National Bank Of Canada · TSX:NA
National Bank Of Canada — Q1 2026 Earnings Presentation
39 slides from National Bank Of Canada's earnings presentation, Feb 25, 2026
Slide 1: Investor Presentation First Quarter 2026
Investor Presentation First Quarter 2026 February 25, 2026
Slide 2: Caution Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Investor presentation 2 Caution Regarding Forward-Looking Statements and Non-GAAP Financial Measures Certain statements in this document and orally are forward-looking statements. These statements are made in accordance with applicable securities legislation in Canada and the United States.The forwa
Slide 3: Note to reader
Investor presentation 3 Note to reader ▪ We closed the acquisition of Canadian Western Bank “CWB” on February 3, 2025 (the “CWB Transaction”) ▪ We present information on a Consolidated Basis and, selectively, exclude any impact from the CWB Transaction - Total Bank: Refers to Consolidated Results -
Slide 4: Overview
Overview 4 Laurent Ferreira President & Chief Executive Officer
Slide 5: Q1 2026 – Strong start to the year
Overview 5 Q1 2026 – Strong start to the year ▪ PTPP(1) YoY: Reported 22% | Adjusted(2) 23% | Ex. CWB(2) 12% Strong earnings growth ▪ Diluted EPS: Reported $3.08 up 11% YoY | Adjusted(2) $3.25 up 11% YoY ▪ Strong contribution to our Q1 results, with $300MM in revenues Realizing value from CWB ▪ Annu
Slide 6: Q1 2026 – Solid growth across our diversified businesses
Overview 6 Q1 2026 – Solid growth across our diversified businesses P&C Banking (YoY Revenue Growth) (Reported | Ex. CWB) ▪ Revenue growth reflects the CWB Transaction and robust organic balance sheet growth ▪ Personal mortgages(1): up 19% YoY (Ex. CWB up 11%) and up 3% QoQ + 27% | + 7% ▪ Commercial
Slide 7: Financial Review
Financial 7 Review Marie Chantal Gingras Chief Financial Officer and Executive Vice-President, Finance
Slide 8: Q1 2026 – Solid performance across all segments
Financial review 8 Q1 2026 – Solid performance across all segments ▪ Double-digit revenue and PTPP growth in Q1 Q1 2026 Performance – Total Bank - Growth driven by a combination of strong organic performance across all segments and the CWB Transaction ($MM) Reported Adjusted(1) - Ex. CWB, revenues(1
Slide 9: Delivering NII growth in Q1
Financial review 9 Delivering NII growth in Q1 NII and NIM(1) ▪ Reported net interest income and margin include the financing costs to support trading activity growth(3) ($MM; NIM on Average Interest-Bearing Assets) 2,090 ▪ Adjusted NII (excl. trading)(2) up 5% QoQ 1,938 1,989 1,862 - Primarily driv
Slide 10: Continued growth on both sides of the balance sheet
Financial review 10 Continued growth on both sides of the balance sheet Loans(1) Deposits (Ex. Wholesale Funding)(3) ($B) ($B) 317.8 323.3 294.2 302.9 263.1 292.7 302.6 304.1 285.7 246.6 180.9 193.4 197.4 172.2 164.3 62.6 61.6 60.9 59.0 50.7 48.2 59.4 60.3 63.5 66.9 (2) (4) Q1 25 Q2 25 Q3 25 Q4 25 Q
Slide 11: Strong capital position
Financial review 11 Strong capital position CET1 Ratio(1) ▪ CET1 ratio of 13.74%, supported by strong net capital generation (+41 0.67% bps) (0.26%) 0.08% 13.75% (0.33%) (0.14%) (0.03%) 13.74% ▪ RWA growth (ex. FX) of ~$1.9B QoQ (-14 bps) - Organic growth in RWA of ~$3.6B QoQ (-26 bps) - Partly offs
Slide 12: Synergies from the acquisition of CWB
Financial review 12 Synergies from the acquisition of CWB On track to deliver the $270MM of cost & funding synergies target by end of FY 2026 ($MM) ▪ Annualized synergies tracking at $247MM(3) vs. $270MM cost and Full cost and funding target to be funding synergy target achieved by end of FY 2026: $
Slide 13: Path to 17%+ adjusted ROE objective for FY 2027
Financial review 13 Path to 17%+ adjusted ROE objective for FY 2027 FY 2026 Prior 8 ~15% ROE Outlook FY 2026 Current 7 ~16% ▪ Strong start to the year, resilient equity markets, planned realization of CWB synergies and ROE Outlook accelerated share buybacks support a higher ROE target for FY26 Organ
Slide 14: Risk Management
Risk 14 Management Jean-Sébastien Grisé Executive Vice-President and Chief Risk Officer
Slide 15: Provisions for credit losses (PCL) – Strong credit performance
Risk management 15 Provisions for credit losses (PCL) – Strong credit performance Impaired PCL (excl. Credigy’s POCI) ($MM) Impaired (excl. Credigy’s POCI) Impaired bps (excl. Credigy’s POCI) 32 32 Q1 Total PCL of $244MM (32 bps) 28 28 ▪ Reflect resilient portfolio mix and prudent provisioning 21 Q1
Slide 16: Allowance for credit losses (ACL) – Prudent levels
Risk management 16 Allowance for credit losses (ACL) – Prudent levels ACL ($MM) 2,542 2,426 Total Allowances 2,209 2,285 ▪ Total Allowances cover 5.9x NCOs(3) 896 988 1,731 ▪ Maintaining a prudent level of allowances in light of continued uncertainties 765 788 Performing Allowances: +$18MM QoQ 602 ▪
Slide 17: Gross impaired loans (GIL) and formations – Lower net formations QoQ
Risk management 17 Gross impaired loans (GIL) and formations – Lower net formations QoQ GIL excl. Credigy’s POCI Loans(1) GIL excl. Credigy’s POCI Loans(1) ($MM) (bps) 3,324 3,397 2,992 226 221 2,805 109 111 119 102 110 188 690 723 98 647 100 73 93 608 75 79 81 81 90 1,967 74 55 41 43 71 73 80 192 1
Slide 18: Appendices
Appendices 18
Slide 19: Q1 2026 Results – Total Bank
Appendix 19 Q1 2026 Results – Total Bank Q1 2026 – Total Bank ($MM) ▪ Positive operating leverage Reported Results Adjusted Results(1) Q1 26 Q4 25 Q1 25 QoQ YoY Q1 26 Q4 25 Q1 25 QoQ YoY ▪ Strong earnings growth and returns Revenues 3,893 3,698 3,183 5% 22% 3,893 3,698 3,230 5% 21% Non-Int. Expenses
Slide 20: P&C Banking
Appendix 20 P&C Banking Q1 2026 – P&C Banking P&C NII and NIM ($MM) ($MM; NIM on Average Interest-Bearing Assets) Reported Results (1) Adjusted Results 1,205 1,240 1,146 1,180 Q1 26 Q4 25 Q1 25 QoQ YoY Q1 26 Q4 25 Q1 25 QoQ YoY Revenues 1,528 1,482 1,204 3% 27% 1,528 1,482 1,204 3% 27% 944 Personal
Slide 21: P&C Banking – Excluding CWB
Appendix 21 P&C Banking – Excluding CWB Q1 2026 – P&C Banking Excluding CWB(1) ($MM) ▪ Revenues up 7% YoY, mainly from robust balance sheet growth Q1 26 Q4 25 Q1 25 QoQ YoY Revenues 1,291 1,245 1,204 4% 7% Personal 707 692 662 2% 7% ▪ Average loans up 11% YoY and average deposits up 6% YoY Commercia
Slide 22: Wealth Management
Appendix 22 Wealth Management Q1 2026 – Wealth Management ($MM) Reported Results Adjusted Results(1) ▪ Revenues of $899MM, up 16% YoY Q1 26 Q4 25 Q1 25 QoQ YoY Q1 26 Q4 25 Q1 25 QoQ YoY - Fee-based revenues, up 18% YoY, mainly reflect Revenues 899 862 776 4% 16% 899 862 776 4% 16% market appreciatio
Slide 23: Capital Markets
Appendix 23 Capital Markets Q1 2026 – Capital Markets ($MM) ▪ Strong quarter with revenues of $990MM, up 9% YoY Q1 26 Q4 25 Q1 25 QoQ YoY ▪ Global Markets revenues of $571MM Revenues 990 877 907 13% 9% Global Markets 571 484 595 18% (4%) - Solid momentum from our Equities franchise with strong contr
Slide 24: USSF&I – Credigy
Appendix 24 USSF&I – Credigy Q1 2026 – Credigy (US$ MM) ▪ Average assets up 9% YoY and 1% QoQ, reflecting solid investment volumes Q1 26 Q4 25 Q1 25 QoQ YoY Revenues 115 104 102 11% 13% ▪ NII up 14% YoY primarily driven by asset growth and prepayment Net Interest Income 113 101 99 12% 14% revenue(2)
Slide 25: USSF&I – ABA
Appendix 25 USSF&I – ABA Q1 2026 – ABA Bank (US$ MM) ▪ Net income up 9% YoY Q1 26 Q4 25 Q1 25 QoQ YoY ▪ Loans up 11% and deposits up 18% YoY, with client base up 37% Revenues 196 198 174 (1%) 13% - Benefiting from leading position in digital payments and cash management Non-Interest Expenses 60 64 5
Slide 26: Other
Appendix 26 Other Q1 2026 – Other Segment ($MM) ▪ Reported results reflect specified items related to the CWB Reported Results Adjusted Results(1) Transaction(3) and items related to our intention to acquire Laurentian Q1 26 Q4 25 Q1 25 Q1 26 Q4 25 Q1 25 Bank's retail and SME banking portfolios(4) R
Slide 27: Retail mortgage and HELOC portfolio
Appendix 27 Retail mortgage and HELOC portfolio (As at January 31, 2026) Canadian Distribution by Province Canadian Distribution by Mortgage Type 53% Uninsured & HELOC HELOC Insured Insured $32.0B(2) $30.1B / 28% / 27% 30% 80% 75% $113.6B 7% 6% 39% 4% 20% 25% 74% 61% 49% 26% 51% QC ON AB BC Other Pr
Slide 28: Retail mortgage rate type and maturity profile
Appendix 28 Retail mortgage rate type and maturity profile (As at January 31, 2026) Canadian Mortgage Distribution by Rate Type ▪ ~90% of our Canadian Mortgage portfolio has been repriced, absorbing the impact of rate increases Variable Rate - 32% of mortgage portfolio is variable rate and the month
Slide 29: Total loan portfolio overview
Appendix 29 Total loan portfolio overview Loan Distribution by Borrower Category(1) ▪ Secured lending accounts for 96% of Retail loans (As at January 31, 2026) ▪ Indirect auto loans represent 2.4% of total loans ($7.3B) $B % of Total Retail ▪ Limited exposure to unsecured retail and cards (2% of tot
Slide 30: Canadian loan portfolios
Appendix 30 Canadian loan portfolios Geographic distribution Canadian Retail Portfolio 90+ Delinquency Rate (As at January 31, 2026) (bps) British Q1 20 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Quebec Ontario Columbia Alberta Others Total Mortgages 25 17 21 26 28 29 Retail VRM 21 25 22 23 23 17 Secured Mortgag
Slide 31: Prudent provisioning in uncertain economic environment
Appendix 31 Prudent provisioning in uncertain economic environment Strong Performing ACL Coverage Total Allowances Cover 5.9x NCOs Performing ACL / LTM PCL on Impaired Loans (1) Total ACL / LTM Net Charge-Offs (excl. Credigy’s POCI loans) (2) 5.7x 5.9x 2.1x 2.1x 5.5x 2.1x 5.0x 2.0x 2.0x 4.3x 1.8x 2.
Slide 32: Real estate and construction real estate
Appendix 32 Real estate and construction real estate Corporate Banking (4%) Total Portfolio by Sector ($43.8B) ▪ Primarily diversified Canadian REIT (As at January 31, 2026) Short Term Construction (26%) ▪ Mix of residential construction, land and contractors ▪ Less than 10% of exposure to High Rise
Slide 33: Daily trading and underwriting revenues vs. VAR
Appendix 33 Daily trading and underwriting revenues vs. VAR ($MM)
Slide 34: Diversified funding profile & sound liquidity metrics
Appendix 34 Diversified funding profile & sound liquidity metrics Balance Sheet Overview Liquidity Ratios(4) ($B, as at January 31, 2026) (As at January 31, 2026) $606 $606 189% Business & Government (2) Loans 137 Business & Government 173% Deposits 166% 197 161% Loans 50% (1) Residential Mortgages
Slide 35: Range of macroeconomic scenarios
Appendix 35 Range of macroeconomic scenarios Canada Real GDP(1) Macroeconomic Forecast: Q1 26 vs. Q4 25(1) ($ Trillions) (Full Calendar Years) 2.60 Downside scenario Base Scenario C2026 C2027 Next 12 months GDP growth: Real GDP (Annual Average % Change) 2.50 (6.3%) As at October 31, 2025 1.2 % 2.0 %
Slide 36: CWB Transaction – Accounting considerations
Appendix 36 CWB Transaction – Accounting considerations Accounting Considerations Related to the Acquisition of CWB - Final PPA(1) ($MM, unless otherwise noted) Estimated P&L impact P&L treatment Amount Comments Pre-tax amount Quarterly EPS Period Adjusted Not Adjusted $ 17 $ (0.03) Q2'25 X $ 27 $ (
Slide 37: CWB Transaction – Contribution to results
Appendix 37 CWB Transaction – Contribution to results (1) Refers to the impact of the CWB Transaction on the results. (2) Please refer to the Financial Reporting Method section of the Bank’s Report to Shareholders for the First Quarter of 2026 on pages 6 to 12 for additional information on non-GAAP
Slide 38: Reconciliation of Non-GAAP financial measures
Appendix 38 Reconciliation of Non-GAAP financial measures ($MM, except EPS) Q1 26 Q4 25 Non- Non- Total (8) Income Net Diluted Total (8) Income Net Diluted Interest PTPP PCL Interest PTPP PCL Revenues taxes Income EPS Revenues taxes Income EPS Segment Expenses Expenses Reported Results 3,893 2,011 1
Slide 39: Thank you
Thank you Investor Relations Contact Information www.nbc.ca/investorrelations investorrelations@nbc.ca
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