Metro Bank Holdings Plc · LSE:MTRO
Metro Bank — Metro Bk Hldgs — FY 2025 Earnings Presentation
30 slides from Metro Bank's earnings presentation, Mar 4, 2026
Slide 1: A year of growth and delivery
A year of growth and delivery FY 2025 Results Presentation 4 March 2026
Slide 2: Agenda
Agenda Overview Daniel Frumkin, Chief Executive Officer Financial performance Marc Page, Chief Financial Officer Strategy driving the future Daniel Frumkin, Chief Executive Officer Q&A Daniel Frumkin, Chief Executive Officer Marc Page, Chief Financial Officer
Slide 3: Strong growth and continued delivery in line with strategy
Strong growth and continued delivery in line with strategy Delivered all market guidance, outperformed on costs Delivered record growth in Corporate & Commercial £98m 6.4% Plus £800m Underlying profit RoTE credit approved Highest in the bank’s history In line with guidance pipeline £2.0bn £1.2bn 3.1
Slide 4: RoTE >13% in Q4 2026, with continued growth highly mechanical
RoTE >13% in Q4 2026, with continued growth highly mechanical In 2028, Metro Bank will be generating one of the highest RoTE of any UK High Street bank Reduced Managed cost of deposit Active asset Repricing of operating costs reductions Rotation Treasury Assets MREL call April 2028 provides ~4% annu
Slide 5: Significant improvements in RoTE, building to >18% in 2028
Significant improvements in RoTE, building to >18% in 2028 2026 2027 2028 Exit NIMs 3.40% - 4.00% 3.75% - 4.50% Cost to income ratio 75% - 70% 65% - 60% 55% - 50% RoTE >13% in Q4 2026 >15% >18% Clear path to >18% RoTE in 2028 Guidance statements are predicated on modelling assumptions, including int
Slide 6: Resilient model, structurally advantaged to deliver leading risk-adjusted returns
Resilient model, structurally advantaged to deliver leading risk-adjusted returns Continued progress even with 100bps lower base rate Local relationship-led service model Risk adjusted lending yield [1] Only bank offering dedicated relationship management to business of all sizes 3.00% 4.00% 5.00% 6
Slide 7: Financial Performance
Financial Performance Marc Page Chief Financial Officer
Slide 8: Trading momentum drives record profitability
Trading momentum drives record profitability Lowered exit cost of deposits Increased exit NIM Increased revenue (£m) Lowered cost:income ratio 2.06% 3.17% 585 97% 101% 2.65% 81% 1.40% 547 0.94% 1.38% 504 FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 Maintained low cost of r
Slide 9: Structural growth drivers
Structural growth drivers Foundations in place for delivery of >18% RoTE in 2028 Managed cost Repricing of Reduced Active asset of deposit Treasury operating costs Rotation reductions Assets Transformation Transformation Progress in line Allow for passage complete complete with plan of time
Slide 10: Sustained cost discipline delivered - ahead of guidance
① Sustained cost discipline delivered - ahead of guidance Underlying operating costs reduced further Continued improvements in cost to income ratio ↓7% £530m £510m 47 £473m 54 39 242 246 238 97% 101% 81% 241 210 196 FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 People costs Non-people costs Other (incl. Fraud
Slide 11: Relationship strategy delivers strategic funding advantage
② Relationship strategy delivers strategic funding advantage NIBLs remain double the market average Growing share of deposits from SMEs, in line with strategy 2.06% 1.40% 0.94% 15% 11% 7% 34% 31% 35% 35% 49% 41% 48% 49% FY 2024 FY 2025 £14.5bn £13.4bn 48% 16% 40% 44% 12% 16% 14% 37% 18% FY 23 FY 24
Slide 12: Record growth in Corporate and Commercial lending
③ Record growth in Corporate and Commercial lending Increased core business lines by 56% in 2025 £2bn new Corporate, Commercial and SME originations in 2025 Lending balances FY 2024 FY 2025 YoY % YoY £bn Plus £800m Commercial 2.7 3.6 34% 0.9 credit approved 1.7x Specialist mortgages 0.7 1.7 137% 1.0
Slide 13: Portfolio remains highly collateralised and prudently provisioned
③ Portfolio remains highly collateralised and prudently provisioned High asset quality ensures arrears rates remain low Portfolio predominantly secured on property 9% Asset and 4% Consumer & Invoice Finance Commercial other 4% Government backed incl. BBLs, 3.84% 3.63% CBILs and RLS 1.65% 1.73% FY25
Slide 14: Treasury asset repricing in H2 2026 presents revenue tailwinds
④ Treasury asset repricing in H2 2026 presents revenue tailwinds 2026 maturities heavily weighted towards H2 £38m annualised PBT uplift entering 2028 300 £m H1 2026 H2 2026 H1 2027 H2 2027 250 Balance maturing 182 833 23 508 200 Average rate on maturing balances 0.58% 0.85% 2.26% 1.21% 150 Annualise
Slide 15: Actions taken to offset materially lower rates since guidance
Actions taken to offset materially lower rates since guidance announced in H1’24 Guidance delivered within lower rate environment Future rate headwinds offset by asset rotation and treasury Delivered 2025 Rates (46)bps Growth in H2 with with (21)bps lower across 2026 >13% RoTE by Q4 lower rates than
Slide 16: Significant increase in profit adds to materially strengthened capital position
Significant increase in profit adds to materially strengthened capital position Management action drives profitability and NIM MREL reclassification provides further capacity for growth Underlying Profit Before Tax, £m RoTE 26.1%1 6.4% 7 98 7.7% MREL 27 2.3% T2 49 13.7% 3.6% AT1 2.0% CCyB 2.5% CCoB
Slide 17: Significant improvements in RoTE, building to >18% in 2028
Significant improvements in RoTE, building to >18% in 2028 2026 2027 2028 Exit NIMs 3.40% - 4.00% 3.75% - 4.50% Cost to income ratio 75% - 70% 65% - 60% 55% - 50% RoTE >13% in Q4 2026 >15% >18% Clear path to >18% RoTE in 2028 Guidance statements are predicated on modelling assumptions, including int
Slide 18: Strategy driving the future
Strategy driving the future Daniel Frumkin Chief Executive Officer
Slide 19: Relationship-based model at the heart of why customers are choosing Metro Bank
Relationship-based model at the heart of why customers are choosing Metro Bank Stores a key brand differentiator Full-service offering for SMEs Local relationship-led service model unrivalled by larger banks Our network of 78 Opened 3 new stores across England and Wales stores in 2025 enables us to
Slide 20: Focussed delivery within strategic pillars
Focussed delivery within strategic pillars Costs Infrastructure Revenue Scalability Capability Confidence • Delivered a further 7% reduction year-on-year • Launched award winning AI scam detection • Launched new specialist mortgage products tool- over 1,700 checks made to date (Limited Co. BTL, HMO,
Slide 21: Significant growth in Corporate, Commercial and SME lending
Significant growth in Corporate, Commercial and SME lending Relationship Managers embedded in local communities, help facilitate lending to businesses we know, in sectors we know. Portfolio remains conservative, primarily backed by property- positioning the bank for stability in a changing macro env
Slide 22: Resilient model, structurally advantaged to deliver leading risk-adjusted returns
Resilient model, structurally advantaged to deliver leading risk-adjusted returns Continued progress even with 100bps lower base rate Local relationship-led service model Risk adjusted lending yield [1] Only bank offering dedicated relationship management to business of all sizes 3.00% 4.00% 5.00% 6
Slide 23: Q&A
Q&A Daniel Frumkin, Chief Executive Officer Marc Page, Chief Financial Officer
Slide 24: Appendices
Appendices
Slide 25: P&L
P&L £m FY 2025 FY 2024 YoY H2 2025 H1 2025 HoH Net interest income 460.3 377.9 22% 237.4 222.9 7% Net fees and other income 124.8 125.6 1% 61.4 63.4 (3%) Net gains/(losses) on sale of assets 0.0 0.0 - 0.2 (0.2) >100% Total underlying revenue 585.1 503.5 16% 299.0 286.1 5% Underlying operating costs
Slide 26: Balance Sheet
Balance Sheet £m FY 2025 FY 2024 YoY H1 2025 HoH Loans and advances to customers 8,823 9,013 (2%) 8,715 1% Treasury assets 6,345 7,301 (13%) 6,386 (1%) Other assets 1,307 1,268 3% 1,327 (2%) Total assets 16,475 17,582 (6%) 16,428 0% Deposits from customers 13,445 14,458 (7%) 13,363 1% Deposits from
Slide 27: Statutory to Underlying reconciliation
Statutory to Underlying reconciliation FY 2025 Statutory Impair/WO's Remediation Portfolio Underlying Net C&I costs Transformation costs £m basis PPE/intangible assets costs Sales basis Net interest income 460.3 - - - - - 460.3 Net fee and commission income 91.1 - - - - - 91.1 Net gains on sale of a
Slide 28: Alternative Performance Metrics
Alternative Performance Metrics Net interest margin (NIM) Cost of deposits (CoD) Net interest income as a percentage of average interest-earning assets Interest expense on customer deposits divided by the average deposits from customers for the year £m FY 2025 FY 2024 £m FY 2025 FY 2024 Net interest
Slide 29: Guidance Modelling Inputs
Guidance Modelling Inputs • RoTE to be 13% or greater in Q4 2026, 15% or greater for 2027, and 18% or greater for 2028 Market guidance • Exit NIMs to be between 3.40-4.00% for 2026 and 3.75%-4.50% for 2027 provided • Cost income ratio to be between 75-70% for 2026, 65-65% for 2027, and 55-50% for 20
Slide 30: An introduction to Metro Bank
An introduction to Metro Bank An award-winning UK bank Relationship banking specialists A compelling investment case We’re Metro Bank- an award-winning We are committed to building Metro Bank Holdings PLC is listed on independent UK bank growing in relationships with our customers and the London Sto