Bank Millennium (MIL) investor relations material

Executive summary

• Net profit for H1 2026 reached PLN 708.4 million, up 39% year-over-year, with strong asset quality, liquidity, and capital positions maintained.

• Corporate lending and investment products were key growth drivers, with corporate loans up 41% and investment funds up 27% year-over-year.

• Active retail clients surpassed 3.35 million, with 94% digitally active and robust growth in mobile-only users.

• Management remains confident in meeting 2028 business and profitability targets, including ROE and cost-to-income.

• Total assets increased to PLN 170.7 billion as of June 2026, a 10% rise from December 2025.

Financial highlights

• Net interest income for H1 2026 was PLN 2.78 billion, down 3% year-over-year, but offset by 11% growth in net fee and commission income.

• Operating costs grew 9% year-over-year in H1, with Q2 cost growth decelerating to 6% year-over-year.

• Return on equity (ROE) at 14.5% for H1 and 14.8% in Q2; NPL ratio improved to 3.4%.

• Loan-to-deposit ratio at 58%, indicating strong liquidity.

• Earnings per share for H1 2026 were PLN 0.58, compared to PLN 0.42 in H1 2025.

Outlook and guidance

• Expectation of continued double-digit loan growth, especially in corporate, with stable deposit inflows.

• NII expected to remain resilient, supported by volume growth and anticipated stabilization of interest rates.

• NIM likely to stabilize after recent compression, with further margin pressure limited.

• Operating cost growth to remain single-digit for the full year, reflecting ongoing investment and market trends.

• Economic growth in Poland is expected to remain stable in 2H26, with investments playing a larger role.