Letter
from
the
Chairwoman
of
the
Supervisory
Board
of
mBank
S.A.
to the Shareholders
Dear Shareholders,
In
2025,
mounting
geopolitical
and
structural
tensions
became
more
pronounced,
shaping
the
outlook
for
the
financial
sector
in
the
years
ahead
and
serving
as
a
key
point
of
reference
for
the
supervisory
board’s
ongoing
work.
In
a
world
marked
by
rising
economic
competition
and
the
increasingly
frequent
use
of
economic
instruments
as
means
of
influence,
the
stability
of
the
financial
system
and
the
ability
of
economies
to
strengthen
their
resilience
and
economic
sovereignty
are
becoming
fundamentally
important.
As
institutions
responsible
for
allocating
capital
and
managing
systemic
risk,
banks
play
a pivotal
role
in
this
process.
Therefore,
the
supervisory
board’s
priority
remains
the
ongoing
assessment
of
how
geopolitical,
macroeconomic
and
technological
trends
affect
the
stability
of
the
financial
sector,
the cost and availability of capital, and the long-term resilience of the bank’s business model.
In
2025,
the
economy
entered
a
period
of
moderate
slowdown
and
sustained
cost
pressures.
The
increase
in
labour,
energy
and
technology
costs
is
compelling
companies
to
strengthen
operational
discipline,
safeguard
margins
and
reshape
supply
chains
in
favour
of
more
regionally
anchored
models.
Europe,
in
particular,
felt
acutely
the
effects
of
the
war
in
Ukraine,
geopolitical
tensions,
elevated
energy
costs
and
the
uncertainty
surrounding
efforts
to
streamline
EU
regulations.
Despite
these
challenging
conditions,
Poland
maintained
a
relatively
high
pace
of
economic
growth,
joining
the
group
of
the
world’s
twenty
largest
economies
and
reaffirming
its
capacity
to
continue
converging
with
the
most
advanced
EU
economies.
This
development
was
underpinned
by
a
highly
skilled
workforce,
efficient
infrastructure
and
a
modern
services
sector.
Persisting
geopolitical
instability
and
the
slowdown
among
Poland’s
key
trading
partners will pose a major challenge to sustaining further growth.
In
this
environment,
deepening
capital
and
investment
ties
with
the
European
economy
is
gaining
strategic
importance.
Financial
and
investment
interdependence
serves
not
only
as
a
catalyst
for
economic
expansion
but
also
as
a
stabilising
force,
enhancing
economic
security
in
an
increasingly
fragmented
global
environment.
Poland’s
growth
had
long
been
driven
by
a
strong
inflow
of
foreign
direct
investment;
however,
as
the
economy
expanded
and
Europe
slowed,
the
share
of
FDI
fell
in
2025
to
around
2%
of
GDP.
At
the
same
time,
Polish
companies
are
becoming
increasingly
active
in
investing
abroad,
which
signals
the
maturing
of
domestic
capital
and
its
rising
importance
in
European
value
chains.
Deepening
investment
and
capital
links
in
key
sectors,
i.e.
energy,
critical
raw
materials,
digital
infrastructure,
defence
technologies,
supply
chains
underpinning
the
technological
and
climate
transition,
and
food
security,
serves
to
strengthen
the
country’s
security.
Building
economic
sovereignty
also
requires
diversifying
supply
sources,
strengthening
production
capacities
in
allied
countries
and
fostering
long-term investment and technological cooperation.
This
will
not
be
possible
without
a
well-established
banking
sector,
which
remains
the
main
source
of
financing
for
companies
and
investment.
Its
credibility
and
ability
to
commit
capital
over
the
long
term
depend
on
the
quality
of
corporate
governance,
grounded
in
independent
oversight,
strong
management
capabilities,
clearly
defined
decision-making
principles,
and
robust
systems
for
risk
control
and
managerial
accountability.
Corporate
governance
understood
in
this
way
builds
investor
and
market
confidence,
ensures
the
predictability
of
financial
institutions’
operations
and
enables
swift
and
responsible responses to changing economic and regulatory conditions.
The
supervisory
board
welcomes
the
further
strengthening
of
the
mBank
Group’s
capital
position
and
the
effective
mitigation
of
factors
weighing
on
capital
ratios
through
the
maintenance
of
solid
capital
buffers.
At
the
end
of
2025,
the
Tier
1
Capital
Ratio
and
the
Total
Capital
Ratio
stood
at
14.4%
and
16.3%,
respectively.
In
both
cases,
the
surplus
over
the
regulatory
minimums
reached
4.3
percentage
points.
The
EUR 400 million
Tier
2
subordinated
bond
issuance
(the
first
publicly
offered
euro-denominated
Tier
2
issue
by
a Polish
commercial
bank,
which
attracted
unprecedented
investor
interest
with
demand
exceeding
supply
ninefold
and
an
order
book
of
EUR
3.6
billion),
together
with
the
securitisation
transactions,
enabled
the
bank
to
maintain
comfortable
capital
buffers
well
above
the
minimum
regulatory
requirements.