This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Digitally advanced bank with a sound domestic franchise and an efficient operating cost structure. Significant reliance on net interest income and exposure to declining interest rates. Strong earnings capacity, assuming no extraordinary costs. Risk of additional government-obligated extraordinary costs. Sound funding and liquidity profile, reflecting a broad customer deposit base. A combination of higher extraordinary costs and legal charges could tighten capital and constrain the generation of new business. Strong underlying performance and sharply lower legal expenses will translate into robust performance. For the first quarter of 2026, mBank reported a net profit
