mBank S.A.

Profitable growth + strong franchise (headline) - After 9M’26, mBank says it’s growing profitably: gross loans +18% YoY to PLN 164bn (Q3 alone +PLN 10bn, the largest quarterly increase in its history) and customer deposits +19% YoY to PLN 255bn. - Deposit growth is driven mainly by current/savings accounts, supporting a diversified funding mix and disciplined funding costs. - Market share gains across key products, especially household mortgages: +1.1pp YoY to 9.7%, progressing toward 2030 target: ≥10% share in every key product.

Record earnings in a less supportive rate environment - 9M net profit: ~PLN 3.1bn (+24% YoY) = “best 9 months in history”. - Q3 net profit: PLN 1.1bn (record), with a notable tailwind from lower Swiss franc legal risk costs (part of the reason profitability is strong despite heavier taxes). - Revenues were resilient: Total income 9.5bn PLN (record), achieved despite the interest-rate environment being less supportive (average NBP rate ~1.6pp lower vs prior period). - Net interest margin (NIM) bottomed in Q2 and recovered in Q3: NIM 3.57% (+10 bps QoQ); net interest income Q3: PLN 2.7bn (+9% QoQ, record). - Fees strong: Q3 fees/commissions PLN 594m (+4.4% QoQ) (card fees a key driver).

Cost discipline and operating leverage; 2026 guidance updated - Costs controlled while investing: Q3 cost-to-income ratio 29.1% (normalized 31.6% for 9M). - Personnel costs down -4.5% QoQ (one-off release of holiday entitlement provisions), while amortization up +14.6% QoQ (faster amortization of selected systems). - Q4 guidance: expect seasonal cost increase, but cost-to-income outlook improved. - Full-year’26 target: stay below 33% cost-to-income.