National Bank Of Canada · TSX:NA
National Bank Of Canada — Q4 2025 Earnings Presentation
46 slides from National Bank Of Canada's earnings presentation, Dec 3, 2025
Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth Quarter 2025 December 3, 2025
Slide 2: Caution Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Investor presentation 2 Caution Regarding Forward-Looking Statements and Non-GAAP Financial Measures Certain statements in this document and orally are forward-looking statements. These statements are made in accordance with applicable securities legislation in Canada and the United States.The forwa
Slide 3: Note to reader
Investor presentation 3 Note to reader ▪ We closed the acquisition of Canadian Western Bank “CWB” on February 3, 2025 (the “CWB Transaction”) ▪ We present information on a Consolidated Basis and, selectively, exclude any impact from the CWB Transaction - Total Bank: Refers to Consolidated Results -
Slide 4: Overview
Overview 4 Laurent Ferreira President & Chief Executive Officer
Slide 5: FY 2025 – Achieved all medium-term objectives, closed historic acquisition
Overview 5 FY 2025 – Achieved all medium-term objectives, closed historic acquisition ▪ Medium-term growth objective for adjusted EPS: 5-10% Strong execution against EPS target ▪ FY 2025 EPS growth: Reported (6%); Adjusted 9%(1) ▪ Medium-term objective for adjusted ROE: 15-20% Strong returns ▪ FY 20
Slide 6: Q4 2025 – Strong performance
Overview 6 Q4 2025 – Strong performance ▪ PTPP(1) YoY: Reported 19% | Adjusted(2) 33% | Ex. CWB(2) 21% Strong execution ▪ Diluted EPS: Reported $2.57 | Adjusted(2) $2.82 ▪ Full cost & funding synergies target of $270MM to be achieved >1yr ahead of plan, by the end of FY 2026 ▪ Significant revenue sy
Slide 7: Q4 2025 – Disciplined growth across all business segments
Overview 7 Q4 2025 – Disciplined growth across all business segments P&C Banking (YoY Revenue Growth) ▪ Revenue growth YoY reflects the CWB Transaction and robust organic loan growth (Reported | Ex. CWB) ▪ Personal mortgages: Up 16% YoY(1) (Ex. CWB up 8%(1)) + 25% | 5% ▪ ▪ Commercial loans: Up 58% Y
Slide 8: Complementing our Quebec activities with Laurentian Bank's portfolios
Overview 8 Complementing our Quebec activities with Laurentian Bank’s Retail/SME banking portfolios and Retail/SME Banking Portfolios syndicated loan portfolio(1) (as at July 31, 2025) - $3.3B of retail banking loans - $7.6B of retail banking deposits - $0.8B of SME banking loans and $0.6B of ▪ Comp
Slide 9: Compelling financial outlook
Overview 9 Compelling financial outlook Path to mid-range of our 15-20% Adjusted ROE target(1)(2) Unlocking Significant Capital ▪ CET1 ratio converging to ~13% by the end of FY 2027 14.6%(1) ~15% 17%+ Q4 2025 FY 2026 FY 2027 ▪ Organic growth - Strong internal capital generation, above RWA FY 2026 Ou
Slide 10: Financial Review
Financial 10 Review Marie Chantal Gingras Chief Financial Officer and Executive Vice-President, Finance
Slide 11: Q4 2025 – Closing the year with a strong performance
Financial review 11 Q4 2025 – Closing the year with a strong performance ▪ Robust performance in FY 2025 Q4 2025 Performance – Total Bank - Strong PTPP growth, with balanced approach to growth and investments (YoY) - Ex. CWB, revenues(1) up 17% and PTPP(1) up 23% YoY (on an adjusted basis) - Particu
Slide 12: Delivering NII growth in Q4
Financial review 12 Delivering NII growth in Q4 NII and NIM(1) ($MM; NIM on Average Interest-Bearing Assets) 1,938 1,989 ▪ Reported net interest income and margin include the financing costs 1,862 to support trading activity growth(3) 1,629 1,672 ▪ Adjusted NII (excl. trading)(2) up 3% QoQ 1,205 1,1
Slide 13: Continued growth on both sides of the balance sheet
Financial review 13 Continued growth on both sides of the balance sheet Loans(1) Deposits (Ex. Wholesale Funding)(3) ($B) ($B) QoQ +3% QoQ +5% 317.8 294.2 302.9 292.7 302.6 254.1 263.1 285.7 243.0 246.6 193.4 172.2 180.9 158.9 164.3 62.6 61.6 60.9 50.7 50.7 44.5 48.2 59.4 60.3 63.5 (2) (4) Q4 24 Q1
Slide 14: Strong capital position
Financial review 14 Strong capital position CET1 Ratio(1) 0.60% (0.25%) (0.11%) 0.09% 13.87% (0.40%) ▪ Strong CET1 ratio of 13.75% supported by strong net capital generation (0.05%) 13.75% (+35 bps) ▪ Strong RWA growth (ex. FX) of ~$5.3B QoQ (-40 bps) - Mostly driven by Credit Risk RWA up $5.5B QoQ
Slide 15: AIRB conversion of CWB portfolios
Financial review 15 AIRB conversion of CWB portfolios Expected benefits from AIRB conversion ▪ Migration of CWB portfolios under AIRB (bps of CET1 ratio) expected to free up 35-55 bps of CET1 ratio in Q4 2026 Expected benefits from AIRB - Subject to regulatory approvals conversion (bps of CET1 ratio
Slide 16: Planning to deliver full CWB cost and funding synergies by the end of FY 2026
Financial review 16 Planning to deliver full CWB cost and funding synergies by the end of FY 2026 Cost and Funding Synergies ($MM, as at October 31, 2025) Realized synergies of $116MM YTD, Full target to be achieved more $195 representing $195MM on an annualized basis(4) vs. our $270MM target than 1
Slide 17: Introducing significant CWB revenue synergies
Financial review 17 Introducing significant CWB revenue synergies Planning to deliver $200-250MM(1) of revenue synergies by the end of FY 2028 ▪ Ultimately deliver a full suite of products and services to clients, generating incremental NII and fee income opportunities ▪ Final migration and post int
Slide 18: Risk Management
Risk 18 Management Jean-Sébastien Grisé Executive Vice-President and Chief Risk Officer
Slide 19: Provisions for credit losses (PCL) – Strong credit performance
Risk management 19 Provisions for credit losses (PCL) – Strong credit performance Impaired PCL (excl. Credigy’s POCI) ($MM) FY 2025 PCL Impaired (excl. Credigy’s POCI) Impaired bps (excl. Credigy’s POCI) 32 32 ▪ Reported $1,246MM (45 bps); Adjusted $1,016MM (36 bps)(1) 28 ▪ Impaired (excl. POCI)(2)
Slide 20: Allowance for credit losses (ACL) – Prudent levels
Risk management 20 Allowance for credit losses (ACL) – Prudent levels ACL ($MM) 2,426 2,285 Total Allowances 2,209 ▪ Total Allowances Cover 5.5x NCOs(3) 896 1,731 788 ▪ Maintaining a prudent level of allowances in light of continued uncertainties 1,573 765 602 Performing Allowances: +$30MM QoQ 508 ▪
Slide 21: Gross impaired loans and formations – Higher net formations QoQ
Risk management 21 Gross impaired loans (GIL) and formations – Higher net formations QoQ GIL excl. Credigy’s POCI Loans(1) GIL excl. Credigy’s POCI Loans(1) ($MM) (bps) 3,324 2,992 226 109 2,805 119 102 110 188 690 98 100 647 73 608 75 81 90 1,967 55 79 74 43 71 73 80 1,652 192 17 68 70 122 544 1,40
Slide 22: Retail mortgage and HELOC portfolio
Risk management 22 Retail mortgage and HELOC portfolio (As at October 31, 2025) Canadian Distribution by Province Canadian Distribution by Mortgage Type 52% Uninsured & HELOC HELOC Insured Insured $31.5B(2) $30.0B / 28% / 27% 30% 79% 75% $111.7B 8% 6% 38% 4% 21% 25% 74% 62% 49% 26% 51% QC ON AB BC O
Slide 23: Retail mortgages rate type and maturity profile
Risk management 23 Retail mortgages rate type and maturity profile (As at October 31, 2025) Canadian Mortgages Distribution by Rate Type ▪ ~85% of our Canadian Mortgage portfolio has been repriced, absorbing the impact of rate increases Variable Rate - 31% of mortgage portfolio is variable rate and
Slide 24: Appendices
Appendices 24
Slide 25: FY 2025 Results – Total Bank
Appendix 25 FY 2025 Results – Total Bank FY 2025 – Total Bank ($MM) Reported Results Adjusted Results(1) FY 25 FY 24 YoY FY 25 FY 24 YoY Revenues 13,980 11,400 23% 14,027 11,243 25% Non-Int. Expenses 7,600 6,054 26% 7,175 6,036 19% PTPP(2) 6,380 5,346 19% 6,852 5,207 32% ▪ Strong CET1 ratio of 13.75
Slide 26: FY 2025 – Segment Results
Appendix 26 FY 2025 – Segment Results P&C Banking Wealth Management ($MM) ($MM) Reported Results Adjusted Results(1) Reported Results Adjusted Results(1) FY 25 FY 24 YoY FY 25 FY 24 YoY FY 25 FY 24 YoY FY 25 FY 24 YoY Revenues 5,551 4,673 19% 5,551 4,673 19% Revenues 3,240 2,786 16% 3,240 2,786 16%
Slide 27: Q4 2025 Results – Total Bank
Appendix 27 Q4 2025 Results – Total Bank Q4 2025 – Total Bank ($MM) Reported Results Adjusted Results(1) Q4 25 Q3 25 Q4 24 QoQ YoY Q4 25 Q3 25 Q4 24 QoQ YoY Revenues 3,698 3,449 2,944 7% 26% 3,698 3,449 2,895 7% 28% Non-Int. Expenses 2,087 1,925 1,592 8% 31% 1,949 1,806 1,581 8% 23% ▪ CET1 ratio of
Slide 28: P&C Banking
Appendix 28 P&C Banking Q4 2025 – P&C Banking P&C NII and NIM ($MM) ($MM; NIM on Average Interest-Bearing Assets) Reported Results Adjusted Results(1) 1,180 1,205 Q4 25 Q3 25 Q4 24 QoQ YoY Q4 25 Q3 25 Q4 24 QoQ YoY 1,146 Revenues 1,482 1,449 1,190 2% 25% 1,482 1,449 1,190 2% 25% Personal 732 711 662
Slide 29: P&C Banking – Excluding CWB
Appendix 29 P&C Banking – Excluding CWB Q4 2025 – P&C Banking Excluding CWB(1) ($MM) ▪ Revenues up 5% YoY - Average loans up 9% YoY and average deposits up 5% YoY Q4 25 Q3 25 Q4 24 QoQ YoY Revenues 1,245 1,221 1,190 2% 5% Personal 692 678 662 2% 5% ▪ Expense growth of 18% YoY, primarily driven by te
Slide 30: Wealth Management
Appendix 30 Wealth Management Q4 2025 – Wealth Management ▪ Revenues of $862MM, up 19% YoY ($MM) - Strong fee-based revenues, up 20% YoY, mainly Reported Results Adjusted Results(1) reflect market appreciation, CWB Transaction and Q4 25 Q3 25 Q4 24 QoQ YoY Q4 25 Q3 25 Q4 24 QoQ YoY net sales Revenue
Slide 31: Capital Markets
Appendix 31 Capital Markets Q4 2025 – Capital Markets(1) ($MM) ▪ Strong finish to a record year, with net income of $432MM, up 41% YoY Q4 25 Q3 25 Q4 24 QoQ YoY ▪ Global Markets revenues of $484MM, up 42% YoY Revenues 877 777 637 13% 38% Global Markets 484 369 342 31% 42% - Continued momentum in Sec
Slide 32: USSF&I – Credigy
Appendix 32 USSF&I – Credigy Q4 2025 – Credigy (US$ MM) ▪ Average assets up 8% YoY and 9% QoQ, reflecting strong investment volumes during the quarter and near the end of Q3 Q4 25 Q3 25 Q4 24 QoQ YoY Revenues 104 99 106 5% (2%) ▪ NII down 8% YoY primarily driven by outperformance on fair value Net I
Slide 33: USSF&I – ABA
Appendix 33 USSF&I – ABA Q4 2025 – ABA Bank (US$ MM) ▪ Net income up 8% YoY ▪ Loans up 9% and deposits up 19% YoY, with client base up 37% Q4 25 Q3 25 Q4 24 QoQ YoY Revenues 198 188 171 5% 16% - Benefiting from leading position in digital payments and cash management Non-Interest Expenses 64 64 58 -
Slide 34: Other
Appendix 34 Other Q4 2025 – Other Segment ▪ Reported results reflect specified items related to the CWB ($MM) Transaction(3) Reported Results Adjusted Results(1) ▪ Adjusted results reflect: Q4 25 Q3 25 Q4 24 Q4 25 Q3 25 Q4 24 Revenues 53 10 12 53 10 (37) - Higher revenues in Q4 driven by investment
Slide 35: Total loan portfolio overview
Appendix 35 Total loan portfolio overview Loan Distribution by Borrower Category(1) (in $B) ▪ Secured lending accounts for 95% of Retail loans (As at October 31, 2025) ▪ Indirect auto loans represent 2.4% of total loans ($7.3B). $B % of Total Retail ▪ Limited exposure to unsecured retail and cards (
Slide 36: Canadian loan portfolios
Appendix 36 Canadian loan portfolios Geographic distribution Canadian Retail Portfolio 90+ Delinquency Rate (As at October 31, 2025) (bps) British Q1 20 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Quebec Ontario Columbia Alberta Others Total Mortgages 25 18 17 21 26 28 Retail VRM 21 35 25 22 23 23 Secured Mortgag
Slide 37: Prudent provisioning in uncertain economic environment
Appendix 37 Prudent provisioning in uncertain economic environment Strong Performing ACL Coverage Total Allowances Cover 5.5x NCOs Performing ACL / LTM PCL on Impaired Loans (1) Total ACL / LTM Net Charge-Offs (excl. Credigy’s POCI loans) (2) 5.7x 5.5x 5.0x 2.4x 4.1x 4.3x 2.1x 2.1x 2.0x 2.0x 2.6x 1.
Slide 38: Real estate and construction real estate
Appendix 38 Real estate and construction real estate Corporate Banking (4%) Total Portfolio by Sector ($43.9B) ▪ Primarily diversified Canadian REIT (As at October 31, 2025) Short Term Short Term Construction (27%) Construction; ▪ Mix of residential construction, land and contractors $11.8B; 27% ▪ L
Slide 39: Daily trading and underwriting revenues vs. VAR
Appendix 39 Daily trading and underwriting revenues vs. VAR ($MM) 50 40 30 20 10 0 August, 2025 September, 2025 October, 2025 (10) (20) Trading P&L Trading VaR (30)
Slide 40: Diversified funding profile & sound liquidity metrics
Appendix 40 Diversified funding profile & sound liquidity metrics Balance Sheet Overview Liquidity Ratios(4) ($B, as at October 31, 2025) (As at October 31, 2025) $577 $577 173% Business & Business & 166% Government Loans (2) 161% Government Deposits 136 155% 155% 193 152% 154% 150% 145% Loans 52% (
Slide 41: Range of macroeconomic scenarios – IFRS 9
Appendix 41 Range of macroeconomic scenarios – IFRS 9 Canada Real GDP(1) Macroeconomic Forecast: Q4 25 vs. Q3 25(1) ($ Trillions) (Full Calendar Years) 2.60 Downside scenario Base Scenario C2025 C2026 C2027 Next 12 months GDP growth: 2.50 (6.3%) Real GDP (Annual Average % Change) As at July 31, 2025
Slide 42: CWB Transaction – Accounting Considerations
Appendix 42 CWB Transaction – Accounting Considerations Accounting Considerations Related to the Acquisition of CWB - Final PPA(1) ($MM, unless otherwise noted) Estimated P&L impact P&L treatment Amount Comments Pre-tax amount Quarterly EPS Period Adjusted Not Adjusted $ 17 $ (0.03) Q2'25 X Amortize
Slide 43: CWB Transaction – Contribution to Results
Appendix 43 CWB Transaction – Contribution to Results (1) Refers to the CWB Transaction’s contribution to results. (2) Please refer to the Financial Reporting Method section of the 2025 Annual Report on pages 18 to 23 for additional information on non-GAAP financial measures.
Slide 44: Reconciliation of Non-GAAP Financial Measures
Appendix 44 Reconciliation of Non-GAAP Financial Measures ($MM, except EPS) Q4 25 Q3 25 Non- Non- Total Income Net Diluted Total Income Net Diluted Interest PTPP(8) PCL Interest PTPP(8) PCL Revenues taxes Income EPS Revenues taxes Income EPS Segment Expenses Expenses Reported Results 3,698 2,087 1,6
Slide 45: Reconciliation of Non-GAAP Financial Measures (Cont'd)
Appendix 45 Reconciliation of Non-GAAP Financial Measures (Cont’d) ($MM, except EPS) FY 2025 FY2024 Non- Non- Total Income Net Diluted Total Income Net Diluted Interest PTPP(9) PCL Interest PTPP(9) PCL Revenues taxes Income EPS Revenues taxes Income EPS Segment Expenses Expenses Reported Results 13,
Slide 46: Thank you
Thank you Investor Relations Contact Information www.nbc.ca/investorrelations investorrelations@nbc.ca
National Bank of Canada — Q4 2025 Earnings Presentation on 6ix