Slide 1: Results Presentation for the six months ended 31 December 2025
RESULTS PRESENTATION for the six months ended 31 December 2025
Slide 2: Operating Environment
OPERATING ENVIRONMENT for the six months ended 31 December 2025
Slide 3: The global environment was characterised by elevated uncertainty
The global environment was characterised by elevated uncertainty 3 World Uncertainty Index (1990Q1 to 2025Q4) US election and 120 000 geopolitical risks 100 000 Geopolitical tensions and 80 000 US fiscal cliff and collapse of Silicon sovereign debt Valley Bank, crisis in Europe US presidential Coron
Slide 4: The South African environment benefited from structural reform progress
The South African environment benefited from structural reform progress, fiscal restraint and the lowering of the inflation target 4 South Africa sovereign rating (S&P) R2035 bond yield bps 13 A- BBB+ 12 BBB 11 BBB- 10 BB+ 9 BB Upswing BB+ 8 Bottoming BB- 7 B+ 6 Jul-04 Jul-22 Jan-06 Jan-24 Jul-07 Ju
Slide 5: Low inflation and policy rate cuts supported an emerging credit cycle in South Africa
Low inflation and policy rate cuts supported an emerging credit cycle in South Africa 5 SA private sector credit extension (% y/y) 16 12 12 10 8 8 4 6 0 4 -4 2 -8 0 2021 2022 2023 2024 2025 Corporate credit extension Household credit extension Total credit extension Source: SARB, FirstRand.
Slide 6: Ghana, Nigeria and Zambia also benefited from reform progress
Ghana, Nigeria and Zambia also benefited from reform progress 6 Gross government debt to GDP (2016 – 2025) Zambia: S&P SD→CCC+ (Nov 2025) Fitch (% y/y) CCC→B- (Nov 2025) 140 120 Ghana: Fitch RD→B- (Jun 2025) S&P CCC+→B- (Nov 2025) 100 80 60 Nigeria: Fitch B- →B (Apr 2025) Moody’s Caa1→B3 (May 2025)
Slide 7: UK interest rates declined while activity slowed and house prices softened
UK interest rates declined while activity slowed and house prices softened 7 UK bank rate and inflation UK house price growth (%) (%) 12 14 12 10 10 8 8 6 6 4 2 4 0 -2 2 -4 0 -6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 UK CPI UK ba
Slide 8: Unpacking Performance
UNPACKING PERFORMANCE for the six months ended 31 December 2025
Slide 9: First half strong operational performance
First half strong operational performance 9 The group is on track to deliver on its full-year guidance High single-digit NII growth, NIR growth trended with significant uplift in NIM materially higher Normalised ROE moving closer to top end of Strong topline growth stated range CLR in line with deli
Slide 10: A positive set of key group performance metrics
A positive set of key group performance metrics 10 Net income after Normalised earnings Cost-to-income ratio cost of capital R23.2bn (Dec 24: R20.9bn) p11% 48.7% (Dec 24: 48.9%) q20 bps R7.8bn (Dec 24: R6.2bn) p26% Return on assets Return on equity Net asset value 1.76% (Dec 24: 1.71%) ▲5 bps 21.1%
Slide 11: Strong earnings growth and an improving ROE
Strong earnings growth and an improving ROE 11 Normalised earnings R million ROE % 25 000 21.6 20.6 20.8 21.1 20.1 23 234 p11% 20 20 000 20 921 19 097 17 988 15 15 000 15 742 10 10 000 5 000 5 – – Dec 21* Dec 22 Dec 23 Dec 24 Dec 25 Normalised earnings ROE (RHS) * Prepared on an IFRS 4 basis.
Slide 12: NAV continues to accrete positively for shareholders
NAV continues to accrete positively for shareholders 12 Net asset value (NAV) R billion 250.0 222.5 p 7% 207.3 5.5 190.0 200.0 10.2 167.1 162.3 10.5 5.9 7.1 150.0 217.0 100.0 197.1 p10% 179.5 155.2 161.2 50.0 — Dec 21* Dec 22 Dec 23 Dec 24 Dec 25 NAV excl. FCTR FCTR impact Exchange rates (closing) D
Slide 13: Growth in NIACC demonstrates shareholder value creation
Growth in NIACC demonstrates shareholder value creation 13 Economic profit* COE R million % p CAGR 14.3% 10 000 15 14.65 14.65 14.25 14.25 8 000 14.05 14 p 26% 6 000 13 4 000 7 780 6 135 6 164 5 492 12 4 557 2 000 — 11 Dec 21** Dec 22 Dec 23 Dec 24 Dec 25 Economic profit Cost of equity (COE) - rhs *
Slide 14: ROE improvement supported by higher ROA with lower gearing
ROE improvement supported by higher ROA with lower gearing 14 ROA p 5 bps to 1.76% period on period: p 30 bps movement • Strong investment income growth in ROE to 21.1% • Improved trading income (Dec 2024: 20.8%) • Stable impairments R7.8bn NIACC Gearing multiple decreased to 12.0 times from 12.2 ti
Slide 15: SA and broader Africa franchises – biggest drivers of earnings growth
SA and broader Africa franchises – biggest drivers of earnings growth 15 Normalised earnings UK operations p/p%, R million q 4% Broader Africa p 13% 1 838 Reflects combined Aldermore and MotoNovo (UK operations) 2 607 R13.1bn p 8% £79m q 4% ROE: 41.0% ROE: 9.2% Dec 2025 R5.4bn p 13% 18 789 R1.2bn p
Slide 16: Health and quality of customer franchises, with growth runway
Drivers of operational performance 16 Health and quality of customer franchises, with growth runway Strength of origination franchises Leading deposit franchises and capital-light NII
Slide 17: FNB retail grows PBT 14% to R9.2 billion
FNB retail grows PBT 14% to R9.2 billion – significant contribution to overall FNB ROE uplift 17 • Solid topline growth: – NII p 5% – NIR p 8% • Modest growth in advances – production in mortgages and unsecured has picked up, at higher margins • Customer growth: – p 3% growth in personal segment bef
Slide 18: FNB Commercial continues to grow off a high base
FNB Commercial continues to grow off a high base 18 Deposits Advances R million PBT growth p 6% to R7.7bn R million 550 000 180 000 • Strong NII (p 9%) generated by steady advances and deposits growth 500 000 160 000 • Market-leading deposit franchise • Leading SME lender (R47.6bn) 450 000 140 000 •
Slide 19: FNB NIR benefitting from new, scaling sources of fees on platform
FNB NIR benefitting from new, scaling sources of fees on platform 19 Steady Scaling Traditional sources of fees Volumes VAS as a source of Retail NIR R million 800 Monthly R4.6bn p Digital wallets account fees p 9% Volumes 600 p 24% Card R2.4bn p R63.3bn p37% 400 p 17% Cash R1.9bn n PayShap 200 p 26
Slide 20: WesBank performance supported by continued topline growth
WesBank performance supported by continued topline growth 20 Amount disbursed on new and existing business R million Retail VAF p22% PBT p 11% to R1.7bn with ROE at 21% 5 000 • NII p 5% driven by strong new business origination in retail VAF (p 22%) and sustained momentum in 4 000 commercial at bett
Slide 21: Insurance business continues to scale
Insurance business continues to scale – PBT muted as business invests for future growth 21 PBT p 6% to R1.9bn • Strategy to grow insurance businesses using own licences is tracking well Life Short-term PBT 9% 31% New business APE 13% 41% • Quality of businesses also demonstrated by growth of in-forc
Slide 22: RMB grows PBT 18% to R8 billion
RMB grows PBT 18% to R8 billion 22 NII growth p 15% NIR growth p 12% Core lending advances* • Strong recovery in GM across multiple business lines R billion (p 62% in trading income) 198 bps p20 bps uplift • Private equity realisations p >100% in NIM 178 bps • Fee and commission income driven by kno
Slide 23: Recovery in Global Markets lifted overall NIR growth
Recovery in Global Markets lifted overall NIR growth 23 Revenue R million 2 000 p 62% 1 750 1 711 1 500 1 250 p 61% 1 000 1 056 872 750 p 24% 500 q 19% 602 541 p >100% p 2% 486 361 250 294 239 261 267 0 98 Fixed income Credit FX Commodities Equities Custody and Trustee services
Slide 24: Unpacking Aldermore Group’s point-in-time ROE
Unpacking Aldermore Group’s point-in-time ROE 24 ROE at 9.2% Path to 15% • Journey to operational efficiency requires one-off • Continue to focus on the following: investment into offshoring strategy – Higher margin product diversification • Impairment normalisation and cautious FLI – Capital optimi
Slide 25: Broader Africa strategy on track, some impact from macros and costs
Broader Africa strategy on track, some impact from macros and costs 25 ROE and COE % Portfolio PBT p 14% 26% • Strong performance from cross-border portfolio p 30% 24% • ROE impacted by growth in capital and increased sovereign-related provisions 22% In-country portfolio PBT p 8% with strong support
Slide 26: Health and quality of customer franchises, with growth runway
Drivers of operational performance 26 Health and quality of customer franchises, with growth runway Strength of origination franchises Leading deposit franchises and capital-light NII
Slide 27: Origination philosophy and mix anchored to growth and risk-adjusted returns
Origination philosophy and mix anchored to growth and risk-adjusted returns 27 • Continue to pursue highest market share of good-quality credit and protect customer franchise whilst maintaining risk-adjusted returns through the cycle • Track record of disciplined allocation and pricing of capital, f
Slide 28: Diversified advances growth well placed for the improving macro cycle
Diversified advances growth well placed for the improving macro cycle 28 Core advances Core lending advances composition* p/p % R million FNB SA: WesBank: Dec 25 Retail VAF Residential mortgages Retail secured R287bn R135bn UK operations p 4% p 14% 17% 23% Retail unsecured Corporate and 16% commerci
Slide 29: Credit performance reflects origination strategy and book quality
Credit performance reflects origination strategy and book quality 29 • Origination thesis has played out with the credit loss ratio below the mid point of the group’s TTC range at 86 bps: – Retail CLR shifted to the bottom end of the TTC range, with household pressures and debt counselling inflows i
Slide 30: Health and quality of customer franchises, with growth runway
Drivers of operational performance 30 Health and quality of customer franchises, with growth runway Strength of origination franchises Leading deposit franchises and capital-light NII
Slide 31: All deposit franchises grew strongly despite competitive environment
All deposit franchises grew strongly despite competitive environment 31 R million FNB and RMB 600 000 Broader Africa SA retail: SA commercial: R439bn R538bn R301bn* R115bn 500 000 (p 8% CAGR) (p 11% CAGR) (p 9% CAGR) (p 10% CAGR) 400 000 300 000 200 000 100 000 — Dec 2021 Dec 2022 Dec 2023 Dec 2024
Slide 32: ALM strategy delivered R1.2bn of NII in falling interest rate environment
ALM strategy delivered R1.2bn of NII in falling interest rate environment 32 Market-implied forward rates 7.71% 6.75% 6.26% 6.25% 6.25% Overall objectives of ALM strategy outcomes: • Enhanced earnings with Contribution of lower volatility ALM strategy • Growth and margin stability • Protected earnin
Slide 33: Active FRM and management of structural interest rate risk supported margin expansion
Active FRM and management of structural interest rate risk supported margin expansion despite rate-cutting cycle 33 • Asset margins p 12 bps Excluding UK operations: • Deposit including ALM strategies p 5 bps p 15 bps movement • Capital endowment including ALM strategies p 6 bps in group NIM to 509
Slide 34: Increase in CET1 reflects disciplined capital management
Increase in CET1 reflects disciplined capital management 34 CET1 ratio* % 18 17 CET1 accretion: +33 bps 16 156 bps (93 bps) 77 bps (70 bps) 15 (30 bps) 14 14.4 14.0 13.6 13 12 CET1 internal target range: 11.5% to 12.5% 11 10 Dec 24 Jun 25 Earnings Ordinary FCTR and other ** Optimisation and RWA Dec
Slide 35: Strong CET1 levels and sustainable FRM actions support existing dividend cover
Strong CET1 levels and sustainable FRM actions support existing dividend cover 35 Times 2.3 2.2 2.1 2.0 1.8x to 2.2x 1.9 1.8 1.8 1.6x to 2.0x 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.4 Jun 16 Jun 17 Jun 18 Jun 19 Jun 21 Jun 22 Jun 23 Jun 24 Dec 24 Jun 25 Dec 25 Dividend cover (times) Ju
Slide 36: Financial Review
FINANCIAL REVIEW for the six months ended 31 December 2025
Slide 37: Key performance metrics (normalised)
Key performance metrics (normalised) 37 Dec 25 Dec 24 % change Earnings (R million) 23 234 20 921 11 p NIACC (R million) 7 780 6 164 26 p Net asset value (R billion) 222.5 207.3 7 p Ordinary dividend per share (cents) 259 219 18 p Net interest margin (%) 4.55 4.47 p Credit loss ratio (%) – core lend
Slide 38: Earnings growth driven by strong topline, with positive jaws
Earnings growth driven by strong topline, with positive jaws to credit and cost growth 38 Normalised earnings R million 30 000 ▲ 12% ▲ 9% ▲ 6% 3 295 25 000 ▲ 8% (3 160) ▲ 8% (442) ▲ 11% 3 426 (806) 23 234 Excluding the impact of the Excluding the impact of the debt-to-equity restructure: Effective t
Slide 39: Subdued advances growth in retail mortgages and unsecured
Subdued advances growth in retail mortgages and unsecured, good origination momentum in other large lending portfolios, offset by RMB distribution strategy 39 Core lending advances up 3% to R1 713 bn (+7% excluding the 2026 RMB distribution and currency impact) Core lending advances R billion 198.2
Slide 40: Unpacking impact of RMB distribution strategy and currency to group advances growth
Unpacking impact of RMB distribution strategy and currency to group advances growth 40 Core lending advances* Exchange rates (closing) R million Dec 24: £/R23.60 Dec 25: £/R22.31 Dec 24: $/R18.81 Dec 25: $/R16.59 2 000 000 45 205 p5% 32 503 p7% p3% 1 750 000 1 790 584 1 758 081 Currency impact 1 712
Slide 41: Continued growth across all deposit franchises
Continued growth across all deposit franchises 41 Funding liabilities p4% ▲ 7% 538 ▲ 5% 503 (▲ 6% £) ▲ 1% 439 419 392 394 ▲ 17% 258 ▲ 11% ▼ 16% 220 209 (▲ 14% ccy) 202 ▲ 4% 182 175 ▲ 11% 130 135 104 115 ▲ 22% 37 45 Retail Commercial CIB* Broader Africa** Aldermore deposit FI deposits and Debt securi
Slide 42: Institutional funding mix and term remain well managed
Institutional funding mix and term remain well managed 42 Institutional funding as % of total funding Diversified institutional funding mix and term profile 50% Institutional funding composition Months 100% 45% 40 80% 38 37 37 40% 34 33 30 60% 35% 40% 30% 20 20% 25% 10 20% —% 2011 2012 2013 2014 201
Slide 43: NII supported by lending and deposit growth, expanding asset margins, and ALM
NII supported by lending and deposit growth, expanding asset margins, and ALM strategies 43 Net interest income Capital endowment p R474m R million • Decrease in average interest rates (-107 bps in SA), offset by 17 500 • Increase in capital balance and investment margins p 9% 15 000 15 494 Group Tr
Slide 44: Net margin benefits offset by HQLA margin compression and UK operations
Net margin benefits offset by HQLA margin compression and UK operations 44 % Dec 24 Jun 25 Dec 25 Normalised margin NIM excl. UK 4.94 5.01 5.09 Basis points NIM incl. UK 4.47 4.52 4.55 AIEA* ▲ 6% AIEA* ▲ 6% 550 NII ▲ 6% 6 NII ▲ 9% 3 5 (11) 500 12 509 494 (54) 47 450 455 447 400 350 300 250 200 Dec 2
Slide 45: Impairments driven by normalisation in UK, macro pressures in Botswana and Mozambique
Impairments driven by normalisation in UK, macro pressures in Botswana and Mozambique, offset by improved retail performance 45 Normalised earnings R million 30 000 ▲ 12% ▲ 9% 3 295 ▲ 8% ▲ 6% (3 160) 25 000 ▲ 8% (442) ▲ 11% 3 426 (806) Effective tax rate 23 234 (Dec 25: 23.7%) (Dec 24: 23.9%) 20 000
Slide 46: CLR remains anchored below the mid point of the TTC range
CLR remains anchored below the mid point of the TTC range 46 8.25 8.25 7.75 4.3 4.4 4.3 4.3 4.0 7.25 6.75 Group excl. UK operations 100 – 130 bps 1.09 1.05 1.08 1.03 0.99 Group TTC 80 – 110 bps 0.83 0.81 0.84 0.85 0.86 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Stage3/NPLs as a % of core lending advances Im
Slide 47: Credit performance broadly in line with expectations, coverage ratios remain appropriate
Credit performance broadly in line with expectations, coverage ratios remain appropriate 47 Credit loss ratio* Provision distribution and coverage 1.10 Stage 1 Stage 2 Stage 3 Total TTC range Core lending advances (R m) 1 516 559 122 683 73 634 1 712 876 Provisions (R m) 11 570 11 882 32 217 55 669
Slide 48: NPL formation slowing and trending lower
NPL formation slowing and trending lower 48 NPLs R billion 19.1 p 3% p/p 6.3 p 4% p/p Residential mortgages 20.1 RMB CIB* 6.3 q 2% 6m p 4% 6m NPL%: 6.9% 19.7 NPL%: 1.5% 6.6 7.0 p 11% p/p 4.0 q 17% p/p q 17% p/p ccy WesBank VAF 7.3 p 7% 6m Broader Africa 3.6 q 5% 6m ccy q 7% 6m NPL%: 5.8% 7.8 NPL%: 3
Slide 49: Impairment charge reflects the benefit of portfolio diversification
Impairment charge reflects the benefit of portfolio diversification 49 Impairment charge p R442 million R million UK operations* Other p>100% Retail secured q>100% (10) q12% Broader Africa 598 1 109 p 59% 532 260 RMB CIB 335 1 262 q 2% 498 101 487 801 Total charge Dec 25: R7 339 million Commercial p
Slide 50: Retail credit performance is trending better than expectations
Retail credit performance is trending better than expectations 50 Advances and total coverage Impairment charge and CLR Retail* Retail* q 4% p/p TTC range 1.80% – 2.20% R billion R million q 5% 6m • Advances growth 7% 6.00% 5.89% 5.82% 1.99 1.98 1.82 • CLR improved to bottom of TTC range at 1.82% 51
Slide 51: Commercial credit charge is trending better than prior 6 months
Commercial credit charge is trending better than prior 6 months, corporate credit outcome remains benign 51 Advances and total coverage Impairment charge and CLR Commercial* Commercial* TTC range 0.80% – 1.20% R billion p 25% p/p R million • Advances growth 9% with slower agric growth (+6%) q 21% 6m
Slide 52: UK credit performance in line with expectations with increased FLI provisions
UK credit performance in line with expectations with increased FLI provisions, bA impacted by localised macro pressures 52 Advances and total coverage Impairment charge and CLR p>100% p/p UK operations UK operations TTC range 0.30% – 0.50% £ million p>100% 6m £ billion • Advances growth 9%: Property
Slide 53: NIR benefits from resilient fee income, recovery in trading income and a private equity realisation
NIR benefits from resilient fee and commission income, recovery in trading income and a private equity realisation 53 Normalised earnings R million 30 000 ▲12% ▲9% 3 295 ▲6% (3 160) ▲8% 25 000 ▲8% ▲11% (442) (806) 3 426 23 234 Effective tax rate 20 000 20 921 (Dec 25: 23.7%) (Dec 24: 23.9%) 15 000 1
Slide 54: Fee and commission income growth driven by fee increases and volume growth
Fee and commission income growth driven by fee increases coupled with customer and transaction volume growth 54 Non-interest revenue R million Other p1% Total investment income* p 65% Fee and commission income ▲7% 2 002 Gross fee and +6% commission income 2 334 Transaction volume +4% Trading and oth
Slide 55: Insurance income growth trended lower due to increased investment in capabilities
Insurance income growth trended lower mainly due to increased investment in capabilities, continued reduction in participation income and bA weather claims 55 Insurance income Insurance income R million Other participating R million agreements* Broader Africa q 66% q 26% WesBank p 5% p/p p 42% 2 470
Slide 56: Fair value income benefits from Global Markets improved performance
Fair value income benefits from Global Markets improved performance 56 Non-interest revenue R million p37% 4 000 3 256 3 500 23 UK ops FV accounting p>100% mismatches 3 000 2 372 2 500 113 233 2 000 p 62% 3 337 1 500 RMB 1 000 2 058 500 (18) — (32) q>100% (86) q>100% GTSY and other (500) Dec 24 Dec
Slide 57: Investment income up strongly
Investment income up strongly 57 Investment income, including income from associates and JVs R million p 65% p/p 2 334 107 374 542 1 418 131 135 714 277 135 990 1 001 (250) (404) Dec 24 Dec 25 Private equity associates and other Realisations and one-offs WB Associates Profit on assets held against e
Slide 58: Cost growth slightly ahead of expectations mainly due to UK FCA motor redress costs
Cost growth slightly ahead of expectations mainly due to UK FCA motor redress costs 58 Normalised earnings R million 30 000 ▲12% ▲9% ▲8% ▲6% 3 295 (3 160) ▲8% 25 000 ▲11% (442) (806) 3 426 23 234 Effective tax rate 20 000 20 921 (Dec 25: 23.7%) (Dec 24: 23.9%) 15 000 10 000 5 000 — Dec 24 NII Impair
Slide 59: Operating expenses driven by staff costs plus ongoing investment in strategic initiatives
Operating expenses driven by staff costs plus ongoing investment in strategic initiatives 59 Other expenditure* Computer expenses p 3% p 8% Repairs and maintenance p 12% Depreciation, amortisation and leases p 16% Advertising and marketing p 14% 3 363 3 033 Property expenses p 1% 948 2 811 1 267 835
Slide 60: Staff cost growth reflects salary inflation and headcount growth
Staff cost growth reflects salary inflation and headcount growth 60 Other p 9% Leave pay provision, the timing impacts of vacancy filling and costs associated with staff restructuring 1 589 Variable staff costs p 7% 4 199 Short-term incentives +13% Share price linked incentives (6%) Staff costs p7%
Slide 61: Strong topline results in improved CTI
Strong topline results in improved CTI 61 R billion % 90 000 52.4% 50.3% 49.9% 48.9% 48.7% 80 000 50 80 016 48.3% 70 000 73 295 69 348 40 60 000 63 215 57 137 50 000 0.4% 0.8% 2.2% 30 0.8% 4.4% 40 000 38 999 34 616 35 839 20 30 000 31 782 29 925 20 000 10 10 000 — — Dec 21* Dec 22 Dec 23 Dec 24 Dec
Slide 62: Summary: December 2025
Summary: December 2025 62 Net interest income p 8% Non-interest revenue* p 12% • Better-than-expected NII outcome • Fee and commission income p 7% • Deposit franchise p 6% • Insurance income p 5% • Core lending advances p 3% • Trading and fair value income p 37% – increased due to higher structuring
Slide 63: Looking Ahead
63 LOOKING AHEAD
Slide 64: Range-bound inflation should support further interest rate easing and a lift in real GDP growth
Range-bound inflation should support further interest rate easing and a lift in real GDP growth in South Africa 64 SA policy rate and inflation SA real GDP growth (%) (%) 10 4 3 8 2 1 6 0 4 -1 -2 2 -3 0 -4 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2015 2016 2017 2018 2019
Slide 65: Broader Africa growth prospects improving although Botswana and Mozambique require reforms
Broader Africa growth prospects improving although Botswana and Mozambique require economic reforms 65 2025 real GDP growth outcome and 2026 forecast (% y/y) 7 Ghana Zambia 6 5 Eswatini Nigeria Lesotho 4 2025 GDP estimate 3 Namibia 2 SA Mozambique 1 0 -1 Botswana -2 -3 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5
Slide 66: Group’s full-year performance guidance remains unchanged
Group’s full-year performance guidance remains unchanged 66 • High single-digit NII growth: – Driven by higher advances growth, ongoing momentum in deposit franchises and endowment protection from ALM • NIR growth trajectory continues with growth in fee and commission income, insurance, trading inco
Slide 67: Strategic drivers of strong operational performance
Strategic drivers of strong operational performance 67 Health and quality FRM strategies continue to result in of customer franchises support positive margin and return outcomes topline earnings growth further adding to the strong capital position Under any expected scenario outcomes from the UK FCA
Slide 68: Annexures
68 ANNEXURES for the six months ended 31 December 2025
Slide 69: South Africa: Operation Vulindlela supporting an improvement in operating conditions
South Africa: Operation Vulindlela supporting an improvement in operating conditions and a lift in real GDP per capita growth off a low base 69 Business Leadership SA Reform Tracker 2026 – 2027 SA real GDP per capita growth vs averages since 2010 (%) (% y/y) 6.0% 100 5.0% 90 4.0% 3.0% 80 2.0% 1.0% 7
Slide 70: Group has strengthened its balance sheet
Group has strengthened its balance sheet 70 ACTUAL TREND Assets in marketable format R694 billion Marketable liquid assets grew marginally. The ratio of liquid assets to total assets fell marginally Liquid assets as % of total assets 25.9%* owing to balance sheet growth. LCR: 127% (group), 128% (ban
Slide 71: Key performance metrics (normalised) excluding UK motor commission legal and specialist costs
Key performance metrics (normalised) excluding UK motor commission legal and specialist costs 71 Dec 25 Dec 24 % change Operating expenses (R million) (38 666) (35 839) 8 ▲ Earnings (R million) 23 478 20 921 12 ▲ NIACC (R million) 8 015 6 164 30 ▲ Net asset value (R billion) 222.8 207.3 7 ▲ Cost-to-
Slide 72: Cost outcome is not at the expense of continued platform investment
Cost outcome is not at the expense of continued platform investment 72 Other expenditure p 28% 18% Staff expenditure p 11% 44% IT costs p13% 29% Computer expenses p 8% 9% Depreciation and amortisation p 19%
Slide 73: FNB reflecting good momentum, bolstered by improved business confidence
FNB reflecting good momentum, bolstered by improved business confidence 73 Normalised profit Normalised earnings before tax Deposits R13.1bn (Dec 24: R12.1bn) p8% R18.6bn (Dec 24: R17.3bn) p7% R1 058bn (Dec 24: R998bn) p6% Return on assets Return on equity Advances 4.23% (Dec 24: 4.10%) p13 bps 41.0
Slide 74: Retail lending appetite being expanded
Retail lending appetite being expanded 74 FNB retail new business risk distribution WesBank VAF new business risk distribution 100% High risk High risk 100% Highrisk risk High Medium risk Medium risk Medium risk Medium risk 80% 80% Low risk 60% 60% Low risk 40% Low risk 40% Low risk 20% 20% –% – –%–
Slide 75: Sector-specific origination in commercial is benefiting growth and quality of risk
Sector-specific origination in commercial is benefiting growth and quality of risk. Strong momentum in SME drives overdrafts growth 75 Commercial advances split FNB commercial new business risk distribution 100% High risk Other Medium risk 80% Medium risk p 16% Overdrafts p 9% 60% 5% 14% Low risk 40
Slide 76: FNB operational highlights
FNB operational highlights 76 Customers Digital (app, online and USSD) Rewards (incl. eBucks) Retail 8.81m +3% Logins (+14%) 1.23bn Rewards earned (+0%) R1.2bn Commercial 1.37m +5% Digital interface transactions 475m eBucks earned since Broader Africa 2.42m +6% (+6%) R25.0bn inception Total 12.60m +
Slide 77: Good growth in transactional volumes maintained
Good growth in transactional volumes maintained 77 Transactional volumes* p 4% y/y Banking app volumes p 8% y/y Millions Millions Financial transaction volumes Financial transaction volumes 400 60 50 300 40 200 30 20 100 10 – – Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec
Slide 78: Integrated insurance strategy a growing component of non-interest revenue
Integrated insurance strategy a growing component of non-interest revenue 78 Gross premium income – FNB short-term In-force APE R million R million Commercial (ST and Life): p 69% CAGR 700 p CAGR 93% 800 Life Customised: p 41% CAGR 597 698 600 700 608 500 484 600 496 494 500 400 378 412 400 300 336
Slide 79: FNB deposit franchise – continued strong deposit growth
FNB deposit franchise – continued strong deposit growth delivered through attractive propositions 79 FNB deposit franchise Retail deposit mix* Current 600 Broader Africa (RHS) +9% y/y 80 p 2% Notice and fixed Medium risk (5-year CAGR 10%) 16% p 5% 35% Commercial +7% y/y 70 500 (5-year CAGR 11%) R395
Slide 80: WesBank’s strong performance underpinned by good credit and cost outcomes
WesBank’s strong performance underpinned by good credit and cost outcomes 80 Normalised profit FNB main-banked Normalised earnings before tax customers as % of base R1.2bn (Dec 24: R1.1bn) p 11% R1.7bn (Dec 24: R1.5bn) p 11% 59% (Dec 24: 60%) q 100 bps Return on assets Return on equity NPLs as a % o
Slide 81: WesBank – operational trends
WesBank – operational trends 81 Good growth in retail VAF NPL levels drift higher on elevated rates R million Amount disbursed on new and existing business NPLs Advances % of advances Retail VAF p 22% R million 5 000 205 191 10% 4 000 200 182 171 173 9% 180 163 154 8% 3 000 160 141 144 140 7% 120 6%
Slide 82: Arrears – operational trends
Arrears – operational trends 82 Retail mortgages WesBank VAF 7.2% 7.0% 4.6% 4.8% 4.6% 4.4% 5.7% 3.7% 3.7% 4.0% 3.5% 3.6% 3.4% 4.6% 3.2% 3.1% 4.0% 4.0% 4.2% 3.8% 3.8% 3.8% 5.9% 3.5% 3.8% 4.5% 3.6% 3.4% 3.5% 3.9% 3.8% 3.5% 3.4% 3.9% 3.2% 3.4% 2.0% 2.1% 2.0% 2.0% 2.0% 1.8% 1.4% 1.5% 1.5% 1.7% 1.2% 1.1%
Slide 83: Strong operational performance from client franchise and PE realisations drive RMB’s performance
Strong operational performance from client franchise and PE realisations drive RMB’s performance 83 Normalised earnings Normalised PBT Core deposits R5.4bn (Dec 24: R4.8bn) p 13% R8.0bn (Dec 24: R6.8bn) p 18% R336.3bn (Dec 24: R283.5bn) p 19% Average core deposits R318.6bn p14% Return on assets Retu
Slide 84: Strong realisations and stable annuity flows reinforce PE’s performance contribution
Strong realisations and stable annuity flows reinforce PE’s performance contribution 84 Private equity gross income Unrealised value New investments R million R million R0.5bn R0.9bn R0.3bn R1.8bn R0.6bn 8 000 1 500 7 000 6 000 1 000 5 000 4 000 500 3 000 – 2 000 1 000 (500) – Dec 21 Dec 22 Dec 23 D
Slide 85: RMB advances reflect active distribution strategies and stable credit quality
RMB advances reflect active distribution strategies and stable credit quality 85 Real estate New origination – EAD by rating distribution R billion p 7% 100 Telecommunication 15% services p 4% 57 59 50 25 Other q 16% 35% – BB+ (upper) and better BB- to BB+ Weaker than BB- Dec 25 12% RMB core Dec 24
Slide 86: Broader Africa performance demonstrates strategy to build franchise value
Broader Africa performance demonstrates strategy to build franchise value 86 Normalised earnings Normalised PBT Cost-to-income ratio R2.6bn (Dec 24: R2.3bn) p 13% R5.1bn (Dec 24: R4.5bn) p 14% 51.6% (Dec 24: 51.4%) p 20 bps Return on equity Deposit franchise Credit loss ratio 20.4% (Dec 24: 20.3%) p
Slide 87: Strong performance across entire portfolio with significant GM performance
Strong performance across entire portfolio with significant GM performance due to more favourable market conditions 87 Broader Africa* normalised PBT R million 3 500 Investment Banking Division • Favourable market conditions aided client facilitation, resulting in increased p 42% in-country and cros
Slide 88: Broader Africa earnings weighed down by economic pressures
Broader Africa earnings weighed down by economic pressures 88 Normalised PBT R million 2 000 q 10% • FNB broader Africa PBT decreased 12% 1 750 • Flat advances growth in mature subsidiaries as economies remain constrained while growth-phase 1 500 subsidiaries grew by 28% 1 250 • Good growth in depos
Slide 89: UK performance highlights
UK performance highlights 89 Normalised PBT Net interest margin* Return on assets £103m 2.80% 0.73% (Dec 24: £119m) q 13% (Dec 24: 2.93%) q 13 bps (Dec 24: 0.81%) q 8 bps Return on equity NPLs as a % of advances Credit loss ratio 9.2% 3.14% 0.30% (Dec 24: 10.0%) q 80 bps (Dec 24: 3.44%) q 30 bps (De
Slide 90: Lending increased 9% through targeted portfolio growth
Lending increased 9% through targeted portfolio growth 90 Gross loans* • Gross lending p 9% p 9% to £17.4bn Medium risk Reflecting focus on subsegments of the market which offer attractive through- the-cycle returns 9.3 • Cash and investments q 1% Broadly unchanged year on year primarily reflecting
Slide 91: Deposits increased 6% with a focus on funding diversification
Deposits increased 6% with a focus on funding diversification 91 The group maintains a stable base of funding and liquidity, supported by committed, Customer deposits contingent funding facilities. This underpins a healthy liquidity coverage ratio* of 158% p 6% to £17.7bn (December 2024: 204%), with
Slide 92: UK operations delivered targeted portfolio growth of 9%
UK operations delivered targeted portfolio growth of 9% 92 Property Finance* Period on period UK operations pursued a targeted approach to lending growth against a backdrop £ million of falling interest rates and competitive pressure on margins, applying FRM discipline Amount disbursed on new busine
Slide 93: Improved credit performance with reduction in arrears rates period on period
Improved credit performance with reduction in arrears rates period on period 93 Core advances and NPLs Arrears levels £ million Medium risk 3.44% 3.35% 3.38% 2.7% 2.6% 2.6% 3.16% 3.14% 2.96% 2.94% 2.4% 2.3% 2.3% 2.72% 2.66% 17.4 2.61% 16.9 15.9 16.0 1.8% 15.2 15.6 15.3 15.6 14.4 14.6 1.6% 1.6% 1.5%
Slide 94: UK operations: Owner-occupied portfolio is regionally diversified
UK operations: Owner-occupied portfolio is regionally diversified 94 47% of the portfolio has a balance <£200k Book size £2.1 billion 26% Medium risk 5% 18% 3% 17% 15% 11% 11% 18% 7% 6% 1% —% —% 8% 0 – 50k 50k – 100k – 150k – 200k – 300k – 400k – 500k – 1m – 2m >2m Regional distribution of 100k 150k
Slide 95: UK operations: Buy-to-let portfolio – remains highly secured
UK operations: Buy-to-let portfolio – remains highly secured 95 69% of loans <£400k, with 10% above £1 million Book size £7.1 billion 19% Medium risk 3% 6% 14% 13% 13% 20% 12% 11% 7% 7% 7% 7% 3% 1% Regional distribution of 0 – 50k 50k – 100k 100k – 150k – 200k – 300k – 400k – 500k – 1m 1m – 2m >2m 1