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Investor Presentation • Aug 29, 2025

MBH Mortgage Bank Co. Plc.

1H 2025 Investor presentation

29th August 2025

This presentation is to support the understanding of the underlying financial performance of MBH Mortgage Bank. It serves as an accompanying presentation for H1 2025 Report.

Business and earnings KPIs – summary	3
Business environment	5
Profit and Loss developments, Balance sheet	8
Refinanced portfolio, Own originated loans	12
Mortgage bond issuance	15
Green mortgage bond, ESG	26
Abbreviations	30
Disclaimer	32

Business and earnings KPIs – summary

• MBH Mortgage Bank had an outstanding first half year in terms of its financial results and strengthened its second position in the Hungarian mortgage bank sector in H1 2025.
• Profit before tax reached HUF 6.9 billion in H1 2025: it increased by HUF 2.7 billion (+64.2 y/y) compared to H1 2024. This result reflectsthe bank's stable earnings capacity. Total comprehensive income came at HUF 6.7 billion without banking tax and extra profit tax. Total assets decreased by 2.0% (HUF -17.5 bn y/y) and amounted to HUF 858.6 billion at the end of H1 2025.
• Net interest income reached HUF 8.0 billion, increasing by 14.7% (HUF +1.0 billion) compared to H1 2024.
• Operating expenses increased by 29.2% (HUF +453 million y/y) from H1 2024 to H1 2025.
• The Bank's return on average equity (ROAE) was 14.0%, whilst the cost to income ratio (CIR) was 24.0%.
• The stock of refinanced loans increased by 3.0% (HUF 11.8 billion) to HUF 406.0 billion compared to the H1 2024.
• Based on MBH Group's strategy, the function of mortgage lending to new customers had been transferred to other commercial banks of the Group from Q2 2018, thus the remaining stock of customer loans continued amortizing from HUF 24.7 billion at the end of H1 2024 to HUF 21.1 billion at the end of H1 2025 (-14.4% y/y).
• In H1 2025 MBH Mortgage Bank issued a total of HUF 37 billion mortgage bonds in nominal terms, of which HUF 17.9 billion (48.6%) were fixed and HUF 18.9 billion (51.4%) floating rates mortgage bond.
• The Bank's issued mortgage bonds have been rated A1 by Moody's.

KPI KPI value y/y h1/h2

Business environment

Hectic economic performance – mortgage lending shows no signs of slowing

Economic growth, fixed investments

SURPRISE IN GDP: although based on most monthly data releases in Q2 there was a distinct possibility that the economy remained frozen, KSH eventually published a 0.4% quarterly growth rate. The annual growth rate continued to exhibit stagnation nonetheless. Even in the absence of detailed data, it is very likely that what prevented the growth rate from being higher were, on the one hand, the stuborn weakness of investments on the expenditure side, and, on the other hand, the subpar performance of the industrial and agricultural sector on the production side. On these factors, the impact of the external environment is decisive. Looking ahead to the second half of the year, there are signs that external demand may finally stabilize and investments could also take an upward turn, hence a stable, although fairly gradual pick-up in GDP growth remains realistic. Yet, even this cannot guarantee an average annual GDP growth above 1% this year.

Mortgage-backed loans (source of data: MNB)

MORTGAGE LENDING CONTINUES TO ACCELERATE: in Q2 2025 the volume of new mortgage loan contracts amounted to HUF 458 billion, accelerating further from an already strong Q1, despite the fact that interest rates on mortgage loans even increased slightly, and the share of subsidized loans in new contract volumes remained at only 20%. The average ticket size for a new mortgage loan was HUF 19.6 million (close to the previous quarter's, but up from HUF 18.1 million a year earlier), while the number of new contracts was ~23,400, somewhat up from the previous quarter's ~22,300. The growth rate of the outstanding stock of mortgage loans also accelerated: the end-Q2 volume of HUF 6,724 billion implies HUF 722 billion (or 10.8%) growth on a yearly basis. A transitory deceleration in Q3, nevertheless, is certainly on the cards, since potential debtors prepare themselves for a new, very favourable scheme to be introduced in September.

6

House prices almost explode – the number of newly built flats is staggeringly low

Annual rate of inflation, house prices

(source of data: KSH, MNB)

• INFLATION MODERATES: compared to the previous quarter, the 12-month rate of inflation declined in Q2, yet it remained outside the central banks's tolerance band. Based on the current outlook, there is very slim chance for inflation to enter the tolerance band in the remainder of this year, and on annual average it can be as high as 4.5%.
• Partly due to the mismatch in demand and supply, partly due to the outstanding interest income on retail government papers, house prices effectively exploded in early 2025: nationwide quarterly growth hit 7%, which pulled the rate of annual growth above 15%, but Budapest brought even more drastic figures: quarterly growth amounted to 11.7%, which translates into 22.3% year-on-year growth. Housing market incentives from the government will ratherstrengthen the demand than the supply side – at least on the short run. A private survey (byDuna House) projects 3% furtherprice hike inQ2.

Quarterly housing market indicators (source of data: KSH, Duna House)

• STILL HARDLY ANY NEWLY BUILT FLATS: there was no more than 2,425 newly built flats reported in Q2, which is a multi-year low. A thin hope of future improvement is the 60% higher issuance of building permits compared to a year earlier, which represents an almost three-year high. Yet, even with an optimistic bias the number of newly built flats may at best be around the last year's 13.3 thousand.
• The price decreased by 3% compared to the previous quarter and by 7% compared to the same quarter of the previous year. There are numerous onetime opportunities this year (like the possibility of using pension fund savings) that might set the housing market in motion, and the newly announced Otthon Start scheme might also help, but reproducing earlier volumes (150 thousand transactions in a single calendar year) doesn't seem to be realistic yet. The most likely outcome should lie within a 130 to 140 thousand band.

7

Profit and Loss developments, Balance sheet

▪ MBH Mortgage Bank's profit before tax came at a favourable HUF 6.9 billion despite the paid special tax on the extra profit (HUF +2.7 bn, +64.2% y/y), while on a half-year basis it showed an increase of HUF 3.9 billion (-128.6% H2/H1). The growth of the profit was driven by high interest income year-to-year.

Pre-tax profit of HUF 6.9 billion, mainly due to high net interest income

Profit & Loss developments (Standalone statement figures) (in HUF million)		2024.			2025H1/	2025H1/
		H2	FY		2024H1	2024H2
Operating income, net	6,064	4,289	10,353	8,340	37.5%	94.5%
Net interest income	6,970	5,865	12,835	7,993	14.7%	36.3%1
Net fee and commission income	-53	-49	-102	2	-103.8%	-104.1%
Results from financial instruments, net	-694	-1,512	-2,206	334	-148.1%	-122.1%
Other operating income	4	5	9	12	200.0%	140.0%
Other operating expense	-163	-20	-183	-1	-99.4%	-95.0%
Provision and impairment	-335	-200	-535	524	-256.4%
General and administrative expenses	-1,552	-1,089	-2,641	-2,005	29.2%	84.1%
Profit before tax	4,177	3,000	7,177	6,859	64.2%	128.6%
Income tax benefit	-525	-55	-580	-805	53.3%
Profit for the year	3,652	2,945	6,597	6,054	65.8%	105.6%
Separate Statement of Other Comprehensive Income
Profit for the year	3,652	2,945	6,597	6,054	65.8%	105.6%
Other comprehensive loss	-124	-150	-274	-288	132.3%	92.0%
Total comprehensive income for the year	3,528	2,795	6,323	5,766	63.4%	106.3%
Total comprehensive income for the year without banking tax and extraprofit tax	4,053	2,795	6,848	6,726	65.9%	140.6%

The profit before tax of the Mortgage Bank reached HUF 6.9 billion in H1 2025 (+64,2% y/y):

• The improvement was mainly the result of a the 14.7% y/y increase in net interest income (HUF +1.0 bn y/y).
• The increase in net interest income was mainly due to lower interest expenses related to the continuously decreasing volume of LTRO funds received fromthe NBH.
• Extra profit tax and banking tax (HUF 960,0 million) remained a dominant element in operating costs. Thus, operating expenses reached HUF 2.0 billion inH1 2025 (+29.2% y/y).
• Income tax expense for H1 2025 amounted to HUF 805 million. Bank calculated the carryforward loss according to the law.
• Total comprehensive income without the effect of banking tax and extra profit tax was HUF 6.7 billion in H1 2025.

Total assets decreased by 2.0% y/y

Standalone Statement of Financial Position (in HUF million)	30.06. 2024.	31.12.	30.06. 2025.	30.06.2025/ 30.06.2024.	30.06.2025/ 31.12.2024.
Cash and cash equivalents	3,686	1,249	957	-74.0%	-23.4%
Financial assets measured at fair value through profit or loss	6,820	6,860	6,261	-8.2%	-8.7%
Hedging derivative assets	ટેલ્ટ	1,431	414	-26.7%	-71.1%
Financial assets measured at fair value through other comprehensive income (Securities)	26,282	47,196	O	-100.0%	-100.0% ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Financial assets measured at amortised cost	838,043	834,702	850,529	1.5%	1.9%
Loans and advances to banks	543,710	593,463	610,714	12.3%	2.9%
Loans and advances to customers	18,507	16,468	14,738	-20.4%	-10.5%
Securities	275,550	224,418	225,026	-18.3%	0.3%
Other financial assets	276	353	51	-81.5%	-85.6%
Other assets	738	873	452	-38.8%	-48.2%
Total assets	876,134	892,311	858,613	-2.0%	-3.8%
Liabilities	794,401	807,783	768,319	-3.3%	-4.9%
Financial liabilities measured at fair value through profit or loss	1,332	। ਟੈਰੇ	1,149	-13.7%
Derivative financial liabilities	1,332	159	1,149	-13.7%
Financial liabilities measured at amortised cost	785,869	803,370	764,869	-2.7%	-4.8%
Amounts due to other banks	445,235	374,995	312,807	-29.7%	-16.6%
Issued debt securities	339,973	427,599	451,378	32.8%	5.6%
Other financial liabilities	661	776	684	3.5%	-11.9%
Hedging derivative liabilities	6,079	3,569	1,211	-80.1%	-66.1%
Provisions	22	7	7	-68.2%	0.0%
Income tax liabilities	5	200	8	60.0%	-96.0%
Other liabilities	1,094	478	1,075	-1.7%	124.9%
Equity	81,733	84,528	90,294	10.5%	6.8%
Total liabilities and equity	876,134	892,311	858,613	-2.0%	-3.8%

The total assets of MBH Mortgage Bank reached HUF 858.6 billion at the end of H1 2025 (-2.0% y/y):

• Short-term funding needs of the Mortgage Bank were fulfilled by the Bank Group in the form of interbank deposits. Accordingly, the stock of loans to banks increased on an annual basis.
• In H1 2025, MBH Mortgage organized three public auctions and five subscription on the Hungarian capital markets and raised close to HUF 37 billion as a result of issuing covered bonds.
• There were no green mortgage bond issuancesin the examined half-year.
• Out of the total mortgage bond issuance, the share of fixed rate mortgage bonds (HUF 17.9 billion) amounted to 48.6%, while the share of floating rate mortgage bonds (HUF 18.9 billion) to 51.4%.

Refinanced portfolio, Own originated loans

Refinanced portfolio rose on both annual and half-year basis - MBH Bank remains the dominant refinancing partner

• Refinancing portfolio increased by 2.8% on half-year basis and 3.2% on annual basis.
• MBHBank's share of the refinanced portfolio was 98.2%.

Steady decline in the own originated gross loan portfolio - in line with the business strategy

• The Bank discontinued granting own originated loans in 2018, hence the stock of the remaining loans has been amortizing at an accelerating rate. The rate of decrease in H1 2025 amounted to 10.52% (HUF -1.9 billion)
• The composition of the existing portfolio:
  • subsidized loans: 40%
  • HUF denominated loans: 99%
  • 86% of the portfolio in cover pool

Mortgage bond issuance

MBH MB's covered bond rating provided by Moody's in middleinvestment grade segment

Issuerrating: Ba3 / stable outlook Long- and short-termCounterpartyRisk (CR) Assessment: Baa3(cr) / P-3(cr) Covered bond: A1 / not on watch

• ➢ A Moody's Investor Service announced its long-term rating of 'A1' for the issued mortgage bonds with a Counterparty Risk Assessment (CR) of Baa3(cr)) on July 22, 2024.
• ➢ While MBH MB's covered bond rating standsfour notches above Hungary's, it is nonethelesslimited by it.

MBH MB mortgage bonds on international stages: European Energy Efficient Mortgage Label and European Premium Covered Bond Logo

	The European Energy Efficient Mortgage Label (EEML) has been awarded to MBH Mortgage Bank on the basis of objective criteria by an independent advisory body associated with the European Mortgage Federation. Under the terms of the label, MBH Mortgage Bank commits to refinance its partners' residential and project mortgages in an energy-efficient manner and guaranteesthatthe Issuermeetsthe disclosure and transparency requirements.
European premium covered bond	MNB authorized the Issuer to use the 'European Premium Covered Bond' logo for MBH Mortgage Bank's outstanding mortgage bonds, as well asthose to be issued in the future, on 12 September 2022.
Participation in international organizations	European Covered Bond Council (ECBC) – StatisticsandDate WorkingGroup – Member of the Management Energy Efficiency Mortgage Initiative (EEMI)- Member Energy Efficiency Mortgage Label Committee(EEML)- Member EMF Research andData Committee – Delegates memberto the Board

Permanent issuer activity in both green and non-green mortgage bonds

• MBH Mortgage Bank's issuance activity focused on two investor segments: it organized public retail offerings and institutional public stock exchange auctions.
• Total volume of mortgage bond issues reached HUF 36.9 billion as a result of eight public subscriptions and auctions in the first half of 2025.
• Against the issued amount, the total volume of matured mortgage bond size came at HUF 15.1 billion, which contributed to HUF 21.8 billion increase in the outstanding volume by the end of the first half of 2025.

Solid second position among domestic mortgage bond issuers

The Bank's market share in the mortgage bond market

Mortgage banks' share in the volume of outstanding mortgage bonds* (based on face value), 30.06.2025

• The face value of mortgage bonds issued by MBH Mortgage Bank Plc and in circulation at the end of Q2 2025 amounted to HUF 386,7 billion. Compared to the stock prevailing a quarter earlier this is a HUF 21.2 billion (5.8%)increase.
• Since total market volume increased to an even greater extent (11%) during Q2, the Bank's market share actually shrank to 16.5%.
• By possessing a 16.5% market share MBH Mortgage Bank Plc. remainsthe second largestissuerin the segment.
• * Sources: OTP estimate based on the list of issued mortgage bonds in circulation MBH – Q2 2025 Coverage Report UniCredit – estimate based on the list of issued mortgage bonds in circulation K&H – Q2 2025 Coverage Report Erste – Q2 2025 Transparency Report

Key player on the domestic mortgage bond market

Digitalization in business services - MBH Index and MBH AVM

MBH House Price Index has been continuously measuring residential property pricesin Hungary since 2000

Marketing and business use:

• The MBH Index project publishes 8-10 real estate studies annually.
• The 100th data point of the MBH Housing Price Index was determined and published in 2024.
• The Housing Price Index supports the annual revaluation of a significant portion of collateral properties at Bank Group level.

MBH AVM Automated property valuation

AVM

AVM is an automated (residential) property valuation model implemented at MBHGroup level in 2023

• AVM's full branch network reach was achieved in 2024.
• The integration of the AVM application into MBH Bank's EFR systemhas been completed.

Additional business goals:

• Extension of the methodology to new apartment and family house projects
• Development of an energy database
• Establishment of a real estate market knowledge center together with the MBH Index family.

Maturity structure of MBH MB covered bonds and unsecured bonds (30 June 2025) (HUF million)

• Re-purchase/switch auctions ahead of scheduled maturities serve as tools for decreasing maturity concentration.
• 5Y or longer fixed coupon mortgage bonds play a key role in the fulfilment of the issuance strategy, which suits the best to the maturity structure of the mortgage loan portfolio.
• Increasing the share of green mortgage bonds within the total outstanding mortgage bond portfolio is set to remain a key pillar

Share of green mortgage bonds increased further in total issued volume in H1 2025

OC increased sharply to above 25% in H1 2025

Cover pool composition and OC (in HUF billion)

Strict regulatory requirements for the structure of cover pool assets and over-collateralisation

• Minimum 2% of overcollateralisation
• 180-day liquidity buffer (liquid assets covering the 180-day max. net cumulated outflow of liquidity related to the covered bond program).
• Besides an ongoing issuance activity, the modest increase in normal collateral and the significant rise of liquidity assets resulted the OC level moving above 25% by the end of H1 2025.

Cover pool assets: homogenous portfolio structure, low average LTV

Green mortgage bond, ESG

In March 2025, MBH Mortgage Bank published the new version of the Green Covered Bond Framework and the related Second Party Opinion.

The proportion of green mortgage bonds exceeds 12% within the outstanding mortgage bond portfolio

Green mortgage bonds

In H1 2025 MBH MB's outstanding green mortgage bond portfolio remained unchanged at 48.6 billion HUF. The Eligible Green Mortgage Loan portfolio showed a reduction of HUF 23.5 billion compared to H2 2024 due to the revision of the Green Covered Bond Framework. At the end of H1 2025, the proportion of green mortgage bonds in the total outstandingmortgage bond portfolio was 12.6%.

ISIN	Series	Settlement date of the first Issue	Maturity date	Outstanding amount (in HUF)
HU0000653464	TZJ27NF1	29 October 2021	27 October 2027	22 135 480 000
HU0000653514	TZJ32NF1	24 February 2022	27 May 2032	11 970 000 000
HU0000653688	MZJ29NF1	13 March 2024	22 November 2029	14 495 000 000
				48 600 480 000

Stable green mortgage bonds and green cover assets in H1 2025:

H1/H2

Key indicators in relation of Green Mortgage Bond Framework As of June 30, 2025
Outstanding amount of green mortgage bonds	Eligible green mortgage loans	Share of eligible green mortgage loans in the total cover pool	Share of unallocated eligible green mortgage loans
HUF 48 600 480 000	HUF 75 863 731 270	18.5 %	35.9 %

ESG project results for H1 2025

• Review of the Green Covered Bond Framework: Development of the selection and impact assessment model for green mortgage loans
• Identification of the list of material topics related to the Sustainability Report (2025)
• Publication of the standalone Sustainability Report (2024) according to GRI standards in April 2025.
• Training of boardmembers onclimate change andenvironmentalrisk in June 2025
• Quarterly monitoring ofKPIs defined in ESGstrategy and Sustainability report

ESG project objectives for H2 2025

• Preparation forthe standalone sustainability reporting for 2025:
  • Review ofsustainability reporting in line with legislative changes
  • Data collection and the definition of the formal and content requirements of the reporting
• ImprovingMBHMB's CDPScore in line with MBH MB's environmental performance:
  • Filling out the questionnaire for the year 2024, with the aim of maintaining or improving the previous year's "C" rating

Abbreviations

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Disclaimer

This presentation contains statements that are or may be deemed to be, "forward-looking statements" which are prospective in nature. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions, and projections about future events, results of operations, prospects, financial condition, and discussions of strategy.

By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of MBH Mortgage Bank. Forward-looking statements are not guarantees of future performance and may and often do differ materially from actual results. Neither MBH Mortgage Bank nor any of its subsidiaries or members of its management bodies, directors, officers, or advisers, provides any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this presentation. Other than in accordance with its legal or regulatory obligations, MBH Mortgage Bank is not under any obligation and MBH Mortgage Bank and its subsidiaries expressly disclaim any intention, obligation, or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation shall not, under any circumstances, create any implication that there has been no change in the business or affairs of MBH Mortgage Bank since the date of this presentation nor that the information contained herein is correct as at any time subsequent to its date.

This presentation does not constitute or form part of any offer to purchase or subscribe for any securities. The making of this presentation does not constitute a recommendation regarding any securities.

The distribution of this presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation ofthe laws of other jurisdictions.

The information contained in this presentation is provided as ofthe date ofthis presentation and is subject to change without notice.

Investorrelations

Bozzai Rita Capital Markets Email: bozzai.rita@mbhbank.hu Phone: +36 20 429 4002

Tóth Illés Deputy CEO Email: toth.illes@mbhbank.hu Phone: +36 30 417 4356