mBank S.A.

Strong, profitable growth (top “good” headline): - 9M’26: Net profit ~PLN 3.1bn (+24% YoY), best 9 months in history. - Growth on both sides of the balance sheet: Gross loans +18% YoY to PLN 164bn; deposits +19% YoY to PLN 255bn (current & savings accounts driving inflows). - Q3 alone: Loans +PLN 10bn+ (largest quarterly increase in the company’s history); total income +~4% QoQ to PLN 3.25bn. - Market share gains: household mortgages strongest (+1.1pp to 9.7% YoY) with progress toward 2030 goal: ≥10% market share in every key product.

Margin + efficiency improvement despite weaker rate backdrop: - Revenue resilience: 9M revenues PLN 9.5bn (record), delivered despite a less supportive interest rate environment (avg NBP reference rate ~1.6pp lower YoY vs prior period). - Net interest margin rebound: after Q2 trough, NIM recovered in Q3 by +10 bps to 3.57%; Q4 expected to be slightly supportive. - Cost discipline / scalability: normalized cost-to-income (C/I) 31.6% for 9M; Q3 C/I 29.1% (notable efficiency). - Full-year cost outlook: expect C/I <33% (updated guidance), with seasonal cost increase in Q4.

Credit risk: mostly contained, but one-off Q3 hit (key “bad/surprising”): - Q3 cost of risk: PLN 261m (67 bps), driven mainly by a single defaulted corporate construction exposure. - Retail remains strong: retail cost of risk 50 bps, despite ongoing loan growth. - Guidance reaffirmed: full-year ~55 bps cost of risk (through-the-cycle basis). - Portfolio quality improving: Group NPL ratio improved to 2.9%; mortgage performance particularly good; coverage prudent.