Bendigo & Adelaide Bank Ltd. · ASX:BEN
Bendigo & Adelaide Bank — Investor Presentation (December 2025)
31 slides from Bendigo & Adelaide Bank's investor presentation, Dec 4, 2025
Slide 1: Investor Update
Investor Update 4 December 2025 Bendigo and Adelaide Bank Limited ABN 11 068 049 178
Slide 2: Acknowledgement of Country
Acknowledgement of Country I would like to begin today by acknowledging the Traditional Custodians of the many lands that we are gathered on. Specifically, I would like to respectfully acknowledge the Gadigal People of the Eora Nation. I would also like to acknowledge the Traditional Custodians of t
Slide 3: Agenda
Agenda 01 02 03 04 Strategic RACQ Bank Business AML Update Acquisition Momentum & Overview Productivity & Q&A Richard Fennell, Richard Fennell, Andrew Morgan Richard Fennell, Chief Executive Officer Chief Executive Officer Chief Financial Officer Chief Executive Officer and Managing Director and Man
Slide 4: Strategic Update
Strategic Update Richard Fennell – Chief Executive Officer and Managing Director 4
Slide 5: Building scale through innovation
Building scale through innovation To feed into the prosperity of OUR PURPOSE our customers and communities OUR We are deepening our focus CUSTOMERS on our target customer segments OUR STRATEGIC 4 Set the 5 Reinvent PILLARS 1 Make life easy 2 Operate simply 3 Deepen customer benchmark for banking for
Slide 6: Strengths and Progress
Strengths and Progress Leveraging our strengths for the next phase of growth Bendigo NPS1 +28.4 One Core System Bendigo Lending Up NPS +44.3 1 Trust & Platform - All Channels reputation Agility Balance sheet strength Excess Capital ~$360 million2 Google Partnership signed Bendigo Communi
Slide 7: up – November 2025
up – November 2025 up profitable today Customers Deposits Lending • 1.237 million Upsiders1 • $3.3b in deposits • $2.0b in home loans • 22% Customer growth (YoY)2 • 35% growth in deposits (YoY) 2 • 64.5% average LVR • +44.3 NPS3 • Grow & Flow interest rate structure • $546,000 average loan size • <$
Slide 8: What drives brand choice in banking?
What drives brand choice in banking? Choosing a bank brand is driven by both rational factors and emotional factors Priority rational drivers Priority emotional drivers Emotional Influence, • Easy to deal with • Reliable 29% • Available when I need them • Authentic • Easy to understand • Supportive
Slide 9: Our relative performance on key drivers
Our relative performance on key drivers Our strength lies in our leading position on emotional drivers Performance on Emotional Drivers Performance on Rational Drivers Consumer1, Jul-Sep ’25 Consumer1, Jul-Sep ’25 Diff to Diff to Diff to Diff to Big 4 Tier 22 Big 4 Tier 22 Reliable 44% +4% +4% Is al
Slide 10: Why customers choose Bendigo Bank
Why customers choose Bendigo Bank Bendigo Bank leads on a number of measures BEN’s emotional BEN’s reputation Trusted Consideration BEN’s advocacy driver performance performance gap Brand of our brand performance gap gap vs the market vs the market vs the market Consistently ranked in the most trust
Slide 11: Building capability to support rational drivers
Building capability to support rational drivers and complement emotional drivers Rational Drivers: > Easy to deal with > Available when I need them > Easy to understand communications > Makes things easy for customers 11
Slide 12: RACQ Bank Acquisition
RACQ Bank Acquisition Richard Fennell – Chief Executive Officer and Managing Director 12
Slide 13: Summary of RACQ Bank Book Acquisition
Summary of RACQ Bank Book Acquisition • BEN to acquire the retail loans and deposits of RACQ Bank at book value at completion • Strategic referral agreement will commence post-completion • At 30 June 2025, ‘transferring book’ comprised loans of $2.7bn and retail deposits of $2.5bn Earnings Financial
Slide 14: Driving Shareholder Value
Driving Shareholder Value Deposits, productivity and sustainable growth +20bps +3pp 90k Customers 2 Uplift to lower cost deposits Queensland residential lending portfolio Integrated into one core banking system Optimise Deposit Franchise Sustainable Growth Productivity > Uplift to lower cost deposit
Slide 15: Bendigo Bank Today
Bendigo Bank Today Integration of 90K RACQ Bank Consumer B&A customers Digital One Core Banking System 15
Slide 16: Business Momentum & Productivity
Business Momentum & Productivity Andrew Morgan – Chief Financial Officer 16
Slide 17: Strong Correlation between NPS and Deposit Funding
Strong Correlation between NPS and Deposit Funding Leverage our advantages to drive lower cost deposits NPS1 vs Deposit/Loan Ratio2, 30 June 2025 90% 80% Tier 2 Deposit/Loan Ratio BEN 70% Major Major 60% Major Tier 2 Major Tier 2 50% -20 -10 0 10 20 30 NPS 1. NPS - Roy Morgan Net Promoter Score – Ro
Slide 18: Optimise Deposit Franchise
Customer Deposits - by Type $68.3b $72.9b $73.5b 11.3% 11.8% 12.2% 37.1% 35.8% 34.8% Optimise Lower Cost 37.0% 38.7% 39.8% Deposit Franchise 51.6% 52.4% 52.9% Deposits 14.6% 13.7% 13.1% Jun-24 Jun-25 Nov-25 Strengthen digital deposit capability Transaction Savings Term Deposit Offset • Lower cost de
Slide 19: Sustainable growth
Average mortgage – NIM1/CRWA (new business) Sustainable growth 47% Disciplined approach to capital allocation • Residential Lending contraction easing. Apps/day momentum improving in Nov. Expected to exit at Dec-23 Jun-24 Dec-24 Jun-25 system by 4Q26 Programs in place to support the mortgage portfol
Slide 20: Productivity
Operating Expenses ($m) 1,209.4 121.0 1,088.4 328.8 Productivity 299.1 29.7 Operate simply and efficiently BAU Expenses Investment Total Expense BAU Expenses Investment Total Spend Base Spend Expenses • Gaining productivity momentum in FTE through recent restructuring activity FY25 1Q FY26 • BAU ope
Slide 21: Productivity Enablers
Productivity Enablers Embedment Capability building Increased usage of Refinement of of operational through strategic AI and automation, external spend excellence disciplines partnerships leveraging Google including property partnership footprint 800 8k 40 100k > Currently, 60+ technology > Five yea
Slide 22: AML Overview
AML Overview Richard Fennell – Chief Executive Officer and Managing Directo 22
Slide 23: AML/CTF Overview
AML/CTF Overview What Happened? What Next? • Bendigo Bank identified suspicious activity indicative of • Deloitte have been engaged to scope an uplift program informed money laundering within a branch. Upon discovery, the by work already completed matter was self reported to AUSTRAC and law enforcem
Slide 24: Q&A
Q&A 24
Slide 25: Our Financial Targets
Our Financial Targets ROE above 10% by 2030 Dividend payout ratio CET1 Board target of >10% 60%-80% of cash earnings OUTLOOK Expenses Growth Credit > BAU costs no higher than inflation, through > Improved B&A growth in FY26 > 5-8 bps of loans through the cycle the cycle > Savings growth above system
Slide 26: Appendix
Appendix 26
Slide 27: RACQ Bank portfolio overview
RACQ Bank portfolio overview Optimise Deposit Franchise Sustainable Growth Customer deposits (%, Type) Residential Lending by State (FY25 pro-forma) BEN Combined $72.9b $75.4b 11.8% 11.5% 35.8% 35.9% 18% 10% (+3%) 9% Lower 38.7% 38.9% 25% Cost +52.4% +52.6% (-1%) Deposits 13.7% 13.7% 36% (-2%) FY25
Slide 28: Operate simply and efficiently
Establish Operational Excellence practices > Centralisation of Operational teams and establishment of Operational Excellence function > Delivery of an Operational Excellence program > Operational Excellence practices deployed across the Enterprise Operate simply Leveraging technology and people and
Slide 29: Streamline our technology foundations
Being faster Measured by time to market (lead time to change) and data product adoption progress with AI Streamline Lower cost our technology Measured by reshaping our workforce and reduction of external contract spend foundations Improve security & resilience Measured by high value assets protected
Slide 30: Important Information
Important Information This document is a presentation of general background information about the Group’s activities current at the date of the presentation. It is information in a summary form and intended to be read by a professional analyst audience and no representation or warranty is made as to
Slide 31: Shareholder Centre
Shareholder Centre BEN Financial Annual Corporate Investor Sustainability Results & Financial Report Governance Calendar Report Presentations Statement www.bendigoadelaide.com.au www.bendigoadelaide.com.au www.bendigoadelaide.com.au www.bendigoadelaide.com.au www.bendigoadelaide.com.au /results /afr
Bendigo & Adelaide Bank — Investor Presentation (December 2025) on 6ix