Debt Investor presentation (mbank debt investor presentation november 2025)

The most successful organic growth story in Poland

Presentation for debt investors November 2025

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, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the EUWA; or (ii) a customer within the meaning of the provisions of FSMA and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

The offering of the Notes has not been registered with the Commissione Nazionale per le Società e la Borsa pursuant to Italian securities legislation. No offer, sale or delivery of the Notes or distribution of copies of this presentation or any other document relating to the Notes may be made in the Republic of Italy. The Notes will only be offered or sold, directly or indirectly, in France to qualified investors (investisseurs qualifiés) as defined in Article L.411-2 1° of the French Code monétaire et financier and this presentation or any other document relating to the Notes will only be distributed or caused to be distributed in France to such qualified investors.

This presentation has not been approved by the Commission de Surveillance du Secteur Financier or any other competent authority in the EEA. The recipients of this presentation are exclusively responsible for their own analyses and evaluations of the market and the market situation, as well as the financial position, results of operations and businesses of the Bank or its subsidiaries in the future, made on the basis of the information included herein. The information contained herein is for discussion purposes only and does not purport to contain all the information that may be required to evaluate the Bank or its financial position. Any offer, inducement or announcement to acquire, buy or sell the Notes must be made solely on the basis of the information contained in the Base Prospectus and the applicable Final Terms. None of the Bank, BNP Paribas, Citigroup Global Markets Europe AG, Commerzbank Aktiengesellschaft, J.P. Morgan SE, Banco Santander, S.A. (the "Managers"), nor any other person, is under any duty to update or inform you of any changes to such information. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Bank, the Managers or any of such persons' directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Bank, the Managers or any of such persons' members, directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.

Certain statements, beliefs and opinions in this presentation, including those related to the Notes, are forward-looking, which reflect the Bank's current expectations and projections about future events. These statements typically contain words such as "anticipate", "assume", "believe", "expect", "plan", "intend" and words of similar substance. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. 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. Neither the Bank nor any other person undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. No statement in this presentation is intended to be a profit forecast. This presentation contains information regarding the past performance of the Bank and its subsidiaries. Such performance may not be representative of the entire performance of the Bank and its subsidiaries. Past performance is neither a guide to future returns nor to the future performance of the Bank. The market information contained in this presentation has been based partially on third party data, as indicated herein, which may change and become obsolete, including in relation to future GDP, inflation and reference rate levels in Poland and other key economic indicators for Poland. Such information reflect projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the date thereof. In addition, certain representations made in this presentation may not constitute historical data - in particular, they may be projections based on current assumptions, taking into account known and unknown risks and a certain level of uncertainty. Actual results, achievements and future events may differ materially from those explicitly stated or implied herein. Under no circumstances should the information contained herein be construed as an express or implied representation or warranty of any kind on the part of the Bank and/or the Managers or any of their respective officers, employees or agents to update this presentation or provide any additional information to its recipients. At the same time, the Bank informs readers of this document that the only reliable source of data on financial results, forecasts, events and indicators concerning the Bank and its subsidiaries are current and periodic reports and other reports provided by the Bank, as part of its disclosure obligations under the relevant Polish law.

Certain data contained in this presentation may have been rounded. As a result of any such rounding, the totals of any data contained in this presentation may vary slightly from the arithmetic totals of such data. The Bank prepares its annual consolidated financial statements in accordance with IFRS and its condensed consolidated interim financial statements in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", in each case as adopted by the EU. This presentation contains certain data which the Bank considers to constitute alternative performance measures ("APMs"). APMs are not defined by, or presented in accordance with, IFRS. The APMs are not measurements of the Bank's operating performance under IFRS and should not be considered as alternatives to any measures of performance under IFRS or as measures of the Issuer's liquidity. Any APMs are not a substitute for IFRS measures and should only be considered alongside the financial statements.

A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Similar ratings for different types of issuers and on different types of securities do not necessarily mean the same thing. The significance of each rating should be analysed independently from any other rating.

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1. mBank Group in a snapshot

2. Macroeconomic and operating conditions

3. Characteristics of main business lines

4. Overview of financial results

5. ESG goals and Green Bond Framework of mBank Group

6. Transaction summary and capital markets activities

7. Appendix

Poland's 5th largest banking group by total assets, loans and deposits

Comprehensive offering across retail, SME, corporate and investment banking as well as other financial products and services such as leasing, factoring, brokerage, wealth management, investment funds, insurance, payment gateway and corporate finance

Proven ability to grow organically, evidenced by market shares of 8.1% in loans to non-financial sector and 8.9% in deposits in Poland

Serving more than 5.85 million retail clients in Poland, Czechia and Slovakia as well as 37.4 thousand corporate customers

Operating through branch-light model, complemented by

high-quality human assistance provided by premier contact center

Credit ratings: BBB+ by S&P and BBB by Fitch, both stable outlook

Note: All data as of 30.09.2025 or for 9M 2025 if not stated otherwise. Exchange rate used in translating financial data: 1 EUR = 4.2692 PLN.

Source: mBank Group's consolidated financial statements, mBank's internal data, calculation based on NBP's statistics.

sizable market player well-funded for growth

total assets loan-to-deposit ratio

€ 61 billion 63.7%

attractive margins

net interest margin

4.1%

excellent efficiency

cost/income ratio

30.4%

limited credit losses

cost of risk

0.52%

high profitability

return on tangible equity

20.1%

strong capital position

Tier 1 capital ratio

14.5%

resilient asset quality

NPL ratio

3.4%

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