Barclays Plc · LSE:BARC
Barclays — Debt Investor Presentation (April 2026)
57 slides from Barclays's debt investor presentation, Apr 28, 2026
Slide 1: Q1 2026 Fixed Income Presentation
Q1 2026 Fixed Income Presentation 28th April 2026
Slide 2: Better returns: through business mix and improved performance
Better returns: through business mix and improved performance Barclays Q126 Results April 2026 2 Statutory RoTE 2023 2025 2026 2028 2023 vs 2025 2025 vs 2028 19% 21% >20% >20% Barclays UK c.£20bn of c.£30bn UK >5% lending CAGR Improving mix business growth RWAs 21% 19% High teens >20% Further RWA UK
Slide 3: Q126 performance
Q126 performance
Slide 4: Group Q126 performance against financial targets
Group Q126 performance against financial targets Barclays Q126 Results April 2026 4 Targets Q126 actuals 2026 targets 2028 targets Statutory RoTE 13.5% >12% >14% Progressive increase >£15bn2 Total payout £0.5bn vs 20252 With capacity to support Share buyback incl. planned £2bn investment and growth
Slide 5: Q126 performance summary
Q126 performance summary Barclays Q126 Results April 2026 5 Q126 Statutory RoTE Barclays UK 19.7% FY26 target: >20% Execution progress UK Corporate Bank 19.9% Announced £500m share buyback for Q126 FY26 target: high teens% Private Bank & Wealth 25.5% Management FY26 target: >25% Realised c.£150m of
Slide 6: Group delivered Q126 RoTE of 13.5%; Profit before tax up 3% YoY
Group delivered Q126 RoTE of 13.5%; Profit before tax up 3% YoY Barclays Q126 Results April 2026 6 Group RoTE (%) Profit before tax (£m) +3% Profit before impairment +8% 8% tangible (1.0) equity growth 2,598 2,719 2,814 2.5 2,399 2,234 2,277 (1.0) (1.0) Operating jaws +2% Q121 Q122 Q123 Q124 Q125 Q1
Slide 7: Group income of £8.2bn, up 6% YoY, driven by stable income streams
Group income of £8.2bn, up 6% YoY, driven by stable income streams Barclays Q126 Results April 2026 7 Group income (£bn) +6% YoY 8.2 YoY QoQ 7.7 7.1 0.8 +17% +24% Investment 7.0 0.6 c.£31bn income target in FY26 Banking fees & 0.6 0.6 1.8 -1% +111% underwriting 1.8 0.9 Intermediation 1.6 More stable
Slide 8: Group NII of £3.4bn, up 12% YoY; FY26 guidance of >£13.5bn
Group NII1 of £3.4bn, up 12% YoY; FY26 guidance of >£13.5bn Barclays Q126 Results April 2026 8 Net interest income (£bn) +12% YoY 4.00 3.50 3.4 3.4 3.0 2026 Group NII1 guidance: >£13.5bn 3.00 2.7 2026 Barclays UK NII guidance: £8.1 – £8.3bn 1.4 1.4 2.50 UK Corporate Bank, 1.2 Private Bank & Wealth N
Slide 9: 56% cost: income ratio in Q126; FY26 guidance of high 50s%
56% cost: income ratio in Q126; FY26 guidance of high 50s% Barclays Q126 Results April 2026 9 Cost: income ratio (%) Group total costs (£m) Includes Motor Finance provision of £105m Q124 Q125 Q126 2026 target YoY 60 57 56 c.100 c.50 Group High 50s% c.(150) c.50 c.150 Delivered c.£150m of cost 58 56
Slide 10: On track to deploy c.£30bn UK RWA by 2026; UK lending growth 5% YoY
On track to deploy c.£30bn UK RWA by 2026; UK lending growth 5% YoY Barclays Q126 Results April 2026 10 Continued strong net mortgage growth Card acquisitions driving balance growth YoY HLTV mix1 15% 14% 18% 22% 26% 23% 26% 23% Card 243 251 288 386 374 371 317 364 acquisitions (k)2 8.1 8.5 9.6 9.3 1
Slide 11: Barclays UK delivered Q126 RoTE of 19.7%
Barclays UK delivered Q126 RoTE of 19.7% Barclays Q126 Results April 2026 11 RoTE (%) Income by business (£m) YoY Total costs (£m) Expect H2 costs lower vs H1 YoY 2,262 2,258 +9% 2,074 1,826 560 533 +6% 501 Business 469 Banking 1,160 1,329 1,217 +5% 1,063 Retail 1,357 1,573 1,702 1,725 +10% Banking
Slide 12: Seasonal deposit trends; seventh consecutive quarter of organic loan growth
Seasonal deposit trends; seventh consecutive quarter of organic loan growth Barclays Q126 Results April 2026 12 Barclays UK deposit balances and mix (£bn) Barclays UK loans and advances1 (£bn) -£1.1bn -£1.8bn +£0.2bn +£3.1bn -£0.7bn +£1.9bn +£1.6bn +£2.2bn +£3.1bn +£1.3bn YoY YoY 213 217 218 +4% 244
Slide 13: UK Corporate Bank delivered Q126 RoTE of 19.9%
UK Corporate Bank delivered Q126 RoTE of 19.9% Barclays Q126 Results April 2026 13 RoTE (%) Income by product (£m) YoY Income by type (£m) YoY 539 530 +10% 539 530 +10% 484 484 434 97 89 +11% 434 Corporate 80 143 136 -4% 72 142 lending Non-NII 157 Transaction 404 442 441 +9% 396 394 362 342 +15% ban
Slide 14: Private Bank & Wealth Management delivered Q126 RoTE of 25.5%
Private Bank & Wealth Management delivered Q126 RoTE of 25.5% Barclays Q126 Results April 2026 14 Expect to build RoTE (%) Income by type (£m) YoY Total costs (£m) QoQ in 2026 YoY 349 348 347 -1% 312 145 146 143 -1% Non-NII 137 296 236 257 +9% 217 NII 175 204 202 204 0% Q124 Q125 Q425 Q126 Q124 Q125
Slide 15: Operational performance on track in Investment Bank
Operational performance on track in Investment Bank Barclays Q126 Results April 2026 15 Maintaining capital discipline Driving efficiency of capital Growing more stable income streams Period-end IB RWAs (£bn) Income / average RWAs (%) 36% from stable income streams in Q126 (£bn) 13.1 YoY 11.61 11.8
Slide 16: Investment Bank delivered Q126 RoTE of 15.0%
Investment Bank delivered Q126 RoTE of 15.0% Barclays Q126 Results April 2026 16 RoTE (%) Investment Bank income (£bn)1 YoY 3,873 4,028 +4% 3,328 2,792 2,470 2,559 +4% Other income2 2,204 1,461 More stable 1,4034 1,469 +5% 1,124 1,331 income streams3 Q124 Q125 Q425 Q126 16.2 15.0 Investment Bank inc
Slide 17: Income up 4% YoY; solid performance in Equities, Advisory and ECM
Income up 4% YoY; solid performance in Equities, Advisory and ECM Barclays Q126 Results April 2026 17 Global Markets Investment Banking Investment Income by product (£m) Income by type (£m) Income (£m) Banking fees +25% USD YoY1 +6% YoY +6% YoY +13% USD -1% YoY +13% USD 2,832 YoY 2,662 2,832 YoY 1,2
Slide 18: Global Markets risk managed prudently
Global Markets risk managed prudently Barclays Q126 Results April 2026 18 Global Markets: VaR Global Markets: Daily trading income distribution2 Russia/ US banking £60m Ukraine crisis Q126 Average Q121-25 £40m Average VaR1 £21m £20m <£0m £0-15m £16-30m £31-50m £50m+ Average 1 8 23 26 8 £0m Q121 –25
Slide 19: Operational performance on track in US Consumer Bank
Operational performance on track in US Consumer Bank 19 Barclays Q126 Results April 2026 Organic and inorganic balance growth Margin tracking to >13% Rebalancing mix towards retail End Net Receivables ($bn)1 Net interest margin (%) Retail mix (%)3 +12% since 20232 37.6 +9% YoY 12.8 34.2 36.2 10.9 10
Slide 20: US Consumer Bank delivered Q126 RoTE of 18.8%
US Consumer Bank delivered Q126 RoTE of 18.8% Barclays Q126 Results April 2026 20 YoY RoTE (%) Income by type (£m) Total costs (£m) 1,053 +14% YoY 983 +21% USD 859 864 277 160 -14% Non-NII 171 186 -9% USD 390 410 432 380 -7% 776 823 +21% NII 688 678 -1% USD +29% USD 12.5 Q124 Q125 Q425 Q126 Q124 Q12
Slide 21: Acquisition of Best Egg and sale of American Airlines to complete in Q226
Acquisition of Best Egg and sale of American Airlines1 to complete in Q226 Barclays Q126 Results April 2026 21 Estimated impacts in Q226 Annual normalised income ($m)2 American Airlines Best Egg c.$700m2 partnership exit acquisition Capital light origination and servicing fees Income c.$300m gain on
Slide 22: Asset quality
Asset quality
Slide 23: Expect FY26 to be around the top of 50-60bps through the cycle guidance
Expect FY26 to be around the top of 50-60bps through the cycle guidance Barclays Q126 Results April 2026 23 Loan loss rate (bps) Impairment charge (£m) 190 US Consumer Bank 610 562 558 5052 491 410 399 367 438 456 140 411 395 Q124 Q125 Q126 Includes £228m single name Group charge in Investment Bank
Slide 24: Impairment: maintaining Group through the cycle LLR guidance of 50-60bps
Impairment: maintaining Group through the cycle LLR guidance of 50-60bps Barclays Q126 Results April 2026 24 Group has operated within 50-60bps LLR for the past decade Structurally lower UK impairment BUK: c.30bps LLR through the cycle Q126 90d+ arrears 138 Group LLR Mortgages Average LLR between FY
Slide 25: Well provisioned balance sheet
Well provisioned balance sheet Barclays Q126 Results April 2026 25 Balance sheet provisions for ECL (£bn) Credit impairment charges (£m) 823 5.7 6.0 Off-balance sheet 0.4 Barclays UK 0.4 178 Private Bank & 3 Wealth Management UK Corporate Bank 535 On-balance sheet 74 279 Investment Bank 5.3 5.6 1 22
Slide 26: Broadly stable delinquency trends in US cards
Broadly stable delinquency trends in US cards Barclays Q126 Results April 2026 26 30 day US cards delinquencies 3.1% 2.9% 3.0% 3.0% 3.0% 2.8% 2.9% 3.0% 3.1% 90 day US cards delinquencies 1.7% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.7% 1.5% USCB loan loss rate1 (bps) 610 438 411 395 562 456 5055 558 491 USCB
Slide 27: Our US Cards book is high quality and stable, with no signs of stress
Our US Cards book is high quality and stable, with no signs of stress Barclays Q126 Results April 2026 27 US consumer indebtedness lower versus historic levels1 Our book is positioned in the super-prime segment 2008 crisis Pandemic 790 10% 25% Super-prime 740 8% 20% Prime 690 Q126 USCB 6% 15% Near P
Slide 28: Long-term prudent risk positioning in our credit card portfolios
Long-term prudent risk positioning in our credit card portfolios Barclays Q126 Results April 2026 28 UK cards1 US cards2 22.6 23.3 24.0 25.7 15.0 16.2 19.3 13.6 16.3 Net L&A3 (£bn) 9.8 Net L&A3 (£bn) 13.5 8.7 8.4 9.0 12.5% 14.3% 17.5% 10.4% 8.9% 11.0% 10.4% 10.2% 12.4% 12.8% Total coverage 7.7% 6.5%
Slide 29: Resilient mortgage book; leveraging capabilities of Kensington
Resilient mortgage book; leveraging capabilities of Kensington Barclays Q126 Results April 2026 29 Mortgage portfolio Kensington adding capabilities to Barclays UK • 56.2% average balance weighted LTV of mortgage stock Ability to lend to high-yield, low risk customers with complex incomes o 42.3% av
Slide 30: Structured financing exposure to NBFIs
Structured financing exposure to NBFIs Barclays Q126 Results April 2026 30 Q126: £66bn1 Securitised Products • Warehouse solutions, often with intention to distribute o Skew towards top tier counterparties with high frequency reporting of collateral performance Residential o Senior attachment points
Slide 31: Private Credit illustrative example
Private Credit illustrative example Barclays Q126 Results April 2026 31 At inception 10% asset value decline Investors Bank Investors Bank >£150m >£150m investment investment committed committed £200m £200m senior secured senior secured Private Credit fund debt, with Private Credit fund debt, with <
Slide 32: Commercial Real Estate exposure is modest and well managed
Commercial Real Estate exposure is modest and well managed Barclays Q126 Results April 2026 32 FY25: 4.9%1 of customer loans and advances (L&A), with a weighted average LTV of 48%2 Customer loans & Retail £367bn advances3 Construction £1.8bn £1.9bn Residential £17.8bn £4.8bn Other/Mixed £5.7bn4 CRE
Slide 33: Risk transfer transactions enhance Barclays' risk management capabilities
Risk transfer transactions enhance Barclays’ risk management capabilities Barclays Q126 Results April 2026 33 Purpose Q425: Barclays transfers c.£54bn1 risk via a variety of structures • The banking book has inherent credit Corporate • Credit linked notes (CLNs) sold to investors risk, driving risk
Slide 34: Risk transfer activities focused on corporate loans and credit cards
Risk transfer activities focused on corporate loans and credit cards Barclays Q126 Results April 2026 34 Q425: Corporate loans Q425: US credit cards • Colonnade programme established in 2016 • Initiated risk transfer in Q124 to help optimise • Deployed against exposure in the UK Corporate Bank and I
Slide 35: Capital and leverage
Capital and leverage
Slide 36: CET1 ratio in relation to our minimum requirements
CET1 ratio in relation to our minimum requirements Barclays Q126 Results April 2026 36 Q126: CET1 minimum requirements MDA 12.2% CCyB 1.0% CCB 2.5% • Have been operating around the top end of our 13-14% CET1 target range • Returns and distributions targets based on operating around this level G-SII
Slide 37: Robust capital position with 14.1% CET1 ratio (13.9% rebased)
Robust capital position with 14.1% CET1 ratio (13.9% rebased) Barclays Q126 Results April 2026 37 Q126 CET1 ratio movements (14bps) 53bps (22bps) (27bps) (16bps) c.(14bps) 14.3% 14.0% 14.1% 13.9% Q425 Q425 announced Q425 rebased Attributable Dividend RWA Other Q126 Q126 announced Q126 rebased buybac
Slide 38: Guidance on regulatory driven RWA inflation
Guidance on regulatory driven RWA inflation Barclays Q126 Results April 2026 38 c.£19-26bn total RWA impact remains unchanged c.£3-10bn Basel 3.1: • FRTB1 impact mostly expected in 2027. Likely to use option to defer elements of FRTB to 20282 c.£3-10bn • Partial offset in Pillar 2A expected on 1st J
Slide 39: Operating with a prudent buffer to each tier of capital requirements
Operating with a prudent buffer to each tier of capital requirements Barclays Q126 Results April 2026 39 Q126: AT1 and T2 needs managed on a total capital basis Balanced total capital structure • Operating with prudent buffers at each part of the capital stack to manage FX and RWA movements 19.7% •
Slide 40: Group RWAs increased by c.£8bn quarter on quarter; of which £2.1bn is FX
Group RWAs increased by c.£8bn quarter on quarter; of which £2.1bn is FX Barclays Q126 Results April 2026 40 Risk weighted assets (£bn) IB % of Group: 57% 56% 55% 55% 5.0 0.2 0.0 1.7 0.8 0.2 £1.7bn increase driven by FX QoQ 364.5 351.3 356.8 349.6 Q124 Q125 Q425 Barclays UK UK Corporate Private Bank
Slide 41: Leverage ratio above regulatory requirements
Leverage ratio above regulatory requirements Barclays Q126 Results April 2026 41 Q126: leverage minimum requirements Reg Min 4.08% CCLB 0.30% G-SII 0.53% 4.8% 4.6% BoE minimum leverage 3.25% requirement UK Leverage requirement UK spot UK average
Slide 42: Balance sheet management
Balance sheet management
Slide 43: MREL position well established
MREL position well established Barclays Q126 Results April 2026 43 Q126: MREL minimum requirements HoldCo issuance 35.4% (£128.9bn) 30.5% • c.£10bn issuance plan for 2026, following a modest amount of pre- (£111.2bn) funding in 2025 CCyB: 1.0% CCB: 2.5% Senior: 15.7% • MREL issuance plan continues t
Slide 44: c.£10bn issuance plan for 2026, £3.0bn issued year to date
c.£10bn issuance plan for 2026, £3.0bn issued year to date Barclays Q126 Results April 2026 44 2026 HoldCo benchmark Annual HoldCo issuance volume (£bn) and currency1,2 issuance 16.1 15.0 15.1 Senior 14.1 February c.10 11.0 • $0.3bn 4NC3 FRN plan 8.6 11.2 • $1.0bn 4NC3 7.8 10.7 9.8 11.8 • $1.2bn 6NC
Slide 45: Diverse and stable deposit base of £588bn
Diverse and stable deposit base of £588bn Barclays Q126 Results April 2026 45 Q126 deposit balances: Group +£ 2bn QoQ, +£14bn YoY Corporates & SMEs1 Consumer2 Investment Bank: International Corporate Bank4 Barclays UK: Personal Banking Banks3 £193bn, flat QoQ, +£2bn YoY £116bn, +£4bn QoQ, +£9bn YoY
Slide 46: Prudently managed LCR supported by a highly liquid balance sheet
Prudently managed LCR supported by a highly liquid balance sheet Barclays Q126 Results April 2026 46 Average LCR (%)1 Average NSFR (%)2 74% of Liquidity Pool held in cash HTC £22bn 172 170 138 7% 156 161 165 137 135 135 135 FVOCI £62bn 19% FY22 FY23 FY24 FY25 Q126 FY22 FY23 FY24 FY25 Q126 Liquidity
Slide 47: Structural hedge expected to deliver income growth beyond 2028
Structural hedge expected to deliver income growth beyond 2028 Barclays Q126 Results April 2026 47 Continued structural hedge momentum Hedge notional (£bn) 3.9% Q126: 3.9% GBP 7yr average10000 swap rate1 246 236 242 5000 232 Average 14000 2.5% Q126: 2.8% hedge yield2 12000 0 10000 +>£1bn Product 197
Slide 48: Performance of the structural hedge over time
Performance of the structural hedge over time Barclays Q126 Results April 2026 48 The structural hedge smooths income and protects against sharp downwards movement in interest rates 7% 6% 5% 4% 3% 2% 1% 0% -1% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 49: Credit ratings
Credit ratings
Slide 50: Targeting Barclays PLC to be "A" composite across all indices over time
Targeting Barclays PLC to be “A” composite across all indices over time Barclays Q126 Results April 2026 50 All ratings affirmed in 2025 Current Senior long- and short-term ratings • HoldCo Senior composite “A” rated for two of four Moody’s Standard & Poor’s Fitch indices1 • One further upgrade with
Slide 51: Appendix
Appendix
Slide 52: Plan continues to be based on realistic assumptions
Plan continues to be based on realistic assumptions Barclays Q126 Results April 2026 52 UK Unemployment UK Inflation UK Rates 4.2% 4.2% 4.3% 7 year GBP swap rate 3.8% Market implied1 10th Feb Hedge reinvestment 3.5% 3.5% 3.5% 5.4% Consensus1 5.1% 5.1% 2026 3.4% rate 3.3% 10th Feb Consensus1 UK bank
Slide 53: Resilient UK economic trends
Resilient UK economic trends Barclays Q126 Results April 2026 53 UK GDP growth comparable to US and Euro economies1 UK debt-to-GDP lower than historic highs2 2025 2026E 2027E Households Non-financial corporations Nominal GDP growth Debt as a % of GDP 6% 100% 5% 4% 80% 3% 2% 60% 1% 0% 40% UK US Euroz
Slide 54: Appendix: Barclays UK
Appendix: Barclays UK Barclays Q126 Results April 2026 54 Income by business (£m) 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Retail Banking 1,500 1,481 1,403 1,309 1,357 1,402 1,433 2,0782 1,573 1,599 1,708 1,702 1,725 Of which: UK Cards1 247 237 238 242 229 228 249 296 292 279 296 2
Slide 55: Macroeconomic variables
Macroeconomic variables Barclays Q126 Results April 2026 55 Assumptions 2025 2026 2027 2028 UK GDP2 1.4% 1.3% 1.5% 1.4% UK unemployment3 5.1% 4.8% 4.8% 4.8% UK bank rate4 3.75% 3.50% 3.75% 3.75% Hedge reinvestment rate 3.8%5 3.5% 3.5% 3.5% UK inflation6 3.4% 2.5% 2.2% 2.2% Plan (10th February 2026)
Slide 56: Disclaimer
Disclaimer Barclays Q126 Results April 2026 56 Important Notice The terms Barclays or Group refer to Barclays PLC together with its subsidiaries. The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation, an offer to sel
Slide 57: Contact details, upcoming events and useful presentations
Contact details, upcoming events and useful presentations Barclays Q126 Results April 2026 57 Debt Investor Relations Upcoming events Jordan Guy jordan.guy@barclays.com 28th July 2026 Q226 results 22nd October 2026 Q326 results Justin Lutterbuese justin.lutterbuese@barclays.com Useful presentations