Slides
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Results of mBank Group Q3 2026 Presentation for the market, 28.10.2026 Record performance, stronger market position
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Key financial and business highlights in 9M 2026 Overview of the results development in Q3 2026 Update on Poland’s macroeconomic situation and outlook Appendix 01 02 03 04 Agenda
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Key financial and business highlights in 9M 2026 01
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4 Key highlights of mBank Group after 9M 2026 Dynamic expansion of credit portfolio accompanied by a surge of deposits ▪ Sector-beating credit growth translating into further gains of market shares ▪ Accelerated lending activity in both business segments ▪ Development of retail portfolio fuelled by double-digit pace of mortgage loans ▪ Corporate financing supported by digital processes and deep industry expertise ▪ Consistently high dynamic of deposit inflows to current and saving accounts Gross loans of mBank Group PLN billion Deposit base of mBank Group PLN billion 30.09.2025 30.09.2026 139.7 164.4 +17.7%+17.7% 30.09.2025 30.09.2026 214.0 254.7 +19.0%+19.0% Investor Presentation | Q3 2026
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5 Key highlights of mBank Group after 9M 2026 Record revenues driven by highest-ever core income supporting leading efficiency Investor Presentation | Q3 2026 Normalized cost/income ratio with linear BFG contribution 9M 2025 9M 2026 29.9% 31.6% +6.0%+1.7 p.p. Total revenues of mBank Group PLN million 9M 2025 9M 2026 9,405 9,471 +0.7%+0.7% 5.38% 3.81% average NBP reference rate average NBP reference rate ▪ Total revenues surpassed the previous year’s level, reaching an all-time high despite challenging operating environment ▪ Balance sheet expansion driven by growing business volumes allowed to offset pressure on net interest income stemming from rate cuts ▪ Net interest margin bottomed out in Q2/26 and started rebounding ▪ Proven cost discipline, combined with positive revenue trends, underpinned industry-leading efficiency
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6 Key highlights of mBank Group after 9M 2026 Strong improvement of profit thanks to significant reduction of legal risk costs ▪ The best-ever net result and gross profit anchored in strong underlying performance ▪ Improving net interest margin, increasing fees, best-in-class cost/income ratio and prudent approach to credit risk sustained robust operating profit ▪ Higher income tax expense due to a rise of CIT rate for banks in Poland to 30% ▪ A significant decline of legal risk provisions related to FX mortgage loan portfolio helped absorb the impact of higher fiscal burdens Return on tangible equity (ROTE) 9M 2025 9M 2026 20.1% 21.3% +6.0%+1.2 p.p. Investor Presentation | Q3 2026 Net profit of mBank Group PLN million 9M 2025 9M 2026 2,502 3,098 +23.8%+24% assuming dividend payout at 30%
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7 Key highlights of mBank Group after 9M 2026 Comfortable surpluses over regulatory minima enabling unconstrained growth ▪ Advanced capital management toolkit applied, to support keeping safe buffers and space for growth ▪ Own funds strengthened by an inclusion of a part of earnings for H1 2026, while a new securitisation provided a relief of RWA ▪ Successful issuance of Additional Tier 1 instruments with a total nominal value of EUR 250 million completed in September 2026 ▪ On track to resume a dividend payment in line with the strategic assumptions, subject to fulfilling the criteria set by the Polish FSA Tier 1 capital ratio of mBank Group vs. the requirement MRELTREA ratio of mBank Group vs. the requirement minimum 13.8% 30.09.2026 10.9% 14.5% +3.6 minimum 30.09.2026 20.4% 22.3% +1.9+1.9 p.p. Investor Presentation | Q3 2026 pro-forma with new AT1 +3.6 p.p.
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mBank Group continued improving its market position in Q3 2026 8 mBank Group’s market shares in strategic product categories in Poland Source: mBank’s calculations based on MONREP statistics published by the National Bank of Poland (NBP). STRATEGIC GOAL by 2030 market shares in key products ≥ 10% HOUSEHOLDS total loans HOUSEHOLDS total deposits HOUSEHOLDS total mortgage loans ENTERPRISES total loans ENTERPRISES total deposits 8.0% 09/25 8.0% 12/25 8.1% 03/26 8.3% 06/26 8.7% 09/26 8.5% 09/25 8.6% 12/25 8.7% 03/26 8.8% 06/26 8.9% 09/26 8.6% 09/25 8.7% 12/25 8.8% 03/26 9.1% 06/26 9.7% 09/26 8.6% 09/25 12/25 8.3% 03/26 8.7% 06/26 8.9% 09/26 10.3% 09/25 10.3% 12/25 10.5% 03/26 10.7% 06/26 10.6% 09/26 8.1% Investor Presentation | Q3 2026 ∆ YoY +0.7 p.p. ∆ YoY +0.4 p.p. ∆ YoY +1.1 p.p. ∆ YoY +0.3 p.p. ∆ YoY +0.3 p.p.
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Overview of the results development in Q3 2026 02
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Key highlights of mBank Group in Q3 2026 10 Rapid growth of business volume in both segments Excellent financial results and record profit Adequate regulatory buffers and resilient balance sheet ▪ a dynamic increase of gross loans by 6.5% QoQ and 18% YoY to PLN 164 billion, thanks to record sales in the retail segment, contributing to the expansion of mortgage portfolio by 24% YoY, and a strong momentum of corporate financing ▪ a surge of deposits by 2.5% QoQ and 19% YoY to PLN 255 billion, fuelled by steady inflows to current and savings accounts ▪ positive trend in market shares, with a gain to 8.7% (+0.7 p.p. YoY) in household loans and 8.9% (+0.3 p.p. YoY) in enterprises loans as well as the best-ever level of 8.9% in retail deposits ▪ the highest quarterly net result in history at PLN 1,085 million, translating into superior return on tangible equity (ROTE) of 21.6% ▪ significant reduction of legal risk costs related to FX mortgage loans to only PLN 78 million ▪ a record total revenues, rising by 4% QoQ to PLN 3.25 billion, driven primarily by a rebounding net interest income (+9% QoQ) and best-ever fee income ▪ industry-leading cost/income ratio at 31.4% (normalized), amid disciplined management of operating expenses (+4.6% YoY excluding the BFG contribution) ▪ comfortable capital surplus over the regulatory minima, with 3.3 p.p. for CET1 ratio, supported by a partial retention of the profit for the current year and another securitisation transaction ▪ MRELTREA ratio at 22.3% safely above the requirement backed by diversified funding profile, including new issuance of AT1 instruments of EUR 250 million ▪ good asset quality evidenced by a decrease of NPL ratio to 2.9%, reflecting a resilience of credit portfolio, while an uptick of cost of risk to 67 bps was caused by a large single corporate default Investor Presentation | Q3 2026
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Summary of financial results in Q3 2026: Profit and Loss Account 11 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 2025 Q2 2026 Q3 2026 ∆ QoQ ∆ YoY Net interest income 2,511 2,453 2,673 +9.0% +6.5% Net fee and commission income 580 569 594 +4.4% +2.4% Net trading and other income 87 105 -17 +/- +/- Total income 3,178 3,127 3,250 +3.9% +2.3% Total costs (excl. compulsory contributions) -905 -950 -946 -0.4% +4.5% Contributions to the BFG -24 0 0 - -100.0% Loan loss provisions and fair value change1 -206 -136 -261 +91.9% +26.7% Costs of legal risk related to FX loans -455 -124 -78 -37.1% -82.9% Operating result 1,588 1,917 1,965 +2.5% +23.7% Taxes on the Group balance sheet items -195 -224 -230 +2.7% +17.9% Profit before income tax 1,393 1,693 1,735 +2.5% +24.6% Net profit 837 1,060 1,085 +2.4% +29.6% Net interest margin 3.97% 3.47% 3.57% +0.10pp -0.40pp Cost/Income ratio 29.2% 30.4% 29.1% -1.3pp -0.1pp Cost of risk 0.61% 0.37% 0.67% +0.30pp +0.06pp Return on equity (ROE) 16.4% 18.4% 17.6% -0.8pp +1.2pp Return on tangible equity (ROTE) 18.9% 21.9% 21.6% -0.3pp +2.7pp Investor Presentation | Q3 2026
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PLN million 30.09.2025 30.06.2026 30.09.2026 ∆ QoQ ∆ YoY Total assets 261,538 304,402 307,378 +1.0% +17.5% Gross loans to customers 139,746 154,340 164,436 +6.5% +17.7% Individual client loans 76,860 84,721 91,453 +7.9% +19.0% Corporate client loans 1 58,317 63,581 66,516 +4.6% +14.1% Customer deposits 213,962 248,487 254,674 +2.5% +19.0% Individual client deposits 153,479 178,260 183,147 +2.7% +19.3% Corporate client deposits 2 57,463 65,766 68,580 +4.3% +19.3% Total equity 20,430 23,360 25,419 +8.8% +24.4% Loan-to-deposit ratio 63.7% 60.7% 63.2% +2.5pp -0.5pp NPL ratio 3.4% 3.1% 2.9% -0.2pp -0.5pp Coverage ratio (including stage 1 & 2) 74.6% 74.4% 75.7% +1.3pp +1.1pp Tier 1 capital ratio 15.4% 14.2% 13.8% -0.4pp -1.6pp Total capital ratio 17.5% 15.9% 15.3% -0.6pp -2.2pp Summary of financial results in Q3 2026: Balance Sheet 12 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 | Q3 2026
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1,091 9,650 9M/25 2,420 16,533 9M/26 912 5,264 Q2/26 917 7,310 Q3/26 10,741 18,953 6,176 8,227 +76% +33% Results of mBank Group in Q3 2026 – New lending business 13 Record sales of mortgages, new consumer and corporate financing maintained momentum Sales of mortgage loans PLN million Sales of non-mortgage loans Sales of corporate loans1 PLN million PLN million mBank PL mBank CZSK mBank PL mBank CZSK by segment: K1 K2 K3 1 including: new agreements, increases in volume, and renewal of existing loans 8,471 23,287 3,134 9M/25 10,027 27,517 3,962 9M/26 5,143 8,608 Q2/26 2,532 10,460 1,255 Q3/26 34,892 41,506 15,406 14,247 +19% -8% 2,066 8,225 9M/25 1,967 10,081 9M/26 657 3,544 Q2/26 689 3,428 Q3/26 10,291 12,048 4,201 4,117 +17% -2% 1,656 Investor Presentation | Q3 2026
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Results of mBank Group in Q3 2026 – Loans to customers 14 Rapid growth of loan portfolio driven by acceleration of mortgage and corporate exposure Development of mBank Group’s gross loans PLN million 124 58,121 26,745 51,782 12/25 158 64,761 27,289 53,455 03/26 160 69,459 28,268 135 06/26 150 72,833 29,095 62,358 09/26 62,751 26,594 50,266 09/25 139,746 136,772 145,663 154,340 164,436 56,453 +17.7% +6.5% 75,493 77,285 79,571 83,644 90,422 -6.4% +2.9% ∆ YoY +4.9% +10.5% Mortgage loans to individuals Other retail loans Loans to corporate clients Loans to public sector +8.1% ∆ QoQ +11.6% +9.4% +16.1% +24.1% +19.8% Market shares in loans 30.09.2026, in Poland HOUSEHOLDS total loans 8.7% (+0.7 p.p. YoY) HOUSEHOLDS PLN mortgage loans 10.0% (+1.2 p.p. YoY) HOUSEHOLDS non-mortgage loans 6.9% (+0.1 p.p. YoY) ENTERPRISES total loans 8.9% (+0.3 p.p. YoY)Gross loans to retail customers, excluding non-core portfolio Investor Presentation | Q3 2026
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Results of mBank Group in Q3 2026 – Customer deposits 15 Strong expansion of deposit base fuelled by steady inflows to current and saving accounts Development of mBank Group’s deposits PLN million 1,108 63,225 23,716 141,096 12/25 1,630 64,234 23,290 147,943 03/26 2,990 67,237 22,998 1,511 06/26 58,972 24,502 128,977 09/25 213,962 229,145 237,097 248,487 09/26 254,674 159,225 23,922 70,139 1,388 155,262 +19.0% +2.5% 15,437 16,125 16,757 18,334 Market shares in deposits 30.09.2026, in Poland 18,857 -53.6% +4.0% ∆ YoY +4.3% +2.6% ∆ QoQ -8.1% -2.4% +18.9% +23.5% 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 6.2 billion managed by mTFI HOUSEHOLDS total deposits 8.9% (+0.4 p.p. YoY) HOUSEHOLDS current deposits 10.2% (+0.5 p.p. YoY) ENTERPRISES total deposits 10.6% (+0.3 p.p. YoY) ENTERPRISES current deposits 13.1% (+0.2 p.p. YoY) Investor Presentation | Q3 2026
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Net fee and commission income in Q3/25 was supported by a settlement with a payment card organisation of PLN 41.6 million. 204 1,665 7,536 9M/25 215 1,739 7,517 9M/26 9,405 9,471 +0.7% Results of mBank Group in Q3 2026 – Total income and margin 16 Record revenues thanks to all-time highs in both net interest and commission income mBank Group’s total income PLN million Net interest margin of mBank Group Net interest income Net fee and commission income Net trading and other income mBank Group 3.97% Q3/25 3.74% Q4/25 3.52% Q1/26 3.47% Q2/26 3.57% Q3/26 reference rate in Poland: -200 bps in 10 months from 5.75% kept until 07.05.2025 to 3.75% after latest cut on 05.03.2026 mBank Group quarterly data ∆ QoQ ∆ YoY +/- +4.4% +9.0% +/- +2.4% +6.5% ∆ YoY +5.4% +4.4% -0.3% Costs related to customer protection Other income in Q2/26 included a dividend from Polski Standard Płatności (the operator of the BLIK system) of PLN 40 million. 4.16% 3.52% net margin Investor Presentation | Q3 2026 87 580 2,511 Q3/25 105 569 2,453 Q2/26 594 2,673 Q3/26 3,178 3,127 3,250 +2.3% +3.9% Q2/26 Q3/26 PLN 38 million – adjustment related to interest accrued on financed credit costs post CJEU verdict [net interest income] PLN 12 million – adjustment related to interest accrued on financed credit costs post CJEU verdict [net interest income] PLN 33 million – legal risk provision regarding free loan sanction [other operating expenses] PLN 14 million – provision for customer complaints regarding unauthorized transactions [other operating expenses] PLN 65 million – provision related to the UOKiK proceedings concerning modification clauses [other operating expenses] -17
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24 163 19 289 434 Q3/25 166 17 280 487 Q2/26 188 18 274 466 Q3/26 929 950 946 +1.9% -0.2% Results of mBank Group in Q3 2026 – Total costs and efficiency 17 Tight cost control supporting best-in-class efficiency despite continued investments 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 2026 to the Resolution Fund only, in 2025 also to Deposit Guarantee Scheme) PLN million quarterly data reported normalizedreported normalized (with linear BFG) 29.2% 30.7% Q3/25 33.1% 34.6% Q4/25 37.9% 30.8% Q1/26 30.4% 32.7% Q2/26 29.1% 31.4% Q3/26 ∆ QoQ ∆ YoY 19171 476 53 763 1,302 9M/25 294 511 55 786 1,424 9M/26 2,856 3,070 +7.5% excluding contributions+X.X% +7.0% +4.6% Employment at mBank Group number of FTEs, end-of-period data 7,756 09/25 7,799 12/25 7,851 03/26 7,898 06/26 7,926 09/26 +170 +28 ∆ YoY +12.3% +7.3% +3.0% +9.3% +14.6% -1.8% -4.5% +15.8% -5.3% +7.2% 29.9% 31.6% C/I ratio normalized Investor Presentation | Q3 2026
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106 3 98 Q3/25 47 6 83 Q2/26 155 109 Q3/26 207 136 262 +27% +94%212 12 279 9M/25 217 7 279 9M/26 501 501 0% 0.61% Q3/25 0.77% Q4/25 0.30% Q1/26 0.37% Q2/26 Q3/26 0.67% Results of mBank Group in Q3 2026 – Credit losses and cost of risk 18 Higher cost of risk due to a large single corporate default amid resilient retail portfolio mBank Group’s net impairment losses and fair value change on loans PLN million Cost of risk of mBank Group quarterly data mBank GroupmBank Group retail corporateX.XX% X.XX% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0.69% 0.97% 0.09% 0.29% 0.89% 0.55% 0.61% 0.47% 0.43% 0.50% Retail Banking: at amortized cost at fair value Corporate & Investment Banking: at amortized cost at fair value Dynamics for the segments including combined provisions for loans in both valuation methods -2 -1 -1 0 0 ∆ QoQ +228% +21.7% ∆ YoY +46.2% +6.0% Cost of risk by business segment quarterly data ∆ YoY +2.4% -1.8% 0.52% 0.46% cost of risk Investor Presentation | Q3 2026 2
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19 Results of mBank Group in Q3 2026 – 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 51.5% 09/25 53.4% 12/25 47.6% 03/26 49.9% 06/26 50.2% 09/26 74.6% 77.6% 71.6% 74.4% 75.7% 1.07% 09/25 1.09% 12/25 1.04% 03/26 0.99% 06/26 0.91% 09/26 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 78 4,616 09/25 62 4,578 12/25 56 4,926 03/26 52 4,795 06/26 47 4,724 09/26 4,694 4,641 4,982 4,847 4,771 +1.7% -1.6% mBank Group’s NPL ratio, by segment NPL ratio according to EBA definition has remained considerably below 5% 3.4% 09/25 3.4% 12/25 3.4% 03/26 3.1% 06/26 2.9% 09/26 3.7% 3.3% 09/25 3.8% 3.1% 12/25 4.3% 2.9% 03/26 3.8% 2.9% 06/26 3.4% 2.7% 09/26 Corporate portfolio Retail portfolio Corporate portfolio Retail portfolio Note: Risk indicators presented for credit portfolio measured both at amortized cost and at fair value through profit or loss. Starting from 31.12.2025, the calculation of loan quality metrics has been performed excluding identified non -default exposures from the POCI category. Investor Presentation | Q3 2026
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legal risk costs related to FX loans -96 banking tax 9M/25 net profit income tax 9M/26 net profit -19 net interest income +74 net fee and commis- sion income +11 net trading and other income -214 total costs 0 2,502 3,098 loan loss provisions and FV change +1,385 -545 18.9% 16.4% Q3/25 22.6% 19.5% Q4/25 20.5% 17.5% Q1/26 21.9% 18.4% Q2/26 21.6% 17.6% Q3/26 Results of mBank Group in 9M 2026 – Net result and profitability 20 Record financial performance confirmed by best net profit despite elevated fiscal burdens mBank Group’s net profit and main drivers of its development PLN million Profitability ratios of mBank Group quarterly data Return on equity (ROE) Return on tangible equity (ROTE) The financial results in 2026 are significantly affected by high fiscal charges, including increased CIT rate and no reduction in the banking tax. It was a result of the bill, imposing new rates of Corporate Income Tax (CIT) for banks in Poland at the level of 30% in 2026, 26% in 2027 and 23% from 2028 onwards, up from 19% in 2025. Pressure on net interest income from rate cuts offset by rising net fees and other income Decline of created legal provisions thanks to rising number of settlements and closed court cases An increase of personnel expenses and amortisation due to business development and investments; uptick of contribution to the resolution fund Higher tax burdens following the rise of CIT rate for banks starting from 2026 20.1% 21.3% ROTE ROTE Investor Presentation | Q3 2026
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▪ On 25.09.2026, the Polish FSA informed mBank that it had no objection to the planned transition into Foundation Internal Ratings-Based (FIRB) method in capital adequacy calculation. ▪ The change is expected to result in a significant reduction of RWA of approximately PLN 10 billion at the end of Q4/26. Advanced capital management toolkit unlocking growth capacity 21 Inaugural issuance of Additional Tier 1 instruments denominated in EUR Investor Presentation | Q3 2026 Next landmark securitisation transaction Application of FIRB approach distribution by investor location distribution by investor type ▪ In August 2026, mBank and PGGM entered into a synthetic securitisation transaction based on a portfolio of commercial real estate loans in Poland with a total value of EUR 1.1 billion. ▪ This was the first Significant Risk Transfer (SRT) transaction from the CEE region referencing exclusively CRE lending. 57%27% 12% 4% Fund and asset managers Banks and private banks Hedge funds Central banks and official institutions 34% 20%10% 10% 8% 7% 4% 3% 2% 2% UK and Ireland France DACH countries Poland BeNeLux Middle East Asia Nordics Southern Europe Other ▪ The transaction marked the first-ever EUR-denominated AT1 issuance by a Polish issuer and further optimises mBank's capital structure. ▪ Investor interest was very strong with a peak demand exceeding EUR 2.2 billion, while the final order book reached 7x the issue size, i.e. approximately EUR 1.75 billion. The bonds were allocated to 89 institutions, further diversifying mBank’s investor base. Format Additional Tier 1 capital bonds Issue size EUR 250 million Settlement date 29.09.2026 First call date 29.09.2031 Maturity Perpetual Coupon 6.625% fixed (semi-annual), until 29.03.2032 The cumulative impact on mBank Group’s RWA from six securitisation transactions amounted to PLN 8.56 billion.
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pro-forma +4.9% Results of mBank Group in Q3 2026 – Capital position 22 Comfortable capital buffers over regulatory minima supported by profits and transactions compared to regulatory requirement Note: Own funds and capital ratios as of 06/26 recalculated taking into account the retrospective inclusion of a part of the net profit (after the approval of the Polish FSA ). Investor Presentation | Q3 2026 mBank Group’s own funds and their components mBank Group’s capital ratios PLN million mBank Group’s total risk exposure amount PLN million 09/25 06/26 09/26 121,162 144,809 146,079 +21% +1% In August 2026, mBank concluded another synthetic securitisation transaction based on a portfolio of corporate loans with a total value of EUR 1.1 billion secured by commercial real estate in Poland. CET1 capital 2,6141,500 17,138 09/25 2,4251,500 19,118 06/26 2,2341,500 18,623 09/26 2,2342,588 18,623 09/26 21,252 23,043 22,357 23,445 +5% -3% AT1 capital Tier 2 capital including new AT1 issuance of EUR 250 million completed in September 2026 2.16% 1.24% 14.14% 09/25 1.67% 1.04% 13.20% 06/26 1.53% 1.03% 12.75% 09/26 2.00% 1.50% 9.45% minimum requirement 1.53% 1.77% 12.75% 09/26 pro-forma 17.54% 15.91% 15.30% 12.95% 16.05% 30.09.2026 surplus pro-forma CET 1 capital ratio +3.30 p.p. n/a Tier 1 capital ratio +2.83 p.p. +3.57 p.p. Total capital ratio +2.36 p.p. +3.10 p.p. countercyclical capital buffer of 2% became effective from the end of Q3/26
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Key take-aways after Q3 2026 23 We delivered strong growth of credit portfolio (+18% YoY) and deposit base (+19% YoY) in both retail and corporate client segments, resulting in an improvement of market shares excellent financial performance, with the highest net profit in history, driven by record total revenues, rebounding net interest margin, strong net fees, and best-in-class efficiency good progress in the execution of the strategy, developing the solutions and offering designed to enhance the client experience and simplify daily banking operations safe capital position strengthened by partial retention of earnings and another securitisation transaction, providing a solid foundation for further business development Investor Presentation | Q3 2026
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Outlook for mBank Group for 2026 24 We expect Total revenues to be around 2% higher than reported for 2025 as strong balance sheet expansion and rising net fees outweigh margin pressure from lower interest rates The cost/income ratio to remain below 33%, better than the strategic target, supported by disciplined cost management despite continued investment 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 Investor Presentation | Q3 2026
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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 26 Soft indicators have risen slightly of late suggesting a well-founded outlook for consumption ahead. Overall, consumption growth is expected to slow down gradually due to lower wage growth and increased propensity to save. 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 3.9%, followed by deceleration to 3% in 2027. Inflation has jumped recently mostly due to higher fuel prices. It is expected to increase further in the coming months. Core inflation should remain stable at around 3%. As a result, the MPC is likely to increase rates. 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 2027 Repo rate CPI inflation Core inflation Repo rate forecast CPI forecast Core CPI forecast 0.3 12.2 6.7 8.7 8.9 6.3 4.1 2.5 -0.5-0.5 0.6 1.2 2.5 3.6 3.0 3.7 3.4 3.5 4.0 4.3 3.7 4.1 3.8 3.9 3.4 3.3 2.8 2.7 -8 -6 -4 -2 0 2 4 6 8 10 12 14 Q1/21 Q3/21 Q1/22 Q3/22 Q1/23 Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 Q1/27 Q3/27 Investment Net exports Consumption Inventories GDP YoY (%) Source: GUS Source: NBP, GUSmBank’s forecast mBank’s forecast 2028 Investor Presentation | Q3 2026
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Macroeconomic situation in Poland: financial markets 27 Deposit growth in the corporate sector keep rising. The same move is seen in the case of credit growth. The pace of recovery could moderate over 2027 due to higher interest rates. 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% 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% 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 Oct.19 Jul.20 Apr.21 Jan.22 Oct.22 Jul.23 Apr.24 Jan.25 Oct.25 Jul.26 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 increased recently due to simmering risks related to the war in the Middle East and resulting higher energy prices. Credit risk measures remain relatively high. Polish currency has lost traction against foreign currencies as the war-related risk-off hit. The zloty is not expected to weaken much more from the current levels, though lax fiscal policy could be seen as a downside risk. 0 100 200 300 400 500 600 700 800 900 Jan.19 Oct.19 Jul.20 Apr.21 Jan.22 Oct.22 Jul.23 Apr.24 Jan.25 Oct.25 Jul.26 2Y 5Y 10Y Source: Bloomberg Source: Bloomberg Government bond yields increased recently (bps) PLN got weaker against major currencies Investor Presentation | Q3 2026
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Macroeconomic forecasts and outlook for Poland 28 Source: Statistics Poland, National Bank of Poland, mBank’s estimates as of 23.10.2026. 2023 2024 2025 2026F 2027F GDP growth (YoY) 0.2% 3.2% 3.8% 3.9% 3.0% Domestic demand (YoY) -3.0% 4.8% 4.2% 3.0% 2.4% Private consumption (YoY) -0.3% 2.9% 4.0% 3.0% 2.7% Investment (YoY) 12.7% 0.4% 4.9% 7.1% 4.1% Inflation (eop) 6.2% 4.7% 2.4% 3.3% 4.1% MPC rate (eop) 5.75% 5.75% 4.00% 4.00% 4.25% CHF/PLN (eop) 4.68 4.55 4.53 4.63 4.63 EUR/PLN (eop) 4.34 4.28 4.22 4.40 4.40 2023 2024 2025 2026F 2027F Corporate loans -0.7% 4.8% 8.9% 9.7% 8.1% Household loans -1.3% 2.9% 4.1% 7.4% 4.0% Mortgage loans -3.6% 2.9% 3.3% 7.0% 4.6% Mortgage loans in PLN 1.8% 7.7% 7.7% 10.3% 7.5% Non-mortgage loans 3.0% 2.8% 5.6% 8.1% 3.1% Corporate deposits 8.7% 3.8% 14.4% 8.9% 4.2% Household deposits 11.3% 9.9% 8.1% 8.8% 5.9% ▪ GDP growth in Poland is expected to reach 3.9% in 2026 despite the adverse effects from the war in the Middle East. ▪ Consumption growth is to slow down to some extent, sentiment to be fragile going forward. ▪ 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 increased due to the war in the Middle East, which has led to a significant rise in fuel prices. Core inflation rose to some extent as well. ▪ Due to increased geopolitical and inflationary risks, NBP is anticipated to increase interest rates to 4.5% until the end of Q1/27. ▪ Higher investment dynamics, and inflows of the EU funds, should support loan growth in 2026. The growth rate is expected to moderate slightly over 2027 owing to higher interest rates implemented by the NBP. Main factors driving the performance in 2026 Polish banking sector – monetary aggregates YoY Key economic indicators for Poland Investor Presentation | Q3 2026
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Appendix
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Consolidated Profit and Loss Account – quarterly 30 Quarterly results (PLN million) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net interest income 2,511 2,482 2,391 2,453 2,673 Net fee and commission income 580 543 576 569 593 Net trading and other income 87 34 127 105 -15 Total income 3,178 3,059 3,094 3,127 3,252 Total operating costs -929 -1,012 -1,174 -950 -947 Overhead costs -766 -836 -1,017 -784 -758 Amortisation -163 -176 -157 -166 -189 Loan loss provisions and fair value change1 -206 -258 -104 -136 -262 Costs of legal risk related to FX loans -455 -379 -73 -124 -78 Operating result 1,588 1,410 1,743 1,917 1,965 Taxes on the Group balance sheet items -195 -205 -215 -224 -230 Profit or loss before income tax 1,393 1,205 1,528 1,693 1,735 Income tax expense -556 -164 -575 -633 -650 Net result attributable to owners of mBank 837 1,041 953 1,060 1,085 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 Adjustments and provisions related to customer protection recognised in Q2 2026 and Q3 2026 were summarized on slide 16. Other main factors distorting the recurrent results: Net fee result was supported by a settlement with a payment card organisation of PLN 41.6 million in Q3 2025. Total costs included contributions to the resolution fund of PLN 294.2 million in Q1 2026 and no payments to the Deposit Guarantee Scheme in H1 2026. Income tax in Q4 2025 was affected by the positive revaluation of deferred tax asset (DTA) in the amount of ca. PLN 118 million (related to increased CIT for banks starting from 2026). Investor Presentation | Q3 2026
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Consolidated Statement of Financial Position – quarterly 31 Assets (PLN million) 30.09.2025 31.12.2025 31.03.2026 30.06.2026 30.09.2026 Cash and balances with Central Bank 21,973 40,481 23,537 18,277 26,247 Loans and advances to banks 20,541 13,193 22,983 21,718 17,548 Trading securities 2,570 3,498 2,271 3,002 2,909 Derivative financial instruments 534 782 1,022 1,124 1,243 Loans and advances to customers 136,306 133,217 142,141 150,775 160,860 Investment securities 72,322 81,430 90,672 101,719 90,928 Intangible assets 2,066 2,249 2,273 2,398 2,579 Tangible fixed assets 1,371 1,424 1,369 1,352 1,328 Other assets 3,857 3,979 4,279 4,037 3,735 Total assets 261,538 280,253 290,547 304,402 307,378 Liabilities (PLN million) 30.09.2025 31.12.2025 31.03.2026 30.06.2026 30.09.2026 Amounts due to banks 2,818 2,434 2,294 2,744 2,151 Derivative financial instruments 2,066 1,456 1,930 1,508 2,035 Amounts due to customers 213,962 229,145 237,097 248,487 254,674 Debt securities in issue 9,921 13,611 13,768 15,001 11,524 Subordinated liabilities 3,633 3,404 3,470 3,494 3,390 Other liabilities 8,709 8,794 9,659 9,808 8,184 Total liabilities 241,109 258,844 268,218 281,042 281,959 Total equity 20,430 21,409 22,329 23,360 25,419 Total liabilities and equity 261,538 280,253 290,547 304,402 307,378 Investor Presentation | Q3 2026
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Key financial ratios Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net interest margin quarterly 3.97% 3.74% 3.52% 3.47% 3.57% YtD 4.16% 4.05% 3.52% 3.49% 3.52% Cost/income ratio quarterly 29.2% 33.1% 37.9% 30.4% 29.1% YtD 30.4% 31.0% 37.9% 34.1% 32.4% Cost of risk quarterly 0.61% 0.77% 0.30% 0.37% 0.67% YtD 0.52% 0.58% 0.30% 0.34% 0.46% Return on tangible equity (ROTE) quarterly 18.9% 22.6% 20.5% 21.9% 21.6% YtD 20.1% 20.8% 20.5% 21.2% 21.3% Return on equity (ROE) quarterly 16.4% 19.5% 17.5% 18.4% 17.6% YtD 17.3% 17.9% 17.5% 18.0% 17.9% Return on assets (ROA) quarterly 1.28% 1.52% 1.36% 1.43% 1.40% YtD 1.33% 1.38% 1.36% 1.39% 1.40% Loan-to-deposit ratio 63.7% 58.1% 60.0% 60.7% 63.2% Common Equity Tier 1 ratio (CET1) 13.28% 14.20% 13.60% 13.20% 12.75% Tier 1 capital ratio (T1) 15.38% 15.38% 14.70% 14.24% 13.78% Total capital ratio (TCR) 17.54% 17.37% 16.52% 15.91% 15.30% Leverage ratio 6.53% 6.38% 6.31% 6.19% 6.02% NPL ratio 3.4% 3.4% 3.4% 3.1% 2.9% NPL coverage ratio 51.5% 53.4% 47.6% 49.9% 50.2% NPL coverage ratio incl. stage 1&2 provisions 74.6% 77.6% 71.6% 74.4% 75.7% mBank Group’s financial ratios – quarterly and cumulatively 32 Investor Presentation | Q3 2026
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Results of mBank Group in Q3 2026 – Net interest income 33 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) 780 5738 188 0 799 Q4/25 2037 217 0 772 Q1/26 1837 215 Q3/25 798 Q2/26 1938 196 0 889 Q3/26 122 42 190 1 0 1,082 1,046 1,068 1,1421,135 +0.6% +6.9% 2,570 Q3/25 161 6833 833 2,469 Q4/25 154 4828 880 Q1/26 101 7330 2,327 2,396 Q2/26 162 920 6627 3,646 821 3,437 3,520 Q3/26 3,815 3,564 978 66131 32 2,607 +4.6% +8.4% 2.0% 1.8% 1.7% 1.6% 1.7% funding costs5.8% 5.4% 5.0% 4.9% 5.1% asset yield Investor Presentation | Q3 2026
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Results of mBank Group in Q3 2026 – 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 92 Q3/25 144 8 72 1119 92 Q4/25 131 5 73 912 86 Q1/26 145 8 66 1216 100 Q2/26 134 7 70 10 328 347 16 347 Q3/26 371 116 316 11 76 7 143 18 +12.9% +6.9% 42 141 263 Q3/25 106 131 5034 168 45 143 213 Q4/25 104 131 4832 170 65 148 194 Q1/26 106 137 6133 161 52 148 218 Q2/26 96 123 4731 165 890 892 916 Q3/26 964 256 909 58 163 34 60 135 109 148 +6.1% +5.3% 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 In Q3/25, the fee result included settlement with a payment card organisation of PLN 41.6 million Investor Presentation | Q3 2026
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1,822 5,589 09/25 1,456 4,400 12/25 1,246 3,045 06/26 1,249 2,728 09/26 7,411 5,856 4,291 3,977 -46% -7% Results of mBank Group in Q3 2026 – Legal risk of CHF portfolio 35 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 09/25 12/25 06/26 09/26 30,735 32,359 34,190 34,641 +3,906 +451 Repaid contracts as a % of total 83% 89% 87%82%78% 29%25% 25% 31% 136 79 92 50 51 477 352 457 389 345 Q3/25 Q4/25 Q1/26 Q2/26 613 431 549 439 Q3/26 396 -35% -10% 50 Investor Presentation | Q3 2026 51
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total number of disbursed loans 31,668 repaid loans 15,491 final verdict 34,641 settlements active contracts 85,520 3,720 -96% closed or converted into PLN of which: 4% in court Results of mBank Group in Q3 2026 – Legal risk of CHF portfolio 36 Value of CHF mortgage loans Decomposition of CHF loan contracts at mBank granted to natural persons, PLN million, net number of contracts, as of 30.06.2026 of which: 73% in court excluding verdicts followed by settlements PLN 18.8 billion With PLN 275 million booked in 9M/26 (a decline by -83% YoY), cumulative value of all FX-related legal risk provisions created by mBank since Q1/18 amounted to 2015 6,142 2022 1,853 2023 2024 2025 09/26 19,177 11,894 8,187 4,468 1,568 996 -65% -36% 1,853 666 portfolio deductions due to legal risks 74 Outstanding legal provisions for FX mortgage loans ▶ Total value of provisions as of 09/26 amounted to PLN 2,395 million and was composed of PLN 1,296 million deducted from outstanding loans and PLN 1,099 million included in the liabilities. The split of the amount was PLN 1,973 million for CHF and PLN 422 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 198% as of 09/26. Share of CHF mortgages in total loan portfolio declined from 23.6% in 2015 to 0.03% at the end of Q3/26 51 Investor Presentation | Q3 2026
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Selected Financial Data – Balance sheet analysis 37 Structure of mBank Group’s total assets Structure of mBank Group’s liabilities and equity PLN billion PLN billion 1% 83% 1% 10.8 3.69.9 214.0 2.8 09/25 21.4 10.2 3.413.6 229.1 2.4 12/25 22.3 11.6 3.513.8 237.1 2.3 20.4 23.4 11.3 3.515.0 248.5 2.7 06/26 261.5 280.3 290.5 304.4 09/26 307.4 2.2 254.7 11.5 3.410.2 25.4 03/26 72.3 0.52.6 136.3 20.5 09/25 48.1 81.4 0.83.5 133.2 13.2 12/25 31.5 90.7 1.02.3 142.1 23.0 29.3 26.1 101.7 1.13.0 150.8 21.7 06/26 261.5 280.3 290.5 304.4 09/26 307.4 17.5 160.9 2.9 1.2 90.9 33.9 03/26 30% 52% 6% 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% 3% Investor Presentation | Q3 2026
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44.3% 0.7% 37.2% 1.0% 16.7% 0.1% 19.8% 7.8% 34.1% 28.4% 9.4% 0.5% Selected Financial Data – Structure of loans and deposits 38 30.09.2026 Structure of mBank Group’s gross loans, by client segment and industry Structure of mBank Group’s deposits 30.09.2026 1 Including local currency mortgage loans granted in Poland, the Czech Republic and Slovakia 2 Including repo transactions PLN billion Corporate clients: current accounts2 50.4 Corporate clients: term deposits 19.8 Individual clients: current accounts 86.8 Individual clients: saving accounts 72.4 Individual clients: term deposits 23.9 Public sector clients 1.4 TOTAL 254.7 PLN billion Corporate loans 72.8 Mortgage loans in FX to individuals 1.1 Mortgage loans in LC to individuals1 61.3 Mortgage loans to microfirms 1.6 Non-mortgage retail loans 27.5 Public sector loans 0.1 TOTAL 164.4 A well diversified loan portfolio with granular structure of exposures 71.9% Food sector Transport and logistics Scientific and technical activities Motorisation Metals Human health Construction materials Chemicals and plastic products Retail trade Wholesale trade Other (<1.1%) 4.6% 4.5% Financial activities 2.7% 2.6% 2.2% 1.9% 1.9% 1.7% 1.5% 1.4% 1.2% 1.1% 1.1% 12.0% Real estate Construction Power and heating distribution 4.0% 55.6% Investor Presentation | Q3 2026
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Selected Financial Data – Funding profile 39 Structure of mBank Group’s funding Summary of mBank’s long-term funding instruments 30.09.2026 30.09.2026 (without covered bonds issued by mBank Hipoteczny) Summary of mBank’s ratings 30.09.2026 Corporate__ deposits 90.3% Retail depositsDue to banks Debt securities in issue Subordinated liabilities Other Fitch Ratings S&P Global Ratings Long-term rating BBB+ BBB+ Outlook stable positive Short-term rating F2 A-2 Viability rating / SACP bbb bbb Outstanding value Currency Issue date Maturity date Tenor Coupon 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% 750 M EUR 26.05.2026 26.05.2033 7.0 Y 4.335% 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% 250 M EUR 29.09.2026 Perpetual NC5 - 6.625% 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 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) 1 1 Note: In Q3/26, mBank completed early redemption of two series of the senior non-preferred notes maturing in 2027. Investor Presentation | Q3 2026 64.9% 25.4% 0.8% 4.1% 1.2% 3.6%
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Selected Financial Data – Capital requirements and liquidity 40 Regulatory capital requirements for mBank Group 0.50% 2.50% 6.00% minimum 15.30% reported 1.95% 0.50% 12.75% 8.00% minimumreported 1.95% 0.50% 2.50% 4.50% minimum 13.78% reported 1.95%9.45% 10.95% 12.95% 2.50% +3.30 pp +2.83 pp +2.36 pp Tier 1 capital ratio Total capital ratio 30.09.2026 Investor Presentation | Q3 2026 Development of mBank Group’s liquidity ratios CET1 capital ratio 09/25 12/25 03/26 06/26 09/26 161% 224% 175% 244% 176% 241% 172% 236% 164% 215% Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) Basel III requirement ≥100% 156% 201%mBank: 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, and then to 2% from the end of Q3/26. 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. CRR Regulation minimum level (CRR) based on the applicable EU Regulation.
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Selected Financial Data – Fulfilment of MREL requirements 41 Development of mBank Group’s MRELTREA ratio Development of mBank Group’s MRELTREA Subordinated ratio 1 MREL ratios as of 06/26 recalculated taking into account the retrospective inclusion of a part of the net profit (after the approv al of the Polish FSA). MREL requirement CBR calculated on TREA (w/o mBH) as of 09/26 09/25 12/25 03/26 06/26 09/26 5.00% 15.36% minimum requirement 24.72% 25.88% 24.58% 24.33% 22.28% 20.36% +1.92 09/25 12/25 03/26 06/26 09/26 5.00% 13.73% minimum requirement 22.93% 24.19% 22.99% 22.83% 20.77% 18.73% +2.04 09/25 12/25 03/26 06/26 09/26 minimum requirement 10.43% 10.68% 10.55% 10.55% 9.73% 5.91% +3.82 09/25 12/25 03/26 06/26 09/26 minimum requirement 9.68% 9.99% 9.86% 9.90% 9.07% 5.32% +3.75 1 1 1 1 Development of mBank Group’s MRELTEM ratio Development of mBank Group’s MRELTEM Subordinated ratio Investor Presentation | Q3 2026
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Additional information on selected loan portfolio aspects 42 Share of stage 2 in mBank Group’s gross loan portfolio Commercial Real Estate (CRE) portfolio at mBank loans and advances to customers valued at amortised cost 12/24 06/25 12/25 03/26 06/26 09/26 12.1% 16.9% 17.9% 16.9% 15.1% 13.3% mBank’s share of stage 2 receivables has been the result of changes influencing the staging assessment: ▪ In H1 2025, the redevelopment of the transfer logic model involving a revision of the methodology for determining the thresholds for transitions to stage 2 and recalibration of the long-term default probability model, related to the changes in the default definition, triggered a net transfer of PLN 8.6 billion from stage 1 to stage 2. ▪ In H2 2025, an introduction of a collective approach to address climate and environmental risks, concerning mortgage loans secured by houses with poor energy efficiency, vulnerable to transition risk, and corporate customers operating in emissions-intensive sectors, caused reclassification of PLN 4.1 billion into stage 2. corporate portfolio retail portfolioX.XX% X.XX% 12/24 06/25 12/25 03/26 06/26 09/26 11.3% 22.6% 23.1% 21.4% 19.0% 16.3% 12.6% 12.1% 14.1% 13.2% 11.8% 10.8% development of balance sheet exposure, PLN million 09/25 06/26 09/26 7,192 6,854 7,241 +0.7% Share in mBank Group’s total loan portfolio 4.4% ▪ selective approach to financing new CRE exposures, prioritising properties meeting mBank's environmental eligibility criteria, including defined minimum certification levels ▪ good and stable quality of the CRE portfolio, with no increase in the risk associated with the exposures observed Share in mBank Group’s corporate loan portfolio 9.9% 24.1% 44.7% 25.0% 6.2% offices retail parks warehouses hotels mBank Group’s CRE portfolio: ▪ low concentration level: projects with exposure below EUR 25 million accounted for ca. 4/5 of its value ▪ located exclusively in Poland Investor Presentation | Q3 2026
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mBank’s customers are tech-savvy and widely use digital services number of active users logging into every month, thousand number of accounts opened by corporate clients, by process type 500 3,289 09/24 572 3,518 09/25 642 3,675 09/26 3,789 4,090 4,317 +527 393 2,913 9M/24 267 3,323 9M/25 82 4,065 9M/26 3,306 3,590 4,147+841 mBank PL mBank CZSK digital paper documents 88% 98% share of processes in retail banking area initiated by the clients in digital channels (in 9M/26) 85% share of digital channel in the sale of non-mortgage loans (by number of pieces in 9M/26) 96% share of corporate clients with at least one user logging in tomobile application monthly (in 9M/26) share of digitally opened accounts in new acquisition using a dedicated process (in 9M/26) Users of mobile application Corporate account openingRetail clients Corporate clients 43 Investor Presentation | Q3 2026
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Retail Banking – client base and network 44 Number of mBank’s retail clients (thousand) Well-designed functionalities for client convenience Number of retail service locations 1,172 4,678 09/25 1,187 4,709 12/25 1,215 4,754 03/26 1,239 4,782 06/26 5,850 5,896 5,969 6,021 09/26 6,099 4,831 1,267 +249 mBank PL mBank CZSK Customer split by country: fully remote account opening with e-ID or a selfie and agreement approved via a text message logging in and confirmation of transactions with a PIN code, fingerprint or Face ID contactless payments with Google Pay and Apple Pay, express transfers using telephone numbers and BLIK saving goals, personal financial management (PFM), budget setting and value added services reminders from Payment Assistant and scanning of data to the transfer form from the invoices a fully functional marketplace (mZakupy) in the app, accompanied by one-click financing options 1 including financial centres and agency service points 79 78 78 141 140 140 43 4342 40 1529 09/25 40 1529 06/26 40 1529 09/26 346 345 345 -1 mBank CZSK mFinanse1 mKiosks Advisory centres Light branches (in shopping malls) mBank’s outlets (standard format) mBank focuses on fulfilling customer needs at every stage of life by providing tailored financial products to deepen relationships and delightful mobile experience in the app Investor Presentation | Q3 2026
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Retail Banking – results, activity and transactionality 45 Number of active retail individual customers in Poland Value of non-cash payments with cards and BLIK thousand PLN million 8,803 27,948 Q3/25 9,813 27,573 Q4/25 9,330 26,249 Q1/26 9,954 29,056 Q2/26 9,986 30,804 Q3/26 36,751 37,387 35,579 39,010 40,790 +11% +5% cards BLIK mBank CZSK Business in Poland Total revenues of the segment Profit before income tax of the segment PLN million PLN million 68 1,090 Q3/25 15 955 Q4/25 29 958 Q1/26 45 1,105 Q2/26 68 1,020 Q3/26 1,158 970 987 1,150 1,088 -6% -5% 158 1,858 Q3/25 131 1,756 Q4/25 140 1,767 Q1/26 156 1,851 Q2/26 174 1,793 Q3/26 2,017 1,887 1,907 2,007 1,967 -2% -2% 3,636 09/25 3,653 12/25 3,670 03/26 3,688 06/26 3,723 09/26 +86 +34 Note: Active customer defined as an individual aged 13+ with an active product, or a customer who have received a transfer / initiated a financial transaction in the past 6 months, or whose total assets with mBank exceed PLN 10,000. Investor Presentation | Q3 2026
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Retail Banking – business volumes 46 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 . 13% 40% 47% 261 23,716 59,411 81,424 12/25 261 23,290 65,501 82,180 03/26 250 22,997 69,734 315 06/26 24,502 51,413 77,249 09/25 153,479 164,812 171,233 178,260 09/26 183,147 86,549 72,405 23,922 271 85,278 +19.3% +2.7% 42,719 09/25 24,990 1,7546,2121,299 44,271 12/25 25,586 1,7046,4011,233 03/26 26,601 1,667 6,920 45,820 48,397 06/26 24,779 1,1361,8156,119 76,860 1,427 80,744 84,722 09/26 91,453 78,527 1,087 7,706 1,615 27,480 53,565 +19.0% +7.9% 30% 1% 59% 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 2026
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mBank in the Czech Republic and Slovakia 47 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 51.6 106.8 Q3/25 42.8 87.8 Q4/25 48.6 91.3 Q1/26 53.4 102.5 Q2/26 158.4 130.5 139.9 155.9 Q3/26 174.3 116.7 57.6 +10% +12% SK CZ 345.6 826.2 09/25 347.3 840.0 12/25 350.9 864.3 03/26 354.4 884.4 06/26 359.5 907.6 09/26 1,171.7 1,187.4 1,215.2 1,238.7 1,267.1 +95.4 +28.4 SK CZ Main interest rate CZ: 3.75% SK: 2.65% 30.09.2026 Users of mobile application CZ: 461.0 SK: 181.0 30.09.2026 3,273 6,909 09/25 3,272 7,027 12/25 3,372 7,215 03/26 3,577 7,690 06/26 10,181 10,300 10,587 11,268 09/26 12,263 8,304 3,959 +20% +9% SK CZ 13.4% 4,501 16,220 09/25 4,612 21,007 12/25 4,702 23,718 03/26 4,819 25,333 06/26 20,721 25,619 28,420 30,152 09/26 30,105 25,242 4,863 +45% 0% SK CZ 16.4% Investor Presentation | Q3 2026
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mBank in the Czech Republic and Slovakia 48 Note: Volumes based on management information. 17 light branches 5 financial centres 8 mKiosks 8 light branches 0 financial centres 5 mKiosks Czech Republic Slovakia physical network: physical network: 23,610 09/25 26,978 06/26 29,522 09/26 +25% +9% 427.6 09/25 462.1 06/26 517.9 09/26 +21% +12% 14,818 09/25 15,305 06/26 15,745 09/26 +6% +3% 92,489 09/25 142,981 06/26 141,189 09/26 +53% -1% 319.4 09/25 348.4 06/26 364.7 09/26 +14% +5% 1,056.2 09/25 1,123.9 06/26 1,115.8 09/26 +6% -1% 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 2026
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mBank is developing unique hybrid service model based on professional relations with corporate clients backed by technology and best digital experience across all channels Corporate & Investment Banking – client base and network 49 Number of mBank’s corporate clients First-class digital banking offer for companies Number of corporate service locations – 30.09.2026 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 2,482 11,376 23,517 09/25 2,464 11,354 23,733 12/25 2,543 11,457 24,023 03/26 2,554 11,683 24,581 06/26 37,375 37,551 38,023 38,818 09/26 39,301 24,900 11,840 2,561 +1,926 K1 segment annual sales over PLN 1 B and non-banking financial institutions K2 segment annual sales PLN 50 M to PLN 1 B K3 segment annual sales below PLN 50 M and full accounting Corporate customers split: 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 Investor Presentation | Q3 2026
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Corporate & Investment Banking – results and strategic financing 50 Total revenues of the segment Profit before income tax of the segment PLN million mBank’s engagement in sustainable finance Financing granted within strategic growth streams on-balance sheet exposure, PLN million PLN million 648 Q3/25 546 Q4/25 504 Q1/26 648 Q2/26 615 Q3/26 -5% -5% 1,094 Q3/25 1,073 Q4/25 1,034 Q1/26 1,072 Q2/26 1,156 Q3/26 +6% +8% sum of on-balance and off-balance sheet exposure, PLN million 8,832 09/25 10,411 06/26 12,158 09/26 +38% +17% Note: Volume defined as sustainable, transition, and impact finance, aligned with international standards (e.g. LMA and ICMA), applicable regulations, and internal principles – for further information, see Transition Plan of mBank Group. 13.7% of corporate credit portfolio vs. the goal of 15% set in the strategy for 2030 24.8% of corporate credit portfolio vs. the goal of 40% set in the strategy for 2030 Note: Development defined and monitored for mBank on stand -alone basis (without subsidiaries). 11,210 09/26 ▪ Energy and technology transition ▪ Digitization and automation of processes ▪ Economic resilience and localisation of production ▪ Green economy, closed loop and sharing economy ▪ Health and the leisure economy ▪ Defence Investor Presentation | Q3 2026
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Corporate & Investment Banking – business volumes 51 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 PLN 50 M and full accounting. 990 16,601 29,903 16,840 12/25 1,175 16,011 28,822 19,856 03/26 1,570 17,200 30,599 964 06/26 15,027 27,778 16,714 09/25 60,483 64,333 65,864 70,227 09/26 71,527 20,221 31,340 18,514 1,452 20,858 +18.3% +1.9% 12,602 09/25 7,544 3,415 8,740 3,154 26,153 9,240 12/25 7,565 3,832 8,807 3,263 27,502 13,950 03/26 7,884 4,051 8,991 3,588 29,202 15,903 06/26 7,237 3,638 8,792 3,368 62,886 58,246 27,249 69,619 09/26 72,983 16,765 64,919 3,810 9,371 4,613 7,986 30,440 +16.1% +4.8% 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 2026
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Sustainalytics ESG Risk Rating mBank supports financing change and unlocking economic potential 52 Execution of selected mBank Group’s sustainability targets (pillar: economic momentum) Energy efficient mortgages Double the volume of energy efficient (taxonomy-aligned) mortgage loan sales vs. the 2024 level Allocate 15% of corporate loans engagement to sustainable, transition, and impact finance Increase the share of financially healthy active customers to 50% (meeting at least 3 out of 6 financial health principles) Share of sustainable finance Financially healthy clients PLN million on-balance and off-balance sheet exposure of total active base aged 18+ 06/26 09/26 2030 12.6% 13.7% 15.0% target 06/26 09/26 2030 46.9% 48.0% 50.0% 9M/25 9M/26 2030 4,428 2,6902,213 target mBank’s ESG ratings MSCI ESG Rating CDP scoring low risk – 15.4/100 (0 = best result, updated in 2026) rating of AA (AAA = best result, updated in 2026) “B” on the “A” to “F” scale in 2025 Building a strong green bond funding platform Green Bond Framework updated in May 2026 in line with ICMA Green Bond Principles 2025 and EU Taxonomy Substantial Contribution criteria target 5 issuances in green format since 2021 ~EUR 3 billion of proceeds allocated in eligible green assets defined in Green Bond Framework Investor Presentation | Q3 2026
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Performance of main subsidiaries of mBank 53 established in 1995 offered services include domestic and export recourse and non-recourse factoring, financing of current activityestablished in 1991 offered financing in the form of leasing of cars, trucks, machinery and real estate as well as car fleet management (CFM) services Source: Calculation of market shares based on data published by Polish Leasing Association (PLA) and Polish Factors Association (PFA). New leasing sale Factoring turnover PLN million PLN million Profit before income tax of mLeasing Profit before income tax of mFaktoring PLN million PLN million 1,946 Q3/25 2,282 Q4/25 2,164 Q1/26 2,329 Q2/26 2,051 Q3/26 +5% -12% 11,067 Q3/25 11,707 Q4/25 10,390 Q1/26 12,275 Q2/26 13,323 Q3/26 +20% +9% 53.9 Q3/25 47.9 Q4/25 46.1 Q1/26 55.6 Q2/26 Q3/26 42.8 -21% -23% 11.4 Q3/25 16.0 Q4/25 10.4 Q1/26 14.3 Q2/26 Q3/26 14.8 +30% +4% Market share in 2025: 6.6% Market share in 2025: 8.2% Investor Presentation | Q3 2026
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Performance of main subsidiaries of mBank 54 established in 2021 main activities include establishment and management of investment funds and providing portfolio management servicesestablished in 1999 specialised mortgage bank and active issuer of covered bonds on both domestic and foreign capital markets Outstanding amount of covered bonds Assets under management (AuM) PLN million, nominal value, incl. private placement PLN million Profit before income tax of mBank Hipoteczny Profit before income tax of mTFI PLN million PLN million 5,248 09/25 5,997 12/25 6,002 03/26 6,502 06/26 6,101 09/26 +16% -6% 4,610 09/25 5,163 12/25 5,788 03/26 6,448 06/26 6,814 09/26 +48% +6% 10.2 Q3/25 Q4/25 5.0 Q1/26 6.4 Q2/26 5.8 Q3/26 -10.9 -43% -10% 4.3 Q3/25 9.1 Q4/25 6.5 Q1/26 6.8 Q2/26 7.3 Q3/26 +68% +8% Investor Presentation | Q3 2026
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Historical financial results of mBank Group 55 PLN million 2022 2023 2024 2025 9M 2025 9M 2026 ∆ YoY Net interest income 5,924 8,873 9,589 10,019 7,536 7,517 -0.3% Net fee and commission income 2,120 1,916 1,972 2,208 1,665 1,739 +4.4% Net trading and other income -187 13 446 239 204 215 +5.4% Total income 7,857 10,802 12,007 12,466 9,405 9,471 +0.7% Total costs -3,319 -3,074 -3,388 -3,868 -2,856 -3,070 +7.5% Loan loss provisions and fair value change -849 -1,106 -586 -760 -501 -501 0.0% Operating profit before legal provisions and taxes 3,688 6,622 8,033 7,839 6,048 5,900 -2.4% Costs of legal risk related to FX loans -3,112 -4,908 -4,307 -2,040 -1,660 -275 -83.4% Taxes on the Group balance sheet items -684 -744 -752 -778 -573 -669 +16.8% Income tax -595 -947 -730 -1,477 -1,313 -1,858 +41.5% Net profit or loss -703 24 2,243 3,544 2,502 3,098 +23.8% Total assets 209,892 226,981 245,957 280,253 261,538 307,378 +17.5% Gross loans to customers 123,437 117,229 124,985 136,773 139,746 164,436 +17.7% Customer deposits 174,131 185,467 200,809 229,146 213,962 254,674 +19.0% Total equity 12,715 13,737 17,767 21,409 20,430 25,419 +24.4% Net interest margin 3.7% 4.2% 4.3% 4.0% 4.2% 3.5% -0.7pp Cost/Income ratio 42.2% 28.5% 28.2% 31.0% 30.4% 32.4% +2.0pp Cost of risk 0.69% 0.93% 0.49% 0.58% 0.52% 0.46% -0.06pp Return on equity (ROE) -5.3% 0.2% 14.8% 17.9% 17.3% 17.9% +0.6pp Tier 1 capital ratio 13.8% 14.7% 15.7% 15.4% 15.4% 13.8% -1.6pp Total capital ratio 16.4% 17.0% 17.0% 17.4% 17.5% 15.3% -2.2pp Investor Presentation | Q3 2026
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56 High profitability Return on tangible equity (ROTE) Excellent operating efficiency Cost/income ratio (normalized) Active risk management Cost of risk Strong capital position Surplus over CET1 capital requirement mBank remains well on track to meet its strategic financial targets Execution of mBank Group’s strategic financial KPIs after 9M 2026 9M 2026 target 21.3% >22% 9M 2026 target 31.6% ≤35% 9M 2026 target 0.46% ~0.8% 30.09.2026 target 3.3 p.p. >2.5 p.p. lower due to increased CIT rate for banks Investor Presentation | Q3 2026
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mBank Group’s Strategy for 2026-2030 is based on three pillars 57 ▪ focus on fulfilling client needs at every stage of life by providing tailored financial products to deepen relationships, strengthen loyalty, take care of financial planning and well-being ▪ develop unique hybrid service model based on professional relations with corporate clients backed by technology, digital internal and sales processes ▪ expand corporateloan business through a focus on prospectiveindustries, sustainable,transition and impact financing, cooperation with Commerzbank, simplified automated credit paths ▪ support clients in their day-to-day life by simplifying their financial journeys and providing functionalities designed to evolving needs ▪ launch new, responsive mobile application and redesign communication ecosystem for retail clients, enhanced with conversational banking and AI-powered assistant ▪ deliver more personalized digital experience for corporate customers by revamping online banking platform, extending availability (24/7) of services, deploying integrated CRM system ▪ build a modern, scalable, and efficient organization, with resilient infrastructure, by applying AI as a tool supporting main business and operational processes ▪ leverage advanced technology to deliver the best customer experience (analytics of interactions to uncover insights, sales opportunities) and help advisors (smart search engines) ▪ develop organisational culture and employee value proposition (EVP) based on engagement, innovation, data-driven HR, future skills learning initiatives and a sense of belonging Lifecycle-based growth Customer excellence Organisational excellence Investor Presentation | Q3 2026
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ESG is well embedded in mBank Group's strategy 58 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 the 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 Transition Plan of mBank Group sets measurable portfolio decarbonisation targets (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 Note: For methodology, definitions, baseline values, interim targets and scope of eligible exposures, please refer to Strategy of mBank Group for 2026-2030 and Transition Plan. Investor Presentation | Q3 2026
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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 59 Source: WSE, Bloomberg (data as of 30.09.2026). as of 30.09.2026 ISIN code PLBRE0000012 Bloomberg MBK PW Number of shares issued 42 548 019 Free float 31.01% Market capitalisation PLN 62.5 billion Price-to-book value (P/BV) 2.68x 95 100 105 110 115 120 125 130 135 140 145 150 155 160 165 170 175 180 30.09.25 31.10.25 30.11.25 31.12.25 31.01.26 28.02.26 31.03.26 30.04.26 31.05.26 30.06.26 31.07.26 31.08.26 30.09.26 mBank WIG-Banks Index WIG-20 Index +47.9% +63.3% +73.7% mBank’s share price 30.09.2025 900.0 MIN (30.09.2025) 900.0 MAX (22.09.2026) 1,526.5 30.09.2026 1,469.5 new all-time high (market closing) ▪ mBank has been listed on the Warsaw Stock Exchange since October 1992 ▪ A strategic shareholder, Germany’s Commerzbank, owns 68.99% of shares Parameters of mBank’s shares mBank is also a part of MSCI Poland index. WIG20 WIG30WIG WIG-Banks WIG-Poland Investor Presentation | Q3 2026
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Disclaimer 60 This presentation has been prepared by mBank S.A. for information purposes only and is based on mBank S.A. Group Consolidated Financial Report for the third quarter of 2026, 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. Investor Presentation | Q3 2026
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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