Hsbc Holdings Plc · LSE:HSBA
Hsbc — Debt Investor Presentation (February 2026)
53 slides from Hsbc's debt investor presentation, Feb 25, 2026
Slide 1: HSBC Holdings plc 4Q25 results – Fixed Income Investor Presentation
Annual Report and Accounts 2025 HSBC Holdings plc 4Q25 results Two iconic banks. One bright future. Fixed Income Investor Presentation
Slide 2: Results & Strategy
Results & Strategy HSBC
Slide 3: Our three strategic priorities – progressing at pace and with discipline
Results and strategy Balance sheet & issuance Appendix Our three strategic priorities – progressing at pace and with discipline Our ambition: To be the most trusted bank globally, putting customers at the heart of everything we do Three strategic priorities: Drive customer- Deliver focused Be simple
Slide 4: Strategic Priority 1: Be simple and agile
Results and strategy Balance sheet & issuance Appendix Strategic Priority 1: Be simple and agile Simplifying the Group to unlock HSBC’s growth potential Aligned organisation structure to our strategy DONE Cost reallocation: $1.5bn raised to $1.8bn ON TRACK Two home markets and two globally connect
Slide 5: Strategic Priority 2: Drive customer-centricity
Results and strategy Balance sheet & issuance Appendix Strategic Priority 2: Drive customer-centricity Four businesses built on customer trust HSBC NPS score increased from 6 to 15 (maintain HSBC NPS score increased from 15 to 21 (#9 vs. #11 in #1 ranking)1 2024)3 Hang Seng Bank RB&W NPS score
Slide 6: Strategic Priority 3: Investing to deliver focused sustainable growth
Results and strategy Balance sheet & issuance Appendix Strategic Priority 3: Investing to deliver focused sustainable growth Hong Kong: Continuing to invest to consolidate our market position in a high growth market Super connector Leading cross- Consolidating between border wealth mainland China #1
Slide 7: Future technologies
Results and strategy Balance sheet & issuance Appendix Future technologies Investing in innovation and culture to navigate a fast-changing world Digital Assets Gen AI transformation HSBC Orion digital asset platform has secured the UK c.85% employees enabled with Gen AI productivity tool3 HSBC G
Slide 8: A diversified and capital-generative business
Results and strategy Balance sheet & issuance Appendix A diversified and capital-generative business 2025: $68bn revenue / $71bn excl. notable items IWPB business Corporate Centre1 Strong capital 14.9% 32.9% Hong Kong business CET1 ratio MREL ratio $862bn 55% 2 Highly liquid; $71.0bn well funded Tot
Slide 9: Strong performance in 2025
Results and strategy Balance sheet & issuance Appendix Strong performance in 2025 Performance highlights Revenue* PBT* Income statement, $bn 2024 2025 Δ, $ Δ, % Revenue excl. notable items 67.6 71.0 3.4 5% $71.0bn $36.6bn PBT excl. notable items 34.2 36.6 2.4 7% Revenue 66.0 68.3 2.3 3% +5% YoY +7%
Slide 10: Four growing, high-returning businesses
Results and strategy Balance sheet & issuance Appendix Four growing, high-returning businesses All four businesses growing in revenue and deposits, all delivering mid-teens or better RoTE Revenue excl. notable items*, $bn 2024 15.0 12.3 26.8 13.8 67.6 +5% 2025 15.9 12.9 27.6 14.6 71.0 Corporate Cent
Slide 11: Completed the privatisation of Hang Seng Bank, sooner than anticipated
Results and strategy Balance sheet & issuance Appendix Completed the privatisation of Hang Seng Bank, sooner than anticipated Value of the privatisation to shareholders: 1 2 3 CET1 impact of the transaction lower than More accretive than a share buyback from the recognition of Additional upside expe
Slide 12: Banking NII: FY26 guidance of at least $45bn
Results and strategy Balance sheet & issuance Appendix Banking NII: FY26 guidance of at least $45bn Banking NII, $bn 11.1 11.7 FY25 Banking NII of $44.1bn 10.9 10.8 11.0 0.0 0.1 +$0.7bn Banking NII QoQ, of which: ~$0.1bn specific items positively impacting 4Q25 which we do not expect to repeat
Slide 13: Banking NII drivers
Results and strategy Balance sheet & issuance Appendix Banking NII drivers Structural hedge balance, $bn Banking NII – year 1 sensitivity to a (100)bps down-shock* 593 478 529 $m ~320 USD (1,184) HKD (606) GBP (499) EUR (129) 2Q22 4Q23 4Q24 4Q25 Other (971) Total (3,389) Structural hedge reinvestmen
Slide 14: The world's wholesale transaction bank
Results and strategy Balance sheet & issuance Appendix The world’s wholesale transaction bank Fee and other income, $bn +1% 2.9 vs. 4Q24 +6% Securities Services, reflecting higher market 2.8 valuations and new client wins 2.6 2.6 2.6 GTS (5)% (Trade) +3% GPS, driven by new client mandates and GP
Slide 15: Wealth: strong, broad-based growth showing strategic focus
Results and strategy Balance sheet & issuance Appendix Wealth: strong, broad-based growth showing strategic focus Fee and other income, $bn Existing disclosures $1,535bn (Asia: $773bn) $7bn (Asia: $(3)bn) +20% 2.7 vs. 4Q24 4Q25 Invested Assets 4Q25 Net New +19% YoY (Asia: +20%) Invested Assets 2.3 2
Slide 16: Gross customer lending
Results and strategy Balance sheet & issuance Appendix Gross customer lending Personal loan book, $bn Wholesale loan book, $bn Other Other* Credit cards Manufacturing 4.4% Electricity, gas, steam 10.7% 5.6% and air conditioning supply 16.5% Other secured 3.7% personal lending 8.6% 90% Publishing, au
Slide 17: Credit: FY25 credit charge (39)bps
Results and strategy Balance sheet & issuance Appendix Credit: FY25 credit charge (39)bps ECL charge, $bn (57)bps (44)bps (38)bps (40)bps (36)bps $(0.9)bn 4Q25 ECL charge (1.4) Immaterial ECL from HK CRE (see slide 29) (1.1) (1.0) (0.9) (0.9) (39)bps FY25 ECL charge, within our guidance of ~(4
Slide 18: Asset quality
Results and strategy Balance sheet & issuance Appendix Asset quality Gross loans to customers by credit quality classification trend, $bn Stage 3 loans to customers* Reported ECL (charge) / release 936 950 940 999 24.7 3% 2% 3%2% 2%2% 2%2% 22.7 20% 19% (35) (33) (36) (39) 21% 21% 19.6 19.4 22% Impai
Slide 19: Costs: delivered 3% FY25 cost guidance, accelerated simplification savings
Results and strategy Balance sheet & issuance Appendix Costs: delivered 3% FY25 cost guidance, accelerated simplification savings Target basis costs, $bn +3% 32.5 33.5 Delivered 3% target basis cost growth in FY25 Actions taken to realise ~$1.2bn annualised simplification savings on an accelerat
Slide 20: Targets
Results and strategy Balance sheet & issuance Appendix Targets Revenue Rising to 5% YoY growth by 2028, excluding notable items 2026, 2027 and 2028 RoTE 17% or better, excluding notable items, each year targets Dividends 50% of EPS, excluding material notable items and related impacts Our targets an
Slide 21: Guidance
Results and strategy Balance sheet & issuance Appendix Guidance Banking NII at least $45bn1 ECL charge ~(40)bps2 2026 guidance Costs ~1% growth, on a target basis3 CET1 ratio 14-14.5% target range4 Savings ~$1.5bn savings from re-organisation to be delivered by YE26 Simplification ~$1.8bn costs to b
Slide 22: Balance sheet, capital and issuance
Balance sheet, capital and issuance 21
Slide 23: Capital: strong organic capital generation during the quarter
Results and strategy Balance sheet & issuance Appendix Capital: strong organic capital generation during the quarter CET1 ratio, %1 +0.8 c.80bps regulatory profit in 4Q25 +0.2 4Q25 change in RWAs includes +0.0 +0.0 14.9 operational risk RWA increase of (0.4) (0.2) c.$12bn driven by higher averag
Slide 24: FY25 capital position versus requirements
Results and strategy Balance sheet & issuance Appendix FY25 capital position versus requirements CET1 ratio as a % of RWAs, vs. requirements Regulatory capital as a % of RWAs, vs. requirements 20.5% Buffer to MDA hurdle 17.3% $34bn 11.1% (3.8ppts) 15.7% 14.9% 0.7% 13.1% Combined 2.0% 11.1% buffer of
Slide 25: MREL position
Results and strategy Balance sheet & issuance Appendix MREL position Position versus requirement as a % of Group RWAs 4.5ppts / $40bn buffer to current requirement 4.5ppts ($40bn) The Group’s binding MREL requirement is currently the Composition of the aggregation of each resolution group’s loca
Slide 26: 2026 issuance plan
Results and strategy Balance sheet & issuance Appendix 2026 issuance plan Planned gross issuance 2026 calls and maturities 2025 gross issuance HoldCo $25.7bn ~$20bn $12.8bn Including $6.5bn of pre-funding senior conducted in 4Q $4.0bn Tier 2 ~$1bn $1.0bn Including $1.5bn linked to liability manageme
Slide 27: Portfolio instruments
Results and strategy Balance sheet & issuance Appendix Portfolio instruments Maturity profile1 Outstanding instruments by currency (notional) $bn-equivalent HoldCo senior AUD 27.1 1% EUR 19% 23.3 20.7 20.4 7% GBP $114.2bn 2% 2% JPY 16.1 21.0 Other 11.8 69% 14.1 18.2 USD 12.8 Subordinated notes Addit
Slide 28: Customer deposits & loans: strong and growing deposit franchise
Results and strategy Balance sheet & issuance Appendix Customer deposits & loans: strong and growing deposit franchise, +$78bn YoY* Deposits, $bn Loans, $bn +4%, +4% +5% incl. held-for-sale balances* +2%† 1,787 9 0 6 (8) 988 11 10 7 1,719 971 37 (6) 18 4Q24 HK UK CIB IWPB Corporate 4Q25 4Q24 HK UK C
Slide 29: Funding and liquidity
Results and strategy Balance sheet & issuance Appendix Funding and liquidity loan to Year-on-year 55% deposit ratio 5% customer $0.9tn Total HQLA^ deposit growth* $1,787bn $1,787bn $1,787bn 0.5x $798bn $1,719bn customer funding deposit surplus coverage $988bn $862bn Customer Customer 2024 2025 Custo
Slide 30: Appendix
Appendix 29
Slide 31: MREL / TLAC position
Results and strategy Balance sheet & issuance Appendix MREL / TLAC position US Resolution Group Europe Resolution Group Asian Resolution Group HSBC Group1 (Including HSBC Holdings)1 Total MREL / TLAC: $292bn Total TLAC: $24bn Total MREL / TLAC: $117bn Total TLAC: $121bn MREL / TLAC position Of which
Slide 32: Approach to issuance
Results and strategy Balance sheet & issuance Appendix Approach to issuance HSBC Holdings plc External Since 2015, HSBC Holdings has been the Group’s issuing entity for external AT1, Tier 2 and MREL / Investors TLAC-eligible senior Issuance executed with consideration to our maturity profile Ext
Slide 33: 2025 Capital walk
Results and strategy Balance sheet & issuance Appendix 2025 Capital walk CET1 ratio, % +3.3 (1.8) 14.9 (1.1) +0.1 +0.1 14.9 (0.2) (0.4) FY24 Regulatory Dividend Share Strategic Change in FX Other FY25 profits1 buy-back initiatives RWAs translation differences 32
Slide 34: Hang Seng Bank: financial summary
Results and strategy Balance sheet & issuance Appendix Hang Seng Bank: financial summary Reported results, $m 1H24 2H24 1H25 2H25 FY23 FY24 FY25 Revenue 2,595 2,654 2,648 2,689 5,210 5,249 5,336 ECL (192) (420) (623) (409) (798) (612) (1,032) Costs (964) (985) (971) (1,030) (1,869) (1,949) (2,001) A
Slide 35: Indicative capital impact of Hang Seng Bank privatisation
Results and strategy Balance sheet & issuance Appendix Indicative capital impact of Hang Seng Bank privatisation $bn 4Q25 Indicative day one impact: The privatisation of Hang Seng Bank in January CET1 2026 had a day one impact of c.(120)bps on $bn ratio % Group CET1* comprising the impact of: Tota
Slide 36: Hang Seng Bank privatisation related expectations
Results and strategy Balance sheet & issuance Appendix Hang Seng Bank privatisation related expectations Pre-tax by YE28, $bn Revenue and cost benefits* 0.9 Value of the privatisation to = — Revenue and cost synergies 0.5 + Asset quality improvement + Growth opportunity shareholders — Potential furt
Slide 37: Hong Kong commercial real estate
Results and strategy Balance sheet & issuance Appendix Hong Kong commercial real estate Excluding exposure to mainland China borrowers Loans and advances to customers by credit quality, $bn Of which Hang Seng Bank Increase in ECL allowances in 2025 due to negative credit FY24 FY25 FY24 FY25 migrat
Slide 38: Mainland China exposure
Results and strategy Balance sheet & issuance Appendix Mainland China exposure Balances booked in mainland China Mainland China drawn risk exposure is defined as lending booked in mainland China and wholesale lending booked offshore where the ultimate parent and beneficial owner is in mainland Chi
Slide 39: Wealth metrics (1/3)
Results and strategy Balance sheet & issuance Appendix Wealth metrics (1/3) To better describe the relationship we have with our customers by focusing on their total wealth, which includes both deposits and investment products, we provide updated disclosures: Wealth balances, to replace Invested A
Slide 40: Wealth metrics (2/3)
Results and strategy Balance sheet & issuance Appendix Wealth metrics (2/3) Existing Wealth metrics Invested Assets, $bn Invested Assets evolution, $bn +19% +$242bn 1,520 1,535 1,535 37 1,293 Rest of 741 762 125 Group 648 80 39 1,293 41 779 773 Asia 645 4Q24 NNIA Market FX and 4Q25 impact other 4Q24
Slide 41: Wealth metrics (3/3)
Results and strategy Balance sheet & issuance Appendix Wealth metrics (3/3) Revised Wealth metrics to replace existing metrics from 1Q26 Wealth balances, $bn Wealth balances evolution, $bn +15% +$204bn 1,537 1,563 1,563 27 1,359 Rest of 499 508 Group 91 452 86 72 1,359 14 1,038 1,055 Asia 907 4Q24 N
Slide 42: Notable items
Results and strategy Balance sheet & issuance Appendix Notable items $bn 4Q24 4Q25 FY24 FY25 Constant currency PBT 2.3 6.8 32.4 29.9 Less: notable items (5.1) (1.8) (1.8) (6.7) — Disposals, wind-down, acquisitions and related costs (5.0) (1.5) (1.5) (2.1) — Restructuring and other related costs (0.1
Slide 43: Revenue — supplementary information
Results and strategy Balance sheet & issuance Appendix Revenue — supplementary information 2025 reported revenue to revenue excluding notable items Corporate $m HK UK CIB IWPB Total Centre Reported revenue 15,878 12,938 27,637 14,520 (2,699) 68,274 Notable items — — 9 73 2,664 2,746 Constant currenc
Slide 44: Strategic transactions material notable items
Results and strategy Balance sheet & issuance Appendix Strategic transactions material notable items (where disclosed) Timing Malta* $(0.4)bn fee and other income — 1H26 UK life insurance† $(0.2)bn fee and other income — 1Q26 South Africa† $(0.1)bn fee and other income — 2H262 Germany custody busine
Slide 45: Exits: 11 announced in 2025, four completed to date
Results and strategy Balance sheet & issuance Appendix Exits: 11 announced in 2025, four completed to date Exits announced in 2025 Malta Malta Sri Lanka retail banking Sri Lanka retail banking UK life insurance UK life insurance UK life insurance Germany custody business Germany custody business Ger
Slide 46: Total shareholders' equity to CET1 capital
Results and strategy Balance sheet & issuance Appendix Total shareholders’ equity to CET1 capital 4Q25 total equity to CET1 capital (reported FX), $m Total equity to CET1 capital walk (reported FX), $m 2Q25 3Q25 4Q25 Total equity 205,666 Total equity (per balance sheet) 199,869 198,688 205,666 Non-c
Slide 47: Credit ratings for main issuing entities
Results and strategy Balance sheet & issuance Appendix Credit ratings for main issuing entities Long term senior ratings as at 24 February 2026 S&P Moody’s Fitch Rating Outlook Rating Outlook Rating Outlook HSBC Holdings plc A- STABLE A3 STABLE A+ STABLE The Hongkong and Shanghai Banking Corporation
Slide 48: Simplified structure chart
Results and strategy Balance sheet & issuance Appendix Simplified structure chart Holding company Associate Intermediate holding company Resolution entity HSBC Operating company Holdings plc HSBC Asia Holdings Ltd 99.9% HSBC HSBC The Hongkong & HSBC UK HSBC Shanghai 94.5% HSBC Bank Mexico, North Ame
Slide 49: Glossary
Results and strategy Balance sheet & issuance Appendix Glossary AIEA Average interest earning assets HIBOR Hong Kong Interbank Offered Rate APAC Asia Pacific HoldCo Holding Company AT1 Additional Tier 1 HQLA High-quality liquid assets Banking net interest income is an alternative performance measure
Slide 50: Footnotes
Results and strategy Balance sheet & issuance Appendix Footnotes Results and strategy Slide 3: Strategic priority 1 1. RoTE excl. notable items Slide 20: Guidance 2. Reduction from October 2024 to December 2025 1. Based on our current expectations for policy rates 3. Guidance disclosed in February 2
Slide 51: Footnotes
Results and strategy Balance sheet & issuance Appendix Footnotes Appendix, continued Slide 32: 2025 Capital walk 1. Regulatory profits exclude the impact of strategic initiatives Slide 43: Strategic transactions material notable items 1. UK life insurance: recycling of foreign currency translation r
Slide 52: Disclaimer
Results and strategy Balance sheet & issuance Appendix Disclaimer Important notice The information, statements and opinions set out in this presentation and accompanying discussion (this “Presentation”) are for informational and reference purposes only and do not constitute a public offer for the pu
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HSBC Holdings — Debt Investor Presentation (February 2026) on 6ix