Duyuru • Mar 02
mBank S.A., Annual General Meeting, Mar 31, 2026 mBank S.A., Annual General Meeting, Mar 31, 2026, at 14:00 Central European Standard Time. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: zł52.80 (vs zł0.57 in FY 2023) Full year 2024 results: EPS: zł52.80 (up from zł0.57 in FY 2023). Revenue: zł11.6b (up 16% from FY 2023). Net income: zł2.24b (up zł2.22b from FY 2023). Profit margin: 19% (up from 0.2% in FY 2023). Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Banks industry in the United Kingdom. Buy Or Sell Opportunity • Mar 04
Now 57% undervalued The stock has been flat over the last 90 days, currently trading at zł198. The fair value is estimated to be zł456, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.6% per annum. Earnings are forecast to grow by 12% per annum over the same time period. Duyuru • Mar 03
mBank S.A., Annual General Meeting, Mar 27, 2025 mBank S.A., Annual General Meeting, Mar 27, 2025. Buy Or Sell Opportunity • Feb 14
Now 56% undervalued The stock has been flat over the last 90 days, currently trading at zł198. The fair value is estimated to be zł450, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.6% per annum. Earnings are forecast to grow by 11% per annum over the same time period. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: zł13.49 (vs zł1.96 loss in 3Q 2023) Third quarter 2024 results: EPS: zł13.49 (up from zł1.96 loss in 3Q 2023). Revenue: zł3.02b (up 17% from 3Q 2023). Net income: zł572.9m (up zł655.9m from 3Q 2023). Profit margin: 19% (up from net loss in 3Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in the United Kingdom. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: zł9.93 (vs zł0.37 loss in 2Q 2023) Second quarter 2024 results: EPS: zł9.93 (up from zł0.37 loss in 2Q 2023). Revenue: zł2.78b (up 8.5% from 2Q 2023). Net income: zł421.9m (up zł437.3m from 2Q 2023). Profit margin: 15% (up from net loss in 2Q 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Banks industry in the United Kingdom. Recent Insider Transactions • Jun 25
President of Management Board & CEO recently sold zł1.0m worth of stock On the 20th of June, Cezary Kocik sold around 2k shares on-market at roughly zł626 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Cezary's only on-market trade for the last 12 months. Recent Insider Transactions • Jun 10
Key Executive recently sold zł993k worth of stock On the 6th of June, Adam Pers sold around 2k shares on-market at roughly zł611 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Adam's only on-market trade for the last 12 months. Duyuru • Jun 09
mBank's Supervisory Board Conditionally Appoints Cezary Kocik as CEO mBank supervisory board has conditionally appointed Cezary Kocik as CEO of the bank. Kocik will take over as mBank's CEO after receiving approval from the Poland's financial watchdog KNF and after the termination of office of the current CEO. Cezary Kocik has been involved with the bank since 2004 and since 2012, he was deputy CEO of the management board for retail banking at mBank. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: zł6.18 (vs zł3.32 in 1Q 2023) First quarter 2024 results: EPS: zł6.18 (up from zł3.32 in 1Q 2023). Revenue: zł2.93b (up 24% from 1Q 2023). Net income: zł262.5m (up 84% from 1Q 2023). Profit margin: 9.0% (up from 6.0% in 1Q 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Banks industry in the United Kingdom. Duyuru • Mar 02
mBank S.A., Annual General Meeting, Mar 27, 2024 mBank S.A., Annual General Meeting, Mar 27, 2024, at 14:00 Central European Standard Time. Location: Warsaw, 18 Prosta Street Warsaw Poland Agenda: To approval of the Management Board Report on Performance of mBank S.A. Group in 2023; to approval of the Financial Statements of mBank S.A. for 2023; to division of the 2023 net profit; to division of the undivided profits from previous years; to approval of election to the Supervisory Board, on the basis of § 19 section 3 of the By-laws of mBank S.A; to approval of the Consolidated Financial Statements of mBank Group for 2023; and to discuss other matters. Duyuru • Jan 19
mBank Provides Earnings Guidance for the Fourth Quarter and Fiscal Year 2023 mBank provided earnings guidance for the fourth quarter and fiscal year 2023. for the quarter, the company expects preliminary net result for the fourth quarter of 2023 will be negative or close to zero.For the year, the company expects net profit to be positive or close to zero. Buying Opportunity • Jan 05
Now 45% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be zł359, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings is also forecast to grow by 32% per annum over the same time period. Duyuru • Oct 21
Marcus Chromik Steps Down from Supervisory Board at mBank On 20 October 2023, Dr. Marcus Chromik submitted his resignation as a member of mBank's supervisory board to Professor Agnieszka Slomka - Golebiowska, Chairman of the Bank's Supervisory Board, effective 31 December 2023. Reported Earnings • Apr 29
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł2.41b (up 25% from 1Q 2022). Net income: zł142.8m (down 72% from 1Q 2022). Profit margin: 5.9% (down from 27% in 1Q 2022). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 138 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 10
Full year 2022 earnings released: zł16.56 loss per share (vs zł27.82 loss in FY 2021) Full year 2022 results: zł16.56 loss per share (improved from zł27.82 loss in FY 2021). Revenue: zł7.45b (up 36% from FY 2021). Net loss: zł702.7m (loss narrowed 40% from FY 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Duyuru • Feb 10
mBank S.A. Provides Earnings Guidance for the Year 2023 mBank S.A. provided earnings guidance for the year 2023. The company expects to generate a net profit in 2023 after suffering a PLN 702.7 million group net loss in 2022. Buying Opportunity • Feb 01
Now 48% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be zł381, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Jan 30
Key Executive recently sold zł722k worth of stock On the 26th of January, Krzysztof Dabrowski sold around 2k shares on-market at roughly zł322 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Krzysztof's only on-market trade for the last 12 months. Duyuru • Jan 19
mBank S.A. Announces CFO Changes mBank S.A. announced that received a resignation from its CFO Andreas Boeger effective April 30, 2023 and may appoint Commerzbank insider Pascal Ruhland as a replacement. Recent Insider Transactions • Dec 07
Key Executive recently sold zł206k worth of stock On the 1st of December, Adam Pers sold around 639 shares on-market at roughly zł322 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Adam's only on-market trade for the last 12 months. Reported Earnings • Nov 11
Third quarter 2022 earnings released: zł53.74 loss per share (vs zł0.63 profit in 3Q 2021) Third quarter 2022 results: zł53.74 loss per share (down from zł0.63 profit in 3Q 2021). Revenue: zł891.7m (down 35% from 3Q 2021). Net loss: zł2.28b (down zł2.31b from profit in 3Q 2021). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: zł5.42 (vs zł2.57 in 2Q 2021) Second quarter 2022 results: EPS: zł5.42 (up from zł2.57 in 2Q 2021). Revenue: zł2.04b (up 57% from 2Q 2021). Net income: zł229.7m (up 111% from 2Q 2021). Profit margin: 11% (up from 8.4% in 2Q 2021). Over the next year, revenue is forecast to grow 33%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: zł12.09 (vs zł7.49 in 1Q 2021) First quarter 2022 results: EPS: zł12.09 (up from zł7.49 in 1Q 2021). Revenue: zł1.91b (up 35% from 1Q 2021). Net income: zł512.3m (up 62% from 1Q 2021). Profit margin: 27% (up from 22% in 1Q 2021). Over the next year, revenue is forecast to grow 32%, compared to a 5.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Duyuru • May 02
mBank S.A. to Report Q4, 2022 Results on Feb 09, 2023 mBank S.A. announced that they will report Q4, 2022 results on Feb 09, 2023 Buying Opportunity • Mar 31
Now 48% undervalued after recent price drop Over the last 90 days, the stock is down 52%. The fair value is estimated to be zł379, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company became loss making. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 20% share price decline to zł401, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 7x in the Banks industry in the United Kingdom. Total loss to shareholders of 4.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł579 per share. 
