Westpac Banking Corporation · ASX:WBC
Westpac Banking — FY2025 Earnings Presentation
125 slides from Westpac Banking's earnings presentation, November 2025
Slide 1: 2025 Full Year Financial Results Presentation and Investor Discussion Pack
PRESENTATION AND INVESTOR DISCUSSION PACK WESTPAC 2025 FULL YEAR FINANCIAL RESULTS FOR THE 12 MONTHS ENDED 30 SEPTEMBER 2025 1
Slide 2: 2025 Full Year Results Index
WESTPAC 2025 Full Year Results Presentation Investor Discussion Pack 3 36 2025 FULL YEAR Earnings drivers 39 RESULTS INDEX UNITE 50 Credit quality and provisions 53 Capital, funding and liquidity 76 Supporting our customers 88 Segment results 99 Sustainability 106 Economics 112 Appendix 118 Contact
Slide 3: Anthony Miller, Chief Executive Officer
ANTHONY MILLER Chief Executive Officer
Slide 4: Operating Momentum, Financial Strength, Execution Focus
OPERATING MOMENTUM FINANCIAL STRENGTH EXECUTION FOCUS
Slide 5: Supporting Communities
SUPPORTING COMMUNITIES $199m >500 ~$350m in community charities supported cost to support investment1 via employee donations cash services 100 FINANCIAL LITERACY $11m scholarships awarded programs in Australia, contributed by the each year2 New Zealand and the Pacific Westpac and Regional Foundation
Slide 6: FY25 Financial Performance
FY25 FINANCIAL PERFORMANCE $7.0bn 84.9% 7% 153 Net profit Deposit to Deposit ex Notable Items1 loan ratio growth FY25 ordinary dividends 2% to FY24 137bps to FY24 to $723bn 1% to FY24 11.0% 53.0% 6% 12.5% CET1 Cost to income ratio Loan capital ratio ROTE ex Notable Items1 growth ex Notable Items1 24
Slide 7: Measuring Progress
MEASURING PROGRESS Metric Sep-25 Sep-29 Target Consumer: NPS1 =#2 #1 SERVICE Business: NPS1 #3 #1 EXCELLENCE Institutional: RSI2 =#3 #1 Complete UNITE on time In progress Complete ONE Complete UNITE on budget $807m3 ~40% BEST WAY of total investment over FY25 to 1H29 80 Employee engagement (top quar
Slide 8: Strategic Priorities
STRATEGIC PRIORITIES PERFORMANCE CUSTOMER Improve ROTE and cost to Whole of bank to income relative to peers customer approach Improve market position Improve customer experience TRANSFORMATION PEOPLE UNITE Attract, retain and invest Innovate to improve Externally focused, customer outcomes and acco
Slide 9: Improving Customer Service
IMPROVING CUSTOMER SERVICE <5 DAYS Mortgage TTD 1 #1 MOBILE APP3 $360M In potential customer Forrester #1 Banking App in Australia 2023, 2024 and 2025 losses prevented <5 MINS Business transaction NEW Regional banking SAFECALL Rolled out to account set up service centres 1m customers 30% In time t
Slide 10: Investing in Our People
INVESTING IN OUR PEOPLE ATTRACTING AND RETAINING TALENT VALUE PROPOSITION • Refreshed Executive leadership team • New leadership program including dedicated female advancement programs • ‘Employer of Choice’ award for large organisations1 • Business Performance Academy relaunched – • 49% women in le
Slide 11: Strong Deposit Growth
STRONG DEPOSIT GROWTH CONSUMER DEPOSITS BUSINESS DEPOSITS3 INSTITUTIONAL DEPOSITS $366bn $152bn $131bn up 10%1 up 6%1 up 10%1 • Transaction account growth 6%1 • Transaction account growth 13%1 • Public sector deposit growth 11%1,2 • Ability to apply for a transaction • OnlinePay launched in Apr-25 –
Slide 12: Business & Institutional Lending Momentum
BUSINESS & INSTITUTIONAL LENDING MOMENTUM BUSINESS LENDING1 INSTITUTIONAL LENDING $115bn $118bn up 15%2 up 17%2 • 69% of new lending with existing customers • 78% of new lending with existing customers • Investing to grow proprietary lending • #1 in renewable energy financing3 • Stressed exposures t
Slide 13: Mortgages: Balancing Growth and Return
MORTGAGES: BALANCING GROWTH AND RETURN Targeted growth Improved service across all channels • Targeting higher returning segments and channels Time to Decision by channel (days)3 – Investor lending flow up c.4ppts 9.7 – <80% LVR lending flow up c.3ppts • Continuing to improve service and efficiency
Slide 14: UNITE: One Best Way
UNITE: ONE BEST WAY PROGRAM • Scope set GOVERNANCE • Single deposit ledger decision impacts incorporated BOARD DISCOVERY • Downstream impacts and interdependencies scoped Active Director engagement through COMPLETE • Plan extends into FY29 Directors oversight working group and regular Board reportin
Slide 15: UNITE: One Best Way
UNITE: ONE BEST WAY FY25 achievements Program status • One chat platform – Consolidated 2 platforms to 1 • $660m invested in FY25, 76% expensed • Extended functionality for multiple offset accounts • 8 initiatives complete • 6,000 additional bankers migrated onto Digital Banker • 51 initiatives unde
Slide 16: BizEdge: Fast, Simple, Digital Lending Origination
BIZEDGE: FAST, SIMPLE, DIGITAL LENDING ORIGINATION Expected outcomes1 Achievements to date Reduce banker loan processing time by ~50% 2 >5k $4.8bn releases applications New lending Reduce TTD2 by ~60% >1hr ~45% 5 banker time saved TTD2 reduced systems and tools Decommission Legacy per application re
Slide 17: Westpac One - Next Generation Banking Capability
WESTPAC ONE - NEXT GENERATION BANKING CAPABILITY Expected outcomes1 INVESTMENT COST c.$400m Leading Enhanced Revenue Operational transaction digital growth risk PROGRESSIVE THREE banking capability experience reduced YEAR ROLLOUT FY25 achievements Westpac One platform launch Dec-25 • Integrated acco
Slide 18: AI: Enabling Deeper Customer Relationships
AI: ENABLING DEEPER CUSTOMER RELATIONSHIPS AI is delivering Westpac Intelligence Layer • Leveraging data from 251 systems in one place to deliver smarter decisions JESS AI ASSISTANT Helps spot scams in real time • 5x faster to deploy models so we can better Assisted >20k calls anticipate customers’
Slide 19: Nathan Goonan, Chief Financial Officer
NATHAN GOONAN Chief Financial Officer
Slide 20: FY25 Financial Performance
FY25 FINANCIAL PERFORMANCE FY24 FY25 Change Net profit $6,990m $6,916m (1%) Notable Items ($123m) ($56m) (54%) Excluding Notable Items: Net profit $7,113m $6,972m (2%) Earnings Per Share 204c 204c Flat Revenue $21.8bn $22.5bn 3% Expenses ($10.9bn) ($11.9bn) 9% Expenses excluding restructuring charge
Slide 21: 1H25 – 2H25 Net Profit Excluding Notable Items
1H25 – 2H25 NET PROFIT EXCLUDING NOTABLE ITEMS ($M) 143 (247) 335 (273) 3,607 24 3,457 76 3,515 Pre-provision profit 1% lower, 4% higher ex restructuring charge 4% LOWER 2% HIGHER, 7% HIGHER EX RESTRUCTURING CHARGE 2H24 1H25 Net interest Non-interest Expenses 1 Restructuring Impairment Tax 2H25 2 in
Slide 22: Deposit Growth
DEPOSIT GROWTH ($BN) 9.2 (2.4) 723.0 15.3 4.0 696.8 673.6 Up $0.1bn in NZ$ UP 3% UP 4% 1 Sep-24 Mar-25 Consumer Business Institutional New Zealand Sep-25 & Wealth (in A$) Chart may not add due to rounding. 1 Includes Treasury. 22 Westpac Group 2025 Full Year Results Presentation & Investor Discussio
Slide 23: Gross Loans
GROSS LOANS ($BN) 10.6 (0.5) (0.3) (4.0) 856.4 8.5 12.4 829.4 811.3 Up $3.0bn in NZ$ UP 2% UP 3% Sep-24 Mar-25 Mortgages 1 Business Institutional New Personal RAMS Sep-25 Zealand (in A$) Chart may not add due to rounding. 1 Australian, excluding RAMS. 23 Westpac Group 2025 Full Year Results Presenta
Slide 24: Net Interest Margin
NET INTEREST MARGIN (%) Core NIM Treasury & Markets NZ mortgages 1bp Consumer savings reprice 3bps Replicating portfolio 1bp Auto finance (1bp) Replicating portfolio 2bps Non hedged capital & other (2bps) Mortgages & Business <(1bp) RBA rate changes (2bps) Spread & mix (3bps) 1.96 1.92 - - 3bps (1bp
Slide 25: Non-Interest Income
NON-INTEREST INCOME Non-interest income by type ($m) UP 10% 1,567 1,382 UP 3% 1,424 438 329 345 242 223 234 830 845 887 2H24 1H25 2H25 Fees Wealth Trading and other 25 Westpac Group 2025 Full Year Results Presentation & Investor Discussion Pack
Slide 26: Investment Spend
INVESTMENT SPEND Investment spend FY24 FY25 Investment spend ($m) Total expensed 56% 60% UNITE, growth & productivity up 75% Risk & reg. down 34% Capitalised software balance ($m) 2,675 2,414 UP 9% 1,918 1,756 Amortisation expense ($m) 889 995 147 660 550 Key considerations for FY26 563 • Investment
Slide 27: FY25 Expenses
FY25 EXPENSES ($M) Salary and EBA increases Simpler operating model UNITE investment $399m Superannuation increase Reduced property footprint Amortisation up $106m Investment in bankers Digitisation Lower investment ex UNITE 146 199 (402) 359 273 11,916 10,944 397 6% increase ex restructuring 9% INC
Slide 28: Credit Quality
CREDIT QUALITY Stressed exposures as a % of TCE Australian mortgage delinquencies (%) Impaired Non-performing, 90+ days 90+ day 30+ day Non-performing, <90 days Watchlist & substandard 4.00 delinquencies delinquencies 1.45 1.36 1.28 3.00 0.59 0.54 0.51 2.00 0.23 0.28 0.30 1.24 1.00 0.47 0.37 0.73 0.
Slide 29: Impairment Provisions $1.9bn Above Base Case
IMPAIRMENT PROVISIONS $1.9BN ABOVE BASE CASE ($M) 5,096 5,072 4,987 CAP to credit RWA of 1.25%, down 1bps Overlays 179 130 238 CAP $12m lower, key movements Stage 1 CAP 768 877 • Commercial property prices & interest rate outlook 933 • Reduction in mortgage delinquencies • Overlays increased $108m •
Slide 30: Funding and Liquidity
FUNDING AND LIQUIDITY Deposit to loan ratio (%) LCR and NSFR (%) 82.9% 83.5% 84.9% 137 113 Regulatory minimum 100% Sep-23 Sep-24 Sep-25 LCR NSFR 4Q25 Avg Sep-25 Sources and uses of funds ($bn) LCR deposit mix (%) 4 (4) 16 49 (45) Stable retail and SME deposits 35 (36) Less stable retail and SME depo
Slide 31: Strong Capital
STRONG CAPITAL CET1 capital ratio % Lending (34bps) Data refinement 16bps Credit quality & other 6bps IRRBB 5bps Share buyback: $0.1bn 80bps (58bps) 12.24 (7bps) 16bps (2bps) 12.53 Mar-25 Net profit 1H25 RWA Other1 Capital return Sep-25 dividend Adjustments post 30-Sep-25 Other considerations • IRRB
Slide 32: Capital Management
CAPITAL MANAGEMENT New target CET1 Capital above target capital ratio after 2H25 dividend >11.25% $3.1bn Ordinary dividends per share (cents) 142 151 153 FY25 payout Target payout ratio of ratio range 72 76 77 75% 65 - 75% 70 75 76 FY23 FY24 FY25 Dividend yield 3.94%2 Neutralise Fully franked DRP 5.
Slide 33: Anthony Miller, Chief Executive Officer
ANTHONY MILLER Chief Executive Officer
Slide 34: Improving Operating Environment
IMPROVING OPERATING ENVIRONMENT OPPORTUNITIES Westpac insights1 • GDP recovering towards trend growth Consumer • Real household disposable income on the rise • Demand for credit robust GROWTH IN TOTAL GROWTH IN CARD SAVINGS BALANCES SPENDING RISKS • Ongoing trade and geopolitical tension 8.4% 6.5% S
Slide 35: Execution Focus – Right Portfolio Mix
. EXECUTION FOCUS – RIGHT PORTFOLIO MIX CONSUMER BUSINESS & WEALTH INSTITUTIONAL NEW ZEALAND Personalised, Continue lending Invest in expert Improve position digital-first experiences momentum bankers and returns Deepen customer Leverage transaction Deepen client Personalised, relationships banking
Slide 36: Investor Discussion Pack
~ —— INVESTOR DISCUSSION PACK
Slide 37: Creating Value for Shareholders, Customers, People, Community and Environment
CREATING VALUE FOR OUR SHAREHOLDERS, CUSTOMERS, OVERVIEW OUR PEOPLE, COMMUNITY AND THE ENVIRONMENT IN FY25 SHAREHOLDERS CUSTOMERS OUR PEOPLE COMMUNITY ENVIRONMENT $6.9bn 13 million 80 65,538 89% Net Profit, down 1% on Customers across Organisational Health Hours volunteered by Reduction in scope FY2
Slide 38: Our People – Strengthening Inclusion, Diversity and Wellbeing
OUR PEOPLE – STRENGTHENING INCLUSION, DIVERSITY AND WELLBEING PEOPLE GENDER DIVERSITY INDIGENOUS REPRESENTATION ORGANISATIONAL HEALTH Females % Sep-25 Target Progress • Our Australian workforce identifying as Organisational Health Index (OHI) score3 Aboriginal and/or Torres Strait Islander increased
Slide 39: Earnings Drivers
~ —— EARNINGS DRIVERS
Slide 40: FY25 Net Profit
FY25 NET PROFIT EARNINGS Net profit FY24 – FY25 ($m) AIEA up 3% due to loan growth, Higher card fees, Higher UNITE costs, salaries and Core NIM down 1bp, Institutional lending fees, wages and restructuring charge, Treasury & Markets NIM flat markets and net wealth partly offset by productivity incom
Slide 41: 2H25 Net Profit
2H25 NET PROFIT EARNINGS Net profit 1H25 – 2H25 ($m) AIEA up 1% due to loan growth, Higher Markets income including Higher UNITE costs, salaries and Core NIM up 2bps, rates and foreign exchange, and wages and restructuring charge, Treasury & Markets NIM up 1bp higher card fees partly offset by produ
Slide 42: Net Profit Excluding Notable Items and Net Profit Reconciliation
NET PROFIT EXCLUDING NOTABLE ITEMS AND NET PROFIT RECONCILIATION EARNINGS Net profit excluding notable items policy Reported net profit and net profit excluding • Net profit excluding Notable Items is a non-AAS notable item adjustments ($m) financial performance measure used by Westpac for FY24 FY25
Slide 43: Group Loans and Deposits
GROUP LOANS AND DEPOSITS EARNINGS Composition of gross loans (% of total) Composition of customer deposits (% of total) 4 1 7 Australian mortgages 18 1 Australian business 13 Institutional Households $856bn Australian personal New Zealand mortgages 23 $723bn 59 Businesses 61 Institutional 13 New Zea
Slide 44: Growth in Lending
GROWTH IN LENDING REVENUE Mortgages and personal lending ($bn) Business and institutional lending ($bn) 12 0 0 (4) 592 584 265 577 11 9 0 245 234 UP 1% UP 8% UP 2% UP 13% Sep-24 Mar-25 Australian NZ Personal RAMS Sep-25 Sep-24 Mar-25 Australian NZ Institutional Sep-25 mortgages mortgages business bu
Slide 45: Growth in Deposits
GROWTH IN DEPOSITS REVENUE Customer deposits by type (%) Customer deposits by segment (%) Term deposits Savings Transaction Mortgage offset NIB1deposits Consumer Business & Wealth Institutional & Treasury New Zealand 674 697 723 674 697 723 11% 11% 11% 11% 11% 10% 9% 10% 10% 18% 18% 18% 18% 18% 18%
Slide 46: Net Interest Margin
NET INTEREST MARGIN REVENUE Net interest margin (%) 1 Core NIM Treasury & Markets Composition of NIM (%) FY24 FY25 1H25 2H25 1.96 1.92 - - 3bps (1bp) - 1bp 1.95 Core NIM 1.82 1.81 1.80 1.82 0.13 0.12 0.13 Treasury & Markets 0.13 0.13 0.12 0.13 1.83 1.80 1.82 NIM 1.95 1.94 1.92 1.95 2H24 1H25 Loans D
Slide 47: Non-Interest and Markets Income
NON-INTEREST AND MARKETS INCOME Non-interest income by type ($m) Net fee income by segment ($m) 845 887 19 (2) 17 10 (2) 887 830 2H24 1H25 2H25 830 845 438 329 345 223 234 242 2H24 1H25 Consumer Business Institutional New Other 2H25 Fees Wealth management Trading and other income & Wealth Zealand No
Slide 48: 2H25 Expenses
2H25 EXPENSES ($M) Simpler operating model Reduced property footprint UNITE investment $111m Digitisation 273 6,218 67 78 (249) 208 143 5,698 5,549 4% increase ex restructuring 3% INCREASE 9% INCREASE 2H24 1H25 Staff costs Technology Volume & other Productivity Investments Restructuring 2H25 charge
Slide 49: Impairment Charges Composition
IMPAIRMENT CHARGES COMPOSITION IMPAIRMENT CHARGES Impairment charges ($m) Individually assessed Collectively assessed Total Write-offs direct New IAPs Write-backs & Other movements 251 recoveries 275 279 282 in CAP 250 210 157 Improvement in economics, 175 174 Higher Cards & Personal partly offset b
Slide 50: UNITE
UNITE
Slide 51: UNITE: FY25 Completed Initiatives
UNITE: FY25 COMPLETED INITIATIVES UNITE ONE CHAT PLATFORM ONE PRIVATE BANK • Consolidated 2 chat platforms to 1 • Enhanced digital customer experience and service offering • Customers enjoy secure conversations with their banker via • Streamlined processes and systems to reduce duplication the Westp
Slide 52: UNITE: Current Focus Areas
UNITE: CURRENT FOCUS AREAS UNITE EXPECTED OUTCOMES FY25 ACHIEVEMENTS PLAN CHANGES COST3 BENEFITS4 (NOV-25) (NOV-25) Establish products, fees and Multi-offset Initiative scope and benefits MORTGAGE features on the target state capability enabled refined: mortgage ledger for all mortgage • RAMS mortga
Slide 53: Credit Quality and Provisions
CREDIT QUALITY AND PROVISIONS
Slide 54: Provisions for Expected Credit Loss
PROVISIONS FOR EXPECTED CREDIT LOSS CREDIT QUALITY Total provisions for expected credit losses1 ($m) Expected credit loss (ECL) ($m) $1.9bn in provisions Overlay Stage 1 CAP Stage 2 CAP Stage 3 CAP Stage 3 IAP above the base case ECL 7,152 4,987 5,096 5,072 4,941 4,987 Increase due to 179 130 growth
Slide 55: Provision Cover
PROVISION COVER CREDIT QUALITY Exposures as a % of TCE Key ratios Stage 3 Stage 2 Stage 1 Sep-24 Mar-25 Sep-25 Provisions to gross loans (bps) 63 61 58 Impaired asset provisions 41 41 40 to impaired assets (%) Collectively assessed provisions Stage 1 – Lending growth, 130 126 125 to credit RWA (bps)
Slide 56: Portfolio Composition
PORTFOLIO COMPOSITION CREDIT QUALITY Total committed exposure (TCE) by risk grade at 30 September 2025 ($m) Standard and Poor’s risk grade1 Australia NZ / Pacific Other overseas Group % of total AAA to AA- 205,433 22,624 19,301 247,358 19% A+ to A- 44,358 6,045 15,397 65,800 5% BBB+ to BBB- 94,651 1
Slide 57: Credit Quality Metrics
CREDIT QUALITY METRICS CREDIT QUALITY Stressed exposures as a % of TCE Movement in stress by segment (bps) Total Watchlist & substandard 145 (10) Non-performing, <90 days Non-performing, 90+ days (4) (0) (3) 128 1.45 1.26 1.28 Reduction mostly 1.07 0.59 within the trade, Sep-24 Consumer Business & I
Slide 58: Credit Quality Across Sectors
CREDIT QUALITY ACROSS SECTORS CREDIT QUALITY Corporate and business stressed exposures by industry sector (%) Reduced exposure/ Small number of Small number of Sep-24 Mar-25 Sep-25 write-off customers upgraded customers downgraded 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Property Wholesale Utilities Services Agr
Slide 59: Sectors in Focus: Commercial Property
SECTORS IN FOCUS: COMMERCIAL PROPERTY CREDIT QUALITY • Single credit policy, supported by industry sector concentration limits Commercial property exposures Commercial property portfolio • Maintained credit standards, with close (% of TCE) 7.2 composition (TCE) (%) 6.6 6.8 6.9 oversight of portfolio
Slide 60: Sectors in Focus: Commercial Property – Office
SECTORS IN FOCUS: COMMERCIAL PROPERTY – OFFICE CREDIT QUALITY Commercial property – office Sep-24 Mar-25 Sep-25 • Office exposure has reduced to 1.4% of Group TCE in Sep-25 TCE ($bn) 17.2 17.1 17.7 from 2.1% in Sep-20 % of Group TCE 1.38 1.33 1.36 • Concentration to the Office Sector has declined ma
Slide 61: Sectors in Focus: Construction
SECTORS IN FOCUS: CONSTRUCTION CREDIT QUALITY Construction Portfolio security composition (TCE) (%) Sep-24 Mar-25 Sep-25 21 TCE ($bn) 13.7 14.0 14.8 Fully secured % of Group TCE 1.10 1.09 1.13 Partially secured Lending ($bn) 8.3 8.6 9.2 Unsecured 59 20 % of portfolio graded as stressed1,2 4.93 4.79
Slide 62: Sectors in Focus: Accommodation, Cafes and Restaurants
SECTORS IN FOCUS: ACCOMMODATION, CAFES AND RESTAURANTS CREDIT QUALITY Accommodation, cafes and restaurants Portfolio security composition (TCE) (%) Sep-24 Mar-25 Sep-25 3 11 TCE ($bn) 11.7 12.6 13.7 Fully secured % of Group TCE 0.94 0.98 1.05 Partially secured Lending ($bn) 10.2 10.7 11.9 Unsecured
Slide 63: Sectors in Focus: Retail Trade
SECTORS IN FOCUS: RETAIL TRADE CREDIT QUALITY Retail trade Portfolio security composition (TCE) (%) Sep-24 Mar-25 Sep-25 TCE ($bn) 12.4 13.6 14.4 32 Fully secured % of Group TCE 0.99 1.06 1.10 45 Partially secured Lending ($bn) 8.5 8.8 9.3 Unsecured % of portfolio graded as stressed1,2 6.05 5.78 5.6
Slide 64: Sectors in Focus: Agriculture
SECTORS IN FOCUS: AGRICULTURE CREDIT QUALITY Agriculture Portfolio security composition (TCE) (%) Sep-24 Mar-25 Sep-25 3 7 TCE ($bn) 25.4 26.9 28.3 Fully secured % of Group TCE 2.03 2.09 2.17 Partially secured Lending ($bn) 22.1 23.0 24.5 Unsecured % of portfolio graded as stressed1,2 5.03 4.42 3.68
Slide 65: Sectors in Focus: Manufacturing
SECTORS IN FOCUS: MANUFACTURING CREDIT QUALITY Manufacturing Portfolio security composition (TCE) (%) Sep-24 Mar-25 Sep-25 TCE ($bn) 25.4 25.8 26.7 34 Fully secured % of Group TCE 2.03 2.00 2.04 49 Partially secured Lending ($bn) 12.7 12.7 13.8 Unsecured % of portfolio graded as stressed1,2 4.11 4.2
Slide 66: Australian Mortgage Portfolio Composition
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION MORTGAGE CREDIT QUALITY Australian mortgage portfolio Sep-24 Mar-25 Sep-25 2H24 1H25 2H25 By product and repayment type (%) balance balance balance flow1 flow1 flow1 Sep-24 (Portfolio) Mar-25 (Portfolio) Total portfolio ($bn) 503.3 510.2 518.7 55.2 54.8 61.0
Slide 67: Australian Mortgage Portfolio Performance
AUSTRALIAN MORTGAGE PORTFOLIO PERFORMANCE MORTGAGE CREDIT QUALITY Australian mortgage portfolio Sep-24 Mar-25 Sep-25 30+ day and 90+ day delinquencies4 (%) 90+ day delinquencies (bps): 90+ dpd excl. 6 months serviceability hold-out Total portfolio1 inc. impaired mortgages 112 86 73 period and RAMS (
Slide 68: Australian Mortgage Portfolio Composition and Performance
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION AND MORTGAGE CREDIT QUALITY PERFORMANCE Portfolio by State (%) 90+ day delinquencies by State (%) 4.0 ALL NSW/ACT VIC/TAS 7 8 QLD WA SA/NT 3.0 41 NSW/ACT VIC/TAS 16 2.0 QLD WA SA/NT 1.0 28 0.0 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Debt-to-income >=6x at
Slide 69: Australian Mortgage Portfolio LVRs and Offset Accounts
AUSTRALIAN MORTGAGE PORTFOLIO MORTGAGE CREDIT QUALITY LOAN-TO-VALUE RATIOS (LVRS) AND OFFSET ACCOUNTS Loan-to-value ratios (%) Serviceability assessment creates a buffer 100 2H25 drawdowns LVR at origination for borrowers Portfolio LVR at origination • Loans are assessed at the higher of: 80 Portfol
Slide 70: Australian Mortgage Portfolio Repayment Buffers
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS MORTGAGE CREDIT QUALITY Buffer to balance ratio1 (%) Changes in customer buffers1 (%) Buffer = current limit – outstanding balance + offset balance Owner-occupied variable rate customers change in buffer over 20.8 12 months (by balances) 19.0 19.4 19.4
Slide 71: Australian Mortgage Portfolio Underwriting
AUSTRALIAN MORTGAGE PORTFOLIO UNDERWRITING MORTGAGE CREDIT QUALITY Credit policy at September 2025 • Verified via payslips, tax returns or salary credits, with other supporting documentation such as PAYG payment summaries or ATO Income Income Statements (minimum standards apply) • Shading of at leas
Slide 72: Australian Mortgage Portfolio
AUSTRALIAN MORTGAGE PORTFOLIO MORTGAGE CREDIT QUALITY Hardship1 balances (% of portfolio) Average dynamic LVR and negative equity 2.50 Non-COVID-19 support COVID-19 support . % with Negative Equity Avg Dynamic LVR (%) 2.00 56 1.50 2.2 1.00 50 50 49 49 0.53 48 0.50 0.8 0.6 0.6 0.6 0.6 0.00 Sep-21 Sep
Slide 73: Australian Mortgage Portfolio Interest Only and Investment Property Lending
AUSTRALIAN MORTGAGE PORTFOLIO INTEREST ONLY MORTGAGE CREDIT QUALITY AND INVESTMENT PROPERTY LENDING Interest only (I/O) lending by dynamic LVR and Investment property portfolio by number income bank (% of total I/O lending) of properties per customer (%) Applicant gross income bands 1 1 2 62 <$100k
Slide 74: Australian Consumer Finance
AUSTRALIAN CONSUMER FINANCE CREDIT QUALITY Australian consumer finance portfolio ($bn)1 Australian consumer finance 90+ delinquencies (%) 6.0 Sep-24 Mar-25 Sep-25 Credit cards Personal loans 5.0 Lending ($bn) 8.5 8.5 8.4 4.0 3.0 2.64 As a % of Group loans 1.0 1.0 1.0 2.0 30+ day delinquencies (%) 2.
Slide 75: New Zealand Credit Quality
NEW ZEALAND CREDIT QUALITY NEW ZEALAND CREDIT QUALITY Mortgage portfolio Sep-24 Sep-25 Mortgage 90+ day delinquencies3 Unsecured consumer 90+ day (%) delinquencies3 (%) Total portfolio (NZ$bn)1 1.0 3.0 68.0 71.3 0.8 Owner occupied (%) 74.4 74.3 2.0 0.6 Investment property 25.6 25.7 loans (IPL) (%) 0
Slide 76: Capital, Funding and Liquidity
CAPITAL, FUNDING AND LIQUIDITY
Slide 77: CET1 Capital Ratio 12.53%
CET1 CAPITAL RATIO 12.53% CAPITAL, FUNDING AND LIQUIDITY Level 2 CET1 capital ratio movements (%, bps) Sep- Mar- Sep- Key capital ratios3 (%) 24 25 25 Level 2 CET1 Adjustments (post 30 Sep 25) 12.5 12.2 12.5 capital ratio • IRRBB standard changes 39bps • Operational risk overlay removal 17bps Additi
Slide 78: Risk Weighted Assets
RISK WEIGHTED ASSETS CAPITAL, FUNDING AND LIQUIDITY RWA ($bn) Credit RWA up $1.2bn or 0.4% 12.6 (0.7) (5.9) (1.8) (2.0) 1.4 450.0 449.5 (3.0) (0.1) 437.4 UP $0.5BN OR 0.1% Sep-24 Mar-25 Credit quality Lending 1 Counter- Data FX IRRBB Operational risk Market Sep-25 party credit refinement translation
Slide 79: Regulatory Capital Changes
REGULATORY CAPITAL CHANGES CAPITAL, FUNDING AND LIQUIDITY Expected impact on the Implementation Change Details Group’s Total Capital • APRA’s revised APS 117 – IRRBB came into effect on 1 October 2025. The revised requirements include implementation of APRA’s reaccreditation outcomes for 1 Oct 2025
Slide 80: Internationally Comparable Capital Ratio Reconciliation
INTERNATIONALLY COMPARABLE CAPITAL RATIO RECONCILIATION1 CAPITAL, FUNDING AND LIQUIDITY APRA’s capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower reported capital ratios by Australian banks. The following details the adjustmen
Slide 81: Well Placed on Internationally Comparable Capital
WELL PLACED ON INTERNATIONALLY COMPARABLE1 CAPITAL, FUNDING AND LIQUIDITY Common equity tier 1 ratio (%) 20% 15% 10% China Construction Bank Toronto Dominion Bank China Merchants Bank Royal Bank of Canada Standard Chartered Norinchukin Bank Bank of Montreal Westpac, 18.28% Societe Generale Banco San
Slide 82: APRA to Phase Out AT1 Capital Instruments
APRA TO PHASE OUT AT1 CAPITAL INSTRUMENTS CAPITAL, FUNDING AND LIQUIDITY Changes to capital1 Total capital (%) 21.66 • In December 2024, APRA confirmed it would proceed to phase out AT1 18.25 18.25 7.22 • The 1.5% of AT1 capital will be replaced with 1.25% of Tier 2 capital and 0.25% of CET1 capital
Slide 83: Tier 2 Capital and LAC
TIER 2 CAPITAL AND LAC CAPITAL, FUNDING AND LIQUIDITY Loss-absorbing capacity (LAC) (% of RWA) Tier 2 capital outstanding (%) By format1 (notional amount) Tier 2 LAC 6.5 20 5.0 4.5 7.2 3.0 Callable Bullet 2.0 2.0 80 Westpac January 2024 January 2026 30 September 2025 Requirements Requirements Tier 2
Slide 84: Funding Composition
FUNDING COMPOSITION CAPITAL, FUNDING AND LIQUIDITY Funding by residual maturity (%) NSFR (%) • Growth in stable funding sources • Customer deposits 68% of total funding, up 1% since September 2024 1.4 0.6 (6.4) • Additional 20% from stable sources of long-term wholesale and equity 4.8 0.5 113 112 5
Slide 85: Liquidity Coverage Ratio (LCR)
LIQUIDITY COVERAGE RATIO (LCR) CAPITAL, FUNDING AND LIQUIDITY LCR ($bn) Movement in LCR (%) September 2025 quarterly average 137% 189 2.1 (1.5) (5.3) 10.7 (1.8) 137 138 Net cash outflows (NCOs) 133 28 Other flows1 10 Wholesale funding 189 Customer deposits 100 Liquid assets HQLA Sep-24 HQLA RBNZ Cus
Slide 86: Long Term Wholesale Funding Profile
LONG TERM WHOLESALE FUNDING PROFILE CAPITAL, FUNDING AND LIQUIDITY Term debt issuance and maturity profile1 ($bn) Issuance Maturities 43 42 35 35 32 33 33 Funding for Lending Programme (NZ) 28 26 Tier 2 capital 18 Additional Tier 1 capital Covered bond Senior/Securitisation FY22 FY23 FY24 FY25 FY26
Slide 87: Wholesale Funding
WHOLESALE FUNDING CAPITAL, FUNDING AND LIQUIDITY Indicative wholesale funding costs Long term wholesale funding back book1 (%) (spread above 3mth Bank Bill Swap Rate) By program AUD Sep-25 AUD Sep-24 USD Sep-25 USD Sep-24 AT1 capital 5 150 Tier 2 capital 19 100 Covered bonds 22 50 Senior bonds 54 0
Slide 88: Supporting Customers
~ —— SUPPORTING CUSTOMERS
Slide 89: Customer Highlights
CUSTOMER HIGHLIGHTS SUPPORTING OUR CUSTOMERS #1 MOBILE BANKING APP1 Key highlights Our banking app won awards for its simple design and rich functionality COMMITTED TO SERVICING CASH Spent ~$350m in FY25 to support access to cash in Australian communities 13M Customers #1 Mobile banking app1 LARGEST
Slide 90: #1 Mobile Banking App
#1 MOBILE BANKING APP1 SUPPORTING OUR CUSTOMERS $159M in value rewarded to customers 6.4M customer daily logins2 1.1M CUSTOMERS using money management tools3 MONEY MANAGEMENT TOOLS SAFE AND SECURE • Financial management tools to help businesses • Extended Westpac Verify capability introducing track
Slide 91: Customers Continue to Migrate to Digital
CUSTOMERS CONTINUE TO MIGRATE TO DIGITAL1 SUPPORTING OUR CUSTOMERS Digitally active customers (#m) Digital transactions (#m) 5.9 5.72 458 5.7 5.60 5.56 437 429 5.5 5.44 412 5.32 UP 2% UP 5% 5.3 395 5.1 UP 8% UP 16% 4.9 2H23 1H24 2H24 1H25 2H25 2H23 1H24 2H24 1H25 2H25 Digital sales2,3 Mobile wallet
Slide 92: Enhancing Banking Protection for Customers
ENHANCING BANKING PROTECTION FOR CUSTOMERS1 SUPPORTING OUR CUSTOMERS SAFECALL • Australian-first in-app calling capability to help prevent scammers impersonate us is now rolling out Spot genuine Westpac calls • Available in the app to ~1 million customers VERIFY • Confirmation of Payee capability ad
Slide 93: Broad Suite of Security Features Driving Down Customer Losses
BROAD SUITE OF SECURITY FEATURES SUPPORTING OUR CUSTOMERS DRIVING DOWN CUSTOMER LOSSES1 FY25 customer reported scam losses 21% lower compared to FY24 and 44% lower than FY23, with prevention measures saving customers more than $360m in FY25 Enhancement of Westpac Verify SafeCall customer Industry Co
Slide 94: Service Excellence: Leadership Across Segments
SERVICE EXCELLENCE: LEADERSHIP ACROSS SEGMENTS1 SUPPORTING OUR CUSTOMERS Consumer NPS® Channel NPS rankings Consumer banking, MFI 15 10 #1 In Branch 33.9% 5 0 #2 Call centre 14.5% 11.9% 15.4% -5 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 =#2 Mobile App Peer 1 Peer 2 Peer 3 Westpac WBC Regional Brands Peers
Slide 95: Service Excellence: Leadership Across Segments
SERVICE EXCELLENCE: LEADERSHIP ACROSS SEGMENTS SUPPORTING OUR CUSTOMERS Institutional Relationship Strength Index (RSI)1 FY25 change in RSI1 (pts) #1 In Renewable Energy2 19 11 #=3 -1 #1 In Project Finance2 10-YEAR HIGH -32 #1 $A bonds & ABS3 WBC Peer 1 Peer 2 Peer 3 New Zealand Consumer NPS® Market
Slide 96: Improvement in Mortgages
IMPROVEMENT IN MORTGAGES SUPPORTING OUR CUSTOMERS Annual median time to decision (Days)1 On-Day Settlement (%) Westpac Group ranks #1 among peers 1st Party 3rd Party 87.4 84.9 11.6 9.7 76.6 7.9 5.6 5.2 5.8 4.6 5.0 UP 14% FY22 FY23 FY24 FY25 FY23 FY24 FY25 Mortgages processed on One Bank Platform Uni
Slide 97: Operational Efficiency
OPERATIONAL EFFICIENCY SUPPORTING OUR CUSTOMERS Credit card cost per origination ($) Business lending cost per deal ($) DOWN 10% DOWN 8% FY24 FY25 FY24 FY25 Personal lending cost per origination ($) Financial Market Ops cost per settlement ($) DOWN 11% DOWN 8% FY24 FY25 FY24 FY25 97 Westpac Group 20
Slide 98: Cyber Security – A Layered Defence
CYBER SECURITY – A LAYERED DEFENCE SUPPORTING OUR CUSTOMERS EMPLOYEES CORE SECURITY Controls underpin who we Core security capabilities hire; how we grant access; across all systems, e.g. and how we monitor malware prevention, system use firewalls, email security CUSTOMERS SYSTEM SECURITY Dedicated
Slide 99: Segment Results
~ —— SEGMENT RESULTS
Slide 100: Consumer 2H25 Performance
CONSUMER 2H25 PERFORMANCE CONSUMER Net profit ($m) NIM up 5bps, UNITE increase and Lower Cards and AIEA flat investment seasonality, Mortgages delinquencies partly offset by productivity initiatives 159 31 (154) 71 (19) 1,185 1,126 1,097 UP 8% 2H24 1H25 Net interest Non-interest Operating Impairment
Slide 101: Business and Wealth 2H25 Performance
BUSINESS AND WEALTH 2H25 PERFORMANCE BUSINESS AND WEALTH Net profit ($m) AIEA up 8%, Step up in UNITE, additional Improved underlying credit NIM decreased 18bps, driven bankers, seasonality and and economics assumptions, by lending growth outpacing inflationary pressures on largely offset by overlay
Slide 102: BT Panorama
BT PANORAMA BUSINESS AND WEALTH FUA ($m) Net flows excluding benefit payments2 ($m) 132,650 5,115 118,593 120,501 113,328 102,872 3,146 3,364 Up 10% 1,690 1,952 Up 52% Up 12% Up 63% Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 2H23 1H24 2H24 1H25 2H25 WINNER OF BEST CLIENT PORTAL AND MOBILE APP1 LARGEST SHARE
Slide 103: Institutional 2H25 Performance
INSTITUTIONAL 2H25 PERFORMANCE WESTPAC INSTITUTIONAL BANK Net profit ($m) AIEA up 2%, partly offset by a Higher markets revenue Higher investment related costs 5bps reduction in NIM ex. and lending fees Markets 87 (25) (77) 775 51 (11) 800 686 UP 3% 2H24 1H25 Net interest Non-interest Operating Impa
Slide 104: New Zealand 2H25 Performance
NEW ZEALAND 2H25 PERFORMANCE1 NEW ZEALAND Net profit ($m) NIM up 13bps Higher investment spend and Collectively assessed software amortisation, offset by provision benefits, primarily productivity initiatives from mortgages 110 (55) (3) 671 579 89 4 526 UP 28% 2H24 1H25 Net interest Non-interest Ope
Slide 105: New Zealand Balance Sheet (NZ$)
NEW ZEALAND BALANCE SHEET (NZ$) NEW ZEALAND Net loans ($bn) Customer deposits ($bn) 1.2 (1.1) 81.0 79.7 80.9 1.8 1.3 106.3 102.1 103.2 UP 3% FLAT 2H24 1H25 Consumer Business 2H25 2H24 1H25 Consumer Business 2H25 Loans and % of total Customer deposits and % of total Mortgage Personal Business Term de
Slide 106: Sustainability
~ —— SUSTAINABILITY
Slide 107: Taking Action Now to Create a Better Future
SUSTAINABILITY STRATEGY SUSTAINABILITY TAKING ACTION NOW TO CREATE A BETTER FUTURE WHAT TO BE OUR CUSTOMERS’ #1 BANK AND PARTNER THROUGH LIFE CUSTOMER PEOPLE CHANGE RISK PERFORMANCE CUSTOMER OBSESSED BEST TEAM, TRUSTED EXPERTS BRILLIANT AT DELIVERY SAFE AND STRONG EXECUTION EXCELLENCE HOW Proactivel
Slide 108: Climate Transition Plan
CLIMATE TRANSITION PLAN SUSTAINABILITY AMBITION TO BECOME A NET-ZERO, CLIMATE RESILIENT BANK NET-ZERO, CLIMATE RESILIENT PARTNERING WITH CUSTOMERS TO SUPPORTING OUR CUSTOMERS’ FOCUS AREAS OPERATIONS DECARBONISE PHYSICAL RESILIENCE 76% reduction in scope 1 and 2 absolute 2030 scope 3 financed emissio
Slide 109: Understanding Our Carbon Account to Take Action Now
UNDERSTANDING OUR CARBON ACCOUNT TO TAKE ACTION NOW SUSTAINABILITY Greenhouse gas (GHG) emissions by source (tco2-e) % of FY24 FY25 total Estimated FY24 financed emissions1 (% of total) 2% 2% 1% Agriculture, forestry & fishing Scope 1: Direct emissions from 3% controlled facilities, including fleet
Slide 110: Our Emissions Reduction Targets
OUR EMISSIONS REDUCTION TARGETS SUSTAINABILITY Progress on operational emissions targets1 Carbon-intensive sector requirements Reduction in market-based 2025 2030 Target • From 30 Sep-25, new or renewed corporate lending and emissions from 2021 baseline (%) FY24 FY25 Target Target Progress bond faci
Slide 111: Climate-Related Opportunities and Targets
CLIMATE-RELATED OPPORTUNITIES AND TARGETS SUSTAINABILITY Our Sustainable Finance Framework defines how we classify sustainable finance transactions as Green, Transition, Social or Sustainability. We also have 2030 targets for lending and bond facilitation. Sustainable finance highlights • 89.2% of o
Slide 112: Economics
~ —— ECONOMICS
Slide 113: Australian and New Zealand Economic Forecasts
AUSTRALIAN AND NEW ZEALAND ECONOMIC FORECASTS – (%) AS ECONOMICS AT 31 OCT 2025 Key economic indicators 1 Year average growth rates. 2 Through the 2024year growth rates.2025 Calendar Years Q2 Q3 Q4 Q1E Q2F Q3F Q4F 2024 2025F 2026F 2027F World GDP1 - - - - - - - 3.3 3.2 3.1 3.2 Australia GDP2 0.9 0.8
Slide 114: Australian Housing Market – Prices Upturn Moderates
AUSTRALIAN HOUSING MARKET – PRICES UPTURN MODERATES ECONOMICS Dwelling prices (3mth annualised) 40 % Macro- 2019 election COVID-19 ‘Delta’ 35 prudential rate cuts rate hikes 30 measures Macro-prudential 25 measures 20 15 10 5 0 -5 -10 -15 -20 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 S
Slide 115: New Zealand Housing Market – Activity Has Stabilised, Still Subdued
NEW ZEALAND HOUSING MARKET – ACTIVITY HAS STABILISED, ECONOMICS STILL SUBDUED Monthly house sales and prices (% Yr) Dwelling prices (index) Sales %YR Index Auckland Canterbury Index Sales (lhs) House prices (rhs) 14,000 40 Wellington Other regions 12,000 2750 2750 30 10,000 20 2250 2250 8,000 10 6,0
Slide 116: Consumer Income & Spend
CONSUMER INCOME & SPEND1 Real household disposable incomes and consumption are recovering % Real Household Disposable Income %yr Real Household Consumption %yr 13 9 5 1 -3 -7 -11 -15 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 State contribution to annu
Slide 117: Business Customer Cashflow Conditions Improving
BUSINESS CUSTOMER CASHFLOW CONDITIONS IMPROVING Cashflow trends Index: March 2020 = 100, including debt servicing Commercial SME Commercial continues to 105 improve faster than SME’s 100 The share of SME’s with improving 95 cashflow conditions is increasing 90 85 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 S
Slide 118: Appendix
~ —— APPENDIX
Slide 119: Appendix 1: Net Profit
APPENDIX 1: NET PROFIT1 APPENDIX Change $m 2H24 1H25 2H25 1H25 – 2H25 (%) Net interest income 9,565 9,569 9,904 4 Non-interest income 1,382 1,424 1,567 10 Net operating income 10,947 10,993 11,471 4 Expenses (5,549) (5,698) (6,218) 9 Pre-provision profit 5,398 5,295 5,253 (1) Impairment charges (175
Slide 120: Appendix 2: Definitions – Credit Quality
APPENDIX 2: DEFINITIONS – CREDIT QUALITY APPENDIX Includes facilities less than 90 days past due and those credit exposures, that are in <90 days Includes exposures that have deteriorated to the point where full collection of interest default, but where it is expected that the full value of principa
Slide 121: Appendix 2: Definitions – Segments, Earnings Drivers, Capital and Liquidity
APPENDIX 2: DEFINITIONS – SEGMENTS, EARNINGS DRIVERS, CAPITAL AND LIQUIDITY Segments Capital and liquidity Consumer Consumer provides banking products and services, including mortgages, credit cards, Capital ratios As defined by APRA (unless stated otherwise) personal loans, and savings and deposit
Slide 122: Appendix 2: Definitions – Digital, Main Financial Institution, and Net Promoter Score
APPENDIX 2: DEFINITIONS – DIGITAL, MAIN FINANCIAL INSTITUTION, AND NET PROMOTER SCORE Digital Net Promoter Score Australia: Consumer and business customers who have had an authenticated session (including Quickzone) on Westpac Group digital Net Promoter® Score measures the net likelihood of recommen
Slide 123: Appendix 2: Definitions – New Zealand
APPENDIX 2: DEFINITIONS – NEW ZEALAND Net promoter score Source: Business Finance Monitor (BFM) conducted by research agency Kantar, ongoing online and phone survey among business owners and financial decision makers in businesses with an annual gross turnover of $5 million - $150 million. Percentag
Slide 124: Investor Relations Team – Contact Us
INVESTOR RELATIONS TEAM – CONTACT US Justin McCarthy Catherine Garcia General Manager, Investor Relations Head of Investor Relations, Institutional Jacqueline Boddy Lucy Wilson Head of Debt Investor Relations Head of Corporate Reporting and ESG James Wibberley Arthur Petratos Manager, Investor Relat
Slide 125: Disclaimer
DISCLAIMER DISCLAIMER The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied