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Copyright © 2024. Permanent TSB Group. All rights reserved. Confidential! 31st July 2025
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This document contains forward-looking statements with respect to certain of the Permanent TSB Group Holdings plc’s (the ‘Bank’) intentions, beliefs, current goals and expectations concerning, among other things, the Bank’s operational results, financial condition, performance, liquidity, prospects, growth, strategies, the banking industry and future capital requirements. The words “expect”, “anticipate”, “intend”, “plan”, “estimate”, “aim”, “forecast”, “project”, “target”, “goal”, “believe”, “may”, “could”, “will”, “seek”, “would”, “should”, “continue”, “assume” and similar expressions (or their negative) identify certain of these forward-looking statements but their absence does not mean that a statement is not forward looking. The forward-looking statements in this document are based on numerous assumptions regarding the Bank’s present and future business strategies and the environment in which the Bank will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Bank to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Bank’s ability to control or estimate precisely, such as future global, national and regional economic conditions, levels of market interest rates, credit or other risks of lending and investment activities, competition and the behaviour of other market participants, the actions of regulators and other factors such as changes in the political, social and regulatory framework in which the Bank operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. Nothing in this document should be considered to be a forecast of future profitability or financial position and none of the information in this document is intended to be a profit forecast or profit estimate. The Bank expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Bank’s expectations with regard thereto or any change in events, assumptions, conditions or circumstances on which any statement is based after the date of this document or to update or to keep current any other information contained in this document. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this document. www.permanenttsbgroup.ie/investors Forward Looking Statements
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Interim Results 2025 Eamonn Crowley, CEO Barry D’Arcy, CFO
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1 2 3 4 Business & Strategy Update Financial Performance Guidance & Outlook Appendix Contents
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H1 2025 Highlights 1. Business Banking includes SME Book and Asset Finance Business 2. Operating profit is pre-impairment 3. CET1 now on a CRR3 basis (effective 1 January 2025) +7% +€1.6bn YoY Deposit Growth +3% +€0.6bn YoY Mortgage Loan Book +14% +€0.2bn YoY Business Banking Book1 €322m -4% YoY Total Income €271m -1% YoY Total Operating Costs €51m -17% YoY Operating Profit2 15.5% +0.8% YTD CET1 Ratio3 Submitted IRB Mortgage Model (May’25) 86% -3ppts YoY Loan/Deposit Ratio 5 Financial Performance Business Performance Balance Sheet & Capital
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4.4% 8.7% 5.1% 3.9% 2023 2024 2025e 2026e 4.5% 4.2% 4.8% 5.3% 3.5% 2.2% 1.9% 2.0% 2023 2024 2025e 2026e Unemployment Rate (Y/End) Employment Growth Irish Economic Picture Remains Positive 1. Actuals: Central Bank of Ireland, CSO, BPFI; Estimates: Consensus across Martello Strategic, Davy & Goodbody 2. Central Bank of Ireland Tables A 1 Summary Irish Private Sector Credit and Deposits Labour Market1 (%) Household Debt2 Mortgage Market1 (€bn) House Price Growth1 (%) 6 97 109 91 165106% 66% 0% 20% 40% 60% 80% 100% 120% 0 20 40 60 80 100 120 140 160 180 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Household Loans (€bn) Household Deposits (€bn) Household Debt% 12.1 12.6 14.0 15.2 2023 2024 2025e 2026e
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Economy Underpinned by Solid Fundamentals 7 Ireland #1 for attracting and retaining skilled international workers IMD World Competitiveness Ranking 2024 Over 1800 MNCs present in Ireland (11% of workforce), one third of them for over 20 years IDA, 2024 In Ireland, 63% of people aged 25-34 had a third level qualification, the highest rate in the EU27 Eurostat Ireland leads Europe in STEM, with 40 graduates per 1,000 people aged 20-29, vs. EU average of 23 Central Statistics Office Irish general government surplus of 2.6% of GNI*1 with Debt/GNI* of 65% (projected for 2025) Department of Finance Ireland’s population growth is c. 2% p.a. with those earning >€100k p.a. 4x the level of 2013 CSO, Revenue Commissioners 1. Modified Gross National Income (GNI*) is an indicator designed specifically to measure the size of the Irish economy by excluding Globalisation effects
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Total New Lending (€bn1) New Mortgage Lending (€bn1) & Market Share2 (%) New Personal Term Lending (€m1) New Business Banking Lending (€m1) New Lending up 66% in H1 1. All euro amounts have been rounded to the nearest million/billion 2. Source: BPFI Data at June 2025 13.5% >20% 8 180 221 0.7 1.3 H1'24 H1'25 65 61 H1'24 H1'25 63 108 117 113 H1'24 H1'25 SME Asset Finance +23% +84% -6% +66% 0.7 1.3 0.2 0.2 0.1 0.1 1.0 1.6 H1'24 H1'25 Mortgage Business Banking Personal Term
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Our Business Strategy 2025-27 Our Purpose Our Ambition Working together to build trust with our customers and communities To become Ireland’s best personal and business bank through exceptional customer experiences Who we serveOur value propositionHow we will deliver Personal Banking Business Banking Focused on Micro, Small and Medium- Sized Enterprises, and Business and Personal Asset Finance customers Focused on meeting more of the needs of our existing 1.3m customer base Digital First Physical presence and regulation in Ireland Innovative propositions, supported by loyalty rewards Competitively priced Modern and contemporary Altogether More Human brand Deepening Customer Relationships, Diversifying Income, Differentiating Through Customer Experience While Driving Continuous Operational Efficiencies and Prudent Cost Management Own my Home Manage my Money (incl. payments) Grow & Run my Business Transform the Bank Strengthen the Foundations 9
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Our Strategy in Action Strong Progress in First 6 Months of our 3-Year Strategy Deepening Customer Relationships Differentiating through Customer Experience Our Strategy Diversifying our Income Driving Continuous Operational Efficiencies & Prudent Cost Management H1 Outcomes +22pts Relationship NPS in H1 2025 (+2 YoY) +24k New Current & Deposit Accounts opened +110% Growth in Green Mortgage lending YoY +14% Business Banking book growth YoY +5% ✓ New App features – Faster Log-In, Biometrics, Card Freezing, Digital Gambling Block & Google Pay SCA now live ✓ Operating expenses on-track, SBT programme underway 71% Consumer Consideration1 for PTSB 10 1. Consumers in the Irish Market giving consideration for PTSB to meet their next financial need 2. PTSB Voice of the Customer Survey (2025) Increase in number of customer financial ‘health checks’ YoY 9/10 Customer score2 for current home buying journey
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SBT1 – Transforming How we Serve our Customers 11 Mortgage Sales Rethink the mortgage sales process to utilize WebChat, AI, Voice & Video chat & enhance cross-sales journeys 01 02 03 04 Customer Correspondence Digitise customer correspondence to fundamentally change how we engage with customers, support digital journeys, and personalised interactions Mortgage In-Life Servicing Transform mortgage servicing to enhance customer experience and retention creating self service journeys Contact Centre Enhanced agent interaction and customer experience through shorter call times, shorter wrap times and better MI 1. Strategic Business Transformation Programme
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Asset Finance Book (Jun’25) Unit Stocking, 8% Business & Commercial, 56% Consumer Car Finance, 36% 12 Key Messages • PTSB market share % is single digits in both SME and Asset Finance, with potential to grow into double digits in the medium term • SME book up 25% YoY, supported by strong cross-sector diversification • SME book breaks down c. 70% secured on property and c. 30% cashflow lending • Asset Finance book up 1% YoY, as vehicle sales remained subdued • Business Banking provides diversification and better yields, however with higher risk weights • Investment in 2025/26 focused on making the business scalable Spotlight on “Grow and Run My Business” €0.5bn Primary (eg Agriculture) 22% Wholesale/Retail 17% Hotels & Restaurants 15% Manufacturing 10% Business & Admin Services 8% Human Health & Social 8% Transportation/ Storage 6% Real Estate 4% Other 10% SME Book by Sector (Jun’25) €0.7bn
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Our Sustainability Strategy 2025-27 13 Key Messages • New Sustainability Strategy launched in May 2025, aligned to Sustainable Development Goals • Focuses on channelling investment and directing impact towards areas that enhance societal wellbeing • €560m of Green lending in H1’25; +110% YoY and 43% of new mortgage lending • €26m in Impact Lending across areas such as energy efficiency, healthcare, and access to essential services • Science-Based Targets and Carbon Reduction Plan submitted to the Science Based Target Initiative for validation • MSCI ESG Rating of ‘A’ • Issuance of the Bank’s inaugural Sustainability Statement aligned to the CSRD
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1 2 3 4 Business & Strategy Update Financial Performance Guidance & Outlook Appendix Contents
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Income Statement – Underlying Profit €51m Income Statement (€m) H1’25 H1’24 YoY % Net Interest Income 288 311 (7%) Non-Interest Income 34 25 +39% Operating Income 322 336 (4%) Operating Expenses (246) (245) 0% Regulatory Charges (25) (29) (14%) Total Operating Expenses (271) (274) (1%) Operating Profit 51 62 (17%) Impairment Release/(Charge) - 20 Underlying Profit 51 82 (38%) Exceptional Items (32) (7) Profit Before Tax 19 75 (75%) Net interest Margin 2.02% 2.27% (0.25%) Cost/Income Ratio1 76% 73% +3% EPS2 (pre-exceptional) 4.0c 8.7c (54%) Return on Tangible Equity (RoTE3) 2.9% 5.9% (3.0%) 1. Cost/Income Ratio is calculated as Operating Expenses (excl. Regulatory Charges and Exceptional Items) divided by Total Operating Income 2. EPS calculation based on Profit Attributable to Shareholders excl. Exceptional Items 3. RoTE is Profit Attributable to Shareholders (excl. all Exceptional Items) divided by Notional Equity (average RWAs * CET1 management requirement of c. 14.0%) 4. Tangible Net Asset Value is Ordinary Shareholders’ Equity minus Intangible Assets divided by the number of issued shares Exceptional Items (€m) H1’25 H1’24 Provision for Non-Core Items (3) (3) Restructuring & Deleveraging (29) (4) Total Exceptional Items (32) (7) Key Messages • Total Operating Income €322m, 4% lower • Total Operating Expenses €271m, 1% lower • Regulatory Charges reduced to €25m • Cost/Income Ratio1 of 76% • Operating Profit €51m, 17% lower • A nil Impairment Charge (0bps Cost of Risk) • Exceptional Items of €32m driven by Voluntary Severance Scheme (VSS) • EPS2 (pre-exceptional) of 4c per share • RoTE3 2.9% for H1’25 • TNAV4 per share of 353c, up 2% YoY 15
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2.02%2.27% Net Interest Income €288m, 7% lower Net Interest Income Movement1 (€m) Key Messages • Increased funding costs from larger term deposit balances the main negative driver behind the fall in NII • Hedging gain on our MTNs and Tier 2 instruments provided an offsetting benefit, reducing wholesale funding costs • Asset Yield 3.06% (-21bps); Cost of Funds 1.10% (+3bps, net of hedge benefit) • Net Interest Margin (NIM) of 2.02% (-25bps) • NIM guidance for FY 2025 remains >2.0% and assumes the ECB deposit rate remains at 2% • Aside from tracker mortgages and Central Bank deposits, PTSB assets and liabilities are either on fixed or managed rates • A 100bps reduction in interest rates results in a c. €9m reduction in Net Interest Income2 NIM% 16 1. See Appendix for detailed Interest Income and Interest Expense analysis 2. Based on a static Balance Sheet at June’25 and internal pass-through assumptions Asset Yield -21bps Cost of Funds +3bps 311 (11) (4) (33) 25 288 25 35 45 55 65 75 85 95 105 115 125 135 145 155 165 175 185 195 205 215 225 235 245 255 265 275 285 295 305 315 325 H1'24 Lending Income Treasury Income Deposit Costs Wholesale Funding Costs H1'25
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Lending Income – Residential Mortgages 1. Includes Performing Home loans and BTL loans 2. New to bank customers only; e.g. June calculation is NII in June annualised, over average June balance of new business YTD Key Messages • Mortgage income fell marginally relative to H1 2024, as rate pressures outweighed higher balances • Yield on flow (new to bank customers) was 3.69% at June 2025 and still above yield on stock • Maturing fixed rate mortgages refixing at higher rates also provided support, and will continue to do so • Fixed rate products represented 71% (€14.2bn) of the performing mortgage book at June 2025 and accounted for c. 93% of new lending in H1 • Variable rate products represented 17% (€3.4bn) of the book • Only €2.3bn or 12% of the book (the trackers) directly linked to falling ECB/market rates 17 13.3 13.6 14.2 3.3 3.6 3.4 2.7 2.5 2.3 19.3 19.7 19.9 - 5.0 10.0 15.0 20.0 25.0 Jun'24 Dec'24 Jun'25 Performing Mortgage Book1 by Product (€bn) Fixed Variable Tracker 3.62% 3.56% 3.51% 4.34% 4.00% 3.69%3.75% 3.00% 2.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Jun'24 Dec'24 Jun'25 Flow2 Yield on Mortgage book1 exceeds stock (%) Stock Flow ECB Deposit Rate
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Net Fees and Commissions €31 million Net Fees and Commissions (€m) Key Messages • Fees and commission are earned from current account and credit card operation, home (Allianz), life insurance (Irish Life) sales and investment products • H1’25 income boosted by earlier recognition of a receipt in our payments business (recognised in H2 of 2024) • Current Account fee increase from €6 to €8 per month from April 2024, also a driver of YoY growth • Fee income from SME business is small but growing • Final implementation of SEPA instant in Q4 will provide a more level playing field for P2P payments • Other non-interest income was €3m vs. €2m in H1 2024 Note: Shaded boxes represent an annual receipt in our payments business 18 23 32 31 H1'24 H2'24 H1'25 2823 4 27 4
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Cost Base Analysis H1’25 H1’24 YoY €m €m % Staff Costs1 119 116 +3% Other Costs 83 90 (7%) Total Addressable Costs 202 206 (2%) Depreciation 44 39 +11% Underlying Operating Costs 246 245 0% Regulatory Charges 25 29 (14%) Total Operating Expenses 271 274 (1%) Cost/Income Ratio2 76% 73% +3% Average Staff Numbers3 3,200 3,243 (1%) Closing Staff Numbers3 3,085 3,240 (5%) 1. H1’25 Staff Costs include €1m contingency workforce costs (included under ‘general and administrative expenses’ on IFRS Financial Statements) 2. Cost/Income Ratio is calculated as Operating Expenses (excl. Regulatory Charges and Exceptional Items) divided by Total Operating Income 3. Staff Numbers include FTE (Full-time Equivalent) and FTC (Fixed-Term Contractor) and exclude Seasonal workers, as well as staff on Long-Term Absence, Career Breaks and Maternity Leave. Operating Expenses – In Line with Expectations Key Messages • Total Operating Costs €271m, 1% lower • Regulatory Charges reduced to €25m • Underlying Operating Costs in line with expectations • Cost/Income Ratio2 of 76%; up 3ppts YoY • Cost base is being addressed through our Strategic Business Transformation (SBT) Programme • Staff Numbers down 5% relative to Dec’24 (3,247) reflecting Voluntary Severance Scheme (VSS) and natural attrition; continue to expect a c. 300 reduction by year end • VSS will generate annualised savings of c. €19m • 2025 guidance for total operating costs remains c. €525m 19
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Nil Impairment Charge in H1 Impairment Release/(Charge) (€m) H1’25 FY’24 H1’24 ECL stock movement 4 34 15 Other P&L Items (4) 5 5 P&L Impairment (Charge) / Release - 39 20 Capital (Deduction) / Release for NPL Backstop - 7 - Provision stock1 (€m) Key Messages • Nil impairment charge recognised in H1 • Provision Coverage Ratio 1.8% of gross loans (1.8% at Dec’24) • Management judgement applied through in-model adjustment and overlays • Review of IFRS 9 models underway. This will see management judgement being incorporated into model parameters or unwound • Average LTV of new mortgage business 68% and 48% across the book • NPL ratio of 1.8% of gross loans (1.8% at Dec’24) with Coverage Ratio of 33.9% • 2025 guidance for Cost of Risk remains at 0bps 92 300 (44) 92 OverlaysModel Results 92 92 20 392 389 1. Allowing for rounding 2. Include in-model adjustments of €43m at June 2025 (€44m at December 2024) 300 288 (4) Dec'24 ECL stock movement Jun'25 92 101 2
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Conservative Economic Assumptions Underpin Provisions Key Messages • We have made minimal changes to our IFRS 9 forecasting scenarios since year end that underpin provisioning. The base case built in a 15% - 20% tariff impact • Uncertainty has increased since year end, however weightings on our three scenarios remain unchanged as designed to represent 1 in 20 probability scenarios relative to the base • Using only the base scenario to model ECLs for mortgages, our impairment allowance would be €91 million less, excluding overlay adjustments to the modelled outcomes 21 Macro-Economic Forecasts1 at 30 June 2025 1. Internal IFRS9 Forecasts Base Case Scenario Upside Scenario Downside Scenario End of Year projection (Dec 25) Average value over 5-year forecast period Average value over 5-year forecast period Average value over 5-year forecast period Percentile 50th 5th 95th Scenario Probability Weighting 54% 23% 23% Irish Residential House Prices 3.0% 2.2% 12.4% -9.6% Irish Unemployment Y/E 5.5% 5.5% 3.8% 11.9% Irish GDP 2.5% 2.7% 5.4% -1.9% Consumer Price Index 1.8% 1.9% 1.9% 4.2% ECB Base Rate 2.2% 2.2% 0.9% 3.7%
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Funding & Liquidity – Deposit Growth of 7% 1. Includes Tier 2 Subordinated Instruments (listed under ‘Other Liabilities’ on IFRS Balance Sheet) 2. Non-Interest-Bearing Deposits include Current Accounts; all other products are classified as Interest-Bearing Ratio Jun’25 Dec’24 Liquidity Coverage Ratio (LCR) 270% 255% Net Stable Funding Ratio (NSFR) 163% 166% Loan to Deposit Ratio (LDR) 86% 89% Encumbrance 3% 3% Key Messages • Total deposit growth of 7% YoY in H1 2025 and 5% year to date • Year to date growth of €1.1bn equivalent to inflows for FY 2024 • Retail term deposits rose €0.7bn year to date to €4.8bn (c. 19% of total deposits), however new flows have slowed post rate reductions (Apr’25) • Current account balances rose €0.2bn year to date • Average cost of interest-bearing2 deposits rose from 87bps in H1 2024 to 122bps, however now plateauing • MREL ratio of 36.9% vs. requirement of 28.2% • Moody’s and Fitch now at investment grade with Fitch recently upgrading PTSBGH one further notch to BBB • Rating upgrades will benefit refinancing costs e.g. €650m of MTNs have a first call date in April 2027 Liquidity and Funding Ratios 22 12.9 13.4 14.1 9.3 9.2 9.4 1.4 1.5 1.72.8 2.1 2.32.5 2.5 2.5 28.9 28.7 30.0 Jun'24 Dec'24 Jun'25 Total Funding Profile (€bn) Retail Deposits Current Accounts Corporate Deposits Wholesale Funding Equity (incl AT1) 1
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CET1 Ratio up to 15.5% CET1 Ratio Movement1 (%) 23 €10.9bn€11.5bn Key Messages • CET1 ratio 15.5% at Jun’25; +0.8% since Dec’242 o CRR3 +1.2% o Profit after Tax +0.2% o AT1 Coupon -0.2% o Net Loan Book Growth -0.2% o Intangible Software +0.1% o Other Balance Sheet Growth -0.2% • Comfortably above 2025 CET1 SREP requirement of 10.83%3 • RWAs decreased from €11.5bn at Dec’24 to €10.9bn at Jun’25, driven mainly by CRR3 impact (-€0.9bn) • Committed to optimising our capital structure over the coming years, and considering options in respect of instruments with upcoming call dates 1. Allowing for rounding 2. Compares with CET1 on a CRR2 basis 3. Excludes pillar 2 guidance RWAs 15.5%14.7% 1.2% 0.2% -0.2% -0.2% 0.1% -0.2% Dec-24 CRR3 Profit After Tax AT1 Coupon Loan Growth Intangible Software Other Growth Jun-25
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IRB Mortgage Model Submitted Jun‘25 EAD (€bn) RWA (€bn) Avg. Risk Weight Avg. Risk Weight Dec’24 Total Residential Mortgages 20.4 7.4 36.4% 39.6% SME 0.7 0.5 72.5% 85.7% Asset Finance 0.5 0.4 78.1% 78.7% Consumer Finance 0.9 0.4 39.5% 41.3% Total Customer Lending 22.5 8.7 38.7% 41.9% Key Messages • IRB mortgage model application submitted to Central Bank of Ireland on 30th May • The model has been updated to capture the improved credit risk of the current and future PTSB portfolio – over 73% of mortgages written under new macro-prudential rules • CRR3 has reduced RWAs by €0.9bn, with a reduction across both the IRB and standardised (Ulster Bank) book • High risk-weights evident in our strong leverage ratio of 6.8% at Jun’25 Risk-Weight Densities 24
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1 2 43 Business & Strategy Update Financial Performance Guidance & Outlook Appendix Contents
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1. Return on Tangible Equity (RoTE) is Profit Attributable to Shareholders (excl. all Exceptional Items) divided by Notional Equity (average RWAs * CET1 of c. 14.0%). Does not assume any benefit from ongoing IRB model review process 2. Assumes ECB deposit rate remains at 2.0% Returns Income Operating Expenses Asset Quality RoTE c. 5%1 First Distribution based on 2025 Performance NIM2 > 2.0% Income down Low to Mid-Single Digit % c. €525m Exceptional Costs of €32m Cost of Risk 0bps RoTE c. 9% Increased Capital Return NIM > 2.2% Loans +4-5% p.a. Deposits +3-4% p.a. c. €500m Cost/Income Ratio c. 60% Guidance and Medium-Term Targets 2025 2027 Cost of Risk 20-25bps 26
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1 2 3 4 Business & Strategy Update Financial Performance Guidance & Outlook Appendix Contents
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PTSB – Ireland’s Challenger Bank Prime position to provide much-needed competition in Irish market Highly Attractive Market Our Business • Ireland, the fastest growing economy in Europe • Excellent demographics and public finances • End of Irish deleveraging phase • Huge undersupply of homes • Highly concentrated banking market • Third largest bank in Ireland with 1.3 million customers • Modern and contemporary brand, repositioned in 2023 • Significant investment in digital, voice and in-person channels • Attractive opportunity in Business Banking • Very low risk profile • Opportunity to remove legacy risk weights that hamper capital generation • Deposit-led Bank, with a focus on Current Accounts 28
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Our Operating Environment PTSB’s 98 Branch Network Across the Country Sources: CSO, Central Bank of Ireland, BPFI, NTMA Ireland Overview 5.3m 2.9m 4.0% Total Population April 2024 28.5% Population in Dublin Labour Force Q1 2025 3.5% Increase YoY Unemployment June 2025 €12.6bn €165bn €4.4bn Mortgage Market (new lending 2024) Household Deposits May 2025 SME Market (new lending 2024) 30k 66% 14% House Completions 2024 Household Debt Loans / Deposits May 2025 Savings Rate % of Disposable Income (Q4 2024) +4.8% +1.8% AA GNI* 2024 MDD +1.8% (2024) CPI June 2025 Ireland rated in the AA category with all major agencies 29
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Five Year Income Statement €m H125 FY24 FY23 FY22 FY21 Net Interest Income 288 612 620 362 313 Other Income 34 60 48 47 48 Total Income 322 672 668 409 361 Total Operating Expenses (271) (531) (504) (395) (345) Operating Profit / (Loss) 51 141 164 14 16 Impairment (Charge) / Release - 39 2 31 1 Profit / (Loss) Before Exceptional Items 51 180 166 45 17 Exceptional Items (Net) (32) (21) (87) 222 (38) Profit / (Loss) Before Tax 19 159 79 267 (21) Net Tax Release/(Charge) (4) 3 (11) (44) 1 Profit / (Loss) After Tax 15 162 68 223 (20) Key Metrics H125 FY24 FY23 FY22 FY21 Net Interest Margin 2.02% 2.20% 2.32% 1.54% 1.51% Cost/Income Ratio1 76% 74% 66% 84% 82% 1. Cost/Income Ratio is calculated as Operating Expenses (excl. Regulatory Charges and Exceptional Items) divided by Total Operating Income 30
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Interest Income Analysis Average Balances (€bn)1 Yields (%) Interest Income (€m) H1’25 H1’24 H1’25 H1’24 H1’25 H1’24 Tracker 2.6 3.2 3.9% 5.5% 50 89 Fixed and Variable 17.5 16.8 3.5% 3.2% 298 271 Consumer Finance 0.3 0.3 10.0% 9.9% 16 15 Business Banking2 1.2 1.1 5.6% 5.4% 34 30 Treasury Assets 7.0 6.3 2.0% 2.4% 71 75 Underlying Interest Income 469 480 Deferred Acquisition Costs and Accounting Adjustments3 (34) (30) Total 435 450 1. Average Balances exclude provisions 2. Includes SME & Asset Finance Business 3. H125 includes c. €11m unwind of fair value gain recognised on acquired Ulster Bank assets (H124: c. €12m) 31
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Interest Expense Analysis Average Balances (€bn)1 Cost of Funds (%) Interest Expense (€m) H1’25 H1’24 H1’25 H1’24 H1’25 H1’24 Current Accounts 9.3 9.3 0.0% 0.0% - - Retail Deposits 13.8 12.6 0.8% 0.7% 76 45 Corporate Deposits 1.6 1.3 2.4% 2.4% 17 16 Wholesale Funding 2.2 2.7 5.7% 5.7% 54 78 Lease Liability Expense 0.0 0.0 2.6% 1.7% - - Total 147 139 1. Average balances exclude provisions 32
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Five Year Balance Sheet Jun’25 Dec’24 Dec’23 Dec’22 Dec’21 Total Loan Book (net) 21.8 21.4 21.5 19.6 14.2 Treasury Assets 7.2 6.5 5.3 5.3 6.7 Other Assets 1.0 1.0 1.0 1.0 1.3 Total Assets 30.0 28.9 27.8 25.9 22.2 Retail Deposits (incl. Current Accounts) 23.5 22.7 21.7 20.6 17.7 Corporate & Institutional 1.7 1.5 1.3 1.1 1.3 Total Customer Deposits 25.2 24.1 23.0 21.7 19.1 Wholesale Funding 1.7 1.8 1.9 1.3 0.9 Other Liabilities 0.5 0.5 0.5 0.5 0.5 Total Liabilities 27.5 26.4 25.4 23.5 20.4 Total Equity (incl. AT1) 2.5 2.5 2.4 2.4 1.8 Total Equity and Liabilities 30.0 28.9 27.8 25.9 22.2 Key Metrics Jun’25 Dec’24 Dec’23 Dec’22 Dec’21 NPLs €0.4bn €0.4bn €0.7bn €0.7bn €0.8bn LDR 86% 89% 93% 90% 75% CET1 Ratio1 15.5% 14.7% 14.0% 15.2% 15.3% 1. FY23-FY20 CET1 ratios are presented on a fully loaded basis 33 Note: Rounding may apply
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Asset Quality Loans and Advances to Customers Jun’25 Dec’24 (Measured at Amortised Cost) €m €m Residential mortgages: Home Loans 19,845 19,539 Buy To Let 432 464 Total Residential Mortgages 20,277 20,003 Commercial 533 493 Consumer Finance 571 553 Finance leases and hire purchase receivables 473 466 Total Measured at Amortised Cost 21,854 21,515 Analysed By ECL Staging: Stage 1 19,397 19,100 Stage 2 2,070 2,033 Stage 3 387 382 POCI - - Total Measured at Amortised Cost 21,854 21,515 Of which at the reporting date: Neither past due nor Stage 3 21,421 21,081 Past due but not Stage 3 46 52 Stage 3 387 382 Total Measured at Amortised Cost 21,854 21,515 Loss Allowance – Statement of Financial Position Stage 1 119 123 Stage 2 139 134 Stage 3 131 135 Total Loss Allowance 389 392 34
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NPLs & NPAs breakdown 1. Foreclosed assets are assets held on the balance sheet which are obtained by taking possession of collateral or by calling on similar credit enhancements 2. Exclusive of deferred fees, discounts, and business combination related fair value adjustments Stage 3 Analysis 30-Jun’25 Home Loan Buy-To-Let SME/ Commercial Consumer Finance Finance leases and hire purchase receivables Total €m €m €m €m €m €m NPL is < 90 Days 114 33 16 6 3 172 NPL is > 90 Days and < 1 year past due 47 6 - 5 2 60 NPL is 1-2 years past due 41 10 1 2 1 55 NPL is 2-5 years past due 34 16 1 3 1 55 NPL is > 5 years past due 28 8 4 5 - 45 POCI - - - - - - Non-performing loans 264 73 22 21 7 387 Foreclosed assets1 1 4 - - - 5 Non-performing assets 265 77 22 21 7 392 Gross Loans2 19,845 432 533 571 473 21,854 NPLs as % of gross loans 1.3% 16.9% 4.1% 3.7% 1.5% 1.8% Stage 3 Analysis 31-Dec’24 Home Loan Buy-To-Let SME/ Commercial Consumer Finance Finance leases and hire purchase receivables Total €m €m €m €m €m €m NPL is < 90 Days 113 29 17 6 4 169 NPL is > 90 Days and < 1 year past due 55 10 - 4 2 71 NPL is 1-2 years past due 34 11 2 2 1 50 NPL is 2-5 years past due 30 12 1 3 1 47 NPL is > 5 years past due 27 9 4 5 - 45 POCI - - - - - - Non-performing loans 259 71 24 20 8 382 Foreclosed assets1 2 5 - - - 7 Non-performing assets 261 76 24 20 8 389 Gross Loans2 19,539 464 493 553 466 21,515 NPLs as % of gross loans 1.3% 15.3% 4.9% 3.6% 1.7% 1.8% 35
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1. The Leverage ratio is calculated by dividing Tier 1 capital by gross balance sheet exposure (total assets and off-balance sheet exposures) Jun’25 Dec’24 €m €m Risk Weighted Assets 10,911 11,494 Common Equity Tier 1 1,693 1,684 Additional Tier 1 368 368 Tier 1 Capital 2,061 2,052 Tier 2 Capital 290 291 Total Capital 2,351 2,343 Common Equity Tier 1 Capital 15.5% 14.7% Tier 1 Capital 18.9% 17.9% Total Capital 21.5% 20.4% Leverage Ratio1 6.8% 7.1% Jun’25 Dec’24 €m €m Total Equity 2,526 2,532 Less: AT1 Capital (368) (368) Adjusted Capital 2,158 2,164 Prudential Filters: Intangible Assets (132) (144) Deferred Tax (309) (312) Calendar Provisioning (17) (17) AT1 Distribution Accruals (7) (7) Common Equity Tier 1 Capital 1,693 1,684 36 Regulatory Capital
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Moody’s Long-term Fitch Long-term Aaa AAA Aa1 AA+ Aa2 AA Aa3 AA- A1 A+ A2 A A3 A- Baa1 BBB+ Baa2 BBB Baa3 BBB- Ba1 BB+ Ba2 BB+ Ba3 BB B1 BB- B2 B+ B3 B … … PTSB Group HoldingsPTSB plc T2AT1 Investment GradeSpeculative Grade Investment Grade Ratings with Moody’s & Fitch Ratings’ Milestones Current Ratings • Permanent TSB (OpCo Senior): A1 / Stable Outlook • Permanent TSB Group Holdings (HoldCo Senior): Baa1 / Stable Outlook 2025 • Feb 24: Fitch upgrade PTSB to BBB and PTSBGH to BBB-; Outlook: Stable • Sep 24: Moody’s upgrade PTSB to A1 and PTSBGH to Baa1; T2 becomes IG; Outlook: Stable 2022 2023 • Sep 22: Moody’s upgrades PTSB 3 notches to ‘A2’ and PTSBGH 2 notches to ‘Baa2’. Both entities now Investment Grade • Dec 22: S&P Upgrades PTSB to BBB and affirms PTSBGH at BB-. Outlook for both entities remain Positive 2024 • Mar 23: Fitch rate the Group for the first time, rating PTSB at BBB- and PTSBGH at BB+. Outlook for both entities is Positive • June 23: S&P upgrades PTSB to BBB+ and PTSBGH to BB+; Outlook for both entities is Stable • Permanent TSB (OpCo Senior): BBB+ / Stable Outlook • Permanent TSB Group Holdings (HoldCo Senior): BBB / Stable Outlook • May 2025: Fitch upgrade PTSB to BBB+ and PTSBGH to BBB; Outlook for both entities is Stable Key Messages • All debt and capital instruments are currently issued from PTSB Group Holdings • Following the Moody’s upgrade in September 2024, the Group’s existing and future Senior Debt and Subordinated debt (T2) are deemed Investment Grade, which will assist market access for refinancing & future issuances 37
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Thank You End of Presentation