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3Q26 INVESTOR DISCUSSION PACK WESTPAC FOR THE 3 MONTHS ENDED 30 JUNE 2026 This document should be read in conjunction with Westpac's June 2026 Pillar 3 Report . All amounts are in Australian dollars . Charts may not add due to rounding . WESTPAC BANKING CORPORATION ABN 33 007 457 141 IT TAKES A LITTLE
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29 26 3Q23 1Q24 3Q24 1Q25 3Q25 1Q26 3Q26 2 Applications have moderated Housing credit growth forecasts (%)2 Consumer spend has slowed marginally (%)3 Industry income to expense ratios (% change)6 Westpac 3Q26 Investor Discussion Pack CURRENT OPERATING ENVIRONMENT OPERATING ENVIRONMENT 1 Average from the 15th of May to 31st of July. 2 Source: Westpac Economics, Australian housing forecasts. 3 Source: Westpac Card Tracker. 4 Growth in spend 20 weeks to 28-Feb-26 compared to 20 weeks to 1-Mar- 25. 5 20 weeks to 18-Jul-26 compared to 20 weeks to 19-Jul-25. 6 Source: Westpac DataX, calendar year 2Q26 compared to 2Q25. FY26 FY27 FY28 Total 6.8% 4.7% 5.2% Owner occupier 5.7% 4.8% 5.6% Investor 9.1% 4.5% 4.4% 6.4 (0.3) 7.15.9 13.6 5.5 Discretionary Fuel Non-discretionary (ex-fuel) Pre-conflict Latest Average monthly mortgage application volumes (,000s) (2) 1 2 (2) 3 6 Agriculture Construction Hospitality Manufacturing Transport Wholesale Trade INDUSTRY AVERAGE FLAT 54 11% 20% Post budget run rate1
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Net interest margin2 Gross loans Deposits Westpac 3Q26 Investor Discussion Pack FINANCIAL PERFORMANCE FINANCIAL PERFORMANCE 1 Net profit ex Notable Items is used for internal management reporting as it better reflects underlying performance and is not defined by nor audited or reviewed in accordance with Australian Accounting Standards (AAS). Statutory equivalent measures are provided on page 14 and for definitions refer to page 92-93 of the 2026 Interim Financial Results Announcement. 2 Excluding Notable Items. Net profit excluding Notable Items1 Excluding Notable Items $1.8bn Net profit excluding Notable Items1 $1.8bn Unaudited statutory net profit $bn 3Q26 % movement 3Q26 - 1H26 qtr average Net profit excluding Notable Items 1.8 2% Net operating income 5.7 1% Operating expenses (2.9) 1% Pre-provision profit 2.8 1% Impairment charges/(benefits) to average loans 10 bps - 3 Composition of NIM (%) 1Q26 2Q26 3Q26 Core NIM 1.79 1.77 1.78 Treasury & Markets 0.15 0.07 0.11 NIM 1.94 1.84 1.89 AIEA ($bn) 1,029 1,042 1,056 846 890 908 Jun-25 Mar-26 Jun-26 707 745 759 Jun-25 Mar-26 Jun-26 Up 7 %Up 7% Up $17bn Up $14bn
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12.42 38 13 1 12.06 (57) (31) Mar-26 3Q26 Net profit 1H26 dividend RWA IRRBB Other Jun-26 Key capital ratios (%) Mar-25 Jun-25 Mar-26 Jun-26 Level 2 CET1 capital ratio 12.2 12.3 12.4 12.1 Additional Tier 1 capital ratio 2.3 2.3 1.9 1.8 Tier 1 capital ratio 14.5 14.6 14.3 13.9 Tier 2 capital ratio 7.1 7.3 7.2 6.9 Total regulatory capital ratio 21.6 21.9 21.5 20.8 Risk weighted assets (RWA) ($bn) 449 445 458 465 Leverage ratio 5.2 5.1 5.0 4.9 Level 1 CET1 capital ratio 12.5 12.3 12.8 12.3 Level 2 CET1 capital ratio movements (%, bps) CET1 CAPITAL RATIO 12.1% CAPITAL 1 Capital deductions and other items including FX translation impacts. 2 Includes remaining on market share buyback previously announced in Nov-23, May-24 and Nov-24. 1 Lending: (12bps) Capital floor: (11bps) Credit quality & other: (8bps) Westpac 3Q26 Investor Discussion Pack4 • RAMS sale 23bps • Share buyback2 (22bps) • Announced RBNZ and proposed APRA changes will reduce standardised RWA Considerations post 30 Jun 26
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458.3 1.6 4.7 1.5 0.0 0.3 4.3 464.5(0.6) (0.7) (4.8) Mar-26 Credit quality Lending Counter- party credit and MTM risk Data refinement FX translation IRRBB Operational risk Market risk Capital floor adjustment Jun-26 RISK WEIGHTED ASSETS 5 RWA ($bn) Westpac 3Q26 Investor Discussion Pack CAPITAL 1 Includes other assets, securitisation exposures in the banking book and settlement risk. 2 Mark to market. Up $6.2bn or 1.3% 1 Credit RWA up $6.4bn or 1.8% 2
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Forecasts for base case ECL2 Base case Downside 2026 2027 Trough / peak3 GDP growth 0.7% 1.5% (6%) Unemployment 5.0% 4.9% 11% Residential property prices (1.0%) 3.0% (27%) Commercial property prices 3.6% 4.6% (32%) Key ratiosTotal provisions for expected credit losses1 ($m) PROVISIONS FOR EXPECTED CREDIT LOSS CREDIT QUALITY 1 Includes provisions for debt securities. 2 Forecast date is 25 June 2026. 3 These key economic indicators represent trough or peak values that characterise the scenarios considered in setting downside severity. Residential and commercial forecasts represent cumulative reduction over a two-year period. Jun-25 Mar-26 Jun-26 Provisions to gross loans (bps) 60 58 58 Impaired asset provisions to impaired assets (%) 42 42 41 Collectively assessed provisions to credit RWA (bps) 125 129 127 Westpac 3Q26 Investor Discussion Pack Forecasts used in economic scenarios 6 607 539 610 670 1,201 1,190 1,142 1,137 2,232 2,087 2,115 2,052 903 933 1,050 1,095 129 238 282 344 5,072 4,987 5,199 5,298 Jun-25 Sep-25 Mar-26 Jun-26 Stage 3 IAP Stage 3 CAP Stage 2 CAP Stage 1 CAP Overlay $2.0bn above base case
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0.16 0.15 0.15 0.16 0.33 0.32 0.29 0.29 0.30 0.30 0.28 0.28 0.54 0.51 0.44 0.46 1.33 1.28 1.16 1.19 Jun-25 Sep-25 Mar-26 Jun-26 Impaired Non-performing, 90+ days Non-performing, <90 days Watchlist & substandard Australian mortgage delinquencies1 (%) Australian consumer finance 90+ delinquencies (%) Stressed exposures as a % of TCE CREDIT QUALITY METRICS CREDIT QUALITY 1 Excluding RAMS. 2 Financial hardship assistance is available to customers experiencing temporary financial difficulty, including changes in income due to illness, a relationship breakdown or natural disasters. Prior periods have been restated to exclude RAMS. Westpac 3Q26 Investor Discussion Pack Australian mortgage hardship1,2 balances (%) 7 0.58 2.22 0.0 1.0 2.0 3.0 4.0 5.0 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Credit cards Personal loans 0.58 1.14 0.0 1.0 2.0 3.0 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 90+ day delinquencies 30+ day delinquencies 0.55 0.00 0.50 1.00 1.50 2.00 2.50 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Portfolio write-offs
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0.0 1.0 2.0 3.0 4.0 5.0 6.0 Property Wholesale & retail trade Property & business services Utilities Services Agriculture, forestry & fishing Manufacturing Transport & storage Accommodation cafes & restaurants Construction Mining Jun-25 Mar-26 Jun-26 Corporate and business stressed exposures by industry sector (%) Exposure and credit quality by sector Sector Finance & insurance1 Property2 Wholesale & retail trade Property & business services Utilities Services3 Agriculture, forestry & fishing Manufacturing Transport & storage Accomm, cafes & restaurants Construction4 Mining TCE ($bn) Jun-26 170.6 101.6 36.3 32.9 31.1 31.0 30.5 27.6 26.2 15.5 15.3 9.4 Mar-26 168.2 98.1 35.0 32.3 30.2 30.1 29.4 27.0 26.3 15.0 15.3 9.4 Stressed (%)5,6 Jun-26 0.1 1.8 4.2 2.7 1.0 2.6 3.6 3.6 2.8 3.3 4.5 0.8 Mar-26 0.1 1.8 4.3 2.7 0.6 2.9 3.5 3.5 2.4 3.9 4.7 1.2 Impaired (%)6 Jun-26 0.0 0.1 0.5 0.6 0.2 0.7 0.3 0.5 0.7 0.3 0.8 0.2 Mar-26 0.0 0.1 0.5 0.5 0.2 0.7 0.2 0.5 0.7 0.2 0.7 0.2 CREDIT QUALITY ACROSS SECTORS CREDIT QUALITY 1 Finance and insurance includes banks, non -banks, insurance companies and other firms providing services to the finance and ins urance sectors. Includes assets held for liquidity portfolio. 2 Property includes both residential and non -residential property investors and developers and excludes real estate agents. 3 Services includes education, health & community services , cultural & recreational and personal & other services. 4 Construction includes building and non -building construction, and industries serving the construction sector. 5 Includes impaired exposures. 6 Percentage of portfolio TCE. Westpac 3Q26 Investor Discussion Pack8
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25 20 37 11 7 0.4 67 14 11 6 1 0.3 0.3 0 20 40 60 80 100 0<=60 60<=70 70<=80 80<=90 90<=95 95<=100 >100 At origination Dynamic AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION1 CREDIT QUALITY 1 All data excludes RAMS (prior periods have been restated to exclude RAMS). The RAMS portfolio was $16.3bn (3% of the total portfolio, including RAMS) at 30 June 2026. 2 3Q26 flow is new mortgages settled in the 3 months end 30 June 2026. 3 Average loan size includes amortisation. Calculated at account level, where split loans represent more than one account. 4 Dynamic loan-to-value ratio is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source Cotality. 9 Westpac 3Q26 Investor Discussion Pack By product and repayment type (%) Loan-to-value ratios (%) 4 N/A 1 10 21 2 66 1 10 22 2 65 1 11 22 2 65 LOC IPL-I/O IPL-P&I OO-I/O OO-P&I Jun-25 (Portfolio) Mar-26 (Portfolio) Jun-26 (Portfolio) Australian mortgage portfolio Jun-25 balance Mar-26 balance Jun-26 balance 3Q26 flow2 Total portfolio ($bn)1 491.4 517.7 529.1 33.3 Owner occupied (OO) (%) 67.9 66.9 66.7 61.0 Investment property loans (IPL) (%) 31.2 32.4 32.6 39.0 Variable rate / Fixed rate (%) 97/3 96/4 95/5 93/7 Interest only (I/O) (%) 12.1 12.7 13.0 21.9 Proprietary channel (%) 43.4 41.9 41.7 36.1 First home buyer (%) 12.3 12.4 12.4 13.3 Mortgage insured (%) 9.0 7.3 6.8 2.0 Average loan size3($’000) 335 355 361 553 Jun-25 Mar-26 Jun-26 Customers ahead on repayments including offset account balances (%) By accounts 85 86 86 By balances 84 85 85
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20.6 18.0 19.0 20.0 21.0 22.0 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 10 Customers ahead on repayments2 (% by balances) Offset account balances ($bn) Buffer to balance ratio3 (%) Westpac 3Q26 Investor Discussion Pack AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS1 CREDIT QUALITY 1 All data excludes RAMS (prior periods have been restated to exclude RAMS). 2 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Includes mortgage offset accounts. ‘Behind’ is more than 30 days past due. ‘On time’ includes up to 30 days past due. 3 Excludes Line of Credit. 11 1 5 15 32 Jun-26 Investment property loans – generally maintain higher balances for tax purposes Accounts opened in the last 12 months Structural restrictions on repayments e.g. fixed rate Residual – <1 month repayment buffer Loans ‘on time’ and <1mth ahead Buffer = Current Limit - Outstanding Balance + Offset Balance 1 15 18 22 18 26 1 14 17 21 19 28 1 14 18 21 19 27 Behind On time < 1mth < 6mths >2yrs Jun-25 Mar-26 Jun-26 >6mths to <2yrs 67 67 72 76 77 76 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26
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45.6% 19.3% 24.2% 7.8% 3.1% <=60 >60 to 70 >70 to 80 >80 to 90 >90 Mortgage delinquencies (%) Mortgage portfolio LVR2 (% of portfolio) Business stressed exposures to business TCE1 (%) Unsecured Consumer delinquencies (%) NEW ZEALAND CREDIT QUALITY CREDIT QUALITY 1 Chart may not add due to rounding. 2 LVR based on current exposure and property valuation at the latest credit event. 89.1% of mortgage portfolio has an LVR of 80% or less Westpac 3Q26 Investor Discussion Pack11 0.48 0.88 0.0 0.5 1.0 1.5 2.0 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 90+ day delinquencies 30+ day delinquencies 0.83 1.82 0.0 1.5 3.0 4.5 6.0 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 90+ day delinquencies 30+day delinquencies 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 2.1 1.7 1.7 1.8 2.5 2.2 2.0 2.1 Jun-25 Sep-25 Mar-26 Jun-26 Impaired Non-performing, not impaired Watchlist & substandard
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42 28 38 8 31 34 32 22 23 32 FY24 FY25 FY26 YTD FY26 FY27 FY28 FY29 FY30 FY31 >FY31 Tier 2 Capital Additional Tier 1 capital Covered Senior/Securitisation 8 5 33 54 Tier 2 Capital Securitisation Covered Senior Bonds Term debt issuance and maturity profile1,2 ($bn) FUNDING AND LIQUIDITY 1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee Certificates of Deposit. Additional Tier 1 and callable Tier 2 instruments are profiled to the first call date for the purposes of this disclosure. Any early redemption would be subject to prior written approval from APRA, which may or may not be provided. Maturities exclude securitisation amortisation. Data excludes Funding for Lending Programme (NZ). 2 Year to date is 1 October 2025 to 15 July 2026. Key funding and liquidity measures Liquidity coverage ratio (LCR) (%) Quarterly average Net stable funding ratio (NSFR) (%) Customer deposits to net loans ratio (D2L) (%) • Quarterly LCR movement reflects lower average net cash outflows • Slightly lower D2L ratio reflects stronger loan growth compared to customer deposit growth in the quarter • Movement in the NSFR reflects an increase in required stable funding due to growth in lending Term debt issuance by program2 (%) 12 Westpac 3Q26 Investor Discussion Pack 134 137 132 134 Jun-25 Sep-25 Mar-26 Jun-26 114 113 112 111 Jun-25 Sep-25 Mar-26 Jun-26 84.0 84.9 84.2 84.1 Jun-25 Sep-25 Mar-26 Jun-26 FUNDING AND LIQUIDITY Issuance Maturities remaining $38bn YTD
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1 Excludes Notable Items. APPENDIX 1: NET PROFIT APPENDIX $bn 1Q26 2Q26 1H26 qtr average 3Q26 % movement 3Q26 – 1H26 qtr average Net interest income 5.0 4.7 4.9 5.0 2% Non-interest income 0.7 0.8 0.8 0.7 (3%) Net operating income 5.8 5.5 5.6 5.7 1% Operating expenses (3.0) (2.9) (2.9) (2.9) 1% Pre-provision profit 2.8 2.6 2.7 2.8 1% Impairment charges (0.1) (0.3) (0.2) (0.2) 1% Tax and NCI (0.8) (0.7) (0.8) (0.8) 1% Net profit excluding Notable Items 1.9 1.6 1.7 1.8 2% Notable Items (post tax) - (0.1) - - - Statutory net profit 1.9 1.5 1.7 1.8 3% ROE1 10.3% 9.3% 9.8% 10.1% 33 bps ROTE1 11.6% 10.4% 11.0% 11.4% 40 bps NIM1 1.94% 1.84% 1.89% 1.89% - Westpac 3Q26 Investor Discussion Pack13
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APPENDIX 2: STATUTORY NET PROFIT APPENDIX $b 1Q26 2Q26 1H26 qtr average 3Q26 % movement 3Q26 – 1H26 qtr average Net interest income 5.0 4.7 4.9 5.0 2% Non-interest income 0.8 0.8 0.8 0.7 (3%) Net operating income 5.8 5.5 5.6 5.7 1% Operating expenses (3.0) (3.0) (3.0) (2.9) (1%) Pre-provision profit 2.8 2.5 2.7 2.8 3% Impairment charges (0.1) (0.3) (0.2) (0.2) 1% Tax and NCI (0.8) (0.7) (0.7) (0.8) 17% Statutory net profit 1.9 1.5 1.7 1.8 3% ROE 10.4% 8.8% 9.6% 10.0% 47 bps ROTE 11.7% 9.9% 10.8% 11.3% 56 bps Westpac 3Q26 Investor Discussion Pack14
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AIEA Average interest earning assets CAP Collectively assessed provisions CET1 capital ratio Common equity tier one capital ratio LCR Liquidity coverage ratio NIM Net interest margin NSFR Net stable funding ratio ROE Return on average equity ROTE Return on average tangible equity RWA Risk weighted assets TCE Total committed exposures APPENDIX 3: ABBREVIATIONS Westpac 3Q26 Investor Discussion Pack APPENDIX 15
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CONTACT USINVESTOR RELATIONS TEAM – CONTACT US SHARE REGISTRY CONTACTINVESTOR RELATIONS CONTACT For all shareholding enquiries relating to: • Address details and communication preferences • Updating bank account details, and participation in the dividend reinvestment plan For all matters relating to Westpac’s strategy, performance and results 1800 804 255 westpac@cm.mpms.mufg.com au.investorcentre.mpms.mufg.com +61 2 9178 2977 investorrelations@westpac.com.au westpac.com.au/ investorcentre Westpac 3Q26 Investor Discussion Pack Lucy Wilson Head of Corporate Reporting and ESG Catherine Garcia Head of Investor Relations, Institutional Arthur Petratos Manager, Shareholder Services Bianca Julian Graduate, Investor Relations Shannon Thompson Director Debt Investor Relations Justin McCarthy General Manager, Investor Relations James Wibberley Senior manager, Investor Relations Nathan Fontyne Senior Analyst, Investor Relations 16
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DISCLAIMER Westpac 3Q26 Investor Discussion Pack17 The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All amounts are in Australian dollars unless otherwise indicated. This presentation contains statements that constitute “forward-looking statements”. Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our current intent, belief or expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition, capital adequacy, liquidity and risk management, including, without limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments, targets, projections and metrics, and other estimated and proxy data. We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target’, ‘goal’, ‘guidance’, ‘ambition’, ‘objective’, ‘pursue’ or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-looking statements reflect our current views on future events and are subject to change, certain known and unknown risks, uncertainties and assumptions and other factors which are, in many instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made based on management’s and/or the board’s current expectations or beliefs concerning future developments and their potential effect upon us. Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board in connection with this presentation. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this presentation. There can be no assurance that future developments or performance will align with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those we expect or which are expressed or implied in forward-looking statements, depending on various factors including, but not limited to, those described in the sections titled ‘Our Operating Environment’ and ‘Risk Management' in our 2025 Annual Report as well as the First Half 2026 Risk Factors document available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. Except as required by law, we assume no obligation to revise or update any forward-looking statements contained in this presentation, whether from new information, future events, conditions or otherwise, after the date of this presentation. We also make statements about our processes and policies (including what they are designed to do) as well as the availability of our systems or product features. Systems, processes and product features can be subject to disruption, and may not always work as intended, so these statements are limited by the factors described in the section titled ‘Risk Management’ in our 2025 Annual Report as well as the First Half 2026 Risk Factors. DISCLAIMER