Bank Millennium (MIL) investor relations material

Executive summary

• 9M26 reported net profit was PLN1.109bn, up 30% YoY; adjusted net profit excluding specified extraordinary items was PLN1.922bn, down 18% YoY.

• Loans and deposits each grew 11% YoY; active retail clients reached 3.39mn, with capital and liquidity buffers remaining strong.

• 2028 strategy targets were maintained after a mid-cycle review, with execution priorities reinforced.

Financial highlights

• 3Q26 net profit was PLN400mn, up 16% YoY and down 2% QoQ; 9M26 pre-tax profit rose 53% to PLN1.847bn despite PLN390mn higher CIT.

• 9M26 net interest income was PLN4,261mn, down 1% YoY; net commission income rose 9% to PLN625mn and total operating income fell 3% to PLN5,004mn.

• 3Q26 NII was PLN1,483mn, up 7% QoQ; net commission income rose 3% QoQ and core income increased 6% to PLN1.697bn.

• 9M26 operating costs rose 7% to PLN2.029bn; loan-loss provisions increased 20% to PLN233mn, while FX-mortgage legal-risk costs fell 63% to PLN583mn.

• Adjusted net profit was PLN1.922bn, down 18% YoY; adjusted cost/income was 37.6% and adjusted ROE was 14.0%.

Outlook and guidance

• 2028 targets remain over 3.7mn active retail clients, over 95% digitally active clients, corporate loans above PLN25bn, ROE of 18% and C/I of 37%.

• Baseline forecasts Polish GDP growth of 3.8% in 2026, with a slowdown in 2027 as the investment impulse fades.

• Baseline assumes rates remain unchanged through end-2026; rate increases remain possible amid upside inflation risks.

• NII outlook was positive in a stable-rate environment, with volume growth expected to offset spread pressure and no significant further NIM growth expected.

• Dividend resumption remains an ambition, subject to supervisory recommendations, capital needs and regulatory constraints; policy targets a 35%-50% payout.