Mbank Sa · GPW:MBK
Mbank Sa — Debt Investor Presentation (November 2025)
75 slides from Mbank Sa's debt investor presentation, November 2025
Slide 1: mBank Group
mBank Group The most successful organic growth story in Poland Presentation for debt investors November 2025
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) IMPORTANT: You must read the following before continuing. The following applies to the materials contained in this presentation. You must read this disclaimer carefully before reading or accessing this presentation. In reading or accessing this presentation, you agree to be bound by
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 01 mBank Group in a snapshot 02 Macroeconomic and operating conditions 03 Characteristics of main 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 advancement and adaptability are key components o
Slide 7: mBank Group's Strategy for 2026-2030 is based on three pillars
mBank Group’s Strategy for 2026-2030 is based on three pillars 1 Lifecycle-based growth Grow along with our customers, adapt our value proposition to their lifecycle and address the mBank’s employees across life stage they are currently in. entire Group are the engine making the growth possible. 2 C
Slide 8: 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, if increased taxation of banks is implemented Excellent operating efficiency Active risk management Cost/income
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 at low level 20 12% 10 10% 0 8% -10 6% -20 4% -30 -40 2% Source: Statistics Poland Source: Statistics Poland -50 0% Jan.16 Jan.17 Jan.18 Jan.19 Jan.20 Jan.21 Jan.22 Jan.23 Ja
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% Jan.14 Jan.15 Jan.16 Jan.17 Jan.18 Jan.19 Jan.20 Jan.
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 2025 2022 2023 2024 2025F 2026F ▪ GDP growth in Poland is expected to reach 3.6% GDP growth (YoY) 5.3% 0.2% 3.0% 3.6% 4.2% in 2025, which should be a decent number without 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 3.5 Number of commercial banks 29 Loan to deposit ratio 67.9% as of 31.08.2025 PLN trillion as of 31.08.2015 as of 31.08.2025 Sector’s as
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 33.5 Net interest margin 3.2% Tier 1 capital ratio 20.2% cumulative for 8M 2025 PLN billion to average total assets, 8M 2025 as of 3
Slide 15: Characteristics of main business lines
Characteristics of main business lines
Slide 16: Overview of mBank's customer activity and process digitalisation
Overview of mBank’s customer activity and process digitalisation Users of mobile application Users of PFM functionalities Monthly active users (MAU) Corporate clients number of active users logging number of unique users, number of users performing number of customers serviced into every month, thou
Slide 17: 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 18: 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 Drop in 2024 due to CAGR 5,660 5,642 5,716 5,714 5,850 closing of inactive 0% +8% 5,514 accounts with arrear
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 14,2% 13,7% 13,7% 13,5% 13,8% in acti
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: 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 ▪ option to activate the app entirely digital onboarding process, with a QR code with no in-person contact and printouts required ▪ possibility to log
Slide 22: 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% K1 CAGR CAGR 36,123 37,375 annual sales +7% 33,025 34,546 2,482 over PLN 1 B +2
Slide 23: 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 with Morele.net, which is superior payment processing one of the largest market
Slide 24: Overview of financial results
Overview of financial results
Slide 25: Key highlights at mBank Group in 9M 2025
Key highlights at mBank Group in 9M 2025 Improving reported net profit amid strong financial performance Total revenues on the upward Best-in-class operating efficiency Reported net result doubled YoY trajectory, driven by rising net despite higher contributions to to the level of PLN 2.5 billion in
Slide 26: Key highlights at mBank Group in 9M 2025
Key highlights at mBank Group in 9M 2025 Well on track with strategic priorities set for 2025 Dynamic expansion of business Declining legal provisions for FX Strengthened capital base with volumes with credit portfolio mortgage loans amid reduced significant surplus over regulatory growing in both r
Slide 27: Summary of financial results in Q3 2025: Profit and Loss Account
Summary of financial results in Q3 2025: Profit and Loss Account PLN million Q3 2024 Q2 2025 Q3 2025 ∆ QoQ ∆ YoY Net interest income 2,571.4 2,497.2 2,461.3 -1.4% -4.3% Net fee and commission income 499.2 582.1 580.2 -0.3% +16.2% Net trading and other income 79.3 117.9 137.8 +16.9% +73.9% Total inco
Slide 28: Summary of financial results in Q3 2025: Balance Sheet
Summary of financial results in Q3 2025: Balance Sheet PLN million Q3 2024 Q2 2025 Q3 2025 ∆ QoQ ∆ YoY Total assets 238,574 256,176 261,538 +2.1% +9.6% Gross loans to customers 127,504 136,677 139,746 +2.2% +9.6% Individual client loans 69,700 74,120 76,860 +3.7% +10.3% Corporate client loans 1 53,6
Slide 29: New lending business
Results of mBank Group after Q3 2025 – New lending business Superb sales of mortgages, along with solid consumer and corporate credit origination 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 b
Slide 30: Loans to customers
Results of mBank Group after Q3 2025 – Loans to customers Faster-than-market growth of loan portfolio mainly driven by retail business segment Development of mBank Group’s gross loans Market shares in loans PLN million 30.09.2025, in Poland +9.6% +2.2% ∆ QoQ ∆ YoY HOUSEHOLDS total loans w/o FX 136,6
Slide 31: Customer deposits
Results of mBank Group after Q3 2025 – Customer deposits Dynamic expansion of deposit base fuelled by steady inflows to retail transactional accounts Development of mBank Group’s deposits Market shares in deposits PLN million 30.09.2025, in Poland +10.6% +4.0% ∆ QoQ ∆ YoY HOUSEHOLDS total deposits 2
Slide 32: Capital position
Results of mBank Group after Q3 2025 – Capital position Significant capital surplus over regulatory minima enabling further business expansion Own funds and their components Total risk exposure amount mBank Group’s capital ratios PLN million PLN million compared to regulatory requirement CET1 capita
Slide 33: Total income and margin
Results of mBank Group after Q3 2025 – Total income and margin Net interest income under some pressure due to rate cuts, while net fees stayed strong Development of mBank Group’s total income Development of net interest margin PLN million quarterly data, excluding impact of “credit holidays” +5.0% i
Slide 34: Total costs and efficiency
Results of mBank Group after Q3 2025 – Total costs and efficiency Excellent efficiency maintained despite increased marketing spending and amortisation Development of mBank Group’s operating costs Development of Cost/Income ratio PLN million quarterly data +15.0% 33.9% excluding +11.0% +X.X% 2,856.0
Slide 35: Credit losses and cost of risk
Results of mBank Group after Q3 2025 – Credit losses and cost of risk A normalization of risk costs along with a rise of credit provisions for the corporate exposures Net impairment losses and fair value change on loans Development of cost of risk PLN million quarterly data +22.1% Dynamics for the s
Slide 36: Loan portfolio quality
Results of mBank Group after Q3 2025 – Loan portfolio quality Good asset quality confirmed by risk metrics, NPL ratio supported by sale of impaired loans mBank Group’s impaired loans portfolio mBank Group’s NPL ratio PLN million NPL ratio 4.1% 4.1% 3.8% according to EBA -9.6% 3.5% 3.4% definition ha
Slide 37: Legal risk of CHF portfolio
Results of mBank Group after Q3 2025 – Legal risk of CHF portfolio Continued progress with settlements, declining number of new and pending court cases Settlements concluded by mBank New CHF-related court cases CHF loan contracts in court with CHF borrowers, cumulative number number of contracts ent
Slide 38: Legal risk of CHF portfolio
Results of mBank Group after Q3 2025 – 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 30.0
Slide 39: Net result and profitability
Results of mBank Group after Q3 2025 – Net result and profitability Reported net profit at already sound level, underpinned by the strength of core operations Development of mBank Group’s net profit Development of return on equity (ROE) PLN million quarterly data -0.7% 42.5% 36.1% 34.1% 4,279.2 4,25
Slide 40: Key take-aways after 9M 2025
Key take-aways after 9M 2025 We delivered: dynamic growth of loan portfolio (+9.6% YoY) and deposit base (+10.6% YoY) in both client segments, allowing for market share gains solid reported net profit and ROTE reaching 20%, thanks to strong revenues, excellent cost efficiency and contained credit lo
Slide 41: ESG goals and Green Bond Framework of mBank Group
ESG goals and Green Bond Framework of mBank Group
Slide 42: 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 43: 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 44: Funds to projects contributing to UN SDGs
We aim to channel funds to projects that contribute to the achievement of the UN SDGs and have a positive environmental impact We rely on the best market standards for the issuance of Green Bonds Framework based Second Party on the ICMA Opinion from Green Bond Sustainalytics Principles 2021 Proceeds
Slide 45: mBank S.A. Group Green Bond Framework
mBank S.A. Group Green Bond Framework Framework structured around four fundamental pillars outlined in the Green Bond Principles 2021 Project Evaluation Management Reporting & Use of proceeds & Selection of net proceeds External Review mBank allocates the net ▪ On-going asset evaluation ▪ The procee
Slide 46: Transaction summary and capital markets activities
Transaction summary and capital markets activities
Slide 47: mBank's recent successful activity on capital markets
mBank’s recent successful activity on capital markets Green Senior Preferred First ever Public Additional First ever Public EUR- Tier 1 Bond from Poland denominated Tier 2 from Poland ISIN XS2907137736 (Series 13) PLBRE0005227 XS3090129332 (Series 14) Issue amount EUR 500 million PLN 1,500 million E
Slide 48: mBank's Green Bond to support MREL build up
mBank’s Green Bond to support MREL build up in line with long-term capital strategy Proposed terms of transaction Issuer mBank S.A. Pre-issuance Certification by Climate Bonds Initiative Green Senior Non-Preferred Bonds Issue type mBank’s bond aligns with (MREL eligible) the Climate Bonds Expected i
Slide 49: Appendix
Appendix
Slide 50: 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 23.09.2025 Sustainability Science-based The Chief mBank aims to mBank is as a g
Slide 51: Net-zero ambition in Scope 1 and 2 by 2040
We maintain our ambition to achieve net-zero in Scope 1 and 2 by 2040 We aim to reduce Scope 1 and Scope 2 emissions by 42% till 2030 mBank’s progress in reducing direct and indirect emissions mBank’s Group GHG emissions since 2022 (Scope 1 and Scope 2) Electricity consumption Car fleet At least 80%
Slide 52: Transition Plan: sector-specific decarbonization targets
mBank’s Transition Plan turns strategic goals into concrete actions, sector-specific initiatives, and measurable decarbonization targets Achieving net-zero emissions in financed portfolio by 2050 Sector/Portfolio Metric Baseline Target Planned mLeasing 2022 2030 reduction This economic intensity pat
Slide 53: Comprehensive offer of sustainable products and finance
We provide a 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 co
Slide 54: 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 55: Codes, policies and internal procedures set out ESG standards
Codes, policies and internal procedures set out mBank’s ESG standards Click the link Click the link Scope of statement/ disclosure Scope of statement/ disclosure to view to view Credit Policy for Industries Relevant to EU Climate Responsibility Towards Compliance Policy, Fraud Prevention Policy, Ant
Slide 56: Embedding ESG factors across credit risk assessment
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 57: Use of Proceeds
Use of Proceeds Eligible Asset UN SDGs EU Taxonomy CBI’s Examples of financed projects Category Alignment activities Taxonomy 7.1, 7.2, 7.3, 7.4, 7.5, construction, renovation and acquisition of residential Green and commercial real estate, such as office, retail, 7.6, 7.7 Buildings logistics and ot
Slide 58: Climate Bonds Initiative's residential market proxy for Poland
Climate Bonds Initiative’s residential market proxy for Poland Residential buildings in Poland are automatically eligible for CBI certification if their Primary Energy Demand lies below the established Low Carbon Trajectory for the mid-point of the term of the bond Simplified eligibility proxy for r
Slide 59: EU Taxonomy Eligibility criteria – Top 15% approach
EU Taxonomy Eligibility criteria – Top 15% approach Residential buildings in Poland belong to Top 15% if technical condition is TC 2014 (or newer) or year of construction is 2014 (or newer) Main assumptions Polish residential buildings stock by year of ▪ Categorization of buildings based on the year
Slide 60: Management of Proceeds
Management of Proceeds mBank will insure that, at any time, the amount of allocated assets exceeds the aggregate notional amount of all outstanding Green Bonds Allocation under new green bond Eligible Assets Portfolio as of 30.09.2025 ▪ The total volume of Eligible Assets nominated under new ICMA El
Slide 61: Allocation and Impact Reporting
Allocation and Impact Reporting Eligible Assets Portfolio as of 30.09.2025 Impact Report as of 30.09.2025 For calculation of impact metrics only completed projects (in working phase) are taken into account. Total Portfolio Size EUR M 4,401 Number of Total exposure Share of Total Est. Avoided Emissio
Slide 62: Sustainalytics has positively updated Second Party Opinion
Sustainalytics has positively updated Second Party Opinion External Review ➢ Use of proceeds: The eligible categories for the use of proceeds are aligned with those recognized by the Green Bond Principles 2021. Sustainalytics considers that Update - September 2024 investments in the eligible categor
Slide 63: Track record of MREL-eligible green Notes issuances
mBank has a well-established track of MREL-eligible Notes issuances in green format Green Senior Non- Green Senior Non- Green Senior Preferred Notes (2021) Preferred Notes (2023) Preferred Notes (2024) ISIN XS2388876232 (Series 11) XS2680046021 (Series 12) XS2907137736 (Series 13) Issue amount EUR 5
Slide 64: 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 256.2 261.5 256.2 261.5 246.0 246.1 246.0 246.1 20.4 8% 238.6 28.3 29.3 11% 238.6 19.5 17.8 18.5 10.8 4% 24.6 15.3 11.1 3.6 1% 32.9 44.0
Slide 65: 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 30.09.2025 30.09.2025 Real estate 4.7% 0.1% Building industry 4.6% 0.7% Financial activities 4.5% 17.7% Professional activities 2.9% 11
Slide 66: Selected Financial Data – Funding profile
Selected Financial Data – Funding profile Structure of mBank Group’s funding Summary of mBank’s long-term funding instruments 30.09.2025 30.09.2025 (without covered bonds issued by mBank Hipoteczny) Nominal Issue Maturity Currency Tenor Coupon value date date Other Subordinated liabilities 4.5% NPS
Slide 67: Capital requirements and liquidity
Selected Financial Data – Capital requirements and liquidity Regulatory capital requirements for mBank Group 30.09.2025 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 +4.67 p
Slide 68: 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 +4.39 +4.35 24.05% 24.73% 23.19% 24.63% 23.84% 22.50% 23.10% 21.70% 22.81% 22.05% 19.45% 17.70% 4.09% 4.09% 15.36% 13.61% 09/24 12/24 03/25 0
Slide 69: 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 13.2% 13.5% +13% +23% +5% +16% 9,737 10,181 20,721 8,994 9,153 9,242 17,033 17,051 17,806 16,910 4,501 3,052 3,180 3,273 3,009 3,05
Slide 70: 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 +4% +26% +25% physical network: light +3% +3% +19% 10 branches financial 6 centres 22,609 22,914 23,610 14,323 14,818 92,489 11,778 74,279 77,769 12 mKiosks
Slide 71: 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 72: Consolidated Profit and Loss Account – quarterly
Consolidated Profit and Loss Account – quarterly Quarterly results (PLN thou.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net interest income 2 571,355 2,512,930 2,438,716 2,497,238 2,461,339 Net fee and commission income 499,244 497,286 503,086 582,143 580,150 Dividend income 4,944 146 468 7,561 345 N
Slide 73: Consolidated Statement of Financial Position – quarterly
Consolidated Statement of Financial Position – quarterly Assets (PLN thou.) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Cash and balances with Central Bank 25,893,176 36,680,926 16,722,455 20,796,566 21,972,629 Loans and advances to banks 17,503,613 9,738,457 18,791,826 19,280,968 20,540,865 Trading sec
Slide 74: mBank Group's financial ratios – quarterly and cumulatively
mBank Group’s financial ratios – quarterly and cumulatively Key financial ratios Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Interest Margin, quarterly 4.31% 4.27% 4.23% 4.12% 3.89% Net Interest Margin, YtD 4.37% 4.35% 4.23% 4.18% 4.08% Net Interest Margin, excl. CHF portfolio, YtD 4.43% 4.39% 4.29%
Slide 75: 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
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