Hsbc Holdings Plc · LSE:HSBA
Hsbc — Q4 2025 Earnings Presentation
51 slides from Hsbc's earnings presentation, Feb 25, 2026
Slide 1: HSBC Holdings plc 4Q25 results
Annual Report and Accounts 2025 HSBC Holdings plc 4Q25 results Two iconic banks. One bright future. Presentation to investors and analysts
Slide 2: Progress on strategy execution
Progress on strategy execution Georges Elhedery Group CEO
Slide 3: Strong momentum in our full year 2025 performance
Progress on strategy execution 4Q25 results Appendix Strong momentum in our full year 2025 performance Achieved through growth in earnings, discipline in cost and capital Group Revenue Profit Before Tax RoTE REPORTED EX-NOTABLE ITEMS REPORTED EX-NOTABLE ITEMS REPORTED EX-NOTABLE ITEMS Earnings $68.3
Slide 4: Our three strategic priorities – progressing at pace and with discipline
Progress on strategy execution 4Q25 results Appendix Our three strategic priorities – progressing at pace and with discipline Our ambition: To be the most trusted bank globally, putting customers at the heart of everything we do Three strategic priorities: Drive customer- Deliver focused Be simple a
Slide 5: Strategic Priority 1: Be simple and agile
Progress on strategy execution 4Q25 results Appendix Strategic Priority 1: Be simple and agile Simplifying the Group to unlock HSBC’s growth potential Aligned organisation structure to our strategy DONE Cost reallocation: $1.5bn raised to $1.8bn ON TRACK Two home markets and two globally connected
Slide 6: Strategic Priority 2: Drive customer-centricity
Progress on strategy execution 4Q25 results Appendix Strategic Priority 2: Drive customer-centricity Four businesses built on customer trust HSBC NPS score increased from 6 to 15 (maintain HSBC NPS score increased from 15 to 21 (#9 vs. #11 in #1 ranking)1 2024)3 Hang Seng Bank RB&W NPS score i
Slide 7: Strategic Priority 3: Investing to deliver focused sustainable growth
Progress on strategy execution 4Q25 results Appendix Strategic Priority 3: Investing to deliver focused sustainable growth Hong Kong: Continuing to invest to consolidate our market position in a high growth market Super connector Leading cross- Consolidating between border wealth mainland China #1 m
Slide 8: Strategic Priority 3: Investing to deliver focused sustainable growth
Progress on strategy execution 4Q25 results Appendix Strategic Priority 3: Investing to deliver focused sustainable growth Building a bank on our core strengths Asia and Middle East Powerhouse Connecting the world Consolidate Best Bank in 9 markets across Asia1 market #1 provider in Asia Trade F
Slide 9: Strategic Priority 3: Investing to deliver focused sustainable growth
Progress on strategy execution 4Q25 results Appendix Strategic Priority 3: Investing to deliver focused sustainable growth Investing in innovation and culture to navigate a fast-changing world Gen AI transformation Culture of high performance Empower c.85% employees enabled with Gen AI productivit
Slide 10: Unlocking HSBC’s full potential: 2026, 2027 and 2028
Progress on strategy execution 4Q25 results Appendix Unlocking HSBC’s full potential: 2026, 2027 and 2028 A simple, more agile, growing bank generating high returns We are set up to succeed Targets for 2026, 2027 and 2028 Investing in core capabilities, Revenue Rising to 5% YoY growth by 2028, exc
Slide 11: 4Q25 results
4Q25 results Pam Kaur Group CFO
Slide 12: Strong performance in 4Q25
Progress on strategy execution 4Q25 results Appendix Strong performance in 4Q25 Performance highlights Income statement, $bn 4Q24 4Q25 Δ, $ Δ, % Revenue excl. notable items 16.7 17.7 1.0 6% PBT excl. notable items 7.4 8.6 1.2 17% Revenue 11.8 16.4 4.6 39% Revenue* PBT* ECL (1.4) (0.9) 0.5 36% $17.7b
Slide 13: Four growing, high-returning businesses
Progress on strategy execution 4Q25 results Appendix Four growing, high-returning businesses All four businesses growing in revenue and deposits, all delivering mid-teens or better RoTE Revenue excl. notable items*, $bn 2024 15.0 12.3 26.8 13.8 67.6 +5% 2025 15.9 12.9 27.6 14.6 71.0 Corporate Centre
Slide 14: Completed the privatisation of Hang Seng Bank, sooner than anticipated
Progress on strategy execution 4Q25 results Appendix Completed the privatisation of Hang Seng Bank, sooner than anticipated Value of the privatisation to shareholders: 1 2 3 CET1 impact of the transaction lower than More accretive than a share buyback from the recognition of Additional upside expect
Slide 15: Banking NII: FY26 guidance of at least $45bn
Progress on strategy execution 4Q25 results Appendix Banking NII: FY26 guidance of at least $45bn Banking NII, $bn 11.1 11.7 FY25 Banking NII of $44.1bn 10.9 10.8 11.0 0.0 0.1 +$0.7bn Banking NII QoQ, of which: ~$0.1bn specific items positively impacting 4Q25 which we do not expect to repeat 1
Slide 16: The world’s wholesale transaction bank
Progress on strategy execution 4Q25 results Appendix The world’s wholesale transaction bank Fee and other income, $bn +1% 2.9 vs. 4Q24 +6% Securities Services, reflecting higher market 2.8 valuations and new client wins 2.6 2.6 2.6 GTS (5)% (Trade) +3% GPS, driven by new client mandates and GPS
Slide 17: Wealth: strong, broad-based growth showing strategic focus
Progress on strategy execution 4Q25 results Appendix Wealth: strong, broad-based growth showing strategic focus Fee and other income, $bn Existing disclosures $1,535bn (Asia: $773bn) $7bn (Asia: $(3)bn) +20% 2.7 vs. 4Q24 4Q25 Invested Assets 4Q25 Net New +19% YoY (Asia: +20%) Invested Assets 2.3 2.3
Slide 18: Credit: FY25 credit charge (39)bps
Progress on strategy execution 4Q25 results Appendix Credit: FY25 credit charge (39)bps ECL charge, $bn (57)bps (44)bps (38)bps (40)bps (36)bps $(0.9)bn 4Q25 ECL charge (1.4) Immaterial ECL from HK CRE (see slide 29) (1.1) (1.0) (0.9) (0.9) (39)bps FY25 ECL charge, within our guidance of ~(40)
Slide 19: Costs: delivered 3% FY25 cost guidance, accelerated simplification savings
Progress on strategy execution 4Q25 results Appendix Costs: delivered 3% FY25 cost guidance, accelerated simplification savings Target basis costs, $bn +3% 32.5 33.5 Delivered 3% target basis cost growth in FY25 Actions taken to realise ~$1.2bn annualised simplification savings on an accelerated
Slide 20: Customer deposits & loans: strong and growing deposit franchise
Progress on strategy execution 4Q25 results Appendix Customer deposits & loans: strong and growing deposit franchise, +$78bn YoY* Deposits, $bn Loans, $bn +4%, +4% +5% incl. held-for-sale balances* +2%† 1,787 9 0 6 (8) 988 11 10 7 1,719 971 37 (6) 18 4Q24 HK UK CIB IWPB Corporate 4Q25 4Q24 HK UK CIB
Slide 21: Capital: strong organic capital generation during the quarter
Progress on strategy execution 4Q25 results Appendix Capital: strong organic capital generation during the quarter CET1 ratio, %1 +0.8 c.80bps regulatory profit in 4Q25 +0.2 4Q25 change in RWAs includes +0.0 +0.0 14.9 operational risk RWA increase of (0.4) (0.2) c.$12bn driven by higher average
Slide 22: HSBC in 2025: a growing and high-returning bank
Progress on strategy execution 4Q25 results Appendix HSBC in 2025: a growing and high-returning bank Revenue* PBT* EPS§ $71.0bn $36.6bn $1.51 +5% YoY +7% YoY Record high +15% YoY Deposits RoTE‡ DPS $1,787bn 17.2% $0.75 +$78bn YoY† +1.6ppts YoY +14% YoY¶ * Revenue and PBT exclude notable items, see s
Slide 23: Targets
Progress on strategy execution 4Q25 results Appendix Targets Revenue Rising to 5% YoY growth by 2028, excluding notable items 2026, 2027 and 2028 RoTE 17% or better, excluding notable items, each year targets Dividends 50% of EPS, excluding material notable items and related impacts Our targets and
Slide 24: Guidance
Progress on strategy execution 4Q25 results Appendix Guidance Banking NII at least $45bn1 ECL charge ~(40)bps2 2026 guidance Costs ~1% growth, on a target basis3 CET1 ratio 14-14.5% target range4 Savings ~$1.5bn savings from re-organisation to be delivered by YE26 Simplification ~$1.8bn costs to be
Slide 25: Appendix
Appendix
Slide 26: Quarterly financial performance summary
Progress on strategy execution 4Q25 results Appendix Quarterly financial performance summary $bn 4Q24 1Q25 2Q25 3Q25 4Q25 vs. 4Q24 Income statement metrics: <blank> <blank> <blank> <blank> <blank> <blank> Revenue 11.8 18.2 16.5 17.7 16.4 4.6 39 % ECL (1.4) (0.9) (1.1) (1.0) (0.9) 0.5 36 % Costs (8.7
Slide 27: Hang Seng Bank: financial summary
Progress on strategy execution 4Q25 results Appendix Hang Seng Bank: financial summary Reported results, $m 1H24 2H24 1H25 2H25 FY23 FY24 FY25 Revenue 2,595 2,654 2,648 2,689 5,210 5,249 5,336 ECL (192) (420) (623) (409) (798) (612) (1,032) Costs (964) (985) (971) (1,030) (1,869) (1,949) (2,001) Ass
Slide 28: Indicative capital impact of Hang Seng Bank privatisation
Progress on strategy execution 4Q25 results Appendix Indicative capital impact of Hang Seng Bank privatisation $bn 4Q25 Indicative day one impact: The privatisation of Hang Seng Bank in January CET1 2026 had a day one impact of c.(120)bps on $bn ratio % Group CET1* comprising the impact of: Total
Slide 29: Hang Seng Bank privatisation related expectations
Progress on strategy execution 4Q25 results Appendix Hang Seng Bank privatisation related expectations Pre-tax by YE28, $bn Revenue and cost benefits* 0.9 Value of the privatisation to = — Revenue and cost synergies 0.5 + Asset quality improvement + Growth opportunity shareholders — Potential furthe
Slide 30: Hong Kong commercial real estate
Progress on strategy execution 4Q25 results Appendix Hong Kong commercial real estate Excluding exposure to mainland China borrowers Loans and advances to customers by credit quality, $bn Of which Hang Seng Bank Increase in ECL allowances in 2025 due to negative credit FY24 FY25 FY24 FY25 migratio
Slide 31: Mainland China exposure
Progress on strategy execution 4Q25 results Appendix Mainland China exposure Balances booked in mainland China Mainland China drawn risk exposure is defined as lending booked in mainland China and wholesale lending booked offshore where the ultimate parent and beneficial owner is in mainland China
Slide 32: Wealth metrics (1/3)
Progress on strategy execution 4Q25 results Appendix Wealth metrics (1/3) To better describe the relationship we have with our customers by focusing on their total wealth, which includes both deposits and investment products, we provide updated disclosures: Wealth balances, to replace Invested Ass
Slide 33: Wealth metrics (2/3)
Progress on strategy execution 4Q25 results Appendix Wealth metrics (2/3) Existing Wealth metrics Invested Assets, $bn Invested Assets evolution, $bn +19% +$242bn 1,520 1,535 1,535 37 1,293 Rest of 741 762 125 Group 648 80 39 1,293 41 779 773 Asia 645 4Q24 NNIA Market FX and 4Q25 impact other 4Q24 3
Slide 34: Wealth metrics (3/3)
Progress on strategy execution 4Q25 results Appendix Wealth metrics (3/3) Revised Wealth metrics to replace existing metrics from 1Q26 Wealth balances, $bn Wealth balances evolution, $bn +15% +$204bn 1,537 1,563 1,563 27 1,359 Rest of 499 508 Group 91 452 86 72 1,359 14 1,038 1,055 Asia 907 4Q24 Net
Slide 35: Life insurance metrics
Progress on strategy execution 4Q25 results Appendix Life insurance metrics Insurance revenue, $m NB CSM§, $m Equity plus CSM¶, $m +35% +10% FY24 FY25 vs. FY24 4Q25: CSM release 1,339 1,593 254 19% 3,405 498 18,800 2,515 17,025 Other Insurance Service results (22) 232 254 >100% Other revenue* 596 77
Slide 36: Hong Kong Retail Banking and Wealth: continued customer growth
Progress on strategy execution 4Q25 results Appendix Hong Kong Retail Banking and Wealth: continued customer growth Strong account opening volumes in Hong Kong, especially from non-resident customers over 2025 Account management fees were introduced from January 2026 for new customers with balan
Slide 37: Notable items
Progress on strategy execution 4Q25 results Appendix Notable items $bn 4Q24 4Q25 FY24 FY25 Constant currency PBT 2.3 6.8 32.4 29.9 Less: notable items (5.1) (1.8) (1.8) (6.7) — Disposals, wind-down, acquisitions and related costs (5.0) (1.5) (1.5) (2.1) — Restructuring and other related costs (0.1)
Slide 38: Strategic transactions material notable items (where disclosed)
Progress on strategy execution 4Q25 results Appendix Strategic transactions material notable items (where disclosed) Timing Malta* $(0.4)bn fee and other income — 1H26 UK life insurance† $(0.2)bn fee and other income — 1Q26 South Africa† $(0.1)bn fee and other income — 2H262 Germany custody business
Slide 39: Exits: 11 announced in 2025, four completed to date
Progress on strategy execution 4Q25 results Appendix Exits: 11 announced in 2025, four completed to date Exits announced in 2025 Malta Malta Sri Lanka retail banking Sri Lanka retail banking UK life insurance UK life insurance UK life insurance Germany custody business Germany custody business Germa
Slide 40: Banking NII drivers
Progress on strategy execution 4Q25 results Appendix Banking NII drivers Structural hedge balance, $bn Banking NII – year 1 sensitivity to a (100)bps down-shock* 593 478 529 $m ~320 USD (1,184) HKD (606) GBP (499) EUR (129) 2Q22 4Q23 4Q24 4Q25 Other (971) Total (3,389) Structural hedge reinvestment
Slide 41: Revenue — supplementary information
Progress on strategy execution 4Q25 results Appendix Revenue — supplementary information 2025 reported revenue to revenue excluding notable items Corporate $m HK UK CIB IWPB Total Centre Reported revenue 15,878 12,938 27,637 14,520 (2,699) 68,274 Notable items — — 9 73 2,664 2,746 Constant currency
Slide 42: Costs — supplementary information
Progress on strategy execution 4Q25 results Appendix Costs — supplementary information Target basis costs reconciliation $m FY24 FY25 4Q24 4Q25 Costs (33,146) (36,428) (8,742) (9,330) Less: Notable items 215 2,964 98 425 Less: Impact of retranslating prior period results in hyperinflationary economi
Slide 43: EPS excluding material notable items and related impacts
Progress on strategy execution 4Q25 results Appendix EPS excluding material notable items and related impacts Reported FX, $m 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25 Profit attributable to ordinary shareholders (PAOS) 197 6,932 4,578 4,873 4,719 22,917 21,102 Dilution and impairment losses of interest in
Slide 44: 4Q25 vs. 3Q25 equity drivers
Progress on strategy execution 4Q25 results Appendix 4Q25 vs. 3Q25 equity drivers Basic number of ordinary Shareholders’ Tangible equity, TNAV per share, shares outstanding after Reported FX equity, $bn $bn $ deducting own shares held, millions At 30 September 2025 191.4 158.5 9.22 17,183 Profit att
Slide 45: Total shareholders’ equity to CET1 capital
Progress on strategy execution 4Q25 results Appendix Total shareholders’ equity to CET1 capital 4Q25 total equity to CET1 capital (reported FX), $m Total equity to CET1 capital walk (reported FX), $m 2Q25 3Q25 4Q25 Total equity 205,666 Total equity (per balance sheet) 199,869 198,688 205,666 Non-con
Slide 46: Glossary
Progress on strategy execution 4Q25 results Appendix Glossary Banking net interest income is an alternative performance measure, and is defined as GPS Global Payments Solutions Group net interest income after deducting: (1) the internal cost to fund trading and fair Group HSBC Holdings plc and its s
Slide 47: Footnotes
Progress on strategy execution 4Q25 results Appendix Footnotes Progress on strategy execution Slide 2: Strong momentum in our full year 2025 performance 1. Growth of $78bn includes held-for-sale balances of $16bn for 4Q25 and $6bn for 4Q24, which are not included in the $1,787bn absolute value quote
Slide 48: Footnotes
Progress on strategy execution 4Q25 results Appendix Footnotes Progress on strategy execution Slide 6: Strategic priority 3 1. Source: BCG Global Wealth Report 2025 Slide 7: Strategic priority 3 1. Euromoney Awards for Excellence 2025: Best Bank in Hong Kong; Best International Bank in mainland Chin
Slide 49: Footnotes
Progress on strategy execution 4Q25 results Appendix Footnotes Appendix Slide 37: Strategic transactions material notable items 1. UK life insurance: recycling of foreign currency translation reserves losses, no incremental impact on CET1 capital South Africa: recycling of foreign currency translati
Slide 50: Disclaimer
Progress on strategy execution 4Q25 results Appendix Disclaimer Important notice The information, statements and opinions set out in this presentation and accompanying discussion (this “Presentation”) are for informational and reference purposes only and do not constitute a public offer for the purp
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