Slides
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Q3 2025 results Investor Relations, 12 November 2025 Investor & Analyst presentation
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Key messages Q3 2025, another solid quarter | 2 • Solid financial performance: Net profit of 617m and return on equity of 9.5%, including 26m from Hauck Aufhäuser Lampe (HAL) • Continued growth: Mortgage portfolio expanded further by 2.1bn, corporate loans by 2.1bn and net new assets within Wealth Management by 4.3bn • Strategic growth: Acquisition of NIBC Bank 1) further strengthens position in Dutch retail market • Cost discipline: FTEs decreased by 700 in Q3 and YTD by almost 1,000, excluding inclusion of HAL • Sound credit quality: 49m in net impairment releases reflecting lower individual provisions and recoveries from written-off loans • Strong capital position: CET1 ratio of 14.8% 2), 250m share buyback finalised in September; capital position will be reviewed in Q4 to assess potential room for further distributions 1) Transaction expected to close in the second half of 2026, subject to regulatory approvals 2) Capital ratios in this presentation are on a pro-forma basis including 50% of net profit
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Acquisition of NIBC Bank: adding scale to our activities | 3 Reinforce our top position in Dutch mortgages with ~200k new clients Asset-based lending serving ~175 corporate clients in our geographical footprint Gain access to an attractive savings franchise with ~325k clients Significant synergy potential with low execution risk Highly attractive value creation with a Return on Invested Capital of around 18%
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Resilient Dutch economy with low unemployment 1) Strong housing market Index, GDP (Q4 2019=100) Unemployment low, with record high employment Strong fiscal position to support the economy Debt to GDP-ratios of Q3 2025, % 80 90 100 110 2019 2020 2021 2022 2022 2023 2024 2025 2025e 2026e Eurozone Netherlands 60% 64% 68% 72% 76% 0% 2% 4% 6% 8% 10% 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Unemployment rate (lhs) Employment rate (rhs) Unemployment rate, % Employment rate, % 43% 0% 40% 80% 120% 160% Italy France Spain Germany Netherlands Dutch economy outperforms EU since pandemic 50.0 125.0 200.0 100 150 200 250 2018 2019 2020 2021 2022 2023 2024 2025e 2026e Houses sold (lhs, #'000) House price index (rhs, 2020=100) | 4 1) Sources: Statistics Netherlands (CBS) and Group Economics for forecasts (as of 24 September 2025: house price estimates +8.7% for 2025 and +3% for 2026, transaction estimates +12.5% for 2025 and +1% for 2026). Debt to GDP-ratios are based on latest quarterly government finance statistics (Eurostat)
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Continued growth in mortgages; strong increase in client deposits Client lending EUR bn Client deposits EUR bn • Continued growth of mortgage portfolio • Market share of new production increased to 19% in Q3 • Increase in corporate loans of 2.1bn mainly related to HAL and to a lesser extent lending growth in key transition sectors 242.3 246.7 2.1 2.1 0.1 Q2 2025 Mortgages Corporate loans Consumer loans Q3 2025 1.7bn HAL 235.3 250.2 3.5 2.3 8.9 Q2 2025 Demand deposits Time deposits Current accounts Q3 2025 10.9bn HAL1.0bn HAL0.4bn HAL • Client deposits increased by 14.9bn, of which 12.3bn from HAL • Net new assets grew by 4.3bn this quarter 1) reflecting targeted offerings at Wealth Management • Seasonal spending led to a decline in current accounts | 51) Including custody assets of 1bn
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1,560 1,608 1,638 1,668 1,560 1,532 1,546 34 157 158 160 164 162 159 155 650 850 1,050 1,250 1,450 1,650 0 20 40 60 80 100 120 140 160 180 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 Underlying NII HAL NIM 4q rolling average, in bps Full-year net interest income guidance at least 6.3bn including HAL • Strong growth in mortgage book offset by lower margins, mainly due to: − implementation of automatic adjustment of mortgage risk premium after repayments − over 1/3 of new production in state guaranteed mortgages • NII from corporate loans stable, impact of HAL offset by wind- down of ABF international • Targeted offerings on time deposits with attractive client rates was partly offset by higher volumes from HAL • Higher Treasury NII with strong Money Markets results • Based on forward rates as of October, inflection point replication portfolio came forward to this quarter • FY2025 NII outlook at least 6.3bn including HAL, reflecting: – modest increase of Treasury result – stable deposit margins Net interest income (NII) and margin (NIM) 1) EUR m | 61) Underlying NII excludes incidental related to positive revaluation DSB claim Q1 2024 of 29m
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469 462 478 500 507 492 509 52 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 ABN AMRO HAL Strong increase in fee & commission income Fee and commission income • Fee income excluding HAL increased by 6% compared to same period last year and 3% compared to last quarter • Fee growth from lower payment fee expenses, higher volumes in advisory and mandated business and higher seasonal transactions EUR m 1) Underlying other income excludes incidental of 24m related to sale of Neuflize Vie in Q2 2024 • Other income decreased, mainly related to: − lower equity participation results − lower ALM results at Treasury − negative fair value revaluations of loans Other income 1) EUR m 139 124 137 72 79 119 28 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 | 7
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Underlying costs continue to trend down, further decline in FTEs EUR m and # Expenses and FTEs excluding HAL 1) 1,297 1,274 1,265 25,579 25,362 24,661 22,000 22,500 23,000 23,500 24,000 24,500 25,000 25,500 26,000 1,200 1,220 1,240 1,260 1,280 1,300 1,320 1,340 Q1 Q2 Q3 2025 Underlying expenses FTEs • Tighter controls on hiring led to further reduction of 700 FTEs this quarter, mainly contractors in Group Functions • Impact of lower FTEs fully absorbed higher costs from collective labour agreement increase of 3.75% as of July • Confident to reach lower end of FY2025 cost guidance of 5.3- 5.4bn, excluding HAL as provided at Q4 2024 • HAL adds 1,260 FTEs (90% internal) and costs of 65m in Q3. Including HAL FY2025 costs expected between 5.4-5.5bn 1) Underlying expenses exclude restructuring costs (Q1 2025: 8m, Q2 2025: 14m, Q3 2025: 17m) and incidentals (Q4 2024: 95m, Q2 2025: 29m, Q3 2025: 55m) | 8
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Solid credit quality with net impairment releases 1) Total includes other loans and advances customers Impaired ratio at 2.0% Stage 3 loans (EUR m) Q3 2025 Q2 2025 Stage 3 coverage ratio Q3 2025 Q2 2025 Mortgages 1,939 1,906 2.8% 2.6% Corporate loans 3,211 3,302 23.8% 23.3% Consumer loans 214 222 43.7% 46.1% Total 1) 5,370 5,434 17.0% 17.0% Impaired ratio (stage 3) 2.0% 2.1% Impairment releases in Q3 EUR m 3 -4 -29 9 5 -6 -47 -2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 ABN AMRO HAL • Credit quality remains strong, stage 3 ratio decreased to 2.0% as stage 3 corporate loans declined • Stable stage 3 coverage ratio at 17% • Impairment releases of 49m, largely due to lower individual files and recoveries from written-off loans, both in corporate loans • Inflow in stage 3 lower compared to previous quarters | 9
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14.8% 14.8% 11.2% 0.4% -0.2% -0.2% 3.5% Q2 2025 Net profit RWA Other Q3 2025 Distance to MDA Regulatoy Requirement 139.8 143.1 2.9 1.6 -1.0 -0.2 2025Q2 HAL Move to SA Data quality improvements Other 2025Q3 CET1 capital ratio stable at 14.8% including impact of HAL inclusion 1) RWA and Other exclude impact from move to SA, as there is no impact on the CET1 ratio. Other includes a.o. dividend reserve of 388m 2) Supervisory Review and Evaluation Process CET1 ratio stable at 14.8% RWAs increased by 3.4bn, mainly from HAL 1) 1) EUR bn • CET1 ratio stable at 14.8%, impact inclusion of HAL (33bps) offset by capital increase from Q3 profit inclusion • CET1 ratio well above regulatory requirement of 11.2%; as of 1/1/2026 requirement increases to 11.4% reflecting final SREP 2) • Finalised 250m share buyback in September; capital position will be reviewed in Q4 to assess potential room for further distributions 1) • RWAs increased by 3.4bn, largely related to inclusion of HAL and transfer of last portfolios to Standardised Approach (SA) • Transfer led to a RWA increase; effect on CET1 ratio neutralised by corresponding increase in CET1 capital • In Q3 around 1bn of RWA relief on the back of collateral data improvements for real estate | 10
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Guidance 2025 YTD2025 Guidance 2025 given at Q4 2024 (excluding HAL) Net interest income 4.6bn 6.2-6.4bn Costs 3.8bn 5.3-5.4bn Cost of Risk -2bps Well below TTC of 15-20bps YTD2025 Guidance 2025 (including HAL) Net interest income 4.7bn >6.3bn Costs 3.9bn 5.4-5.5bn Cost of Risk -2bps ~0bps • Solid performance • Continued organic growth • Strategic growth from acquisition of NIBC • Cost discipline • Strong credit quality with impairment releases • Strong capital position; 250m SBB finalised | 11
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Appendices
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Solid results for Q3 1) Underlying excludes restructuring costs, incidentals and regulatory levies. For details, see slide on costs EUR m Q3 2025 Q2 2025 Q3 2025 ABN AMRO (excluding HAL) Q3 2025 HAL Net interest income 1,580 1,532 3% 1,546 34 Net fee and commission income 561 492 14% 509 52 Other operating income 28 119 -76% 19 9 Operating income 2,169 2,143 1% 2,074 94 Operating expenses 1,409 1,317 7% 1,343 65 - Underlying expenses 1) 1,330 1,274 4% 1,265 Operating result 761 826 -8% 731 30 Impairment charges -49 -6 -47 -2 Income tax expenses 192 226 -15% 188 4 Net profit 617 606 2% 590 26 Risk Weighted Assets (end of period, bn) 143.1 139.8 3.4 139.5 3.6 Client loans (end of period, bn) 246.7 242.3 4.4 244.8 1.9 Client deposits (end of period, bn) 250.2 235.3 14.8 237.8 12.4 FTEs 25,921 25,362 559 24,661 1,260 | 13
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NIBC financials | 14Source: NIBC H1 2025 reported figures in EUR • Established in 1945, NIBC is a well-managed largely Dutch focused entrepreneurial bank • Specialised in mortgage lending, saving products, commercial real estate and digital infrastructure lending • NIBC serves ~325k savings clients, ~200k mortgage clients and ~175 corporate clients within ABN AMRO’s Northwest European geographical footprint EUR m H1 2025 Net interest income 161 Net fee and commission income 19 Other operating income 17 Operating income 196 Operating expenses 99 Operating result 97 Impairment charges 12 Income tax expenses 23 Profit 63 o/w attributable to shareholders 55 Cost/income ratio 50% Cost of risk (in bps) 13 Return on equity 7.9% CET1 ratio 18.3% Shareholder’s equity 1,419 EUR bn Client lending 18 Client deposits 12 RWA 7 Internal FTEs (#) 594 Netherlands 92% Germany 4% UK 2% Belgium 2% 196m Operating income Geographical split
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Forecasts for the Dutch and Eurozone economy 1) Spending positive, confidence low 3) 1) Group Economics forecasts as of 11 November 2025 2) Source: LSEG Data & Analytics 3) Source: Statistics Netherlands (CBS). Consumer spending % change yoy. Consumer confidence seasonally adjusted (eop). PMI Nevi NL Manufacturing PMI (eop) expansion >0 and contraction <0 Dutch economy export-dependent 2) 2024 2025e 2026e GDP (% yoy) Netherlands 1.1% 1.7% 1.2% Eurozone 0.8% 1.4% 0.9% Inflation (indexed % yoy) Netherlands 3.2% 3.0% 2.3% Eurozone 2.4% 2.1% 1.7% Unemployment rate (%) Netherlands 3.7% 3.9% 4.2% Eurozone 6.4% 6.4% 6.4% # per quarter businesses & institutions Dutch bankruptcies remain low 3) 53% 22% 17% 5% 2% 0% 20% 40% 60% 80% 100% EU (other) Germany Other US China Share of Dutch exports per destination, % | 15 - 500 1,000 1,500 2,000 2,500 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 -70 -35 0 35 70 -20% -10% 0% 10% 20% 2020 2021 2022 2023 2024 2025 Consumer spending (lhs) Consumer confidence (rhs) PMI index (rhs)
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Q3 | 2026 | 2027 | 2028 2.46% 2.06% 2.34% 1.7% 1.8% 1.9% 2.0% 2.1% 2.2% 2.3% 2.4% 2.5% 2.6% Forward curve end July 2025 Forward curve end October 2025 Sensitivity of replicating portfolio interest income Replicating portfolio income vs Q3 2025 • Sensitivity of replicating portfolio income shown on a quarterly basis versus Q3 2025 using constant volumes • Inflection point of replicating portfolio reached at Q3 2025 • Replicating income beyond 2026 negatively impacted by lower 3-month Euribor forward curve as of October versus July 3-month Euribor forward curves EUR m -50 0 50 100 150 200 Q3 | 2026 | 2027 | 2028 | Income based on forward curve end July 2025 Income based on forward curve end October 2025 Q3 202820272026 | 16
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Disclaimer For the purposes of this disclaimer ABN AMRO Bank N.V. and its consolidated subsidiaries are referred to as "ABN AMRO“. This document (the “Presentation”) has been prepared by ABN AMRO. For purposes of this notice, the Presentation shall include any document that follows and relates to any oral briefings by ABN AMRO and any question-and-answer session that follows such briefings. The Presentation is informative in nature and is solely intended to provide financial and general information about ABN AMRO following the publication of its most recent financial figures. This Presentation has been prepared with care and must be read in connection with the relevant Financial Documents (latest Quarterly Report and Annual Financial Statements, "Financial Documents"). In case of any difference between the Financial Documents and this Presentation the Financial Documents are leading. The Presentation does not constitute an offer of securities or a solicitation to make such an offer, and may not be used for such purposes, in any jurisdiction (including the member states of the European Union and the United States) nor does it constitute investment advice or an investment recommendation in respect of any financial instrument. Any securities referred to in the Presentation have not been and will not be registered under the US Securities Act of 1933. The information in the Presentation is, unless expressly stated otherwise, not intended for residents of the United States or any "U.S. person" (as defined in Regulation S of the US Securities Act 1933). No reliance may be placed on the information contained in the Presentation. No representation or warranty, express or implied, is given by or on behalf of ABN AMRO, or any of its directors or employees as to the accuracy or completeness of the information contained in the Presentation. ABN AMRO accepts no liability for any loss arising, directly or indirectly, from the use of such information. Nothing contained herein shall form the basis of any commitment whatsoever. ABN AMRO has included in this Presentation, and from time to time may make certain statements in its public statements that may constitute “forward-looking statements”. This includes, without limitation, such statements that include the words ‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘should’, ‘intend’, ‘plan’, ‘probability’, ‘risk’, ‘Value-at- Risk (“VaR”)’, ‘target’, ‘goal’, ‘objective’, ‘will’, ‘endeavour’, ‘outlook’, 'optimistic', 'prospects' and similar expressions or variations on such expressions. In particular, the Presentation may include forward- looking statements relating but not limited to ABN AMRO’s potential exposures to various types of operational, credit and market risk. Such statements are subject to uncertainties. Forward-looking statements are not historical facts and represent only ABN AMRO's current views and assumptions on future events, many of which, by their nature, are inherently uncertain and beyond our control. Factors that could cause actual results to differ materially from those anticipated by forward-looking statements include, but are not limited to, (macro)- economic, demographic and political conditions and risks, actions taken and policies applied by governments and their agencies, financial regulators and private organisations (including credit rating agencies), market conditions and turbulence in financial and other markets, and the success of ABN AMRO in managing the risks involved in the foregoing. Any forward- looking statements made by ABN AMRO are current views as at the date they are made. Subject to statutory obligations, ABN AMRO does not intend to publicly update or revise forward-looking statements to reflect events or circumstances after the date the statements were made, and ABN AMRO assumes no obligation to do so. | 17
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