mBank (MBK) investor relations material

Executive summary

• 9M net profit reached PLN 3,098m, up 23.8% YoY; Q3 net profit set a quarterly record at PLN 1,085m, up 29.6% YoY.

• Gross loans grew 17.7% YoY to PLN 164.4bn and deposits rose 19.0% to PLN 254.7bn, supporting market-share gains.

• Stronger interest and fee income, lower FX mortgage legal-risk costs and recovering margins supported results; capital buffers remained above requirements.

Financial highlights

• Q3 total income was PLN 3,250m, up 3.9% QoQ; net interest income rose 9.0% to PLN 2,673m and net fee income reached a record PLN 594m.

• Q3 operating profit was PLN 1,965m, up 23.7% YoY; profit before tax was PLN 1,735m and net profit PLN 1,085m, up 29.6% YoY.

• 9M total income rose 0.7% YoY to PLN 9,471m; net interest income was PLN 7,517m and net fee and commission income PLN 1,739m.

• Q3 FX-loan legal-risk costs fell to PLN 78m from PLN 455m YoY; 9M provisions were PLN 275m, down 83.4%.

Outlook and guidance

• FY 2026 revenue expected ~2% above 2025; cost-to-income ratio expected below 33%, with costs disciplined amid continued investment.

• Volumes expected to grow faster than the market; Q4 net interest income expected above Q3, with seasonal fee income lower QoQ.

• Longer-term revenue growth is expected to outpace costs; next-year net profit is expected to exceed 2026, with a stable-rate NIM comfort range of 2.5%-2.6%.

• Bank CIT is scheduled to fall from 30% in 2026 to 26% in 2027 and 23% from 2028; planned 2027 dividend payout starts at 30% of net profit.

• ~PLN 10bn RWA reduction expected at Q4-end 2026 following KNF’s no-objection to internal credit-model adjustments.