Bank Of Nova Scotia · TSX:BNS
Bank Of Nova Scotia — Scotiabank — Debt Investor Presentation (December 2025)
107 slides from Bank Of Nova Scotia's debt investor presentation, December 2025
Slide 1: Investor Presentation December 2025
Investor Presentation December 2025
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements From time to time, our public communications include oral or written forward-looking dispositions, including obtaining regulatory approvals; critical accounting estimates and the statements. Statements of this type are included in this document, and may b
Slide 3: Table of Contents
Table of Contents Scotiabank Overview 4 Business Line Overview: Canadian Banking 17 Business Line Overview: International Banking 25 Business Line Overview: Global Wealth Management 32 Business Line Overview: Global Banking and Markets 37 Risk Overview 41 Treasury and Funding 50 Appendix 1: Economic
Slide 4: About Scotiabank
About Scotiabank FY2025 HIGHLIGHTS Q4/25 EARNINGS1 BY MARKET Other FY2025 FY2024 16% Reported Adjusted2 Reported Adjusted2 English Caribbean Net Income1 ($Bn) 7.8 9.4 7.8 8.5 11% Canada $2.2Bn 48% Diluted EPS ($) 5.67 7.09 5.87 6.47 Mexico 9% Revenue ($Bn) 37.7 37.7 33.7 33.8 U.S.A. 16% Return on Eq
Slide 5: Our Strategy
Our Strategy Be our clients’ most trusted financial partner to drive sustainable, profitable growth and maximize total shareholder return. Earn Make it easy Grow and scale Win as primary client to do in priority businesses one team relationships business with us OUR PURPOSE & VALUES M E D I U M - T
Slide 6: Global Must Win Medium-Term Priorities
Global Must Win Medium-Term Priorities Unlock Retail deposits, investments and client primacy Pursue thoughtful Enhance payments and productivity initiatives cash management to enable reinvestment solutions in strategic priorities Modernize data ecosystem to enable a client-first, data-driven bank e
Slide 7: Well Diversified Business with Strong Returns
Well Diversified Business with Strong Returns E A R N I N G S B Y B U S I N E S S L I N E E X . O T H E R 1,2 Q4/25 EARNINGS BY GEOGRAPHY1 Business Lines $9.6Bn Other ($1.9Bn) Reported NIAEH2 $7.8Bn 84% of Earnings are in Global Banking North America 48% and Markets 20% Canadian Banking 36% FY2025 G
Slide 8: Business Lines (FY2025 Results)
Business Lines (FY2025 Results) CANADIAN INTERNATIONAL GLOBAL WEALTH GLOBAL BANKING BANKING BANKING MANAGEMENT AND MARKETS Products • Mortgages • Mortgages • Asset Management • Corporate Lending • Auto Loans • Auto Loans • Private Banking • Advisory • Business Loans • Personal Loans • Private Invest
Slide 9: Business Line Snapshot
Business Line Snapshot CANADIAN BANKING INTERNATIONAL BANKING (in $Bn) Loans (in $Bn) 7% 3-yr Deposit 7% 3-yr Deposit CAGR Deposits CAGR 446 447 460 464 175 171 426 167 168 152 367 378 375 340 130 130 134 125 308 107 2022 2023 2024 2025 Q4/25 2022 2023 2024 2025 Q4/25 GLOBAL WEALTH MANAGEMENT GLOBAL
Slide 10: Fiscal 2025 Financial Performance
Fiscal 2025 Financial Performance $MM, except EPS 2025 WY/WY Reported WHOLE YEAR HIGHLIGHTS Net Income 7,758 (2%) • Diluted EPS down 3%; adjusted1 up 10% Diluted EPS 5.67 (3%) o Strong PTPP1 growth, partly offset by higher PCLs and taxes Revenue 37,741 12% • Revenues up 12% Expenses 22,518 14% o Net
Slide 11: Q4 2025 Financial Performance
Q4 2025 Financial Performance $MM, except EPS Q4/25 Y/Y Q/Q Reported Y/Y HIGHLIGHTS Net Income 2,206 31% (13%) • Diluted EPS up 35%, adjusted1 up 23% Diluted EPS 1.65 35% (10%) o Strong PTPP1 growth, partly offset by higher PCLs Revenue 9,803 15% 3% • Revenues up 15% Expenses 5,828 10% 14% o Net int
Slide 12: Strong Capital Position
Strong Capital Position Q/Q CHANGE IN CET1 RATIO (%)1 • The CET1 ratio of 13.2%, decreased by ~10 basis points Q/Q • Internal capital generation from adjusted earnings less dividends net of RWA growth (+9 bps) and higher unrealized FVOCI2 securities gains (+5 bps), • Offset by share repurchases of 7
Slide 13: Strong Balance Sheet Metrics
Strong Balance Sheet Metrics $Bn (unless indicated otherwise) Q4/24 Q3/25 Q4/25 Y/Y Capital Metrics CET1 Ratio1 13.1% 13.3% 13.2% 10 bps Tier 1 Capital Ratio1 15.0% 15.2% 15.3% 30 bps 1 Total Capital Ratio 16.7% 16.9% 17.1% 40 bps 2 TLAC Ratio 29.7% 29.0% 29.1% (60 bps) Leverage Ratio3 4.4% 4.5% 4.5
Slide 14: TLAC and Leverage Ratio
TLAC and Leverage Ratio TLAC RATIO1 29.7% 29.0% 29.1% 25.08% Other Other 13.0% 12.1% 12.0% TLAC4 10.0% TLAC4 Tier 2 1.8% T2 2.0% 1.7% 1.7% 1.5% Additional Tier 1 1.9% 1.9% 2.1% AT1 0.08% Countercyclical Buffer 3.5% Domestic Stability Buffer 1.0% D-SIB Buffer 2.5% Capital Conservation Buffer 13.1% 13
Slide 15: Digital Progress
Digital Progress DIGITAL PROGRESS CANADIAN BANKING Canadian Banking D I G I T A L U N I T A C T I V E D I G I T A L D I G I T A L A C T I V E M O B I L E S A L E S ( % ) U S E R S ( M M ) A D O P T I O N ( % ) U S E R S ( M M ) • Enabled the VISA Debit Disputes experience within the mobile app, spee
Slide 16: Sustainability Highlights
Sustainability Highlights GOAL SUSTAINABILITY RATINGS $350 billion in climate- $500 million of community ENVIRONMENTAL ECONOMIC related finance (as defined investment through ACTION INCLUSION below)1 by 2030 ScotiaRISE by 2030 66/1004 Best-in-Class Q4 2025 HIGHLIGHTS North America Index5 • Scotiaban
Slide 17: Business Line Overview: Canadian Banking
Business Line Canadian Banking Overview 17
Slide 18: Canadian Banking
Canadian Banking Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to over 11 million customers. Retail, Small Business and Commercial Banking customers receive service through its network of 892 branches and 3,542 automa
Slide 19: Canadian Banking
Canadian Banking $MM Q4/25 Y/Y Q/Q BUSINESS MIX Q4/256 Reported Net Income1 941 1% (2%) Mortgages Credit Cards 62% Revenue 3,407 3% 1% Retail 2% 74% Expenses 1,617 2% 1% Revenue Personal Average Business Pre-Tax, Pre-Provision Profit2 1,790 3% 1% Mix Loans Loans Banking PCLs 494 10% 8% $3.4Bn 8% $46
Slide 20: Business Banking
Business Banking AVERAGE NON-PERSONAL DEPOSITS ($BN) AVERAGE BUSINESS LOANS ($BN) 7% 3-yr CAGR 8% 3-yr CAGR 140 139 94 94 114 75 2022 2023 2024 2025 Q4/25 2022 2023 2024 2025 Q4/25 COMMERCIAL BANKING SMALL BUSINESS BANKING • Strategic focus on underpenetrated geographies (Quebec, Ontario, British •
Slide 21: Canadian Retail Loan Portfolio
Canadian Retail Loan Portfolio HIGH QUALITY RESIDENTIAL MORTGAGE PORTFOLIO R E T A I L L O A N B O O K 4,5 • 23% insured; remaining 77% uninsured has an LTV1 of 54% Spot Balance as of Q4/25 • Mortgage business model is “originate to hold” Real Estate • New uninsured originations2 in Q4/25 had averag
Slide 22: Canadian Residential Mortgages
Canadian Residential Mortgages Asset yields on variable rate mortgages reprice with each change to Scotiabank’s prime rate MORTGAGE PORTFOLIO1 in $Bn (Spot) 23% 34% in $Bn (Spot) Mortgage Portfolio Variable Mortgages Insured Variable Total Outstanding Balance $312 $106 Uninsured Outstanding Balance
Slide 23: Canadian Residential Mortgages
Canadian Residential Mortgages MORTGAGE PORTFOLIO1 in $Bn (Spot) Freehold Condos 82% ($257Bn) Freehold 173.2 26.4 63.8 146.8 20.5 32.4 Total 21.2 12.0 9.5 43.3 28.4 4.0 3.2 0.3 0.7 Portfolio1 11.7 8.8 Manitoba & $312Bn Ontario BC & Territories Alberta 18.0 Quebec Atlantic Provinces Saskatchewan 18%
Slide 24: Automotive Finance
Automotive Finance HIGHLIGHTS • Canada’s leader in retail automotive finance across the Canadian banks • Provides personal and commercial dealer financing solutions, in partnership with ten leading global automotive manufacturers in Canada • Average net loans and acceptances decreased 5% year-over-y
Slide 25: Business Line Overview: International Banking
Business Line International Banking Overview 25
Slide 26: International Banking
International Banking International Banking is comprised of a strong and universal banking franchise that provides financial advice and solutions to over 8 million Retail, Commercial and GBM clients. Its geographic presence spans more than 12 countries, including Mexico, Chile, Peru, Brazil, Uruguay
Slide 27: International Banking
International Banking Constant dollar basis2 BUSINESS MIX AS AT Q4/256 $MM Q4/25 Y/Y Q/Q Y/Y Q/Q Reported Latin Credit Central America Cards Business Net Income1 634 6% (5%) 3% (7%) America 78% 5% 49% Revenue 3,051 7% 2% 3% - 3% Revenue Auto Average Expenses 1,577 6% 4% 2% 2% Mix Loans Pre-Tax, Pre-
Slide 28: International Retail & Commercial
International Retail & Commercial RETAIL BANKING COMMERCIAL BANKING • Retail banking serves the day-to-day banking needs of individual • Commercial banking provides financial solutions to a variety of and small business clients, providing personalized advice via institutions including cross border c
Slide 29: International Banking: Mexico and Chile
International Banking: Mexico and Chile1 MEXICO CHILE $MM , Reported Constant Dollar2 $MM , Reported Constant Dollar2 Q4/25 Y/Y Q/Q Y/Y Q/Q Q4/25 Y/Y Q/Q Y/Y Q/Q Revenue 826 14% 8% 8% 4% Revenue 642 9% 5% 11% 5% Expenses 437 14% 8% 8% 5% Expenses 278 1% (2%) 3% (2%) Provision for credit losses 141 2
Slide 30: International Banking: Peru and Colombia
International Banking: Peru and Colombia1 PERU COLOMBIA $MM , Reported Constant Dollar2 $MM , Reported Constant Dollar2 Q4/25 Y/Y Q/Q Y/Y Q/Q Q4/25 Y/Y Q/Q Y/Y Q/Q Revenue 394 (14%) (4%) (21%) (8%) Revenue 306 6% 2% (1%) (3%) Expenses 208 2% 12% (5%) 8% Expenses 187 1% 4% (6%) (1%) Provision for cre
Slide 31: International Banking: Caribbean and Central America
International Banking: Caribbean and Central America1 CARIBBEAN CENTRAL AMERICA $MM , Reported Constant Dollar2 $MM , Reported Constant Dollar2 Q4/25 Y/Y Q/Q Y/Y Q/Q Q4/25 Y/Y Q/Q Y/Y Q/Q Revenue 562 5% (1%) 4% (2%) Revenue 103 4% (7%) 2% (8%) Expenses 269 2% (1%) 1% 0% Expenses 78 8% 1% 5% 0% Provi
Slide 32: Business Line Overview: Global Wealth Management
Business Global Wealth Line Overview Management 32
Slide 33: Global Wealth Management
Global Wealth Management Global Wealth Management is focused on delivering comprehensive wealth management advice and solutions to clients across Scotiabank’s footprint. Global Wealth Management serves over 2 million investment fund and advisory clients across 12 countries – administering over $750
Slide 34: Global Wealth Management
Global Wealth Management $MM Q4/25 Y/Y Q/Q REVENUE MIX AS AT Q4/25 Reported Net Income1 447 18% 7% Revenue 1,704 16% 6% Expenses 1,095 15% 6% Pre-Tax, Pre-Provision Profit2 609 18% 6% International PCLs 4 nmf 36% 13% Productivity Ratio3 64.2% (50 bps) - Spot AUM ($Bn)3 432 16% 6% Revenue Spot AUA ($
Slide 35: Global Wealth Management
Global Wealth Management 3RD LARGEST WEALTH MANAGEMENT BUSINESS IN CANADA1 CANADA MEXICO CHILE PERU Caribbean ASSET MANAGEMENT WEALTH MANAGEMENT A broad range of actively managed investment A powerful advisory and distribution network solutions from our innovative platform across Canada and Latin Am
Slide 36: Global Wealth Management: Market Leading Capabilities
Global Wealth Management MARKET LEADING CAPABILITIES AWARD-WINNING INVESTMENT MANAGEMENT TAILORED ADVICE & SOLUTIONS • Scotia Global Asset Management's investment teams were • Scotia Wealth Management was recognized with seven recognized with 21 awards at the 2024 FundGrade A+ Awards1 Euromoney Priv
Slide 37: Business Line Overview: Global Banking and Markets
Business Global Banking Line Overview and Markets 37
Slide 38: Global Banking and Markets
Global Banking and Markets Global Banking and Markets (GBM) provides corporate clients with lending and transaction services, investment banking advice and access to capital markets. GBM is a full-service wholesale bank in the Americas, serving clients across Canada, the United States, Latin America
Slide 39: Global Banking and Markets
Global Banking and Markets $MM Q4/25 Y/Y Q/Q BUSINESS MIX AS AT Q4/25 Reported Net Income1 519 50% 10% Canada Business Revenue 1,584 24% 3% 42% Banking Expenses 900 11% 1% Asia 48% Pre-Tax, Pre-Provision Profit2 684 47% 8% 1% PCLs 20 5% 6% Revenue Global Revenue Productivity Ratio3 56.8% (660 bps) (
Slide 40: GBM in the US and International Banking
GBM in the US and International Banking DELIVERING THE FULL BANK TO MEET OUR AMERICAS CLIENTS’ NEEDS GBM INTERNATIONAL GBM US GBM International US Q4/25 BANKING Banking1 • Corporate & Investment Banking, • Advisory, Financing and Risk Capital Markets, Deposits, and Management Solutions, and access $
Slide 41: Risk Overview
Risk Overview 41
Slide 42: Risk Snapshot (Q4/25)
Risk Snapshot (Q4/25) BUSINESS AND GOVERNMENT RWA BREAKDOWN1 CREDIT EXPOSURE BY COUNTRY EXPOSURE BY SECTOR2 As at October 31, 2025 • Total loans $280Bn • As a percentage of total loans and acceptances: Canada Real estate and contractors 7.7% U.S. Credit Risk 2% 68% Chile Financial services 4.1% 3% 3
Slide 43: Allowance for Credit Losses
Allowance for Credit Losses TOTAL ACLS1 ($MM) AND ACL RATIO2 HIGHLIGHTS 98 bps • Total ACL ratio of 98 bps, up 2 bps Q/Q 95 bps 96 bps 88 bps 91 bps o Performing allowances were $5.3 billion, up $161 million Q/Q 7,386 7,654 (+$55 MM ex. F/X) 7,080 7,276 6,736 o Primarily due to business growth in In
Slide 44: Provision for Credit Losses
Provision for Credit Losses $MM Q/Q HIGHLIGHTS $MM Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 All-Bank • Total PCL ratio of 58 bps, up 3 bps Q/Q: Impaired 1,043 1,064 1,052 975 1,042 Performing (13) 98 346 66 71 o Performing provision (4 bps); due primarily to Total 1,030 1,162 1,398 1,041 1,113 International re
Slide 45: Gross Impaired Loans and Net Write-offs
Gross Impaired Loans and Net Write-offs GILS ($MM) AND GIL RATIO1 GIL FORMATIONS ($MM) 91 bps 90 bps 90 bps 93 bps 88 bps 2,529 2,383 2,447 2,483 40 26 7 2,285 17 17 97 109 109 178 157 25 7,244 91 6,739 7,064 6,849 6,890 92 71 71 83 86 158 43 58 1,055 1,106 1,042 1,063 156 108 2,248 1,050 2,208 2,24
Slide 46: Canadian Retail: Loans and Provisions
Canadian Retail: Loans and Provisions 1 MORTGAGES AUTO LOANS 15 179 6 6 153 158 5 4 4 143 135 3 3 106 113 119 2 1 1 4 141 144 150 4 3 2 111 114 106 104 -1 64 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 LINES OF CREDIT CREDIT CARDS 855 171 137 152 6
Slide 47: International Retail: Loans and Provisions
International Retail: Loans and Provisions CARIBBEAN AND MEXICO CHILE CENTRAL AMERICA 231 224 204 227 151 175 211 188 188 187 139 149 MARKETS 204 175 136 185 201 162 124 122 137 WITH 155 128 129 188 GREATER 196 207 181 168 166 146 160 182 174 168 135 WEIGHTING 154 168 101 114 117 118 122 128 94 83 T
Slide 48: Retail 90+ Days Past Due Loans
Retail 90+ Days Past Due Loans1 Canada Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Mortgages 0.20% 0.19% 0.20% 0.23% 0.24% 0.24% 0.24% 0.28% Personal Loans 0.55% 0.50% 0.50% 0.51% 0.57% 0.51% 0.49% 0.51% Credit Cards 0.79% 0.79% 0.74% 0.86% 1.10% 1.13% 0.96% 1.16% Secured and 0.33% 0.31% 0.29% 0
Slide 49: Commercial Real Estate
Commercial Real Estate Portfolio comprised of Commercial Real Estate, and Contractor loans which include Engineering & Project Management and Trade Contractors SPOT LOANS OUTSTANDING1 HIGHLIGHTS Q4 24 Q3 25 Q4 25 Total Portfolio: $60.0Bn • Portfolio at $60.0Bn represents 7.7% of the Bank’s total Y/Y
Slide 50: Treasury and Funding
Treasury and Funding 50
Slide 51: Highlights
Highlights STRONG LIQUIDITY, STABLE FUNDING • Strong liquidity well in excess of regulatory requirements o LCR1 of 128%, down 300 bps Y/Y and up 200 bps Q/Q o HQLA2 of $269.2Bn, up $7.4Bn Y/Y and up $6.8Bn Q/Q • Stability of funding reflected in NSFR1 of 116%, down 300bps Y/Y and down 400bps Q/Q • D
Slide 52: Key Liquidity Metrics
Key Liquidity Metrics LIQUIDITY COVERAGE RATIO (LCR)1 HIGHLIGHTS 136% 132% 129% 133% 131% 128% 131% 126% 128% • LCR is well in excess of 100% regulatory requirement • Selected LCRs: Chile – 132%, Mexico – 141%, Peru – 175%, Colombia – 129% Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 HIGH Q
Slide 53: Deposit Growth
Deposit Growth AVERAGE DEPOSITS BY SEGMENT6 Q4/25 AVERAGE DEPOSIT MIX in $Bn CB IB GBM GWM Notice - Term - Business 2 Business 3 730 725 736 9% 706 712 17% 682 Demand- 624 1 Personal 8% 378 377 375 340 367 379 308 Demand - $736Bn Business 1 130 130 134 Notice - 107 125 130 125 33% 2 Personal 15% 170
Slide 54: Funding Strategy
Funding Strategy DIVERSIFIED FUNDING SOURCES • Increase contribution from core customer deposits • Manage to prudent level of wholesale funding utilization and TLAC1 • Maintain balance between efficiency and stability of funding while supporting the Bank’s strategy • Diversify funding by type, curre
Slide 55: Wholesale Funding
Wholesale Funding TERM FUNDING CONTRACTUAL MATURITY FUNDING PROGRAMS1 TABLE2 Global Registered Covered Bond Program CDE ($Bn) 51 (uninsured Canadian mortgages) Limit – CAD 100 billion 8 43 2 3 US Debt & Equity Shelf 3 2 (senior / subordinated debt, preferred and common shares) Limit – USD 50 billion
Slide 56: Wholesale Funding Utilization
Wholesale Funding Utilization WHOLESALE FUNDING / TOTAL ASSETS HIGHLIGHTS 22.8% • Wholesale funding utilization continues to be well managed 21.8% • Wholesale funding / total assets continue to trend lower 22.7% 20.3% 21.6% 19.3% 19.4% 18.8% 20.6% 19.9% 19.1% 19.1% 18.5% Q4/22 Q4/23 Q4/24 Q4/25 Q1/2
Slide 57: Scotiabank Credit Ratings
Scotiabank Credit Ratings Fitch Ratings Moody’s Morningstar DBRS Standard & Poor's Legacy Senior Debt1 AA Aa2 AA A+ Senior Debt2 AA- A2 AA (low) A- Subordinated Debt (NVCC) A Baa1 (hyb) A (low) BBB+ Subordinated Additional Tier 1 Capital Notes (NVCC) BBB+ Baa3 (hyb) BBB (high) BBB- Limited Recourse
Slide 58: Appendix 1: Economics
Appendix 1 Economics
Slide 59: GDP in Core Markets
GDP in Core Markets REAL GDP (ANNUAL % CHANGE) Forecast1 2010-20 2025 2026 Country 2022 2023 2024 Average Full Full Q1 Q2 Q3E2 Q4F Q1F Q2F Q3F Q4F Year Year Canada 1.6 4.7 2.0 2.0 2.9 1.6 1.4 0.5 1.2 0.3 1.3 1.8 2.1 1.4 U.S. 2.0 2.5 2.9 2.8 2.0 2.1 2.0 1.6 1.9 2.3 1.5 1.1 1.5 1.6 Mexico 1.4 3.7 3.1
Slide 60: Economic Outlook and Indicators
Economic Outlook and Indicators E C O N O M I C I N D I C A T O R S ( % ) 1,2 Canada United States Mexico 2025F 2026F 2027F 2025F 2026F 2027F 2025F 2026F 2027F Central Bank Rates 2.25 2.75 2.75 3.75 3.00 3.00 7.00 6.50 6.00 Unemployment Rate 6.9 6.6 6.0 4.3 4.5 4.4 3.0 3.3 3.6 Core Inflation Rate 3.
Slide 61: Interest Rate Sensitivity and Outlook
Interest Rate Sensitivity and Outlook NET INTEREST INCOME SENSITIVITY1 POLICY RATE CHANGE AND OUTLOOK3 POLICY RATE CHANGE AND OUTLOOK • Impact of an immediate and sustained 100 bps Policy Rate Change by BNS Fiscal Quarters Current Forecast Policy Rate parallel shift on net interest income (NII) over
Slide 62: Canadian Economic Overview
Canadian Economic Overview COMMENTARY REAL GDP GROWTH1 • Post-pandemic GDP growth in real terms has been subdued and is expected to remain so, as elevated economic uncertainty and trade volatility persists. Weak 15.0 forecast growth has been a theme among Canada’s G7 peers (aside from the U.S.) in %
Slide 63: Canadian Economic Overview
Canadian Economic Overview COMMENTARY PRODUCTIVITY1 • After peaking at Y/Y growth of 3.2% in April 2024, tightened immigration 115 policies via reduced permanent resident (“PR”) targets and restricted index, 2019=100 temporary resident (“TR”) intake targets, along with lower-than-expected new 110 ar
Slide 64: Canadian Economic Overview
Canadian Economic Overview TRADE POLICY UNCERTAINTY1 UNEMPLOYMENT AND EMPLOYMENT GROWTH2 60 16 66 % % index 64 50 14 62 40 12 60 30 10 58 56 20 8 54 10 6 52 0 4 50 15 16 17 18 19 20 21 22 23 24 25 15 16 17 18 19 20 21 22 23 24 25 Shaded areas represent each era of Donald Trump's presidency. Unemploy
Slide 65: Canadian Housing Market
Canadian Housing Market COMMENTARY HOUSING PRICE INDEX1 • There were 255.2K housing starts in the last 12 months in Canada. While an 450 70 improved performance versus the same period a year prior, and above index, Jan-2005=100 (S.A.) units, 000s average levels over 2000-2024, it remains well below
Slide 66: Mexican Economy
Mexican Economy COMMENTARY MEXICAN Q3/25 GDP BY INDUSTRY1 • Economic weakness persists, with a GDP contraction of -0.1% in the last Health & Education quarter and only 0.2% accumulated growth. Industrial activity declined and Finance, Insurance, & Real 6% services moderated, though export-oriented m
Slide 67: Peruvian Economy
Peruvian Economy COMMENTARY PERUVIAN Q3/25 GDP BY INDUSTRY1 • GDP grew 3.4% in Q3 and a confirmed 3.6% between January and August. The drivers of growth include agro-industrial exports, private investment, Wholesale & Retail infrastructure projects, and a robust labour market. Record high terms of 1
Slide 68: Chilean Economy
Chilean Economy COMMENTARY CHILEAN Q3/25 GDP BY INDUSTRY1 • Chile's diversified trading relationships are supported by 90 free-trade agreements with countries that account for 88% of global GDP. No relevant direct impact of tariff Natural Resource announcements on the economy. Finance & Business 4%
Slide 69: Appendix 2: Bail-in, TLAC, NVCC and LRCN
Appendix 2 Bail-in, TLAC, NVCC and LRCN
Slide 70: Canadian Bail-in Regulations: Key Features
Canadian Bail-in Regulations: Key Features APPROACH • Post September 23, 2018, prescribed shares and liabilities, including senior unsecured debt with original term >400 days, issued by Canadian D-SIBs are subject to bail-in conversion. Canadian bank term senior unsecured debt1 is a single class of
Slide 71: Canadian Bail-in Regulations: Jurisdictional Comparison
Canadian Bail-in Regulations: Jurisdictional Comparison LIQUIDATION1 RESOLUTION OTHER JURISDICTIONS Opco non- Holdco Instrument type Opco senior Opco senior Holdco senior Holdco senior preferred senior2 senior Pari passu with deposits and other Structural Structural Structural Contractual Ranking St
Slide 72: Summary of Bail-in / TLAC Regime
Summary of Bail-in / TLAC Regime Scope OSFI designated DSIBs Scope of bail-in Senior unsecured debt that is tradeable and transferable, original term >400 days, unsecured and issued, originated or instruments amended after September 23, 2018 Liabilities excluded from Insured deposits, uninsured depo
Slide 73: Non-Viability Contingent Capital (NVCC)
Non-Viability Contingent Capital (“NVCC”) APPROACH • In order to qualify for inclusion in regulatory capital, all non-common Tier 1 and tier 2 capital instruments must be capable of absorbing losses at the point-of-non-viability of a financial institution • NVCC provisions dictate that upon occurren
Slide 74: LRCN Overview
LRCN Overview BNS LIMITED RECOURSE CAPITAL NOTES (“LRCN”) STRUCTURAL OVERVIEW 1 The Bank of Nova Scotia (Issuer) Proceeds 1 • LRCNs issued directly by The Bank of Nova Scotia (“BNS”, “Scotiabank” or the “Bank”) Investors • Ongoing coupon payments are paid by BNS and derived from the Bank’s internal
Slide 75: BNS AT1 Capital Instrument Features
BNS AT1 Capital Instrument Features LRCN AT1 Notes Issuing Entity: The Bank of Nova Scotia The Bank of Nova Scotia Note / Note / Format / Denomination: C$1,000 or US$1,000 Par1 C$1,000 or US$1,000 Par Capital Treatment: Additional Tier 1 Additional Tier 1 Junior Subordinated Indebtedness (Pari-passu
Slide 76: Appendix 3: Covered Bonds
Appendix 3 Covered Bonds
Slide 77: Global Registered Covered Bond Program
Global Registered Covered Bond Program HIGHLIGHTS • Able to issue across multiple currencies such as CAD, USD, EUR, GBP, AUD, CHF and NOK • CAD $52 billion outstanding1 vs. CAD $100 billion program size2 • Extensive regulatory oversight and pool audit requirements • Mandatory property value indexati
Slide 78: Global Registered Covered Bond Program
Global Registered Covered Bond Program1 LOAN-TO-VALUE RATIOS2 CREDIT SCORES3 35% 77% 28% 25% 6% 6% 13% 7% 0% 1% 2% 0-20% 20-40% 40-60% 60-80% 80+% <599 600-650 651-700 701-750 751-800 800+ REMAINING TERM DISTRIBUTION (MONTHS) PROVINCIAL DISTRIBUTION Ontario 59.4% 37% 28% Other4 2.8% 17% Saskatchewan
Slide 79: Canadian Legislative Covered Bonds
Canadian Legislative Covered Bonds CMHC REGISTERED • Canadian Registered Covered Bond Programs’ Legal Framework (Canadian National Housing Act) Issuance Framework • Canadian Registered Covered Bond Programs Guide issued by Canada Mortgage and Housing Corporation (CMHC) Eligible Assets • Uninsured lo
Slide 80: Appendix 4: Non-GAAP Measures
Appendix 4 Non-GAAP Measures
Slide 81: Non-GAAP Measures
Non-GAAP Measures The Bank uses a number of financial measures and ratios to assess its performance, as well as the performance of its operating segments. Some of these financial measures and ratios are presented on a non-GAAP basis and are not calculated in accordance with Generally Accepted Accoun
Slide 82: Non-GAAP Measures
Non-GAAP Measures NON-GAAP DEFINITIONS (CONT’D) Non-earning assets are defined as cash, precious metals, derivative financial instruments, property and equipment, goodwill and intangible assets, Pages 94, 95, Non-earning assets deferred tax assets and other assets. This is a non-GAAP measure. 98-103
Slide 83: Non-GAAP – Adjusted Results
Non-GAAP – Adjusted Results $MM (unless indicated otherwise) Q4/25 Q3/25 Q4/24 FY2025 FY2024 FY2023 Reported Results Total revenue 9,803 9,486 8,526 37,741 33,670 32,214 Provision for credit losses 1,113 1,041 1,030 4,714 4,051 3,422 Non-interest expenses 5,828 5,089 5,296 22,518 19,695 19,121 Incom
Slide 84: Non-GAAP – Reported and Adjusted EPS
Non-GAAP – Reported and Adjusted EPS $MM (unless indicated otherwise) Q4/25 Q3/25 Q4/24 FY2025 FY2024 Reported Results Net Income Attributable to Common Shareholders Net Income attributable to common shareholders 2,104 2,313 1,521 7,283 7,286 Foreign currency loss on redemption of Subordinated Addit
Slide 85: Non-GAAP – Business Line Earnings
Non-GAAP – Business Line Earnings Three months ending October 31, 2025 Three months ending July 31, 2025 Global Global Global Global Canadian International Canadian International $MM (unless indicated otherwise) Wealth Banking and Other Total Wealth Banking and Other Total Banking Banking Banking Ba
Slide 86: Non-GAAP – Business Line Earnings
Non-GAAP – Business Line Earnings Three months ending October 31, 2024 Global Global Canadian International $MM (unless indicated otherwise) Wealth Banking and Other Total Banking Banking Management Markets Reported Results Total revenue 3,319 2,859 1,466 1,272 (390) 8,526 Provision for credit losse
Slide 87: Non-GAAP – Adjusted Results
Non-GAAP – Adjusted Results Footnotes 1. These costs relate to the amortization of intangible assets recognized upon the acquisition of businesses, excluding software. The costs are recorded in non-interest expenses - depreciation and amortization for the Canadian Banking, International Banking and
Slide 88: Non-GAAP – Other Segment Adjusted Earnings
Non-GAAP – Other Segment Adjusted Earnings $MM Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Reported NIAEH (619) (1,341) (125) (71) (322) Divestitures and wind-down of operations1 - 1,355 20 (29) 8 Restructuring charge and severance provisions2 38 - - - 270 Impact of adjusting items on NCI1, 2 - (191) 16 37 (53) L
Slide 89: Non-GAAP – Business Line Return on Equity
Non-GAAP – Business Line Return on Equity International Global Wealth Global Banking Total Reported $MM (unless otherwise stated) Canadian Banking Other Total Banking Management and Markets (Adjusted) For the three months ended October 31, 2025 Net income attributable to common shareholders 941 634
Slide 90: Non-GAAP Reconciliations – Return on Equity
Non-GAAP Reconciliations – Return on Equity $MM (unless indicated otherwise)` $MM (unless indicated otherwise) F23 F24 F25 Return on equity F23 F24 F25 Reported Results Canadian Banking Total revenue 32,214 33,670 37,741 Net income attributable to common shareholders 3,677 3,776 3,425 Provision for
Slide 91: Non-GAAP – Return on Tangible Common Equity
Non-GAAP – Return on Tangible Common Equity For the three months ended For the year ended ($ millions) Q4/25 Q3/25 Q4/24 Oct 31, 2025 Oct 31, 2024 Reported Average common equity – Reported1 76,093 74,972 73,158 75,005 71,127 Average goodwill1,2 (9,917) (9,827) (8,984) (9,744) (9,056) Average acquisi
Slide 92: Non-GAAP – International Banking Constant Dollar Basis
Non-GAAP – International Banking Constant Dollar Basis Reported Results For the three months ended $MM July 31, 2025 October 31, 2024 Foreign Constant Foreign Constant Taxable equivalent basis Reported exchange dollar Reported exchange dollar Net interest income 2,245 (48) 2,293 2,147 (80) 2,227 Non
Slide 93: Non-GAAP – International Banking Constant Dollar Basis
Non-GAAP – International Banking Constant Dollar Basis Reported Results For the three months ended $MM April 30, 2025 January 31, 2025 Foreign Constant Foreign Constant Taxable equivalent basis Reported exchange dollar Reported exchange dollar Net interest income 2,179 (17) 2,196 2,169 (51) 2,220 No
Slide 94: Non-GAAP - Net Interest Margin and Risk Adjusted Margin
Non-GAAP - Net Interest Margin and Risk Adjusted Margin $MM (unless specified otherwise) All-Bank Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY2025 FY2024 1 Average total assets 1,418,795 1,460,615 1,468,310 1,445,858 1,486,529 1,465,278 1,419,284 Less: Non-earning assets 106,621 115,155 118,403 114,263 115,239
Slide 95: Non-GAAP - Net Interest Margin and Risk Adjusted Margin
Non-GAAP - Net Interest Margin and Risk Adjusted Margin $MM (unless specified otherwise) International Banking Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY2025 Average total assets1 223,525 228,877 229,118 223,347 226,015 226,820 Less: Non-earning assets 14,973 14,883 13,917 13,442 13,134 13,843 Average total e
Slide 96: Non-GAAP – All Bank Loan to Deposit Ratio
Non-GAAP – All Bank Loan to Deposit Ratio $Bn (unless indicated otherwise) Q4/24 Q3/25 Q4/25 FY24 FY25 Avg Loans & Acceptances Loans 755 757 764 750 762 Acceptances 1 - - 10 - Total 756 757 764 760 762 Avg Deposits Deposits from customers 899 906 925 903 919 Deposits from banks 46 42 40 49 43 Total
Slide 97: Non-GAAP - International Banking
Non-GAAP - International Banking $Bn Reported Basis Reported Basis (Constant FX) International Business Banking Loans Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Investment Grade 32 31 30 29 29 33 31 30 29 29 Non-Investment Grade 54 55 54 53 53 55 55 54 54 53 $Bn Reported Basis Const
Slide 98: Non-GAAP - Mexico
Non-GAAP - Mexico $MM (unless otherwise specified) Reported Basis Reported Basis (Constant FX) Q4/24 Q3/25 Q4/25 Q4/24 Q3/25 Q4/25 Revenue 725 767 826 765 795 826 Expenses 382 403 437 404 416 437 Provision for Credit Losses 109 139 141 115 144 141 NIAEH 178 169 181 187 176 181 $MM (unless otherwise
Slide 99: Non-GAAP - Chile
Non-GAAP - Chile $MM (unless otherwise specified) Reported Basis Reported Basis (Constant FX) Q4/24 Q3/25 Q4/25 Q4/24 Q3/25 Q4/25 Revenue 588 613 642 580 610 642 Expenses 274 285 278 271 284 278 Provision for Credit Losses 151 179 210 149 178 210 NIAEH 123 131 141 121 130 141 $MM (unless otherwise s
Slide 100: Non-GAAP - Peru
Non-GAAP - Peru $MM (unless otherwise specified) Reported Basis Reported Basis (Constant FX) Q4/24 Q3/25 Q4/25 Q4/24 Q3/25 Q4/25 Revenue 456 413 394 496 429 394 Expenses 205 186 208 220 192 208 Provision for Credit Losses 118 85 90 129 88 90 NIAEH 104 109 67 114 114 67 $MM (unless otherwise specifie
Slide 101: Non-GAAP - Colombia
Non-GAAP - Colombia $MM (unless otherwise specified) Reported Basis Reported Basis (Constant FX) Q4/24 Q3/25 Q4/25 Q4/24 Q3/25 Q4/25 Revenue 288 302 306 309 317 306 Expenses 185 179 187 198 188 187 Provision for Credit Losses 114 86 91 122 90 91 NIAEH (7) 14 8 (6) 14 8 $MM (unless otherwise specifie
Slide 102: Non-GAAP - Caribbean
Non-GAAP - Caribbean $MM (unless otherwise specified) Reported Basis Reported Basis (Constant FX) Q4/24 Q3/25 Q4/25 Q4/24 Q3/25 Q4/25 Revenue 535 567 562 539 573 562 Expenses 264 268 269 264 268 268 Provision for Credit Losses 30 36 29 31 35 29 NIAEH 165 164 165 169 169 165 $MM (unless otherwise spe
Slide 103: Non-GAAP – Central America
Non-GAAP – Central America $MM (unless otherwise specified) Reported Basis Reported Basis (Constant FX) Q4/24 Q3/25 Q4/25 Q4/24 Q3/25 Q4/25 Revenue 99 112 103 102 113 103 Expenses 72 78 78 75 79 78 Provision for Credit Losses 14 18 19 14 18 19 NIAEH 7 9 2 6 9 2 $MM (unless otherwise specified) Repor
Slide 104: Non-GAAP – International Banking Return on Tangible Common Equity
Non-GAAP – International Banking Return on Tangible Common Equity Average Tangible Common Equity Attributed Capital Total Central Goodwill & Total International $MM Mexico Peru Chile Colombia Caribbean Other International America Intangibles Banking Banking Q4/25 4,027 2,097 4,319 976 1,857 723 1,19
Slide 105: Appendix 5: Other Financial Measures
Appendix 5 Other Financial Measures
Slide 106: Glossary – Other Financial Measures
Glossary – Other Financial Measures The ratio of period end total allowance for credit losses (excluding debt securities and deposits with financial institutions) divided by gross Allowance for Credit Losses (ACL) Ratio loans and acceptances. Assets administered by the Bank which are beneficially ow
Slide 107: Contact Information
Investor Relations Meny Grauman Rebecca Hoang Senior Vice President Vice President meny.grauman@scotiabank.com rebecca.hoang@scotiabank.com Contact Information Funding Brandon Konigsberg Agnes Vara EVP and Group Treasurer Managing Director brandon.konigsberg@scotiabank.com agnes.vara@scotiabank.com
Scotiabank — Debt Investor Presentation (December 2025) on 6ix