Nationwide Building Society · LSE:NBS
Nationwide Building Society — Q2 2026 Earnings Presentation
30 slides from Nationwide Building Society's earnings presentation, Nov 20, 2025
Slide 1: Interim Results Presentation
Interim Results Presentation for the six months ended 30 September 2025
Slide 2: Continued strong momentum across the Nationwide Group
Interim Results Presentation |Performance Summary Continued strong momentum across the Nationwide Group Market -leading Delivering Strong financial Contributing growth member value performance to wider society Market-leading net £1.2bn of member value Increased underlying Extended Branch Promise mor
Slide 3: Innovation is supporting leading growth & customer service, alongside productivity gains
Interim Results Presentation |Performance Summary Innovation is supporting leading growth & customer service, alongside productivity gains Investing in customer Building resilience & Delivering responsible journeys simplifying architecture innovation Ten new mobile app features in six Industry -firs
Slide 4: Our integration plans are progressing well
Interim Results Presentation |Performance Summary Our integration plans are progressing well Key milestones achieved to date Streamlined governance structure, including aligned Board membership and establishing Group ExCo Simplified group funding and capital structure, well ahead of expiry of regula
Slide 5: Financial Update
Financial Update 5
Slide 6: Continued strong financial performance
Interim Results Presentation |Financial Update Continued strong financial performance £million H1 25/26 H1 24/25 • Underlying profit was up 2% compared to H124/25. Net interest income 2,967 2,076 Net other income 145 53 • Income, costs and impairments were all higher compared to H124/25, reflecting
Slide 7: Low risk, diversified and strongly capitalised balance sheet
Interim Results Presentation |Financial Update Low risk, diversified and strongly capitalised balance sheet £billion 30 Sep 25 31Mar 25 • The increase in mortgage balances reflected market- Residential mortgages 280.3 275.6 leading net lending in the period, supported by strong levels of retention a
Slide 8: Stable underlying net interest margin
Interim Results Presentation |Financial Update Stable underlying net interest margin Group net interest margin movements, H1 24/25 through to H1 25/26, % 0.08 1.65 0.12 1.60 0.01 0.00 0.01 0.00 1.60 1.58 1.55 (0.02) (0.02) 1.50 1.50 0.04 (0.01) 1.45 (0.05) 1.40 1.35 1.30 1 1 1 H1 24/25 Retail Retail
Slide 9: Market-leading retail mortgages performance
Interim Results Presentation |Financial Update Market -leading retail mortgages performance Group mortgage balances, £bn 1,2 and market share, % 276 280 300 45.0% • Mortgage net lending was £4.7bn, a market- 250 204 202 202 204 211 60 61 40.0% leading performance in the period. 35.0% 200 44 44 44 43
Slide 10: Customer deposits performance
Interim Results Presentation |Financial Update Customer deposits performance Group customer deposit mix 1, £bn Average member deposit rates (annualised), % 350 352.0 282 288 302.0 300 22 6.0% 21 250 191 195 198 206 252.0 5.0% 185 202.0 200 4 4 4 4.0% 4 4 152.0 150 3.0% 2.72% 261 266 102.0 100 181 18
Slide 11: Continued cost discipline
Interim Results Presentation |Financial Update Continued cost discipline £million H1 25/26 H1 24/25 • The increase in underlying costs reflected the larger Staff costs 830 480 group following the acquisition, and integration spend of £43m. Depreciation, amortisation and impairment 283 251 • Inflatio
Slide 12: Stable credit performance
Interim Results Presentation |Financial Update Stable credit performance Residential Consumer Business and Evolution of loan book (%, LHS) and Cost of Risk 4 (bps, RHS) Portfolio mortgages lending commercial 100 50 30 Sep 25 31 Mar 25 30 Sep 25 31 Mar 25 30 Sep 25 31 Mar 25 95 40 Total gross balance
Slide 13: Group liquidity analysis
Interim Results Presentation |Financial Update Group liquidity analysis LCR Pillar 1, 12m rolling average 1, % 200% • The 12-month average LCR was 163% (31Mar 190% 2025 : 174%), reflecting lower outstanding 180% TFSME drawings during the 12-month reference period. 170% 163% 160% • The liquid asset b
Slide 14: Diversified wholesale funding position underpinned by strong credit ratings
Interim Results Presentation |Financial Update Diversified wholesale funding position underpinned by strong credit ratings Wholesale funding issuance 1H125/26, £bn Wholesale funding portfolio by instrument 1 • As previously guided, we intend to issue c.10bn sterling 2% 2% 4% equivalent in a range of
Slide 15: Group capital evolution
Interim Results Presentation |Financial Update Group capital evolution CET1 ratio (% of RWAs) +0.8% 19.1% (0.4%) (0.1%) (0.4%) (0.6%) 18.4% (0.0%) • Capital surpluses remained strong and 5.6% 5.7% significantly above regulatory requirements, 0.8% 0.4% with profits supporting balance sheet growth and
Slide 16: Appendix
Appendix 16
Slide 17: Multiple economic scenario assumptions
Interim Results Presentation |Appendix Multiple economic scenario assumptions Unemployment rate, % 5-year Scenario & weighting Variable (%) 2025 2026 2027 Peak² Trough 2 10 average¹ 9 GDP growth 2.1 2.0 2.0 2.0 10.6 0.7 8 Upside 10% Base rate 4.0 4.3 4.5 4.3 4.5 4.0 7 (31 March 2025: 10%) HPI growth
Slide 18: IFRS9 staging and provisioning by portfolio
Interim Results Presentation |Appendix IFRS9 staging and provisioning by portfolio Business and commercial Owner-occupied mortgages Buy-to-let & legacy mortgages Consumer lending lending 30 Sep 25 31 Mar 25 30 Sep 25 31 Mar 25 30 Sep 25 31 Mar 25 30 Sep 25 31 Mar 25 Provision Provision Provision Pro
Slide 19: LTV distribution of residential mortgage portfolios
Interim Results Presentation |Appendix LTV distribution of residential mortgage portfolios Loan book balances (by value) 30 September 2025 31 March 2025 LTV band • The proportion of balances by LTV is £bn % total £bn % total largely unchanged during the period. <50% 99.1 35 99.5 36 • The average LTV
Slide 20: Structural hedge analysis
Interim Results Presentation |Appendix Structural hedge analysis Structural hedging programme – Group basis (£bn) £80 4.0% £70 3.5% £60 3.0% £50 2.5% £40 2.0% £30 1.5% £20 1.0% £10 0.5% £ 0.0% Mar 22 Sep 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Group notional balance (£bn, LHS) Weighted average
Slide 21: Capital position as at September 2025
Interim Results Presentation |Appendix Capital position as at 30 September 2025 Risk -weighted capital Leverage ratio MREL (% of RWAs) (% of leverage exposure) (% of leverage exposure) £20.1bn £15.2bn £4.9bn £18.3bn £15.1bn £3.2bn £31.5bn £26.4bn £5.1bn • Capital surpluses ensure we maintain buffers
Slide 22: We remain active in core wholesale term funding markets
Interim Results Presentation |Appendix We remain active in core wholesale term funding markets Public wholesale issuance by trade, FY 25/26 1 Instrument Tenor Currency Notional (CCY) Trade date Tier 2 10.25NC5.25 EUR 650m April 2025 Senior preferred (FRN) 2yr EUR 500m April 2025 AT1 Perp NC Dec31 GB
Slide 23: Responsible Business
Responsible Business Aligned to Nationwide’s ESG Disclosures 2025 23
Slide 24: We have industry leading ESG ratings
Interim Results Presentation |Responsible Business We have industry leading ESG ratings ESG ratings providers continue to recognise Nationwide’s sustainability performance ESG Rating Provider Rating 1 Scale MSCI AAA AAA to CCC S&P Global 64 0 to 100 AAA ISS ESG C+, Prime A+ to D- Leader 2 CDP B A to
Slide 25: Our Mutual Good Commitments
Interim Results Presentation |Responsible Business Our Mutual Good Commitments Nationwide has introduced new measures from 2025 We will offer customers a choice We will help more people into safe We will make a positive difference We aim to build a more sustainable We will enhance our performance in
Slide 26: Supporting net-zero as a full-service banking provider
Interim Results Presentation |Responsible Business Supporting net -zero as a full -service banking provider The expansion of our business enables us to service a broader set of customers Supporting the greening of UK Enabling businesses to transition homes towards net zero Green retail lending – Inc
Slide 27: Having a meaningful impact in communities
Interim Results Presentation |Responsible Business Having a meaningful impact in communities Focusing our impact on the issues that matter most to customers, businesses and society, in a way that only we can Nationwide Fairer Futures Enabling financial inclusion and accessibility Our new social impa
Slide 28: Contact information
Interim Results Presentation |Contact Information Contact information Investor Relations mailbox nationwide.treasury@nationwide.co.uk Investor Relations website www.nationwide.co.uk/investor -relations Sarah Abercrombie Head of Treasury Funding & sarah.abercrombie@nationwide.co.uk External Relations
Slide 29: Disclaimer
Interim Results Presentation |Disclaimer Disclaimer This presentation has been prepared by and is the property of Nationwide Building Society (“Nationwide”). By attending this presentation or accepting this document you represent, warrant and agree that (i) you will not reproduce or transmit the con
Slide 30: “* nationwide
“* nationwide
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