This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Oct. 29, 2026--mBank S.A. revised upward its full-year guidance with higher revenue and better cost performance thanks to faster growth in business volumes. We see this guidance as broadly achievable, despite pressure from lower interest rates. mBank reported a 24% year-on-year increase for the first nine-months 2026 net profit, at Polish zloty (PLN) 3.1 billion, fueled by strong revenue and decreasing legal risk costs. In line with our expectations, the bank's net profits continued to improve as higher business volumes offset the impact of declining margins as a result of rate cuts by the Central Bank of Poland (down to 3.75%). Additionally, the bank's digital operating model generates
