Slide 1: Presentation and Investor Discussion Pack
PRESENTATION AND INVESTOR DISCUSSION PACK WESTPAC 2026 INTERIM FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 31 MARCH 2026 WESTPAC BANKING CORPORATION ABN 33 007 457 141
Slide 2: 2026 Interim Results Index
WESTPAC 2026 Interim Results Presentation Investor Discussion Pack 3 34 2026 INTERIM Earnings drivers 36 RESULTS INDEX UNITE 49 Credit quality and provisions 53 Capital, funding and liquidity 77 The material contained in this presentation is intended to be Supporting our customers 89 general backgro
Slide 3: Anthony Miller, Chief Executive Officer
ANTHONY MILLER Chief Executive Officer
Slide 4: 1H26 Highlights
1H26 HIGHLIGHTS OPERATING FINANCIAL ACCELERATING MOMENTUM STRENGTH EXECUTION 4 Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Slide 5: Operating Environment
OPERATING ENVIRONMENT Robust foundations The Middle East conflict is having global impacts • Upward pressure for inflation and interest rates CET1 CAPITAL RATIO • Rising input costs for businesses 12.4% • Further increases to household living costs $2.7bn surplus capital1 Australia remains an attrac
Slide 6: Customer Resilience
CUSTOMER RESILIENCE BUSINESS AND HOUSEHOLD CONDITIONS HAVE SIGNIFICANTLY IMPROVED SINCE 2019 20% 24% 23% Improvement Increase in Increase in in business customer customers ahead liquidity mortgage buffers on repayments Current indicators point to a broadly resilient operating environment Change in i
Slide 7: Supporting Customers and Communities
SUPPORTING CUSTOMERS AND COMMUNITIES $518bn $1bn 2030 commitment to support regional branch in home lending1 female entrepreneurs moratorium extended $57m $3m ~$4m committed to dedicated to funding for tertiary scholarships improve national education-focused and future leaders2 literacy and numeracy
Slide 8: 1H26 Financial Performance
1H26 FINANCIAL PERFORMANCE $3.5bn $5.5bn 7% 77cps NET PROFIT PRE-PROVISION DEPOSIT INTERIM EX NOTABLE PROFIT GROWTH ORDINARY ITEMS1 OVER YEAR DIVIDENDS 1% TO 1H25 3% TO 1H25 TO $745BN 1% TO 1H25 11.0% 51.7% 7% 12.4% ROTE COST TO LOAN CET1 EX NOTABLE INCOME RATIO GROWTH CAPITAL ITEMS1 EX NOTABLE ITEM
Slide 9: Improving Customer Service
IMPROVING CUSTOMER SERVICE =#2 CONSUMER NPS1, UP 4PTS #1 BUSINESS NPS1, UP 10PTS #1 INSTITUTIONAL FX2, 3 YEARS RUNNING #1 MOBILE BANKING APP3 FASTER AND EASIER EVERYDAY BANKING >50% >50% 41% 62% Reduction in Reduction in Increase in Increase in Choice account set overdraft Consumer Business up, down
Slide 10: Investing in Our People
INVESTING IN OUR PEOPLE EMPLOYEE ENGAGEMENT2 79 Learning and development • Expanded professional development and leadership programs • Strong uptake of LinkedIn Learning, providing access to 20,000+ courses, AI role plays and coaching tools • Microsoft Copilot licenses and training available to all
Slide 11: Strong Deposit Growth
STRONG DEPOSIT GROWTH Consumer deposits1 Business deposits3 Institutional deposits $379bn $156bn $137bn UP 8%2 UP 5%2 UP 12%2 • Enabled end-to-end digital • Transaction accounts 46% of total, • Deepening customer relationships onboarding for new migrants up 1ppt2 • Growth in transaction accounts • Y
Slide 12: Business & Institutional Lending Momentum
BUSINESS & INSTITUTIONAL LENDING MOMENTUM Business lending1 Institutional lending $120bn $131bn UP 13%2 UP 23%2 • 70% of new lending to existing customers3 • 73% of new lending with existing customers3 • Proprietary lending increased from 52% to 59% of • Broad based growth with risk settings maintai
Slide 13: Mortgages: Balancing Growth and Return
MORTGAGES: BALANCING GROWTH AND RETURN Actions to support proprietary mortgage growth Improvement in proprietary mortgage flow (%) • Investment in Home Finance Managers – Improved retention – >60 lenders onboarded in 1H26 34.0 – Faster onboarding • ‘Book a Banker’ launched 32.4 32.6 • Brand consider
Slide 14: Catalyst: Accelerating Execution
CATALYST: ACCELERATING EXECUTION Strategic priorities OPERATING MODEL • Aligned to strategy • 20 end-to-end delivery units • Clear accountability for multi-year outcomes • Brings teams closer to customers • Persistent funding PERFORMANCE CUSTOMER Objectives • Improve customer service • Increase effe
Slide 15: UNITE: One Best Way
UNITE: ONE BEST WAY INITIATIVES 1H26 ACHIEVEMENTS 8 49 • Completed customer migration from Asgard to COMPLETE REMAINING Panorama • Announced migration of commercial customers to One Commercial Bank STATUS1 • Launched Controlled Monies, digitising processes for business customers who hold client fund
Slide 16: BizEdge: Fast, Simple, Digital Lending Origination
BIZEDGE: FAST, SIMPLE, DIGITAL LENDING ORIGINATION Expected outcomes1 Achievements since launch in Mar-25 Reduce banker loan processing time by ~50% 4 RELEASES >15k APPLICATIONS $10.5bn NEW LENDING Reduce TTD2 by ~60% >2hrs ~49% 9 Decommission Legacy BANKER TIME TTD2 SYSTEMS & SAVED PER REDUCED TOOL
Slide 17: Westpac One - Next Generation Banking Capability
WESTPAC ONE - NEXT GENERATION BANKING CAPABILITY Expected outcomes1 INVESTMENT LEADING ENHANCED REVENUE OPERATIONAL COST TRANSACTION BANKING DIGITAL EXPERIENCE GROWTH RISK REDUCED c.$400m CAPABILITY 1H26 achievements Westpac One platform live and scaling • Enhanced digital experience live DIGITISED
Slide 18: Westpac Intelligence Brings Data and AI for Everyone
AI FOR EVERYONE: SCALING ACCESS, ADOPTION AND TRAINING ENHANCING Scaled security capabilities for monitoring and detection SAFETY of scams BETTER SERVICE Call, complaints and social media analytics to identify emerging themes and customer friction WESTPAC INTELLIGENCE DELIVERING INSIGHTS Small Busin
Slide 19: Nathan Goonan, Chief Financial Officer
NATHAN GOONAN Chief Financial Officer
Slide 20: 1H26 Financial Performance
1H26 FINANCIAL PERFORMANCE 2H25 1H26 Change Net profit $3,599m $3,414m (5%) Notable Items $84m ($69m) large Excluding Notable Items: Net profit $3,515m $3,483m (1%) Earnings Per Share 103c 102c (1%) Revenue $11.5bn $11.3bn (2%) Expenses ($6.2bn) ($5.8bn) (6%) Expenses excluding restructuring charge
Slide 21: Deposit Growth
DEPOSIT GROWTH ($BN) 13.7 4.0 5.9 (1.4) 745.2 723.0 696.8 Up $2.7bn in NZ$ UP 4% UP 3% 1 Mar-25 Sep-25 Consumer Business Institutional New Zealand Mar-26 & Wealth (in A$) 1 Includes Treasury. 21 Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Slide 22: Gross Loans
GROSS LOANS ($BN) 13.8 (2.6) (0.0) (3.1) 890.3 20.7 5.1 856.4 Up $2.8bn 829.4 in NZ$ UP 3% UP 4% Mar-25 Sep-25 Mortgages1 Business Institutional New Personal RAMS Mar-26 Zealand (in A$) 1 Australian, excluding RAMS. 22 Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Slide 23: Operating Income
OPERATING INCOME T&M movement - $95m Rate timing difference - $91m NZD depreciation - $85m DVA1 down $38m 235 (271) 11,471 (105) (23) (23) 11,284 10,993 4% HIGHER 2% LOWER 1H25 2H25 Core NIM Balance sheet Net II Fee Non-II Markets and other 1H26 2 movement growth volatile items Non-II 1 Derivative v
Slide 24: Net Interest Margin
NET INTEREST MARGIN (%) Core NIM Treasury & Markets AU Mortgages & Business (2bps) Replicating portfolio 1bp Institutional (1bp) Bonus rate uptake (1bp) 1.92 1.95 (2bps) (3bps) - 2bps (1bps) - (2bps) 1.89 0.12 0.13 0.11 Core NIM ex timing impact down 2bps 1.80 1.82 1.78 1H25 2H25 Timing Loans Deposi
Slide 25: 1H26 Expenses
1H26 EXPENSES ($M) Simpler operating model Salary increases Reduced property footprint Higher amortisation Investment in bankers Digitisation Lower capitalisation rate Reduction in leave balances UNITE benefits Seasonally lower investment 6,218 103 23 31 (258) (14) (273) 5,698 5,830 2% decrease ex r
Slide 26: Investment Spend
INVESTMENT SPEND Investment spend 1H25 2H25 1H26 Investment spend ($m) Total expensed 61% 60% 69% 1,070 919 848 409 Capitalised software balance ($m) 2,532 2,414 2,177 251 401 Amortisation expense ($m) 485 510 527 319 244 231 KEY CONSIDERATIONS FY26 353 342 287 • Investment spend ~$2.0bn • UNITE spe
Slide 27: Credit Quality
CREDIT QUALITY Stressed exposures as a % of TCE Australian mortgage delinquencies (%)1 Impaired Non-performing, 90+ days 90+ day 30+ day Non-performing, <90 days Watchlist & substandard 4.00 delinquencies delinquencies 1.45 1.28 1.16 3.00 0.59 0.51 0.44 2.00 0.23 0.30 0.28 1.10 1.00 0.47 0.32 0.29 0
Slide 28: Impairment Provisions $1.9bn Above Base Case
IMPAIRMENT PROVISIONS $1.9BN ABOVE BASE CASE ($M) 5,199 Provisions to gross loans of 0.58%, flat 5,072 4,987 Overlays 130 282 CAP to credit RWA of 1.29%, up 4bps 238 Stage 1 CAP CAP $141m higher, key movements 877 1,050 933 Base case economic outlook Reduction in mortgage delinquencies Overlays incr
Slide 29: Funding and Liquidity
FUNDING AND LIQUIDITY Balance sheet positioned for geopolitical uncertainty LCR and NSFR (%) and reduction in mortgages post RAMS settlement1 132 • Raised $24bn2 in new long-term funding, which is 112 well ahead of our FY26 plan Regulatory • Increased short term funding and Institutional term minimu
Slide 30: Strong Capital
STRONG CAPITAL CET1 capital ratio % Lending (40bps) Data refinement 10bps Credit quality & other 9bps 74bps (57bps) 12.53 (21bps) (27bps) 17bps 12.42 3bps 1 Sep-25 Net profit 2H25 RWA IRRBB Other Operational risk Mar-26 dividend overlay removal OTHER CONSIDERATIONS • RAMS sale2 ~22bps • Standardised
Slide 31: Capital Management
CAPITAL MANAGEMENT CAPITAL MANAGEMENT PRINCIPLES3 TARGET CAPITAL ABOVE CET1 CAPITAL TARGET AFTER • Balance reinvestment to support franchise growth with RATIO1 1H26 DIVIDEND shareholder returns, while maintaining flexibility • Prioritise balance sheet strength >11.25% $2.7bn • Support timely and eff
Slide 32: Anthony Miller, Chief Executive Officer
ANTHONY MILLER Chief Executive Officer
Slide 33: Measuring Progress
MEASURING PROGRESS Metric Mar-26 Sep-29 Target Consumer: NPS1 =#2 #1 SERVICE Business: NPS1 #1 #1 EXCELLENCE Institutional: RSI2 =#3 #1 Complete UNITE on time In progress Complete ONE Complete UNITE on budget $1,208m3 ~40% BEST WAY of total investment over FY25 to 1H29 79 Employee engagement1 (top q
Slide 34: Investor Discussion Pack
~ —— INVESTOR DISCUSSION PACK
Slide 35: Creating Value for Stakeholders in 1H26
CREATING VALUE FOR OUR SHAREHOLDERS, CUSTOMERS, OVERVIEW OUR PEOPLE, COMMUNITY AND THE ENVIRONMENT IN 1H26 SHAREHOLDERS CUSTOMERS OUR PEOPLE COMMUNITY ENVIRONMENT $3.4bn 13 million 79 $150m 89% Net Profit, down Customers across Employee Engagement Spent in 1H26 to support Reduction in scope 5% on 2H
Slide 36: Earnings Drivers
~ —— EARNINGS DRIVERS
Slide 37: 1H26 Net Profit (2H25 – 1H26)
1H26 NET PROFIT EARNINGS Net profit 2H25 – 1H26 ($m) AIEA up 3% due to loan growth, Revised economic outlook in our base case $273m restructuring charge taken in Core NIM down 4bps, provision scenario and a new portfolio overlay 2H25 and productivity initiatives Treasury & Markets NIM down 2bps for
Slide 38: 1H26 Net Profit (1H25 – 1H26)
1H26 NET PROFIT EARNINGS Net profit 1H25 – 1H26 ($m) AIEA up 4% due to loan growth, Higher Markets income and an Step up in UNITE investment spend, Core NIM down 2bps, increase in cards volumes higher staff costs offset by productivity Treasury & Markets NIM down 1bp initiatives Revised economic out
Slide 39: Net Profit Excluding Notable Items and 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 financial notable item adjustments ($m) performance measure used by Westpac for internal
Slide 40: Growth in Lending
GROWTH IN LENDING REVENUE Divisional contribution to gross loans (%) Business and institutional lending ($bn) Consumer Business & Wealth Institutional New Zealand RAMS 14 282 265 5 (1) $856bn $890bn $829bn 245 3% 2% 3% 11% 10% 11% 15% 13% 14% UP 7% 13% 14% 14% 59% 59% 59% UP 15% Mar-25 Sep-25 Austra
Slide 41: Growth in Deposits
GROWTH IN DEPOSITS REVENUE Customer deposits by type (%) Customer deposits by segment (%) 1 Term deposits Savings Transaction Mortgage offset NIB deposits Consumer Business & Wealth Institutional & Treasury New Zealand $697bn $723bn $745bn $697bn $723bn $745bn 11% 11% 11% 11% 10% 9% 10% 10% 10% 18%
Slide 42: Australian Deposit Balances by Interest Rate Bands
AUSTRALIAN DEPOSIT BALANCES BY INTEREST RATE BANDS1 REVENUE Australian deposit balances2 by interest rate bands ($bn) Mar-25 Sep-25 Mar-26 319 313 252 158 105 115 101 75 78 73 57 53 <=25bps 26<=200bps 201<=400bps 401bps+ Divisional deposit balances by interest rate bands Consumer Business & Wealth I
Slide 43: Structural Hedging of Deposits and Capital
STRUCTURAL HEDGING OF DEPOSITS AND CAPITAL REVENUE Structural hedges Domestic deposits and capital hedge 2H25 Avg 1H26 Avg Mar 26 Spot Investment 2H25 Avg rate 1H26 Avg rate Mar 26 Spot rate balance balance balance term (%)3 (%)3 (%)3 Group Capital hedge 3.75 3.79 3.83 Group Capital hedge $56bn $56b
Slide 44: Treasury and Markets Income
TREASURY AND MARKETS INCOME REVENUE Treasury and Markets income by segment1 ($m) Treasury and Markets income by type ($m) Net interest income Non-interest income Treasury Markets 1,093 1,093 951 954 930 951 954 930 540 420 450 342 376 376 496 456 553 609 673 578 554 501 458 474 1H25 2H25 1H26 5 year
Slide 45: Non-Interest Income
NON-INTEREST INCOME REVENUE Non-interest income by type ($m) Net fee income by segment ($m) 845 887 864 887 (3) 8 (13) (14) (1) 864 1H25 2H25 1H26 845 438 409 345 234 242 248 Fees Wealth management Trading and other income 1H25 2H25 Consumer Business Institutional New Other 1H26 & Wealth Zealand Non
Slide 46: Expenses ($m)
EXPENSES ($M) EXPENSES Salary and EBA increases Simpler operating model Lower investment ex UNITE Superannuation increase Reduced property footprint Amortisation up $17m Investment in bankers Digitisation Impairments down $23m 103 23 31 (258) 6,218 (14) (273) 5,698 5,830 2% decrease ex restructuring
Slide 47: Investments
INVESTMENTS EXPENSES Investment spend by category ($m) Capitalised software balance ($bn) Risk & regulatory WBC Peer 1 Peer 2 Peer 3 Growth & productivity UNITE 1,070 919 848 409 251 401 2.2 244 319 231 353 342 287 1H25 2H25 1H26 FY22 FY23 FY24 FY25 1H26 Investment spend treatment ($m) Investments t
Slide 48: Impairment Charges Composition
IMPAIRMENT CHARGES COMPOSITION IMPAIRMENT CHARGES Impairment charges ($m) NEW IAPS IAP WRITE-BACKS NET CAP CHARGES RECOVERIES TOTAL Reflects revisions in Largely within transport & economic outlook storage and utilities 443 388 299 251 254 250 203 174 157 (89) (106) (126) (115) (131) (118) 1H25 2H25
Slide 49: UNITE
UNITE
Slide 50: One Commercial Bank
ONE COMMERCIAL BANK UNITE DIGITALLY ENABLED MIGRATING ~75,000 CUSTOMERS SUPPORTED BY MIGRATION PROCESS, COMMERCIAL CUSTOMER EXISTING BANKER AND SUPPORTED BY ACCOUNTS TO WESTPAC BANKING TEAM UNILATERAL VARIATION1 EXPECTED TO COMPLETE IN DEC-27 EXPECTED OUTCOMES 1 BETTER CUSTOMER EXPERIENCE 2 IMPROVED
Slide 51: One Wealth Platform: BT Panorama
ONE WEALTH PLATFORM: BT PANORAMA UNITE 60k accounts, $16bn FUA >300k accounts >$150bn FUA 243k accounts, $138bn FUA EXPECTED OUTCOMES 1 BETTER CUSTOMER EXPERIENCE 2 IMPROVED EMPLOYEE EXPERIENCE 3 INCREASED SHAREHOLDER RETURN • Award winning platform1 • Simplified service model • Initiative cost ~$70
Slide 52: UNITE: Current Focus Areas
UNITE: CURRENT FOCUS AREAS UNITE EXPECTED DIRECT OBJECTIVE OUTCOMES KEY MILESTONES IN 2H26 COST3 BENEFITS4 Establish products, Customers have access to • Transfer Westpac mortgage property MORTGAGE fees and features on market leading products security data to the target state master SIMPLIFICATION1
Slide 53: Credit Quality and Provisions
CREDIT QUALITY AND PROVISIONS
Slide 54: Provisions for Expected Credit Loss
PROVISIONS FOR EXPECTED CREDIT LOSS CREDIT QUALITY Total provisions for expected credit losses1 ($m) Expected credit loss (ECL) ($m) $1.9bn in provisions Overlay Stage 1 CAP Stage 2 CAP Stage 3 CAP Stage 3 IAP above the base case ECL 7,364 5,199 5,199 5,096 5,072 4,987 Increase for 179 130 282 energ
Slide 55: Provision Cover
PROVISION COVER CREDIT QUALITY Exposures as a % of TCE Key ratios Stage 3 Stage 2 Stage 1 Mar-25 Sep-25 Mar-26 Provisions to gross loans (bps) 61 58 58 Impaired asset provisions 41 40 42 to impaired assets (%) Collectively assessed provisions 126 125 129 Stage 1 – Lending growth to credit RWA (bps)
Slide 56: Portfolio Composition
PORTFOLIO COMPOSITION CREDIT QUALITY Total committed exposure (TCE) by risk grade at 31 March 2026 ($m) Standard and Poor’s risk grade1 Australia NZ / Pacific Other overseas Group % of total AAA to AA- 206,969 20,491 32,424 259,884 19% A+ to A- 46,637 5,414 16,177 68,228 5% BBB+ to BBB- 100,720 14,4
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 Non-performing, <90 days Non-performing, 90+ days 128 (3) (5) (1) (2) (1) 116 1.45 1.26 1.28 1.16 0.59 0.51 Sep-25 Consumer Business & Institutional New GBU Mar-26
Slide 58: Credit Quality Across Sectors
CREDIT QUALITY ACROSS SECTORS CREDIT QUALITY Corporate and business stressed exposures by industry sector (%) Mar-25 Sep-25 Mar-26 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Property Wholesale Property & Utilities Services Agriculture, Manufacturing Transport Construction Accommodation Mining & business forestry &
Slide 59: Sectors in Focus: Transport & Storage
SECTORS IN FOCUS: TRANSPORT & STORAGE CREDIT QUALITY Transport & Storage Portfolio security composition (TCE) (%) Mar-25 Sep-25 Mar-26 TCE ($bn) 21.4 23.3 26.3 28 Fully secured % of Group TCE 1.66 1.79 1.94 Partially secured Lending ($bn) 13.0 14.1 16.5 58 Unsecured % of portfolio graded as stressed
Slide 60: Sectors in Focus: Agriculture
SECTORS IN FOCUS: AGRICULTURE CREDIT QUALITY Agriculture Portfolio security composition (TCE) (%) Mar-25 Sep-25 Mar-26 3 8 TCE ($bn) 26.9 28.3 29.4 Fully secured % of Group TCE 2.09 2.17 2.17 Partially secured Lending ($bn) 23.0 24.5 24.8 Unsecured % of portfolio graded as stressed1,2 4.42 3.68 3.53
Slide 61: Sectors in Focus: Construction
SECTORS IN FOCUS: CONSTRUCTION CREDIT QUALITY Construction Portfolio security composition (TCE) (%) Mar-25 Sep-25 Mar-26 20 TCE ($bn) 14.0 14.8 15.3 Fully secured % of Group TCE 1.09 1.13 1.13 Partially secured Lending ($bn) 8.6 9.2 9.4 Unsecured 21 59 % of portfolio graded as stressed1,2 4.79 5.49
Slide 62: Sectors in Focus: Utilities
SECTORS IN FOCUS: UTILITIES CREDIT QUALITY Utilities Portfolio security composition (TCE) (%) Mar-25 Sep-25 Mar-26 TCE ($bn) 29.1 29.0 30.2 39 Fully secured % of Group TCE 2.26 2.22 2.23 42 Partially secured Lending ($bn) 10.9 13.0 14.3 Unsecured % of portfolio graded as stressed1,2 0.13 0.10 0.62 %
Slide 63: Sectors in Focus: Manufacturing
SECTORS IN FOCUS: MANUFACTURING CREDIT QUALITY Manufacturing Portfolio security composition (TCE) (%) Mar-25 Sep-25 Mar-26 TCE ($bn) 25.8 26.7 27.0 37 Fully secured % of Group TCE 2.00 2.04 1.99 46 Partially secured Lending ($bn) 12.7 13.8 14.2 Unsecured % of portfolio graded as stressed1,2 4.21 4.3
Slide 64: Sectors in Focus: Commercial Property
SECTORS IN FOCUS: COMMERCIAL PROPERTY CREDIT QUALITY • Single credit policy, supported by industry sector Commercial property exposures Commercial property portfolio concentration limits (% of TCE) composition (TCE) (%) • Maintained credit standards, with close oversight Sub-sector of portfolio • Ma
Slide 65: Sectors in Focus: Accommodation, Cafes and Restaurants
SECTORS IN FOCUS: ACCOMMODATION, CAFES AND RESTAURANTS CREDIT QUALITY Accommodation, cafes and restaurants Portfolio security composition (TCE) (%) Mar-25 Sep-25 Mar-26 3 10 TCE ($bn) 12.6 13.7 15.0 Fully secured % of Group TCE 0.98 1.05 1.11 Partially secured Lending ($bn) 10.7 11.9 12.8 Unsecured
Slide 66: Sectors in Focus: Retail Trade
SECTORS IN FOCUS: RETAIL TRADE CREDIT QUALITY Retail trade Portfolio security composition (TCE) (%) Mar-25 Sep-25 Mar-26 TCE ($bn) 13.6 14.4 14.7 31 Fully secured % of Group TCE 1.06 1.10 1.08 43 Partially secured Lending ($bn) 8.8 9.3 9.2 Unsecured % of portfolio graded as stressed1,2 5.78 5.65 4.7
Slide 67: Australian Mortgage Portfolio Composition
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION MORTGAGE CREDIT QUALITY Australian mortgage portfolio Mar-25 Sep-25 Mar-26 1H25 balance balance balance flow1 2H25 flow1 1H26 flow1 By product and repayment type (%) Mar-25 (Portfolio) Sept-25 (Portfolio) Total portfolio ($bn) 510.2 518.7 536.2 54.8 61.0 67.
Slide 68: Australian Mortgage Portfolio Performance
AUSTRALIAN MORTGAGE PORTFOLIO PERFORMANCE MORTGAGE CREDIT QUALITY Australian mortgage portfolio Mar-25 Sep-25 Mar-26 30+ day and 90+ day delinquencies4 (%) 90+ day delinquencies (bps): 90+ day delinquencies 30+ day delinquencies 4.0 Total portfolio1 inc. impaired mortgages 86 73 65 3.0 Owner occupie
Slide 69: Australian Mortgage Portfolio Composition and Performance
AUSTRALIAN MORTGAGE PORTFOLIO MORTGAGE CREDIT QUALITY COMPOSITION AND PERFORMANCE Portfolio by State (%) 90+ day delinquencies by State (%) 4.0 ALL NSW/ACT 7 VIC/TAS QLD 9 WA SA/NT 3.0 41 NSW/ACT VIC/TAS 16 2.0 QLD WA SA/NT 1.0 28 0.0 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Debt-to-income >=6x at
Slide 70: 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 100 1H26 drawdowns LVR at origination creates a buffer for borrowers Portfolio LVR at origination1 • Loans are assessed at the higher of: 80 Portfo
Slide 71: 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 12 months (by balances) 20.8 21.0 Increased
Slide 72: Mortgage Portfolio Underwriting
AUSTRALIAN MORTGAGE PORTFOLIO UNDERWRITING MORTGAGE CREDIT QUALITY Credit policy at March 2026 • Verified via payslips, tax returns or salary credits, with other supporting documentation such as PAYG payment summaries or ATO Income Statements (minimum Income standards apply) • Shading of at least 20
Slide 73: 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 54 1.50 51 50 50 49 49 49 49 48 48 1.00 47 0.53 1 0.8 0.50 0.7 0.6 0.5 0.5 0.00
Slide 74: 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 band (% of total I/O lending) of properties per customer (%) Applicant gross income bands 1 1 2 <$100k 63
Slide 75: Australian Consumer Finance
AUSTRALIAN CONSUMER FINANCE CREDIT QUALITY Australian consumer finance portfolio ($bn) Australian consumer finance 90+ delinquencies (%) 6.0 Credit cards Personal loans Mar-25 Sep-25 Mar-26 5.0 Lending ($bn) 8.5 8.4 8.4 4.0 3.0 As a % of Group loans 1.0 1.0 0.9 2.79 2.0 30+ day delinquencies (%) 2.5
Slide 76: New Zealand Credit Quality
NEW ZEALAND CREDIT QUALITY NEW ZEALAND CREDIT QUALITY Mortgage portfolio Sep-25 Mar-26 Mortgage Unsecured consumer 90+ day delinquencies3 (%) 90+ day delinquencies3 (%) Total portfolio (NZ$bn)1 71.3 73.3 1.0 3.0 0.8 Owner occupied (%) 74.3 74.3 2.0 Investment property 0.6 25.7 25.7 loans (IPL) (%) 0
Slide 77: Capital, Funding and Liquidity
CAPITAL, FUNDING AND LIQUIDITY
Slide 78: CET1 Capital Ratio 12.42%
CET1 CAPITAL RATIO 12.42% CAPITAL, FUNDING AND LIQUIDITY Level 2 CET1 capital ratio movements (%, bps) Mar- Sep- Mar- Key capital ratios (%) 25 25 26 74 (57) Level 2 CET1 12.2 12.5 12.4 capital ratio Additional Tier 1 2.3 1.9 1.9 capital ratio (21) Tier 1 capital ratio 14.5 14.4 14.3 12.53 (27) 17 1
Slide 79: Risk Weighted Assets
RISK WEIGHTED ASSETS CAPITAL, FUNDING AND LIQUIDITY RWA ($bn) Credit RWA up $2.6bn or 0.7% 9.8 (4.7) 14.7 (0.1) (3.6) 0.6 458.3 (2.7) 449.5 450.0 (5.8) UP $8.3BN OR 1.8% Mar-25 Sep-25 Credit quality Lending 1 Counter- Data FX IRRBB Operational risk Market Mar-26 party credit refinement translation r
Slide 80: Internationally Comparable Capital Ratio Reconciliation
INTERNATIONALLY COMPARABLE CAPITAL RATIO RECONCILIATION1 CAPITAL, FUNDING AND LIQUIDITY APRA’s capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower reported capital ratios by Australian banks. The following details the adjustmen
Slide 81: Well Placed on Internationally Comparable Capital
WELL PLACED ON INTERNATIONALLY COMPARABLE1 CAPITAL, FUNDING AND LIQUIDITY Common equity tier 1 ratio (%) 20% 15% Capital One Financial Corp 10% China Construction Bank Toronto Dominion Bank China Merchants Bank Royal Bank of Canada Standard Chartered La Banque Postale Norinchukin Bank Westpac, 19.36
Slide 82: Regulatory Capital Changes
REGULATORY CAPITAL CHANGES CAPITAL, FUNDING AND LIQUIDITY Expected impact on the Implementation Change Details Group’s Total Capital • AT1 capital instruments will be phased out. Refer slide 83 for more details • APRA has confirmed that the leverage ratio will be calculated based on CET1 capital rat
Slide 83: APRA Phasing Out AT1 Capital Instruments
APRA PHASING OUT AT1 CAPITAL INSTRUMENTS CAPITAL, FUNDING AND LIQUIDITY Changes to capital1 Total capital (%) • In December 2025 APRA finalised the changes to prudential standards to CET1 AT1 Tier 2 phase out AT1 capital 21.50 • Effective 1 January 2027: 18.25 18.25 7.22 – The 1.5% of AT1 capital re
Slide 84: Tier 2 Capital and LAC
TIER 2 CAPITAL AND LAC CAPITAL, FUNDING AND LIQUIDITY Loss-absorbing capacity (LAC) (% of RWA) Tier 2 capital outstanding1,3 (%) Tier 2 LAC By format (notional amount) 6.5 22 4.5 Callable 7.2 Bullet 2.0 78 Westpac as at APRA 31 Mar 2026 requirements Tier 2 capital issuance by currency1,2 ($bn) 7.00
Slide 85: 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 March 2025 2.0 1.3 (0.7) (3.7) • Additional 20% from stable sources of long-term wholesale and equity 113 (0.0) 112 5
Slide 86: Liquidity Coverage Ratio (LCR)
LIQUIDITY COVERAGE RATIO (LCR) CAPITAL, FUNDING AND LIQUIDITY LCR ($bn) Movement in LCR (%) March 2026 quarterly average 132% 137 (3.4) 183 (1.1) (1.0) 0.5 138 (0.0) 132 Net cash outflows (NCOs) 27 Other flows1 10 Wholesale funding 183 Customer deposits 101 Liquid assets HQLA 1 Net cash outflows Liq
Slide 87: Wholesale Funding
WHOLESALE FUNDING CAPITAL, FUNDING AND LIQUIDITY Indicative wholesale funding costs Long term wholesale funding back book1 (%) (spread above 3mth Bank Bill Swap Rate) By program AUD Mar-26 AUD Mar-25 USD Mar-26 USD Mar-25 AT1 capital 5 120 100 Tier 2 capital 19 80 60 Covered bonds 22 40 20 Senior bo
Slide 88: Long Term Wholesale Funding Profile
LONG TERM WHOLESALE FUNDING PROFILE CAPITAL, FUNDING AND LIQUIDITY Term debt issuance and maturity profile1 ($bn) Issuance 2H26 term debt issuance considerations Maturities ‒ Sale of RAMS mortgage portfolio 42 ‒ Balance sheet growth ‒ FX and market conditions 35 31 32 28 29 28 21 20 20 Funding for L
Slide 89: Supporting Customers
~ —— SUPPORTING CUSTOMERS
Slide 90: 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 SERVICING CASH Spent ~$150m in 1H26 to support access to cash in Australian communities 13M CUSTOMERS #1 MOBILE BANKING APP1 LARGEST ATM NETWORK
Slide 91: #1 Mobile Banking App Three Years in a Row
#1 MOBILE BANKING APP THREE YEARS IN A ROW1 SUPPORTING OUR CUSTOMERS $85M 6.7M 1.2M CUSTOMERS Using Money Management Tools3 In Value Rewarded to Customers Customer Daily Logins2 MONEY MANAGEMENT • Commenced rollout of Subscription Manager, allowing customers to find and cancel unwanted subscriptions
Slide 92: Customers Continue to Migrate to Digital
CUSTOMERS CONTINUE TO MIGRATE TO DIGITAL SUPPORTING OUR CUSTOMERS Digitally active customers (#m)1 Digital transactions (#m)1 5.86 5.9 5.72 472 5.7 5.60 458 5.56 5.44 437 5.5 429 UP 2% 412 UP 3% 5.3 5.1 UP 5% UP 8% 4.9 1H24 2H24 1H25 2H25 1H26 1H24 2H24 1H25 2H25 1H26 Digital sales1,2,3 Mobile walle
Slide 93: 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 Spot genuine Westpac calls • Available in the app to ~1 million customers VERIFY • Confirmation of Payee capability which includes indust
Slide 94: Broad Suite of Security Features Driving Down Customer Losses
BROAD SUITE OF SECURITY FEATURES SUPPORTING OUR CUSTOMERS DRIVING DOWN CUSTOMER LOSSES1 Customer reported scam losses 18% lower compared to FY25 and 54% lower than FY23, with prevention measures saving $181m in customer scam losses 1H26 Industry Confirmation Full roll out of JESS Enhancement of West
Slide 95: Service Excellence: Leadership Across Segments
SERVICE EXCELLENCE: LEADERSHIP ACROSS SEGMENTS1 SUPPORTING OUR CUSTOMERS Consumer NPS® Channel NPS rankings Consumer banking, MFI WBC Peers 15 10 #1 Online Banking 34.1% 5 =#1 In Call Centre 13.3% 12.3% 15.7% 0 -5 #2 Mobile App Peer 1 Peer 2 Peer 3 Westpac Group Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Bu
Slide 96: Service Excellence: Leadership Across Segments
SERVICE EXCELLENCE: LEADERSHIP ACROSS SEGMENTS SUPPORTING OUR CUSTOMERS Institutional FX1 2022-2025 change in FX RSI2 (pts) 80 Project Finance and #1 Renewables #1 5 #1 Public Sector Deposits 3 YEARS RUNNING (33) $A bonds & ABS3, leading WBC Peer 1 Peer 2 (51) Peer 3 #1 in Australian Fixed Income4 N
Slide 97: Improvement in Mortgages
IMPROVEMENT IN MORTGAGES SUPPORTING OUR CUSTOMERS Unit cost per 3rd party applications ($) On-Day Settlement (%) 489 87.4 87.9 449 84.9 DOWN 8% UP 4% 1H25 1H26 FY24 FY25 1H26 Annual median time to decision (Days)1 1st Party 3rd Party 6.1 5.2 5.0 5.1 4.6 4.8 4.2 3.8 2H24 1H25 2H25 1H26 1 Prior period
Slide 98: Operational Efficiency
OPERATIONAL EFFICIENCY SUPPORTING OUR CUSTOMERS Credit card cost per origination ($) Business lending cost per deal ($) DOWN 6% DOWN 4% 1H25 1H26 1H25 1H26 Mortgage contact centre cost per call ($) Financial Market Ops cost per settlement ($) DOWN 31% DOWN 7% 1H25 1H26 1H25 1H26 98 Westpac Group 202
Slide 99: 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 100: Segment Results
~ —— SEGMENT RESULTS
Slide 101: Consumer 1H26 Performance
CONSUMER 1H26 PERFORMANCE CONSUMER Net profit ($m) NIM down 7bps, Simpler operating model including Fit for Growth AIEA up 3% initiatives, Lower investment spend 154 18 (24) 1,184 1,085 1,126 (77) (13) UP 5% 1H25 2H25 Net interest Non-interest Operating Impairment Tax and NCI 1H26 income income expe
Slide 102: Business and Wealth 1H26 Performance
BUSINESS AND WEALTH 1H26 PERFORMANCE BUSINESS AND WEALTH Net profit ($m) Increase driven by volume growth with AIEA up 6%, partly offset by NIM decrease of 10bps Structural productivity, reduced vendor spend and lower UNITE spend Revised economic outlook in the base case and overlays reflecting geop
Slide 103: Wealth
WEALTH BUSINESS AND WEALTH Panorama FUA ($m)1 Net flows excluding benefit payments3 ($m) Asgard FUA migrated to Panorama in March 20261 147,635 5,115 5,152 132,650 113,328 118,593 120,501 3,146 3,364 Up 11% 1,952 Up 1% Up 23% Up 53% Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 1H24 2H24 1H25 2H25 1H26 WINNER
Slide 104: Institutional 1H26 Performance
INSTITUTIONAL 1H26 PERFORMANCE WESTPAC INSTITUTIONAL BANK Net profit ($m) AIEA up 14%, partly offset by a Lower contribution from Productivity initiatives, 14bps reduction in NIM ex. Markets derivative valuation adjustments including Fit for Growth 800 38 (51) 22 (96) 775 22 735 Down 8% 1H25 2H25 Ne
Slide 105: New Zealand 1H26 Performance
NEW ZEALAND 1H26 PERFORMANCE1 NEW ZEALAND Net profit ($m) NIM down 10bps Higher staff expenses and technology Revised economic Average deposits at the floor ~$10bn costs, offset by productivity outlook in the base case 671 (30) (6) (23) (114) 526 47 545 DOWN 19% 1H25 2H25 Net interest Non-interest O
Slide 106: New Zealand Balance Sheet (NZ$)
NEW ZEALAND BALANCE SHEET (NZ$) NEW ZEALAND Customer deposits ($bn) Net loans ($bn) 1.6 83.7 80.9 81.0 1.1 2.0 0.7 109.0 106.3 103.2 UP 3% UP 3% 1H25 2H25 Consumer Business 1H26 1H25 2H25 Consumer Business 1H26 Loans and % of total Customer deposits and % of total Term deposits Savings Transaction H
Slide 107: Environment, Social & Governance
ENVIRONMENT, SOCIAL & GOVERNANCE
Slide 108: Sustainability Strategy
SUSTAINABILITY STRATEGY ESG 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 Proactively support S
Slide 109: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS ESG Growing Sustainable Finance Sustainability highlights Our Sustainable Finance Framework classifies sustainable finance as Green, Transition, Social or Sustainability. • Sourced the equivalent of 100% of our direct electricity demand from renewable sources in Lending (TC
Slide 110: Financed Emissions Reduction Targets (FY25)
FINANCED EMISSIONS REDUCTION TARGETS (FY25) ESG Progress on our financed emissions targets1 Carbon-intensive sector requirements We have set 13 financed emissions sector targets and continue to monitor progress towards our 2030 • From 30 Sep-25, new or renewed corporate lending and targets, with the
Slide 111: Social – Strengthening Inclusion, Diversity and Wellbeing
SOCIAL– STRENGTHENING INCLUSION, DIVERSITY AND WELLBEING ESG GENDER DIVERSITY EMPLOYEE ENGAGEMENT CAREER DEVELOPMENT Women % Mar-26 FY30 Target Employee Engagement Index3 We continue to support our teams to do their best work through: 79 Non-Executive Directors1 40 Executive Team1 46 AT MARCH-26 • A
Slide 112: Economics
~ —— ECONOMICS
Slide 113: Australian and New Zealand Economic Forecasts
AUSTRALIAN AND NEW ZEALAND ECONOMIC FORECASTS ECONOMICS – (%) AS AT 1 MAY 2026 Key economic indicators 1 Year average growth rates. 2 Through 2025 the year2026 growth rates. 2027 Calendar Years Q3 Q4 Q1 Q2 Q3 Q4 Q1E Q2F Q3F Q4F 2025 2026F 2027F 2028F World GDP1 - - - - - - - - - - 3.4 3.1 3.2 3.3 Au
Slide 114: Australian Housing Market – Price Growth Slows
AUSTRALIAN HOUSING MARKET – PRICE GROWTH SLOWS ECONOMICS Dwelling prices (3mth annualised) 40 % 2019 election COVID-19 ‘Delta’ 35 rate cuts rate hikes 30 Macro-prudential 25 measures 20 15 10 5 0 -5 -10 -15 -20 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Sources: CoreLogic, Westpa
Slide 115: New Zealand Housing Market – Activity Has Stabilised, Still Subdued
NEW ZEALAND HOUSING MARKET – ECONOMICS ACTIVITY HAS STABILISED, 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 % Real Household Disposable Income %yr Real Household Consumption %yr 13 9 5 1 -3 -7 -11 -15 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 State contribution to annual change in bu
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 1H25 2H25 1H26 1H26 – 2H25 (%) Net interest income 9,569 9,904 9,763 (1) Non-interest income 1,424 1,567 1,521 (3) Net operating income 10,993 11,471 11,284 (2) Expenses (5,698) (6,218) (5,830) (6) Pre-provision profit 5,295 5,253 5,454 4 Impairment charges
Slide 120: Appendix 2: Definitions – Credit Quality
APPENDIX 2: DEFINITIONS – CREDIT QUALITY APPENDIX Expected credit losses (ECL) are a probability-weighted estimate of the cash shortfalls Includes exposures that have deteriorated to the point where full collection of interest Provision for expected to result from defaults over the relevant time fra
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 provides banking products and services, including mortgages, credit Consumer cards, personal loans, and savings and deposit products to Australian retail Capital ratios As defined by A
Slide 122: Appendix 2: Definitions – Digital, MFI, NPS and Institutional Voice of Client
APPENDIX 2: DEFINITIONS – DIGITAL, MAIN FINANCIAL INSTITUTION, AND NET PROMOTER SCORE AND INSTITUTIONAL VOICE OF CLIENT Digital Net Promoter Score Net Promoter® Score measures the net likelihood of recommendation to others of the customer’s main financial institution for retail or business Australia
Slide 123: Appendix 2: Definitions – New Zealand
APPENDIX 2: DEFINITIONS – NEW ZEALAND Relationship management scores 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 millio
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 Senior Manager, Investo
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