Mbank Sa · GPW:MBK
Mbank Sa — Debt Investor Presentation (May 2026)
69 slides from Mbank Sa's debt investor presentation, May 2026
Slide 1: mBank Group
mBank Group The most successful organic growth story in Poland Presentation for debt investors May 2026
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Slide 4: Agenda
Agenda 01 mBank Group in a snapshot 02 Macroeconomic and operating conditions 03 Characteristics of mBank’s business lines 04 Overview of financial results 05 ESG goals and Green Bond Framework of mBank Group 06 Transaction summary and capital markets activities 07 Appendix
Slide 5: mBank Group in a snapshot: key facts and figures
mBank Group in a snapshot key facts and figures Poland’s 5th largest banking group by total assets, loans and deposits sizable market player well-funded for growth Comprehensive offering across retail, SME, corporate and investment total assets loan-to-deposit ratio banking as well as other financia
Slide 6: Key investment highlights of mBank Group
Key investment highlights of mBank Group mBank operates in an attractive market. Polish economy is sizable (6th in the European Union), resilient and expected to continue its uninterrupted growth path. mBank’s unique culture, strong brand, technology advance- ment and adaptability are key components
Slide 7: Strategic financial targets of mBank Group for 2026-2030
Strategic financial targets of mBank Group for 2026-2030 Dynamic volume growth High profitability Market shares in key products Return on tangible equity (ROTE) ≥ 10% > 22% Might be lower, due to increased taxation of banks in Poland Excellent operating efficiency Active risk management Cost/income
Slide 8: mBank Group's Strategy for 2026-2030 is based on three pillars
mBank Group’s Strategy for 2026-2030 is based on three pillars ▪ 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 Lifecycle-based ▪ develop unique hybrid servic
Slide 9: Macroeconomic and operating conditions
Macroeconomic and operating conditions
Slide 10: Macroeconomic situation in Poland: GDP growth, inflation, rates
Macroeconomic situation in Poland: GDP growth, inflation, rates Consumption growth is likely to stay decent Unemployment rate (still) very low 20 12% 10 10% 0 8% -10 6% -20 4% -30 -40 2% Source: GUS Source: GUS -50 0% Jan.16 Jan.17 Jan.18 Jan.19 Jan.20 Jan.21 Jan.22 Jan.23 Jan.24 Jan.25 Jan.26 Jan.1
Slide 11: Macroeconomic situation in Poland: financial markets
Macroeconomic situation in Poland: financial markets Corporate loans and deposits (YoY, FX-adjusted) Household loans and deposits (YoY, FX-adjusted) 30% 14% 25% 12% 10% 20% 8% 15% 6% 10% 4% 5% 2% 0% 0% -2% -5% -4% Source: NBP Source: NBP -10% -6% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 12: Macroeconomic forecasts and outlook for Poland
Macroeconomic forecasts and outlook for Poland Key economic indicators for Poland Main factors driving the performance in 2026 2023 2024 2025 2026F 2027F ▪ GDP growth in Poland is expected to reach 3.7% GDP growth (YoY) 0.2% 3.0% 3.6% 3.7% 2.4% in 2026 as the adverse effects of the war in the Domest
Slide 13: Healthy banking sector in terms of structure and competitiveness
Healthy banking sector in terms of structure and competitiveness Key parameters of the Polish banking sector: sizable and stable market Total assets of the sector 3.66 Number of commercial banks 30 Loan to deposit ratio 66.9% as of 31.12.2025 PLN trillion as of 31.12.2015 as of 31.12.2025 Sector’s a
Slide 14: Strong fundamentals support good sector's results amid challenges
Strong fundamentals support good sector’s results amid challenges Key parameters of the Polish banking sector: efficient and profitable market Net profit of the sector 49.0 Net interest margin 3.1% Tier 1 capital ratio 19.7% cumulative for 2025 PLN billion to average total assets, 2025 as of 31.12.2
Slide 15: Characteristics of mBank's business lines
Characteristics of mBank’s business lines
Slide 16: mBank's customers are tech-savvy and widely use digital services
mBank’s customers are tech-savvy and widely use digital services Users of mobile application Corporate account opening number of active users logging number of accounts opened by into every month, thousand corporate clients, by process type +303 +83 1,233 4,130 4,213 1,150 1,157 3,909 21 584 616 117
Slide 17: Retail Banking – a top-notch offer for individual clients
Retail Banking – a top-notch offer for individual clients Number of mBank’s retail clients (thousand) Well-designed functionalities for client convenience +188 fully remote account opening with e-ID or a selfie and agreement approved via a text message 5,782 5,812 5,850 5,896 5,969 Customer split by
Slide 18: Poland's largest organically developed retail banking franchise
Poland’s largest organically developed retail banking franchise mBank Group’s retail loans mBank Group’s retail deposits Gross profit of the segment PLN billion PLN billion PLN million CAGR CAGR +3% +4% 4,390 4,355 +9% +13% 78.5 80.7 171.2 3,503 70.6 164.8 66.3 142.2 128.4 YoY +1.8% 987 2023 2024 20
Slide 19: Leading position in transactionality and mobile banking
Leading position in transactionality and mobile banking mBank’s market position in the area of transactionality and mobile users mBank's market shares in demand deposits in Poland Primary relationship and customer engagement payroll clients transactional clients 13,7% 13,7% 13,5% 13,8% in active cus
Slide 20: Supportive demographic profile of mBank's retail client base
Supportive demographic profile of mBank’s retail client base Age distribution in 2019, 2024 and 2030F – individual clients at mBank in Poland (thousand) ▪ mBank’s current customer demographic profile is a 120 consequence of our digital Tysiące 2019a 100 2024a operating model, value 2030p proposition
Slide 21: Corporate & Investment Banking – best hybrid service model
Corporate & Investment Banking – best hybrid service model Number of mBank’s corporate clients First-class digital banking offer for companies Corporate customers split: +1,507 entirely digital onboarding process, with no in-person K1 segment contact and printouts required 36,516 36,961 37,375 37,55
Slide 22: Strong presence in corporate banking backed by deep expertise
Strong presence in corporate banking backed by deep expertise mBank Group’s corporate loans mBank Group’s corporate deposits Gross profit of the segment PLN billion PLN billion PLN million CAGR CAGR +11% +2% 2,721 +7% +6% 2,471 64.2 2,271 64.8 63.2 58.1 56.4 57.7 50.8 54.3 YoY -7.7% 504 2023 2024 20
Slide 23: Overview of financial results
Overview of financial results
Slide 24: Key highlights of Q1 2026
Key highlights of Q1 2026 Dynamic expansion of credit portfolio driven by acceleration of mortgage sales and corporate financing, accompanied by a surge of deposits, while maintaining safe capital position Gross loans of mBank Group Deposit base of mBank Group Tier 1 capital ratio of mBank (PLN bill
Slide 25: Key highlights of Q1 2026
Key highlights of Q1 2026 The highest gross profit in history despite challenging market conditions thanks to growing revenues, excellent efficiency, seasonally lower risk costs and a decline of legal provisions Normalized cost/income ratio Gross profit of mBank Group Return on tangible equity of mB
Slide 26: Summary of financial results in Q1 2026: Profit and Loss Account
Summary of financial results in Q1 2026: Profit and Loss Account PLN million Q1 2025 Q4 2025 Q1 2026 ∆ QoQ ∆ YoY Net interest income 2,470 2,482 2,391 -3.7% -3.2% Net fee and commission income 503 543 576 +6.1% +14.5% Net trading and other income 58 34 127 +269% +123% Total income 3,031 3,059 3,094
Slide 27: Summary of financial results in Q1 2026: Balance Sheet
Summary of financial results in Q1 2026: Balance Sheet PLN million 31.03.2025 31.12.2025 31.03.2026 ∆ QoQ ∆ YoY Total assets 246,068 280,253 290,547 +3.7% +18.1% Gross loans to customers 131,433 136,772 145,663 +6.5% +10.8% Individual client loans 71,545 78,527 80,744 +2.8% +12.9% Corporate client l
Slide 28: New lending business
Results of mBank Group in Q1 2026 – New lending business Record sales of mortgage and consumer loans, new corporate credit kept the pace Sales of mortgage loans Sales of non-mortgage loans Sales of corporate loans 1 PLN million PLN million PLN million mBank PL mBank CZSK mBank PL mBank CZSK by segme
Slide 29: Loans to customers
Results of mBank Group in Q1 2026 – Loans to customers Strong growth of loan portfolio driven by mortgages and a rebound of corporate exposures Development of mBank Group’s gross loans Market shares in loans PLN million 31.03.2026, in Poland +10.8% ∆ QoQ ∆ YoY +6.5% HOUSEHOLDS total loans 145,663 8.
Slide 30: Customer deposits
Results of mBank Group in Q1 2026 – Customer deposits Dynamic expansion of deposit base fuelled by steady inflows to current and saving accounts Development of mBank Group’s deposits Market shares in deposits PLN million 31.03.2026, in Poland +18.2% ∆ QoQ ∆ YoY HOUSEHOLDS +3.5% total deposits 237,09
Slide 31: Capital position
Results of mBank Group in Q1 2026 – Capital position Comfortable capital buffers over regulatory minima supported by full profit retention Own funds and their components Total risk exposure amount mBank Group’s capital ratios PLN million PLN million compared to regulatory requirement 31.03.2026 surp
Slide 32: Total income and margin
Results of mBank Group in Q1 2026 – Total income and margin Falling net interest income more than offset by a rise of net fees and high net trading result mBank Group’s total income Net interest margin of mBank Group PLN million quarterly data +2.1% 4.29% 4.22% impacted by interest +1.1% ∆ QoQ ∆ YoY
Slide 33: Total costs and efficiency
Results of mBank Group in Q1 2026 – Total costs and efficiency Increase of costs due to BFG contributions amid disciplined management of other expenses mBank Group’s operating costs Cost/Income ratio of mBank Group PLN million quarterly data 37.9% +8.4% +14.4% ∆ QoQ ∆ YoY 34.6% 33.9% +16.0% -11.0% 3
Slide 34: Credit losses and cost of risk
Results of mBank Group in Q1 2026 – Credit losses and cost of risk A decline of risk costs reflecting significant provision releases in corporate segment mBank Group’s net impairment losses and fair value change on loans Cost of risk of mBank Group PLN million quarterly data 0.77% -37% ∆ QoQ ∆ YoY 0
Slide 35: Loan portfolio quality
Results of mBank Group in Q1 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 NPL ratio 3.8% 3.5% according to EBA -0.6% 3.4% 3.4% 3.4% definition has r
Slide 36: Net result and profitability
Results of mBank Group in Q1 2026 – Net result and profitability Strong financial performance despite elevated regulatory and fiscal burdens mBank Group’s net profit and main drivers of its development Profitability ratios of mBank Group PLN million quarterly data -28 Decline of legal provisions 23.
Slide 37: Key take-aways after Q1 2026
Key take-aways after Q1 2026 We delivered Strong growth of credit portfolio (+11% YoY) and deposit base (+18% YoY) in both retail and corporate client segments, translating into improvement of market shares Good start to the execution of the new strategy along with launch of solutions designed to su
Slide 38: ESG goals and Green Bond Framework of mBank Group
ESG goals and Green Bond Framework of mBank Group
Slide 39: ESG is integral part of mBank's new business strategy 2026-2030
ESG is integral part of mBank’s new business strategy 2026-2030 We recognize our key role in financing the shift toward a more competitive, independent and resilient economy Climate Economic Inclusive action momentum by design Developing a resilient business model Financing change and unlocking Shap
Slide 40: mBank's Transition Plan published in October 2025
mBank’s Transition Plan published in October 2025 Developing a resilient business model alongside credible transition plan mBank is the first bank in Poland with decarbonization targets validated by the Science Based Targets initiative (SBTi), ensuring alignment with the Paris Agreement’s 1.5°C path
Slide 41: Green Bond Framework Update 2026
Green Bond Framework Update 2026 Strengthening credibility, transparency and execution certainty The updated Green Bond Framework is fully aligned with the ICMA Green Bond Principles (June 2025). It follows current market practice and ensures transparent, consistent governance. An updated ISS-Corpor
Slide 42: mBank S.A. Group Green Bond Framework
mBank S.A. Group Green Bond Framework Framework structured around four pillars in line with the Green Bond Principles 2025 Use of proceeds Project Evaluation Management Reporting & & Selection of proceeds External Review mBank allocates the net ▪ Assets are evaluated and ▪ Proceeds are managed and ▪
Slide 43: ISS-Corporate confirms robustness of mBank's Green Bond Framework
ISS-Corporate confirms robustness of mBank’s Green Bond Framework External Review ➢ Alignment with GBP: ISS-Corporate concludes that mBank’s Green Bond Framework is fully aligned with the ICMA Green Bond Principles, covering all key components including use of proceeds, project selection, management
Slide 44: Transaction summary and capital markets activities
Transaction summary and capital markets activities
Slide 45: mBank's strong track record of capital markets execution
mBank’s strong track record of capital markets execution First ever Public Additional First ever Public EUR- Green Senior Tier 1 Bond from Poland denominated Tier 2 from Poland Non-Preferred ISIN PLBRE0005227 XS3090129332 (Series 14) XS3244863729 (Series 15) Issue amount PLN 1,500 million EUR 400 mi
Slide 46: mBank's Green Bond supporting MREL build-up within long-term capital strategy
mBank’s Green Bond supporting MREL build-up within long-term capital strategy Overview of Transaction and Eligible Asset Portfolio Issuer mBank S.A. Proceeds will finance an eligible portfolio of EU Taxonomy (SC)- compliant residential and renewable assets (wind, solar, biogas), Green Senior Non-Pre
Slide 47: Appendix
Appendix
Slide 48: Leadership in ESG: mBank's competitive edge
Leadership in ESG: mBank’s competitive edge ESG First in Poland Strong Financial Advantages Top-tier embedded in with SBTi governance health powered ESG ratings core strategy validation structure leadership by data as of 21.01.2026 Sustainability Science-based The Chief mBank aims to mBank is as a g
Slide 49: Comprehensive offer of sustainable products, transition finance and impact finance
Comprehensive offer of sustainable products, transition finance and impact finance, to address diverse needs of our clients Mortgage loan for Eco-loan for Financing of Renewable energy-efficient properties small companies Energy Sources ▪ No fee for granting a loan and ▪ Preferential conditions for
Slide 50: From Strategy to Selection: EU Taxonomy-driven Eligibility Criteria
From Strategy to Selection: EU Taxonomy-driven Eligibility Criteria Selected portfolio Rationalefor Green Key eligible asset categories with defined Selection Criteria Bond Allocation (GBF 2026) UN SDGs Asset Number Total New Residential real estate (EU Taxonomy activities 7.1, 7.7): category of exp
Slide 51: mBank's Environmental Risk Management Strategy
mBank’s Environmental Risk Management Strategy: A Framework for ESG risk mitigation Defining, assessing, and managing environmental risks to support sustainable finance Define Identify and assess Manage Aggregate and Report Physical ▪ Sudden ▪ Integration into the internal ▪ Risk Appetite Framework
Slide 52: Embedding ESG factors across credit risk assessment and decisions
Embedding ESG factors across credit risk assessment and decisions Systematically addressing environmental and social risks within credit practices ESG Risk Map ESG risk assessments are performed for all clients in the K1 segment and for clients in the K2 segment with exposures exceeding PLN 8 millio
Slide 53: Well-established track of MREL-eligible Notes issuances in green format
mBank has a well-established track of MREL-eligible Notes issuances in green format Green Senior Non- Green Senior Non- Green Senior Green Senior Non- Preferred Notes (2021) Preferred Notes (2023) Preferred Notes (2024) Preferred Notes (2025) ISIN XS2388876232 (Series 11) XS2680046021 (Series 12) XS
Slide 54: Legal risk of CHF portfolio
Results of mBank Group in Q1 2026 – Legal risk of CHF portfolio Settlements concluded by mBank New CHF-related court cases CHF loan contracts in court with CHF borrowers, cumulative number number of contracts entering the court number of pending cases proceedings, by quarter Classification to active
Slide 55: Legal risk of CHF portfolio
Results of mBank Group in Q1 2026 – Legal risk of CHF portfolio Value of CHF mortgage loans Decomposition of CHF loan contracts at mBank granted to natural persons, PLN million, net number of contracts, as of 31.03.2026 19,177 Share of CHF mortgages in total loan portfolio -94% declined from 23.6% i
Slide 56: Selected Financial Data – Balance sheet analysis
Selected Financial Data – Balance sheet analysis Structure of mBank Group’s total assets Structure of mBank Group’s liabilities and equity PLN billion PLN billion 290.5 290.5 280.3 280.3 31.5 11% 22.3 8% 256.2 261.5 256.2 261.5 21.4 4% 246.1 48.1 246.1 11.6 20.4 10.2 3.4 3.5 1% 28.3 29.3 19.5 13.8 5
Slide 57: Selected Financial Data – Structure of loans and deposits
Selected Financial Data – Structure of loans and deposits Structure of mBank Group’s gross loans, by client segment and industry Structure of mBank Group’s deposits 31.03.2026 31.03.2026 Real estate 4.7% 0.1% Construction 4.1% 0.7% Financial activities 4.1% 17.6% Power and heating distribution 2.8%
Slide 58: Selected Financial Data – Funding profile
Selected Financial Data – Funding profile Structure of mBank Group’s funding Summary of mBank’s long-term funding instruments 31.03.2026 31.03.2026 (without covered bonds issued by mBank Hipoteczny) Nominal Issue Maturity Currency Tenor Coupon value date date Other Subordinated liabilities 4.3% NPS
Slide 59: Selected Financial Data – Capital requirements and liquidity
Selected Financial Data – Capital requirements and liquidity Regulatory capital requirements for mBank Group 31.03.2026 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 +3.94 p
Slide 60: Selected Financial Data – Fulfilment of MREL requirements
Selected Financial Data – Fulfilment of MREL requirements Development of mBank Group’s MRELTREA ratio Development of mBank Group’s MRELTREA Subordinated ratio +4.60 +4.75 24.63% 24.72% 25.88% 22.81% 22.93% 24.19% 23.19% 24.01% 21.70% 22.41% 19.41% 17.66% 4.05% 4.05% 15.36% 13.61% 03/25 06/25 09/25 1
Slide 61: mBank in the Czech Republic and Slovakia
mBank in the Czech Republic and Slovakia Gross loans and share in total mBank’s retail volume Deposits and share in total mBank’s retail volumes PLN million PLN million 13.1% 16.6% +15% +67% +3% +11% 10,181 10,300 10,587 28,420 9,242 9,737 25,619 20,721 4,702 3,180 3,273 3,272 3,372 17,806 4,612 3,0
Slide 62: mBank in the Czech Republic and Slovakia
mBank in the Czech Republic and Slovakia Mortgage loans Non-mortgage loans Customer deposits Czech Republic CZK million CZK million CZK million +12% +10% +78% physical network: light +4% +1% +13% 14 branches financial 6 centres 24,324 25,184 14,820 15,010 135,625 22,419 13,615 120,334 10 mKiosks 76,
Slide 63: Performance of main subsidiaries of mBank
Performance of main subsidiaries of mBank offered financing in the form of leasing of cars, offered services include domestic and export trucks, machinery and real estate as well as recourse and non-recourse factoring, established in 1991 car fleet management (CFM) services established in 1995 finan
Slide 64: Performance of main subsidiaries of mBank
Performance of main subsidiaries of mBank specialised mortgage bank and active main activities include establishment and issuer of covered bonds on both domestic management of investment funds and established in 1999 and foreign capital markets established in 2021 providing portfolio management serv
Slide 65: Consolidated Profit and Loss Account – quarterly
Consolidated Profit and Loss Account – quarterly Quarterly results (PLN million) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net interest income 2,470 2,555 2,511 2,482 2,391 Net fee and commission income 503 582 580 543 576 Net trading and other income 58 60 88 34 127 Total income 3,031 3,197 3,179 3,0
Slide 66: Consolidated Statement of Financial Position – quarterly
Consolidated Statement of Financial Position – quarterly Assets (PLN million) 31.03.2025 30.06.2025 30.09.2025 31.12.2025 31.03.2026 Cash and balances with Central Bank 16,722 20,797 21,973 40,481 23,537 Loans and advances to banks 18,792 19,281 20,541 13,193 22,983 Trading securities 2,097 2,877 2,
Slide 67: mBank Group's financial ratios – quarterly and cumulatively
mBank Group’s financial ratios – quarterly and cumulatively Key financial ratios Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 quarterly 4.29% 4.22% 3.97% 3.74% 3.52% Net interest margin YtD 4.29% 4.25% 4.16% 4.05% 3.52% quarterly 33.9% 28.2% 29.2% 33.1% 37.9% Cost/income ratio YtD 33.9% 30.9% 30.4% 31.0%
Slide 68: Contact details
Contact details 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 mBank’s Investor Relations at your
Slide 69: Disclaimer
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