Financial report (consolidated financial report of mbank sa group for q1 2026)

This document is a translation from the original Polish version. In case of any discrepancies between the Polish and English versions, the Polish version shall prevail.

The selected financial data presented below are supplementary information to the condensed consolidated financial statements of mBank S.A. Group for the first quarter of 2026 and to the condensed separate financial statements of mBank S.A. for the first quarter of 2026.

The following exchange rates were used in translating selected financial data into euro:

• for items of the statement of financial position - exchange rate announced by the National Bank of Poland as at 31 March 2026: EUR 1 = 4.2894 PLN, 31 December 2025: EUR 1 = 4.2267 PLN;

• for items of the income statement - exchange rate calculated as the arithmetic mean of exchange rates announced by the National Bank of Poland as at the end of each month of the first quarter of 2026 and 2025: EUR 1 = 4.2419 PLN and EUR 1 = 4.1848 PLN, respectively.

INTRODUCTION 7

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF

MBANK S.A. GROUP FOR THE FIRST QUARTER OF 2026 21

CONDENSED CONSOLIDATED INCOME STATEMENT 21

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 22

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 23

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 24

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 26

EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27

1. Information regarding the Group of mBank S.A 27

2. Information on relevant accounting policies 29

3. Major estimates and judgments made in connection with the application of accounting

   policy principles 34

4. Business segments 36

5. Net interest income 40

6. Net fee and commission income 41

7. Net trading income 42

8. Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss 42

9. Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss 42

10. Other operating income 43

11. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss 43

12. Overhead costs 44

13. Other operating expense 44

14. Earnings per share 45

15. Financial assets and liabilities held for trading and derivatives held for hedges 45

16. Non-trading financial assets mandatorily at fair value through profit or loss 47

17. Financial assets at fair value through other comprehensive income 48

18. Financial assets at amortised cost 50

19. Non-current assets and disposal groups classified as held for sale and liabilities held for sale 56

20. Intangible assets 56

21. Tangible assets 56

22. Other assets 57

23. Financial liabilities measured at amortised cost 57

24. Other liabilities 58

25. Provisions 59

26. Assets and liabilities for deferred income tax 61

27. Retained earnings 61

28. Other components of equity 62

29. Additional components of equity 62

30. Fair value of asset and liabilities 62

31. Legal risk related to mortgage and housing loans granted to individual customers indexed to CHF and other foreign currencies 70

SELECTED EXPLANATORY INFORMATION 74

1. Compliance with International Financial Reporting Standards 74

2. Consistency of accounting principles and calculation methods applied to the drafting of the quarterly report and the last annual financial statements 74

3. Seasonal or cyclical nature of the business 75

4. Nature and values of items affecting assets, liabilities, equity, net profit/loss or cash flows, which are extraordinary in terms of their nature, magnitude or exerted impact 75

5. Nature and amounts of changes in estimate values of items, which were presented in previous interim periods of the current reporting year, or changes of accounting estimates indicated in prior reporting years, if they bear a substantial impact upon the current interim period 75

6. Issues, redemption and repayment of non-equity and equity securities 75

7. Dividends paid (or declared) altogether or broken down by ordinary shares and other shares 75

8. Significant events after the end of the first quarter of 2026, which are not reflected in the financial statements 75

9. Effect of changes in the structure of the entity in the first quarter of 2026, including business combinations, acquisitions or disposal of subsidiaries, long-term investments, restructuring, and discontinuation of business activities 75

10. Changes in contingent liabilities and commitments 76

11. Write-offs of the value of inventories down to net realisable value and reversals of such write-offs 76

12. Revaluation write-offs on account of impairment of tangible fixed assets, intangible assets, or other assets as well as reversals of such write-offs 76

13. Revaluation write-offs on account of impairment of financial assets 76

14. Reversals of provisions against restructuring costs 76

15. Acquisitions and disposals of tangible fixed asset items 76

16. Material liabilities assumed on account of acquisition of tangible fixed assets 76

17. Information about changing the process (method) of measurement the fair value of financial instruments 76

18. Changes in the classification of financial assets due to changes of purpose or use of these assets 76

19. Corrections of errors from previous reporting periods 76

20. Information on changes in the economic situation and operating conditions that have a significant impact on the fair value of financial assets and financial liabilities of the entity, regardless of whether these assets and liabilities are included in the fair value or in the adjusted purchase price (amortised cost) 76

21. Default or infringement of a loan agreement or failure to initiate composition proceedings 76

22. Position of the management on the probability of performance of previously published profit/loss forecasts for the year in light of the results presented in the quarterly report compared

    to the forecast 76

23. Registered share capital 77

24. Material share packages 77

25. Change in Bank shares and rights to shares held by managers and supervisors 78

26. Contingent liabilities 78

27. Off-balance sheet liabilities 83

28. Transactions with related entities 83

29. Credit and loan guarantees, other guarantees granted of significant value 84

30. Other information which the issuer deems necessary to assess its human resources, assets, financial position, financial performance and their changes as well as information relevant to an assessment of

    the issuer's capacity to meet its liabilities 84

31. Factors affecting the results in the coming quarter 84

32. Other information 85

33. Events after the balance sheet date 85

CONDENSED SEPARATE FINANCIAL STATEMENT OF MBANK S.A.

FOR THE FIRST QUARTER OF 2026 86

CONDENSED SEPARATE INCOME STATEMENT 86

CONDENSED SEPARATE STATEMENT OF COMPREHENSIVE INCOME 87

CONDENSED SEPARATE STATEMENT OF FINANCIAL POSITION 88

CONDENSED SEPARATE STATEMENT OF CHANGES IN EQUITY 89

CONDENSED SEPARATE STATEMENT OF CASH FLOW 91

EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS 92

1. Description of relevant accounting policies 92

2. Major estimates and judgments made in connection with the application of accounting

policy principles 95

SELECTED EXPLANATORY INFORMATION 97

1. Compliance with International Financial Reporting Standards 97

2. Consistency of accounting principles and calculation methods applied to the drafting of the quarterly report and the last annual financial statements 97

3. Seasonal or cyclical nature of the business 97

4. Nature and values of items affecting assets, liabilities, equity, net profit or cash flows, which are extraordinary in terms of their nature, magnitude or exerted impact 97

5. Nature and amounts of changes in estimate values of items, which were presented in previous interim periods of the current reporting year, or changes of accounting estimates indicated in prior reporting years, if they bear a substantial impact upon the current interim period 97

6. Issues, redemption and repayment of non-equity and equity securities 97

7. Dividends paid (or declared) altogether or broken down by ordinary shares and other shares 97

8. Income and profit by business segments 98

9. Significant events after the end of the first quarter of 2026, which are not reflected in the financial statements 98

10. Effect of changes in the structure of the entity in the first quarter of 2026, including business combinations, acquisitions or disposal of subsidiaries, long-term investments, restructuring, and discontinuation of business activities 98

11. Changes in contingent liabilities and commitments 98

12. Write-offs of the value of inventories down to net realisable value and reversals of such write-offs 98

13. Revaluation write-offs on account of impairment of tangible fixed assets, intangible assets, or other assets as well as reversals of such write-offs 98

14. Revaluation write-offs on account of impairment of financial assets 98

15. Reversals of provisions against restructuring costs 98

16. Acquisitions and disposals of tangible fixed asset items 98

17. Material liabilities assumed on account of acquisition of tangible fixed assets 98

18. Information about changing the process (method) of measurement the fair value of financial instruments 98

19. Changes in the classification of financial assets due to changes of purpose or use of these assets 99

20. Corrections of errors from previous reporting periods 99

21. Information on changes in the economic situation and operating conditions that have a significant impact on the fair value of financial assets and financial liabilities of the entity, regardless of whether these assets and liabilities are included in the fair value or in the adjusted purchase price (amortised cost) 99

22. Default or infringement of a loan agreement or failure to initiate composition proceedings 99

23. Position of the management on the probability of performance of previously published profit/loss forecasts for the year in light of the results presented in the quarterly report compared

    to the forecast 99

24. Registered share capital 99

25. Material share packages 100

26. Earnings per share 100

27. Proceedings before a court, arbitration body or public administration authority 100

28. Legal risk related to mortgage and housing loans granted to individual customers indexed to CHF and other foreign currencies 100

29. Off-balance sheet liabilities 100

30. Transactions with related entities 101

31. Credit and loan guarantees, other guarantees granted of significant value 101

32. Fair value of assets and liabilities 101

33. Other information which the issuer deems necessary to assess its human resources, assets, financial position, financial performance and their changes as well as information relevant to an assessment of

    the issuer's capacity to meet its liabilities 108

34. Factors affecting the results in the coming quarter 109

35. Other information 109

36. Events after the balance sheet date 110

mBank Group achieved very strong operational and financial results in Q1 2026. During the period under review, mBank Group recorded a profit before tax of PLN 1 528 million, while the net profit attributable to owners of mBank amounted to PLN 953 million. The reported net ROE reached 17.5%, while the net ROTE stood at 20.5%.

The main factors determining the mBank Group's results in Q1 2026 were as follows:

• Moderate increase of total income compared to the previous quarter (PLN 3 094 million, i.e.

  +1.1%),

• Higher operating costs (including depreciation) on a quarterly basis at the level of PLN 1 174 million, mainly driven by the recognition of an annual contribution to the resolution fund of the Bank Guarantee Fund,

• Cost of risk at the level of PLN 104 million, i.e. 30 basis points,

• Costs of legal risk related to foreign currency loans at the level of PLN 73 million, significantly below the level of the previous quarter,

• Taxes on the Group's balance sheet items amounting to PLN 215 million,

• Continued organic growth and business expansion manifested in:

  • Increase in the retail customer base to 5 969 thousand customers (+73 thousand customers compared to the end of 2025),

  • Increase in the number of corporate customers to 38 023 customers (+472 customers compared to the end of 2025).

At the end of March 2026, net loans and advances amounted to PLN 142 141 million, which was higher compared to the end of 2025 by PLN 8 924 million, i.e. 6.7%. The value of gross loans granted to individual clients increased to PLN 80 744 million, i.e. by PLN 2 217 million, i.e. 2.8% quarter on quarter. The volume of gross loans granted to corporate clients increased compared to the end of 2025 by PLN 6 640 million,

i.e. 11.4%, and amounted to PLN 64 761 million.

In Q1 2026 amounts due to customers increased compared to the end of 2025 by PLN 7 952 million or 3.5% to PLN 237 097 million. Amounts due to individual customers grew by PLN 6 421 million or +3.9% quarter on quarter and stood at PLN 171 233 million at the end of March 2026. Amounts due to corporate customers increased by PLN 1 009 million or 1.6% compared to the end of 2025 and reached PLN 64 234 million.

As a consequence loan-to-deposit ratio increased to 60.0% compared to 58.1% at the end of 2025.

The Total Capital Ratio for the Group stood at 16.0% at the end of March 2026, the Tier I capital ratio amounted to 14.1% and CET 1 capital ratio reached 13.0%. In Q1 2026, an increase in the total risk exposure amount was observed. At the same time, the surplus over the Polish Financial Supervision Authority (PFSA) capital requirements amounted to 3.9 p.p. for the Total Capital Ratio, 4.1 p.p. for the Tier 1 capital ratio and 4.5 p.p. for the CET 1 ratio. In accordance with the resolution of the Ordinary General Meeting regarding the distribution of profit earned in 2025, the Bank and the Group have retrospectively included the net profit achieved in Q4 2025 into its own funds.

Awards and distinctions received in Q1 2026

mBank was among the top winners of the prestigious Golden Banker 2026 ranking organised by Bankier.pl and Puls Biznesu. The bank received gold awards in the Premium Account and Social Media categories, second prizes for Personal Account and Product with a Mission (for the "Enable transaction block" feature), as well as a distinction in the Bank with a Mission category. The distinctions underscore mBank's strong position in key areas, ranging from everyday banking and its premium proposition, through modern social media communication, to purpose-driven initiatives and innovative solutions that enhance customer safety

Brokerage Bureau of mBank was awarded the title of Brokerage Bureau of the Year 2025 in the prestigious "Bulls and Bears" competition organised by the editorial team of Parkiet. The jury recognised initiatives aimed at lowering barriers to entry to the capital market, including the permanent removal of transaction fees on hundreds of ETFs available within IKE (Individual Pension Account) and IKZE (Individual Pension Security Account) accounts, as well as the consistent simplification of investing and the development of educational and technological solutions.

The mBank Visa Travel Card received the Cashless Pay 2025 title in a readers' poll organised by cashless.pl, which recognises the most innovative payment projects of the year. The award was granted for a simple and transparent foreign payments offer, including no currency conversion fees, settlements at Visa exchange rates (also on weekends) and free cash withdrawals from cash machines abroad.

In the "Power of Transformation" competition organised by Puls Biznesu in cooperation with E.ON Polska, mBank received a distinction in the category Energy and Climate Transformation Strategy - Large Enterprises, Services Sector. The jury appreciated mBank's long-term approach to energy transformation as an integral part of its business strategy, supporting operational efficiency, the achievement of ESG objectives and organisational resilience in a changing economic environment.

For the New Intranet project, mBank received a distinction in the "Power of Attraction" competition organised by Puls Biznesu. The jury highlighted the participatory implementation model and the successful transformation of the existing tool into a modern digital workplace, co-created by hundreds of employees and supporting organisational culture.

Thanks to the "Stories with Long Tenure" campaign, mBank took third place in the "Recruitment Leaders" competition organised by OLX Praca. The jury recognised the authentic employer branding approach, based on employees' real experiences, and communication emphasising stability, wellbeing and long-term career development opportunities within the organisation.

Economy and the banking sector in Q1 2026

The first quarter of 2026 was marked by moderate inflationary pressure. On average, inflation amounted to approximately 2.4% during the quarter and increased to 3.0% y/y by the end of March. At the beginning of the quarter, inflation was restrained by lower fuel prices as well as the partial impact of base effects. The outbreak of war in Iran triggered a shock in the crude oil market and led to an increase in fuel prices. In the second quarter, the Bank expects inflation to remain stable at around 3.0% y/y. A major risk, however, remains a potential escalation of the conflict in the Middle East, which could further drive up energy and fuel prices.

The domestic economy entered 2026 with solid growth - GDP increased by 4.0% in the fourth quarter of 2025. Consumption is currently the main driver of growth, although the contribution of investment is rising. In this comparison, net exports remain weaker due to muted external demand. Economic growth in 2026 will be supported by domestic demand and the use of EU funds. Household consumption remains resilient, investments are increasing, while the external sector has yet to provide clear support. For the whole of 2026, the Bank forecasts GDP growth of 3.7%.

At the beginning of the year, Polish Monetary Policy Council kept the reference rate unchanged at 4.00% until March, when it was cut to 3.75%. In the Bank's assessment, following the March cut, interest rates are expected to remain stable over the remainder of the year.

The Polish zloty was marked by heightened volatility and depreciated over the quarter as a whole, particularly against the US dollar. The EUR/PLN exchange rate rose by nearly 1.5%, while USD/PLN increased by almost 4%. The main drivers of zloty movements were higher global risk aversion, a stronger US dollar, and geopolitical tensions in the Middle East, further amplified by the March interest rate cut. If elevated geopolitical uncertainty and volatility in energy prices persist, these factors may continue to weigh on the zloty.

Yields on domestic Treasury bonds increased in the first quarter, with the yield on 10-year bonds rising by around 70 basis points. The rise in inflation expectations, a higher risk premium following the energy shock, and geopolitical tensions were also the key factors behind market movements. Credit spreads, including asset swap spread, widened in March.

In the coming months, the Bank expects moderate growth in household deposits, more volatile developments in corporate deposits, and a gradual increase in lending to both sectors. At the beginning of 2026, household deposits continued to grow, while growth in corporate deposits was weaker. At the same time, the NBP credit survey indicated at an easing of lending criteria for companies and an expected increase in demand for all types of loans. This should be supported by lower interest rates and increased competitiveness among banks.

Financial position of mBank Group in Q1 2026 Profit and Loss Account of mBank Group

mBank Group's profit before tax in Q1 2026 amounted to PLN 1 528 million, while net profit attributable to owners of mBank stood at PLN 953 million.

Q1 2026

3 564

3 437

Change in PLN million

-127

Change in %

Interest income

-3.6%

Interest expense

-1 082

-1 046

36

-3.3%

Net interest income

2 482

2 391

-91

-3.7%

Fee and commission income

Fee and commission expense

890

-347

892

-316

2

31

0.2%

-8.9%

Net fee and commission income

543

Dividend income Net trading income Other income

Other operating income

0

-16

40

81

576

2 967

0

83

52

65

33

-58

0

99

12

-16

6.1%

-1.9%

-

+/-30.0%

-19.8%

Other operating expenses

-71

-73

3 094

-2

35

2.8%

1.1%

Net impairment losses and fair value change on loans and advances

Costs of legal risk related to foreign currency loans

Overhead costs and depreciation

-258

-104

154

-59.7%

-379

-1 012

Taxes on the Group balance sheet items

-205

Income tax expense

-164

- non-controlling interests

0

-73

-1 174

1 743

-215

1 528

-575

953

953

0

306

-162

333

-10

323

-411

-88

-88

0

-80.7%

16.0%

23.6%

4.9%

26.8%

250.6%

-8.5%

-8.5%

-

ROA net

1.5%

1.4%

ROE net

ROTE net

19.5%

22.6%

17.5%

20.5%

Cost / Income ratio Net interest margin

Common Equity Tier I ratio

33.1%

3.7%

14.2%1

37.9%

3.5%

13.0%

Tier I capital ratio

Total capital ratio

15.4%1

17.4%1

14.1%

16.0%

1 041

1 041

Net profit/loss

- attributable to owners of mBank S.A.

1 205

Profit/Loss before income tax

1 410

Operating profit or loss

Total income 3 059

Core income 3 025

PLN million Q4 2025

1 Capital ratios recalculated taking into account the retrospective inclusion of the net profit in own funds (after the decision of the Ordinary General Meeting).

Core income - calculated as the sum of net interest income and net fee and commission income.

Other income - calculated as gains or losses from derecognition of financial assets and liabilities not measured at fair value through profit or loss and gains or losses from non-trading equity and debt securities mandatorily measured at fair value through profit or loss.

Total income - calculated as the sum of net interest income, net fee and commission income, dividend income, net trading income, other income, other operating income and other operating expenses.

Overhead costs and depreciation - calculated as the sum of total overhead costs and depreciation.

Net impairment losses and fair value change on loans and advances - calculated as the sum of impairment or reversal of impairment on financial assets not measured at fair value through profit or loss and gains or losses from non-trading loans and advances mandatorily measured at fair value through profit or loss.

Net ROA - calculated by dividing net profit/loss attributable to the owners of mBank by the average total assets. The average total assets are calculated on the basis of the balances as at the end of each month. Net profit/loss attributable to the owners of mBank is annualised based on the number of days in the analysed period (the annualisation ratio is calculated as the quotient of the number of days in a year and the number of days in the analysed period).

Net ROE - calculated by dividing net profit/loss attributable to the owners of mBank by the average equity (net of the year's results). The average equity is calculated on the basis of the balances as at the end of each month. Net profit/loss attributable to the owners of mBank is annualised based on the number of days in the analysed period (the annualisation ratio is calculated as the quotient of the number of days in a year and the number of days in the analysed period).

Net ROTE- calculated by dividing net profit/loss attributable to Owners of the Bank deducted by the coupon on AT1 bonds by the average tangible equity. The tangible equity is total equity deducted by planned dividend for the current year, intangible assets (including goodwill) and by AT1 instruments. The average tangible equity is calculated on the basis of the balances as at the end of each month. Net profit/loss attributable to the Owners of the Bank deducted by the AT1 coupon is annualised based on the number of days in the analysed period (the annualisation ratio is calculated as the quotient of the number of days in a year and the number of days in the analysed period).

Cost/Income ratio - calculated by dividing overhead costs and depreciation by total income (excluding tax on balance sheet items of the Group).

Net interest margin - calculated by dividing net interest income by average interest earning assets. To calculate the margin, net interest income was calculated excluding the result from the non-substantial modification. Interest earning assets are the sum of cash and cash equivalents, loans and advances to banks, debt securities (in all valuation methods) and loans and advances to clients (net; in all valuation methods). The average interest earning assets are calculated on the basis of the balances as at the end of each month. Net interest income is annualised based on the number of days in the analysed period (the annualisation ratio is calculated as the quotien t of the number of days in a year and the number of days in the analysed period).

Income of mBank Group

The total income of mBank Group amounted to PLN 3 094 million in Q1 2026, which represents a slight increase of 1.1% compared to Q4 2025.

The main source of income of mBank Group in Q1 2026 was net interest income, which stood at PLN 2 391 million and decreased by 3.7% quarter on quarter.

Interest income was lower by PLN 127 million, i.e. 3.6% compared to the previous quarter. Income on loans and advances decreased by PLN 142 million, i.e. 5.8% compared to the previous quarter, mainly driven by the reduction of interest rates by the Polish Monetary Policy Council (MPC) by a total of 200 bps since the beginning of 2025 to 3.75%. Income from investment securities increased by PLN 47 million, reflecting the growth in the value of this portfolio.

Interest expenses decreased by PLN 36 million, i.e. 3.3% compared to the previous quarter, mainly due to lower interest expenses on derivatives and lower deposit costs.

Net interest margin at mBank Group decreased on a quarterly basis and amounted to 3.5% in Q1 2026, compared to 3.7% in the previous quarter.

The second largest income line was net fee and commission income, which increased compared to the previous quarter by PLN 33 million, i.e. 6.1%, and amounted to PLN 576 million.

Fee and commission income remained stable on a quarterly basis, increasing by PLN 2 million, i.e. 0.2%. The largest increase was recorded in fees from brokerage activity and debt securities issue which rose by PLN 20 million, i.e. 44.4%, while payment cards-related fees decreased by PLN 19 million, i.e. 8.9%.

Fee and commission expenses in Q1 2026 decreased on a quarterly basis by PLN 31 million, i.e. 8.9%.

Net trading income increased compared to Q4 2025 by PLN 99 million, driven by higher gains on hedge accounting and a higher foreign exchange result, and amounted to PLN 83 million.

Other income (item containing gains or losses from derecognition of financial assets and liabilities not measured at fair value through profit or loss as well as gains or losses from equity instruments and debt securities not held for trading mandatorily measured at fair value through profit or loss) amounted to PLN 52 million, mainly driven by the revaluation of companies in which mBank holds shares, primarily PSP S.A.

The balance of other operating income/expenses amounted to PLN -8 million and decreased compared to Q4 2025.

Costs of mBank Group

In Q1 2026, mBank Group continued its efforts to further increase efficiency, measured by the cost-to-income ratio. Total overhead costs of mBank Group (including depreciation) amounted to PLN 1 174.0 million and increased compared to the previous quarter by PLN 162 million, i.e. 16.0%. Cost efficiency measured by the cost-to-income ratio stood at 37.9%, while the normalised cost-to-income ratio amounted to 30.8%.

In Q1 2026, staff-related expenses decreased on a quarterly basis. During the period under review, employment increased by 52 FTEs.

Material costs in Q1 2026 were lower by PLN 79 million, i.e. 25.4% on a quarterly basis, mainly due to lower marketing costs and consulting costs.

The annual contribution to the resolution fund of mBank Group amounted to PLN 294 million. Depreciation decreased by PLN 19 million, i.e. 10.8% compared to the previous quarter.

Cost efficiency measured by the cost-to-income ratio amounted to 37.9% in Q1 2026, compared to 33.1% in Q4 2025. The normalised cost-to-income ratio in Q1 2026 (including ¼ of the contribution to the Bank Guarantee Fund's resolution fund) stood at 30.8%, compared to 34.6% in the previous quarter.

Net impairment losses and fair value change on loans and advances

In Q1 2026, net impairment and fair value change on loans and advances of mBank Group (calculated as the sum of two items: impairment or reversal of impairment on financial assets not measured at fair value through profit or loss and gains or losses on non-trading loans and advances mandatorily measured at fair value through profit or loss) amounted to PLN -104 million. Compared to the previous quarter, it was lower by PLN 154 million, i.e. 59.7%.

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss is related to the part of the loan and advance portfolio measured at amortised cost. The item "gains or losses on non-trading loans and advances mandatorily measured at fair value through profit or loss" is related to the credit risk of the loan and advance portfolio measured using this method.

Impairment and change in the fair value of loans and advances in the Retail Banking segment decreased on a quarterly basis by PLN 21 million and amounted to PLN -95 million. The lower cost of risk resulted from the stable quality of the loan portfolio and the positive impact of the sale of a non-performing loan portfolio.

Impairment and change in the fair value of loans and advances in the Corporate and Investment Banking segment decreased by PLN 130 million compared to the previous quarter and amounted to PLN -6 million. The decrease in the cost of risk was primarily driven by the release of provisions on several corporate clients from CRE sector, while the quality of the corporate portfolio remains at a stable level.

Cost of legal risk related to foreign currency loans

Cost of legal risk related to foreign currency loans in Q1 2026 amounted to PLN 73.0 million. These costs result mainly from the update of model parameters. More information about the method of calculating legal risk costs is provided in Note 31 to this report.

Consolidated statement of financial position

The balance sheet total of mBank Group stood at PLN 290 547 million at the end of March 2026 and was higher by 3.7% compared with the end of 2025. The key drivers of the dynamic on the asset side were increase of volumes of loans and advances to banks, investment securities, and loans and advances to customers, while cash and cash equivalents decreased. On the total liabilities and equity side, the key driver was higher amounts due to customers. On an annual basis the balance sheet total of mBank Group rose by 18.1%.

The table below presents changes in particular items of mBank Group assets.

Assets of mBank Group

Net loans and advances to clients - sum of loans and advances at amortised cost, non-trading loans and advances to customers mandatorily at fair value through profit or loss and loans and advances classified as assets held for trading.

Investment securities - sum of financial assets at fair value through other comprehensive income, debt securities at amortised cost and non-trading debt securities and equity instruments mandatorily at fair value through profit or loss.

Other assets - the sum of fair value changes of the hedged items in portfolio hedge of interest rate risk, non-current assets and disposal groups classified as held for sale, current income tax assets, deferred income tax assets and other assets.

At the end of Q1 2026, net loans and advances to customers were the largest asset category of mBank Group. Their share in total assets increased to 48.9% compared with 47.5% at the end of 2025 and decreased compared to 51.9% at the end of Q1 2025. The volume of net loans and advances to customers (a total of loans and advances measured at amortized cost, loans and advances mandatorily measured at fair value through profit or loss, and loans and advances classified as assets held for trading) amounted to PLN 142 141 million at the end of Q1 2026, and was higher by PLN 8 924 million or 6.7% compared with end of 2025, and compared with Q1 2025 it rose by PLN 14 326 million, i.e. 11.2%. The key driver of the dynamics on a quarterly basis was the increase in the volume of loans to corporate entities. In annual terms, the key driver of the dynamics of net loans and advances was the volume of loans to individuals.

Gross loans to corporate entities increased on a quarterly basis to PLN 64 761 million, i.e. by PLN 6 640 million or by 11.4% quarter on quarter. On an annual basis, loans to corporate entities increased by PLN 5 016 million or by 8.4% year on year. Net of reverse repo/buy-sell-back transactions and the FX effect, loans and advances to corporate entities increased by 4.4% quarter on quarter and by 7.0% on annual basis.

The sales of loans to corporate entities decreased by 13.9% quarter on quarter and 7.2% year on year and amounted to PLN 11 852 million in the first quarter (including new sales, limit increases, and renewals). Sale of loans to K2 client segment was the largest. The highest demand was observed in structured finance.

The volume of gross loans to individuals increased against the end of 2025 by PLN 2 217 million, i.e. 2.8% and amounted to PLN 80 744 million. In annual terms, the volume of loans to individuals increased by PLN 9 199 million, i.e. 12.9%. Gross mortgage and housing loans to individuals increased by 3.2% compared to the previous quarter, and by 15.6% year on year. The dynamics was positively impacted by significantly higher volume of mortgage loan sales and negatively by the update of cash flow estimates related to CHF mortgage loans and the reduction of their gross carrying amount in accordance with IFRS 9, depreciation of Polish zloty against Czech koruna, in which part of mBank's retail loan portfolio is denominated, and sale of part of a non-performing portfolio.

Net of FX effect, loans to individuals increased by 2.7% quarter on quarter and by 12.3% year on year. Excluding the FX Mortgage Loans segment and FX effect, loans to individuals increased by 2.9% quarter on quarter and by 13.5% year on year.

In Q1 2026, mBank Group sold PLN 4 542 million of mortgage loans. The volume of mortgage loan sales increased by 15.9% quarter on quarter and by 82.5% year on year. The increase in the volume of new mortgage loan sales was generated both by mBank in Poland and by mBank's foreign branches. The year on year increase in mortgage loan sales by mBank Group in Poland amounted to 70.4%. The foreign branches recorded a significant acceleration of mortgage loan sales, with sales increasing more than threefold year on year. The decline in interest rates of National Bank of Poland, European Central Bank and Czech National Bank translated into more attractive interest rates on loans offered by mBank in all three markets.

The sales of non-mortgage loans in Q1 2026 reached PLN 3 689 million, representing an increase by 9.0% compared with Q4 2025 and an increase by 9.2% compared with Q1 2025. Increase of sales of non-mortgage loans was noted in Poland (9.0% quarter to quarter) and in foreign branches (9.1% quarter to quarter) on quarterly basis. On annual basis, the increase of volume of sales of non-mortgage loans was generated by mBank in Poland.

At the end of Q1 2026, gross loans and advances to the public sector amounted to PLN 158 million, i.e. an increase by PLN 34 million, or by 27.4% quarter on quarter, and on annual basis increase by PLN 15 million or 10.5%.

Investment securities were the second largest asset category at the end of Q1 2026. They stood at PLN 90 672 million. On a quarterly basis, investment securities increased by PLN 9 242 million, i.e. 11.3%. In annual terms investment securities increased by PLN 18 524 million, i.e. 25.7%, as a result of, among others, allocation of liquidity surpluses into securities, with particular emphasis on treasury bonds. Investment securities accounted for 31.2% of total assets at the end of Q1 2026, compared with 29.1% at the end of 2025 and 29.3% at the end of Q1 2025.

Cash and cash equivalents amounted to PLN 23 537 million at the end of the first quarter of 2026, down by PLN 16 944 million, i.e. -41.9% quarter on quarter, and up by PLN 6 815 million, i.e. 40.8% year on year. On the quarterly basis, the position was negatively impacted by a decline in short-term overnight deposits. On annual basis the position was positively impacted by an increase in the volume of funds held in current accounts at central banks.

Loans and advances to banks amounted to PLN 22 983 million, up by PLN 9 790 million, i.e. 74.2% quarter on quarter and by PLN 4 191 million, i.e. 22.3% year on year. The growth was mainly driven by an increase in the value of reverse repo / buy-sell back transactions.

Securities held for trading and derivative instruments amounted to PLN 3 293 million. Compared to the end of 2025, their value decreased by PLN 987 million, i.e. -23.1%, while in annual terms it increased by PLN 561 million, i.e. 20.5%. The quarterly decline was mainly due to a decrease in the value of debt securities issued by government and local government institutions. The year on year increase was driven by a rise in derivative instruments and the value of debt securities issued by general governments.

mBank Group's total liabilities and equity

Changes in the Group's liabilities and equity are presented in the table below:

Other liabilities - the sum of financial liabilities held for trading and derivatives held for hedges, lease liabilities measured at amortised cost, fair value changes of the hedged items in portfolio hedge of interest rate risk, liabilities held for sale, provisions, current income tax liabilities, deferred income tax liabilities and other liabilities.

In Q1 2026, amounts due to customers, constituting mBank Group's principal source of funding, increased by PLN 7 952 million, i.e. 3.5% compared to the end of 2025, reaching PLN 237 097 million. Both in quarterly and annual terms, the volume of amounts due to customers increased across all three segments: individual clients, corporate clients, and public sector clients. On annual basis, amounts due to customers rose by PLN 36 480 million, i.e. 18.2%. The share of amounts due to customers in total liabilities and equity amounted to 81.6%, which is lower than at the end of 2025 (81.8%). Against end of the first quarter of 2025 (81.5%) it was higher.

Amounts due to individual customers increased by PLN 6 421 million, i.e. 3.9% quarter on quarter, reaching PLN 171 233 million at the end of Q1 2026. On an annual basis, amounts due to individual customers rose by PLN 26 832 million, i.e. 18.6%. Compared to the end of 2025, funds in current accounts increased by PLN 6 846 million (i.e. 4.9%), while term deposits noted a decrease of PLN 426 million (i.e. -1.8%). On annual basis, funds in current accounts grew by PLN 28 254 million (i.e. 23.7%), and term deposits decreased by PLN 1 387 million (i.e. -5.6%).

In Q1 2026, amounts due to corporate customers increased by PLN 1 009 million, i.e. 1.6%, reaching PLN 64 234 million. Compared to the end of Q1 2025, amounts due to corporate customers rose by PLN 8 893 million, i.e. 16.1%. On a quarterly basis, the Bank recorded a decrease in funds held in current accounts by PLN 2 669 million, i.e. -5.6% and increase of term deposits by PLN 3 297 million, i.e. 24.3%. On an annual basis, the Bank noted increase in both current account balances (+PLN 4 171 million;

+10.2%), and term deposits (+PLN 4 425 million; +35.6%).

Amounts due to public sector customers amounted to PLN 1 630 million at the end of Q1 2026. Compared to the end of 2025, their value increased by PLN 522 million, i.e. 47.1%, and in annual terms, the volume of amounts due to public sector customers rose by PLN 755 million, i.e. 86.3%.

Another significant liabilities and equity category of the mBank Group (4.7%) comprised liabilities from debt securities in issue. On a quarterly basis, these liabilities increased by PLN 157 million, i.e. 1.2%, to PLN 13 768 million. On a year-on-year basis, liabilities from debt securities in issue rose by PLN 3 040 million, i.e. 28.3%. This increase was driven primarily by mBank's issuance of a new series of green bonds under the EMTN programme with a nominal value of EUR 500 million, the issuance of CLN bonds with a nominal value of PLN 831 million as part of another securitisation transaction, as well as the roll-over of covered bond issuances by mBank Hipoteczny with a total nominal value of PLN 1 500 million.

Amounts due to other banks amounted to PLN 2 294 million at the end of the first quarter of 2026. The share of amounts due to other banks in total liabilities and equity of the mBank Group was 0.8% at the end of Q1 2026, compared to 0.9% at the end of 2025 and 1.2% at the end of Q1 2025. Compared to the end of 2025, these liabilities decreased by PLN 140 million, i.e. -5.8%. Compared to the end of the first quarter of 2025, they declined by PLN 675 million, i.e. -22.7%. The decrease on the annual basis resulted mainly from partial repayment of received loans and advances.

Subordinated liabilities amounted to PLN 3 470 million, up by PLN 66 million (i.e. 1.9%) quarter on quarter and by PLN 1 595 million (i.e. 85.1%) year on year. The amount was positively impacted by the issuance of Tier 2 subordinated bonds denominated in euro, amounting to EUR 400 million.

Total equity amounted to PLN 22 329 million at the end of the first quarter of 2026, representing an increase of 4.3% compared to the end of 2025 and an increase of 20.4% compared to the end of the first quarter of 2025. The share of equity in total liabilities and equity of the mBank Group rose to 7.7%, compared to

7.6% at the end of 2025 and 7.5% at the end of Q1 2025. The increase in equity was primarily driven by a rise in retained earnings of PLN 957 million (i.e. 5.9%) quarter on quarter and PLN 3 649 million (i.e. 26.8%) year on year.

Quality of the loan portfolio of mBank Group

As at 31 March 2026, the amount of non-performing receivables decreased by 4.4% compared with end of 2025. At the same time, performing receivables increased by 6.4% quarter on quarter. The NPL ratio remained at the same level against end of 2025 and amounted to 3.4%.

The coverage ratio of non-performing receivables decreased on a quarterly basis and amounted to 47.6%. The coverage ratio of non-performing receivables including impairment of performing loans decreased compared to the end of 2025 and amounted to 71.6%.

Impairment of non-performing receivables - accumulated impairment of loans and advances at amortised cost with impairment (Stage 3 and POCI) and fair value change of loans and advances mandatorily at fair value through profit or loss in default.

Impairment of performing receivables - accumulated impairment of loans and advances at amortised cost without impairment (Stage 1 and 2) and fair value change of non-default loans and advances mandatorily at fair value through profit or loss.

Non-performing receivables - loans and advances at amortised cost with impairment (Stage 3 and POCI) and loans and advances mandatorily at fair value through profit or loss in default.

Performing receivables - loans and advances at amortised cost without impairment (Stage 1 and 2) and non-default loans and advances mandatorily at fair value through profit or loss.

NPL ratio - loans and advances at amortised cost with impairment (Stage 3 and POCI) and loans and advances mandatorily at fair value through profit or loss in default in total loans and advances.

Coverage ratio of non-performing receivables - impairment of non-performing receivables in non-performing receivables.

Coverage ratio of non-performing receivables including impairment of performing receivables - sum of impairment of non-performing receivables and impairment of performing receivables in non-performing receivables.

Performance of segments and the business lines

The table below presents the contribution of individual business lines to the Group's profit before tax:

Retail Banking

mBank's Retail Banking segment serves 5 969 thousand individual clients and microenterprises in Poland, the Czech Republic and Slovakia online, directly through the call centre, via mobile banking and other state-of-the-art technological solutions, as well as in a network of 346 branches. The Bank offers a broad range of products

and services including current and savings accounts, accounts for microenterprises, credit products, deposit products, payment cards, investment products, insurance products, brokerage services, and leasing for microenterprises.

• Total income reached a very high level of PLN 1 907 million.

• Mortgage loan sales increased by 15.9% quarter on quarter and 82.5% year on year to a very high level of PLN 4 542 million, which translated into a 0.1 percentage point quarterly increase in mBank's share in the mortgage loans market to 8.8%.

• Non-mortgage loan sales rose by 9.0% quarter on quarter and 9.2% year on year, reaching PLN 3 689 million.

• Retail deposit volumes in Poland and foreign branches increased by 3.9% quarter on quarter and 18.6% year on year, driven by inflows into current accounts.

• The number of mBank clients increased by 73 thousand quarter on quarter and 187 thousand year-on-year, reaching 5 969 thousand individuals.

• The value of purchases made with BLIK and mBank payment cards rose by 11.0% year on year, while the number of transactions increased by 3.7% year on year, reflecting growing customer activity and rising consumption in the economy.

• The share of digital channels in total non-mortgage loan sales rose to 85%, while 89% of processes were initiated by clients through digital channels.

• The number of users of mBank's mobile app in Poland and foreign branches increased by 83 thousand quarter on quarter, reaching 4 213 thousand users.

• mBank's subsidiary, mLeasing, launched a fully digital leasing platform enabling entrepreneurs to complete the entire leasing process online: from selecting an offer to signing the agreement with a qualified electronic signature, addressing the need for fast, paperless and remote service with simplified formalities.

• A new innovative smartTerminal feature in mBank's mobile app enables business customers to accept card and mobile payments directly on their smartphones, without additional hardware, through Poland's first fully integrated payment terminal embedded in a banking application.

  Key financial data:

  PLN million	Q4 2025	Q1 2026	Change in PLN million -24	Change in % -1.5%
  Net interest income	1 580	1 556
  Net fee and commission income	301	289	-12	-4.0%
  Net trading income	23	20	-3	-13.0%
  Other income	3	47	44	1 466.7%
  Net other operating income	-20	-5	15	-75.0%
  Total income	1 887	1 907	20	1.1%
  Net impairment losses and fair value change on loans and advances	-116	-95	21	-18.1%
  Overhead costs and depreciation	-667	-682	-15	2.2%
  Taxes on Group balance sheet items	-134	-143	-9	6.7%
  Profit/loss before tax of Retail Banking	970	987	17	1.8%

  Other income - calculated as gains or losses from derecognition of financial assets and liabilities not measured at fair value through profit or loss and gains or losses from non-trading equity and debt securities mandatorily measured at fair value through profit or loss.

  Total income - calculated as the sum of net interest income, net fee and commission income, dividend income, net trading income, other income, other operating income and other operating expenses.

  Net impairment losses and fair value change on loans and advances - the sum of impairment or reversal of impairment on financial assets not measured at fair value through profit or loss and gains or losses from non-trading loans and advances mandatorily measured at fair value through profit or loss.

  Total overhead costs (including deprecation) - calculated as the sum of total overhead costs and depreciation.

  thousands 31.03.2025 31.12.2025

  31.03.2026

  QoQ change

  YoY change

  Key business data (mBank and mBank Hipoteczny only)

  Number of retail clients, including:	5 782	5 896	5 969	1.2%	3.2%
  Poland	4 644	4 709	4 754	1.0%	2.4%
  Foreign branches	1 138	1 187	1 215	2.4%	6.8%
  The Czech Republic	799	840	864	2.9%	8.1%
  Slovakia	339	347	351	1.2%	3.5%
  Mobile application users	3 909	4 130	4 213	2.0%	7.8%
  Poland	3 377	3 546	3 596	1.4%	6.5%
  Foreign branches	533	584	616	5.5%	15.6%
  PLN million
  Loans to retail clients, including:	71 884	78 949	81 079	2.7%	12.8%
  Poland	62 705	68 713	70 538	2.7%	12.5%
  mortgage loans	42 654	47 555	48 862	2.7%	14.6%
  non-mortgage loans	20 051	21 158	21 676	2.4%	8.1%
  Foreign branches	9 179	10 236	10 541	3.0%	14.8%
  The Czech Republic	6 142	6 970	7 178	3.0%	16.9%
  Slovakia	3 037	3 266	3 363	3.0%	10.7%
  Deposits of retail clients, including:	144 205	164 665	171 062	3.9%	18.6%
  Poland	127 154	139 046	142 642	2.6%	12.2%
  Foreign branches	17 051	25 619	28 420	10.9%	66.7%
  The Czech Republic	12 775	21 007	23 718	12.9%	85.7%
  Slovakia	4 276	4 612	4 702	2.0%	10.0%
  Investment assets of mBank's individual clients	29 232	34 688	36 100	4.1%	23.5%
  thousands
  Credit cards, including:	362	366	366	0.0%	1.1%
  Poland	326	330	331	0.3%	1.5%
  Foreign branches	35	36	36	0.0%	2.9%
  Debit cards, including:	5 480	5 622	5 677	1.0%	3.6%
  Poland	4 555	4 650	4 682	0.7%	2.8%
  Foreign branches	925	972	995	2.4%	7.6%

  Corporate and Investment Banking

  
  
  

  The Corporate and Investment Banking segment serves 38 023 corporate clients including large enterprises (K1 - annual sales exceeding PLN 1 billion and non-banking financial institutions), mid-sized enterprises (K2 - annual sales of PLN 50 million -

  1 billion) and small enterprises (K3 - annual sales below PLN 50 million, full accounting), through a network of dedicated 43 branches. mBank Group's offer of products and services for corporate clients focuses on traditional banking products and services (including corporate accounts, domestic and international money transfers, payment cards, cash services, and liquidity management products), corporate finance products, hedging instruments, equity capital market (ECM) services, debt capital market (DCM) instruments, mergers and acquisitions (M&A), leasing and factoring.

  Key highlights

• Total income remained stable compared to the previous quarter (a decline of 3.6%), with higher net fee and commission income (+16.3% quarter on quarter).

• Gross loans to corporate clients increased by PLN 2.8 billion, i.e. by 4.9% quarter on quarter (excluding reverse repo/buy-sell back transactions).

• mBank's market share in corporate loans increased by 0.2 percentage points quarter on quarter to 8.3%.

• The volume of corporate deposits rose by 1.6% quarter on quarter and by 16.1% year on year, which allowed the Bank to increase its market share in corporate deposits by 0.2 percentage points quarter on quarter to 10.5%.

• The number of corporate clients increased to 38 023, i.e. by 472 clients quarter on quarter and by 1 507 clients year on year, particularly in the K3 and K2 segments, driven by the development of digital and mobile services for corporate clients as well as support in the area of e-commerce).

• 98% of corporate clients use the digital process to open a business account at mBank, while 95% have at least one user who logs into the mCompany Mobile banking app at least once a month.

• mBank has been consistently increasing the share of financing in six strategic growth areas within its corporate portfolio, reaching 23.9% of the corporate loan portfolio (PLN 9.6 billion) after the first quarter of 2026, compared with a target of 25% by the end of 2026 and 40% by 2030.

• In the K3 segment, mBank implemented a simplified, fully digital credit process for SME clients, enabling automatic financing of up to PLN 1 million to be granted up to 3-4 times faster than under the standard process, supporting the strategic objective of scaling up and improving the efficiency of financing in this segment

Key financial data

Corporate and Investment Banking

Other income - calculated as gains or losses from derecognition of financial assets and liabilities not measured at fair value through profit or loss and gains or losses from non-trading equity and debt securities mandatorily measured at fair value through profit or loss.

Total income - calculated as the sum of net interest income, net fee and commission income, dividend income, net trading income, other income, other operating income and other operating expenses.

Net impairment losses and fair value change on loans and advances - the sum of impairment or reversal of impairment on financial assets not measured at fair value through profit or loss and gains or losses from non-trading loans and advances mandatorily measured at fair value through profit or loss.

Total overhead costs (including deprecation) - calculated as the sum of total overhead costs and depreciation.

Key business data (Bank only)

Summary of results of mBank Group's subsidiaries

In Q1 2026, the profit before tax generated by mBank Group subsidiaries amounted to PLN 79 million. It was lower by PLN 4 million, i.e. -4.8% against Q4 2025. The lower result was mainly influenced by lower profit before tax of mFinanse and mFaktoring.

The table below presents the profit or loss before tax by individual subsidiaries.

1 Including mFinanse CZ and mFinanse SK.

2 Including LeaseLink and Asekum.

3 Other subsidiaries include mElements and mZakupy.

Net profit attributable to:

Total comprehensive income (net), attributable to:

Changes in equity from 1 January to 31 March 2026

Changes in equity from 1 January to 31 December 2025

Changes in equity from 1 January to 31 March 2025

1. ‌Information regarding the Group of mBank S.A.

   The Group of mBank S.A. ("Group", "mBank Group") consists of entities under the control of mBank S.A. ("Bank", "mBank") of the following nature:

   • strategic - shares and equity interests in companies supporting particular business segments of mBank

     S.A. (corporate and investment banking segment, retail banking segment as well as treasury and other segment) with an investment horizon not shorter than 3 years. The formation or acquisition of these companies was intended to expand the range of services offered to the clients of the Bank;

   • other - shares and equity interests in companies acquired in exchange for receivables, in transactions resulting from composition and work out agreements with debtors, with the intention to recover a part or all claims to loan receivables and insolvent companies under liquidation or receivership.

     The parent entity of the Group is mBank S.A., which is a joint stock company registered in Poland and a part of Commerzbank AG Group.

     As at 31 March 2026 mBank S.A. Group covered by the Condensed Interim Consolidated Financial Statements comprised the following companies:

     mBank S.A. - the parent entity

     Bank functions under the name of mBank S.A. with the head office located in Poland in Warsaw, Prosta 18 Street, KRS 0000025237, REGON 001254524, NIP 526-021-50-88.

     According to the by-laws of the Bank, the scope of its business consists of providing banking services and consulting and advisory services in financial matters, as well as of conducting business activities within the scope described in its by-laws. The Bank operates within the scope of corporate, institutional and retail banking (including private banking) throughout the whole country and operates trade and investment activities as well as brokerage activities.

     The Bank provides services to Polish and international corporations and individuals, both in the local currency (Polish Zloty, PLN) and in foreign currencies.

     The Bank may open and maintain accounts in Polish and foreign banks and can possess foreign exchange assets and trade in them.

     The Bank conducts retail banking business in the Czech Republic and Slovakia through its foreign mBank branches in these countries.

     As at 31 March 2026 the headcount of mBank S.A. amounted to 7 144 FTEs (Full Time Equivalents), and of the Group to 7 851 FTEs (31 March 2025: Bank 6 949 FTEs; Group 7 627 FTEs).

     As at 31 March 2026 the employment in mBank S.A. was 7 998 persons, and in the Group 8 779 persons (31 March 2025: Bank 7 789 persons; Group 8 559 persons)

     The business activities of the Group are conducted in the following business segments presented in detail in Note 4.

     Retail Banking segment

   • mFinanse S.A. - subsidiary

   • mFinanse CZ s.r.o. - subsidiary

   • mFinanse SK s.r.o. - subsidiary

   • mBank Hipoteczny S.A. - subsidiary

   • mTowarzystwo Funduszy Inwestycyjnych S.A. - subsidiary

   • mZakupy Sp. z o.o. - subsidiary

   • mElements S.A. - subsidiary (the retail segment of the company's activity)

   • mLeasing Sp. z o.o. - subsidiary (the retail segment of the company's activity)

   • Asekum Sp. z o.o. - subsidiary (the retail segment of the company's activity)

   • LeaseLink Sp. z o.o. - subsidiary

     Corporate and Investment Banking segment

   • mFaktoring S.A. - subsidiary

   • mLeasing Sp. z o.o. - subsidiary (the corporate segment of the company's activity)

   • Asekum Sp. z o.o. - subsidiary (the corporate segment of the company's activity)

   • mElements S.A. - subsidiary (the corporate segment of the company's activity)

     Treasury and Other segment

   • mBank Hipoteczny S.A. - subsidiary (with regard to activities concerning funding)

   • mLeasing Sp. z o.o. - subsidiary (with regard to activities concerning funding)

   • Future Tech Fundusz Inwestycyjny Zamknięty - subsidiary (until the end of consolidation)

     Other information concerning companies of the Group

   • Starting from June 2025, the Group discontinued consolidation of the entity Future Tech Fundusz Inwestycyjny Zamknięty due to the Bank's acquisition of shares and equity interests in companies held by the Fund, as well as the redemption of the investment certificates in the Fund. The Fund was liquidated and removed from the register of investment funds as of 11 September 2025.

     The condensed consolidated financial statements of the Bank cover the following companies:

     	31.03.2026		31.12.2025		31.03.2025
     The name of subsidiary	Share in voting rights (directly and indirectly)	Consolidation method	Share in voting rights (directly and indirectly)	Consolidation method	Share in voting rights (directly and indirectly)	Consolidation method
     mBank Hipoteczny S.A.	100%	full	100%	full	100%	full
     mLeasing Sp. z o.o.	100%	full	100%	full	100%	full
     mFinanse S.A.	100%	full	100%	full	100%	full
     mFaktoring S.A.	100%	full	100%	full	100%	full
     mElements S.A.	100%	full	100%	full	100%	full
     mTowarzystwo Funduszy Inwestycyjnych S.A.	100%	full	100%	full	100%	full
     mZakupy Sp. z o.o.	100%	full	100%	full	100%	full
     mFinanse CZ s.r.o.	100%	full	100%	full	100%	full
     mFinanse SK s.r.o.	100%	full	100%	full	100%	full
     Asekum Sp. z o.o.	100%	full	100%	full	100%	full
     LeaseLink Sp. z o.o.	100%	full	100%	full	100%	full
     Future Tech Fundusz Inwestycyjny Zamknięty	-	-	-	-	100%	full

     The Management Board of mBank S.A. approved these condensed interim consolidated financial statements for issue on 29 April 2026.

2. ‌Information on relevant accounting policies

   Accounting basis

   The condensed interim consolidated financial statements of mBank S.A. Group have been prepared for the 3-month period ended 31 March 2026. Comparative data include the period from 1 January 2025 to 31 March 2025 for the condensed consolidated income statement, condensed consolidated statement of comprehensive income, the condensed consolidated statement of cash flows and condensed consolidated statement of changes in equity, additionally for the period from 1 January to 31 December 2025 for the condensed consolidated statement of changes in equity, and in the case of the condensed consolidated statement of financial position, data as at 31 December 2025.

   These condensed interim consolidated financial statements for the first quarter of 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Consolidated financial statements of mBank S.A. Group for 2025 published on 26 February 2026. They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

   In addition, selected explanatory information provide additional information in accordance with Decree of the Minister of Finance dated 6 June 2025 concerning the publication of current and periodic information by issuers of securities and the conditions of acceptance as equal information required by the law of other state, which is not a member state (Journal of Laws 2025, item 755).

   Material accounting principles applied to the preparation of these condensed interim consolidated financial statements are presented in Note 2 of the Consolidated financial statements of mBank S.A. Group for 2025, published on 26 February 2026.

   The preparation of the condensed interim consolidated financial statements requires the application of specific accounting estimates. It also requires the Management Board to use its own judgment when applying the accounting policies adopted by the Group. The issues in relation to which a significant professional judgement is required, more complex issues, or such issues where estimates or judgments are material to the consolidated financial statements are disclosed in Note 3.

   Financial statements are prepared in compliance with materiality principle. Material omissions or misstatements of positions of financial statements are material if they could, individually or collectively, influence the economic decisions that users make on the basis of Group's financial statements. Materiality depends on the size and nature of the omission or misstatement of the position of financial statements or a combination of both. The Group presents separately each material class of similar positions. The Group presents separately positions of dissimilar nature or function unless they are immaterial.

   These condensed interim consolidated financial statements were prepared under the assumption that all the entities of the Group continue as a going concern in the foreseeable future, i.e. in the period of at least

   12 months following the reporting date. As at the date of approving these statements, the Bank Management Board has not identified any events that could indicate that the continuation of the operations by the Group is endangered in the period of 12 months from the reporting date.

   New standards, interpretations and amendments to published standards Standards and interpretations endorsed by the European Union

   Published Standards and Interpretations which have been issued and are binding for the first time in the reporting period covered by the financial statements

   Standards and interpretations

   Description of the changes

   The beginning of the binding period

   Impact on the Group's financial statements in the period of initial application

   Amendments to IFRS 9 and IFRS 7 - classification and measurement of financial instruments	The amendments to IFRS 9 and IFRS 7 relate to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics of financial assets, including those with environmental, social and governance (ESG)-linked features. The amendments also include the disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income.	1 January 2026	The application of the amended standards did not have a significant impact on the financial statements.
   Amendments to IFRS 9 and IFRS 7 - contracts relating to electricity dependent on natural conditions	The changes to nature-based electricity contracts relate to requirements for the possibility to apply the own-use exemption and hedge accounting with associated disclosures. The scope of the amendments is narrow and only if the contracts meet certain characteristics, they will be subject to the amendments.	1 January 2026	The application of the amended standards did not have a significant impact on the financial statements.
   Amendments to various standards resulting from the annual review of International Financial Reporting Standards	The amendments cover IFRS 1, IFRS 7 (including implementation guidance), IFRS 9, IFRS 10 and IAS 7 and consist of improving readability, accessibility and consistency with other standards and eliminating ambiguities in selected paragraphs.	1 January 2026	The application of the amended standards did not have a significant impact on the financial statements.

   Published Standards and Interpretations which have been issued but are not yet binding or have not been adopted early

   Standards and interpretations

   Description of the changes

   The beginning of the binding period

   Impact on the Group's financial statements in the period of initial application

   IFRS 18 Presentation and Disclosure in Financial Statements

   IFRS 18 aims to improve financial reporting by requiring additional defined subtotals in the statement of profit or loss, requiring disclosures about management-defined performance measures and adding new principles for grouping (aggregation and disaggregation) of information. IFRS 18 replaces IAS 1 Presentation of Financial Statements. Requirements in IAS 1 that are unchanged have been transferred to IFRS 18 and other Standards.

   1 January 2027

   The application of the new standard will have no significant impact on the financial statements.

   Standards and interpretations not yet endorsed by the European Union

   These financial statements do not include standards and interpretations listed below which await endorsement of the European Union.

   Standards and interpretations	Description of the changes	The beginning of the binding period	Impact on the Group's financial statements in the period of initial application
   IFRS 19 Subsidiaries without Public Accountability: Disclosures	IFRS 19 permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries' financial statements while maintaining the usefulness of the information for users of their financial statements. A subsidiary is eligible if it does not have public accountability and its ultimate or any intermediate parent produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.	1 January 2027	The standard will not apply for the purpose of preparing Group's financial statements.
   Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency	The amendments aim to standardise the principles for translating financial statements into a presentation currency in hyperinflationary environments. They apply to situations where there is a difference between the presentation currency and the functional currency, with one of them belonging to a hyperinflationary economy. The changes enhance the usefulness of information, eliminate diversity in practice, and improve the comparability of financial statements presented in hyperinflationary currencies.	1 January 2027	The application of the new standard will have no significant impact on the financial statements.
   Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures	The amendments reduce disclosure requirements for eligible subsidiaries providing reduced disclosure requirements that align with recent changes in the standards, such as IFRS 18 and amendments to IAS 7 and IFRS 7.	1 January 2027	The standard will not apply for the purpose of preparing Group's financial statements.

   Comparative data

   • Reclassification of revenues and costs arising from the ongoing accrual of swap points related to FX Swap transactions concluded with non-bank clients and classified in the trading book (adjustment 1)

     Beginning with the fourth quarter of 2025, the Group adjusted the presentation of revenues and costs arising from the ongoing accrual of swap points related to FX Swap transactions concluded with non-bank clients and classified in the trading book.

     Since the beginning of 2025, the Group began entering into FX Swap transactions with non-bank clients and, for this type of transaction, started recognizing swap points in Net interest income. Starting from the fourth quarter of 2025, the Group reports these revenues and costs in Net trading income.

     Swap points from derivative instruments classified in the banking book continue to be reported in interest income or interest expense

   • Reclassification of interest paid resulting from debt securities issued (adjustment 2)

   Beginning with the Condensed consolidated financial statements of mBank S.A. Group for the first quarter of 2026, in the statement of cash flows, the Group adjusted the presentation of the interest paid resulting from debt securities issued. Previously, these interest amounts were presented within cash flows from operating activities. The Group now presents these interest amounts within cash flows from financing activities, together with all interest related to instruments classified as financing activities.

   The above change was due to the adjustment of the presentation of selected items of income and expenses to the prevailing market practice and in order to better reflect the economic nature of the effects of the transactions presented.

   The above changes did not affect equity levels and the Group's income statements in the comparative periods presented in these financial statements.

   Comparative figures for the period from 1 January to 31 March 2025 have been restated accordingly. The impact of the introduced adjustments on the comparative data is presented in the following tables.

   Restatements in consolidated income statement for the period from 1 January to 31 March 2025

   	No	Period from 01.01.2025 to 31.03.2025 before restatement	restatement	Period from 01.01.2025 to 31.03.2025 after restatement
   Interest income, including:	1	3 627	31	3 658
   Interest income accounted for using the effective interest method		3 583	-	3 583
   Income similar to interest on financial assets at fair value through profit or loss	1	44	31	75
   Interest expenses		(1 188)	-	(1 188)
   Net interest income	1	2 439	31	2 470
   Fee and commission income		823	-	823
   Fee and commission expenses		(320)	-	(320)
   Net fee and commission income		503	-	503
   Net trading income	1	72	(31)	41
   Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss		19	-	19
   Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss		1	-	1
   Other operating income		106	-	106
   Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss		(165)	-	(165)
   Costs of legal risk related to foreign currency loans		(662)	-	(662)
   Overhead costs		(883)	-	(883)
   Depreciation		(143)	-	(143)
   Other operating expenses		(110)	-	(110)
   Operating profit		1 177	-	1 177
   Tax on the Group's balance sheet items		(187)	-	(187)
   Profit before income tax		990	-	990
   Income tax expense		(284)	-	(284)
   Net profit		706	-	706

   Net profit attributable to:

   - Owners of mBank S.A.		706	-	706
   - Non-controlling interests		-	-	-

   Restatements in consolidated statement of cash flows for the period from 1 January to 31 March 2025

   Period Period Nr from 01.01.2025 restatement from 01.01.2025 to 31.03.2025 to 31.03.2025 before restatement after restatement
   Profit before income tax		990	-	990
   Adjustments:		(18 678)	68	(18 610)
   Income taxes paid		(517)	-	(517)
   Depreciation, including depreciation of fixed assets provided under operating lease		148	-	148
   Foreign exchange (gains) losses related to financing activities		(303)	-	(303)
   (Gains) losses on investing activities		(41)	-	(41)
   Interest income (income statement)	1	(3 627)	(31)	(3 658)
   Interest expense (income statement)		1 188	-	1 188
   Interest received	1	3 176	31	3 207
   Interest paid	2	(1 078)	68	(1 010)
   Changes in loans and advances to banks		(8 957)	-	(8 957)
   Changes in financial assets and liabilities held for trading and hedging derivatives		(61)	-	(61)
   Changes in loans and advances to customers		(6 519)	-	(6 519)
   Changes in securities at fair value through other comprehensive income		3 280	-	3 280
   Changes in securities at amortised cost		(5 996)	-	(5 996)
   Changes of non-trading securities mandatorily at fair value through profit or loss		46	-	46
   Changes in other assets		(422)	-	(422)
   Changes in amounts due to banks		(27)	-	(27)
   Changes in amounts due to customers		(193)	-	(193)
   Changes in lease liabilities		(9)	-	(9)
   Changes in issued debt securities		(25)	-	(25)
   Changes in provisions		(574)	-	(574)
   Changes in other liabilities		1 833	-	1 833
   A. Cash flows from operating activities	2	(17 688)	68	(17 620)
   Disposal of intangible assets and tangible fixed assets		21	-	21
   Purchase of intangible assets and tangible fixed assets		(202)	-	(202)
   B. Cash flows from investing activities		(181)	-	(181)
   Other financial inflows		3	-	3
   Redemption of debt securities		(1 264)	-	(1 264)
   Redemption or repayment of subordinated liabilities		(750)	-	(750)
   Payments due to lease agreements		(40)	-	(40)
   Interest paid from financing activities	2	(39)	(68)	(107)
   C. Cash flows from financing activities	2	(2 090)	(68)	(2 158)
   Net increase / decrease in cash and cash equivalents (A+B+C)		(19 959)	-	(19 959)
   Effects of exchange rate changes on cash and cash equivalents		-	-	-
   Cash and cash equivalents at the beginning of the reporting period		36 681	-	36 681
   Cash and cash equivalents at the end of the reporting period		16 722	-	16 722

   The changes in the comparative data, as described above, has been included in these financial statements in all the notes to which these changes referred.

3. ‌Major estimates and judgments made in connection with the application of accounting policy principles

   The Group applies estimates and adopts assumptions which impact the values of assets and liabilities presented in the subsequent period. Estimates and assumptions, which are continuously subject to assessment, rely on historical experience and other factors, including expectations concerning future events, which seem justified under the given circumstances.

   Provisions for legal risks relating to indexation clauses in mortgage and housing loans in CHF and other foreign currencies

   Detailed information on the impact of legal risk related to mortgage and housing loans granted to individual customers in CHF and other foreign currencies is provided in Note 31.

   Impairment of loans and advances

   The Group reviews its loan portfolio in terms of possible impairments at least once per quarter. The methodology and the assumptions, on the basis of which the estimated cash flow amounts and their anticipated timing are determined, are regularly verified. If the current value of estimated cash flows (discounted recoveries from payments of capital, discounted recoveries from interests, discounted recoveries from off-balance sheet liabilities and discounted recoveries from collaterals for on-balance and off-balance sheet loans and advances, weighed by the probability of realisation of specific scenarios) for portfolio of loans and advances and off-balance sheet liabilities which are impaired, change by +/- 10%, the estimated loans and advances and off-balance sheet liabilities impairment would either decrease by PLN 44 million or increase by PLN 52 million as at 31 March 2026, respectively (as at 31 December 2025: PLN 45 million and PLN 48 million, respectively). This estimation was performed for portfolio of loans and advances and for off-balance sheet liabilities individually assessed for impairment on the basis of future cash flows due to repayments and recovery from collateral - Stage 3. The rules of determining write-downs and provisions for impairment of credit exposures have been described under Note 3.3.6 of Consolidated financial statements of mBank Group for 2025, published on 26 February 2026.

   Actions taken in relation to the current situation in the Middle East

   In the first quarter of 2026, the Group conducted a portfolio review in connection with the conflict in the Middle East. The review concerned the Group's exposures in war countries or in conflict-related countries.

   As at 31 March 2026, the Group has credit exposure and expected credit losses in countries affected by the conflict in the Middle East, as presented in the table below.

   Country	Direct exposure as at 31.03.2026
   	Balance sheet gross exposure				Off-balance sheet exposure				Expected credit losses
   Stage 1 Stage 2 Stage 3 POCI Stage 1 Stage 2 Stage 3 POCI Stage 1 Stage 2 Stage 3 POCI
   United States	14	-	-	-	89	3	-	-	-	-	-	-
   Egypt	-	-	-	-	-	2	-	-	-	-	-	-
   Total	14	-	-	-	89	5	-	-	-	-	-	-

   There was also identified an indirect exposure: a balance sheet exposure of PLN 985 million and an off-balance sheet exposure of PLN 116 million towards corporate clients whose business is indirectly exposed to the risks related to the conflict in the Middle East.

   Indirect risk applies to the Group's corporate clients where at least 30% of exports or imports are connected to countries with elevated risk resulting from adverse geopolitical or economic conditions, or where the main shareholder is a resident of a country classified as high risk, or where transaction collateral is located in the territory of a high-risk country.

   Country	Indirect exposure as at 31.03.2026
   	Balance sheet gross exposure				Off-balance sheet exposure				Expected credit losses
   Stage 1 Stage 2 Stage 3 POCI					Stage 1 Stage 2 Stage 3 POCI Stage 1 Stage 2 Stage 3 POCI
   Israel	980	-	-	-	96	-	-	-	(9)	-	-	-
   Egypt	-	5	-	-	1	19	-	-	-	-	-	-
   Total	980	5	-	-	97	19	-	-	(9)	-	-	-
   					34

   Actions regarding additional credit risk provisions related to the current situation in the Middle East

   Due to changes in the geopolitical situation resulting from the conflict in the Middle East, macroeconomic forecasts were revised by the Group in the first quarter of 2026. Consequently, the Group undertook actions to reflect the current conditions in expected credit losses. It was decided to modify the weights of the macroeconomic scenarios by removing the optimistic scenario in favour of the base scenario in the expected credit loss model.

   These actions resulted in the recognition of additional cost of credit risk in the amount of PLN 87 million in the portfolio measured at amortised cost (negative impact on the P&L).

   The Group will continue to analyse the impact of the Middle East situation on the cost of risk in subsequent quarters.

   Apart from the above-mentioned actions, no other significant model changes were implemented in the first quarter of 2026.

   Fair value of derivatives and other financial instruments

   The fair value of financial instruments not listed on active markets is determined by applying valuation techniques. All models are approved prior to being applied and they are also calibrated in order to assure that the obtained results indeed reflect the actual data and comparable market prices. As far as possible, observable market data originating from an active market are used in the models. Methods for determining the fair value of financial instruments are described in Note 3.18 of Consolidated financial statements of mBank Group for 2025, published on 26 February 2026.

   Deferred tax assets

   Deferred tax assets are recognised in respect of tax losses to the extent that it is probable that future taxable profit will be available, against which the losses can be utilised. Judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits.

   Income tax in interim financial statements

   Income tax in interim financial statements is accrued in accordance with IAS 34. Interim period tax expense is accrued using the tax rate that would be applicable to expected total annual earnings, that is, the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.

   Calculating the average annual effective income tax rate requires the use of a forecast of pre-tax income for the entire financial year and permanent differences regarding the balance sheet and tax values of assets and liabilities. The projected annual effective tax rate used to calculate the income tax burden in the first quarter of 2026 was 37.6% (first quarter of 2025: 28.7%). The nominal corporate income tax rate for commercial banks in 2026 is 30%, in 2025 it was 19%.

   The greatest impact on the value of the average annual effective tax rate in relation to the nominal income tax rate in the first quarter of 2025 resulted from tax on financial institutions, contributions and other costs that are not tax-deductible (in particular, mandatory payments to the Bank Guarantee Fund).

   Revenue and expenses from sale of insurance products bundled with loans

   Revenue from sale of insurance products bundled with loans are split into interest income and fee and commission income based on the relative fair value analysis of each of these products.

   The remuneration included in fee and commission income is recognised partly as upfront income and partly including deferral over time based on the analysis of the stage of completion of the service. Expenses directly linked to the sale of insurance products are recognised using the same pattern.

   Liabilities due to post-employment employee benefits

   The costs of post-employment employee benefits are determined using an actuarial valuation method. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and other factors. Due to the long-term nature of these programmes, such estimates are subject to significant uncertainty.

   Leasing

   The Group as lessor makes judgement classifying lease agreements as finance lease or operating lease based on the economic substance of the transaction basing on professional judgment whether substantially all the risk and rewards incidental to ownership of an asset were transferred or not.

   The Group as a lessee makes certain estimates and calculations that have an impact on the valuation of lease liabilities and right-of-use assets. They include, among others: determination of the duration of contracts, determining the interest rate used to discount future cash flows and determination of the depreciation rate of right-of-use assets.

4. ‌Business segments

   Following the adoption of "management approach" of IFRS 8, operating segments are reported in accordance with the internal reporting provided to the Bank's Management Board (the chief operating decision-maker), which is responsible for allocating resources to the reportable segments and assesses their performance.

   The classification by business segments is based on client groups and product groups defined by homogenous transaction characteristics. The classification is consistent with sales management and the philosophy of delivering complex products to the Bank's clients, including both standard banking products and more sophisticated investment products. The method of presentation of financial results coupled with the business management model ensures a constant focus on creating added value in relations with clients of the Bank and Group companies and should be seen as a primary division, which serves the purpose both managing and perceiving business within the Group.

   The Group conducts its business through different business segments, which offer specific products and services targeted at specific client groups and market segments. The Group currently conducts its operations through the following business segments:

   • The Retail Banking segment, which offers a full range of products and services to individual customers, including Private Banking customers and micro-businesses. The key products and services offered to customers in this segment include lending products (mortgage loans, overdrafts, cash loans, car loans, credit cards), deposit products (current and savings accounts, term deposits), debit cards, insurance products, brokerage services, investment advice, asset management services and leasing services. The results of the Retail Banking segment include the results of foreign branches of mBank in the Czech Republic and Slovakia. The Retail Banking segment also includes the results of mFinanse S.A., mFinanse CZ s.r.o., mFinanse SK s.r.o., mTowarzystwo Funduszy Inwestycyjnych S.A., LeaseLink Sp. z o.o., mZakupy Sp. z o.o. as well as the results of retail segments of mLeasing Sp. z o.o., Asekum Sp. z o.o., mElements S.A. and mBank Hipoteczny S.A.

   • The Corporate and Investment Banking segment, which offers financial services to small, medium and large-sized companies, public sector entities, financial institutions and banks. The key products offered to these customers include transactional banking (cash management, current accounts, term deposits, internet banking, financial liquidity management services, trade finance services, letters of credit and guarantees), working capital and investment loans, project finance, structured and mezzanine finance services as well as custody, leasing and factoring services. The products of this segment include operations in foreign currencies, capital and derivatives markets, both proprietary and on behalf of customers, as well as services for arranging and financing securities issues, financial consulting and brokerage services for financial institutions. The Corporate and Investment Banking segment also generates result of foreign exchange risk management. This segment includes the results of mFaktoring

     S.A. as well as the results of corporate segments of mLeasing Sp. z o. o., Asekum Sp. z o.o., mElements

     S.A.

   • The Treasury and Other segment consists primarily of treasury and money markets operations, liquidity and interest rate risks management of the Bank and its investment portfolio. The results of the segment include the result of internal settlements of fund transfer pricing, the result of items classified as hedge accounting and results not allocated to other segments. This segment also includes the results of mLeasing Sp. z o.o. and mBank Hipoteczny S.A. with regard to the activities concerning funding as well as the results of Future Tech Fundusz Inwestycyjny Zamknięty (until the end of consolidation in the second quarter of 2025).

   • FX Mortgage Loans segment consists primarily of foreign currency mortgage loans with indexation clauses granted to individual customers. These types of loans are no longer offered to customers. The segment's assets include only the portfolio of active mortgage loans originally granted in foreign currencies (mainly in CHF, EUR and USD). The segment's liabilities do not include the financing of the portfolio of such loans, which was included in the liabilities of other segments.

     The principles of segment classification of the Group's activities are described below. Transactions between the business segments are conducted on regular commercial terms.

     Internal fund transfers between the Bank's units are calculated at transfer rates based on market rates. Transfer rates are determined on the same basis for all operating units of the Bank and their differentiation results only from currency and maturity structure of assets and liabilities. Internal settlements concerning internal valuation of funds transfers are reflected in the results of each segment.

     The separation of the assets and liabilities of a segment, as well as of its income and costs, is done on the basis of internal information prepared at the Bank for the purpose of management accounting. Assets and liabilities for which the units of the given segment are responsible as well as income and costs related to such assets and liabilities are attributed to individual business segments. The financial result of a business segment takes into account all the income and cost items attributable to it.

     The business operations of particular companies of the Group are fully attributed to the appropriate business segments (including consolidation adjustments).

     The primary basis used by the Group in the segment reporting is business line division. In addition, the Group's activity is presented by geographical areas reporting broken down into Poland and foreign countries because of the place of origin of income and expenses. Foreign countries segment includes activity of mBank's foreign branches in Czech Republic and Slovakia as well as the activity of subsidiaries mFinanse CZ s.r.o. and mFinanse SK s.r.o.

     Business segment reporting on the activities of mBank S.A. Group for the period from 1 January to 31 March 2026 - data regarding consolidated income statement.

     period from 1 January to 31 March 2026	Retail Banking	Corporate and Treasury and Investment Other Banking		FX Mortgage Loans	Total figure for the Group
     Net interest income	1 556	685	148	2	2 391
     - sales to external clients	816	548	1 018	9	2 391
     - sales to other segments	740	137	(870)	(7)	-
     Net fee and commission income	289	306	(15)	(4)	576
     Trading income	20	40	22	1	83
     Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss	44	1	5	-	50
     Other operating income	32	25	8	-	65
     Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss	(92)	(7)	(8)	5	(102)
     Costs of legal risk related to foreign currency loans	-	-	-	(73)	(73)
     Overhead costs	(577)	(408)	(14)	(18)	(1 017)
     Amortisation	(105)	(48)	(3)	(1)	(157)
     Other operating expenses	(37)	(22)	(11)	(3)	(73)
     Operating profit	1 130	572	132	(91)	1 743
     Taxes on Group balance sheet items	(143)	(68)	(2)	(2)	(215)
     Gross profit of the segment	987	504	130	(93)	1 528
     Income tax					(575)
     Net profit attributable to Owners of mBank S.A.					953
     Net profit attributable to non-controlling interests					-

     Business segment reporting on the activities of mBank S.A. Group for the period from 1 January to 31 March 2025 - data regarding consolidated income statement.

     period from 1 January to 31 March 2025	Retail Banking	Corporate and Investment Banking	Treasury and Other	FX Mortgage Loans	Total figure for the Group
     Net interest income	1 636	717	127	(10)	2	470
     - sales to external clients	999	657	801	13	2	470
     - sales to other segments	637	60	(674)	(23)	-
     Net fee and commission income	244	280	(12)	(9)	503
     Trading income	30	66	(52)	(3)	41
     Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss	13	-	6	-	19
     Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss	-	1	-	-	1
     Other operating income	43	27	35	1	106
     Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss	(143)	(65)	(5)	48	(165)
     Costs of legal risk related to foreign currency loans	-	-	-	(662)	(662)
     Overhead costs	(516)	(330)	(14)	(23)	(883)
     Amortisation	(98)	(43)	(2)	-	(143)
     Other operating expenses	(62)	(13)	(33)	(2)	(110)
     Operating profit	1 147	640	50	(660)	1 177
     Taxes on Group balance sheet items	(120)	(60)	(4)	(3)	(187)
     Gross profit of the segment	1 027	580	46	(663)	990
     Income tax					(284)
     Net profit attributable to Owners of mBank S.A.					706
     Net profit attributable to non-controlling interests					-

     Business segment reporting on the activities of mBank S.A. Group - data regarding consolidated statement of financial position.

     31.03.2026	Retail Banking	Corporate and Investment Banking	Treasury and Other	FX Mortgage Loans	Total figure for the Group
     Assets of the segment	88 250	60 204	140 456	1 637	290 547
     Liabilities of the segment	172 224	68 817	25 082	2 095	268 218
     31.12.2025	Retail Banking	Corporate and Investment Banking	Treasury and Other	FX Mortgage Loans	Total figure for the Group
     Assets of the segment	85 935	57 404	135 241	1 673	280 253
     Liabilities of the segment	166 312	67 045	23 154	2 333	258 844

     Information about geographical areas on the activities of mBank S.A. Group for the period from 1 January to 31 March 2026 and for the period from 1 January to 31 March 2025.

     	period from 1 January to 31 March 2026			period from 1 January to 31 March 2025
     	Poland	Foreign Countries	Total	Poland	Foreign Countries	Total
     Net interest income	2 262	129	2 391	2 340	130	2 470
     Net fee and commission income	564	12	576	488	15	503
     Trading income	82	1	83	40	1	41
     Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss	50	-	50	19	-	19
     Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss	-	-	-	1	-	1
     Other operating income	64	1	65	102	4	106
     Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss	(72)	(30)	(102)	(148)	(17)	(165)
     Costs of legal risk related to foreign currency loans	(73)	-	(73)	(662)	-	(662)
     Overhead costs	(958)	(59)	(1 017)	(832)	(51)	(883)
     Amortisation	(153)	(4)	(157)	(140)	(3)	(143)
     Other operating expenses	(71)	(2)	(73)	(109)	(1)	(110)
     Operating profit	1 695	48	1 743	1 099	78	1 177
     Taxes on Group balance sheet items	(196)	(19)	(215)	(174)	(13)	(187)
     Gross profit of the segment	1 499	29	1 528	925	65	990
     Income tax			(575)			(284)
     Net profit attributable to Owners of mBank S.A.			953			706
     Net profit attributable to non-controlling interests			-			-

     Information about geographical areas on the activities of mBank S.A. Group as at 31 March 2026 and as at 31 December 2025.

     	31.03.2026				31.12.2025
     	Poland		Foreign Countries	Total	Poland		Foreign Countries	Total
     Assets of the segment, including:	279	844	10 703	290 547	269	663	10 590	280 253
     - fixed assets	3	610	43	3 653	3	641	43	3 684
     - deferred income tax assets	1	146	16	1 162	1	198	16	1 214
     Liabilities of the segment	239	588	28 630	268 218	233	031	25 813	258 844

5. ‌Net interest income

Interest income

The amount of interest income, presented under Cash and short-term placements, includes mainly interest income on the mandatory reserve. The item Other includes mainly interest income on cash-collateral.

Interest expenses