Barclays Plc · LSE:BARC
Barclays — Debt Investor Presentation (October 2026)
60 slides from Barclays's debt investor presentation, Oct 22, 2026
Slide 1: Q3 2026 Fixed Income Presentation
Q3 2026 Fixed Income Presentation 22nd October 2026
Slide 2: Why Barclays
Why Barclays Barclays Q3 2026 Results October 2026 2 1 Serving >40 million UK and US retail customers; The ‘Premier’ UK bank and digital-only multi-product US bank 2 Largest UK corporate bank by deposits, serving the full continuum of corporates, with differentiated capacity to drive loan growth 3 s
Slide 3: Group performance
Group performance
Slide 4: Group Q326 financial performance
Group Q326 financial performance Barclays Q3 2026 Results October 2026 4 Targets Q326 actuals Q326 YTD actuals 2026 targets 2028 targets Statutory RoTE 11.7% 13.8% >12% >14% £2.8bn Progressive increase >£15bn2 £0.5bn vs. 20252 With capacity to support Total payout Buyback: £0.5bn Dividend: £0.8bn in
Slide 5: On track for target delivery
On track for target delivery Barclays Q3 2026 Results October 2026 5 Group RoTE Q326 Q326 YTD Barclays UK 21.2% 20.4% FY26 target: >20% UK Corporate Bank 23.5% 21.6% FY26 target: high-teens% Private Bank & Wealth Management 23.8% 25.4% >14% FY26 target: >25% 12.4% >12% 11.3% Investment Bank 9.5% 13.
Slide 6: Delivering on our 2026 targets
Delivering on our 2026 targets Barclays Q3 2026 Results October 2026 6 Group targets Target Divisional RoTEs Target Last 12 months RoTE 12.4% >12% On track Barclays UK >20% 21.3% last 12 months Distributions £9.5bn1 At least £10bn On track UK Corporate Bank High-teens 21.0% 2024 – Q326 YTD UK busine
Slide 7: Growing stable income streams; on track for c.£31.5bn income FY26 target
Growing stable income streams; on track for c.£31.5bn income FY26 target Barclays Q3 2026 Results October 2026 7 Group income (£bn) +c.8% YoY c.31.5 >5% Group income CAGR target FY25-28 29.1 26.8 25.0 25.4 7.6 23.9 Income performance Q326 YoY (%) Q3YTD YoY (%) 21.9 7.0 6.3 Group +3% +8% 8.2 6.7 Othe
Slide 8: Group NII a longer term driver of income
Group NII a longer term driver of income Barclays Q3 2026 Results October 2026 8 (£bn) 14.5 2026 Group NII excluding IB and HO guidance: >£13.7bn 12.7 12.9 1.7 1.7 11.6 10.6 NII performance Q326 YoY (%) Q326 QoQ (%) 1.3 IB/HO Group +4% +0% 8.1 Group ex IB and HO +7% +4% >13.7 12.8 BUK +6% +4% NII 11
Slide 9: 2026 Group cost exit run rate and 2027 expectation
2026 Group cost exit run rate and 2027 expectation Barclays Q3 2026 Results October 2026 9 Group total costs (£bn) Income c.£31.5bn CIR high-50s% c.£130m MRT1 £105m Motor Income £29.1bn Best Egg c.£300m additional SCAs CIR 61% Best Egg c.0.5 c.0.4 £235m Motor c.£50m VAT c.0.2 c.0.1 c.0.3 c.0.2 >(1.1
Slide 10: Structurally reducing the cost base to generate capacity for investment
Structurally reducing the cost base to generate capacity for investment Barclays Q3 2026 Results October 2026 10 (£bn) SCAs Gross Efficiency savings1 Positive operating jaws in every year2 1.0 1.0 >1.1 2023 +1% 0.8 0.7 0.7 0.6 2024 +7% 0.3 0.3 0.3 2025 +3% 2023 2024 2024 2025 2025 2026¹ 2026 2027¹ 2
Slide 11: UK retail growth from investments in customer service and product quality
UK retail growth from investments in customer service and product quality Barclays Q3 2026 Results October 2026 11 Building products to serve a range of customers A high quality experience driving above market growth 70 10.4% 2026 +11% Q326 c.20% of card acquisitions growth from c.£2bn to c.£6bn Bar
Slide 12: Structurally stronger and more diversified Investment Bank
Structurally stronger and more diversified Investment Bank Barclays Q3 2026 Results October 2026 12 Driving capital productivity By deepening relationships with most profitable clients Income / Average RWAs (%) Top 5 rank with Top 100 Global Markets Clients1 Global Markets Investment Banking Investm
Slide 13: Divisional performance
Divisional performance
Slide 14: UK loan growth of 7% YoY; strength across mortgages and corporates
UK loan growth of 7% YoY; strength across mortgages and corporates Barclays Q3 2026 Results October 2026 14 Continued strong retail loan growth1 Momentum in Corporate and core Business Banking2 (£bn) YoY (£bn) YoY 58 +13% 56 +6% 55 203 208 53 199 200 50 51 190 192 195 10 -1% 50 11 +11% 10 10 10 11 1
Slide 15: Quality UK deposit franchise across retail and corporate
Quality UK deposit franchise across retail and corporate Barclays Q3 2026 Results October 2026 15 Growing UK retail and corporate deposits Barclays UK retail deposit balances and mix (£bn) YoY (£bn) YoY 191 189 189 193 193 195 195 +3% Time 33 35 35 37 37 40 42 463 468 468 +3% 455 452 457 deposits 44
Slide 16: Largest integrated UK corporate franchise driving above market growth
Largest integrated UK corporate franchise driving above market growth 16 Barclays Q3 2026 Results October 2026 Largest UK corporate deposit franchise1 Advanced, full-service capability to UK businesses (£bn) 220 c.70% of Barclays UK: FTSE 350 FTSE 100 The only UK Investment Bank Business Banking Inv
Slide 17: Barclays UK deposit balances and mix since 2019
Barclays UK deposit balances and mix since 2019 Barclays Q3 2026 Results October 2026 17 £bn 197 201 203 206 208 226 232 241 248 256 257 261 260 262 261 258 254 250 243 241 237 237 236 244 243 241 242 245 244 246 246 64 64 64 64 62 64 64 60 61 59 53 52 52 51 51 51 57 56 52 52 61 54 54 53 59 56 5 6 6
Slide 18: Barclays UK delivered Q326 RoTE of 21.2%
Barclays UK delivered Q326 RoTE of 21.2% Barclays Q3 2026 Results October 2026 18 RoTE (%) Income by business (£m) YoY Total costs (£m) £110m of SCAs YoY 2,253 2,259 2,349 +4% 1,946 564 +3% Business 545 548 513 Banking 1,198 1,195 1,271 +6% 1,006 Retail 1,708 1,711 1,785 +5% 1,433 Banking Q324 Q325
Slide 19: UK Corporate Bank delivered Q326 RoTE of 23.5%
UK Corporate Bank delivered Q326 RoTE of 23.5% Barclays Q3 2026 Results October 2026 19 RoTE (%) Income by product (£m) YoY Income by type (£m) YoY 558 573 +10% 558 573 +10% 522 522 445 136 -2% 445 96 91 +1% 139 145 Corporate 90 lending 67 Non-NII 136 Transaction 432 462 482 +12% 383 413 437 +14% ba
Slide 20: Private Bank & Wealth Management delivered Q326 RoTE of 23.8%
Private Bank & Wealth Management delivered Q326 RoTE of 23.8% Barclays Q3 2026 Results October 2026 20 RoTE (%) Income by type (£m) YoY Total costs (£m) Expect costs to YoY build QoQ in 2026 366 369 +10% 326 335 150 146 +1% Non-NII 137 145 267 289 221 243 267 286 +18% 221 243 NII 189 190 216 223 +17
Slide 21: Investment Bank delivered Q326 RoTE of 9.5%
Investment Bank delivered Q326 RoTE of 9.5% Barclays Q3 2026 Results October 2026 21 RoTE (%) Investment Bank income (£m) Driving efficiency of capital YoY Average 3,958 204 206 250.00 0.100 RWAs 202 195 3,083 3,129 +1% (£bn): 2,851 200.00 2,419 150.00 Other 1,713 1,697 1,715 +1% 0.050 income2 Incom
Slide 22: Income up 1% YoY; strong performance in Equities offsetting weaker FICC
Income up 1% YoY; strong performance in Equities offsetting weaker FICC Barclays Q3 2026 Results October 2026 22 Global Markets Investment Banking Investment Income by product (£m) Income by type (£m) Income (£m) Banking fees +2% USD YoY1 +4% YoY +4% YoY +4% USD +4% USD -3% YoY YoY 2,732 YoY YoY 2,7
Slide 23: Investment Bank: growing stable income streams, seasonal intermediation
Investment Bank: growing stable income streams, seasonal intermediation Barclays Q3 2026 Results October 2026 23 Intermediation: 67% average reduction Q1-Q4 Intermediation: 52% average reduction Q1-Q4 Total income: 38% average reduction Q1-Q4 Total income: 25% average reduction Q1-Q4 1,826 1,805 1,6
Slide 24: Global Markets: VaR and daily income distribution
Global Markets: VaR and daily income distribution Barclays Q3 2026 Results October 2026 24 VaR Daily income distribution Average Q3 YTD: 2021-25 Q326 YTD2 £60m Russia/ US banking Ukraine crisis £40m <£0m £0-15m £16-30m £31-50m £50m+ Daily trading gains Average Q3 YTD: 2 34 81 56 17 and losses 2021 –
Slide 25: US Consumer Bank delivered Q326 RoTE of 10.9%
US Consumer Bank delivered Q326 RoTE of 10.9% Barclays Q3 2026 Results October 2026 25 YoY RoTE (%) Income by type (£m) 30.22 1,136 -1% 941 928 -1% USD 791 4042 215 179 -17% Non-NII 144 -17% USD NII 647 726 732 749 +3% +3% USD Q324 Q325 Q226 Q326 NIM 10.4% 11.5% 13.2% 13.7% 13.5 End net receivables
Slide 26: Operational progress in building a multi-product US Consumer Bank
Operational progress in building a multi-product US Consumer Bank 26 Barclays Q3 2026 Results October 2026 Partnership cards franchise Digital-only deposit franchise Consumer lending platform Balance growth($bn)1 Sale of c.$6.5bn of AA Strong retail deposit growth ($bn) Strong originations through B
Slide 27: Asset quality
Asset quality
Slide 28: Q326 LLR of 43bps; through the cycle guidance of 50-60bps
Q326 LLR of 43bps; through the cycle guidance of 50-60bps Barclays Q3 2026 Results October 2026 28 Loan loss rate (bps) Impairment charge (£m) 190 US Consumer Bank 562 558 555 529 5052 491 3792 340 411 456 276 395 140 Q324 Q325 Q326 Group Q326 YTD Group LLR: 55bps 90 6322 503 743 374 661 61 572 Q324
Slide 29: Coverage ratio and delinquency trends across our credit card portfolios
Coverage ratio and delinquency trends across our credit card portfolios Barclays Q3 2026 Results October 2026 29 UK cards1 US cards2 16.0 17.0 23.8 24.1 22.9 25.0 21.3 Net L&A3 (£bn) 10.7 10.6 Net L&A3 (£bn) 15.6 15.2 8.6 9.0 9.6 16.4% 14.2% 11.5% 9.7% 10.4% 9.8% 11.0% Total coverage 6.3% 5.6% 4.8%
Slide 30: US Cards credit trends: broadly stable QoQ
US Cards credit trends: broadly stable QoQ Barclays Q3 2026 Results October 2026 30 30 day US cards delinquencies 3.0% 3.0% 3.0% 2.8% 2.9% 3.0% 3.1% 2.9% 2.9% 90 day US cards delinquencies 1.6% 1.6% 1.6% 1.6% 1.5% 1.6% 1.7% 1.6% 1.5% USCB loan loss rate1 (bps) 411 395 562 456 5055 558 491 555 529 US
Slide 31: Credit quality metrics for our US Cards book
Credit quality metrics for our US Cards book Barclays Q3 2026 Results October 2026 31 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% Q326 USCB Prime average 690 6% 15% FICO: 7552 Near Pr
Slide 32: Structured financing exposure to NBFIs
Structured financing exposure to NBFIs Barclays Q3 2026 Results October 2026 32 Securitised Products Q226: £65bn1 • Warehouse solutions, often with intention to distribute o Skew towards top tier counterparties with high frequency reporting of collateral performance o Senior attachment points: c.80%
Slide 33: Private Credit illustrative example
Private Credit illustrative example Barclays Q3 2026 Results October 2026 33 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, w
Slide 34: Risk transfer transactions
Risk transfer transactions Barclays Q3 2026 Results October 2026 34 Q226: £64bn1 risk transferred • Outright sale of assets Cash • Assets either derecognised from balance sheet or remain on balance sheet with capital relief achieved £6bn structures through compliance with Significant Risk Transfer r
Slide 35: Commercial Real Estate exposure
Commercial Real Estate exposure Barclays Q3 2026 Results October 2026 35 FY25: 4.9%1 of customer loans and advances (L&A), with a weighted average LTV of 48%2 Customer loans & Retail £367bn Construction advances3 £1.8bn £1.9bn Residential £17.8bn £4.8bn Other/Mixed £5.7bn4 CRE exposure by type Other
Slide 36: Mortgage portfolio mix and Kensington capabilities
Mortgage portfolio mix and Kensington capabilities Barclays Q3 2026 Results October 2026 36 Mortgage portfolio Kensington adding capabilities to Barclays UK • 56.9% average balance weighted LTV of mortgage stock Ability to lend to high-yield, low risk customers with complex incomes o 43.1% average v
Slide 37: Capital and leverage
Capital and leverage
Slide 38: Capital generation supporting higher distributions
Capital generation supporting higher distributions Barclays Q3 2026 Results October 2026 38 Higher capital generation Supporting higher distributions2 Pillar 2A reduction of 59bps (bps)1 (£bn) >£15bn target 14.0% From 1 January 2027 Q326 YTD: 164bps At least £10bn target MDA 30-55bps 59bps (£10.7bn
Slide 39: Guidance on regulatory driven RWA inflation
Guidance on regulatory driven RWA inflation Barclays Q3 2026 Results October 2026 39 c.£19-26bn total expected RWA impact • FRTB1 impact mostly expected in 2027. Expect to use option to defer elements of FRTB to 2028 Basel 3.1: 1st January 2027 • 59bps offset in CET1 Pillar 2A on 1st January 2027 c.
Slide 40: CET1 ratio in relation to our minimum requirements
CET1 ratio in relation to our minimum requirements Barclays Q3 2026 Results October 2026 40 Q326: CET1 minimum requirements MDA 12.2% 11.6% CCyB 1.0% 1.0% CCB 2.5% 2.5% • Have been operating around the top end of our 13-14% CET1 target range G-SII 1.5% 1.5% • Pillar 2A requirement to reduce by 59bps
Slide 41: CET1 ratio of 14.2% (14.0% pro-forma) in Q326
CET1 ratio of 14.2% (14.0% pro-forma) in Q326 Barclays Q3 2026 Results October 2026 41 Q326 CET1 ratio movements (%) (14bps) 45bps (20bps) (27bps) (0bps) (14bps) Q326 YTD: 164bps capital generation 14.3% 14.1% 14.2% 14.0% Q226 Q226 announced Pro-forma Attributable Dividend RWA Other Q326 Q326 announ
Slide 42: Group RWAs +£5.0bn in Q326
Group RWAs +£5.0bn in Q326 Barclays Q3 2026 Results October 2026 42 Risk weighted assets (£bn) IB % of Group: 57% 56% 56% 56% 1.6 0.9 0.1 1.9 0.0 0.4 357.4 364.8 369.8 340.4 Q324 Q325 Q226 Barclays UK UK Corporate Private Bank Investment US Consumer Head Office Q326 Bank & Wealth Bank Bank Managemen
Slide 43: Leverage ratio
Leverage ratio Barclays Q3 2026 Results October 2026 43 Q326: leverage minimum requirements Reg Min 4.08% CCLB 0.30% G-SII 0.53% 4.9% 4.6% BoE minimum leverage 3.25% requirement UK Leverage requirement UK spot UK average
Slide 44: Total capital requirements
Total capital requirements Barclays Q3 2026 Results October 2026 44 Q326: 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 19.9% to manage FX and RWA movements 2.2% T2: • Have flexibility in the mana
Slide 45: Balance sheet management
Balance sheet management
Slide 46: MREL requirements and issuance
MREL requirements and issuance Barclays Q3 2026 Results October 2026 46 Q326: MREL minimum requirements Issuance • Pre-funding of 2027 MREL volumes, and OpCo issuance, may be considered subject to prevailing market conditions 35.2% • Issuance plan continues to be dynamic and is driven by a combinati
Slide 47: c.£10bn MREL issuance plan for 2026 complete
c.£10bn MREL issuance plan for 2026 complete Barclays Q3 2026 Results October 2026 47 2026 HoldCo benchmark issuance Annual HoldCo issuance volume (£bn) and currency1,2 16.1 15.0 15.1 $0.3bn 4NC3 FRN 14.1 $1.0bn 4NC3 February $1.2bn 6NC5 $1.5bn 11NC10 11.0 9.9 8.6 11.2 €0.5bn 4NC3 7.8 10.7 9.8 11.8
Slide 48: Funding and liquidity metrics
Funding and liquidity metrics Barclays Q3 2026 Results October 2026 48 70% of Liquidity Pool held in cash Average LCR (%)1 156 161 172 170 157 HTC £32bn 9% FY22 FY23 FY24 FY25 Q326 FVOCI £78bn 21% Liquidity Pool £372bn Cash Average NSFR (%)2 137 138 135 135 136 £262bn FY22 FY23 FY24 FY25 Q326 • Liqu
Slide 49: Group deposits +4% YoY in Q326
Group deposits +4% YoY in Q326 Barclays Q3 2026 Results October 2026 49 Group deposit base £599bn, +1% QoQ, +12% since 2023 586 588 594 599 565 575 Corporates & SME QoQ YoY Since FY23 Investment Bank £166bn +3% +9% +25% 297 296 303 305 of which: International Corporate Bank1 £128bn +7% +15% +48% 286
Slide 50: Underpinning structural hedge income growth until at least 2030
Underpinning structural hedge income growth until at least 2030 Barclays Q3 2026 Results October 2026 50 Continued structural hedge momentum Hedge notional (£bn) 14000 Q326 YTD: GBP 7yr average 12000 3.9% 4.2% 246 236 242 243 243 10000 1 swap 8000 rate 232 6000 Average 14000 hedge 4000 yield 2000 2
Slide 51: Performance of the structural hedge over time
Performance of the structural hedge over time Barclays Q3 2026 Results October 2026 51 The structural hedge smooths income and protects against sharp downwards movement in interest rates 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 202
Slide 52: Interest rate sensitivity
Interest rate sensitivity Barclays Q3 2026 Results October 2026 52 Q226: Illustrative -25bps interest rate sensitivity1 • Illustrative impact on Group income from a 25bps Year 1 Year 2 Year 3 parallel shift in interest rate curves Swap rates £(50)m £(150)m £(240)m • Sensitivity is based on a constan
Slide 53: Credit Ratings
Credit Ratings
Slide 54: 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 Q3 2026 Results October 2026 54 S&P and Fitch HoldCo ratings affirmed in 2026 Current Senior long and short term ratings • HoldCo Senior composite “A” rated for two of four Moody’s Standard & Poor’s Fitch indices1 o One
Slide 55: Appendix
Appendix
Slide 56: Additional appendix slide
Additional appendix slide Barclays Q3 2026 Results October 2026 56 Barclays UK: Income by business (£m) 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 1,711 1,785 Of which: UK Cards1 247 2
Slide 57: Macroeconomic variables
Macroeconomic variables Barclays Q3 2026 Results October 2026 57 Assumptions 20252 2026 2027 2028 UK GDP3 1.4% 1.3% 1.5% 1.4% UK unemployment4 5.1% 4.8% 4.8% 4.8% UK bank rate5 3.75% 3.50% 3.75% 3.75% Hedge reinvestment rate 3.8%6 3.5% 3.5% 3.5% UK inflation7 3.4% 2.5% 2.2% 2.2% Plan (10th February
Slide 58: UK economic trends
UK economic trends Barclays Q3 2026 Results October 2026 58 Constructive macro backdrop in the UK1 UK corporate debt-to-GDP at a multi-decade low2 US UK Eurozone 100% Nominal GDP 90% Real GDP 80% Real wage growth 70% House Price Index 60% 50% Unemployment rate 40% -1% 0%5% 1% 2% 3% 4% 6% 7% 1995 200
Slide 59: Disclaimer
Disclaimer Barclays Q3 2026 Results October 2026 59 Important Notice The terms “Barclays” and “Group” refer to Barclays PLC together with its subsidiaries. The information, statements and opinions contained in this presentation do not constitute a public offer, an offer to sell or solicitation of an
Slide 60: Contact details, upcoming events and useful presentations
Contact details, upcoming events and useful presentations Debt Investor Relations Upcoming events Jordan Guy jordan.guy@barclays.com 9th February 2027 FY26 results and targets update 27th April 2027 Q127 results Justin Lutterbuese justin.lutterbuese@barclays.com Useful presentations Treasury, Long t