mBank (MBK) investor relations material

Executive summary

• Achieved record gross profit in Q1 2026, driven by revenue growth, cost discipline, efficiency, and lower risk costs despite challenging market conditions.

• Gross loans grew 11% year-over-year to PLN 146 billion; deposits rose 18% to PLN 237 billion.

• Tier 1 capital ratio at 14.1%, well above regulatory requirements.

• Digital innovation advanced with new mobile payment solutions and a fully digital leasing platform for business clients.

• Market share gains in both retail and corporate segments, with retail loans and deposits up year-over-year.

Financial highlights

• Net profit for Q1 2026 was PLN 953 million, up 35.1% YoY but down 8.5% QoQ.

• Gross profit up 54% year-over-year to PLN 1.5 billion.

• Total income reached PLN 3.1 billion, increasing both quarter-on-quarter and year-over-year.

• Net interest income declined 3.2% year-over-year; net interest margin fell to 3.5%.

• Cost/income ratio increased to 37.9% (up 4.0pp YoY), mainly due to higher regulatory and resolution fund contributions.

Outlook and guidance

• Total revenues for 2026 expected to remain stable versus 2025, with margin pressure offset by balance sheet growth and rising net fees.

• Cost-to-income ratio expected to stay below 35%.

• Legal risk costs from CHF loans anticipated to decline further, with no significant burden expected.

• Dividend payout targeted at 30% of 2026 net profit.

• GDP growth forecast for 2026 revised to 3.7% due to external shocks; inflation at 3.2%.