Mbank Sa · GPW:MBK
Mbank Sa — Debt Investor Presentation (June 2025)
58 slides from Mbank Sa's debt investor presentation, June 2025
Slide 1: mBank Group
mBank Group The most successful organic growth story in Poland June 2025
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) This presentation has been prepared by mBank S.A. (the "Bank") solely for use at meetings regarding the offer and sale of the notes referred to herein (the “Notes”) and constitutes a summary of certain proposed terms of an offering of the Notes as currently contemplated and has been
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client,
Slide 4: Agenda
Agenda mBank Group in a snapshot 5 Macroeconomic and operating conditions 7 Characteristics of main business lines 13 Overview of financial results 22 Summary of transaction 38 Appendix 41 4
Slide 5: mBank Group in a snapshot: key facts and figures
mBank Group in a snapshot: key facts and figures General description Financial performance ▪ Poland’s 5th largest universal banking group in terms PLN million 2022 2023 2024 Q1 2025 of total assets, loans and deposits (31.03.2025) Total assets 209,892 226,981 245,957 246,068 ▪ Offering retail, SME,
Slide 6: Summary of mBank Group’s strategic and financial highlights
Summary of mBank Group’s strategic and financial highlights Balanced business model with a good position to capture focus on loan and deposit growth prospects in an attractive market margins, outstanding efficiency net interest margin: 4.2% Advanced banking platform anchored in leading digital and c
Slide 7: Macroeconomic and operating conditions
Macroeconomic and operating conditions 7
Slide 8: Macroeconomic situation in Poland
Macroeconomic situation in Poland NBP is about to cut rates in 2025 as inflation starts declining. Consumption growth is likely to stay stable 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.2
Slide 9: Macroeconomic situation in Poland
Macroeconomic situation in Poland Credit growth is recovering. Bond yields decline, zloty depreciates. Corporate loans and deposits (YoY, FX-adjusted) Household loans and deposits (YoY, FX-adjusted) 30% 14% Source: NBP 12% Source: NBP 25% 10% 20% 8% 15% 6% 10% 4% 5% 2% 0% 0% -2% -5% -4% -10% -6% Jan
Slide 10: Macroeconomic forecasts and outlook for Poland
Macroeconomic forecasts and outlook for Poland Operating environment for banks has continued being challenging and uncertain Key economic indicators for Poland Main factors driving the performance in 2025 2022 2023 2024 2025F 2026F ▪ GDP growth is expected to reach 3.8%, which GDP growth (YoY) 5.3%
Slide 11: 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, efficient, profitable and stable market Total assets of the sector 3.3 Net profit of the sector 40.3 Tier 1 capital ratio 19.8% as of 31.12.2024 PLN trillion cumulative for 2024 PLN
Slide 12: Polish banking sector posted the highest-ever net profit in 2024
Polish banking sector posted the highest-ever net profit in 2024 Key Development of the Polish banking sector – summary of key financials for 2024 Profit & loss account (PLN million) 2023 2024 ∆ YoY Net interest income 95,537 106,874 +11.9% ▪ Net profit up by over 44% compared to 2023 Net fees and c
Slide 13: Characteristics of main business lines
Characteristics of main business lines 13
Slide 14: A leading mobile banking offer for individual clients
A leading mobile banking offer for individual clients Well-designed functionalities for client convenience Mobile application’s dashboard and basic features fully remote account opening with e-ID or a selfie and agreement approved via a text message easiest way to manage logging in and confirmation
Slide 15: Poland’s largest organically developed retail banking franchise
Poland’s largest organically developed retail banking franchise Number of mBank’s retail clients (thou.) Business volumes of Retail Banking segment CAGR Loans (PLN B) Deposits (PLN B) 0% CAGR CAGR Drops due to closing 5,716 5,714 5,782 0% +8% 5,660 5,514 5,642 of inactive accounts with arrears 142.2
Slide 16: mBank remains a front-runner in mobile banking adoption
mBank remains a front-runner in mobile banking adoption Number of active users of mBank’s mobile application 1 Number of unique users of mBank’s PFM functionalities thousand thousand, in Poland +503 +68 by the share +51 +272 3,338 3,646 478 3,842 511 3,909 533 #1 of mobile users in total retail 1,88
Slide 17: 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 14,75% in active customer base in act
Slide 18: Supportive demographic profile of mBank’s retail client base
Supportive demographic profile of mBank’s retail client base Net revenue per active customer – individual clients at mBank in Poland, 2022 MAX Core banking products (35%) Peak earning point = 55 ▪ mBank’s current customer Savings (23%) demographic profile is a Investments (8%) consequence of our dig
Slide 19: Best digital banking services for corporate clients
Best digital banking services for corporate clients First-class digital banking offer for companies Mobile application’s dashboard and basic features entirely digital onboarding process, ▪ option to activate the app with a QR code with no in-person contact and printouts required ▪ possibility to log
Slide 20: Strong presence and leading expertise in corporate banking
Strong presence and leading expertise in corporate banking Number of mBank’s corporate clients Business volumes of Corporate & Investment Banking segment CAGR Corporate customers split: Loans (PLN B) Deposits (PLN B) +6% CAGR K1 CAGR 36,123 36,516 annual sales +2% +7% 33,025 34,546 over PLN 1 B 31,3
Slide 21: Unique value proposition for e-commerce market participants
Unique value proposition for e-commerce market participants mOkazje zakupy – development of marketplace in mBank's mobile application Expansion of Paynow in online payments ▪ mBank launched first of this kind cooperation superior payment processing with Morele.net, which is one of the largest capabi
Slide 22: Overview of financial results
Overview of financial results 22
Slide 23: Key highlights of Q1 2025 in mBank Group
Key highlights of Q1 2025 in mBank Group Accelerating growth Total revenues kept above Best-in-class operating of loan portfolio the quarterly threshold of efficiency despite higher in both corporate PLN 3 billion, driven by still annual contributions to and retail segment strong core income the Ban
Slide 24: Key highlights of Q1 2025 in mBank Group
Key highlights of Q1 2025 in mBank Group Declining legal provisions High reported net result at Significant surplus over for FX mortgage loans the level of PLN 706 million minimum capital amid downward trends in accompanied by the requirements ensuring safe new and pending lawsuits outstanding profi
Slide 25: Top-3 credit rating agencies upgraded assessment of mBank
Top-3 credit rating agencies upgraded assessment of mBank S&P Global Ratings Moody's Ratings Fitch Ratings Date of rating action: 27.02.2025 Date of rating action: 10.04.2025 Date of rating action: 22.04.2025 “The upgrades of the VR and IDRs are “The upgrade of mBank's BCA to driven by a substantial
Slide 26: Quarterly results of mBank Group – New lending business
Quarterly results of mBank Group – New lending business Good level of mortgage loan sales, accompanied by rising consumer and corporate credit Sales of mortgage loans Sales of non-mortgage loans Sales of corporate loans PLN million PLN million PLN million mBank PL mBank CZSK mBank PL mBank CZSK by s
Slide 27: Quarterly results of mBank Group – Loans to customers
Quarterly results of mBank Group – Loans to customers Accelerating growth of loan portfolio in both corporate and retail business segment Development of mBank Group’s gross loans Market shares in loans PLN million in Poland +10% households enterprises +5% ∆ QoQ ∆ YoY total loans w/o FX total loans 1
Slide 28: Quarterly results of mBank Group – Customer deposits
Quarterly results of mBank Group – Customer deposits Deposit base fuelled by inflows to retail accounts, seasonal decline of corporate funds Development of mBank Group’s deposits Market shares in deposits PLN million in Poland +10% households enterprises 0% ∆ QoQ ∆ YoY current deposits current depos
Slide 29: Quarterly results of mBank Group – Capital position
Quarterly results of mBank Group – Capital position Safe capital situation with significant surplus over minimum regulatory requirements Development of mBank Group’s capital ratios Development of mBank Group’s total risk exposure amount Tier 1 capital ratio AT1 Tier 2 PLN million +4.27 ∆ YoY 17.03%
Slide 30: Quarterly results of mBank Group – Total income
Quarterly results of mBank Group – Total income Total revenues maintained above PLN 3 billion, thanks to still strong core income Development of mBank Group’s total income Development of net interest margin PLN million quarterly data, excluding impact of “credit holidays” other operating income in Q
Slide 31: Quarterly results of mBank Group – Total costs and efficiency
Quarterly results of mBank Group – Total costs and efficiency Operating expenses affected by BFG contributions, cost/income ratio kept at excellent level Development of mBank Group’s operating costs Cost/Income ratio of mBank Group PLN million excluding impact of “credit holidays” and a refund by KU
Slide 32: Quarterly results of mBank Group – Credit losses and cost of risk
Quarterly results of mBank Group – Credit losses and cost of risk Credit provisioning oscillated at similar level, translating into stable risk costs Net impairment losses and fair value change on loans mBank Group’s cost of risk, by segment PLN million basis points (bps) 58 62 57 +244% 53 191.1 -6%
Slide 33: Quarterly results of mBank Group – Loan portfolio quality
Quarterly results of mBank Group – 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 4.3% NPL ratio +0.9% 4.1% 4.1% 4.1% according to EBA 3.8% definition has -1
Slide 34: Quarterly results of mBank Group – Legal risk of CHF portfolio
Quarterly results of mBank Group – Legal risk of CHF portfolio Further progress with settlements, declining number of new and pending court cases Settlements concluded by mBank New CHF-related court cases CHF loan contracts in court with CHF borrowers, cumulative number number of contracts entering
Slide 35: Quarterly results of mBank Group – Legal risk of CHF portfolio
Quarterly results of mBank Group – Legal risk of CHF portfolio Effective management of CHF portfolio allowed to further reduce balance sheet risks Value of CHF mortgage loans Decomposition of CHF loan contracts at mBank granted to natural persons, PLN million, net number of contracts, as of 31.03.20
Slide 36: Quarterly results of mBank Group – Profitability of the core business
Quarterly results of mBank Group – Profitability of the core business Excellent performance of core operations evidences strength of mBank’s franchise Summary of financial results for mBank’s core activity and run-off portfolio in Q1/25 Profitability of mBank Group PLN million PLN million Core Busin
Slide 37: Outlook for mBank Group for 2025
Outlook for mBank Group for 2025 We expect: total revenues to be above PLN 11 billion, but slightly lower than in 2024 capital base to increase further thanks to planned Tier 2 issuance and strong profit generation both corporate loans and retail credit portfolio to rise above the market legal risk
Slide 38: Summary of transaction
Summary of transaction 38
Slide 39: mBank’s Inaugural EUR Tier 2 Subordinated Transaction
mBank’s Inaugural EUR Tier 2 Subordinated Transaction Offering summary: • 10.25NC5.25 € Tier 2 Subordinated Notes issued under mBank’s EMTN Programme, marking the first-ever public EUR-denominated Tier 2 subordinated bond issuance by a Polish bank • Issuer ratings: BBB+ (stable) at S&P / BBB (stable
Slide 40: mBank’s EUR Tier 2 – Preliminary Considerations
mBank’s EUR Tier 2 – Preliminary Considerations Issuer mBank S.A. (ticker: MBK) Issuer Rating S&P: BBB+ (stable) | Fitch: BBB (stable) Description EUR Fixed Rate Resettable Callable Subordinated Tier 2 Notes due 2035 (10.25Non-Call5.25) Expected Rating of Notes BB+/BB+ (Expected) Status / Ranking Ti
Slide 41: Appendix
Appendix 41
Slide 42: Summary of financial results: Profit and Loss Account
Summary of financial results: Profit and Loss Account PLN million Q1 2024 Q4 2024 Q1 2025 ∆ QoQ ∆ YoY Net interest income 2,340.1 2,512.9 2,438.7 -3.0% +4.2% Net fee and commission income 484.1 497.3 503.1 +1.2% +3.9% Net trading and other income 97.9 34.3 88.1 +157.1% -10.0% Total income 2,922.1 3,
Slide 43: Summary of financial results: Balance Sheet
Summary of financial results: Balance Sheet PLN million Q1 2024 Q4 2024 Q1 2025 ∆ QoQ ∆ YoY Total assets 224,157 245,957 246,068 0.0% +9.8% Gross loans to customers 120,001 124,985 131,434 +5.2% +9.5% Individual client loans 66,634 70,589 71,546 +1.4% +7.4% Corporate client loans 1 51,715 53,222 55,
Slide 44: 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 246.0 246.1 246.0 246.1 238.6 238.6 230.3 24.6 10% 230.3 17.8 18.5 8% 224.2 224.2 15.3 32.9 44.0 14.6 9.5 11.3 5% 29.2 14.1 11.0 2.7 1.9
Slide 45: 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 31.03.2025 31.03.2025 Real estate 5.5% Financial activities 4.6% 0.1% 0.4% Building industry 3.9% 17.8% Food sector 2.7% 12.3% 21.4% Po
Slide 46: Selected Financial Data – Funding profile
Selected Financial Data – Funding profile Structure of mBank Group’s funding Summary of mBank’s long-term funding instruments 31.03.2025 31.03.2025 Nominal Issue Maturity Currency Tenor Coupon Other value date date Subordinated liabilities 5.0% 0.8% Retail Issues under Euro Medium Term Note (EMTN) P
Slide 47: Selected Financial Data – Capital requirements and liquidity
Selected Financial Data – Capital requirements and liquidity Regulatory capital requirements for mBank Group 31.03.2025 Countercyclical Capital Buffer (CCyB), calculated as the weighted average of the CCyB +4.27 pp rates that apply in the countries where the relevant credit exposures are located. Sy
Slide 48: 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 +3.90 +4.08 23.63% 23.58% 24.05% 24.73% 22.77% 22.73% 22.50% 23.10% 22.40% 20.91% 18.50% 16.83% 3.14% 3.14% 15.36% 13.69% 03/24 06/24 09/24 1
Slide 49: 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 +4% 12.8% 11.8% +11% 0% 0% 8,813 8,946 8,994 9,153 9,153 16,631 16,910 17,033 17,033 15,379 2,902 2,963 3,009 3,052 3,052 4,377 4,2
Slide 50: mBank in the Czech Republic and Slovakia
mBank in the Czech Republic and Slovakia Mortgage loans Non-mortgage loans Customer deposits CZK million CZK million CZK million Czech -5% +29% +15% Republic +1% physical network: +8% +2% light 7 branches 23,487 22,303 22,419 financial 12,633 13,615 66,114 74,819 76,201 7 10,529 centres 16 mKiosks 0
Slide 51: Performance of main subsidiaries of mBank
Performance of main subsidiaries of mBank specialised mortgage bank offered financing in the form of offered services include and active issuer of covered leasing of cars, trucks, machinery domestic and export recourse bonds on both domestic and real estate as well as car and non-recourse factoring
Slide 52: Strategic financial targets of mBank Group
Strategic financial targets of mBank Group Strategic financial targets of mBank Group for 2023-2025 compared to results for Q1 2025 strategic measure target level execution in Q1 2025 ✓ supported by high Efficiency [in 2025] Cost/Income ratio (C/I) below 40% 33.9% interest rates offsetting inflation
Slide 53: mBank Group’s strategy for 2021-2025 is concentrated on 5 pillars
mBank Group’s strategy for 2021-2025 is concentrated on 5 pillars Overview of key strategic paradigms and initiatives Retail Banking area is organized Corporate and Investment Banking around demographic segments to area cooperates with companies develop the complete offer and value from prospective
Slide 54: ESG strategy of mBank Group for 2021-2025
ESG strategy of mBank Group for 2021-2025 ESG aspects play a crucial role in the way we manage our organisation As a financial institution, we have a particular responsibility and a key role to play in supporting global and national efforts in dealing with the transformation towards sustainable deve
Slide 55: Selected Financial Data
Selected Financial Data Consolidated Profit and Loss Account – quarterly Quarterly results (PLN thou.) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net interest income 2,340,082 2,164,656 2 571,355 2,512,930 2,438,716 Net fee and commission income 484,127 491,227 499,244 497,286 503,086 Dividend income 2
Slide 56: Selected Financial Data
Selected Financial Data Consolidated Statement of Financial Position – quarterly Assets (PLN thou.) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cash and balances with Central Bank 24,535,807 21,707,034 25,893,176 36,680,926 16,722,455 Loans and advances to banks 12,054,848 11,577,948 17,503,613 9,738,45
Slide 57: Selected Financial Data
Selected Financial Data mBank Group’s Ratios – quarterly and cumulatively Financial Ratios Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Interest Margin, quarterly 4.37% 4.44% 4.31% 4.27% 4.23% Net Interest Margin, YtD 4.37% 4.41% 4.37% 4.35% 4.23% Net Interest Margin, excl. CHF portfolio, YtD 4.43% 4
Slide 58: 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 Kamila Kałuża +48 501 533 050 kami