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Investor & analyst presentation Q2 2026 Investor Relations , 12 August 2026 ABN AMRO
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Strong quarter driven by client activity, fees and strategic progress • Net profit rose 29% year-on-year to 781m, with return on equity improved to 12.1% • Sustained commercial momentum with continued growth in both lending and deposits • Net interest income (NII) increased significantly; FY2026 commercial NII guidance raised to c.6.8bn including NIBC • Fees income benefitted from higher client assets, alongside continued good Clearing results • Cost discipline remained strong, with FY2026 guidance lowered to c.5.5bn including NIBC • Credit quality remained robust, with cost of risk at 4 basis points • CET1 ratio strengthened to 15.9% 1), supported by growth in capital-light businesses • Interim dividend set at 0.68 per share 21) Q2 2026 capital ratio in this presentation is on a pro forma basis including 50% of net profit. Assuming a 100% pay-out, CET1 ratio is 15.3%
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Consistent execution drives progress towards 2028 ambitions • Client assets increased by c.20bn, supported by favourable markets and sustained commercial momentum • Following completion of HAL legal merger, focus shifts to IT integration and delivery of targeted synergies Wealth Management Corporate Banking Personal & Business Banking • Including NIBC, around 76% of deposit growth achieved, with growth currently above 2028 ambition • Announced outsourcing of ICS key processes to enhance client services by improving efficiency and accelerating innovation • Capital-light growth continues, driven by Clearing performance and increased cross-selling to corporate clients • Further growth in sectors linked to European’s transition priorities, including defence 3 Mortgages Client assets WM 1) >290bn for 2028 is based on 6% CAGR, ambition is 6-7% CAGR Grow profitably >190bn 2028 2028 >335bn 2028 >290bn Client deposits 1) Including NIBC 35% 79% 57% 55% 76% Including NIBC Realised up to Q2 2024 156bn 2024 239bn 2024 230bn
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Transformation remains on track with c.45% of targeted FTE reduction achieved • FTEs continued to decline in Q2, albeit at a moderate pace • Headcount reduced by c.250 FTEs, driven by lower internal staff, while external FTEs remained stable • External FTEs expected to remain broadly at current levels going forward • Around 80m of cost saving delivered in Q2, bringing total savings to c.300m against the 900m target for 2024-2028 • Savings continue to be driven primarily by IT landscape simplification and transformation initiatives 4 Right-size cost base -217 1,259 -580 -528 -253 -702 25,645 25,920 25,140 Q4 2024 -67 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1/8/2026 c.580 FTEs FTE reduction HAL & NIBC FTE development and FTE reductions, #
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Capital optimisation progressing well 5 Optimise capital allocation • Since CMD, around 9bn of RWA and portfolio optimisation achieved, primarily within the Corporate Bank • 63% of 10bn RWA reduction ambition for Corporate Banking by 2028 realised at Q2 • Significant RWA developments expected in H2: • Q3: 6.6bn increase from NIBC (impact CET1 ratio c.70-75bps) • Q4: c.7bn reduction following removal DNB mortgage floor • Basel IV output floor not expected to be binding, supporting the permanence of the benefit from removal of mortgage floor 1) Starting point as announced at Capital Markets Day 63% RWA reduction ambition 2028 2028 10bn Portfolio management up to 8bn RWA 1.5bn 2028 Realised up to Q2 Q3 2025 1) Q3 2025 1)
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Q2 2026 financials>>
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Resilient Dutch fundamentals continue to support credit quality & growth House prices increases expected to continue 1) 2) Dutch bankruptcies remain relatively stable # per quarter businesses & institutions 50 125 200 100 150 200 250 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e Houses sold (lhs, #'000) House price index (rhs, 2020=100) 7 Source for historical data on the Netherlands: Statistics Netherlands (CBS) 1) Forecast of Group Economics as of 2 July 2026. 2) House price estimates are +3% for 2026 and +4% for 2027, transaction estimates are -3% for 2026 and -4% for 2027 Macroeconomic forecast 1) 2025 2026e 2027e GDP (% yoy) Netherlands 1.6% 0.9% 1.1% Eurozone 1.5% 0.5% 1.2% Inflation (indexed % yoy) Netherlands 3.0% 3.0% 2.6% Eurozone 2.1% 2.5% 2.1% Unemployment rate (%) Netherlands 3.9% 4.2% 4.4% Eurozone 6.3% 6.3% 6.2% Other ECB deposit rate (eop, %) 2.00% 2.50% 2.00% Oil price (Brent, USD/bbl avg) 61 86 73 - 500 1,000 1,500 2,000 2,500 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 • Heightened macroeconomic uncertainties continued into the quarter • Limited direct impact on the Dutch economy which remains resilient with supportive domestic fundamentals: − Healthy housing market with prices expected to continue to rise − Bankruptcies remain relatively stable; low unemployment − Strong fiscal position of Dutch government
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Client asset and deposit growth reinforces commercial momentum • Client deposits grew by 5.3bn 1) largely reflecting seasonal inflows related to holiday allowance payments • Deposit market share increased by 10bps since year-end 2025 to c.14.5%, despite competitive environment 8 Client deposits, €bn • Total client assets increased by 25.2bn 1), primarily driven by favourable market performance • Core NNA at Wealth Management increased by 2.3bn; continued migration towards advisory and discretionary solutions 1) Excluding c.15bn temporary custody inflow at Q1 2026 from current accounts 108.0 115.0 122.7 126.2 132.3 135.5 137.5 83.1 79.0 82.3 91.2 93.3 91.6 93.1 38.5 33.6 30.3 32.6 32.7 30.4 32.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Demand deposits Current accounts Time deposits 105.4 106.7 111.2 111.9 114.0 115.9 121.2 239.0 240.2 244.2 277.9 283.0 273.9 293.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Personal & Business Banking Wealth Management 1) Client assets, €bn 1)
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9 Commercial NII grew 10% Y-o-Y driven by deposits and Clearing 1) Excluding positive incidental of 16m in other Commercial NII in Q4 2025. 2) NII from loans to professional counterparties and deposits are excluded in both client asset and liability NII 760 762 760 758 758 759 689 691 708 712 731 773 104 Q1 2025 84 Q2 2025 102 Q3 2025 102 Q4 2025 119 Q1 2026 155 Q2 2026 1,553 1,537 1,570 1,572 1,608 1,688 241 242 246 247 249 253 225 229 246 250 256 260 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 466 471 492 497 504 513 1.26% 1.26% 1.24% 1.23% 1.22% 1.20% 1.22% 1.21% 1.15% 1.14% 1.14% 1.19% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Assets Liabilities Margin development 2)Average client volumes 2), €bnCommercial NII 1), €m Assets Liabilities Other Commercial NII Assets Liabilities • Higher replicating portfolio yields supported current and saving account margins, with liability margin increasing by 5bps Q-o-Q • Commercial NII benefitted from continued volume growth in mortgages, corporate loans and client deposits • Lower asset margin reflects higher share of capital light and state guaranteed (NHG) mortgage production • Strong Clearing-related financing demand drove growth in Other Commercial NII
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FY2026 NII guidance upgrade supported by sustained earnings momentum 10 • Commercial NII for full-year 2026 expected at c.6.8bn including contribution from NIBC: − End of July forward rates continue to provide a tailwind to current account margins − Margins on interest bearing deposits assumed constant vs Q2 − Other Commercial NII expected at c.0.6bn for FY2026 reflecting strong Clearing NII and c.135m NII for NIBC 1) Forward curve end July 2026 Forward curve end April 2026 1) As of August 1st, NIBC’s NII will be booked in other commercial NII. Following further integration, NIBC’s NII will be transferred to asset and liability commercial NII. 2) Based on Q2 actuals, end of July forward curves, constant volumes with no mix shift and constant margins on interest bearing deposits 1.0% 1.1% 1.2% 1.3% 1.4% 1.5% 2025 | 2026 | 2027 | 2028 | Liability margin trajectory 2)
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Record-high fees and improved other income support revenue momentum 11 • Fee income reached new record level, increasing 2% Q-o-Q • Wealth Management fees benefitted from positive market performance in Q2 and higher client assets • Corporate Banking delivered another strong fee quarter, reflecting robust client activity and growing cross-sell • Other income improved materially, supported by favourable ALM results driven by economic hedges Fee and commission income 1), €m Other income, €m 1) Total fee and commission income includes Group Functions 158 157 177 163 175 175 165 160 216 230 228 235 191 181 173 185 212 216 507 492 561 572 608 617 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Personal & Business Banking Wealth Management Corporate Banking 79 119 28 22 42 106 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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FY2026 cost guidance reduced again, reflecting continued discipline Underlying expenses Restructuring costs • Underlying expenses slightly lower Q-o-Q reflecting strict cost discipline • FY2026 cost guidance has been lowered further to c.5.5bn including c.75m NIBC costs • Costs in H2 subject to the outcome of Collective Labor Agreement negotiations Underlying expenses and restructuring costs 1), €m 12 1) Excluding incidentals (Q2 2025: 29m, Q3 2025: 55m and Q1 2026: -82m) and regulatory levies (Q1 2025: 4m, Q3 2025: 6m, Q4 2025: 135m, Q1 2026: 4m and Q2 2026: 0m) 1,297 1,274 1,330 1,381 1,293 1,288 8 14 17 59 63 12 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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Asset quality remained strong despite macroeconomic uncertainty Loans Q2 2026 Q1 2026 Coverage ratio Q2 2026 Q1 2026 Mortgages 1) 2,445 2,389 1.3% 2.7% Corporate loans 3,234 3,308 22.1% 24.1% Consumer loans 114 126 49.9% 44.5% Total 2) 5,796 5,826 13.9% 15.8% Impaired ratio (stage 3) 2.1% 2.1% • Credit quality remained strong with 4bps Cost of Risk and stable stage 3 ratio of 2.1% • Decline in coverage ratio reflects continued portfolio derisking and run-off of highly provisioned corporate exposures • Portfolio quality continues to benefit from a highly collateralised portfolio and a growing share of mortgages • Q2 impairments low at 24m, mainly related to a limited number of individual files and modest increase in management overlays • Higher weighting of negative macroeconomic scenario remains unchanged following renewed Middle East escalation Impairments, €m 1) Decline coverage ratio for mortgages mainly reflects a change in distribution of Interest-Only overlay over different IFRS stages. 2) Total includes other loans and advances customers 5 -6 -49 70 67 24 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 13 Stage 3 loans and coverage ratio, €m
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Strong capital generation supports profitable growth 14 • Pro forma CET1 ratio increased to 15.9% supported by continued growth in capital-light businesses • Based on a pay-out ratio of 100%, CET1 ratio remained stable at 15.3% • Total RWAs slightly lower, increase in Credit risk RWAs more than offset by lower Market Risk and Operational Risk RWAs • Growth in Credit Risk RWAs from business developments largely offset by ongoing portfolio optimisation and RWA management actions 1.8 Q1 2026 Business developments -1.7 RWA optimisation -0.1 Operational Risk -0.3 Market Risk Q2 2026 136.6 136.4 Q1 2026 0.6% Net profit -0.3% Dividend reserve 0.0% RWA Q2 2026 15.5% 15.9% Pro forma CET1 ratio development RWA development, €bn Based on 50% pay-out
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Strong execution drives upgraded guidance and supports future growth 15 • Continued progress on key strategic priorities: grow profitably, right-size cost base and optimise capital allocation • Good business momentum underpinned by growth in core products and client segments • FY2026 commercial NII guidance improved to c.6.8bn including NIBC, supported by earnings momentum • FY2026 cost guidance lowered further to c.5.5bn including NIBC, reflecting disciplined cost management • Well positioned with strong capital position to support growth, investments and shareholder distributions Targets 2028 1) Excluding Clearing. 2) Pro forma RoE and C/I ratio reflect adjusted operating expenses for expected Dutch bank tax (c.125m in Q4) spread evenly over 2026; pro forma CET1 ratio based on 50% pay-out >12% Return on Equity <55% Cost/income ratio >€10bn Income €4.7bn >13.75% CET1 ratio c.50% Capital allocation CB 1) c.51%11.4% 10.9% pro forma 54.7% 56.1% pro forma 15.3% 15.9% pro forma YTD2026 2)
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Appendix>>
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Solid results for Q2 2026 €m Q2 2026 Q1 2026 Q2 2025 H1 2026 ABN AMRO H1 2026 NIBC 1) Net interest income 1,700 1,637 4% 1,532 11% 3,337 164 Net fee and commission income 617 608 2% 492 25% 1,225 19 Other operating income 106 42 119 -11% 149 -22 Operating income 2,424 2,287 6% 2,143 13% 4,710 160 Operating expenses 1,300 1,277 2% 1,317 -1% 2,578 91 - Underlying expenses 2) 1,288 1,293 1,274 1% 2,581 Operating result 1,123 1,009 11% 826 36% 2,133 69 Impairment charges 24 67 -65% -6 91 13 Income tax expenses 3) 319 249 28% 226 41% 568 15 Profit 781 693 13% 606 29% 1,473 41 o/w attributable to shareholders 732 645 548 1,378 33 Risk Weighted Assets (end of period, bn) 136.4 136.6 -0.2 139.8 -3.4 136.4 6.6 Client loans (end of period, bn) 254.1 250.1 4.1 242.3 11.8 254.1 19.0 Client deposits (end of period, bn) 263.0 273.2 -10.2 235.3 27.7 263.0 12.6 171) Unaudited recurring H1 results for NIBC; other income includes a 28m hedge-accounting related loss. 2) Underlying excludes restructuring costs, incidentals and regulatory levies. 3) Full-year effective tax rate expected at 27-28%, reflecting non-deductibility of Dutch bank tax and interest expense under Dutch thin capitalisation rules for banks
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Dutch fundamentals remain strong as confidence begins to improve Dutch economy export-dependent 2) Confidence improving, positive spending and PMI 2) 3) 181) Debt to GDP-ratios are based on latest quarterly government finance statistics (Eurostat). 2) Statistics Netherlands (CBS). 3) Consumer spending % change yoy. Consumer confidence seasonally adjusted (eop). PMI Nevi NL Manufacturing PMI (eop) expansion >0 and contraction <0 34% 31% 20% 7% 6% 3% 0% 20% 40% 60% 80% 100% EU (other) Other (non-EU) Germany France US China -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) Share of Dutch export of goods per destination, % Stable unemployment rate and high employment 2) 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) 44% 0% 40% 80% 120% 160% Italy France Spain Germany Netherlands Strong fiscal position to support the economy 1)
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1.8% 2.0% 2.2% 2.4% 2.6% 2.8% 3.0% 3.2% 3.4% forward curve end July 2026 forward curve end April 2026 2026 | 2027 | 2028 | Higher forward rates improve replicating portfolio income trajectory 19 3-month Euribor forward curves Replicating income trajectory, €m delta vs. Q2 2026 • Quarterly replicating portfolio income sensitivity assumes constant volumes and no mix-shift (c.180bn as of Q2 2026) • Higher forward curves at the end of July 2026 have improved replicating income trajectory reflecting Replicating portfolio income remains a key driver of liability margins • Margins on non-interest-bearing deposits move in line with the replicating yield • Non-interest-bearing deposits represent c.30% of the replicating portfolio (equivalent to c.20% of total client deposits) • Margins on interest-bearing deposits are assumed to remain stable, reflecting a 100% pass-through assumption 0 50 100 150 200 250 300 2026 | 2027 | 2028 |
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Disclaimer 20 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.
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