National Australia Bank Limited · ASX:NAB
National Australia Bank — Debt Investor Presentation (February 2026)
59 slides from National Australia Bank's debt investor presentation, February 2026
Slide 1: National RMBS 2026-1 Investor Presentation
National RMBS 2026-1 Investor Presentation February 2026 The material in this presentation is general background information about NAB and includes preliminary information about the potential National RMBS 2026-1 transaction. It is not intended to be relied upon as advice. Refer to the disclaimer on
Slide 2: Supportive Australian economic environment
Supportive Australian economic environment • Economic growth has accelerated and is running The RBA to remain cautious amid slower progress on up against capacity constraints inflation1 (%) 8 • Private sector activity picked up more strongly Forecasts2 than expected and the labour market remains tig
Slide 3: House prices and rents continue to be supported by the imbalance between supply and demand
House prices and rents continue to be supported by the imbalance between supply and demand House price growth is slowing1 Rents growth remains elevated2 (Index) (%) Sydney Melbourne Brisbane Sydney Melbourne Brisbane Adelaide Perth Hobart 230 15 Adelaide Perth Hobart 210 10 190 170 5 150 0 130 -5 11
Slide 4: Consumer spending growth has picked up
Consumer spending growth has picked up Consumption growth has picked up1 The household savings rate looks to have stabilised2 (%) (%) 16 Quarterly Year-ended 16 20 12 12 Household savings rate 15 8 8 4 4 10 0 0 -4 -4 5 -8 -8 0 -12 -12 -16 -16 -5 2008 2012 2016 2020 2024 1994 1999 2004 2009 2014 2019
Slide 5: Australia and NZ key economic indicators
Australia and NZ key economic indicators Australian economic indicators (%)1 NZ Economic indicators (%)1 CY23 CY24 CY25 CY26(f) CY27(f) CY23 CY24 CY25(f) CY26(f) CY27(f) GDP growth2 1.4 1.3 2.2 2.0 2.1 GDP growth2 1.4 -1.6 1.7 2.9 2.2 Unemployment3 3.9 4.0 4.3 4.5 4.5 Unemployment3 4.0 5.1 5.4 4.8 4
Slide 6: 1Q26 Trading Update
1Q26 Trading Update1 As at 31 December 2025 Operating Performance Cash earnings were 15% higher compared with the 2H25 quarterly average, mainly reflecting underlying profit growth of 12% and lower credit impairment charges. Key drivers of underlying profit growth include: • Revenue rose 6%. Excludi
Slide 7: Asset quality
Asset quality As at 31 December 2025 Credit impairment charges (CIC) 1Q26 Key Considerations ($m) 0.14 • Credit impairment charge (CIC) of $170 million in 1Q26 0.11 0.13 0.13 0.12 0.09 0.06 0.08 primarily reflects individually assessed charges of $210 million 0.04 231 247 mainly relating to the Aust
Slide 8: Capital remains above operating target
Capital remains above operating target As at 31 December 2025 Group CET1 capital ratio (%) L1: 11.60 0.46 (0.59) L1: 11.50 (0.09) (0.09) 0.11 (0.02) 11.70 11.48 Sep 25 Cash earnings Dividend Credit RWA1 Other RWA2 MLC Life sale Other capital Dec 25 movements3 Level 2 Group CET1 ratio Credit risk-wei
Slide 9: Strong funding and liquidity metrics
Strong funding and liquidity metrics Liquidity position well above regulatory minimums As at 31 December 2025 (%) 100 Minimum 139 137 139 135 136 118 117 119 116 117 Mar 24 Sep 24 Mar 25 Sep 25 Dec 25 Mar 24 Sep 24 Mar 25 Sep 25 Dec 25 LCR (quarterly avg.) NSFR Term funding issuance1 & maturity prof
Slide 10: Loss Absorbing Capacity and Additional Tier 1
Loss Absorbing Capacity and Additional Tier 11 Key messages APRA changes to major banks’ capital minimums (%) • Based on the Group’s RWA and Total Capital position at 31 20.09% December 2025, NAB meets APRA’s 1 January 2026 LAC 18.25% 18.25% requirement Tier 2, 6.59% LAC, 4.50% LAC, 4.50% • NAB rema
Slide 11: Diversified & flexible term wholesale funding portfolio
Diversified & flexible term wholesale funding portfolio As at 31 January 2026 YTD issuance by product type YTD issuance by currency GBP 19% EUR 19% Covered 21% Other 2% NZD 5% Senior 56% Subordinated 23% AUD 31% USD 24% Outstanding issuance by product type1, 2 Outstanding issuance by currency1 RMBS
Slide 12: Additional information: FY25 Results: Strategy
Additional information FY25 Results: Strategy
Slide 13: NAB at a glance
NAB at a glance Cash earnings divisional splits 1 % of Cash earnings Key financial data FY25 Business & Private Banking 47.0% Cash earnings1 $7,091m Personal Banking 17.7% Cash ROE 11.4% Corporate & Institutional Banking 26.1% Gross loans & acceptances (GLAs) $781.5bn New Zealand Banking 19.1% Custo
Slide 14: Our long-term strategy
national Our long-term strategy australia bank Why we are here To be the most customer-centric company in Australia and New Zealand Who we are here for Customers (<e@ Colleagues Customers who trust us and choose us to be their bank K@)y customer obsessed colleagues who are proud to work at NAB We ar
Slide 15: Ambition to be the most customer-centric company in Australia and NZ
Ambition to be the most customer-centric company in Australia and NZ NAB Customer Voices - a three pillar approach to deepen relationships and improve advocacy Identified 20 “Must Win Battles” – Design and rollout customer Track performance using key customer experiences that feedback loops to drive
Slide 16: Three key priorities to drive strong sustainable returns
Three key priorities to drive strong sustainable returns Strategic focus Grow • Clear market leadership in Business & Private Banking business • Disciplined growth in Corporate & Institutional Banking banking • More seamless experiences for customers and bankers Successful Drive • Grow transaction a
Slide 17: Additional information: FY25 Results: Financials
Additional information FY25 Results: Financials
Slide 18: Financial results
Financial results Underlying profit ($m) Cash earnings1 ($m) Statutory profit ($m) 0.7% (2.1%) (1.6%) 5,463 5,502 3,583 3,508 3,407 3,352 1H25 2H25 1H25 2H25 1H25 2H25 P&L key financial indicators 1H25 ($m) 2H25 ($m) 2H25 v 1H25 Net operating income 10,268 10,545 2.7% ex Markets & Treasury2 9,298 9,
Slide 19: Net interest margin
Net interest margin Net interest margin (HoH) HoH increase 8bps 0.02% 0.02% 0.04% 0.00% 0.01% (0.01%) Largely revenue neutral Aust HL -1bp Deposits +3bps Aust BL -1bp Capital +1bp NZ +1bp Other +1bp 1.78% 1.70% 1.70% Sep 24 Mar 25 Lending Margin Funding Costs Deposits Replicating Liquid Assets M&T S
Slide 20: 2H25 revenue
2H25 revenue Net operating income (HoH)1 ($m) HoH increase 2.7% (ex M&T 4.3% increase ) 9 (27) (124) 216 203 10,106 10,268 10,669 10,545 Sep 24 Mar 25 Volumes Margin Fees & Other Sep 25 Markets & Sep 25 Commissions (ex M&T) Treasury2 Markets & Treasury (M&T) income breakdown2 Key revenue drivers HoH
Slide 21: Operating expenses
Operating expenses Operating expenses (YoY)1 ($m) YoY increase 4.6% (ex payroll review +3.2%) 42 213 (420) 143 (71) 130 131 267 Includes uplift in financial crime related costs of $62m and lower 4,421 restructuring costs 9,848 of $22m 9,413 Sep 24 Salary related Volume related Technology Depreciatio
Slide 22: Balance sheet strength remains a key focus
Balance sheet strength remains a key focus Well positioned balance sheet Appropriate provisioning2 • CET1 ratio comfortably above target of >11.25% $5.0bn CP at Sep 25 includes $1.6bn of forward-looking provisions 1.69% 1.64% • Pro forma CET1 ratio of 11.81% reflects sale of 20% of MLC 1.62% Life wh
Slide 23: Asset quality
Asset quality Non-performing exposures (NPL) as a % of GLAs 2H25 outcomes • CICs and total NPLs higher, but a number of key asset quality ratios improved for the first time in several periods: 1.49% 1.55% • Watch loans down 9bps 1.39% 1.13% 1.20% 0.22% 0.29% • Default but not impaired ratio down 1bp
Slide 24: Provisioning
Provisioning Total provision balances higher Key considerations ($m) 1.80% • Total provisions of $6.2bn (or 1.64% of CRWA) 1.69% 1.67% represent 1.6x 100% base case scenario3 1.62% 1.64% 1.55% 1.56% • IAP of $1.2bn, $0.2bn higher than Mar 25 1.46% 1.47% 1.47% 1.42% reflecting higher business lending
Slide 25: Group non-retail lending industry sector analysis
Group non-retail lending industry sector analysis Non-performing exposures (NPLs) as % of lending EAD1 by regulatory industry categories2 4% Target sectors with FLAs3 Sep 24 Mar 25 Sep 25 NPLs as a % of EAD (Sep 25) NPLs (ex F&I) as a % of EAD (Sep 25) Deterioration Sep 25 v Mar 25 mainly reflects s
Slide 26: Additional information: FY25 Results: Housing lending
Additional information FY25 Results: Housing lending
Slide 27: Housing lending key metrics
Housing lending key metrics1 Australian housing lending Mar 24 Sep 24 Mar 25 Sep 25 Sep 24 Mar 25 Sep 25 Portfolio2 Drawdowns4 Total Balances (spot) $bn 339 3483 355 364 37 41 47 Average loan size $’000 per account 374 384 397 413 564 599 604 By product type - Variable rate 84.9% 89.7% 93.2% 95.3% 9
Slide 28: Housing lending practices & policies
Housing lending practices & policies Key origination requirements Loan-to-value (LVR) limits • Income verified using a variety of documents including Principal & Interest – Owner Occupier 95% payslips and/or checks on salary credits into customers’ accounts Principal & Interest – Investor 90% • 10%
Slide 29: Housing lending volume and flow movements
Housing lending volume and flow movements Housing lending flow movements1 ($bn) (5) (12) 59 (33) 355 364 Mar 25 New fundings Interest Pre- External Sep 25 & & payments refinance redraw2 repayments & closures Housing lending by division2 ($bn) 244.9 248.7 254.7 109.3 103.3 106.0 15.1 16.4 13.4 Sep 24
Slide 30: Housing lending portfolio profile
Housing lending portfolio profile Housing lending volume by borrower and repayment Australian mortgages profile1 type1 VIC/TAS 32% Owner Occupier Owner Interest Only, 3.2% Occupier Line of Credit, 2.0% QLD 14% Principal & Investor Interest, Interest Only, 60.8% 12.9% WA 7% NSW/ACT 43% SA/NT 4% Inves
Slide 31: Housing lending portfolio profile
Housing lending portfolio profile Owner occupied lending volume growth1 Investor lending volume growth1 ($bn) ($bn) 4.1% (2.1% HoH) 5.7% (3.7% HoH) 227.7 232.1 237.0 119.2 121.5 126.0 Sep 24 Mar 25 Sep 25 Sep 24 Mar 25 Sep 25 Owner Occupier monthly growth2 Investor monthly growth2 1.0% 1.0% 0.8% 0.8
Slide 32: Housing lending offset and redraw balances
Housing lending offset and redraw balances1 Offset & redraw balances Offset & redraw balances distribution by number of ($bn) accounts 100 16 30% 45% 95 14 90 25% 35% 12 85 10 20% 80 25% 75 8 15% 70 15% 6 10% 65 4 5% 60 5% 55 2 0% -5% 50 0 0 up to 5k 5k to 50k 25k to 50k 50k to 100k 100k to 250k to
Slide 33: Housing lending LVR
Housing lending LVR1 LVR breakdown at origination Dynamic LVR breakdown of drawn balance2 60% 60% Sep 25 Dynamic LVR 38.3% 40% 40% 20% 20% 0% 0% LVR LVR LVR LVR LVR LVR LVR LVR LVR LVR ≤60% 60.01% - 70% 70.01% - 80% 80.01% - 90% ≤60% 60.01% - 70% 70.01% - 80.01% - LVR >90% 90.01% - 80% 90% >100% 100
Slide 34: Australian housing lending arrears profile
Australian housing lending arrears profile1 90+ DPD2 & Impaired assets as a % of GLAs by purpose 2.5% 2.0% 1.5% 1.19% 1.0% 1.09% 1.06% 0.5% 0.0% Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 Sep 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Investor First Home Buyer Owner Occupier 30+ DPD as a % of GLAs by purp
Slide 35: Australia housing lending arrears profile
Australia housing lending arrears profile1 Arrears declining as % of GLAs and limited impairment 2.45% 1.82% 1.87% 1.63% 1.75% 1.75% 1.79% 1.65% 1.68% 1.61% 1.42% 1.41% 1.18% 1.24% 1.15% 1.22% 1.15% 0.98% 1.04% 1.08% 1.07% 0.93% 0.90% 0.73% 0.67% 0.76% 0.11% 0.12% 0.10% 0.10% 0.10% 0.06% 0.05% 0.05%
Slide 36: National RMBS 2026-1
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Slide 37: National RMBS 2026-1 Deal Summary
National RMBS 2026-1 Deal Summary A12 A22 B3 C3 D3 E3 F Issuance Amount (A$m) [690.00] [25.50] [17.25] [8.25] [3.75] [4.50] [0.75] Security Type Pass Through Pass Through Pass Through Pass Through Pass Through Pass Through Pass Through Advance Rate [92.0]% [3.4]% [2.3]% [1.1]% [0.5]% [0.6]% [0.1]% E
Slide 38: Key Note & Structural Features
National RMBS 2026-1 Key Note & Structural Features Principal If any of the Subordination Conditions are not satisfied, in the following order of priority; Distributions • to Class A1 Noteholders until the invested amount is reduced to zero; • to Class A2 Noteholders until the invested amount is red
Slide 39: Key Note & Structural Features (Continued)
National RMBS 2026-1 Key Note & Structural Features (Continued) Loss Allocation Loss Allocation Reserve funded via the trapping of excess spread up to a target balance of A$1,000,000 Reserve Liquidity Facility Liquidity Limit means the greater of: a) A$[750,000]; and b) 1.0% of the aggregate Outstan
Slide 40: Key Note & Structural Features (Continued)
National RMBS 2026-1 Key Note & Structural Features (Continued) Structural • Closed pool, with mortgages hedged under a fixed-floating or a basis swap Features • Seller may repurchase further advance loans, redraws permitted • Subordination Conditions (see page 38) which if satisfied provides for pr
Slide 41: Hypothetical Amortisation & Credit Support Profile
National RMBS 2026-1 Hypothetical Amortisation & Credit Support Profile Expected Note Amortisation Profile Expected Note Subordination A1 A2 B C A1 A2 B C D E F Expected D E transition to pro- F Moody's MILAN CE rata pay at Fitch 'AAAsf' LMI independent 100% month 30 20% 80% 15% 60% Expected transit
Slide 42: WAL Sensitivity Analysis
National RMBS 2026-1 WAL Sensitivity Analysis1 Notes 14.0% 16.5% 19.0% 21.5% 24.0% 26.5% 29.0% Class A1 4.7 4.1 3.5 3.1 2.7 2.5 2.2 Class A2 – F 8.4 7.2 6.3 5.6 4.9 4.5 4.2 Class A1 Notes Class A2 – F Notes 14.00% 16.50% 19.00% 21.50% 14.00% 16.50% 19.00% 21.50% 24.00% 26.50% 29.00% 24.00% 26.50% 29
Slide 43: Historical CPR Performance (Deals Outstanding)
National RMBS 2026-1 Historical CPR Performance (Deals Outstanding) Marketing CPR S&P Prime SPPI Weighted Average NRMBS CPR 35% 30% 25% 20% 15% 10% 5% 0% Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 • The
Slide 44: Historical +30dpd Arrears Performance (Deals Outstanding)
0% 1% 2% 3% 4% 5% Feb-18 May-18 Aug-18 Nov-18 Feb-19 30-59 May-19 Aug-19 Nov-19 60-89 Feb-20 May-20 Aug-20 National RMBS 2026-1 Nov-20 90-119 Feb-21 May-21 Aug-21 119+ Nov-21 Feb-22 May-22 Aug-22 Historical +30dpd Arrears Performance (Deals Outstanding) Nov-22 Feb-23 Major Bank SPIN May-23 Aug-23 No
Slide 45: NRMBS Loss Data (Deals Outstanding)
National RMBS 2026-1 NRMBS Loss Data (Deals Outstanding) Transaction NRMBS 2018-1 NRMBS 2018-2 NRMBS 2022-1 NRMBS 2024-1 Transaction Size (at settlement) (A$) 2,000,000,000 1,630,450,000 1,500,000,000 2,000,000,000 Note Balance Outstanding 265,191,617 272,665,860 554,929,344 1,190,907,198 Cumulative
Slide 46: Recent A$ Major Bank, Regional, & Large ADI
National RMBS 2026-1 Recent A$ Major Bank, Regional, & Large ADI NRMBS WST Trust IDOL Progress Medallion PUMA Kingfisher 2026-11 2026-13 2025-12 2025-22 2025-12 2025-12 2025-12 Sponsor NAB WBC ING AMP CBA MBL ANZ Closing Date [Mar-26] Feb-26 Nov-25 Oct-25 Oct-25 Sep-25 Aug-25 Senior Note WAL (years)
Slide 47: Outstanding NRMBS Issuance
National RMBS 2026-1 Outstanding NRMBS Issuance NRMBS NRMBS NRMBS NRMBS NRMBS NRMBS 2026-11 2024-12 2022-12 2018-22 2018-12 2016-12 Closing Date [Mar-26] Jun-24 Jun-22 Dec-18 Feb-18 Jun-16 Senior Note WAL (years) [3.1] 3.1 3.1 3.0 3.0 3.0 Margin (1M BBSW +) [●] 95 120 103 85 127 Total Issue Size (A$
Slide 48: Indicative Pool Summary
National RMBS 2026-1 Indicative Pool Summary1 Pool Size (A$) 749,767,665 Repayment type Geographic distribution No. of loans 1,690 2% Average Loan Size (A$) 443,650 9% 11% Maximum Loan Size (A$) 1,498,629 26% WA LTV / WA Indexed LTV 62.6% / 60.3% 29% WA Seasoning (months) 29.7 Owner Occupied / Inves
Slide 49: Indicative Pool Summary
National RMBS 2026-1 Indicative Pool Summary1 LTV Composition Loan Size Composition (A$) 30% 27% 20% 18% 16% 19% 15% 20% 12% 16% 11% 11% 12% 10% 12% 10% 9% 8% 6% 10% 5% 4% 5% 4% 1% 0% 0% 0% Seasoning Composition (months) Loan Maturity Composition (years) 50% 81% 43% 80% 40% 60% 30% 40% 20% 16% 12% 1
Slide 50: LVR Analysis
National RMBS 2026-1 LVR Analysis1 WA Current LVR WA Indexed LVR 90% 75% 70% 67% 62% 62% 62% 61% 64% 62% 63% 61% 59% 60% 59% 61% 60% 57% 60% 45% 30% 15% 0% ACT NSW NT QLD SA TAS VIC WA State % of Pool WA seasoning (months) WA Current LVR WA Indexed LVR2 ACT 2.4% 30.0 61.7% 60.7% NSW 29.7% 31.5 61.8%
Slide 51: Contact Details
Contact Details For further information please contact: Tom Wirth Michael Johnson Paul Duns Katrina Hall Group Treasurer Executive, Funding & Liquidity Director, Group Funding Director, Debt Investor Relations Tom.C.Wirth@nab.com.au Michael.N.Johnson@nab.com.au Paul.Duns@nab.com.au Katrina.Hall@nab.
Slide 52: Disclaimers
Disclaimers In Australia, this document has been prepared for distribution only to persons who are not "retail clients" within the meaning of section 761G of the Corporations Act 2001 (Cth) of Australia (the “Corporations Act”) in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of
Slide 53: Disclaimers
Disclaimers This document and the Information have been based on information or statements that have been or will be provided by a number of sources, including NAB and its Related Entities, for discussion purposes only, and do not purport to be all‐inclusive or to contain all of the information that
Slide 54: Disclaimers
Disclaimers Any pricing estimates that the Arranger, the Lead Manager, or any other transaction party has supplied or may supply at the request of a recipient of this document: (a) represent the view, at the time determined, of the investment value of the Notes between the estimated bid and offer le
Slide 55: Disclaimers
Disclaimers g) to the maximum extent permitted by applicable law, no Relevant Entity is under any obligation to disclose any Relevant Information to any party referred to in this document or any of its affiliates (a “Transaction Document Party”) or to any prospective investor and this document, the
Slide 56: Disclaimers
Disclaimers Prospective investors who are uncertain as to the requirements of (1) European Union (the “EU”) legislation comprising Regulation (EU) 2017/2402, as amended including (i) relevant regulatory and/or implementing technical standards, delegated regulations, or other applicable national impl
Slide 57: Disclaimers
Disclaimers Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook
Slide 58: Disclaimers
Disclaimers The Notes (a) it will not be offered or sold, directly or indirectly, in Japan or to, or for the account or benefit of, any resident of Japan, or to others for reoffering or resale, directly or indirectly, in Japan or to, or for the account or benefit of, any resident of Japan, except th
Slide 59: Disclaimers
Disclaimers Interest rate benchmarks (such as BBSW and other interbank offered rates) have been and continue to be the subject of national and international regulatory guidance and proposals for reform. These reforms may cause such benchmarks to perform differently than in the past, or to disappear
National Australia Bank — Debt Investor Presentation (February 2026) on 6ix