National Australia Bank Limited · ASX:NAB
National Australia Bank — FY2025 Earnings Presentation
134 slides from National Australia Bank's earnings presentation, Nov 6, 2025
Slide 1: 2025 Full Year Results Investor Presentation
national australia 2025 Investor Presentation 6 November 2025 Andrew Irvine Group Chief Executive Officer Shaun Dooley Group Chief Financial Officer (©2025 National Australia Bank Limited ABN 12 004 044 £37 AFSL and Australien Credit Licence 230680
Slide 2: NAB 2025 Full Year Results Index
NAB 2025 Full Year Results Index This presentation is general background information about NAB. It is intended to be used by a professional analyst audience and is not intended to be relied upon as financial advice. Refer to page 134 for legal disclaimer. Financial information in this presentation i
Slide 3: Overview
Overview Andrew Irvine Group Chief Executive Officer
Slide 4: Key messages
Key messages • Higher underlying profit in FY25 supported by strong revenue and volume growth in 2H • Balance sheet strength remains a key focus • Progressing the implementation of refreshed customer-centric strategy with positive outcomes to date • Continuing to modernise our technology and leverag
Slide 5: Financial results
Financial results Underlying profit ($m) Cash earnings1 ($m) Statutory profit ($m) 1.3% (0.2%) (2.9%) 10,823 10,965 7,102 7,091 6,960 6,759 FY24 FY25 FY24 FY25 FY24 FY25 (1) Refer to page 39 for definition of cash earnings and reconciliation to statutory net profit 5
Slide 6: Cash ROE and EPS
Cash ROE and EPS Cash return on equity Basic cash EPS (cents) 247 221 229 232 199 12.9% 11.7% 11.6% 11.4% 10.7% FY21 FY22 FY23 FY24 FY25 Dividend per share and payout ratio (cents) 167 169 170 151 127 FY21 FY22 FY23 FY24 FY25 Dividend payout ratio – guided by a range of 65-75% of cash earnings1 FY21
Slide 7: Balance sheet strength remains a key focus
Balance sheet strength remains a key focus Well positioned balance sheet Appropriate provisioning2 • CET1 ratio comfortably above target of >11.25% $5.0bn CP at Sep 25 includes $1.6bn of forward-looking provisions 1.69% 1.64% • Pro forma CET1 ratio of 11.81% reflects sale of 20% of MLC 1.62% Life wh
Slide 8: Strong momentum in 2H25
Strong momentum in 2H25 Australian business Volume growth lending: 1.3x system1 5.8% 3.7% 3.6% 3.3% 3.3% 0.4% 2.5% 2.4% 1.8% 1.1% 2H23 1H24 2H24 1H25 2H25 Total GLAs Australian business lending 2 Revenue ex M&T growth3 4.3% 1.0% (0.9%) (1.3%) (2.6%) 2H23 1H24 2H24 1H25 2H25 (1) Represents system gro
Slide 9: Our long-term strategy
national Our long-term strategy australia bank Why we are here To be the most customer-centric company in Australia and New Zealand Who we are here for Customers (<e@ Colleagues Customers who trust us and choose us to be their bank K@)y customer obsessed colleagues who are proud to work at NAB We ar
Slide 10: Ambition to be the most customer-centric company in Australia and NZ
Ambition to be the most customer-centric company in Australia and NZ NAB Customer Voices - a three pillar approach to deepen relationships and improve advocacy Identified 20 “Must Win Battles” – Design and rollout customer Track performance using key customer experiences that feedback loops to drive
Slide 11: NAB Customer Voices – early success
NAB Customer Voices – early success Embedded in ~20% of priority frontline 750 120+ Improved outcomes teams with ~400,000 experiences improved elevations resolved in 12 Must Win Battles points of customer by frontline teams (vs Aug 24) feedback captured Selected examples Customers can switch NAB web
Slide 12: Strategic NPS
Strategic NPS Net Promoter Score relative to major bank peers #2 Mass Consumer1 #2 Business2 +3 +5 +5 +4 0 -1 +0 +0 -2 -4 -5 -5 -8 -6 -10 -10 -15 -15 -20 #4 in HNW and Mass Affluent3 – more work to do -20 #1 in Medium business4 -25 -25 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Sep 24 Dec 24 Mar 25 Jun 25 S
Slide 13: Technology modernisation
Technology modernisation Investing to deliver exceptional customer and colleague experiences Embedded in operating Key driver of customer rhythms with clear Customer interaction accountabilities and experience – investment Mobile App, Internet Banking transparent progress metrics aligned to strategi
Slide 14: Leveraging evolving AI tools and solutions
Leveraging evolving AI tools and solutions Embedding AI solutions and opportunities in our long-term strategic planning AI today – Enabling colleagues to deliver better AI tomorrow – Accelerating value through customer experiences Agentic AI Focused on foundational requirements • Evolving to busines
Slide 15: Three key priorities to drive strong sustainable returns
Three key priorities to drive strong sustainable returns Strategic focus Grow • Clear market leadership in Business & Private Banking business • Disciplined growth in Corporate & Institutional Banking banking • More seamless experiences for customers and bankers Successful Drive • Grow transaction a
Slide 16: Leveraging scale to support Australian business growth
Leveraging scale to support Australian business growth Largest Australian business lender with 22% market share1 Business & Private Banking (B&PB) Corporate & Institutional Banking (C&IB) • Strong SME business lending market share 2 • Disciplined growth focus and portfolio management • Servicing per
Slide 17: New B&PB business lending platform
New B&PB business lending platform Supporting faster, more seamless lending experiences for bankers and customers Simplified Fast, automated Digital fulfilment, End-to-end, Automated account origination, digital verification & settlement & digital business management application decisioning manageme
Slide 18: Driving deposit growth
Driving deposit growth Growing deposits with increasing skew to transaction accounts Retail deposits Business deposits • 9% growth in Personal Banking deposits in FY25 • 1.4x system growth in business deposits since FY202 • Growing customers in our target segments • 14% growth in transaction a/c bal
Slide 19: Strengthening proprietary home lending performance
Strengthening proprietary home lending performance Continued focus on executing our home lending strategy FY25 actions • Deliver seamless customer and broker experiences supported by • Uplift in capability including 2701 new bankers simplification of processes, policies and systems recruited in FY25
Slide 20: FY25 Financials
FY25 Financials Shaun Dooley Group Chief Financial Officer
Slide 21: Financial results
Financial results Underlying profit ($m) Cash earnings1 ($m) Statutory profit ($m) 0.7% (2.1%) (1.6%) 5,463 5,502 3,583 3,508 3,407 3,352 1H25 2H25 1H25 2H25 1H25 2H25 P&L key financial indicators 1H25 ($m) 2H25 ($m) 2H25 v 1H25 Net operating income 10,268 10,545 2.7% ex Markets & Treasury2 9,298 9,
Slide 22: Divisional underlying profit
Divisional underlying profit Business & Private Banking1,2 Corporate & Institutional Banking1 ($m) ($m) 1.6% 10.3% 4.1% 4.2% 5,217 5,299 2,449 2,702 2,596 2,703 1,323 1,379 FY24 FY25 1H25 2H25 FY24 FY25 1H25 2H25 Personal Banking1,2 New Zealand Banking3 ($m) ($m) (2.5%) 7.0% 14.7% (2.4%) 1,911 2,044
Slide 23: 2H25 revenue
2H25 revenue Net operating income (HoH)1 ($m) HoH increase 2.7% (ex M&T 4.3% increase ) 9 (27) (124) 216 203 10,106 10,268 10,669 10,545 Sep 24 Mar 25 Volumes Margin Fees & Other Sep 25 Markets & Sep 25 Commissions (ex M&T) Treasury2 Markets & Treasury (M&T) income breakdown2 Key revenue drivers HoH
Slide 24: Net interest margin
Net interest margin Net interest margin (HoH) HoH increase 8bps 0.02% 0.02% 0.04% 0.00% 0.01% (0.01%) Largely revenue neutral Aust HL -1bp Deposits +3bps Aust BL -1bp Capital +1bp NZ +1bp Other +1bp 1.78% 1.70% 1.70% Sep 24 Mar 25 Lending Margin Funding Costs Deposits Replicating Liquid Assets M&T S
Slide 25: Operating expenses
Operating expenses Operating expenses (YoY)1 ($m) YoY increase 4.6% (ex payroll review +3.2%) 42 213 (420) 143 (71) 130 131 267 Includes uplift in financial crime related costs of $62m and lower 4,421 restructuring costs 9,848 of $22m 9,413 Sep 24 Salary related Volume related Technology Depreciatio
Slide 26: Asset quality
Asset quality Non-performing exposures (NPL) as a % of GLAs 2H25 outcomes • CICs and total NPLs higher, but a number of key asset quality ratios improved for the first time in several periods: 1.49% 1.55% • Watch loans down 9bps 1.39% 1.13% 1.20% 0.22% 0.29% • Default but not impaired ratio down 1bp
Slide 27: Business & Private Banking business lending asset quality
Business & Private Banking business lending asset quality Key 2H25 considerations Non-performing exposures (NPLs) as % of GLAs • Excluding two large well secured Agri customers, underlying NPL ratio down 3bps to 3.01% • Stable to improving NPL outcomes in 2H25 for Includes 3.22% 21bps most sectors 3
Slide 28: Provisioning
Provisioning Total provision balances higher Key considerations ($m) 1.80% • Total provisions of $6.2bn (or 1.64% of CRWA) 1.69% 1.67% represent 1.6x 100% base case scenario3 1.62% 1.64% 1.55% 1.56% • IAP of $1.2bn, $0.2bn higher than Mar 25 1.46% 1.47% 1.47% 1.42% reflecting higher business lending
Slide 29: Capital remains above operating target
Capital remains above operating target Group CET1 capital ratio (%) L1: 11.84 (0.61) 0.82 L1: 11.60 L1: 11.68 (0.45) 0.01 (0.08) 12.01 11.70 11.81 Mar 25 Cash earnings Dividend Credit RWA1 Other RWA Other2 Sep 25 Sep 25 Pro forma3 2H25 CET1 considerations Credit risk-weighted assets (CRWA) ($bn) • H
Slide 30: Strong funding and liquidity metrics
Strong funding and liquidity metrics Key messages Liquidity position well above regulatory minimums (%) • Maintained strong funding and liquidity position with LCR and NSFR well above regulatory minimums • Positioned to manage through periods of market volatility 100% Minimum • Term funding issuance
Slide 31: Closing comments
Closing comments Andrew Irvine Group Chief Executive Officer
Slide 32: Supportive Australian economic environment
Supportive Australian economic environment • Australian economic growth gradually returning to RBA to remain cautious amid slower progress on trend levels inflation2 (%) 8 • Household incomes have benefitted from lower Forecasts1 inflation and lower interest rates, as well as tax 7 7 cuts 6 Cash rat
Slide 33: Key areas of focus in FY26
Key areas of focus in FY26 • Execution of strategy to deliver improved customer advocacy, greater speed and simplification • Ongoing technology modernisation and leveraging AI solutions • Deliver on key priorities of business banking, deposits and proprietary lending to drive returns • Disciplined c
Slide 34: Additional Group Information
Additional Group Information
Slide 35: NAB at a glance
NAB at a glance Cash earnings divisional splits 1 % of Cash earnings Key financial data FY25 Business & Private Banking 47.0% Cash earnings1 $7,091m Personal Banking 17.7% Cash ROE 11.4% Corporate & Institutional Banking 26.1% Gross loans & acceptances (GLAs) $781.5bn New Zealand Banking 19.1% Custo
Slide 36: Operating expenses
Operating expenses Operating expenses (HoH)1 ($m) HoH increase +5.0% (ex payroll review +4.1%) 24 (110) (16) 44 123 34 4,421 68 $32m related to restructuring costs 71 5,043 4,805 Mar 25 Salary related Volume related Technology Depreciation & Productivity Other EU2 Payroll review Sep 25 & Investment
Slide 37: Markets & Treasury income
Markets & Treasury income1 Markets & Treasury (M&T) income breakdown ($m) 970 868 846 779 813 719 719 696 583 602 549 478 445 470 392 369 345 343 262 206 71 8 26 29 8 3 10 316 335 367 358 364 345 360 368 365 366 (17) (37) (15) Mar 21 Sep 21 Mar 22 Sep 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 NAB
Slide 38: Remediation
Remediation Remediation provision charges1 Customer-related remediation provision charges1 ($m) Customer-related remediation • NAB Wealth remediation programs have reached 109 110 101 conclusion 87 14 13 • Continuing operations include matters that 45 relate to the incorrect charging of rates and fe
Slide 39: Group cash earnings reconciliation to statutory net profit
Group cash earnings reconciliation to statutory net profit • NAB uses cash earnings (rather than statutory net profit attributable to owners of the Company) for its internal management reporting purposes and considers it a better reflection of the Group’s underlying performance. Accordingly, informa
Slide 40: “Customer obsessed” colleagues
“Customer obsessed” colleagues Colleague engagement (eSat) remains top quartile1 88 78 78 78 78 People Leader score (above top quartile of 85) Jul 23 Jul 24 Jul 25 Top Quartile Target Embedding our organisational behaviours to build a customer-obsessed culture Who we are (1) Source: NAB Heartbeat su
Slide 41: Digital Transformation, Technology and Innovation
Digital Transformation, Technology and Innovation
Slide 42: Core and foundational technology progress since 2018
Core and foundational technology progress since 2018 Cloud first ✓ 90% of Apps run in cloud For on-demand scale and reliability ✓ ~6,200 certifications in cloud ✓ 71% of Technology Workforce are NAB colleagues Build capability ✓ India and Vietnam provide access to critical skills Preference for inte
Slide 43: Customer Brain
Customer Brain Using data to better understand customers and drive more relevant personalised experiences Business & Private Banking Personal Banking Strengthen NAB’s business Deepen product experiences, banking position engagement and recognition Customers Customer Data Refresh Deposits Home Lendin
Slide 44: Investing in our digital banking channels
Investing in our digital banking channels Mobile App and Internet Banking supporting Retail and SME customers NAB Mobile App NAB Internet Banking • Enabled customers to self-serve, review and • Delivered “Link and Switch”, allowing customers manage home loan repayments to link personal and business
Slide 45: NAB Connect secure online banking
NAB Connect secure online banking Supporting B&PB1 and C&IB customers manage their business from anywhere • Mobile App and internet capability with +99% service availability • Customisable to business needs through self and assisted service functions • In-built fraud controls such as configurable pa
Slide 46: Investing to protect customers against scams & fraud and cyber security risks
Investing to protect customers against scams & fraud and cyber security risks Real-time payment alerts to protect customers FY25 initiatives and outcomes included: Alert customers in real time to review payments in the NAB App and NAB Internet Banking to identify potential scams before proceeding •
Slide 47: Additional Divisional Information
Additional Divisional Information Business & Private Banking 49 Personal Banking 54 Corporate & Institutional Banking 58 New Zealand Banking 62 ubank 64
Slide 48: Divisional contributions
Divisional contributions Divisional cash earnings1 FY25 ($m) FY25 v FY24 2H25 ($m) 2H25 v 1H25 Business & Private Banking2,3 3,330 1.6% 1,683 2.2% Personal Banking2,3 1,253 9.9% 698 25.8% Corporate & Institutional Banking2,4 1,854 4.7% 946 4.2% New Zealand Banking5 1,485 2.8% 704 (9.9%) (1) Refer to
Slide 49: Business & Private Banking
Business & Private Banking1 Cash earnings2 Revenue2 Net interest margin ($m) ($m) 2.1% 1.6% 4.2% 3.11% 3.07% 3.01% 3.02% 2.2% 8,358 8,531 3,277 3,330 4,177 4,354 1,647 1,683 FY24 FY25 1H25 2H25 FY24 FY25 1H25 2H25 1H24 2H24 1H25 2H25 Business and housing lending GLAs and deposits Credit impairment c
Slide 50: Business & Private Banking business lending
Business & Private Banking business lending Broad based growth Diversified Australian business lending growth (YoY)1 across most sectors including Trade, Denotes lending balance Manufacturing, as at 30 September 2025 Construction, Transport 10.4% 9.2% 5.9% 7.4% 7.3% 3.5% Agri Health CRE2 Other NAB B
Slide 51: Business & Private Banking (B&PB)
Business & Private Banking (B&PB) Australia’s leading business bank servicing the business & personal banking needs of SME customers1 More bankers in Deep sector Integrated HNW Relationship-led Deep credit more places specialisations offering capability Agri, Health, CRE Increasingly enabled >6,000
Slide 52: An integrated Private Wealth offering
An integrated Private Wealth offering Private Banking Private Investments Wealth advisory business with Digital trading platform Private bankers providing Investment specialists 185 year heritage providing for self-directed personalised service and expert providing wholesale expert personal advice f
Slide 53: Simpler, more seamless business payments
Simpler, more seamless business payments Innovative digital payment solutions • Specialised sector solutions supported by integrations and partnerships with key industry software providers delivering more seamless payments across Professional Services, Insolvency, Real Estate, Strata and Independent
Slide 54: Personal Banking
Personal Banking1 Cash earnings2 Revenue2 Net interest margin ($m) ($m) 3.1% 9.9% 6.6% 1.72% 1.72% 1.70% 1.80% 25.8% 4,625 4,487 1,253 2,239 2,386 1,140 555 698 FY24 FY25 1H25 2H25 FY24 FY25 1H25 2H25 1H24 2H24 1H25 2H25 Housing lending GLAs and deposits Credit impairment charge and as a % of GLAs (
Slide 55: Personal Banking
Personal Banking Deepening customer Growth in proprietary Sustainably grow Market leading in relationships lending deposits unsecured lending • Investing in the Retail • Recruiting new talent, uplifting • Targeting priority segments • Delivering a scalable platform Network, refreshing 141 banker cap
Slide 56: Credit Cards
Credit Cards Key highlights Balance2 and market share1 ($bn) • #1 market share1 with ~2.2m customers across NAB, Citi and White Label brands 27.5% 27.6% 29.0% 26.7% • Average spend per credit card increased 5% YoY 0.22 • Simpler and faster application and digital servicing 6 experiences for customer
Slide 57: On track to complete Citi Consumer Integration
On track to complete Citi Consumer Integration Integration and migration timeline ✓ Key milestones delivered since June 22 acquisition Completion Sep 22 Mar 24 Oct 24 Mar 25 Sep 25 Dec 251,2 High Net Worth Mortgages, Migrated Diners Migrated first colleagues deposits and second cohort • On track to
Slide 58: Corporate & Institutional Banking
Corporate & Institutional Banking1 Cash earnings2 Underlying profit2 Net interest margin ($m) ($m) (%) 10.3% 2.14 2.17 2.08 2.12 4.7% 4.2% 4.2% 2,449 2,702 1.04 1.05 1.07 1.12 1,770 1,854 1,323 1,379 908 946 FY24 FY25 1H25 2H25 FY24 FY25 1H25 2H25 1H24 2H24 1H25 2H25 C&IB NIM ex Markets Revenue brea
Slide 59: Disciplined growth in Corporate & Institutional Banking
Disciplined growth in Corporate & Institutional Banking1 GLA outcomes Deposits2 ($bn) ($bn) 146 132 132 134 1 5 3 1 52 47 51 49 32 24 26 29 111 116 124 108 56 52 55 61 Mar 24 Sep 24 Mar 25 Sep 25 Mar 24 Sep 24 Mar 25 Sep 25 Custody Term Deposits Structured Deposits3 Transaction Disciplined capital u
Slide 60: Corporate & Institutional Banking
Corporate & Institutional Banking Deep expertise & Tech-enabled solutions Ongoing simplification & leading capabilities making doing business easier disciplined balance sheet usage Long term Leading Debt Focused Global relationships with Strong Transaction Sustainability Capital Markets Markets offe
Slide 61: Corporate & Institutional Banking customer metrics
Corporate & Institutional Banking customer metrics Large Corporate & Institutional – NPS1 Large Corporate & Institutional - RSI1 Transactional Banking – RSI2 60 630 580 50 550 40 580 520 30 20 490 530 10 460 0 480 430 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 20
Slide 62: New Zealand Banking
New Zealand Banking Cash earnings Revenue Net interest margin (NZ$m) (NZ$m) 0.7% 2.88 2.79 2.76 2.72 2.8% 0.1% (9.9%) 3,486 3,509 2.37% 2.34% 2.37% 2.45% 1,444 1,485 1,754 1,755 781 704 FY24 FY25 1H25 2H25 FY24 FY25 1H25 2H25 1H24 2H24 1H25 2H25 Net interest margin Net interest margin ex M&T Busines
Slide 63: New Zealand Banking
New Zealand Banking Customer Enhanced digital Good balance sheet Focus on obsession capability momentum returns • Strong customer growth • 59.5% customers • Above system growth in • Strong focus on returns with ~100k customers onboarded through digital household deposits and given increased capital
Slide 64: New Zealand Banking customer metrics
New Zealand Banking customer metrics #1 BNZ Consumer NPS1 #3 BNZ Business NPS2 15 40 10 9 38 5 3 30 30 0 -1 25 -5 20 19 -10 -5 -15 10 16 -20 -24 -25 0 -30 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 BNZ Peer 1 Peer 2 Peer 3 Peer 4 BNZ Peer 1 Peer 2 Peer 3 Peer 4 (1) Sourced
Slide 65: New Zealand housing lending key metrics
New Zealand housing lending key metrics New Zealand housing lending Mar 24 Sep 24 Mar 25 Sep 25 Sep 24 Mar 25 Sep 25 Drawdowns1 Total Balances (spot) NZ$bn 58.8 60.1 62.1 63.9 6.7 7.7 8.8 By product - Variable rate 8.9% 9.6% 12.1% 13.2% 11.4% 15.5% 17.0% - Fixed rate 89.5% 88.7% 86.2% 85.1% 86.9% 82
Slide 66: New Zealand customer deposits
New Zealand customer deposits Customer deposits balances by product (NZ) Customer deposits percentage by product (NZ) ($bn) (%) $85.4bn $87.1bn $80.0bn $82.3bn $78.5bn 3% 3% 3% 3% 3% 2.7 2.8 2.6 2.7 2.6 44% 46% 47% 46% 45% 39.0 38.8 34.8 36.7 38.5 18.5 21% 20% 19% 21% 21% 16.1 16.2 15.9 17.7 25.1 24
Slide 67: ubank: Branchless banking and smart technology
BRANCHLESS BANKING AND SMART TECHNOLOGY HELPING YOUNG AUSTRALIANS DO BETTER WITH MONEY Continue to build momentum in executing core strategy • Growing customer base with a clear focus on younger demographics (under 35) 1,050,000+ 200,000+ >65% Onboarded customers under • Deepening customer engagemen
Slide 68: Experience and feature innovation
EXPERIENCE AND FEATURE INNOVATION Push notifications Onboarding Money system Self service Deep linked push notifications in App Easier and more intuitive onboarding Bills reminder feature to help Chat with us more widely available, to help resolve common queries our process to help our customers get
Slide 69: Additional product information: Australian Housing Lending
Additional product information Australian Housing Lending
Slide 70: Housing lending key metrics
Housing lending key metrics1 Australian housing lending Mar 24 Sep 24 Mar 25 Sep 25 Sep 24 Mar 25 Sep 25 Portfolio2 Drawdowns4 Total Balances (spot) $bn 339 3483 355 364 37 41 47 Average loan size $’000 per account 374 384 397 413 564 599 604 By product type - Variable rate 84.9% 89.7% 93.2% 95.3% 9
Slide 71: Housing lending practices & policies
Housing lending practices & policies Key origination requirements Loan-to-value (LVR) limits • Income verified using a variety of documents including Principal & Interest – Owner Occupier 95% payslips and/or checks on salary credits into customers’ accounts Principal & Interest – Investor 90% • 10%
Slide 72: Housing lending volume and flow movements
Housing lending volume and flow movements Housing lending flow movements1 ($bn) (5) (12) 59 (33) 355 364 Mar 25 New fundings Interest Pre- External Sep 25 & & payments refinance redraw2 repayments & closures Housing lending by division2 ($bn) 244.9 248.7 254.7 109.3 103.3 106.0 15.1 16.4 13.4 Sep 24
Slide 73: Housing lending portfolio profile
Housing lending portfolio profile Housing lending volume by borrower and repayment Australian mortgages profile1 type1 VIC/TAS 32% Owner Occupier Owner Interest Only, 3.2% Occupier Line of Credit, 2.0% QLD 14% Principal & Investor Interest, Interest Only, 60.8% 12.9% WA 7% NSW/ACT 43% SA/NT 4% Inves
Slide 74: Housing lending portfolio profile
Housing lending portfolio profile Owner occupied lending volume growth1 Investor lending volume growth1 ($bn) ($bn) 4.1% (2.1% HoH) 5.7% (3.7% HoH) 227.7 232.1 237.0 119.2 121.5 126.0 Sep 24 Mar 25 Sep 25 Sep 24 Mar 25 Sep 25 Owner Occupier monthly growth2 Investor monthly growth2 1.0% 1.0% 0.8% 0.8
Slide 75: Housing lending offset and redraw balances
Housing lending offset and redraw balances1 Offset & redraw balances Offset & redraw balances distribution by number of ($bn) accounts 100 16 30% 45% 95 14 90 25% 12 35% 85 10 20% 80 25% 75 8 15% 70 6 15% 10% 65 4 5% 60 5% 55 2 0% -5% 50 0 0 up to 5k 5k to 50k 25k to 50k 50k to 100k 100k to 250k to
Slide 76: Housing lending LVR
Housing lending LVR1 LVR breakdown at origination Dynamic LVR breakdown of drawn balance2 60% 60% Sep 25 Dynamic LVR 38.3% 40% 40% 20% 20% 0% 0% LVR LVR LVR LVR LVR LVR LVR LVR LVR LVR ≤60% 60.01% - 70% 70.01% - 80% 80.01% - 90% ≤60% 60.01% - 70% 70.01% - 80.01% - LVR >90% 90.01% - 80% 90% >100% 100
Slide 77: Additional product information: Australian Deposits
Additional product information Australian Deposits
Slide 78: Australian deposits & transaction accounts
Australian deposits & transaction accounts Customer deposit by product ($bn) Customer deposit by product (%) 582 560 4% 537 32 5% 5% 5% 5% 514 523 29 26 56 9% 9% 9% 9% 10% 23 24 52 47 48 45 171 31% 31% 32% 31% 29% 172 159 160 170 148 23% 24% 26% 143 25% 26% 119 126 133 168 166 175 33% 31% 29% 29% 30
Slide 79: Deposits & transaction accounts
Deposits & transaction accounts1 Business & Private Banking2 Personal Banking2 Corporate & Institutional Corporate Functions & ($bn) Banking Other3 235 238 223 20 216 19 17 17 176 169 89 85 161 86 155 35 146 82 32 30 132 132 134 1 29 5 3 1 34 34 52 31 33 50 47 51 49 45 49 44 32 74 78 24 26 29 42 64
Slide 80: Group Asset Quality
Additional information Group Asset Quality
Slide 81: Group credit impairment charge
Group credit impairment charge Credit impairment charge as % of GLAs Global 1.4% Financial Crisis 1.2% 1.0% 0.8% 0.6% 0.4% 0.11% Late 80’s / Early 90’s 0.2% Recession -0.1% Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
Slide 82: Individually assessed provisions and charges
Individually assessed provisions and charges Individually assessed provision (IAP) Net write-offs ($m) ($m) 0 55.8% 51.4% 0.06% 0.06% 0.08% 50.6% 51.4% 0.05% 0 1,600 1,163 0 920 71 30.0% 756 55 0 546 59 325 59 1,092 237 225 865 180 0 697 487 0 0% -20.0% 0 Mar 24 Sep 24 Mar 25 Sep 25 Mar 24 Sep 24 Ma
Slide 83: Group estimated long run loan loss rate
Group estimated long run loan loss rate Estimating long run loan loss rate Group business mix – GLAs by category Sep 1985 Long run Long run 10 years Personal NAB Australian average average lending 8% geography net write off rates as a % of GLAs (1985 – (2006 – (2016 – 20252) 20252) 20252) Commercial
Slide 84: Group lending mix
Group lending mix1 Gross loans and acceptances by product - $781.5bn Gross loans and acceptances by geography2 Other International 3% Asset New Zealand 13% Overdrafts 1% & lease financing 2% Credit card outstandings 1% Australia 84% Housing loans 56% Housing loans 57.00% Gross loans and acceptances
Slide 85: Provisions
Provisions Movement in provisions1 $128m increase in provisions for expected credit losses Mar 25 – Sep 25 ($m) 96 243 (26) (185) 6,165 5,921 6,037 Net $89m release from forward-looking provisions Sep 24 Mar 25 Underlying Forward Looking Target sector Individually Sep 25 collective provision Economi
Slide 86: Expected Credit Losses (ECL) assessment
Expected Credit Losses (ECL) assessment ECL scenarios & weightings Key considerations Total Provision for ECL1,2 • Increase in ECL vs Mar 25 primarily reflects increased IAP 2H25 balances, deterioration in asset quality and volume growth, $m 100% Base 100% (probability weighted) case Downside partia
Slide 87: Group non-retail lending industry sector analysis
Group non-retail lending industry sector analysis Non-performing exposures (NPLs) as % of lending EAD1 by regulatory industry categories2 4% Target sectors with FLAs3 Sep 24 Mar 25 Sep 25 NPLs as a % of EAD (Sep 25) NPLs (ex F&I) as a % of EAD (Sep 25) Deterioration Sep 25 v Mar 25 mainly reflects s
Slide 88: Target sector forward looking adjustments (FLAs)
Target sector forward looking adjustments (FLAs) Collective provision target sector FLAs ($m) 543 New Zealand Agri 47 58 450 Construction 42 39 Australian Energy 62 80 334 304 Tourism, Hospitality and 76 58 29 Entertainment 92 20 20 49 Australian Mortgages 50 52 68 59 40 42 Retail Trade 119 7 166 33
Slide 89: ECL provisioning by stages
ECL provisioning by stages Loans and advances by stage1 Provisions by stage Provision coverage by stage2 ($bn) ($m) (%) 0.61 0.60 0.60 1,000 1,027 6,037 6,165 974 5,921 11 12 10 1,855 2,196 2,350 192 195 200 18.1 19.5 19.4 772 794 815 3,400 3,190 3,169 1.77 0.42 1.64 0.39 1.58 0.38 666 651 646 0.08
Slide 90: Probability of default (PD) analysis
Probability of default (PD) analysis Group non-retail IRB EAD1 by probability of default ($bn) Non-performing Investment grade Sub investment grade 1.24% Sep 25 59% Sep 25 (60% Mar 25 ) 40% Sep 25 (39% Mar 25) (1.06% Mar 25) 250 200 150 100 50 0 0 to <0.15% 0.15 to <0.25% 0.25 to <0.50% 0.50 to <0.7
Slide 91: Australia housing lending arrears profile
Australia housing lending arrears profile1 Arrears declining as % of GLAs and limited impairment 2.45% 1.82% 1.87% 1.63% 1.75% 1.75% 1.79% 1.65% 1.68% 1.61% 1.42% 1.41% 1.18% 1.24% 1.15% 1.22% 1.15% 0.98% 1.04% 1.08% 1.07% 0.93% 0.90% 0.73% 0.67% 0.76% 0.11% 0.12% 0.10% 0.10% 0.10% 0.06% 0.05% 0.05%
Slide 92: Australian housing lending arrears profile
Australian housing lending arrears profile1 90+ DPD2 & Impaired assets as a % of GLAs by purpose 2.5% 2.0% 1.5% 1.19% 1.0% 1.09% 1.06% 0.5% 0.0% Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 Sep 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Investor First Home Buyer Owner Occupier 30+ DPD as a % of GLAs by purp
Slide 93: Australian unsecured lending
Australian unsecured lending Cards1 and personal lending CIC and as a % of total Key considerations cards and personal lending GLAs ($m) 2.26% 2.22% 2.21% 2.18% • Asset quality remains sound • Arrears lower in 2H25 • Revolve rate of ~64% continues to trend upwards, primarily driven by changes in int
Slide 94: Australian business lending asset quality
Australian business lending asset quality Business lending credit impairment charge and as a % Business lending non-performing exposure and as a % of GLAs of GLAs ($m) ($m) 600 2.04% 1.87% 0.26% 0.24% 1.66% 500 0.14% 0.20% 1.43% 400 1,615 1,206 300 995 641 200 339 276 351 3,910 4,298 100 3,012 3,410
Slide 95: Australian Business & Private Banking asset quality
Australian Business & Private Banking asset quality B&PB credit impairment charge and as % of GLAs1,2 B&PB non-performing exposures and as % of GLAs1 ($m) ($m) 0.25% 0.21% 0.16% 0.18% 2.54% 2.41% 2.12% 1.79% 322 6,485 7,079 292 5,580 237 16 4,588 1,707 201 1,648 37 1,439 308 1,142 165 266 5,372 209
Slide 96: Business & Private Banking business lending
Business & Private Banking business lending Non-performing exposures (NPLs) as % of GLAs Aligned to revised APS 220 3.04% 3.22% 2.66% 2.30% 0.67% 0.73% 2.14% 0.60% 1.75% 1.66% 0.39% 0.37% 0.51% 0.33% 2.37% 2.49% 1.77% 1.91% 2.06% 0.73% 1.33% 0.65% 0.66% 0.58% 0.51% 1.24% 0.23% 0.21% 0.22% 0.35% 0.45
Slide 97: Agriculture, forestry & fishing exposures
Agriculture, forestry & fishing exposures1 Group EAD $63.2bn September 2025 Key Australian considerations • Weather conditions have been mixed, with favourable conditions across East Coast, but dry conditions in Western Victoria and South Australia • Improved confidence and performance with strong c
Slide 98: Commercial real estate (CRE)
Commercial real estate (CRE)1 Gross loans & acceptances (GLAs) Breakdown by total GLAs By sector By geography New Australia Total2 Zealand QLD Residential Retail 17% WA Total CRE (A$bn) 74.0 7.0 81.0 11% VIC 27% 6% SA Industrial 25% 6% Increase from 21% 6.9 - 6.9 Sep 24 (A$bn) Tourism Other % of geo
Slide 99: Commercial real estate
Commercial real estate1 Key asset quality considerations Sector considerations • Outlook becoming more positive with recent interest rate • Increased activity in Development sector (particularly reductions and rental growth supporting serviceability (ICR) and Residential) supporting lending growth w
Slide 100: Construction
Construction1 Exposure at default Key considerations • Project margins generally recovering; pipeline demand being supported by increased spending in government, infrastructure and defence sectors EAD $14.8bn EAD $15.1bn • ~4% non-retail lending EAD including subcontractors and construction 1.9 1.8
Slide 101: Tourism, hospitality and entertainment
Tourism, hospitality and entertainment1 Exposure at default Key considerations • While consumer spending is improving, the Hospitality sector EAD $16.2bn EAD $17.7bn continues to be challenged by elevated operational costs (e.g. 1.9 input, wage and energy expenses), labour shortages and 1.9 competit
Slide 102: Capital, Funding & Liquidity
Additional information Capital, Funding & Liquidity
Slide 103: Risk-weighted assets
Risk-weighted assets Key messages Risk-weighted assets ($bn) (0.4) (0.3) (0.7) 1.1 • CRWA movement mainly driven by 14.5 • Volume growth in business lending • Models and methodology from RWA overlays relating to the measurement of certain off balance sheet exposures 426.4 440.6 • Translation FX most
Slide 104: Non-credit risk-weighted assets
Non-credit risk-weighted assets Key messages Market risk-weighted assets ($bn) • Non-credit RWAs have been largely stable • IRRBB sensitivity for embedded loss/gains: +/- 10 bps movement in swap rates equivalent to ~$0.5bn of RWA • No material IRRBB impact expected from APS 117 implementation effect
Slide 105: Capital & Deposit hedges
Capital & Deposit hedges NAB replicating portfolios NAB replicating portfolios1 (%) Replicating portfolio 5 Sep 25 balance Invested out to term of 4 Capital AUD $40bn 3 years Deposits AUD $73bn 5 years 3 BNZ replicating portfolios 2 Avg return of replicating portfolio Replicating portfolio 1 2H24 1H
Slide 106: Internationally comparable capital ratios
Internationally comparable capital ratios 29.5% 29.6% 28.6% 21.1% 20.6% 19.8% 18.1% 17.6% 17.1% 20.3% 20.9% 21.0% 14.1% 20.3% 12.4% 14.7% 12.0% 14.3% 12.1% 13.7% 11.7% Sep 24 Mar 25 Sep 25 Equivalent internationally comparable ratios1 APRA Common Equity Tier 1 ratios APRA Tier 1 ratios APRA Total ca
Slide 107: Key regulatory changes impacting capital and funding
Key regulatory changes impacting capital and funding Change 2025 2026 2027 Additional Tier 1 (AT1) Capital Consultation Implementation Loss-Absorbing Capacity Implementation Interest Rate Risk in the Banking Book Implementation (APS 117) Public Disclosures (APS 330) Implementation Liquidity (APS 210
Slide 108: Loss Absorbing Capacity and Additional Tier 1
Loss Absorbing Capacity and Additional Tier 11 Key messages APRA changes to major banks’ capital minimums (%) • Based on the Group's RWA and Total capital position at 30 20.32% September 25, NAB has met APRA’s Jan 26 LAC requirements 18.25% 18.25% • APRA released an industry letter in Dec 24 which c
Slide 109: Asset Funding
Asset Funding Funded balance sheet Group sources and uses of funds, 12 months to 30 September 25 ($bn) $1,016bn $1,016bn 27 36 Short Term 2 Wholesale, 10% Term Funding Liquid Assets1, 2 1 18 <12 months, 5 22% Other Deposits3, 5% 3% Other Short 46 43 Term Assets2, 2% Customer Liquid Other Equity Term
Slide 110: Liquidity
Liquidity Liquidity coverage ratio (quarterly average) Net stable funding ratio composition ($bn) Group NSFR 116% as at 30 Sep 25 $713bn 139% 137% 139% 135% Wholesale funding $613bn 207 215 212 208 & Other Liquids and Non-Financial Other Assets Corporate 149 157 152 153 Deposits Other Loans Retail/S
Slide 111: Term wholesale funding profile
Term wholesale funding profile Historical term funding issuance1 ($bn) 6.7 8.1 5.0 4.3 5.0 5.0 years years years years years years 39 40 1 1 37 36 33 29 3 14 29 30 30 28 18 13 10 9 9 7 8 2 2 FY20 FY21 FY22 FY23 FY24 FY25 Tenor2 RBNZ Funding Facilities RBA Term Funding Facility Senior Unsecured and S
Slide 112: Diversified & flexible term wholesale funding portfolio
Diversified & flexible term wholesale funding portfolio FY25 Issuance by product type1 FY25 Issuance by currency1 Other 4% EUR 16% AUD 36% Covered 23% NZD 3% Subordinated 13% Senior 64% USD 41% Outstanding issuance by product type1, 2 Outstanding issuance by currency1 RMBS 1% JPY 1% Other 4% GBP 4%
Slide 113: Funding costs
Funding costs Indicative term wholesale funding issuance costs1 Average term wholesale funding portfolio costs2 (bps) (bps) 350 125 300 250 120 200 150 115 100 50 0 110 Sep Mar Sep Mar Sep Mar Sep Mar Sep Sep Mar Sep Mar Sep Mar Sep Mar Sep 21 22 22 23 23 24 24 25 25 21 22 22 23 23 24 24 25 25 3 yr
Slide 114: Sustainability
Additional information Sustainability
Slide 115: Sustainability priorities anchored in customer needs
Sustainability priorities anchored in customer needs Progress reported annually in NAB’s reporting suite: nab.com.au/annualreports (1) Ambition reflects cumulative total of new financing activity from 1 October 2023 to 30 September 2030. Refer to page 42 of the 2025 Climate Report for further inform
Slide 116: FY25 Update: Housing and First Nations empowerment
FY25 Update: Housing and First Nations empowerment Affordable housing First Nations economic empowerment • $6.9bn lending provided over three years to FY25 to help more • $673.2m against target (spot basis) to lend to First Nations Australians access affordable and specialist housing1 businesses and
Slide 117: FY25 update: Progress against our climate strategy
FY25 update: Progress against our climate strategy We aim to achieve net zero by 2050 across our financed and facilitated emissions, and operations Support customers to decarbonise and build Investing in climate capabilities resilience • Joint venture with NatWest Group and SC Ventures to • $17.7 bn
Slide 118: Customer transition plans (CTP) for high emitting sectors
Customer transition plans (CTP) for high emitting sectors NAB’s CTP Assessment Framework Pillars In-Scope customers: New or renewed corporate or project-level 01 Targets 04 Reporting & Disclosure lending and capital markets facilitation1 for CIB customers in the following sectors2: Strategy, action
Slide 119: Power generation exposures
Power generation exposures Group power generation EAD by fuel source1,2 (AUD$bn) 9.37 8.87 0.19 8.58 0.21 0.00 0.49 8.09 0.00 0.00 0.24 1.89 7.39 0.00 1.44 • 78% of total power generation financing to 0.48 1.47 1.38 renewables2 0.00 1.49 • Renewable portfolio represents a mix of wind, hydro and sola
Slide 120: Resources exposures
Resources exposures Resources EAD by type1,2,3 (AUD$bn) 7.49 7.54 0.46 0.48 0.21 0.18 6.87 0.20 6.69 0.24 0.53 0.51 6.18 1.17 0.25 1.20 0.27 0.14 Gold Ore Mining • Exposure to thermal coal on track to be 0.16 0.66 0.91 0.18 effectively zero4 by 2030 excluding 0.83 0.14 Metallurgical Coal Mining perf
Slide 121: Thermal coal mining and oil and gas limits
Thermal coal mining and oil and gas limits Thermal coal mining exposure1 Oil and gas extraction - exposure2 (AUD$bn) (USD$bn) 0.24 0.20 1.66 1.68 0.16 1.38 0.14 0.14 1.20 59% 0.96 42% 43% 51% 51% Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Thermal coal EAD % Thermal coal re
Slide 122: Economic data
Additional information Economic data
Slide 123: Australia and NZ key economic indicators
Australia and NZ key economic indicators Australian economic indicators (%)1 NZ Economic indicators (%)1 CY23 CY24 CY25 CY26(f) CY27(f) CY23 CY24 CY25(f) CY26(f) CY27(f) GDP growth2 1.5 1.3 2.0 2.3 2.3 GDP growth2 0.9 -1.4 1.2 3.0 2.4 Unemployment3 3.9 4.0 4.4 4.3 4.3 Unemployment3 4.0 5.1 5.3 4.8 4
Slide 124: Consumer spending growth has picked up
Consumer spending growth has picked up Consumption growth has picked up1 The household savings rate looks to have stabilised2 (%) (%) 16 Quarterly Year-ended 16 20 12 12 Household savings rate 15 8 8 4 4 10 0 0 -4 -4 5 -8 -8 0 -12 -12 -16 -16 -5 2008 2012 2016 2020 2024 1994 1999 2004 2009 2014 2019
Slide 125: House prices and rents continue to be supported by supply and demand imbalance
House prices and rents continue to be supported by the imbalance between supply and demand House price growth has reaccelerated1 Rents growth remains elevated2 (Index) (%) Sydney Melbourne Brisbane Sydney Melbourne Brisbane Adelaide Perth Hobart 210 15 Adelaide Perth Hobart 190 10 170 5 150 0 130 -5
Slide 126: Business confidence and conditions have improved
Business confidence and conditions have improved Confidence and conditions have improved1 Capacity utilisation remains above average1 (Net Bal.) (%) 85 20 0 80 -20 Business Confidence -40 75 Capacity utlilisation Business Conditions -60 Long-run average -80 70 2007 2010 2013 2016 2019 2022 2025 2007
Slide 127: Inflation is around the top of the target band
Inflation is around the top of the target band Underlying inflation reaccelerated in Q31 Services disinflation has slowed2 (%) (%) (%) 7 7 8 Goods Services 6 6 6 5 Quarterly Year-ended 5 4 4 4 3 3 2 2 2 0 1 1 0 0 -2 2004 2007 2010 2013 2016 2019 2022 2025 2004 2007 2010 2013 2016 2019 2022 2025 The
Slide 128: New Zealand economy
New Zealand economy Economy struggling as GDP remains below peak; Commodity prices off their peak but remain high2 unemployment rate has moved higher1 (GDP, $NZ bn, chain prices) (Unemployment rate, %) (Index, January 2019 = 100) 6 200 75 180 70 160 5 140 65 120 4 60 100 Total index Dairy 80 55 3 20
Slide 129: New Zealand housing
New Zealand housing House prices little changed over the year to Sales volumes higher for much of 2025 but have eased September 20251 over recent months2 (Index) (‘000s) 4,500 10 4,000 8 3,500 6 3,000 4 Auckland 2,500 2 National ex Auckland 2,000 0 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2
Slide 130: Global economy
Global economy Global growth expected to be soft by recent historical Significant increase in US tariffs imposed this year – standards1 ‘reciprocal tariff’ on Australia at bottom of range2 (y/y%) (US Customs duty revenue/import value, %) 8 12 6 10 4 8 All trade Australia 2 6 0 4 Global growth -2 2 A
Slide 131: Abbreviations and disclaimers
Abbreviations and disclaimers
Slide 132: Abbreviations
Abbreviations ALA Alternative Liquid Assets HEM Household Expenditure Measure AT1 Additional Tier 1 Capital HQLA High Quality Liquid Assets CET1 Common Equity Tier 1 Capital IRB Internal Ratings Based approach CIC Credit impairment charge LCR Liquidity Coverage Ratio CP Collective Provision LGD Loss
Slide 133: Sources and notes
Sources and notes Slide 12 (1) Sourced from RFI Global – Atlas, measured on 6 month rolling average. Based on all consumers, 18+ and excludes consumers with personal income of $260k+ and/or investible assets $2.5m+ and/or footings of over $850k. Ranking based on absolute scores, not statistically si
Slide 134: Disclaimer
Disclaimer The material in this presentation is general background information about the NAB Group current at the date of the presentation on 6 November 2025. The information is given in summary form and does not purport to be complete. It is intended to be read by a professional analyst audience in
National Australia Bank — FY2025 Earnings Presentation on 6ix