Slide 1: HSBC Holdings plc 1Q26 results
HSBC Holdings plc 1Q26 results Presentation to investors and analysts
Slide 2: Simple, more agile and growing HSBC
1Q26 results Appendix Simple, more agile and growing HSBC Targets Targets unchanged – confident in our ability to deliver targets announced in February 2026 Banking NII: updated to ~$46bn, reflecting an improved rate outlook, while recognising the outlook remains Guidance volatile and uncertain*
Slide 3: Positive performance in 1Q26
1Q26 results Appendix Positive performance in 1Q26 Performance highlights Income statement, $bn 1Q25 1Q26 Δ, $ Δ, % Revenue excl. notable items 18.4 19.1 0.7 4% PBT excl. notable items 10.1 10.1 — — Revenue 18.3 18.6 0.3 2% Revenue* PBT* ECL (0.9) (1.3) (0.4) (41)% $19.1bn $10.1bn Costs Associates (
Slide 4: Four growing, high-returning businesses
1Q26 results Appendix Four growing, high-returning businesses All four businesses growing in revenue and deposits, all delivering 17% or better RoTE Revenue excl. notable items*, $bn 1Q25 3.9 3.1 7.7 3.7 0.0 18.4 +4% 1Q26 4.0 3.3 7.8 3.9 0.2 19.1 HK UK CIB IWPB Corporate Centre Annualised RoTE excl.
Slide 5: Banking NII: updating FY26 guidance to ~$46bn
1Q26 results Appendix Banking NII: updating FY26 guidance to ~$46bn Banking NII, $bn 11.8 11.0 11.1 11.3 10.9 $(0.5)bn QoQ, reflecting $(0.3)bn day count Lower HIBOR in 1Q26, particularly in March One-off items of $0.1bn in 4Q25 and $(0.1)bn in 1Q26 Expect FY26 Banking NII of ~$46bn, (prev
Slide 6: The world's wholesale transaction bank
1Q26 results Appendix The world’s wholesale transaction bank Fee and other income, $bn +2% 3.0 3.1 vs. 1Q25 2.8 GTS +8% +11% Securities Services, due to momentum from 2.6 2.7 (Trade) new client mandates and higher transaction volumes GPS +3% (Payments) +8% GTS, driven by continued growth in volu
Slide 7: Wealth: strong, broad-based growth showing strategic focus
1Q26 results Appendix Wealth: strong, broad-based growth showing strategic focus Fee and other income, $bn $1,570bn (Asia: $1,068bn) 1Q26 Wealth balances +15% +12% YoY (Asia: +14%) 2.7 2.7 vs. 1Q25 2.4 2.3 Asset +3% $39bn (Asia: $34bn) Of which: $5bn (Asia: $1bn) 2.2 Management 1Q26 Net New Money 1Q
Slide 8: Credit: updating FY26 ECL guidance to ~(45)bps
1Q26 results Appendix Credit: updating FY26 ECL guidance to ~(45)bps ECL charge, $bn $(1.3)bn 1Q26 ECL charge (45)bps (41)bps (52)bps (38)bps (36)bps $(0.3)bn related to Middle East conflict, including global forward economic guidance (1.3) and regional overlays (1.1) $(0.4)bn fraud-related, s
Slide 9: Costs: continue to expect FY26 target basis cost growth of ~1%
1Q26 results Appendix Costs: continue to expect FY26 target basis cost growth of ~1% Target basis costs, $bn +3% incl. VP 9.0 8.4 8.4 8.5 8.3 1.0 +3% YoY cost growth driven by higher VP 0.8 1.1 0.9 1.0 +2% excl. VP variable pay (‘VP’) accrual phasing based on business performance +2% costs exclu
Slide 10: Customer deposits & loans: strong and growing deposit franchise
1Q26 results Appendix Customer deposits & loans: strong and growing deposit franchise, +$99bn YoY* Deposits, $bn Loans, $bn +5%, +5% +4%, +4%† +6% incl. held-for-sale balances* +4% incl. held-for-sale balances† 1,782 1,002 4 5 38 13 1,696 9 966 35 (2) 19 1Q25 HK UK CIB IWPB 1Q26 1Q25 HK UK CIB IWPB
Slide 11: Capital: strong organic capital generation during the quarter
1Q26 results Appendix Capital: strong organic capital generation during the quarter CET1 ratio, %1 +0.9 14.9 (0.5) Strategic initiatives mainly driven by (0.0) (0.0) 14.0 Hang Seng Bank privatisation and (1.1) Malta disposal loss (0.2) Increase in RWAs mainly driven by higher corporate lending
Slide 12: Targets reiterated
1Q26 results Appendix Targets reiterated 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 expectations reflect
Slide 13: Guidance
1Q26 results Appendix Guidance Banking NII ~$46bn, noting improved, though volatile rate outlook1 UPDATED ECL charge ~(45)bps, reflecting ongoing uncertainty2 UPDATED 2026 guidance Costs ~1% growth, on a target basis3 CET1 ratio 14-14.5% target range4 Savings ~$1.5bn savings from re-organisation to
Slide 14: Appendix
Appendix
Slide 15: Quarterly financial performance summary
1Q26 results Appendix Quarterly financial performance summary $bn 1Q25 2Q25 3Q25 4Q25 1Q26 vs. 1Q25 Income statement metrics: <blank> <blank> <blank> <blank> <blank> <blank> Revenue 18.3 16.6 17.8 16.5 18.6 0.3 2% ECL (0.9) (1.1) (1.0) (0.9) (1.3) (0.4) (41)% Costs (8.5) (9.0) (10.1) (9.4) (8.7) (0.
Slide 16: Private markets exposure (1/2)
1Q26 results Appendix Private markets exposure (1/2) Total private markets exposure*, $bn $111bn 32 ~2% of loan book (see next slide) 25 Balances largely related to insurance 9 policy holders 23 Fair value Amortised cost $71bn Fair value $22bn Of which: Amortised cost $6bn private credit Total priva
Slide 17: Private markets exposure (2/2)
1Q26 results Appendix Private markets exposure (2/2) Private credit related exposure, $bn (drawn and committed balances) Exposure type Risk characterisation $22bn* Banking book financing collateralised with private credit assets Facility limits on borrower and sector Private 6 Financing to credit
Slide 18: Group downside Middle East conflict stress scenarios
1Q26 results Appendix Group downside Middle East conflict stress scenarios No significant financial impact experienced to date; modelled downside stress scenarios inform management planning Global impacts from modelled downside stress scenarios We have not experienced significant financial impacts
Slide 19: Customer deposits: additional disclosures (1/2)
1Q26 results Appendix Customer deposits: additional disclosures (1/2) Incremental disclosures are provided to improve visibility into our low-cost, high-quality deposit base which mainly consist of instant access demand deposits: Instant access/demand deposits (‘IA/D’): current accounts and savi
Slide 20: Customer deposits: additional disclosures (2/2)
1Q26 results Appendix Customer deposits: additional disclosures (2/2) The Hongkong HSBC North Grupo de and HSBC Bank Other HSBC UK HSBC Bank America Financiero $bn Shanghai Middle East trading Total Bank plc plc Holdings HSBC, S.A. Banking Limited entities Inc. de C.V. Corporation Limited Instant ac
Slide 21: Deposit seasonality
1Q26 results Appendix Deposit seasonality Typically higher deposit growth in 4Q and lower in 1Q Change in deposits QoQ (average 2024-2025), $bn +52 +15 +9 +9 (1) (10) Q4 average Q1 average 1Q26 Strong growth YoY Change in deposits YoY (average 2024-2025), $bn +92 +86 +67 +55 +45 +43 Q4 average Q1 av
Slide 22: Hong Kong commercial real estate
1Q26 results Appendix Hong Kong commercial real estate Excluding exposure to mainland China borrowers Loans and advances to customers by credit quality, $bn FY25 1Q26 Strong 3.3 3.3 Modest increase in ECL allowances in 1Q26, reflecting continued Good 8.2 7.8 weakness in property prices Satisfactor
Slide 23: Wealth metrics
1Q26 results Appendix Wealth metrics Wealth balances, $bn Wealth balances evolution YoY, $bn Wealth balances evolution QoQ, $bn +12% +$170bn +$7bn 1,563 1,570 68 1,570 39 1,400 (22) 46 508 502 34 102 (10) 1,570 466 22 1,563 5 (32) 88 1,055 1,068 1,400 14 934 1Q25 Net new Market 1Q26 4Q25 Net new Mar
Slide 24: Banking NII drivers
1Q26 results Appendix Banking NII drivers Structural hedge balance, $bn Banking NII – year 1 sensitivity to a (100)bps down-shock* As at 31 December 2025 593 604 478 529 $m USD (1,184) HKD (606) GBP (499) EUR (129) 4Q23 4Q24 4Q25 1Q26 Other (971) Total (3,389) Structural hedge reinvestment $bn Balan
Slide 25: Notable items
1Q26 results Appendix Notable items $bn 1Q25 1Q26 Constant currency PBT 9.8 9.4 Less: notable items (0.3) (0.7) — Disposals, wind-down, acquisitions and related costs (0.1) (0.6) — Restructuring and other related costs (0.1) (0.1) Constant currency PBT, excl. notable items 10.1 10.1 Disposals relate
Slide 26: Strategic transactions material notable items (where disclosed)
1Q26 results Appendix Strategic transactions material notable items (where disclosed) Timing Malta $(0.3)bn fee and other income — 1Q26 UK life insurance† $(0.2)bn fee and other income — 1Q26 Sri Lanka retail banking Immaterial gain on disposal — 2Q26* South Africa† $(0.2)bn fee and other income — 2
Slide 27: Exits: announced the sale of Indonesia retail banking
1Q26 results Appendix Exits: announced the sale of Indonesia retail banking Exits announced Indonesia retail banking† Malta Malta Malta Sri Lanka retail banking Sri Lanka retail banking Sri Lanka retail banking‡ UK life insurance UK life insurance UK life insurance UK life insurance Germany custody
Slide 28: Revenue — supplementary information
1Q26 results Appendix Revenue — supplementary information 1Q26 reported revenue to revenue excluding notable items Corporate $m HK UK CIB IWPB Total Centre Reported revenue 4,024 3,250 7,788 3,749 (187) 18,624 Notable items — — 6 (167) (340) (501) Constant currency revenue, excl. notable items 4,024
Slide 29: Costs — supplementary information
1Q26 results Appendix Costs — supplementary information Target basis costs reconciliation $m FY25 1Q25 1Q26 Costs (36,974) (8,453) (8,721) Less: Notable items 2,979 198 178 Less: Impact of retranslating prior period results in hyperinflationary economies at (23) (9) — constant currency FY25 target
Slide 30: EPS excluding material notable items and related impacts
1Q26 results Appendix EPS excluding material notable items and related impacts Reported FX, $m 1Q25 2Q25 3Q25 4Q25 1Q26 Profit attributable to ordinary shareholders (PAOS) 6,932 4,578 4,873 4,719 6,938 Dilution and impairment losses of interest in associate — 1,988 (32) — — Legal provisions — — 1,10
Slide 31: 1Q26 vs. 4Q25 equity drivers
1Q26 results Appendix 1Q26 vs. 4Q25 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 31 December 2025 198.2 165.2 9.64 17,140 Profit attributable to: 7.3 7.5 0.44 — Ord
Slide 32: Total shareholders' equity to CET1 capital
1Q26 results Appendix Total shareholders’ equity to CET1 capital 1Q26 total equity to CET1 capital (reported FX), $m Total equity to CET1 capital walk (reported FX), $m 3Q25 4Q25 1Q26 Total equity 197,270 Total equity (per balance sheet) 198,688 205,666 197,270 Non-controlling interests* (7,258) (7,
Slide 33: Digital assets ecosystem
1Q26 results Appendix Digital assets ecosystem Digital assets: recent developments Stablecoin: joint first licensed issuer in HK Joint first issuer licence awarded by HKMA on 10 April Launched in the US, 5th market after UK, HK, Tokenised Singapore and Luxembourg HKD-denominated stablecoin exp
Slide 34: Glossary
1Q26 results Appendix Glossary ABS Asset-backed security GPS Global Payments Solutions Banking net interest income is an alternative performance measure, and is defined as Group HSBC Holdings plc and its subsidiary undertakings Group net interest income after deducting: (1) the internal cost to fund
Slide 35: Footnotes
1Q26 results Appendix Footnotes 1Q26 results Slide 10: Capital 1. Ratio movements include the impact of threshold deductions 2. Regulatory profits exclude the impact of strategic initiatives Slide 12: Guidance 1. Based on our current expectations for policy rates 2. As a percentage of average gross
Slide 36: Disclaimer
1Q26 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 purposes of any applicable law or a
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