Slides
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Results of mBank Group Q1-Q4 2025 Presentation for the market, 10.02.2026 Highest results ever. Business growth acceleration.
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Key financial and business highlights for 2025 Overview of the results development in Q4 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 2025 01
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Key highlights at mBank Group in 2025 4Investor Presentation | Q1-Q4 2025 1 gross loan portfolio without reverse repo transactions and contracts classified to ”FX Mortgage Loans segment” Faster-than-market growth of business volumes allowed for gaining market shares Dynamic expansion of credit portfolio underpinned by remarkable acceleration of mortgage loan sales, coupled with a surge of deposit base fueled by steady inflows to transactional accounts. The best financial results in history with profit before tax exceeding PLN 5 billion Total revenues at the record level, driven by a rise of net interest income despite ongoing rate cut cycle and higher net fees, contributing to best-in-class efficiency and excellent profitability. Development of mBank Group's core gross loans1 (PLN billion) Development of mBank Group’s deposit base (PLN billion) Development of mBank Group’s total income (PLN million) Development of mBank Group’s return on tangible equity (ROTE) 31.12.2024 31.12.2025 121.6 134.3 +10% 31.12.2024 31.12.2025 200.8 229.1 +14% 2024 2025 12,007 12,466 +4% 2024 2025 17.0% 20.8% +3.8pp
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Key highlights at mBank Group in 2025 5Investor Presentation | Q1-Q4 2025 Retained profits and securitiza- tions supported adequate capital base for growth After trailblazing issuance of AT1 instruments in 2024, capital position was further strengthened by full earnings retention and new Tier 2 bonds ensuring safe buffer over regulatory minima. Significant reduction of CHF-related risk closing years of high financial impact Continued good progress in concluding settlements accompanied by consistent downward trend in new and pending CHF litigations resulted in a decline of legal risk provisions by a half. Number of settlements with CHF borrowers concluded by mBank mBank’s costs of legal risk related to FX mortgage loans (PLN million) Development of mBank Group’s own funds (PLN million) Tier 1 capital ratio for mBank Group (vs. the requirement) as of 31.12.2025 2024 2025 4,307 2,040 -53% 31.12.2024 31.12.2025 22,902 32,359 +41% requirement reported 10.02% 14.36% +4.34pp 31.12.2024 31.12.2025 17,448 20,739 +19%
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Financial innovation and product development at mBank in 2025 6 Digital mortgage loan extended from refinancing option to more complex scenarios In September 2025, mBank completed the first phase of its digital mortgage rollout. Initially, active clients with a personal account gained the ability to transfer their existing mortgage loans from other financial institutions. In early December, the offering was expanded to include purchases of secondary market apartments, houses, land plots, and financing property renovations. mBank became first bank globally to introduce new smart payment ring, designed by Czech company NiceBoy and offered in cooperation with Mastercard. In line with the strategy, the device supports focus on financial and physical well-being of clients. Smart payment ring with built-in health and activity tracking ▪ NFC payment function ▪ body temperature, heart rate, and heart rate variability monitoring ▪ step, calorie, and distance tracking ▪ sleep analysis and SpO₂ (oxygen saturation) ▪ 7-10 days of battery life and full charge in 40 minutes ▪ water-resistant up to 50 meters ▪ the entire procedure seamlessly in mBank’s mobile application ▪ decision in 15 minutes Investor Presentation | Q1-Q4 2025
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Market position of mBank Group in Poland after 2025 7 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% 12/24 7.8% 03/25 7.9% 06/25 8.0% 09/25 8.0% 12/25 8.4% 12/24 8.4% 03/25 8.5% 06/25 8.5% 09/25 8.6% 12/25 8.4% 12/24 8.4% 03/25 8.4% 06/25 8.6% 09/25 8.7% 12/25 8.1% 12/24 8.4% 03/25 8.6% 06/25 8.6% 09/25 8.1% 12/25 10.8% 12/24 10.4% 03/25 06/25 10.3% 09/25 10.3% 12/25 10.0% Investor Presentation | Q1-Q4 2025
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of which: Results of mBank Group in 2025 – New lending business 8 Record sales of mortgage and consumer loans, along with corporate credit acceleration 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 2,319 9,028 2024 2,637 11,038 2025 661 2,717 Q3/25 571 2,813 Q4/25 11,347 13,675 3,378 3,385 +21% 0% 315 10,270 2024 1,657 13,004 2025 528 4,046 Q3/25 565 3,354 Q4/25 10,585 14,661 4,574 3,920 +38% -14% 8,513 28,093 3,344 2024 11,870 33,137 4,139 2025 2,791 7,845 934 Q3/25 3,394 9,380 983 Q4/25 39,951 49,145 11,569 13,758 +23% +19% 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 | Q1-Q4 2025
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Results of mBank Group in 2025 – Loans to customers 9 Strong growth of loan portfolio, anchored in mortgages amid volatile corporate exposures Development of mBank Group’s gross loans PLN million 143 59,745 25,294 46,252 03/25 150 62,407 26,144 47,976 06/25 135 62,751 26,594 145 09/25 125 58,122 26,744 51,782 12/25 54,251 24,611 45,978 12/24 124,985 131,434 136,677 139,746 136,773 50,266 +9.4% -2.1% 68,204 69,758 72,554 75,493 77,285 -7.4% +0.6% ∆ YoY -7.4% +3.0% Mortgage loans to individuals Other retail loans Loans to corporate clients Loans to public sector +2.4% ∆ QoQ -14.0% +8.7% +7.1% +12.6% +13.3% Market shares in loans 31.12.2025, in Poland HOUSEHOLDS total loans w/o FX 8.1% (+0.5 p.p. YoY) HOUSEHOLDS PLN mortgage loans 8.9% (+0.7 p.p. YoY) HOUSEHOLDS non-mortgage loans 6.8% (+0.1 p.p. YoY) ENTERPRISES total loans 8.1% (0.0 p.p. YoY)Gross loans to retail customers, excluding non-core portfolio Investor Presentation | Q1-Q4 2025
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Results of mBank Group in 2025 – Customer deposits 10 Dynamic expansion of deposit base fuelled by steady inflows to transactional accounts Development of mBank Group’s deposits PLN million 875 55,341 24,677 119,725 03/25 937 56,329 24,313 124,144 06/25 1,511 58,972 24,502 841 09/25 1,108 63,224 23,716 141,097 12/25 57,720 24,753 117,495 12/24 200,809 200,617 205,724 213,962 229,146 128,977 +14.1% +7.1% 12,814 13,305 14,168 15,437 Market shares in deposits 31.12.2025, in Poland 16,125 -26.7% -3.2% ∆ YoY +7.2% +9.4% ∆ QoQ +31.7% -4.2% +9.5% +20.1% 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 4.7 billion managed by mTFI HOUSEHOLDS total deposits 8.6% (+0.2 p.p. YoY) HOUSEHOLDS current deposits 9.9% (+0.4 p.p. YoY) ENTERPRISES total deposits 10.3% (-0.4 p.p. YoY) ENTERPRISES current deposits 13.0% (-0.8 p.p. YoY) Investor Presentation | Q1-Q4 2025
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34 497 2,513 Q4/24 57 503 2,470 Q1/25 60 582 2,555 Q2/25 88 580 2,511 Q3/25 34 543 2,482 Q4/25 3,044 3,030 3,197 3,179 3,060 +0.5% -3.8% 446 1,972 9,589 2024 239 2,208 10,019 2025 12,007 12,466 +3.8% Results of mBank Group in 2025 – Total income and margin 11 Total revenues at the record level driven by a rise of net interest income and higher net fees mBank Group’s total income PLN million Net interest margin of mBank Group Investor Presentation | Q1-Q4 2025 Net interest income Net fee and commission income Net trading and other income 2024 2025 4.35% 4.05% -0.30pp Under pressure due to ongoing interest rate cut cycle in Poland mBank Group 4.27% Q4/24 4.29% Q1/25 4.22% Q2/25 3.97% Q3/25 3.74% Q4/25 impacted by interest rate cuts in Poland reference rate in Poland: -175 bps in 2025 to 4.00% at year-end Note: Margin for Q4/24 presented excluding impact of “credit holidays”. ∆ YoY +4.5% +12.0% -46.4% excluding one-off items +3.3% +X.X% +0.8% 2024: impact of the extension of “credit holidays” (-PLN 138 million) 2025: upfront income from new contracts signed with UNIQA and settlement with a payment card organisation (+PLN 43.0 million and +PLN 41.6 million) 2024: a refund related to a loan insured by KUKE (+PLN 164 million) -2.5% -15.3% +7.7% +3.0% mBank Group quarterly data
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Results of mBank Group in 2025 – Total costs and efficiency 12 Excellent efficiency maintained despite increase of staff and material costs and amortisation Investor Presentation | Q1-Q4 2025 mBank Group’s operating costs Cost/Income ratio of mBank Group 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) PLN million 147 587 69 967 1,619 2024 19195 651 74 1,074 1,783 2025 3,388 3,868 +14.2% ∆ YoY +10.1% +11.0% +11.0% excluding contributions Q4/24 23 144 17 217 434 Q1/25 23 169 17 257 434 Q2/25 24 163 19 191 435 Q3/25 24 176 21 311 481 Q4/25 169 21 266 449 289 1,026 900 929 1,012 905 +11.8% +8.9%+9.1% quarterly data reported normalizedreported normalized (with linear BFG) 29.7% 31.0% Q4/24 33.9% 29.1% Q1/25 28.2% 29.6% Q2/25 29.2% 30.7% Q3/25 33.1% 34.6% Q4/25 2024 2025 28.2% 31.0% +2.8pp 1 excluding impact of “credit holidays” in Q4/24 1 STRATEGIC TARGET Cost/Income ratio ≤ 35% +10.5% +X.X%
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67 0 109 Q4/24 70 1 94 Q1/25 35 8 87 Q2/25 106 3 98 Q3/25 144 1 114 Q4/25 175 165 130 207 258 +47.6% +25.1% 229 2 357 2024 356 13 393 2025 586 760 +29.8% 0.57% Q4/24 0.53% Q1/25 0.40% Q2/25 0.61% Q3/25 0.77% Q4/25 Results of mBank Group in 2025 – Credit losses and cost of risk 13 An uptick of risk costs reflecting inclusion of ESG factors and review of corporate exposures mBank Group’s net impairment losses and fair value change on loans PLN million Cost of risk of mBank Group quarterly data Investor Presentation | Q1-Q4 2025 mBank GroupmBank Group retail corporateX.XX% X.XX% 2024 2025 0.49% 0.58% +0.09pp STRATEGIC TARGET Cost of risk ~0.8% 0.48% 0.50% 0.24% 0.69% 0.97% 0.64% 0.55% 0.53% 0.55% 0.61% Retail Banking: at amortized cost at fair value Corporate & Investment Banking: at amortized cost at fair value ∆ YoY +12.7% +56.9% Dynamics for the segments including combined provisions for loans in both valuation methods -3 -2 -2 0 0 -1 -1
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(373) 986 Q4/24 (561) 706 Q1/25 (589) 959 Q2/25 (598) 837 Q3/25 (281) 1,041 Q4/25 1,359 1,267 1,549 1,435 1,323 -2.7% -7.8% (3,395) 2,243 2024 (2,030) 3,544 2025 5,638 5,573 -1.1% 36.1% 23.8% Q4/24 29.4% 15.6% Q1/25 33.9% 19.9% Q2/25 29.5% 16.4% Q3/25 26.1% 19.5% Q4/25 Results of mBank Group in 2025 – Net result and profitability 14 Best-ever reported annual net profit, underpinned by the strength of core operations mBank Group’s net profit – reported and for core business PLN million Return on equity (ROE) of mBank Group quarterly data Investor Presentation | Q1-Q4 2025 mBank Group Core businessmBank Group Core business 2024 2025 17.0% 20.8% +3.9pp STRATEGIC TARGET Return on tangible equity > 22% 27.8% 18.1% 23.3% 18.9% 22.6% Return on tangible equity (ROTE)X.XX% Reported net result for mBank Group Part of the net profit of core business consumed by losses incurred on non-core segment ∆ YoY +58.0% -42.9% +XXX nominal increase +1,300
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Results of mBank Group in 2025 – Capital position 15 Comfortable capital buffers over regulatory minima to pursue 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 1,358 1,500 14,590 12/24 1,183 1,500 16,271 06/25 2,614 1,500 17,138 09/25 2,521 1,500 16,718 12/25 17,448 18,954 21,252 20,739 +19% -2% CET1 capital AT1 Tier 2 capital 12/24 06/25 09/25 12/25 102,430 119,056 121,162 126,885 +24% +5% CET1 ratio AT1 Tier 2 1.33% 1.46% 14.24% 12/24 2.16% 1.24% 14.14% 09/25 1.99% 1.18% 13.18% 12/25 2.00% 1.50% 8.52% minimum requiment 17.03% 17.54% 16.34% 12.02% +4.32 Note: Own funds and capital ratios as of 09/25 recalculated taking into account the retrospective inclusion of the net profit (after the approval of Polish FSA). +4.34 Investor Presentation | Q1-Q4 2025
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447 277 202 136 79 436 501 516 477 352 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 883 778 718 613 431 -30% 3,449 12,547 12/24 2,246 7,709 06/25 1,822 5,589 09/25 1,456 4,400 12/25 15,996 9,955 7,411 5,856 -63% -21% Results of mBank Group in 2025 – Legal risk of CHF portfolio 16 Good progress with settlements, consistent downward trend 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 12/24 06/25 09/25 12/25 22,902 28,733 30,735 32,359 +9,457 +1,624 Repaid contracts as a % of total 72% 78% 82%64%49% 25%22% 23% 25% Investor Presentation | Q1-Q4 2025 -51%
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closed or converted into PLN total number of disbursed loans 33,151 repaid loans 14,058 final verdict 32,359 settlements active contracts 85,520 5,952 -93% of which: 4% in court Results of mBank Group in 2025 – Legal risk of CHF portfolio 17 Effective management of CHF portfolio allowed to reduce the risk and impact on future results Value of CHF mortgage loans Decomposition of CHF loan contracts at mBank granted to natural persons, PLN million, net number of contracts, as of 31.12.2025 of which: 74% in courtexcluding verdicts followed by settlements PLN 18.6 billion With PLN 2,040 million booked in 2025 (a decline by 52.6% YoY), of which PLN 379 million in Q4/25, 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 2025 19,177 12,849 11,894 8,187 4,468 1,568 -65% 1,853 666 portfolio deductions due to legal risks 74 Outstanding legal provisions for FX mortgage loans ▶ Total value of provisions as of 12/25 amounted to PLN 3,472 million and was composed of PLN 1,890 million deducted from outstanding loans and PLN 1,582 million included in the liabilities. The split of the amount was PLN 3,006 million for CHF and PLN 466 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 192% as of 12/25. Share of CHF mortgages in total loan portfolio declined from 23.6% in 2015 to 0.05% at the end of Q4/25 Investor Presentation | Q1-Q4 2025
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Key take-aways after 2025 18 Investor Presentation | Q1-Q4 2025 We delivered Strong growth of loan portfolio (+9.4% YoY) and deposit base (+14.1% YoY) in both retail and corporate client segments, translating into improvement of market shares Excellent financial results, with the highest net profit in history and record total revenues, driven by best-ever net interest income and above-the-sector increase of net fees Safe capital position strengthened by full profit retention, issuance of new Tier 2 bonds and securitization transactions offsetting expansion of risk weighted assets Effective reduction of legal risk related to CHF portfolio, reflected in a decline of provisions, thanks to good progress with settlements and downward trend in court cases
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Overview of the results development in Q4 2025 02
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Summary of financial results in Q4 2025: Profit and Loss Account 20 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 Q4 2024 Q3 2025 Q4 2025 ∆ QoQ ∆ YoY Net interest income 2,512.9 2,511.4 2,482.5 -1.2% -1.2% Net fee and commission income 497.3 580.2 543.0 -6.4% +9.2% Net trading and other income 34.3 87.7 34.4 -60.8% +0.4% Total income 3,044.5 3,179.3 3,059.8 -3.8% +0.5% Total costs (excl. compulsory contributions) -905.2 -905.7 -987.8 +9.1% +9.1% Contributions to the BFG 0.0 -23.7 -24.2 +1.8% - Loan loss provisions and fair value change1 -175.0 -206.6 -258.4 +25.1% +47.6% Costs of legal risk related to FX loans -932.2 -455.0 -379.3 -16.6% -59.3% Operating result 1,032.1 1,588.2 1,410.2 -11.2% +36.6% Taxes on the Group balance sheet items -194.3 -195.3 -204.9 +4.9% +5.4% Profit before income tax 837.7 1,392.9 1,205.4 -13.5% +43.9% Net profit 986.0 837.0 1,041.5 +24.4% +5.6% Net interest margin (w/o “credit holidays”) 4.27% 3.97% 3.74% -0.23pp -0.53pp Cost/Income ratio 29.7% 29.2% 33.1% +3.9pp +3.4pp Cost of risk 0.57% 0.61% 0.77% +0.16pp +0.20pp Return on equity (ROE) 23.8% 16.4% 19.5% +3.1pp -4.3pp Return on tangible equity (ROTE) 27.8% 18.9% 22.6% +3.7pp -5.2pp Investor Presentation | Q1-Q4 2025
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PLN million 31.12.2024 30.09.2025 31.12.2025 ∆ QoQ ∆ YoY Total assets 245,957 261,538 280,253 +7.2% +13.9% Gross loans to customers 124,985 139,746 136,773 -2.1% +9.4% Individual client loans 70,589 76,860 78,526 +2.2% +11.2% Corporate client loans 1 53,222 58,317 56,906 -2.4% +6.9% Customer deposits 200,809 213,962 229,146 +7.1% +14.1% Individual client deposits 142,248 153,479 164,813 +7.4% +15.9% Corporate client deposits 2 56,790 57,463 62,054 +8.0% +9.3% Total equity 17,767 20,430 21,409 +4.8% +20.5% Loan-to-deposit ratio 60.5% 63.7% 58.1% -5.6pp -2.4pp NPL ratio 4.1% 3.4% 3.5% +0.1pp -0.6pp Coverage ratio (including stage 1 & 2) 71.4% 74.6% 75.7% +1.1pp +4.3pp Tier 1 Capital Ratio 15.7% 15.4% 14.4% -1.0pp -1.3pp Total Capital Ratio 17.0% 17.5% 16.3% -1.2pp -0.7pp Summary of financial results in Q4 2025: Balance Sheet 21 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) Investor Presentation | Q1-Q4 2025
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Outlook for mBank Group for 2026 22 Investor Presentation | Q1-Q4 2025 We expect A slight decline of total revenues compared to 2025 driven by lower net interest income due to pressure from the continuation of rate cut cycle in Poland The Cost/Income ratio to remain below the strategic target of 35% thanks to disciplined cost management despite investments and business development Legal risk costs not to be a significant burden along with further reduction of active CHF portfolio and declining number of court proceedings Business volumes to grow at a faster pace than the market, with a further focus on mortgage lending and financing of strategic industries
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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 24 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 in Poland is seen to keep rising supported by investment which is likely to accelerate as EU-led projects should kick off. The GDP dynamic in 2026 is expected to reach 4.2%. Inflation has stabilized of late. It is expected to stay low in the coming months and thereby should oscillate within the inflation target. Core inflation should follow this trend as well. As a result, the MPC is likely to cut rates to 3%. GDP path and forecast for Poland (% YoY) Inflation within the target in 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 Jan.26 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 Jan.26 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 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 3.8 4.0 4.4 4.6 4.2 3.8 -8 -6 -4 -2 0 2 4 6 8 10 12 14 Q1/20 Q3/20 Q1/21 Q3/21 Q1/22 Q3/22 Q1/23 Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 Investment Net exports Consumption Inventories GDP YoY (%) Source: GUS Source: NBP, GUSmBank’s forecast mBank’s forecast 2027 Investor Presentation | Q1-Q4 2025
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Macroeconomic situation in Poland: financial markets 25 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% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Household deposits Household loans Mortgage loans -10% -5% 0% 5% 10% 15% 20% 25% 30% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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) 3,40 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 3.40 Bond yields on domestic debt have decreased recently, despite the upward move in the core markets. Credit risk measures remain quite stable, and have even declined on the front-end of the curve. Polish currency has gained traction against the USD over the recent weeks, though it has been stable vs. the euro. The zloty is still expected to weaken on the back of lower anticipated real rates and 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 stable vs. EUR, stronger vs. USD Investor Presentation | Q1-Q4 2025
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Macroeconomic forecasts and outlook for Poland 26 Source: Statistics Poland, National Bank of Poland, mBank’s estimates as of 15.01.2026. 2023 2024 2025 2026F 2027F GDP growth (YoY) 0.2% 3.0% 3.6% 4.2% 3.3% Domestic demand (YoY) -3.0% 4.2% 4.0% 3.5% 3.2% Private consumption (YoY) -0.3% 3.1% 3.5% 3.5% 2.7% Investment (YoY) 12.7% -2.2% 5.0% 9.2% 3.2% Inflation (eop) 6.2% 4.7% 2.4% 2.3% 2.5% MPC rate (eop) 5.75% 5.75% 5.75% 3.00% 3.00% CHF/PLN (eop) 4.68 4.55 4.38 4.62 4.62 EUR/PLN (eop) 4.34 4.28 4.19 4.35 4.35 2023 2024 2025 2026F 2027F Corporate loans -0.7% 4.8% 12.6% 9.6% 5.5% Household loans -1.3% 2.9% 4.7% 5.9% 5.3% Mortgage loans -3.6% 2.9% 3.5% 5.6% 5.7% Mortgage loans in PLN 1.8% 7.7% 7.4% 9.3% 8.7% Non-mortgage loans 3.0% 2.8% 6.9% 6.4% 4.6% Corporate deposits 8.7% 3.8% 11.2% 9.7% 3.5% Household deposits 11.3% 9.9% 8.3% 7.0% 6.5% ▪ GDP growth in Poland is expected to reach 4.2% in 2026, which should be a decent number without reigniting inflationary risks. ▪ Polish households have rebuilt their savings. Consumption growth to remain decent. ▪ Investment did accelerate in 2025 and is expected to speed up even more in 2026, 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. The outlook for 2026 implies that inflation should be comfortably moving within the target. ▪ Amid a low inflation environment, and still weakish external demand, NBP is anticipated to keep cutting interest rates to as low as 3.0%. ▪ Higher investment dynamics, and lower interest rates, should support loan growth in 2026. On the flip side, a significant pile of own funds among companies and high residential property prices could limit the pace. Main factors driving the performance in 2026 Polish banking sector – monetary aggregates YoY Key economic indicators for Poland Investor Presentation | Q1-Q4 2025
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Appendix
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Consolidated Profit and Loss Account – quarterly 28 Quarterly results (PLN thou.) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net interest income 2,512,930 2,469,778 2,555,378 2,511,415 2,482,453 Net fee and commission income 497,286 503,086 582,143 580,150 542,974 Dividend income 146 468 7,561 345 74 Net trading income 45,396 40,799 10,731 47,042 -15,901 Gains less losses from financial assets1 14,582 20,327 12,300 41,937 39,608 Net other operating income -25,843 -4,527 29,198 -1,595 10,640 Total income 3,044,497 3,029,931 3,197,311 3,179,294 3,059,848 Total operating costs -905,214 -1,026,389 -900,106 -929,469 -1,011,955 Overhead costs -736,386 -882,836 -731,092 -766,223 -836,384 Amortisation -168,828 -143,553 -169,014 -163,246 -175,571 Loan loss provisions and fair value change2 -175,017 -165,190 -129,593 -206,591 -258,382 Costs of legal risk related to FX loans -932,212 -661,769 -543,700 -454,992 -379,265 Operating result 1,032,054 1,176,583 1,623,912 1,588,242 1,410,246 Taxes on the Group balance sheet items -194,328 -187,123 -190,837 -195,330 -204,859 Profit or loss before income tax 837,726 989,460 1,433,075 1,392,912 1,205,387 Net result attributable to owners of mBank 986,002 705,671 959,390 836,990 1,041,489 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 | Q1-Q4 2025 Note: Income tax was affected by the recognition of a deferred tax asset (DTA) in the amount of ca. PLN 390 million in Q4 2024 and its positive revaluation by ca. PLN 118 million in Q4 2025 (related to increased CIT for banks).
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Consolidated Statement of Financial Position – quarterly 29 Assets (PLN thou.) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash and balances with Central Bank 36,680,926 16,722,455 20,796,566 21,972,629 40,481,387 Loans and advances to banks 9,738,457 18,791,826 19,280,968 20,540,865 13,192,564 Trading securities 1,187,749 2,097,484 2,876,660 2,569,535 3,497,979 Derivative financial instruments 609,993 634,780 740,908 533,737 782,151 Loans and advances to customers 121,418,598 127,815,651 133,168,486 136,305,685 133,217,424 Investment securities 68,993,423 72,147,270 71,808,453 72,321,685 81,431,075 Intangible assets 1,956,693 2,005,116 2,025,999 2,066,140 2,248,537 Tangible fixed assets 1,461,811 1,427,484 1,394,592 1,371,494 1,423,530 Other assets 3,909,713 4,425,901 4,083,293 3,856,649 3,978,580 Total assets 245,957,363 246,067,967 256,175,925 261,538,419 280,253,227 Liabilities (PLN thou.) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Amounts due to banks 3,059,431 2,969,133 4,692,792 2,817,838 2,433,572 Derivative financial instruments 1,094,037 1,729,580 1,926,213 2,065,941 1,456,404 Amounts due to customers 200,808,978 200,616,936 205,724,024 213,961,889 229,145,729 Debt securities in issue 12,130,336 10,728,103 11,578,230 9,920,555 13,611,091 Subordinated liabilities 2,675,537 1,875,278 3,586,883 3,633,029 3,403,712 Other liabilities 8,422,050 9,600,200 9,155,022 8,709,282 8,793,594 Total liabilities 228,190,369 227,519,230 236,663,164 241,108,534 258,844,102 Total equity 17,766,994 18,548,737 19,512,761 20,429,885 21,409,125 Total liabilities and equity 245,957,363 246,067,967 256,175,925 261,538,419 280,253,227 Investor Presentation | Q1-Q4 2025
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Key financial ratios Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Interest Margin, quarterly 4.27% 4.29% 4.22% 3.97% 3.74% Net Interest Margin, YtD 4.35% 4.29% 4.25% 4.16% 4.05% Net Interest Margin, excl. CHF portfolio, YtD 4.39% 4.34% 4.30% 4.20% 4.08% Cost/Income Ratio, quarterly 29.7% 33.9% 28.2% 29.2% 33.1% Cost/Income Ratio, YtD 28.2% 33.9% 30.9% 30.4% 31.0% Cost of Risk, quarterly 0.57% 0.53% 0.40% 0.61% 0.77% Cost of Risk, YtD 0.49% 0.53% 0.46% 0.52% 0.58% Return on Equity (ROE net), quarterly 23.8% 15.6% 19.9% 16.4% 19.5% Return on Equity (ROE net), YtD 14.8% 15.6% 17.8% 17.3% 17.9% Return on Assets (ROA net) quarterly 1.62% 1.17% 1.53% 1.28% 1.52% Return on Assets (ROA net), YtD 0.97% 1.17% 1.36% 1.33% 1.38% Loan-to-Deposit Ratio 60.5% 63.7% 64.7% 63.7% 58.1% Total Capital Ratio 17.03% 16.13% 15.92% 17.54% 16.34% Tier 1 Capital Ratio 15.71% 15.01% 14.93% 15.39% 14.36% Leverage ratio 6.1% 6.4% 6.4% 6.5% 5.9% Equity / Assets 7.2% 7.5% 7.6% 7.8% 7.6% TREA / Assets 41.6% 45.7% 46.5% 46.3% 45.3% NPL ratio 4.1% 3.8% 3.5% 3.4% 3.5% NPL coverage ratio 51.1% 52.6% 52.3% 51.5% 52.4% NPL coverage ratio incl. stage 1&2 provisions 71.4% 73.5% 74.4% 74.6% 75.7% mBank Group’s financial ratios – quarterly and cumulatively 30 Investor Presentation | Q1-Q4 2025
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Quarterly results of mBank Group – Net interest income 31 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) 813.9 232.7 26.0 155.3 1.1 772.6 Q1/25 193.1 23.2 165.8 1.1 784.0 Q2/25 122.4 42.2 189.8 Q4/24 779.7 Q3/25 56.637.7 188.3 0.2 799.1 Q4/25 285.2 40.3 117.61.1 0.5 1,187.7 1,167.2 1,134.6 1,082.0 1,258.1 -14.0% -4.6% Q4/24 198.631.025.0 815.6 2,587.2 Q1/25 165.330.7 825.4 2,649.1 Q2/25 162.426.7 248.0 2,570.0 Q3/25 160.733.0 833.4 2,468.9 Q4/25 48.618.8 764.3 2,683.1 3,762.8 3,657.5 3,722.6 3,646.0 3,564.4 820.5 -5.3% -2.2% 2.3% 2.2% 2.1% 2.0% 1.8% funding costs6.4% 6.2% 6.1% 5.8% 5.4% asset yield Investor Presentation | Q1-Q4 2025
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Quarterly results of mBank Group – Net fees and commissions 32 Structure of mBank Group’s fee and commission income Structure of mBank Group’s fee and commission expense PLN million PLN million 20.0 Q4/24 116.5 4.6 68.0 9.912.1 93.5 Q1/25 122.2 6.9 76.5 11.016.1 83.3 Q2/25 117.3 7.1 103.5 9.615.6 91.9 Q3/25 126.5 8.1 72.2 11.518.7 92.1 Q4/25 110.9 8.9 64.5 11.7 70.4 304.6 316.0 312.0 329.1319.6 +3.0% +5.5% 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 42.4 141.4 262.7 Q3/25 106.3 130.9 49.534.4 167.6 45.2 92.5 213.0 Q4/25 124.6 37.828.5 142.7 161.2 830.9 823.4 909.2 908.5 889.6 +7.1% -2.1% 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 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 Investor Presentation | Q1-Q4 2025
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33 mBank Group’s impaired loans portfolio mBank Group’s NPL ratio PLN million provisions for stage 3 & POCI including provisions for stage 1 & 2 51.1% 12/24 52.6% 03/25 52.3% 06/25 51.5% 09/25 52.4% 12/25 71.4% 73.5% 74.4% 74.6% 75.7% Note: Risk indicators presented for credit portfolio measured both at amortized cost and at fair value through profit or loss. 1.10% 12/24 1.07% 03/25 1.11% 06/25 1.07% 09/25 1.09% 12/25 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 89 5,004 12/24 84 4,929 03/25 80 4,722 06/25 78 4,616 09/25 62 4,693 12/25 5,093 5,013 4,801 4,694 4,755 -6.6% +1.3% mBank Group’s NPL ratio, by segment NPL ratio according to EBA definition has remained considerably below 5% 4.1% 12/24 3.8% 03/25 3.5% 06/25 3.4% 09/25 3.5% 12/25 4.3% 3.9% 12/24 4.4% 3.6% 03/25 3.8% 3.5% 06/25 3.7% 3.3% 09/25 3.9% 3.2% 12/25 Corporate portfolio Retail portfolio Corporate portfolio Retail portfolio Investor Presentation | Q1-Q4 2025 Selected Financial Data – Loan portfolio quality
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Selected Financial Data – Balance sheet analysis 34 Structure of mBank Group’s total assets Structure of mBank Group’s liabilities and equity PLN billion PLN billion 1% 82% 1% 9.5 2.712.1 200.8 3.1 12/24 18.5 11.3 1.910.7 200.6 3.0 03/25 19.5 11.1 3.611.6 205.7 4.7 17.8 20.4 10.8 3.69.9 214.0 2.8 09/25 21.4 10.2 3.413.6 229.1 2.4 12/25 246.0 246.1 256.2 261.5 280.3 06/25 69.0 0.61.2 121.4 9.7 12/24 24.6 72.1 0.62.1 127.8 18.8 03/25 28.3 71.8 0.72.9 133.2 19.3 44.0 29.3 72.3 0.52.6 136.3 20.5 09/25 48.1 81.4 0.83.5 133.2 13.2 12/25 246.0 246.1 256.2 261.5 280.3 06/25 29% 48% 5% 0% 1% 17% 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) 7% 5% 4% Investor Presentation | Q1-Q4 2025
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21.7% 5.9% 35.6% 25.9% 10.4% 0.5% Selected Financial Data – Structure of loans and deposits 35 31.12.2025 Structure of mBank Group’s gross loans, by client segment and industry Structure of mBank Group’s deposits 31.12.2025 1 Including local currency mortgage loans granted in Poland, the Czech Republic and Slovakia 2 Including repo transactions PLN billion Corporate clients: current accounts2 49.7 Corporate clients: term deposits 13.6 Individual clients: current accounts 81.7 Individual clients: saving accounts 59.4 Individual clients: term deposits 23.7 Public sector clients 1.1 TOTAL 229.1 PLN billion Corporate loans 58.1 Mortgage loans in FX to individuals 1.3 Mortgage loans in LC to individuals1 50.5 Mortgage loans to microfirms 1.8 Non-mortgage retail loans 25.0 Public sector loans 0.1 TOTAL 136.8 A well diversified loan portfolio with granular structure of exposures 71.9% Power and heating distribution Transport and logistics Financial activities Metals Construction materials Motorisation Health care Chemicals and plastic products Wholesale trade Rental and leasing activities Other (<1.0%) 4.6% 4.4% Real estate 2.6% 2.6% 2.4% 2.3% 1.7% 1.7% 1.7% 1.5% 1.2% 1.1% 1.0% 11.0% Building industry Professional activities Food sector 2.7% 57.4% Investor Presentation | Q1-Q4 2025 42.5% 0.9% 36.9% 1.3% 18.3% 0.1%
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63.7% 24.8% 0.9% 5.3% 1.3% 4.0% Selected Financial Data – Funding profile 36 Structure of mBank Group’s funding Summary of mBank’s long-term funding instruments 31.12.2025 31.12.2025 (without covered bonds issued by mBank Hipoteczny) Summary of mBank’s ratings 31.12.2025 Corporate__ deposits 88.5% 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% 500 M EUR 03.12.2025 03.03.2032 6.25 Y 3.7714% 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% 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 issued under EMTN programme 2 3 Additional Tier 1 instruments (AT1) Investor Presentation | Q1-Q4 2025 1
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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 37 Regulatory capital requirements for mBank Group 14.36% reported 1.02% 0.50% 2.50% 0.00% 6.00% minimum 16.34% reported 1.02% 0.50% 2.50% 0.00% 8.00% minimum 10.02% 12.02% +4.34 pp +4.32 pp Tier 1 Capital Ratio Total Capital Ratio 12/24 03/25 06/25 09/25 12/25 159% 222% 153% 222% 155% 222% 154% 215% 166% 232% Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) Basel III requirement ≥100% Ratios for mBank Group as of 12/25 NSFR: 174% LCR: 244% 31.12.2025 Development of mBank’s liquidity ratios Investor Presentation | Q1-Q4 2025
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Selected Financial Data – Fulfilment of MREL requirements 38 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 12/25 12/24 03/25 06/25 09/25 12/25 4.07% 15.36% minimum requirement 24.73% 23.19% 24.63% 24.72% 24.84% 19.43% +5.41 12/24 03/25 06/25 09/25 12/25 4.07% 13.61% minimum requirement 23.10% 21.70% 22.81% 22.93% 23.16% 17.68% +5.48 12/24 03/25 06/25 09/25 12/25 minimum requirement 9.58% 9.75% 10.36% 10.43% 10.26% 5.91% +4.35 12/24 03/25 06/25 09/25 12/25 minimum requirement 8.95% 9.12% 9.59% 9.68% 9.56% 5.33% +4.23 1 1 1 1 Development of mBank Group’s MRELTEM ratio Development of mBank Group’s MRELTEM Subordinated ratio Investor Presentation | Q1-Q4 2025
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Overview of customer activity and process digitalisation 39 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 511 3,330 12/24 584 3,546 12/25 3,842 4,130 +289 12/24 12/25 1,921 1,908 -13 588 3,459 12/24 644 3,543 12/25 4,048 4,187 +139 12/24 12/25 36.1 37.6 +1.4 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 2025) 84% share of digital channel in the sale of non-mortgage loans (by number of pieces in 2025) 95% share of corporate clients with at least one user logging in tomobile application monthly (in 2025) share of digitally opened accounts in new acquisition using a dedicated process (in 2025) Investor Presentation | Q1-Q4 2025
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A leading mobile banking offer for individual clients 40 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 | Q1-Q4 2025
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Retail Banking – profit and network 41 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 8,324 25,406 Q4/24 7,980 24,075 Q1/25 8,562 26,678 Q2/25 8,803 27,948 Q3/25 9,813 27,573 Q4/25 33,730 32,055 35,240 36,751 37,387 +11% +2% cards BLIKmBank PL mBank CZSK 1,116 4,599 12/24 1,138 4,644 03/25 1,154 4,658 06/25 1,172 4,678 09/25 1,187 4,709 12/25 5,714 5,782 5,812 5,850 5,896 +182 +46 1 including financial centres and agency service points 82 79 78 139 141 141 43 40 1529 12/24 42 40 1529 09/25 42 40 1529 12/25 348 346 345 -3 mBank CZSK mFinanse1 mKiosks Advisory centres Light branches (in shopping malls) mBank’s outlets (standard format) mBank CZSK Poland excluding impact of "credit holidays“ 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 14.7 955.3 Q4/25 1,067.6 1,026.1 1,201.4 1,157.6 970.0 -9% -16%-16% Investor Presentation | Q1-Q4 2025
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Retail Banking – business volumes 42 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 . 14% 36% 50% 296 24,677 46,401 73,027 03/25 340 24,313 47,895 75,910 06/25 315 24,502 51,413 259 09/25 262 23,716 59,411 81,424 12/25 24,753 44,751 72,485 12/24 142,248 144,402 148,458 153,479 164,813 77,249 +15.9% +7.4% 37,804 23,396 1,899 5,630 1,851 38,772 03/25 24,272 1,873 5,853 1,628 40,495 06/25 24,779 1,815 6,119 12/24 42,719 09/25 24,990 1,754 6,212 1,299 44,271 12/25 22,674 1,937 5,721 2,453 1,427 71,546 74,120 76,860 78,526 70,589 +11.2% +2.2% 17% 32% 51% 32% 3% 54% 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 | Q1-Q4 2025
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mBank in the Czech Republic and Slovakia 43 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 46.4 91.5 Q4/24 46.4 98.5 Q1/25 49.7 108.6 Q2/25 51.6 106.8 Q3/25 42.8 87.8 Q4/25 137.9 145.0 158.4 158.4 130.5 -5% -18% SK CZ 323.8 791.8 12/24 338.8 798.9 03/25 343.2 810.5 06/25 345.6 826.2 09/25 347.3 840.0 12/25 1,115.6 1,137.7 1,153.8 1,171.7 1,187.4 +71.8 +15.6 SK CZ Main interest rate CZ: 3.50% SK: 2.15% 31.12.2025 Users of mobile application CZ: 410.8 SK: 173.3 31.12.2025 3,052 6,102 12/24 3,052 6,190 03/25 3,180 6,557 06/25 3,273 6,909 09/25 3,272 7,027 12/25 9,153 9,242 9,737 10,181 10,300 +13% +1% SK CZ 13.1% 4,324 12,709 12/24 4,276 12,775 03/25 4,472 13,335 06/25 4,501 16,220 09/25 4,612 21,007 12/25 17,033 17,051 17,806 20,721 25,619 +50% +24% SK CZ 15.5% Investor Presentation | Q1-Q4 2025
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mBank in the Czech Republic and Slovakia 44 Note: Volumes based on management information. 13 light branches 6 financial centres 10 mKiosks 8 light branches 0 financial centres 5 mKiosks Czech Republic Slovakia physical network: physical network: 22,303 12/24 23,610 09/25 24,324 12/25 +9% +3% 420.6 12/24 427.6 09/25 429.3 12/25 +2% 0% 12,633 12/24 14,818 09/25 14,820 12/25 +17% 0% 74,819 12/24 92,489 09/25 120,334 12/25 +61% +30% 275.6 12/24 319.4 09/25 326.5 12/25 +18% +2% 1,013.8 12/24 1,056.2 09/25 1,092.9 12/25 +8% +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 Investor Presentation | Q1-Q4 2025
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Best digital banking services for corporate clients 45 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 | Q1-Q4 2025
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Corporate & Investment Banking – profit and network 46 Profit before income tax of the segment Number of corporate service locations – 31.12.2025 PLN million 1 Corporate loan and deposit volumes (for mBank stand-alone) according to NBP rules (monetary reporting system – MONREP) 58,724 12/24 54,287 03/25 55,812 06/25 58,379 09/25 64,065 12/25 +9.1% +9.7% 34,850 12/24 36,492 03/25 38,309 06/25 38,936 09/25 37,313 12/25 +7.1% -4.2% 645.6 Q4/24 580.4 Q1/25 696.3 Q2/25 648.2 Q3/25 545.7 Q4/25 -15% -16% 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 | Q1-Q4 2025
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Corporate & Investment Banking – business volumes 47 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 . 1,360 14,105 26,217 14,533 03/25 1,032 14,137 26,939 15,159 06/25 964 15,027 27,778 1,299 09/25 990 16,601 29,903 16,840 12/25 14,825 27,317 15,119 12/24 58,561 56,215 57,266 60,483 64,333 16,714 +9.9% +6.4% 24,341 12/24 6,882 3,225 8,798 3,028 25,730 12,224 03/25 7,042 3,674 8,735 3,271 26,891 12,944 06/25 7,237 3,638 8,535 3,368 27,249 12,602 09/25 7,544 3,415 8,740 3,154 26,153 9,240 12/25 6,681 3,093 8,886 2,860 8,792 59,888 62,556 62,886 58,246 54,396 +7.1% -7.4% 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 | Q1-Q4 2025
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Performance of main subsidiaries of mBank 48 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 2025: 6.6% Market share in 2025: 8.2% 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 2024 13.1 2025 10.2 Q3/25 Q4/25 -0.7 -10.9 +/- 34.5 2024 44.9 2025 11.4 Q3/25 16.0 Q4/25 +30% +40% 7,145 2024 7,923 2025 1,946 Q3/25 2,282 Q4/25 +11% +17% 36,572 2024 42,578 2025 11,067 Q3/25 11,707 Q4/25 +16% +6% 249.4 2024 226.5 2025 53.9 Q3/25 47.9 Q4/25 -9% -11% 6,615 12/24 6,522 06/25 5,248 09/25 5,997 12/25 -9% +14% 2024 was negatively impacted by the cost of “credit holidays” Investor Presentation | Q1-Q4 2025
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Historical financial results of mBank Group 49 PLN million 2021 2022 2023 2024 2025 ∆ YoY Net interest income 4,126.3 5,924.0 8,873.5 9,589.0 10,019.0 +4.5% Net fee and commission income 1,867.8 2,120.1 1,915.9 1,971.9 2,208.4 +12.0% Net trading and other income 117.1 -187.2 12.9 446.0 239.0 -46.4% Total income 6,111.1 7,856.9 10,802.3 12,006.9 12,466.4 +3.8% Total costs -2,456.9 -3,319.2 -3,074.4 -3,388.3 -3,867.9 +14.2% Loan loss provisions and fair value change -878.6 -849.3 -1,105.5 -585.5 -759.8 +29.8% Operating profit before legal provisions and taxes 2,775.7 3,688.4 6,622.3 8,033.1 7,838.7 -2.4% Costs of legal risk related to FX loans -2,758.1 -3,112.3 -4,908.2 -4,307.0 -2,039.7 -52.6% Taxes on the Group balance sheet items -608.6 -684.2 -743.6 -752.4 -778.1 +3.4% Income tax -587.8 -594.5 -946.5 -730.4 -1,477.3 +102.3% Net profit or loss -1,178.8 -702.7 24.1 2,243.2 3,543.5 +58.0% Total assets 198,373 209,892 226,981 245,957 280,253 +13.9% Gross loans to customers 120,856 123,437 117,229 124,985 136,773 +9.4% Customer deposits 157,072 174,131 185,467 200,809 229,146 +14.1% Total equity 13,718 12,715 13,737 17,767 21,409 +20.5% Net interest margin 2.2% 3.7% 4.2% 4.3% 4.0% -0.3pp Cost/Income ratio 40.2% 42.2% 28.5% 28.2% 31.0% +2.8pp Cost of risk 0.76% 0.69% 0.93% 0.49% 0.58% +0.09pp Return on equity (ROE) -7.2% -5.3% 0.2% 14.8% 17.9% +3.1pp Tier 1 capital ratio 14.2% 13.8% 14.7% 15.7% 14.4% -1.3pp Total capital ratio 16.6% 16.4% 17.0% 17.0% 16.3% -0.7pp Investor Presentation | Q1-Q4 2025
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ESG is well embedded in mBank Group's strategy 50 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 Investor Presentation | Q1-Q4 2025
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mBank’s index membership mBank’s share price performance v. main indices (rebased to 100) Information about mBank's shares on the stock exchange 51 Source: WSE, Bloomberg (data as of 31.12.2025). as of 31.12.2025 ISIN code PLBRE0000012 Bloomberg MBK PW Number of shares issued 42 525 841 Free float 30.98% Market capitalisation PLN 45.1 billion Price-to-book value (P/BV) 2.21x 95 100 105 110 115 120 125 130 135 140 145 150 155 160 165 170 175 180 185 190 195 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 31.10.25 30.11.25 31.12.25 mBank WIG-Banks Index WIG-20 Index +45.3% +94.0% +55.3% mBank’s share price 31.12.2024 547.2 MIN (02.01.2025) 545.8 MAX (13.11.2025) 1,061.5 31.12.2025 1,061.5 new all-time high (market closing) Investor Presentation | Q1-Q4 2025 repeated at year-end ▪ mBank has been listed on the Warsaw Stock Exchange since October 1992 ▪ A strategic shareholder, Germany’s Commerzbank, owns 69.02% of shares Parameters of mBank’s shares mBank is also a part of MSCI Poland index. WIG20 WIG30WIG WIG-Banks WIG-Poland
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Disclaimer 52Investor Presentation | Q1-Q4 2025 This presentation has been prepared by mBank S.A. for information purposes only and is based on selected non-audited consolidated financial information of mBank S.A. Group for the fourth 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