Barclays Plc · LSE:BARC
Barclays — Debt Investor Presentation (October 2025)
59 slides from Barclays's debt investor presentation, Oct 22, 2025
Slide 1: Q3 2025 Fixed Income Investor Presentation
Q3 2025 Fixed Income Investor Presentation 22nd October 2025
Slide 2: Group performance against financial targets; on the path to 2026 delivery
Group performance against financial targets; on the path to 2026 delivery Barclays Q3 2025 Results October 2025 2 Targets Q325 actuals Q325 YTD actuals 2025 guidance 2026 targets Statutory RoTE 10.6% 12.3% >11% >12% c.11% previously Progressive At least £10bn3 Total payout £0.5bn £1.9bn1 increase vs
Slide 3: Q325 performance summary
Q325 performance summary Barclays Q3 2025 Results October 2025 3 Statutory RoTE Q325 Q325 YTD Barclays UK 21.8% 19.6% FY26 target: high teens% Execution progress UK Corporate Bank 22.8% 18.8% FY26 target: high teens% Announced £500m share buyback for Q325 Private Bank & Wealth Management 26.4% 30.9%
Slide 4: Barclays Group Q325 and Q325 YTD
Barclays Group Q325 and Q325 YTD Barclays Q3 2025 Results October 2025 4 Q325 Q325 YTD 10.6% £2.1bn 12.3% £7.3bn Statutory RoTE Profit before tax Statutory RoTE Profit before tax Q324: 12.3% Q324: £2.2bn Q324 YTD: 11.5%1 Q324 YTD: £6.4bn £7.2bn £0.6bn £22.1bn £1.7bn Income Impairment Income Impairme
Slide 5: Group delivered Q325 RoTE of 10.6%; FY25 guidance revised to >11%
Group delivered Q325 RoTE of 10.6%; FY25 guidance revised to >11% Barclays Q3 2025 Results October 2025 5 -7% Group RoTE (%) Profit before tax (£m) +4% excl. Motor Finance Profit before impairment +4% (3.2) 2,232 2,077 3.6 8% tangible 1,8641 1,969 1,885 equity growth 1,147 (1.5) 246 Includes Motor (
Slide 6: Group income of £7.2bn, up 9% YoY, driven by stable income streams
Group income of £7.2bn, up 9% YoY, driven by stable income streams Barclays Q3 2025 Results October 2025 6 Group income (£bn) +9% YoY YoY QoQ 7.2 7.2 +9% 0% 6.5 0.6 0.6 +9% +14% 6.3 Banking fees & underwriting 0.4 0.6 1.4 1.1 -6% -25% More stable income streams 1.1 76% Intermediation 1.1 0.9 +19% -2
Slide 7: Group NII of £3.3bn, up 16% YoY; FY25 guidance revised to >£12.6bn
Group NII of £3.3bn, up 16% YoY1; FY25 guidance revised to >£12.6bn Barclays Q3 2025 Results October 2025 7 Net interest income (£bn) +16% YoY 3.3 3.1 2.8 2025 Group NII (excl. IB and HO) guidance: >£12.6bn 2.8 Previously >£12.5bn 1.3 UK Corporate Bank, 1.2 2025 Barclays UK NII guidance: >£7.6bn Pri
Slide 8: Structural hedge expected to deliver multiyear income growth beyond 2026
Structural hedge expected to deliver multiyear income growth beyond 2026 Barclays Q3 2025 Results October 2025 8 Average hedge duration increased from 3 to 3.5 years Notional stable since Q424 14.0 4.0% Q325: 3.8% GBP12.0 5yr 3.4% 246 234 232 232 232 233 swap rate1 10.0 Q325: 2.5% Average 08.0 2.0%
Slide 9: Performance of the structural hedge over time
Performance of the structural hedge over time Barclays Q3 2025 Results October 2025 9 The structural hedge smooths income and protects against sharp downwards movement in interest rates 6% 5% 4% 3% 2% 1% 0% -1% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 10: 63% cost: income ratio in Q325; FY25 guidance of c.61%
63% cost: income ratio in Q325; FY25 guidance of c.61% Barclays Q3 2025 Results October 2025 10 Cost: income ratio Group total costs (£m) Includes Motor Finance provision Q323 Q324 Q325 2026 target of £235m YoY Group 63% 61% 63% High 50s% c.210 c.190 c.30 c.170 c.(180) c.120 Barclays UK 56% 52% 53%
Slide 11: On track for c.£30bn UK RWA growth with organic momentum
On track for c.£30bn UK RWA growth with organic momentum Barclays Q3 2025 Results October 2025 11 Strong net mortgage growth Card acquisitions driving balance growth HLTV mix1 13% 15% 14% 18% 22% 26% 23% Card 278 243 251 2883 3863 3743 3713 acquisitions (k) 15.0 15.0 15.7 16.0 9.8 10.2 10.6 8.1 8.5
Slide 12: Barclays UK Q325 and Q325 YTD
Barclays UK Q325 and Q325 YTD Barclays Q3 2025 Results October 2025 12 Q325 Q325 YTD 21.8% £1.0bn 19.6% £2.6bn Statutory RoTE Profit before tax Statutory RoTE Profit before tax Q324: 23.4% Q324: £0.9bn Q324 YTD: 21.4% Q324 YTD: £2.5bn £2.3bn £2.0bn £6.4bn £5.6bn Income Net Interest Income Income Net
Slide 13: Barclays UK delivered Q325 RoTE of 21.8%
Barclays UK delivered Q325 RoTE of 21.8% Barclays Q3 2025 Results October 2025 13 Includes Tesco Bank integration RoTE (%) Income by business (£m) YoY Total costs (£m) and run-rate costs 2,119 2,253 +16% 1,873 1,946 Business 520 545 +6% YoY Banking 470 513 1,049 1,195 1,198 +19% 1,006 Retail 1,403 1
Slide 14: Stable deposit trends; fifth consecutive quarter of organic loan growth
Stable deposit trends; fifth consecutive quarter of organic loan growth Barclays Q3 2025 Results October 2025 14 Barclays UK deposit balances and mix (£bn) Barclays UK loans and advances1 (£bn) -£0.5bn +£8.0bn2 -£1.1bn -£1.8bn +£0.2bn +£0.6bn +£8.4bn2 +£1.9bn +£1.6bn +£2.2bn YoY YoY 244 243 208 210
Slide 15: UK Corporate Bank Q325 and Q325 YTD
UK Corporate Bank Q325 and Q325 YTD Barclays Q3 2025 Results October 2025 15 Q325 Q325 YTD 22.8% £0.3bn 18.8% £0.7bn Statutory RoTE Profit before tax Statutory RoTE Profit before tax Q324: 18.8% Q324: £0.2bn Q324 YTD: 17.3% Q324 YTD: £0.6bn £0.5bn £0.2bn £1.5bn £0.8bn Income Costs Income Costs Q324:
Slide 16: UK Corporate Bank delivered Q325 RoTE of 22.8%
UK Corporate Bank delivered Q325 RoTE of 22.8% Barclays Q3 2025 Results October 2025 16 RoTE (%) Income by product (£m) YoY Income by type (£m) YoY 519 522 +17% 519 522 +17% 440 445 440 445 21.2 Corporate 90 90 +34% 69 67 160 139 +2% lending Non-NII 136 136 Transaction 429 432 +14% banking 371 378 N
Slide 17: Private Bank & Wealth Management Q325 and Q325 YTD
Private Bank & Wealth Management Q325 and Q325 YTD Barclays Q3 2025 Results October 2025 17 Q325 Q325 YTD 26.4% £0.1bn 30.9% £0.3bn Statutory RoTE Profit before tax Statutory RoTE Profit before tax Q324: 29.0% Q324: £0.1bn Q324 YTD: 29.5% Q324 YTD: £0.3bn £0.3bn £0.2bn £1.0bn £0.7bn Income Costs Inc
Slide 18: Private Bank & Wealth Management delivered Q325 RoTE of 26.4%
Private Bank & Wealth Management delivered Q325 RoTE of 26.4% Barclays Q3 2025 Results October 2025 18 RoTE (%) Income by type (£m) YoY Total costs (£m) 337 326 348 335 +3% YoY Non-NII 118 137 145 145 +6% 221 238 243 +10% 214 NII 219 189 203 190 +1% Q323 Q324 Q225 Q325 Q323 Q324 Q225 Q325 CIR 63% 68
Slide 19: Investment Bank Q325 and Q325 YTD
Investment Bank Q325 and Q325 YTD Barclays Q3 2025 Results October 2025 19 Q325 Q325 YTD 10.1% £0.9bn 12.9% £3.9bn Statutory RoTE Profit before tax Statutory RoTE Profit before tax Q324: 8.8% Q324: £0.9bn Q324 YTD: 10.1% Q324 YTD: £3.3bn £3.1bn £2.0bn £10.3bn £6.0bn Income Costs Income Costs Q324: £
Slide 20: Investment Bank delivered Q325 RoTE of 10.1%
Investment Bank delivered Q325 RoTE of 10.1% Barclays Q3 2025 Results October 2025 20 RoTE (%) Income by business (£m)1 YoY 3,307 3,083 +8% 2,686 2,851 Banking fees & 568 646 +9% underwriting 375 594 Intermediation 1,408 1,051 -6% 1,082 1,119 Financing International 740 753 912 894 +19% Corporate Ba
Slide 21: Income up 8% YoY; signs of recovery in Investment Banking
Income up 8% YoY; signs of recovery in Investment Banking Barclays Q3 2025 Results October 2025 21 Global Markets Investment Banking International Corporate Bank Income (£m) +4% YoY Fees and underwriting (£m) Income (£m) +6% USD +9% YoY +28% YoY +11% USD 600 2,320 646 YoY YoY YoY 489 492 594 500 1,9
Slide 22: Global Markets risk managed prudently
Global Markets risk managed prudently Barclays Q3 2025 Results October 2025 22 Global Markets: VaR Global Markets: Daily trading income distribution2 Russia/ US banking £60m Pandemic Ukraine crisis Average Q3 YTD: 2019-24 Q325 YTD £40m Zero loss days Average in Q3 VaR1 £23m £20m <£0m £0-15m £16-30m
Slide 23: US Consumer Bank Q325 and Q325 YTD
US Consumer Bank Q325 and Q325 YTD Barclays Q3 2025 Results October 2025 23 Q325 Q325 YTD 13.5% £0.2bn | $0.2bn 9.4% £0.3bn | $0.4bn Statutory RoTE Profit before tax Statutory RoTE Profit before tax Q324: 10.9% Q324: £0.1bn | $0.2bn Q324 YTD: 8.4% Q324 YTD: £0.3bn | $0.4bn $35.9bn £0.9bn | $1.3bn $3
Slide 24: US Consumer Bank delivered Q325 RoTE of 13.5%
US Consumer Bank delivered Q325 RoTE of 13.5% Barclays Q3 2025 Results October 2025 24 YoY RoTE (%) Income by type (£m) +19% Total costs (£m) 941 +21% USD 809 791 823 215 +49% 147 183 YoY Non-NII 144 +53% USD 404 393 396 407 +4% 726 +12% NII 662 647 640 +14% USD +6% USD Q323 Q324 Q225 Q325 Q323 Q324
Slide 25: Operational performance on track in US Consumer Bank
Operational performance on track in US Consumer Bank Barclays Q3 2025 Results October 2025 25 Organic and inorganic balance growth Repricing supports higher margins Rebalancing mix towards retail End Net Receivables ($bn)1 Organic Net interest margin (%) Retail mix (%)3 growth since 20232 18.8% 32.2
Slide 26: Long track record of growth and returns in USCB
Long track record of growth and returns in USCB Barclays Q3 2025 Results October 2025 26 Why partners choose Barclays Long term mid-teens RoTE business 40 Covid-19: 25% 22% impacted by impairment 18% reserve build 20% 16% 17% 16% 30 15% 18% 17% 13% Avg 15% 20+ years of expertise in specialised partn
Slide 27: Best Egg acquisition rationale
Best Egg acquisition rationale Barclays Q3 2025 Results October 2025 27 Improving income diversification Adding scale and capabilities Supporting our targets Annual normalised income ($m) Total End Net Receivables ($bn) After exiting AA1 and adding GM2 we expect to achieve Capital light service fees
Slide 28: Asset quality
Asset quality
Slide 29: Q325 LLR of 57bps; maintaining through the cycle guidance of 50-60bps
Q325 LLR of 57bps; maintaining through the cycle guidance of 50-60bps Barclays Q3 2025 Results October 2025 29 190 Loan loss rate (bps) Impairment charge (£m) 800 636 US Consumer Bank 610 379 582 562 General 600 65 Motors 5052 404 276 314 day 1 438 456 140 411 395 Q323 Q324 Q325 400 Includes c.£110m
Slide 30: Long-term prudent risk positioning in our credit card portfolios
Long-term prudent risk positioning in our credit card portfolios Barclays Q3 2025 Results October 2025 30 UK cards US cards 16.0 22.3 23.8 24.1 22.9 25.0 14.9 Net L&A1 (£bn) 10.7 10.6 Net L&A1 (£bn) 15.6 15.2 8.6 9.0 9.6 14.2% 11.1% 9.7% 9.0% 11.5% 8.3% 9.7% 10.4% 9.8% Total coverage 6.3% 5.6% 4.8%
Slide 31: Broadly stable delinquency trends in US cards
Broadly stable delinquency trends in US cards Barclays Q3 2025 Results October 2025 31 30 day US cards delinquencies 2.7% 2.9% 3.1% 2.9% 3.0% 3.0% 3.0% 2.8% 2.9% 90 day US cards delinquencies 1.3% 1.5% 1.7% 1.6% 1.6% 1.6% 1.6% 1.6% 1.5% USCB loan loss rate 1 (bps) 582 636 610 438 411 395 562 456 505
Slide 32: Our US Cards book is high quality and stable, with no signs of stress
Our US Cards book is high quality and stable, with no signs of stress Barclays Q3 2025 Results October 2025 32 US consumer indebtedness lower versus historic levels1 Our book is positioned in the super-prime segment 2008 crisis Pandemic 790 10% 25% Super-prime 740 8% 20% Prime Q325 USCB 690 6% 15% a
Slide 33: Well provisioned balance sheet
Well provisioned balance sheet Barclays Q3 2025 Results October 2025 33 Balance sheet provisions for ECL (£bn) Credit impairment charges (£m) 5.4 5.6 632 0.4 Off-balance sheet 0.4 102 Barclays UK 469 5 UK Corporate Bank 79 144 Investment Bank On-balance sheet 12 5.0 5.2 67 US Consumer 379 312 Bank Q
Slide 34: Resilient mortgage book; leveraging capabilities of Kensington
Resilient mortgage book; leveraging capabilities of Kensington Barclays Q3 2025 Results October 2025 34 Mortgage portfolio Kensington adding capabilities to Barclays UK • 54.1% average balance weighted LTV of mortgage stock Ability to lend to high-yield, low risk customers with complex incomes o 40.
Slide 35: Risk transfer transactions enhance Barclays' risk management capabilities
Risk transfer transactions enhance Barclays’ risk management capabilities Barclays Q3 2025 Results October 2025 35 Purpose Q225: Barclays transfers c.£50bn1 risk via a variety of structures • The banking book has inherent credit UK Corporate Bank and Investment Bank Corporate risk, driving risk weig
Slide 36: Risk transfer activities focused on corporate loans and credit cards
Risk transfer activities focused on corporate loans and credit cards Barclays Q3 2025 Results October 2025 36 Q225: Corporate loans Q225: US credit cards • Colonnade programme established in 2016 • Initiated risk transfer in Q124 to help optimise • Deployed against exposure in the UK Corporate Bank
Slide 37: Private Credit exposures well managed
Private Credit exposures well managed Barclays Q3 2025 Results October 2025 37 Committed exposure c.6% of loans and advances • Private Credit: Lending conducted outside of banks or public debt markets • Barclays provides senior financing on a secured basis against diversified portfolios of private c
Slide 38: Capital and leverage
Capital and leverage
Slide 39: Robust capital position with 14.1% CET1 ratio
Robust capital position with 14.1% CET1 ratio Barclays Q3 2025 Results October 2025 39 Q325 CET1 ratio movements (8bps) (7bps) 6bps c.(15bps) 41bps (28bps) Q325 YTD: c.140bps capital generation 14.0% 14.1% 13.9% 13.8% Q225 H125 announced Q225 rebased Attributable Dividend RWA Other Q325 Q325 announc
Slide 40: CET1 ratio in relation to our minimum requirements
CET1 ratio in relation to our minimum requirements Barclays Q3 2025 Results October 2025 40 Q325: CET1 minimum requirements MDA 12.2% CCyB 1.0% CCB 2.5% • Plan to operate towards the upper half of our 13-14% CET1 target G-SII 1.5% range, as we have been doing 14.1% • Continue to have flexibility to
Slide 41: Group RWAs increased by £4.3bn QoQ, of which £2.5bn is FX
Group RWAs increased by £4.3bn QoQ, of which £2.5bn is FX Barclays Q3 2025 Results October 2025 41 Risk weighted assets (£bn) IB % of Group: 59% 57% 56% 56% 2.7 1.2 0.0 0.6 (0.1) (0.0) £2.0bn increase driven by FX 353.0 357.4 341.9 340.4 Q323 Q324 Q225 Barclays UK UK Corporate Private Bank & Investm
Slide 42: Operating with a prudent buffer to each tier of capital requirements
Operating with a prudent buffer to each tier of capital requirements Barclays Q3 2025 Results October 2025 42 Q325: AT1 and T2 needs managed on a total capital basis Balanced total capital structure • Operating with prudent buffers at each part of the capital stack 20.4% to manage FX and RWA movemen
Slide 43: Leverage ratio above regulatory requirements
Leverage ratio above regulatory requirements Barclays Q3 2025 Results October 2025 43 Q325: leverage minimum requirements Reg Min 4.08% CCLB 0.30% G-SII 0.53% 4.9% 4.7% BoE minimum leverage 3.25% requirement UK Leverage requirement UK spot UK average
Slide 44: Balance sheet management
Balance sheet management
Slide 45: MREL position well established
MREL position well established Barclays Q3 2025 Results October 2025 45 Q325: MREL minimum requirements HoldCo issuance 35.8% (£128.1bn) 30.5% • c.£14bn issuance plan for 2025, of which c.£13bn has been issued year- (£109.2bn) to-date CCyB: 1.0% CCB: 2.5% Senior: 15.4% • Pre-funding may be considere
Slide 46: c.£14bn issuance plan for 2025, of which c.£13bn has been issued YTD
c.£14bn issuance plan for 2025, of which c.£13bn has been issued YTD Barclays Q3 2025 Results October 2025 46 2025 HoldCo benchmark Annual HoldCo issuance volume (£bn) and currency1,2 issuance 15.0 15.1 c.14 Jan-25: GBP 0.75bn 14.1 plan Senior 12.1 11.0 Feb-25: USD 1.5bn 8.6 10.7 7.8 9.8 11.8 AT1 9.
Slide 47: Prudently managed LCR supported by a highly liquid balance sheet
Prudently managed LCR supported by a highly liquid balance sheet Barclays Q3 2025 Results October 2025 47 Average LCR1 Average NSFR2 73% of Liquidity Pool held in cash HTC £20bn 172% 175% 178% 175% 137% 138% 135% 136% 136% 135% 6% 156% 161% FVOCI £70bn 21% FY22 FY23 FY24 Q125 Q225 Q325 FY22 FY23 FY2
Slide 48: Diverse and stable deposit base of £575bn
Diverse and stable deposit base of £575bn Barclays Q3 2025 Results October 2025 48 Q325 deposit balances: Group +£11bn QoQ Investment Bank: International Corporate Bank1 Barclays UK: Personal Banking £112bn, +£4bn Banks3 £189bn, flat QoQ £21bn +£2bn Investment Bank: Treasury Deposits Private Bank &
Slide 49: Credit ratings
Credit ratings
Slide 50: Targeting Barclays PLC to be "A" composite across all indices over time
Targeting Barclays PLC to be “A” composite across all indices over time Barclays Q3 2025 Results October 2025 50 S&P and Fitch ratings affirmed in 2025 Current Senior long and short term ratings • HoldCo Senior composite “A” rated for two of four Moody’s Standard & Poor’s Fitch indices1 • One furthe
Slide 51: Barclays rating composition for senior debt
Barclays rating composition for senior debt Barclays Q3 2025 Results October 2025 51 Moody’s Standard & Poor’s Fitch BBUK BBUK BBUK BPLC BBPLC BPLC BBPLC BPLC BBPLC PLC PLC PLC Macro profile Strong+ Strong+ Strong+ Anchor bbb+ bbb+ bbb+ Operating environment aa- aa- aa- Financial profile a3 baa1 a3
Slide 52: Appendix
Appendix
Slide 53: Appendix: Barclays UK
Appendix: Barclays UK Barclays Q3 2025 Results October 2025 53 Income by business (£m) 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Retail Banking 1,500 1,481 1,403 1,309 1,357 1,402 1,433 2,0782 1,573 1,599 1,708 Of which: UK Cards1 247 237 238 242 229 228 249 296 292 279 296 Business Banking 46
Slide 54: Non-IFRS performance measures
Non-IFRS performance measures Barclays Q3 2025 Results October 2025 54 US Consumer Bank: Return on average allocated tangible equity1 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Attributable profit (£m) 124 133 163 140 258 280 196 536 490 (256) 379 356 131 302 Avg. allocate
Slide 55: Plan based on unchanged realistic scenarios
Plan based on unchanged realistic scenarios Barclays Q3 2025 Results October 2025 55 GBP 5-year swap rate UK bank rate US Unemployment 13th Feb 4.75% 4.4% 4.4% 4.1% Market 2025 implied1 3.7% Consensus1 3.6% Consensus1 4.00% 4.0% 4.3% 4.3% 13th Feb 3.50% 13th Feb 2025 2025 3.4% 3.4% 3.75% 3.25% 2024
Slide 56: Resilient UK economic trends
Resilient UK economic trends Barclays Q3 2025 Results October 2025 56 UK GDP growth comparable to US and Euro economies1 UK debt-to-GDP lower than historic highs2 2024 2025E 2026E Households Non-financial corporations Nominal GDP growth Debt as a % of GDP 10% 100% 8% 80% 6% 4% 60% 2% 0% 40% UK US Eu
Slide 57: Macroeconomic variables
Macroeconomic variables Barclays Q3 2025 Results October 2025 57 Assumptions 2024 2025 2026 UK GDP2 0.8% 1.3% 1.4% UK unemployment3 4.3% 4.4% 4.5% UK bank rate4 4.75% 3.75% 3.50% Sterling 5-year swap rate5 4.05%6 3.42% 3.39% UK inflation7 2.5% 2.1% 2.2% Plan US GDP2 2.8% 1.8% 2.0% (13th February 202
Slide 58: Contact details, upcoming events and useful presentations
Version 2 Contact details, upcoming events and useful presentations Debt Investor Relations Upcoming events Jordan Guy jordan.guy@barclays.com 10th February 2026 Q425 results 28th April 2026 Q126 results Justin Lutterbuese justin.lutterbuese@barclays.com Useful presentations Treasury, Long term fund
Slide 59: Disclaimer
Disclaimer Barclays Q3 2025 Results October 2025 59 Important Notice The terms Barclays or Group refer to Barclays PLC together with its subsidiaries. The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation, an offer t