Permanent Tsb Group Holdings Plc · EURONEXT:PTSB
Permanent Tsb — FY2025 Earnings Presentation
35 slides from Permanent Tsb's earnings presentation, Mar 5, 2026
Slide 1: Copyright © 2024. Permanent TSB Group. All rights reserved.
Copyright © 2024. Permanent TSB Group. All rights reserved. 1
Slide 2: Forward Looking Statements
Forward Looking Statements This document contains forward-looking statements with respect to certain of the Permanent TSB Group Holdings plc’s (the ‘Bank’) intentions, beliefs, current goals and expectations concerning, among other things, the Bank’s operational results, financial condition, perform
Slide 3: Annual Results 2025
Annual Results 2025 Eamonn Crowley, CEO Barry D’Arcy, CFO 3
Slide 4: 2025 Highlights & Outlook
1 2025 Highlights & Outlook
Slide 5: Full Year 2025 Highlights
Full Year 2025 Highlights Business +6% +3% +9% +€1.5bn YoY +€0.6bn YoY +€0.1bn YoY Performance Deposit Growth Mortgage Loan Business Banking Book Book1 Financial €655m €519m €175m Performance -3% YoY -2% YoY -3% YoY Total Income Total Operating Costs Underlying PBT2 7.3% 17.5% €10m Capital -0.2% +2.
Slide 6: A Year of Delivery
A Year of Delivery 2025 Commitment 2025 Outcome NIM > 2.0% NIM 2.03% Income Total Income down Total Income -3% Low to Mid-Single Digit % Operating Costs c. €525m €519m1 Asset Quality Cost of Risk 0bps Cost of Risk -18bps IRB Models approved Capital Submit IRB Models with CET1 release of c. €130m RoT
Slide 7: Our Business Strategy 2025-27
Our Business Strategy 2025-27 Our Purpose Working together to build trust with our customers and communities Our Ambition To become Ireland’s best personal and business bank through exceptional customer experiences Who we serve Focused on meeting more of the Focused on Micro, Small and Medium- needs
Slide 8: Implementing Strategy Across our Value Streams
Implementing Strategy Across our Value Streams Strategic Priorities Deepening Customer Relationships, Diversifying Income, Differentiating Through Customer Experience Own My Home Manage My Money Grow & Run Transform the Bank Strengthen the Foundations (Incl. Payments) My Business Improved Sales and
Slide 9: New IRB Models Transformational for PTSB
New IRB Models Transformational for PTSB Risk-Weight Density on Total Mortgage Book1 Key Messages 39.6% • Approval of new IRB mortgage models is transformational for the Bank, 36.4% 35.3% increasing our competitiveness and sustainable shareholder returns 30.7% • Improved RAROC provides added optiona
Slide 10: Ireland our Market Supports our Ambitions
Ireland our Market Supports our Ambitions 170 Labour Market1 (%) Household Debt2 88% 83% 5.0% 5.0% 4.9% 110 113 78% 4.2% 67% 92 68% 2.6% 2.0% 2.2% 2.2% 58% 48% 38% 2024 2025 2026e 2027e 2019 2020 2021 2022 2023 2024 2025 Unemployment Rate (Y/End) Employment Growth Household Loans (€bn) Household Dep
Slide 11: Guidance and Medium-Term Targets
Guidance and Medium-Term Targets 2026 2027 2028 Net Interest Margin >2.10% 2.20% - 2.25% >2.30% Operating Costs CIR 1 <70% CIR c. 62% CIR <60% + Exceptionals €10m 2 0bp <20bps 20-25bps Cost of Risk RoTE >9% >10% c. 13% 1. CIR is Cost/Income Ratio and is calculated as Operating Costs (excl. Regulator
Slide 12: Full Year 2025 Results
2 Full Year 2025 Results
Slide 13: Income Statement – Underlying Profit Before Tax €175m
Income Statement – Underlying Profit Before Tax €175m Income Statement (€m) FY25 FY24 YoY % Key Messages Net Interest Income 590 612 (4%) • Total Operating Income €655m, 3% lower Non-Interest Income 65 60 +9% • Total Operating Costs €519m, 2% lower Operating Income 655 672 (3%) • Regulatory Charges
Slide 14: Net Interest Income €590m, 4% lower
Net Interest Income €590m, 4% lower Net Interest Income Movement1 (€m) Key Messages NIM% • Lending income fell €11m with business banking helping to 2.20% offset a reduction in the mortgage book 2.03% • Increased funding costs from larger term deposit balances the main negative driver behind the fal
Slide 15: New Lending up 31%
New Lending up 31% Total New Lending (€bn1) New Mortgage Lending (€bn1) & Market Share2 (%) 3.4 0.1 c.20% 16.4% +31% 0.4 2.6 +39% 0.1 0.4 2.9 2.9 2.1 2.1 FY24 FY25 FY24 FY25 Mortgage Business Banking Personal Term New Personal Term Lending (€m1) New Business Banking Lending (€m1) 450 434 +4% +10% 23
Slide 16: Lending Income – Residential Mortgages
Lending Income – Residential Mortgages Performing Residential Mortgage Book (€bn) Key Messages 19.6 19.7 20.4 • Mortgage income fell marginally year-on-year, as rate reductions 3.0 2.5 2.2 outweighed higher balances 3.1 2.7 3.6 • Yield on flow1 (new-to-bank customers) was 3.62% at Dec 2025 and still
Slide 17: Net Fees and Commissions €58m, up 5%
Net Fees and Commissions €58m, up 5% Net Fees and Commissions (€m) Key Messages 60 +5% • Core fees and commission rose 5%, mainly through higher current account income 58 56 • Attractive current account proposition: 2% cashback on your monthly mortgage payments plus partner rewards 54 • Continued ac
Slide 18: Operating Costs €519m, 2% lower
Operating Costs €519m, 2% lower FY25 FY24 YoY Key Messages Cost Base Analysis €m €m % • Total Operating Costs €519m, 2% lower Staff Costs1 237 235 1% • Regulatory Charges reduced to €25m Other Costs 173 181 (4%) • Underlying Operating Costs 1% lower Total Addressable Costs 410 416 (1%) • FTEs down 1
Slide 19: Impairment Release of €39m
Impairment Release of €39m Impairment Release/(Charge) (€m) Key Messages FY25 FY24 Portfolio Movement (14) (27) • Impairment release for the fifth year in a row Net Remeasurement of Provisions1 50 60 • Review of IFRS 9 mortgage models is now complete and led to changes in staging, reduced PDs and sl
Slide 20: Economic Assumptions Remain Conservative
Economic Assumptions Remain Conservative Macro-Economic Forecasts1 at 31 Dec 2025 Irish Macro-Economic Forecasts – Baseline 2026 2027 2028 Key Messages House Price Index Annual Growth 2.5% 2.5% 2.0% • The completion of our IFRS 9 review for mortgages has led to a Unemployment Year End 5.5% 5.3% 5.0%
Slide 21: Funding & Liquidity – Deposit Growth of 6%
Funding & Liquidity – Deposit Growth of 6% Total Funding Profile (€bn) 28.7 30.3 Key Messages 27.6 2.5 2.4 2.5 2.2 • Deposit growth of 6% (+€1.5bn) increases balance sheet to over €30bn 2.1 1.6 2.2 1.3 1.5 • Retail term deposits rose €0.9bn to c. 20% of total deposits, with rate 9.5 reductions in Ap
Slide 22: Risk Weightings with New IRB Models
Risk Weightings with New IRB Models Risk-Weight Densities Avg. Risk Avg. Risk Key Messages Loan Split – Dec’25 EAD (€bn) RWA (€bn) Weight Weight • Risk weight on total residential mortgage book has reduced from Dec ’25 Dec’251 36.4% at end June 2025 to 35.3% at end December 2025, or Total Residentia
Slide 23: CET1 Ratio 17.5% on a Pro-forma Basis
CET1 Ratio 17.5% on a Pro-forma Basis CET1 Ratio Movement1 (%) RWAs Key Messages €11.5bn €10.9bn €10.0bn • CET1 ratio 17.5% at Dec 2025 on a pro-forma basis2 with CRR3 adding 1.2% and IRB 1.5%3 +1.5% +1.1% • Comfortably above 2026 CET1 SREP requirement of +1.2% -0.4% +0.1% 10.69%4 -0.3% -0.1% -0.2%
Slide 24: Summary & Outlook
Summary & Outlook 2026 2027 2028 Net Interest Margin NIM >2.10% NIM 2.20% - 2.25% NIM >2.30% Cost/Income Ratio <70% Operating Costs Cost/Income Ratio c. 62% Cost/Income Ratio <60% Exceptionals c. €10m 1 Cost of Risk Cost of Risk 0bps Cost of Risk <20bps Cost of Risk 20-25bps RoTE 2 RoTE >9% RoTE >10
Slide 25: Appendix
3 Appendix
Slide 26: PTSB – Ireland’s Challenger Bank
PTSB – Ireland’s Challenger Bank Prime position to provide much-needed competition in Irish market • Ireland, one of the fastest growing economies in Europe • Excellent demographics and public finances • Credit growing again after a prolonged deleveraging phase • Huge undersupply of homes Highly Att
Slide 27: Our Operating Environment
Our Operating Environment Ireland Overview PTSB’s 98 Branch Network Across the 5.5m 3.0m 4.7% Country Total Population Labour Force Unemployment April 2025 Q3 2025 Jan 2026 28.7% Population in Dublin 3.5% Increase YoY €14.5bn €170bn €4.5bn Mortgage Household SME Market Deposits Market December 2025
Slide 28: Five Year Income Statement
Five Year Income Statement €m FY25 FY24 FY23 FY22 FY21 Net Interest Income 590 612 620 362 313 Other Income 65 60 48 47 48 Total Income 655 672 668 409 361 Total Operating Expenses (519) (531) (504) (395) (345) Operating Profit / (Loss) 136 141 164 14 16 Impairment (Charge) / Release 39 39 2 31 1 Pr
Slide 29: Interest Income Analysis
Interest Income Analysis Average Balances (€bn)1 Yields (%) Interest Income (€m) FY25 FY24 FY25 FY24 FY25 FY24 Tracker 2.5 3.0 3.6% 5.3% 91 158 Fixed and Variable 17.7 16.8 3.5% 3.3% 622 559 Consumer Finance 0.3 0.3 9.8% 10.0% 32 31 Business Banking2 1.3 1.1 5.7% 5.7% 71 64 Treasury Assets 7.2 6.5 2
Slide 30: Interest Expense Analysis
Interest Expense Analysis Average Balances (€bn)1 Cost of Funds (%) Interest Expense (€m) FY25 FY24 FY25 FY24 FY25 FY24 Current Accounts 9.4 9.3 0.0% 0.0% - - Retail Deposits 14.1 12.9 1.1% 0.8% 153 107 Corporate Deposits 1.6 1.4 2.0% 2.4% 32 32 Wholesale Funding 2.2 2.5 4.7% 5.7% 102 147 Lease Liab
Slide 31: Five Year Balance Sheet
Five Year Balance Sheet Dec’25 Dec’24 Dec’23 Dec’22 Dec’21 Total Loan Book (net) 22.2 21.4 21.5 19.6 14.2 Treasury Assets 7.1 6.5 5.3 5.3 6.7 Other Assets 1.1 1.0 1.0 1.0 1.3 Total Assets 30.5 28.9 27.8 25.9 22.2 Retail Deposits (incl. Current Accounts) 24.0 22.7 21.7 20.6 17.7 Corporate & Instituti
Slide 32: Asset Quality
Asset Quality Loans and Advances to Customers Dec’25 Dec’24 (Measured at Amortised Cost) €m €m Residential mortgages: 20,249 19,539 Home Loans Buy To Let 376 464 Total Residential Mortgages 20,625 20,003 Commercial 557 493 Consumer Finance 607 553 Finance leases and hire purchase receivables 472 466
Slide 33: NPLs & NPAs breakdown
NPLs & NPAs breakdown Stage 3 Analysis Finance leases and hire 31-Dec’25 Home Loan Buy-To-Let SME/ Commercial Consumer Finance Total purchase receivables €m €m €m €m €m €m NPL is < 90 Days 98 17 15 4 3 137 NPL is > 90 Days and < 1 year past due 41 1 1 6 2 51 NPL is 1-2 years past due 21 5 - 3 2 31 N
Slide 34: Regulatory Capital
Regulatory Capital Dec’25 Dec’24 €m €m Risk Weighted Assets 10,936 11,494 Common Equity Tier 1 1,739 1,684 Additional Tier 1 245 368 Tier 1 Capital 1,984 2,052 Tier 2 Capital 298 291 Total Capital 2,282 2,343 Common Equity Tier 1 Capital 15.9% 14.7% Tier 1 Capital 18.2% 17.9% Total Capital 20.9% 20.
Slide 35: Thank You
Thank You End of Presentation 35
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