42.5% 14.9% Q3/24 36.1% 23.8% Q4/24 29.4% 15.6% Q1/25 34.1% 19.9% Q2/25 31.0% 16.4% Q3/25 Investor Presentation | Q3 2025 (959.4) 572.9 Q3/24 (589.3) 959.4 Q2/25 (598.0) 837.0 Q3/25 1,532.3 1,548.7 1,435.0 -6.3% -7.3% Return on equity (ROE) 17.3% in 9M 2025 +5.9 p.p. YoY vs. 11.4% in 9M 2024 Return on tangible equity (ROTE) 20.1% in 9M 2025 +7.1 p.p. YoY vs. 13.0% in 9M 2024 16.9% 27.8% 18.1% 23.3% 18.9% ROTE
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Results of mBank Group after Q3 2025 – Capital position 22 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 1,500 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. Investor Presentation | Q3 2025
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Key take-aways after 9M 2025 23 We delivered: Investor Presentation | Q3 2025 dynamic growth of loan portfolio (+9.6% YoY) and deposit base (+10.6% YoY) in both client segments, allowing for market share gains solid reported net profit and ROTE reaching 20%, thanks to strong revenues, excellent cost efficiency and contained credit losses continued good progress with settlements and downward trend in CHF litigations translating into further decline of legal risk provisions robust capital position strengthened by earnings retention and inclusion of issued Tier 2 instruments into own funds
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03 Update on Poland’s macroeconomic situation and outlook
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Macroeconomic situation in Poland: GDP growth, inflation, rates 25 Soft indicators have been stable of late suggesting a well-founded outlook for consumption ahead. Overall, consumption growth is expected to stay at solid levels in the quarters to come. 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 stay decent 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% and rise to above 4% in 2026. 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 path and forecast for Poland (% YoY) Inflation might tick up somewhat in mid-2026 -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% 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 2.3 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: GUS Source: NBP, GUSmBank’s forecast mBank’s forecast Investor Presentation | Q3 2025 2027
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Macroeconomic situation in Poland: financial markets 26 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.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.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 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 Bond yields on domestic debt have decreased in Poland recently. The move was supported by the behaviour of core markets. Credit risk measures remain quite stable. Polish currency has been little changed 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. 0 100 200 300 400 500 600 700 800 900 Jan.19 Sep.19 May.20 Jan.21 Sep.21 May.22 Jan.23 Sep.23 May.24 Jan.25 Sep.25 2Y 5Y 10Y Source: Bloomberg Source: Bloomberg Government bond yields decreased somewhat recently (bps) PLN remained little changed recently Investor Presentation | Q3 2025
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Macroeconomic forecasts and outlook for Poland 27 Source: Statistics Poland, National Bank of Poland, mBank’s estimates as of 09.10.2025. 2022 2023 2024 2025F 2026F GDP growth (YoY) 5.3% 0.2% 3.0% 3.8% 4.2% Domestic demand (YoY) 4.8% -3.0% 4.2% 4.3% 3.8% Private consumption (YoY) 5.0% -0.3% 3.1% 3.9% 3.2% Investment (YoY) 1.7% 12.7% -2.2% 4.4% 10.0% Inflation (eop) 16.6% 6.2% 4.7% 2.8% 3.1% MPC rate (eop) 6.75% 5.75% 5.75% 4.50% 4.00% CHF/PLN (eop) 4.73 4.68 4.55 4.57 4.65 EUR/PLN (eop) 4.69 4.34 4.28 4.28 4.40 2022 2023 2024 2025F 2026F Corporate loans 9.6% -0.7% 4.8% 10.3% 8.7% Household loans -3.8% -1.3% 2.9% 4.5% 4.9% Mortgage loans -3.2% -3.6% 2.9% 3.6% 5.2% Mortgage loans in PLN -1.8% 1.8% 7.7% 7.4% 8.9% Non-mortgage loans -5.1% 3.0% 2.8% 6.2% 4.4% Corporate deposits 11.6% 8.7% 3.8% 11.5% 10.7% Household deposits 3.3% 11.3% 9.9% 8.4% 7.6% ▪ 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 H1/25 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 pattern should not change in the coming months. However, the outlook for 2026 implies some challenges ahead. ▪ 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 and 2026. 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 Investor Presentation | Q3 2025
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Outlook for mBank Group for 2025 We expect: Investor Presentation | Q3 2025 28 total revenues to be visibly above the level reported for 2024 and exceed PLN 12 billion with interest rates kept stable in Poland until the end of the year costs of legal risk related to foreign currency loans to be a material burden to the financial results for the last time in 2025 business volumes to continue dynamic expansion, with both corporate loans and retail credit portfolio growing at a faster pace than the market capital and MREL buffers to remain sound thanks to strong profit generation as well as new securitization transaction and planned green bond issuance
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Appendix
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Consolidated Profit and Loss Account – quarterly 30 Quarterly results (PLN thou.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net interest income 2 571,355 2,512,930 2,438,716 2,497,238 2,461,339 Net fee and commission income 499,244 497,286 503,086 582,143 580,150 Dividend income 4,944 146 468 7,561 345 Net trading income 44,273 45,396 71,861 68,871 97,118 Gains less losses from financial assets1 32,338 14,582 20,327 12,300 41,937 Net other operating income -2,290 -25,843 -4,527 29,198 -1,595 Total income 3 149,864 3,044,497 3,029,931 3,197,311 3,179,294 Total operating costs -813,100 -905,214 -1,026,389 -900,106 -929,469 Overhead costs -670,611 -736,386 -882,836 -731,092 -766,223 Amortisation -142,489 -168,828 -143,553 -169,014 -163,246 Loan loss provisions and fair value change2 -191,125 -175,017 -165,190 -129,593 -206,591 Costs of legal risk related to FX loans -970,708 -932,212 -661,769 -543,700 -454,992 Operating result 1 174,931 1,032,054 1,176,583 1,623,912 1,588,242 Taxes on the Group balance sheet items -190,925 -194,328 -187,123 -190,837 -195,330 Profit or loss before income tax 984,006 837,726 989,460 1,433,075 1,392,912 Net result attributable to owners of mBank 572,864 986,002 705,671 959,390 836,990 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) Investor Presentation | Q3 2025
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Consolidated Statement of Financial Position – quarterly 31 Assets (PLN thou.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Cash and balances with Central Bank 25,893,176 36,680,926 16,722,455 20,796,566 21,972,629 Loans and advances to banks 17,503,613 9,738,457 18,791,826 19,280,968 20,540,865 Trading securities 900,963 1,187,749 2,097,484 2,876,660 2,569,535 Derivative financial instruments 664,665 609,993 634,780 740,908 533,737 Loans and advances to customers 123,831,793 121,418,598 127,815,651 133,168,486 136,305,685 Investment securities 62,770,296 68,993,423 72,147,270 71,808,453 72,321,685 Intangible assets 1,817,337 1,956,693 2,005,116 2,025,999 2,066,140 Tangible fixed assets 1,412,282 1,461,811 1,427,484 1,394,592 1,371,494 Other assets 3,780,221 3,909,713 4,425,901 4,083,293 3,856,649 Total assets 238,574,346 245,957,363 246,067,967 256,175,925 261,538,419 Liabilities (PLN thou.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Amounts due to banks 3,808,611 3,059,431 2,969,133 4,692,792 2,817,838 Derivative financial instruments 1,568,728 1,094,037 1,729,580 1,926,213 2,065,941 Amounts due to customers 193,499,927 200,808,978 200,616,936 205,724,024 213,961,889 Debt securities in issue 12,310,939 12,130,336 10,728,103 11,578,230 9,920,555 Subordinated liabilities 2,672,670 2,675,537 1,875,278 3,586,883 3,633,029 Other liabilities 9,384,514 8,422,050 9,600,200 9,155,022 8,709,282 Total liabilities 223,245,389 228,190,369 227,519,230 236,663,164 241,108,534 Total equity 15,328,957 17,766,994 18,548,737 19,512,761 20,429,885 Total liabilities and equity 238,574,346 245,957,363 246,067,967 256,175,925 261,538,419 Investor Presentation | Q3 2025
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Key financial ratios Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Interest Margin, quarterly 4.31% 4.27% 4.23% 4.12% 3.89% Net Interest Margin, YtD 4.37% 4.35% 4.23% 4.18% 4.08% Net Interest Margin, excl. CHF portfolio, YtD 4.43% 4.39% 4.29% 4.22% 4.12% Cost/Income Ratio, quarterly 25.8% 29.7% 33.9% 28.2% 29.2% Cost/Income Ratio, YtD 27.7% 28.2% 33.9% 30.9% 30.4% Cost of Risk, quarterly 0.62% 0.57% 0.53% 0.40% 0.61% Cost of Risk, YtD 0.46% 0.49% 0.53% 0.46% 0.52% Return on Equity (ROE net), quarterly 14.9% 23.8% 15.6% 19.9% 16.4% Return on Equity (ROE net), YtD 11.4% 14.8% 15.6% 17.8% 17.3% Return on Assets (ROA net) quarterly 0.97% 1.62% 1.17% 1.53% 1.28% Return on Assets (ROA net), YtD 0.73% 0.97% 1.17% 1.36% 1.33% Loan-to-Deposit Ratio 64.0% 60.5% 63.7% 64.7% 63.7% Total Capital Ratio 16.19% 17.03% 16.13% 15.92% 16.68% Tier 1 Capital Ratio 14.64% 15.71% 15.01% 14.93% 14.52% Leverage ratio 5.6% 6.1% 6.4% 6.4% 6.17% Equity / Assets 6.4% 7.2% 7.5% 7.6% 7.8% TREA / Assets 40.6% 41.6% 45.7% 46.5% 46.3% NPL ratio 4.1% 4.1% 3.8% 3.5% 3.4% NPL coverage ratio 53.8% 51.1% 52.6% 52.3% 51.5% NPL coverage ratio incl. stage 1&2 provisions 72.2% 71.4% 73.5% 74.4% 74.6% mBank Group’s financial ratios – quarterly and cumulatively 32 Investor Presentation | Q3 2025
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Quarterly results of mBank Group – Net interest income 33 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) 793.0 285.2 40.3 117.61.1 813.9 Q4/24 232.7 26.0 155.3 1.1 772.6 Q1/25 199.1 23.2 165.8 Q3/24 784.0 Q2/25 116.3 42.2 189.8 0.5 779.7 Q3/25 297.1 41.0 141.3 1.1 1.1 1,258.1 1,187.7 1,173.2 1,128.6 1,273.5 -11.4% -3.8% Q3/24 -8.2 248.048.618.8 764.3 2,691.3 Q4/24 198.625.0 815.6 2,587.2 Q1/25 165.330.7 265.7 2,649.1 Q2/25 162.426.7 820.5 2,570.0 Q3/25 30.612.0 752.7 2,783.8 3,734.8 3,762.8 3,626.4 3,670.4 3,589.9 825.4 -3.9% -2.2% -110.1 2.4% 2.3% 2.2% 2.1% 1.9% funding costs6.5% 6.4% 6.2% 6.0% 5.7% asset yield Investor Presentation | Q3 2025
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Quarterly results of mBank Group – Net fees and commissions 34 Structure of mBank Group’s fee and commission income Structure of mBank Group’s fee and commission expense PLN million PLN million 16.8 Q3/24 110.9 8.9 64.5 11.720.0 103.5 Q4/24 116.5 4.6 68.0 9.912.1 93.5 Q1/25 122.2 6.9 106.5 11.016.1 83.3 Q2/25 117.3 7.1 70.4 9.615.6 91.9 Q3/25 105.8 7.0 63.0 9.8 76.5 319.6 304.6 316.0 312.0308.8 +1.0% -1.3% 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 47.5 142.1 217.0 Q2/25 96.5 123.1 46.631.1 164.7 42.4 81.1 262.7 Q3/25 119.0 39.429.8 141.4 155.9 820.5 830.9 823.4 909.2 908.5 +10.7% -0.1% 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 Investor Presentation | Q3 2025 The fee result included: ▪ in Q3/25: settlement with a payment card organisation of PLN 41.6 million ▪ in Q2/25: an upfront income from new contracts signed with UNIQA of PLN 43.0 million
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Selected Financial Data – Balance sheet analysis 35 Structure of mBank Group’s total assets Structure of mBank Group’s liabilities and equity PLN billion PLN billion 1% 82% 1% 11.0 2.712.3 193.5 3.8 09/24 17.8 9.5 2.712.1 200.8 3.1 12/24 18.5 11.3 1.910.7 200.6 3.0 15.3 19.5 11.1 3.611.6 205.7 4.7 06/25 20.4 10.8 3.69.9 214.0 2.8 09/25 238.6 246.0 246.1 256.2 261.5 03/25 62.8 0.70.9 123.8 17.5 09/24 44.0 69.0 0.61.2 121.4 9.7 12/24 24.6 72.1 0.62.1 127.8 18.8 32.9 28.3 71.8 0.72.9 133.2 19.3 06/25 29.3 72.3 0.52.6 136.3 20.5 09/25 238.6 246.0 246.1 256.2 261.5 03/25 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% 4% 4% Investor Presentation | Q3 2025
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44.9% 1.0% 35.0% 1.3% 17.7% 0.1% 21.0% 6.6% 36.2% 24.0% 11.5% 0.7% Selected Financial Data – Structure of loans and deposits 36 30.09.2025 Structure of mBank Group’s gross loans, by client segment and industry Structure of mBank Group’s deposits 30.09.2025 1 Including local currency mortgage loans granted in Poland, the Czech Republic and Slovakia 2 Including repo transactions PLN billion Corporate clients: current accounts2 44.8 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 PLN billion 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 139.7 A well diversified loan portfolio with granular structure of exposures 71.7% Food sector Power and heating distribution Transport and logistics Motorisation Metals Construction materials Health care Chemicals and plastics Wholesale trade Rental and leasing activities Other (<1.0%) 4.7% 4.6% Real estate 2.9% 2.7% 2.5% 2.4% 1.8% 1.8% 1.7% 1.3% 1.2% 1.1% 1.0% 10.9% Building industry Financial activities Professional activities 4.5% 55.0% Investor Presentation | Q3 2025
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Selected Financial Data – Funding profile 37 Structure of mBank Group’s funding Summary of mBank’s long-term funding instruments 30.09.2025 30.09.2025 (without covered bonds issued by mBank Hipoteczny) Summary of mBank’s ratings 30.09.2025 Corporate__ deposits 88.7% 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% 1,500 M PLN 06.12.2024 Perpetual NC5 - 10.63% 138 M CHF 02.08.2019 02.08.2027 8.0 Y - NPS and PS issues under Euro Medium Term Note (EMTN) Programme Tier 2 instruments (T2) Loans and advances received 1 1 1 bonds issued in non-preferred senior (NPS) format; 2 bond issued in preferred senior (PS) format; 3 early redemption carried out on 10.10.2025; 4 issued under EMTN programme 2 3 Investor Presentation | Q3 2025 4 63.6% 25.1% 1.2% 4.1% 1.5% 4.5% Additional Tier 1 instruments (AT1)
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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. Selected Financial Data – Capital requirements and liquidity 38 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 Investor Presentation | Q3 2025
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Selected Financial Data – Fulfilment of MREL requirements 39 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 09/25 09/24 12/24 03/25 06/25 09/25 4.09% 15.36% minimum requirement 24.05% 24.73% 23.19% 24.63% 23.84% 19.45% +4.39 09/24 12/24 03/25 06/25 09/25 4.09% 13.61% minimum requirement 22.50% 23.10% 21.70% 22.81% 22.05% 17.70% +4.35 09/24 12/24 03/25 06/25 09/25 minimum requirement 9.12% 9.58% 9.75% 10.36% 10.06% 5.91% +4.15 09/24 12/24 03/25 06/25 09/25 minimum requirement 8.54% 8.95% 9.12% 9.59% 9.31% 5.33% +3.98 1 1 1 1 Development of mBank Group’s MRELTEM ratio Development of mBank Group’s MRELTEM Subordinated ratio Investor Presentation | Q3 2025
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Overview of customer activity and process digitalisation 40 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 500 3,289 09/24 556 3,518 09/25 3,789 4,074 +285 09/24 09/25 1,882 1,888 +6 584 3,436 09/24 639 3,529 09/25 4,020 4,168 +148 09/24 09/25 36.0 37.4 +1.3 mBank PL mBank CZSK mBank PL mBank CZSK 89% 93% share of processes in retail banking area initiated by the clients in digital channels (in 9M/25) 83% share of digital channel in the sale of non-mortgage loans (by number of pieces in 9M/25) 95% share of corporate clients with at least one user logging in tomobile application monthly (in 9M/25) share of digitally opened accounts in new acquisition using a dedicated process (in 9M/25) Investor Presentation | Q3 2025
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A leading mobile banking offer for individual clients 41 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 Investor Presentation | Q3 2025
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Retail Banking – profit and network 42 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 7,453 24,935 Q3/24 8,324 25,406 Q4/24 7,980 24,075 Q1/25 8,562 26,678 Q2/25 8,803 27,948 Q3/25 32,388 33,730 32,055 35,240 36,751 +13% +4% cards BLIKmBank PL mBank CZSK 1,108 4,579 09/24 1,116 4,599 12/24 1,138 4,644 03/25 1,154 4,658 06/25 1,172 4,678 09/25 5,687 5,714 5,782 5,812 5,850 +162 +38 1 including financial centres and agency service points 82 79 79 140 141 141 43 40 1530 09/24 42 40 1529 06/25 42 40 1529 09/25 350 346 346 -4 mBank CZSK mFinanse1 mKiosks Advisory centres Light branches (in shopping malls) mBank’s outlets (standard format) mBank CZSK Poland excluding impact of "credit holidays“ 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 67.8 1,089.8 Q3/25 1,187.2 1,067.6 1,026.1 1,201.4 1,157.6 -3% -4% Investor Presentation | Q3 2025 -4%
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Retail Banking – business volumes 43 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 . 16% 34% 50% 259 24,753 44,751 72,485 12/24 296 24,677 46,401 73,027 03/25 340 24,313 47,895 293 06/25 315 24,502 51,413 77,249 09/25 24,253 44,257 68,619 09/24 137,421 142,248 144,402 148,458 153,479 75,910 +11.7% +3.4% 36,431 22,674 1,937 5,721 2,453 37,804 12/24 23,396 1,899 5,630 1,851 38,772 03/25 24,272 1,873 5,853 09/24 40,495 06/25 24,779 1,815 6,119 1,427 42,719 09/25 22,645 1,980 5,793 2,851 1,628 70,589 71,546 74,120 76,860 69,700 +10.3% +3.7% 18% 32% 50% 33% 4% 52% 32% 2% 56% 3% 8% 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 Investor Presentation | Q3 2025
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mBank in the Czech Republic and Slovakia 44 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 48.7 87.6 Q3/24 46.4 91.5 Q4/24 46.4 98.5 Q1/25 49.7 108.6 Q2/25 51.6 106.8 Q3/25 136.4 137.9 145.0 158.4 158.4 +16% 0% SK CZ 322.0 786.0 09/24 323.8 791.8 12/24 338.8 798.9 03/25 343.2 810.5 06/25 345.6 826.2 09/25 1,108.0 1,115.6 1,137.7 1,153.8 1,171.7 +63.7 +18.0 SK CZ Main interest rate CZ: 3.50% SK: 2.15% 30.09.2025 Users of mobile application CZ: 383.3 SK: 172.8 30.09.2025 3,009 5,985 09/24 3,052 6,102 12/24 3,052 6,190 03/25 3,180 6,557 06/25 3,273 6,909 09/25 8,994 9,153 9,242 9,737 10,181 +13% +5% SK CZ 13.2% 4,286 12,624 09/24 4,324 12,709 12/24 4,276 12,775 03/25 4,472 13,335 06/25 4,501 16,220 09/25 16,910 17,033 17,051 17,806 20,721 +23% +16% SK CZ 13.5% Investor Presentation | Q3 2025
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mBank in the Czech Republic and Slovakia 45 Note: Volumes based on management information. 10 light branches 6 financial centres 12 mKiosks 7 light branches 1 financial centres 6 mKiosks Czech Republic Slovakia physical network: physical network: 22,609 09/24 22,914 06/25 23,610 09/25 +4% +3% 425.0 09/24 419.1 06/25 427.6 09/25 +1% +2% 11,778 09/24 14,323 06/25 14,818 09/25 +26% +3% 74,279 09/24 77,769 06/25 92,489 09/25 +25% +19% 256.3 09/24 310.6 06/25 319.4 09/25 +25% +3% 1,003.3 09/24 1,055.9 06/25 1,056.2 09/25 +5% 0% 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 Investor Presentation | Q3 2025
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Best digital banking services for corporate clients 46 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 | Q3 2025
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Corporate & Investment Banking – profit and network 47 Profit before income tax of the segment Number of corporate service locations – 30.09.2025 PLN million 1 Corporate loan and deposit volumes (for mBank stand-alone) according to NBP rules (monetary reporting system – MONREP) 54,497 09/24 58,724 12/24 54,287 03/25 55,812 06/25 58,379 09/25 +7.1% +4.6% 35,288 09/24 34,850 12/24 36,492 03/25 38,309 06/25 38,936 09/25 +10.3% +1.6% 640.6 Q3/24 645.6 Q4/24 580.4 Q1/25 696.3 Q2/25 648.2 Q3/25 +1% -7% 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 Investor Presentation | Q3 2025
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Corporate & Investment Banking – business volumes 48 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 . 1,299 14,825 27,317 15,119 12/24 1,360 14,105 26,217 14,533 03/25 1,032 14,137 26,939 1,789 06/25 964 15,027 27,778 16,714 09/25 13,236 24,439 16,616 09/24 56,079 58,561 56,215 57,266 60,483 15,159 +7.9% +5.6% 24,338 09/24 6,681 3,093 8,886 2,860 24,341 8,535 12/24 6,882 3,225 8,798 3,028 25,730 12,224 03/25 7,042 3,674 11,675 3,271 26,891 12,944 06/25 7,237 3,638 8,792 3,368 27,249 12,602 09/25 6,446 3,251 9,143 2,951 8,735 54,396 59,888 62,556 62,886 57,803 +8.8% +0.5% 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' Investor Presentation | Q3 2025
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Performance of main subsidiaries of mBank 49 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 40.6 Q3/24 7.8 Q2/25 10.2 Q3/25 -75% +30% 13.1 Q3/24 22.8 Q2/25 11.4 Q3/25 -13% -50% 1,596 Q3/24 1,826 Q2/25 1,946 Q3/25 +22% +7% 9,147 Q3/24 10,633 Q2/25 11,067 Q3/25 +21% +4% 46.9 Q3/24 68.0 Q2/25 53.9 Q3/25 +15% -21% 6,600 09/24 6,522 06/25 5,248 09/25 -20% -20% Investor Presentation | Q3 2025 Q3/24 was supported by the partial reversal of the cost of “credit holidays”
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Historical financial results of mBank Group 50 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 Investor Presentation | Q3 2025
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ESG is well embedded in mBank Group's strategy 51 Investor Presentation | Q3 2025 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
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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 52Investor Presentation | Q3 2025 Source: WSE, Bloomberg (data as of 30.09.2025). as of 30.09.2025 WIG20 3.137% WIG30 3.002% WIG 2.273% WIG-Banks 8.040% WIG-Poland 2.313% ▪ 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 95 100 105 110 115 120 125 130 135 140 145 150 155 160 165 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 31.07.25 31.08.25 30.09.25 mBank WIG-Banks Index WIG-20 Index +21.6% +45.8% +31.4% mBank’s share price 30.09.2024 617.4 MIN (28.11.2024) 530.0 MAX (19.08.2025) 1000.0 30.09.2025 900.0 new all-time high (market closing)
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Disclaimer 53Investor Presentation | Q3 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 third quarter 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