Westpac Banking Corporation · ASX:WBC
Westpac Banking — Debt Investor Presentation (November 2025)
23 slides from Westpac Banking's debt investor presentation, November 2025
Slide 1: Fixed Income Investor Presentation
NOVEMBER 2025 FIXED INCOME INVESTOR PRESENTATION Data for the year ended 30 September 2025. Comparisons are to the year ended 30 September 2024 unless otherwise stated.
Slide 2: Our Priorities
OUR PRIORITIES The value we create PERFORMANCE CUSTOMER Shareholders 29% total shareholder return Improve ROTE and Whole of bank to cost to income whole of customer relative to peers approach Improve market Improve customer 13 million customers across the position experience Customers Group TRANSFOR
Slide 3: Westpac 2025 Highlights
WESTPAC 2025 HIGHLIGHTS BALANCE SHEET CREDIT QUALITY SOLID FINANCIAL STRONG SOUND PERFORMANCE1 CET1 capital ratio 12.5% Impairment charges 5BPS Net profit after tax $7.0BN APRA basis 12.5% Sep-24 to average loans 7bps FY24 (ex-notables) $7.1bn FY24 18.3% Collectively assessed 125BPS $
Slide 4: 2025 Group Financial Results
2025 GROUP FINANCIAL RESULTS Net profit after tax (ex-notables, $m)1 Net interest margin (ex-notables, % and bps)1 Statutory basis Statutory basis 6,990 6,916 1.95 (1bp) (2bps) (1bp) 1bp - 2bps 1.94 557 144 (972) 7,113 113 17 6,972 3 Treasury and Deposits assets FY24 Loans Capital & other FY25 Whole
Slide 5: Growth in Deposits
GROWTH IN DEPOSITS Composition of customer deposits (% of total) Australian household deposit growth (%) 3.0% 11 Westpac ADI System 18 27 10 2.0% $723bn $723bn 23 59 18 1.0% 34 0.0% Term deposits Savings June end of tax year Households Businesses Institutional Transaction Mortgage offset -1.0% Non-i
Slide 6: Growth in Lending
GROWTH IN LENDING Composition of gross loans (% of total) Australian housing credit growth (%) 1.0% Westpac (ex. RAMS) ADI system Australian mortgages 4 1 7 0.8% Australian business 1 Institutional 0.6% 13 Australian personal $856bn 0.4% 61 New Zealand mortgages 13 0.2% New Zealand business/other Ot
Slide 7: CET1 Capital Ratio 12.53%
CET1 CAPITAL RATIO 12.53% Level 2 CET1 capital ratio movements (%, bps) Key capital ratios3 (%) Sep-24 Mar-25 Sep-25 Adjustments (post 30 Sep 25) Level 2 CET1 capital ratio 12.5 12.2 12.5 • IRRBB standard changes 39bps • Operational risk overlay removal 17bps Additional Tier 1 capital ratio 2.3 2.3
Slide 8: Credit Quality
CREDIT QUALITY Impairment charges and stressed exposures (bps) Australian mortgage delinquencies1 (%) 2 90+ dpd excl. 6 months serviceability hold-out Impairment charge to average loans annualised (lhs) period and RAMS (closed to new customers) Stressed exposures to TCE (rhs) 4.0 90+ day delinquenci
Slide 9: Credit Quality Across Sectors
CREDIT QUALITY ACROSS SECTORS Corporate and business stressed exposures by industry sector (%) Reduced exposure/ Small number of Small number of customers downgraded Sep-24 Mar-25 Sep-25 write-off 6.0 customers upgraded 5.0 4.0 3.0 2.0 1.0 0.0 Property Wholesale Utilities Services Agriculture, Prope
Slide 10: Australian Mortgage Portfolio Composition
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION Sep-24 Mar-25 Sep-25 2H25 Australian mortgage portfolio balance balance balance flow1 Fixed rate % of portfolio (Westpac brand, %) Total portfolio ($bn) 503.3 510.2 518.7 61.0 50.0 Owner occupied (OO) (%) 67.9 68.1 67.8 60.9 40.0 Investment property loans (I
Slide 11: Australian Mortgage Portfolio Repayment Buffers
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS Customers ahead on repayments1 (% by balances) Loans ‘on time’ Investment property loans – Sep-24 Sep-25 27 and <1mth ahead generally maintain higher 24 balances for tax purposes 21 21 37 19 32 18 18 17 18 Accounts opened in the last 14 15 12 months 14
Slide 12: Long Term Wholesale Funding Profile
LONG TERM WHOLESALE FUNDING PROFILE Term debt issuance and maturity profile1 ($bn) Issuance Maturities Funding for Lending Programme (NZ) 43 42 35 35 Tier 2 capital 32 33 33 28 26 Additional Tier 1 capital 18 Covered bond FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 >FY30 Senior/Securitisation FY25
Slide 13: AT1 and Tier 2 Capital
AT1 AND TIER 2 CAPITAL Total capital AT1 and Tier 2 capital profile1 CET1 AT1 Tier 2 Additional Tier 1 Tier 2 21.66 9.6 18.25 AT1 instruments will be eligible as 7.22 Includes LAC Tier 2 capital from 7.75 (4.5%) and 1 January 2027 until 5.5 1.91 Tier 2 (3.25%) their first call date 3.6 3.6 3.2 3.1 2
Slide 14: Australian and New Zealand Economic Forecasts
AUSTRALIAN AND NEW ZEALAND ECONOMIC FORECASTS as at 3 November 2025 Key economic indicators (%) 2022 2025 2026 Calendar Years Q3 Q4 Q1E Q2F Q3F Q4F Q1F Q2F 2024 2025F 2026F 2027F World GDP1 - - - - - - - - 3.3 3.2 3.1 3.2 Australia GDP2 0.8 1.3 1.4 1.8 2.1 2.1 2.4 2.4 1.3 2.1 2.4 2.6 Unemployment –
Slide 15: Australian Housing Market
AUSTRALIAN HOUSING MARKET as at 3 November 2025 Dwelling prices (%, 3mth annualised) 40 % Macro- 2019 election COVID-19 ‘Delta’ prudential rate cuts rate hikes 30 measures Macro-prudential measures 20 10 0 -10 -20 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Sources: Cotality, West
Slide 16: Appendix
——_ APPENDIX
Slide 17: Westpac Ratings
WESTPAC RATINGS CREDIT ESG RATINGS1 RATINGS2 S&P GLOBAL RATINGS MSCI AA- A- Stable AA 5.9 0.7 points Senior Subordinated Outlook (improved Score Score Unsecured Debt Debt from A) improved MOODY’S INVESTORS SERVICE SUSTAINALYTICS Aa2 A3 (hyb) Stable Low Risk 12.7 9.9 points Senior Subordinated Outloo
Slide 18: Internationally Comparable Capital Ratio Reconciliation
INTERNATIONALLY COMPARABLE CAPITAL RATIO RECONCILIATION1 APRA’s capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower reported capital ratios by Australian banks. The following details the adjustments and how Westpac’s APRA CET1
Slide 19: Sectors in Focus: Commercial Property
SECTORS IN FOCUS: COMMERCIAL PROPERTY Commercial property Sep-24 Mar-25 Sep-25 Commercial property portfolio (total committed exposure, %) • Single credit policy, supported by industry TCE ($bn) 85.5 88.6 93.6 sector concentration limits Sub-sector • Maintained credit standards, with close Office ov
Slide 20: New Zealand Credit Quality
NEW ZEALAND CREDIT QUALITY Mortgage portfolio Sep-24 Sep-25 Mortgage 90+ day Unsecured consumer 90+ day delinquencies3 (%) delinquencies3 (%) Total portfolio (NZ$bn)1 68.0 71.3 1.0 3.0 0.8 Owner occupied (%) 74.4 74.3 2.0 0.6 Investment property 25.6 25.7 loans (IPL) (%) 0.4 0.46 1.0 Broker introduc
Slide 21: UNITE: One Best Way
UNITE: ONE BEST WAY FY25 achievements Program status • One chat platform – Consolidated 2 platforms to 1 • $660m invested in FY25, 76% expensed • Extended functionality for multiple offset accounts • 8 initiatives complete • 6,000 additional bankers migrated onto Digital Banker • 51 initiatives unde
Slide 22: Our Emissions Reduction Targets
OUR EMISSIONS REDUCTION TARGETS Progress on operational emissions targets1 Reduction in market-based emissions from 2021 baseline (%) FY24 FY25 2025 Target 2030 Target Target Progress Scope 1 and 2 emissions (86) (89) (64) (76) Surpassed Scope 3 upstream emissions (41) (42) NA (50) On track Progress
Slide 23: Disclaimer
DISCLAIMER The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (“Westpac”) (ABN 33 007 457 141) and its activities. It should not be reproduced, distributed or transmitted to any person without the consent of Westpac and is not
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