Slide 1: Full year results 2025
Full year results 2025 5 March 2026 OSB GROUP PLC |
Slide 2: Andy Golding, Chief Executive Officer
Andy Golding Chief Executive Officer OSB GROUP PLC |
Slide 3: On track - resilient financial performance in line with guidance
On track - resilient financial performance in line with guidance In March 2025 we set 2025 result Guidance out our Plan to remain #1 specialist lender with Net loan book growth 3.2% Low single digit an improving RoTE NIM 228bps c.225bps We delivered on our Administrative £270m c.£270m expe
Slide 4: 2025 financial highlights
2025 financial highlights Cost discipline Disciplined Ongoing focus on RoTE to create capacity for lending and capital returns investment 3.2% Net loan book growth 0.8% 13.7% 15.8% 2024: (2)% Growth in core RoTE CET1 2024: 14.9% 2024: 16.3% administrative expenses 68% Buy-to-Let as a proportion 75.6
Slide 5: A reminder of our Plan
A reminder of our Plan Building on the Transforming the Driving growth #1 Specialist strengths that way we operate and lender have delivered our business diversification success • We are building our • Accelerated growth • Improving RoTE and • Relationships with new leading in lending, optimising Ne
Slide 6: Improving rate environment more supportive of lending
Improving rate environment more supportive of lending 1) Buy-to-Let market has remained resilient Base rates continued to step Gross Buy-to-Let lending up Pricing discipline maintained lower… 23% in 2025... despite greater competition % £bn 4% Implied margin – 5-year fixed BTL mortgage3 End of stamp
Slide 7: Our diversification strategy delivering positive results…
Our diversification strategy delivering positive results… Excellent broker relationships… …broad product range and product innovation… 99% • Buy-to-Let: Rely brand launched on the new lending of OSB lending through platform – the Group’s powerhouse for Buy-to-Let intermediaries1 investors allowing g
Slide 8: …as the loan mix shift continues…
…as the loan mix shift continues… Gross loans1 Originations1 Disciplined lending while 2025 2025 2024 2024 maintaining our focus on Sub-segments: blended risk-adjusted returns 68% 41% 1 Buy-to-Let 70% 48% 17% 53% increase Specialist 20% 2 in combined originations in residential 21% 19% higher-yieldi
Slide 9: Transformation programme – strong delivery in 2025
Transformation programme – strong delivery in 2025 Savings Lending Outcomes Fast broker registration Successfully delivered three launched • Fixed rate bonds Products years of the programme with • Joint accounts Streamlined application process tangible outputs, meeting all • Easy access* deadlines a
Slide 10: Transformation programme: the final two years
Transformation programme: the final two years Savings Lending Looking forward Kent Reliance ISAs for new Transformation programme is Residential products launched on customers will be added now a BAU function with a fully the new platform in 2026 integrated core technology team Continue to broaden t
Slide 11: Victoria Hyde, Chief Financial Officer
Victoria Hyde Chief Financial Officer OSB GROUP PLC |
Slide 12: 2025 P&L performance
2025 P&L performance 1 1 2025 2024 H2 25 H2 24 Change Change £m £m £m £m Net interest income 679.4 690.6 (2%) 342.4 328.6 4% Net fair value loss on financial instruments (22.1) (2.7) n/m (7.8) (7.7) 1% Gain/(loss) on sale of financial instruments 3.4 (2.4) n/m 3.4 (2.4) n/m Other operating income 7.
Slide 13: Resilient 2025 NIM, in line with guidance
Resilient 2025 NIM, in line with guidance bps (2)bps 221 230 228 circa 225 2024 NIM Acquisition 2024 NIM Cost of Lending Other 2025 2026 guidance statutory adjustments underlying retail funds margin funding NIM excluding liquid assets 266bps 267bps (aligned to peers) • Cost of retail funds: deposit
Slide 14: 2026 NIM drivers
2026 NIM drivers • Historical higher spread loans are materially Back book roll off continues… matured by the end of 2026 Net loan book • Historical lower spread loans mature in 2027 228 £25.1bn £25.9bn and 2028 • New and increasingly diversified lending from 2024 onwards expands the spread earned i
Slide 15: Retail deposits: main funding source for the Group
Retail deposits: main funding source for the Group Strong retail savings franchise supporting loan book growth Group’s funding channels £bn ILTR 5% TFSME 5% SME deposits 2% 8% CAGR ILTR 1% 23.8 24.3 Wholesale Wholesale 22.1 4% 4% Debt 19.8 2% 4% Debt 17.5 3% 16.6 Retail deposits 86% Retail deposits
Slide 16: Our cost discipline is creating capacity for investment
Our cost discipline is creating capacity for investment Administrative expenses, £m 9.4 0.6 c.280 2.0 270.1 258.1 0.8% core cost increase 1 2024 Core expenses Transformation Bank Levy 2025 2026 guidance Cost income ratio 38.7% 40.4% Management 0.85% 0.90% expense ratio Guidance for 2026: c.£280m of
Slide 17: Transformation programme on track
Transformation programme on track Cumulative spend to date £104.9m Total transformation spend 37.2 Total £43.8m P&L 7.2 Total £40.7m 14.3 17.8 P&L P&L 6.5 60.5 Balance sheet 0.7 Total £20.4m intangible asset as 25.7 19.5 at 31 Dec 2025* 5.1 P&L Balance sheet* Balance sheet* 15.3 Balance sheet* 2023
Slide 18: Disciplined loan growth, net loan book up 3.2%
Disciplined loan growth, net loan book up 3.2% OSB Group yield1 Gross loan book BTL <60% of portfolio Buy-to-Let 6% 1% 1% 2% 1% 1% 5% 1% 7% 2% Residential Asset finance 2024 21% 2025 20% 2029 Commercial £25.3bn £26.0bn 68% 70% Bridging Residential development Buy-to-Let Residential Commercial Bridgi
Slide 19: Credit quality remains strong
Credit quality remains strong Expected credit losses £m ECL coverage ratio 2.9 December 2025 0.47% 126.9 11.8 (2.4) 3.9 123.6 December 2024 0.50% (6.2) (13.3) ECL provision compared to 5-year 13 average write-offs 8. 4 >8x 2024 Macro scenarios Model 3+ months Stage New Individually 2025 & valuation
Slide 20: Capital generation supports shareholders’ distributions
Capital generation supports shareholders’ distributions CET1 ratio % 2.3 (0.8) (1.1) (0.1) 16.3% 16.6% (0.8) 15.8% 150bps of organic 12.6 capital generation XX.X % 11.9 13 - 16.5% 15.7% 13.5% 1 2024 Profit for Loan book Ordinary Other 2025 pre 2025 2025 CET1 target the period growth dividend buyback
Slide 21: Loan book diversification led to an increase in RWAs
Loan book diversification led to an increase in RWAs Net loans and RWAs, £bn Movement in RWAs in the year, £bn 25.1 25.9 0.5 3.2% 0.1 12.5 12.6 11.9 11.9 12.5 16.5% XX.X% 16.3% 5.3% XX.X% Net loans RWAs 2026/27 2024 Loan book Mix & 2025 growth other 2024 2025 RWA 36.7% 38.3% density Risk-weighted as
Slide 22: Components of the Group’s capital
Components of the Group’s capital Capital resources and requirements as a percentage of RWAs1 24.7% £m The Group has two MREL qualifying debt securities in issue: 5.6% 700 700 • £300m issued in September 2023 at 9.5% 2.0% 250 coupon with a first reset date of 7 1.3% 167 14.0% September 2027 2.0% • £
Slide 23: Andy Golding, Chief Executive Officer
Andy Golding Chief Executive Officer OSB GROUP PLC |
Slide 24: 2026 guidance and medium-term aspirations
2026 guidance and medium-term aspirations Resilient financial performance combined with strategic progress Headroom to grow: Loan mix shift momentum continues Solid capital generation and attractive shareholder distributions Second year of the transition period 2026 Guidance 2027 – 2029 Aspira
Slide 25: Appendices
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Slide 26: Tangible net asset value
Tangible net asset value Tangible net asset value per share, pence Number of TNAV per TNAV shares share, £m m pence 31 December 2024 2,024.6 372 544 Profit for the period 275.6 74 Dividends paid (125.5) (34) Share buybacks (100.4) (18) 2 Other movements (11.6) 2 (7) Net change 38.1 (16) 35 31 Decemb
Slide 27: OSB Group today
OSB Group today #1 Specialist lender Multi channel funding platform Unique operating model • UK largest independent specialist • Two established retail savings brands • c.1,000 highly-skilled colleagues at our Buy-to-Let lender1 with high retention levels: 89% for KR fully integrated subsidiary OSBI
Slide 28: NIM excluding liquid assets
NIM excluding liquid assets 2024 2025 36 266 39 267 230 228 bps Group NIM Liquid assets NIM excluding Group NIM Liquid assets NIM excluding underlying* liquid assets liquid assets * 2025 statutory NIM is comparable with 2024 underlying NIM as both metrics exclude acquisition-related items, which wer
Slide 29: Contribution - OSB segment BTL/SME
OSB segment result Average book LTV1 increased to 70% (2024: 68%) with 5.1% of loans by value with LTVs exceeding 90% (2024: 4.5%). BTL/SME Average origination LTV increased to 72% (2024: 70%). 1. Gross loan book 2. Net interest income 15,000 400 Net interest income, £m Gross loan book, £m 10,000 34
Slide 30: Contribution - OSB segment Residential
OSB segment results Average book LTV1 increased marginally to 49% while 1.9% of loans by value had LTVs exceeding 90% (2024: 48% and 1.5%, respectively). Residential Average origination LTV increased to 69% (2024: 66%) as more mortgages completed at LTVs of 80% and above. 1. Gross loan book 2. Net i
Slide 31: OSB segment results: BTL/SME sub-segments
OSB segment results BTL/SME sub-segments 1. Buy to let 2. Semi-commercial/commercial 14,000 2,000 The weighted average • Weighted average Gross loan Gross loan book, £m book, £m interest coverage ratio book LTV decreased to (ICR) was 200% during 71% (2024: 73%) 7,000 11,201 12,062 the year (2024: 18
Slide 32: Contribution - CCFS BTL sub-segment
CCFS segment results Average book LTV was unchanged from the prior year at 67%, average origination LTV was 74% (2024: 73%). BTL sub-segment The weighted average interest coverage ratio remained at 160%. 1. Gross loan book 2. Net interest income 8,000 200 Net interest income, £m Gross loan book, £m
Slide 33: Contribution - CCFS Residential sub-segment
CCFS segment results Average origination LTV increased marginally to 64% (2024: 63%), the average Residential sub-segment book LTV increased marginally to 60% (2024: 59%) 1. Gross loan book 2. Net interest income 3,000 100 Net interest Gross loan income, £m book, £m 1,500 3,006 3,131 50 93 90 0 0 2
Slide 34: Contribution - CCFS Bridging sub-segment
CCFS segment results Short-term bridging originations increased by 58% to £724.9m (2024: £460.1m) as the Group concentrated on building a pipeline of high quality, high return Bridging sub-segment business 1. Gross loan book 2. Net interest income 600 24 Gross loan Net interest income, £m book, £m 2
Slide 35: Updated forward-looking macroeconomic scenarios
Updated forward-looking macroeconomic scenarios Forecast macroeconomic variables over a five-year period 1 Scenario % Probability Year end Year end Year end Year end Year end Scenario weighting % Economic measure 2025 2026 2027 2028 2029 GDP 1.4 1.0 1.4 1.5 1.5 Unemployment 5.1 5.0 4.7 4.4 4.3 Base
Slide 36: Important disclaimer
Important disclaimer This document should be read in conjunction with any other documents or announcements distributed by OSB GROUP PLC (OSBG) through the Regulatory News Service (RNS). This document is not audited and contains certain forward-looking statements with respect to the business, strateg