for the year ended 30 June 2026
Operating Environment
for the year ended 30 June 2026
The global environment continues to be characterised by elevated uncertainty
World Uncertainty Index (1990Q1 to 2026Q2)
700
Coronavirus
US election, tariffs and geopolitical risks
600
500
400
300
US recession and 9/11
Iraq war and outbreak of SARS
Financial credit crunch
US fiscal cliff and sovereign debt crisis in Europe
Sovereign debt crisis in Europe
US presidential elections
US Fed tightening and political risk in Greece and Ukraine
US-China trade tensions and
Brexit
Geopolitical tensions and collapse of Silicon Valley Bank, Signature Bank and Credit Suisse
War in Ukraine
Iran War
200
100
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023 2024 2025 2026
GEPU current GEPU ppp
Source: Policyuncertainty.com. 3
Global policy environment and markets remained volatile
10-year bond yields: US, UK, Japan, Euro area
(YTM)
Brent oil: 52-week rolling standard deviation
(US$/bbl)
6 25
5
20
4
3 15
2
10
1
5
-
(1)
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Jan 25
Jan 26
-
Aug
17
Aug 18
Aug 19
Aug 20
Aug 21
Aug 22
Aug 23
Aug 24
Aug 25
Aug 26
US 10-year yield UK 10-year yield
Japan 10-year yield Euro area 10-year yield
Sources: Bloomberg, FirstRand. 4
SA and broader Africa resilient, despite oil price shock and geopolitical volatility
South Africa GDP growth
(% y/y)
8
Inflation: Nigeria, Ghana, Zambia
(% y/y)
60
6
50
4
40
2
- 30
(2)
20
(4)
(6)
(8)
Mar 17
Mar 18
Mar 19
Mar 20
Mar 21
Mar 22
Mar 23
Mar 24
Mar 25
Mar 26
10
-
Jan | Jan | Jan | Jan | Jan | Jan | Jan | Jan | Jan |
18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 |
Nigeria: Inflation (% y/y) Ghana: Inflation (% y/y) Zambia: Inflation (% y/y)
South Africa GDP (% y/y)
Sources: StatsSA, SARB, Bloomberg, FirstRand. 5
SA inflation and interest rate pressure remains contained
SA repo rate and inflation forecasts
(%)
Forecast
Pre-GFC demand and supply shock
16
14 Post-Covid and
Ukraine war
12 demand and
10 supply shock
8
6
4
2
-(2)
(4)
Iran war supply shock increases likelihood of strong disinflation
2027
2028
2029
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Real repo rate (%) Repo rate (%) Inflation (% y/y) Inflation forecast (% y/y) Pre-Iran war inflation forecast (% y/y)
Source: SARB, FirstRand. 6
Unpacking Performance
for the year ended 30 June 2026
Performance against guidance
Earnings and ROE guidance provided as at 30 June 2025:
Mid-teens growth based on the strong operational performance expected from the South African and broader Africa businesses
ROE at the top end of the stated range
On this basis, delivered:
Earnings growth ▲16%
- Anchors dividend growth ▲16%
ROE of 21.5%
These outcomes reflect the strong topline growth, profitability and improved returns generated by the group's two largest franchises
8
Two material events shaped current year outcomes and define ongoing earnings base
Following the publication of the UK FCA's final redress scheme for the motor finance sector
In April 2026, the group announced its intention to exit the UK consumer market
the group recognised an additional
pre-tax provision of £518.4m (R11.3bn) for potential customer redress and
£29.4m (R692m) in associated costs
therefore, Aldermore Group is
classified as a discontinued operation
▼5% decline in earnings
ROE at 18.3%, still within stated range
Continuing operations present the basis for earnings growth, return profile and capital generation going forward
9
Reconciliation of earnings and ROE, including and excluding the UK provision and discontinued operation
Normalised earnings (R million)
and ROE (%)
▲16%
▲10%
▼5% ▼14% ▲13%
48 409
21.5%
8 715
(3 948)
50 000
(4 596)
40 000
2 187
30 000
10.3%* 8.6%*
41 824
20.2%
20 000
10 000
-
2025 2026
Previously reported basis
2025 2026
39 694
18.3%
UK motor provision and costs
2025 2026
44 011
21.0%
Normalised total operations
2025 2026
Normalised discontinued operation
2025 2026
39 415
24.3%
44 461
24.9%
Normalised continuing operations
ROEs shown in bold inside graphs.
* ROE shown excluding UK motor provision and discontinuation entries. 10
Operational performance from UK operations reflects execution on strategy but impacted by significant margin pressure
| |
Good outcomes:
| Offset by:
|
£156m* ▼11%
▼14% in ZAR terms
ROE: 8.6%
* Normalised for provision. 11
Continuing operations: Key metrics demonstrate strong underlying performance
Normalised earnings Cost-to-income ratio Net income after cost of capital
R44.5bn 48.0% R19.4bn(2025: R39.4bn) (2025: 48.5%) (2025: R15.7bn)
▲13% ▼50 bps ▲24%
Return on assets Return on equity Net asset value
2.07% 24.9% R186.6bn(2025: 1.99%) (2025: 24.3%) (2025: R170.4bn)
▲8 bps ▲60 bps ▲9%
Credit loss ratio
NPL as a % of core
lending advances Core lending advances*
1.05% 4.62% R1 374bn(2025: 1.08%) (2025: 4.70%) (2025: R1 288bn)
▼3 bps ▼8 bps ▲7%
* Core lending advances represent total advances, excluding assets under agreements to resell.
12
Strong growth in NAV and economic profit demonstrates shareholder value creation
Normalised net asset value (NAV)
R billion
197.8
200.0
Normalised economic profit
R million
25 000
ROE and COE
%
24.3 24.9
150.0
20 000
21.3 21.0 21.5
▲24%
186.6
▲9%
170.4
14.05
16 713
14.05
19 378
229.5
221.7
15 000
14.65
14.65
14.65
100.0
12 625
13 281
10 000
15 654
50.0
5 000
2026
2025
0.0
2024 2025 2026
0
2024 2025 2026
2025 2026
NAV
Economic profit Return on equity (ROE) Cost of equity (COE)
Continuing normalised.
13
SA and broader Africa franchises clearly delivering superior ROE
Gearing multiple decreased to 12.0 times from 12.2 times (2025)
Cost of equity decreased to 14.05% from 14.65% (2025)
ROA ▲8 bps to 2.07% year on year:
Strong investment income growth
Robust trading income growth
Stable cost-to-asset ratio
Improved credit loss ratio
▲60 bps
increase in ROE to 24.9%
(2025: 24.3%)
R19.4bn NIACC(2025: R15.7bn)
▲24%
14
Group's market-leading franchises delivered operational performance as expected
Normalised earnings
y/y %, R million
R26.4bn▲12%
ROE: 40.5%
R2.3bn ▼4%
ROE: 18.5%
R12.3bn ▲15%
ROE: 23.0%
15
Drivers of operational performance
Strength of origination and deposit franchises
Diversified and growing sources of NIR
Health and quality of customer franchises
16
Origination strategy
Continue to pursue highest market share of good-quality credit and protect customer franchise whilst maintaining risk-adjusted returns through the cycle
Track record of disciplined allocation and pricing of capital, funding and liquidity, and risk capacity through FRM process
Origination strategy:
Given the cycle, more retail and commercial customers have increased capacity to borrow - resources allocated appropriately
Targeted industries in line with macro outlook on sectors, particularly in wholesale lending
Continued refinement as cycle shifted over 2026:
Improving conditions for consumers in SA allowed easing of credit criteria in retail secured and unsecured lending
Portfolio tilt continued towards SMEs
Slight shift in risk appetite in WesBank given demand
Balance sheet optimisation created capital and funding velocity and capacity to support origination franchises
17
Advances growth generated across entire portfolio
Core advances*
y/y %
Core lending advances composition*
Centre and other
FNB SA:
Retail secured
R296bn
▲ 5%
Retail unsecured
R112bn
▲ 7%
WesBank:
Retail VAF
R143bn
▲ 15%
Corporate and commercial
R74bn
▲ 12%
FNB broader Africa
▲1%
▲54%
5% 4%
21%
Residential mortgages
▲5%
Commercial
R154bn
▲7%
FNB broader Africa
R66bn
▲ 1%
RMB CIB
R478bn
▲ 2% (after distribution activities)
CIB
▲2%
35%
2026
5%
12%
10%
8%
WesBank VAF
▲15%
Retail - unsecured
▲7%
Excluding RMB CIB distribution activities, group's overall advances ▲10%
* Core lending advances exclude assets under agreements to resell.
WesBank corporate and commercial
▲12%
FNB
commercial
▲7%
18
Credit performance reflects origination strategy, book quality and cycle
Improved credit experience in retail and commercial franchises
CLR increased off a low base, to 27 bps, remaining below the portfolio TTC range
CIB
CLR increased to 130 bps from 114 bps
Front-book strain and proactive provisioning
WesBank
CLR declined just below the mid point of the TTC range, to 92 bps
SA commercial
CLR declined to 192 bps, at the lower end of the TTC range
SA retail
Favourable macroeconomic conditions prevailed for most of the year
Group CLR declined to 105 bps
Geopolitical volatility in Q4 prompted additional R1.1bn of FLI provisions
19
Deposit franchise growth has consistently outpaced money supply
Deposit franchise
y/y % | FY16 = 100 |
FNB SA | 300 |
Retail | 268 |
R447bn ▲4% | 250 |
Commercial |
R563bn
▲13%
RMB CIB - SA
R263bn
▲15%
FNB and RMB broader Africa
R123bn
▲ 12%
200
150
100
200
100
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
FirstRand deposit franchise SA M3 money supply
20
ALM strategy continues to support NII growth and margin
Market-implied forward rates
7.40% 7.34%
7.15%
7.28%
Additional R3.3bn of NII, contributing 4% of total NII
Contribution of ALM strategy
Overall objectives of ALM strategy outcomes:
Enhanced earnings with lower volatility
Growth and margin stability
Protected earnings against rate cuts
No ALM strategy (i.e. overnight profile)
18 19 20 21 22 23 24 25 26 27 28 29 30
ALM investment strategy No ALM strategy Average repo Market-implied forward rate
21
Strong uplift in margin supported by FRM discipline, despite rate-cutting cycle
Asset margins ▲12 bps
Deposit margins ▲13 bps
Capital endowment including ALM strategies ▲4 bps
Group Treasury, Centre and other activities ▼2 bps
FNB broader Africa ▲2 bps
▲ 29 bps
Active FRM executed by customer franchises, balancing growth and appropriate risk-adjusted return
Interest rate and ALM risk managed to ensure group earns appropriate value from liquidity and credit premia
movement in group NIM to 529 bps
(2025: 500 bps)
22
Drivers of operational performance
Strength of origination and deposit franchises
Diversified and growing sources of NIR
Health and quality of customer franchises
23
NIR benefiting from established, new and scaling sources of capital-light revenues
Bank fee and commission income R44.6bn ▲5%
Knowledge-based fees
R2.8bn ▲14%
Insurance income
R4.8bn ▲8%
Trading and fair value income R7.1bn ▲42%
Other operational associates and JVs R1.3bn ▲33%
PE realisations and dividends received R1.9bn ▲>100%
24
FNB retail and commercial NIR scaling on platform
Digital wallets
Overall values
R129.4bn ▲36%
STEADY SCALING
VAS as a source of retail NIR
R million
1 500
1 250
▲10%
1 000
750
500
250
▲15%
▲20%
▲10%
-
Prepaid and
vouchers
FNB Connect (MVNO)
Send Money, bill payments and remittances
eBucks and nav>>
2025 2026
25
Overall values
▲7%
Overall volumes
▲10%
Payments processed
R1.1bn ▲
eWallet
R2.1bn ▼
Payments and
transfers
R3.7bn
Cash
R4.0bn ▲
Card
R10.6bn ▲
Monthly
account fees
▲8%
FNB fee and
commission
PayShap
Overall volumes
▲165%
Overall values
▲191%
Strategy to grow insurance businesses using own licences is tracking well
New business APE - R4.2bn ▲22%
y/y %
2 000
Short-term insurance reached profitability for the first time since inception
Continued investment into distribution and operational capacity
▲ 44% growth in advisor APE
Traction in open market sales
R9.5bn dividends paid since inception
1 500
1 000
500
▲15%
▲12%
▲14%
▲27%
▲75%
-
Core life Credit life Underwritten life Business life Short-term
2022 2023 2024 2025 2026
In-force APE - R10.8bn ▲15%
y/y %
6 000
5 000
4 000
3 000
2 000
1 000
-
▲13%
▲5%
▲12%
▲67%
▲26%
Core life Credit life Underwritten life Business life Short-term
2022 2023 2024 2025 2026
26
Invest strategy showing good traction
Assets under management
R billion
Net inflows
R billion
Total CAGR ▲ 23%
Total CAGR ▲ >100%
250
200
150
100
50
154
138
92
106
191
159
50
43
40
30
30
20
12
10
5 4 4
-
2024 2025 2026
-
2024 2025 2026
Ashburton WIM Ashburton WIM
27
Recovery in RMB Global Markets lifted overall NIR growth
Improved performance across most activities in GM business
▲42% increase in FX revenue benefiting from higher client flows and opportunities from improved liquidity in Egyptian and Nigerian markets
Increased structuring opportunities and cross-sell into client base
Total revenue
R million
3 500
3 000
▲42%
3 264
2 500
2 000
1 500
2 293
▲ 66%
▲ 28%
1 000
500
0
806
1 340
990
1 269
543
▲ 9% ▼ 14%
593 657 566
255
▲ 52%
388
FX Fixed income Equity Custody Credit Commodities
2025 2026
28
Drivers of operational performance
Health and quality of customer franchises
Strength of origination and deposit franchises Diversified and growing sources of NIR
29
Improved profitability in FNB demonstrates franchise quality and strength
Personal: Encouraging growth in new-to-bank customers
pre-migration ▲3% with pre-migration deposit growth ▲16%
Private: ▲8% customer growth (with new-to-bank ▲2.5%) with good NIR per customer ▲8%
Strong production in personal loans ▲21% and residential mortgages ▲20%
Commercial: Customer growth driven by enterprise (▲7%) - Business banking remains leading SME lender (R49.0bn) with
strong growth in community economy revenue
▲12% PBT growth
Solid topline growth
Good cost management
Strong credit performance
Retail distribution strengthened through Pick n Pay and Boxer partnership
Imminent launch of FNB airtime advance, which incorporates Optasia credit-decisioning capability
Broader Africa PBT
▲3%
SA PBT
▲13%
30
WesBank origination engine delivered record production
Strongest production yet, R59.4bn ▲18%
▲45% growth in production generated from collaboration with personal segment
▲13% growth in new business production in ABF business
FML asset book ▲10% to R5.42bn
New strategic partnerships including new entrants from China
R3.1bn PBT
Overall strong performance was underpinned by strong topline and cost management, offset by higher impairments
31
PBT up 15% due to strong performance across portfolio
IBD franchise grew strongly off high base
Global Markets recovered and poised for sustained growth
Muted growth in TTS due to trade and working capital business
PE dividends and realisations continued to contribute
▲230 bps
Broader Africa PBT
▲11%
SA PBT
▲17%
movement in ROE to 23.0%
(2025: 20.7%)
Improved advance and deposit NIMs
HSBC integration completed
444 entities transferred, with a large multinational corporate base
Integration of new capabilities expands existing corporate client offerings
NIR outperformance across the business
32
Despite macro pressures in some large markets, in-country franchises delivered resilient operational performances
In-country PBT▲14%
ROE: 20.5%
Steady
In-country CIB PBT ▲53% from GM, TTS and IBD activities
Pressure in cross-border book PBT ▼ 13% due to higher impairments
NIACC ▼17% due to increased capital, outpacing earnings growth
Botswana: ▲5% PBT growth supported by RMB, despite challenging macro conditions and liquidity constraints
Namibia: ▲13% PBT due to lower impairments and strong balance sheet growth from CIB activities
Scaling
Portfolio PBT▲6%
ROE: 21.8%
Zambia: ▲ 50% PBT growth, ▲ 70% advances growth,
▲51% deposits growth, ▲ 18% customer growth
Nigeria: ▲47% PBT growth due to CIB activities and increased treasury activity
Ghana: Retail and commercial profitability affected by margin compression and technology costs
Note: PBT growth quoted in ZAR. 33
CET1 position retained with incremental UK motor commission provision impact
CET1 ratio*
%
18
13.9
CET1 internal target range: 11.5% - 12.5%
14.0
(30 bps)
Economic excess of R10bn#
(191 bps)
300 bps
17
CET1 accretion: +79 bps
16
15
(19 bps)
(75 bps)
14
13
12
11
10
Jun 25 | Earnings | Ordinary | FCTR and | RWA | UK motor | Jun 26 |
* Includes unappropriated profits. | dividend | other ** | commission |
** Include FCTR, other reserves and regulatory deductions.
# Available regulatory capital resources above 12.5% (upper end of the internal target range) adjusted to provide an economic view of excess capital. 34
Strong capital position supported a dividend cover of 1.6 times, delivering the highest dividend payout yet
Times
2.3
2.2
2.1
1.8x to 2.2x
2.0
1.7
1.7
1.9
1.8
1.8
1.6x to 2.0x
1.8
1.7
1.6
1.7 1.7 1.7
1.6
1.6
1.6
1.5
1.4
Jun 16 Jun 17 Jun 18 Jun 19 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25* Jun 26
Dividend cover (times)
June 2020 excluded as no final dividend paid.
* Restated normalised earnings results in a dividend cover of 1.7x. 35
Financial Review
for the year ended 30 June 2026
Performance bridge 1: Normalised earnings
Adjust for UK motor provision in 2025
FirstRand normalised earnings ▲10%
Normalised earnings (R million)
▼5%
▲16%
▲10%
48 409
ROE: 21.5%
8 715
50 000
39 694
ROE: 18.3%
41 824
ROE: 20.2%
44 011
ROE: 21.0%
40 000
30 000
20 000
10 000
-
2025 2026
2026
2026 2025
UK motor provision
Previously reported basis
Normalisation
Normalised total operations
37
Performance bridge 2: Continuing operations
Continuing operations (SA and bA franchises) is ▲13%
Normalised earnings (R million)
▲10%
▼14% (▼11% in £)
▲13%
48 409
ROE: 21.5%
50 000
(4 596)
39 415
ROE: 24.3%
44 011
ROE: 21.0%
44 461
ROE: 24.9%
(3 948)
40 000
30 000 ROE: 10.3%* ROE: 8.6%*
20 000
10 000
-
2025 2026
2025 2026
2025 2026
Normalised total operations
Normalised discontinued operation
Normalised continuing operations
* ROE shown excluding UK motor provision and discontinuation entries. 38
Performance bridge 3: Net asset value bridge
Large motor provision impacts IFRS NAV, but normalised group NAV continues to grow
▲3%
▼16%
▲9%
250 000
221 721
229 476
(51 284)
4 303 12 066
186 616
217 410
217 418
(42 860) | ||
Aldermore Group consolidated capital (normalised): | ||
Capital | R35 billion | |
Motor provision normalisation | R3.8 billion | |
Goodwill and other | R3.8 billion | |
Total pre-provision | R42.9 billion | |
200 000
170 437
150 000
100 000
50 000
-
2025 2026
Previously reported basis: IFRS NAV
2025 2026
Normalisation for UK motor provision
2025 2026
Total normalised NAV
2025 2026
Normalised discontinued NAV (includes goodwill)
2025 2026
Normalised continuing NAV
2025 | 2026 | |
R/£ FX rate | 24.36 | 21.67 |
39
Key performance metrics
Total previously reported basis Total normalised Normalised continuing
2026 | 2025 % change | 2026 | 2025 % change | 2026 | 2025 % change | |
Basic earnings per share (cents) | 867.4 | 785.5 10 ▲ | 796.7 | 703.4 13 ▲ | ||
Dividend per share (cents) | 539 | 466 16 ▲ | ||||
Earnings (R million) | 39 694 | 41 824 5 ▼ | 48 409 | 44 011 10 ▲ | 44 461 | 39 415 13 ▲ |
NIACC (R million) | 9 148 | 11 566 21 ▼ | 16 713 | 13 281 26 ▲ | 19 378 | 15 654 24 ▲ |
Net asset value (R billion) | 217.4 | 217.4 - | 229.5 | 221.7 3 ▲ | 186.6 | 170.4 9 ▲ |
Net interest margin (%) | 4.68 | 4.52 ▲ | 5.29 | 5.00 ▲ | ||
Credit loss ratio (%) - core lending advances | 0.86 | 0.85 ▲ | 1.05 | 1.08 ▼ | ||
Cost-to-income ratio (%) | 48.5 | 48.8 ▼ | 48.0 | 48.5 ▼ | ||
Return on equity (%) | 18.3 | 20.2 ▼ | 21.5 | 21.0 ▲ | 24.9 | 24.3 ▲ |
Return on assets (%) | 1.49 | 1.69 ▼ | 1.82 | 1.78 ▲ | 2.07 | 1.99 ▲ |
CET1 ratio* (%) | 13.9 | 14.0 ▼ | ||||
Stage 3/NPL as a % of core lending advances | 4.25 | 4.38 ▼ | 4.62 | 4.70 ▼ | ||
Gross advances - core lending advances (R billion) | 1 786 | 1 699 5 ▲ | 1 374 | 1 288 7 ▲ | ||
Deposits and debt funding (R billion) | 2 321 | 2 182 6 ▲ | 1 870 | 1 727 8 ▲ | ||
Number of employees | 51 712 | 50 717 2 ▲ | 49 989 | 48 759 3 ▲ |
* Includes unappropriated profits. 40