Slides
Page 1
1 2026 Interim Results for the 6 months ended 30 June 2026
Page 2
2 Jason Quinn Chief Executive Overview Operating environment Strategic progress Financial overview Outlook & guidance
Page 3
3 H1 2026 overview – focused execution & growth Operating environment Financial performanceStrategic progress o SA investment case – positive prospects for SA remain structurally & broadly intact, despite global uncertainties & the ongoing Middle East conflict o Corporate SA – healthy balance sheets with the fixed investment cycle still ahead of us o SA consumer – credit growth gradually improving. The health of the consumer was negatively impacted by higher levels of inflation in Q2 26 o Growth & momentum – PPOP growth of +8% (excl. ETI +15%) highlights the outcomes of a strong underlying operational performance & growing momentum across all our business clusters o NCBA – offer accepted, resulting in Nedbank securing a 66% shareholding in NCBA. The transaction is on track for completion in Q3/early Q4 o Earnings – DHEPS growth of +2%, excl ETI +15% – ROE of 15.0% o Strong balance sheet – Declared an interim dividend of 1 052 cents per share – CET1 ratio of 12.6%, above the top end of our TTC range
Page 4
4 6 8 10 12 25 26 100 200 300 25 26 Rand vs US$ Cumulative SA foreign bond sales (Rbn) Operating environment SA government bond yields (%) SA CDS spreads (bps) 12 14 16 18 20 22 25 26 (1 300) (1 200) (1 100) (1 000) (900) 25 26 o Solid progress on structural reforms – Eskom EAF1 up to 66% (2023: 55%) – Port processing of bulk commodities up by +17% (vs 2023) – Rail volumes up by +11% (vs 2023) o Stronger collaboration on public-private partnership initiatives o Continued fiscal discipline – evident in a primary budget surplus & declining debt o Sovereign credit rating upgrades – S&P upgraded SA to BB (outlook +) – Moody’s affirmed SA at Ba2 rating (revised outlook to +) – Fitch upgraded SA’s rating to BB (outlook stable) SA investment case – positive prospects remain structurally & broadly intact, despite global uncertainties & the ongoing Middle East conflict 1 Electricity Availability Factor.
Page 5
5 Operating environment Corporates & businesses – healthy balance sheets with the fixed investment cycle still ahead of us Corporate credit growth (%, BA900) 0 5 10 15 22 23 24 25 26 -10 -5 0 5 10 22 23 24 25 26 Healthy balance sheets – SA corporates remain conservative Credit demand – benefits from fixed capital investment still ahead of us, although corporate credit growth is expected to normalise downwards from current levels Gross fixed capital formation (% growth) SA public sector infrastructure investment1 needs R1.1 trillion by 2030, including: Energy R214bn Water/Sanitation R185bn Transport/Logistics R418bn 1 National Treasury: Medium Term Expenditure Framework. NGEU Capital Investment Schedule (Rbn, constant 2025 prices) 0 200 400 600 800 22 23 24 25 Private sector General government Public corporations
Page 6
6 0 2 4 6 8 10 22 23 24 25 26 -4 -2 0 2 4 6 8 22 23 24 25 26 Operating environment Consumers – household credit growth gradually improving off a low base. Although personal disposable income continues to grow, the health of the consumer was negatively impacted by higher levels of inflation in Q2 2026 Credit growth – gradually improving, but still relatively weak given affordability constraints. Secured lending benefiting from lower interest rates, but unsecured lagging Consumer health – negatively impacted by higher levels of inflation, mainly from fuel prices Personal disposable income (nominal growth %) 20 000 30 000 40 000 50 000 60 000 70 000 22 23 24 25 26 15 20 25 30 22 23 24 25 26 Fuel prices Rand/litre Household credit growth (%, BA900) 0 5 10 15 22 23 24 25 26 SA prime interest rate (monthly, %) 5 8 10 13 22 23 24 25 26 Down 125 bps since 2024 Vehicle sales (monthly, 000k)SA inflation (monthly, %)
Page 7
7 From bold strategic decisions to focused execution & growth Growth & momentum continued in H1 2026: PPOP up by +8% & when excluding ETI up by +15% 1. Completed the organisational restructure – become more client- centred, drive enhanced execution & unlock transformational growth 2. Acquired 100% of iKhokha to expand in the SME market & progressed the integration of Eqstra to lead in fleet management 3. Sold our 21% ETI investment 4. Made an offer to acquire c66% of NCBA to expand into East Africa Strategic decisions 1 2 3 4 CIB o Advances1 ▲8% yoy – IB ▲7% – PF ▲5% – TS ▲22% o Net origination – R49bn o Sector-focused execution – improved client flows & increased participation in larger transactions o Deposits ▲14% o Trade finance revenue ▲18% o NIR C&F ▲16% from strong deal flow o Productivity CIR ▼3% to 47.5% BCB o Advances1 ▲6% (vs ▼2% in H1 25). New loan payouts: – Mid-corporate ▲>30% – Commercial ▲>30% o Deposits ▲7% o iKhokha synergies – POS devices sold via branches, host-to-host live o Eqstra synergies – all fleet clients now using Eqstra’s Quest system; Fleet cards now fully issued by Nedbank o NIR C&F ▲14% o Productivity CIR up marginally to 69.1%, given investment in the cluster PPB o Advances1 ▲6%. New loan payouts: – HL ▲16% – VAF ▲9% – Card ▲10% o Deposits – retail market share ▲0.2% to 17.0% o Digital – Money app users ▲13% | 76% of sales o NIR C&F ▲7%, driven by VAS (▲28%), client gains (▲4%) & cross-sell (up) o Insurance – total GEP▲10% & insurance income ▲21% o Productivity CIR ▼1% to 59.6% NAR: SADC – Advances1 ▲21% | Deposits ▲15% | NIR C&F ▲12%, # of clients ▲6% Digital – Mobile app ▲17% | Productivity CIR ▼3% to 68.1% | Capital optimisation 1 Gross banking advances.
Page 8
8 o SME – enhanced client experiences through relationship-led banking, digital solutions & tailored offerings o Commercial – progressed strategic sector-focused solutions, including sustainability, Islamic banking & global trade o Mid-corporate – merger & acquisition advisory capabilities in line with evolving client needs o iKhokha – a key growth asset for Nedbank, expanded digital payment acceptance among SMEs & strengthened our position in SA’s evolving payments market o Eqstra – reverse integration of NedFleet into Eqstra finalised. 12k fleet cards now issued by Nedbank o Payments – strong adoption of digital payment solutions supported revenue growth, underpinned by continued momentum in PayShap (+81% yoy) o Sustainability finance – delivered R1.8bn in sustainable finance payouts while advancing strategic sustainability partnerships, EV financing solutions & carbon emissions initiatives o Stronger advances growth – up by +8% yoy & up by +5% ytd, driven by: – Sector-focused execution – pipeline conversion, driving origination & increased participation in transactions across leverage finance, structured commodities, renewables & agriculture o Trade finance revenue up by +18% yoy, driven by firm flows in commodity trading & agriculture o NIR, including associate income, growth – up by +15% from deal activity o Commission & fees up by +16%, driven by Mining, Property Finance & Technology, Media & Telecoms o Markets’ Africa expansion – early traction with the first repo & credit-linked note transaction closed with an East African counterparty o Improved funding mix – reflecting early progress in our focus on operational deposits From bold strategic decisions to focused execution & growth Growth & momentum continued in H1 2026 Corporate & Investment Banking Corporates, financial institutions, governments & parastatals Business & Commercial Banking Mid-corporate, commercial & SME clients Additional info
Page 9
9 o Primacy & funding advantage – 7.6m clients (+4%), main-banked clients +2%, deposits +5% & cross-sell improved to 2.04, strengthening primacy & relationship depth o Wealth & advisory growth – Private, Wealth & Stockbroking clients +8%, driving higher brokerage income, advice fees & participation across banking & wealth solutions o NIR diversification & ecosystem growth – NIR +7%, VAS revenue +28%, insurance income +21%, supported by Greenbacks (2.2m members) & SimplyBiz (168k users) o Quality credit origination – Card balances +10%, driven by +34% growth in new sales leading to market-share gains, while improved origination quality in Home Loans supported sustainable growth & portfolio quality o Client experience & loyalty – Money app users +13% to 3.2m, 73% of clients digitally active & 76% of new sales digitally originated, reinforcing an app-first franchise o Cost optimisation & efficiency – CIR down to 59.6%, driven by moderated expense growth of 4%, workforce optimisation, branch network redesign & digital enablement o Portfolio growth through innovation – Quick Loans & revolving credit facility contributed 8% of unsecured lending production, supporting new growth opportunities & enhanced client value o Improving returns – ROE increased by 3% yoy, with performance on track to meet our medium- term target of above COE o Technology modernisation – post the termination of the Harmonisation programme, a new technology solutions partner has been approved & implementation will commence shortly o Revenue diversification – generated additional revenue outside of the 5 current markets we operate in – through partnerships o Improving efficiency – action taken to align cost structures to revenue generation – rightsizing the business & improving efficiencies o Capital optimisation – continued to optimise excess capital, across the regions o iKhokha – advanced engagements underway to support the phased rollout of the offering across selected markets in the region From bold strategic decisions to focused execution & growth Growth & momentum continued in H1 2026 Nedbank Africa Regions: SADC Corporates, businesses & individuals Personal & Private Banking Youth, entry-level, middle, affluent & high-net-worth clients Additional info
Page 10
10 Intention to make an offer submitted on 21 January 2026 Strategic rationale Aligns with Nedbank’s strategy to grow & diversify in East Africa through a controlling stake in a tier 1 bank, with a scalable regional platform; complementary strengths & exciting growth prospects (in the region & through synergies, particularly CIB) o Offer to acquire effective control, with the remaining 34% continuing to be traded on the NSE (Kenya) o Offer 80% in Nedbank shares (at R250) & 20% in cash o Subject to regulatory approvals Offer to acquire c66% of NCBA NCBA acquisition Finalisation of the transaction – accepted by 79.9% of shareholders & key regulatory approvals received on track Transaction update o Offer to NCBA shareholders closed on 10 July 2026 o Total acceptances: 79.9% (NCBA ordinary shares), subject to confirmation once all conditions have been met – Number of new NED shares to be issued: c43.6m, amounting to c8.4% of Nedbank Group ordinary shares post transaction – Estimated cash settlement: cR3.0bn o NCBA shareholding structure following settlement of the offer: – Nedbank Group 66% – Other NCBA shareholders 34% Regulatory approvals Regulatory approvals received from the Prudential Authority (SARB), Financial Surveillance (SARB) & other non-SA regulators, including CMA Kenya, COMESA Competition & Consumer Commission, East African Community Competition Authority, Tanzania Fair Competition Commission & Ecowas Regional Competition Authority. Balance of approvals tracking well. Expected finalisation by Q3 /Q4 2026
Page 11
11 o Strong macroeconomic fundamentals o Size of the economies & attractive growth prospects [>5% GDP growth] o A large & growing population o Primary trade corridor that links Africa with the Middle East, India & Asia o A robust regulatory environment o Relatively stable operating environment East Africa – a region of significant strategic importance o Top tier 1 bank in Kenya – Assets1: KES 716bn (6% of Nedbank) – Earnings1: KES 23.3bn (11% of Nedbank @ c66%) – ROE1: 19.7% | CIR1: 52.3% – Total CAR1: 21.2% o Strong brand presence o Strong & extensive regional presence – operates across Kenya, Uganda, Tanzania & Rwanda, with a digital presence in Ivory Coast & Ghana o 123 branches & over 70 million clients o Established reputation for innovation, advanced digital banking services & excellence in asset finance NCBA – one of East Africa's most prominent financial institutions o Nedbank to benefit from NCBA’s strong financial position & growth prospects, regional presence, client base & technology capabilities to diversify & grow earnings o NCBA to benefit from Nedbank’s established CIB expertise, cross-border structuring capabilities & strong balance sheet o NCBA will … – retain its brand – retain its local leadership team – remain independently governed – retain its NSE listing Nedbank & NCBA – potential synergies 1 Based on NCBA & Nedbank’s 12M results to 31 December 2025. NCBA acquisition Strategic rationale Additional info
Page 12
12 86% 3% 11% 91% 3% 6% NCBA acquisition NCBA will diversify the group’s assets & earnings beyond SA. Post transaction the impact of the transaction is currently estimated to be broadly neutral on ROE & DHEPS growth Additional info Assets1 (FY 2025, Rbn) Headline earnings1 (FY 2025, Rbn) Impact – post transaction o Nedbank ROE – neutral o Nedbank DHEPS growth – neutral Impact – medium term to long term o Leverage the investment to unlock synergies Estimated Nedbank CET1 impact o c40 bps, including the transitional Basel 2 to Basel 3 impact Nedbank SA & other Nedbank NAR, excl ETI NCBA 1 Excluding ETI & NCBA funding costs.
Page 13
13 Strategic progress Mfundo Nkuhlu Chief Operating Officer
Page 14
14 Modern technology platform Strategic value drivers Market-leading client experiences (CX) Digital leadership & experiences (DX) Growth vectors Focusing on areas that create value (SPT) Creating positive impacts (purpose delivery) Strategic value unlocks Our purpose To use our financial expertise to do good for individuals, families, businesses & society Growth Productivity Risk & Capital Management Our employees & differentiated corporate culture (EX) Our strategy Leveraging our strong foundations to grow & enhance productivity Additional info
Page 15
15 Digital experiences (DX) & client experiences (CX) Ongoing strong growth in digital activity, clients and usage & sales – supporting enhanced client experiences PBB App logins (ave logins per client/month) 2.4 3.2 3.5 H1 22 H1 25 H1 26 1.8 2.8 3.2 H1 22 H1 25 H1 26 PPB digitally active clients (# m) ▲8% ▲13% PPB Money app active users (# m) 50% 70% 76% H1 22 H1 25 H1 26 PPB retail digital sales (% of new sales) ▲ Nedbank brand value2 ▲16% R24bn Ranked #8 among all SA companies Consumer NPS1 77 #2 among main-banked clients of the large SA banks 40% 50% 56% 24 25 H1 26 CIB NBH adoption rate (%, year) ▲ CIB client satisfaction3 82% Above the global benchmark of 80% & up on 2025 (81%) 69% 76% 77% 24 25 H1 26 BCB NBH adoption rate (%, year) ▲ Mid-corporate client satisfaction score4 92 Ranked #1 in the peer group 1 Kantar. 2 Brand Finance. 3LF Media research. 4 Customer satisfaction study by KPI research.19.4 21.2 22.8 H1 22 H1 25 H1 26
Page 16
16 Digital experiences (DX) & client experiences (CX) Leveraging AI, data & automation – early successes across revenue generation, enhanced client experiences, productivity improvements & fraud processes Dedicated data, analytics & decisioning capability – enabling personalisation, credit decisioning, cross-sell, fraud analytics & risk management at scale Integrated AI-driven next-best-action capabilities increased sales from 5% (pre- AI) to 13% of total sales (excl. HL & MFC), reducing manual lead sourcing & offering personalised offers at the right moment to clients across digital & frontline channels. In H1 2026, this contributed to an improved PPB cross-sell ratio ▲2.04 (H1 2025: 2.00) Enhancing cross-sell BCB’s AI-powered intelligence platform (JAS) provides a 360° view of >25 000 juristic clients, helping bankers unlock growth opportunities, manage risk proactively & deepen client relationships. Outcomes include: NPS ▲ by 3.5% & ~37 minutes saved per engagement through enhanced efficiency & actionable insights Juristic Advisory Solution Enbi, our conversational AI Digital assistant, handles more than 370k chats per month, fully resolving almost 80% of queries & transferring to the contact centre consultants only where human assistance is required. This unlocks operational efficiencies & leads to enhanced client experiences Contact centre productivity AI-assisted fraud case creation & registration: o Time savings – case creation efforts ▼ by 95% from 30–45 minutes to under 2 minutes o Faster processing – case registrations ▼ from 3–5 days to under 2 minutes Fraud process automation Improved efficiency & consistency of CIB’s origination processes through opportunity tracking, process visibility & standardisation. Improvements evident in turnaround times, client servicing & effective origination, providing foundations for agentic AI development Origination processes
Page 17
17 External recognition received in H1 2026 Across business excellence, technology & innovation and purpose & ESG Additional info Business-impact- & expertise-related. Technology- & innovation-related. Winner 2026 The Digital Banker Global SME Banking Innovation Awards Best SME Beyond Banking Service Initiative – SimplyBiz Winner 2026 Global Banking & Finance Awards Best Investment Bank in SA Best SME Beyond Banking Service Initiative – SimplyBiz Purpose- & ESG-related. Winner 2026 Global Finance & Sustainable Finance Awards Best Bank for Sustainability Transparency Winner Euromoney Awards for Excellence 2026 Africa's Best Bank for Sustainable Finance Winner 2026 The Asian Banker Best Retail Bank in Africa & SA Winner 2026 Global Finance Magazine Awards Best SME Bank in SA ESG Loan House of the Year Winner 2026 Global Finance & Sustainable Finance Awards Best Platform/ Technology Facilitating Sustainable Finance Winner 2026 The Digital Banker Global SME Banking Innovation Awards Corporate Liability Management Deal of the Year Winner 2026 Global Banking & Markets Africa Awards Winner 2026 Global Banking & Markets Africa Awards Winner 2026 The Digital Banker: MEA Innovation Awards Best AI Initiative in Africa Winner 2026 The Digital Banker: MEA Innovation Awards Best AI Powered Business Intelligence & Advisory Platform
Page 18
18 Total clients 8m (H1 25: 7.7m) PPB active clients 7.6m (H1 25: 7.3m) ▲ 4% NAR: SADC clients 445k (H1 25: 419k) ▲6% ▲4% Strategic portfolio tilt Building stronger transactional franchises & enhancing client primacy BCB cross-sell ratio1 (# of products/client) 4.70 4.75 Merchants accepting Amex on their POS (000) 405 488 ND H1 22 H1 25 H1 26 H1 22 H1 25 H1 26 Greenbacks loyalty & reward clients (# million) 1.5 1.9 2.2 ▲2% H1 22 H1 25 H1 26 PPB main-banked clients (# million) 3.0 3.8 3.9 PPB cross-sell ratio (# of retail products/client) 1.92 2.00 2.04 H1 22 H1 25 H1 26 H1 24 H1 25 H1 26 POS devices3 (000) 108 110 162 ▲48% H1 24 H1 25 H1 26 Personal Private Small Business ▲ 4% ▲ 8% ▲ 5% ND 1 Commercial & Mid-corporate. ▲20% ▲13% BCB clients Commercial & Mid-corporate client groups 12k SME clients 2 17k ▲ 2% ▲ > 10% 3 Includes iKhokha from 1 Dec 2025.2 Growth in SME clients includes the migration of clients from PPB.
Page 19
19 Jun 25 Dec 25 May 26 Trend Target Core corporate loans 19.6 19.2 19.4 ▲ Wholesale term loans 15.1 14.5 15.3 ▲ > 18 Commercial mortgages 35.6 34.7 34.7 ► Lead Home loans 14.9 15.1 15.2 ▲ > 16 Retail vehicle finance 36.2 36.1 35.4 ▼ Lead Retail overdrafts 15.1 17.5 16.6 ▼ > 17 Personal loans 10.0 9.9 9.8 ▼ > 12 Credit card 9.5 9.6 9.8 ▲ > 12 Retail deposits 16.9 16.8 17.0 ▲ > 17 Commercial deposits 15.4 15.3 14.9 ▼ > 16 BA900 market share (%) Retail deposits, a common lens used in the industry, is the sum of BA900 lines 26, 27, 28 & 35. Wholesale lending Retail lendingDeposits Strategic portfolio tilt Good progress in growing in key areas o CIB – banking advances1 +8% yoy, reflecting sustained pipeline conversion & larger-ticket participations o BCB – banking advances1 +6% yoy, with payout momentum supported by deep sector expertise, growth in SDG-linked finance, & the rollout of pre- approved overdraft & revolving credit facilities o PPB – banking advances1 +6% yoy, resulting in overall retail market share gain – Secured lending – differentiated strategies & JVs in home loans & vehicle finance – Unsecured lending – enhanced personal loans fulfilment processes & launched Quick Loans with Jumo & a new revolving credit facility o Deposits – ongoing focus on transactional deposits 1 Gross banking advances.
Page 20
20 Maintained level 1 BBBEE status for the 8th year in a row Disclosed financed emissions for heavy industries, transport & in BCB: commercial real estate & thermal coal 84.5% ACI employee representation (83% in 2024) African senior & middle management representation ▲5% (vs 2024) Cash taxation payments1 of R9bn in H1 2026 > 2 100 unemployed youth (YES) intake for 2026 (total: > 19 000 since 2019) Independent ESG ratings of Nedbank Top 24% of global banks AAA Top 10% of global banks Top 11% of global banks 4.3 C+ Top 5% of global banks 11.2 63 Top 12% of global banks 1 Tax payments relate to direct, indirect & employee taxes, as well as other taxation. Change pic Sustainable development finance exposures 21% of GLAA R50bn renewable energy exposures CSIA Global Governance Award Excellence in Governance (listed companies) Creating positive impacts Highlights & ESG ratings Additional info
Page 21
21 At 30 June 2026 we had R213bn sustainable development finance (SDF) exposures that represent 20.5% of GLAA. After achieving our 2025 target of 20%, a new ambition of 25% was set for 2030 Additional info 2022 2023 2024 H1 2025 H1 2026 2030 ambition 123 25% Sustainable development finance exposures1 (Rbn) xx% % of gross loans & advances 145 R6bn financing for clean water & sanitation, up by +80% yoy R28bn lending exposure to small businesses & their owners R32bn support for farmers & the agriculture sector R50bn total renewable energy exposures1 183 16% 19% R34bn for green-certified buildings & affordable home loans 14% 189 19.6% Key highlights R42bn for industry, innovation & infrastructure, including R7bn for municipal infrastructure Creating positive impacts 213 20.5% 1 Exposures include on-balance-sheet drawdowns of R50bn. Additionally, we have off-balance-sheet exposures of R6bn (contingent liabilities & hedges).
Page 22
22 15 19 20 21 22 23 24 25 H1 26 REIPPPP Private power 82 69 Renewable energy financing ( drawn exposures1, limits, Rbn) 32 25 10 2730 30 40 Nedbank has supported 10 GW of government & private power projects to date 1 Exposures include on-balance-sheet drawdowns of R50bn & off-balance-sheet exposures *Includes rooftop solar, which may be understated given use of access bonds. (contingent liabilities & hedges). 2 Some renewable energy financing could be distributed. o Closed 9 deals in 2026 (5 private power generation and 4 government power generation), supporting clients' energy requirements & contributing to SA's energy transition o Strong deal pipeline expected to drive sustainable book growth over the medium term o 36 deals worth at least R33bn expected to close during H2 2026 & H1 2027 o Uncertainty remains around the project pipeline closing in 2026 due to final grid capacity allocations, grid commitment timelines, & delays in the issuance of budget quotes o Supporting clients in the transmission & gas programmes > R26bn in the pipeline of deals for H2 2026 50 Creating positive impacts Building on our leadership in renewable energy. Exposures increased to R56bn with strong pipelines in place Additional info 56 *
Page 23
23 Financial overview Mike Davis Chief Financial Officer
Page 24
24 Financial performance Strong operational performance, partially offsetting the impact of ETI in the H1 2025 base ▲7% R1 010bn Banking advances ▲7% R1 250bn Banking deposits 12.6% (Dec 25: 12.9%) CET1 ratio ▲2% 1 052 cents Interim dividend per share ▲4% 25 486 cents NAV/share ▲95 bps (H1 25: 81 bps) Credit loss ratio ▼56.2% (H1 25: 56.9%) Cost-to-income ratio 0% R8.4bn Headline earnings ▲ 12% excl ETI 15.0% (H1 25: 15.2%) Return on equity 13.6% excl ETI (H1 25) ▲2% 1 803 cents DHEPS ▲ 15% excl ETI ▲16% 1 830 cents Basic EPS ▲8% R15.6bn PPOP ▲ 15% excl ETI 58.4% excl ETI (H1 25)
Page 25
25 20 964 22 548 23 097 24 522 25 486 H1 22 H1 23 H1 24 H1 25 H1 26 13.6 14.2 15.0 15.2 15.0 H1 22 H1 23 H1 24 H1 25 H1 26 NAV per share (cents) 1 028 1 052 1 104 22 23 24 25 26 Interim: bottom bar | Final: top bar ROE & cost of equity (%) Dividend per share (cents) ▲4% 57% payout ratio Cost of equity Cost of Equity: 15.0 14.8 15.0 14.8 14.0 Shareholder value creation ROE ahead of COE, an interim dividend declared at a payout ratio of 57% & NAV growth of 4% Additional info
Page 26
26 8 399 8 405 841 1 413 (699) (986) (629) 66 HE H1 25 NII NIR Associate income Impairments Expenses Direct tax & other HE H1 26 Headline earnings (Rm) ▲4% ▲10% ▲26% ▲3% 1Other includes indirect tax and minority & preference shareholders. 1 ▼66% Headline earnings flat, excluding ETI up by 12% ►0%
Page 27
27 209 206 215 187 27 18 31 222 226 228 203 28 19 34 Commercial mortgages Term loans Home loans Instalment debtors Personal loans Credit cards Overdrafts H1 22 H1 23 H1 24 H1 25 H1 26 969 1 038 Gross actual banking advances ▲7% (▲8%) ▲6% (▲12%) ▲10% (▲16%) ▲6% (▲6%) ▲9% (▲8%) ▲4% (►0%) ▲6% (▲12%) ▲10% (▲22%) Gross banking advances (Rbn, ▲yoy growth) 1 172 1 250 Amounts owed to banking depositors ▲7% (▲4%) Gross actual banking advances up by 7% & banking deposits up by 7% Good growth across all loan categories, with the exception of unsecured, which is still lagging (▲x%) refers to ytd annualised growth since December 2025.
Page 28
28 397 425 440 395 425 458 H1 24 H1 25 H1 26 CIB gross banking advances (Rbn) ▲8% ▲3% 96 94 98 100 97 103 H1 24 H1 25 H1 26 BCB gross banking advances (Rbn) 388 410 436 395 420 446 H1 24 H1 25 H1 26 PPB gross banking advances (Rbn) New BCB loan disbursements +>30% Commercial – new payouts +>30% Mid-Corporate – new payouts +>30% SME – new payouts +4% New PPB loan disbursements +6% HL – new payouts +16% MFC – new payouts +9% PL – new payouts -5% Card – new payouts +10% Private & Wealth – new payouts +5% ▲6% ▲ 4% ▲6% ▲6% Average Actual IB advances +7% – driven by growth across diversified industrials, structured commodities, renewables & agriculture PF advances +5% – good growth in the SA portfolio Markets – driven by leveraged loans TS advances +22% – supported by improved client utilisation Gross actual banking advances up by 7% & average up by 5% Actual advances growth ahead of average advances growth, highlighting solid momentum Additional info
Page 29
29 Total deposits up by 10% 148 115 504 81 120 265 52 151 118 561 83 136 304 52 CASA Cash management Call & term Fixed deposits NCDs Other deposits Long-term debt instruments H1 22 H1 23 H1 24 H1 25 H1 26 ▲13% ►0% Deposits & long-term debt (Rbn) ▲2% ▲11% ▲15% Call & term deposits driven by growth in Retail & Commercial Banking deposits due to targeted campaigns, as well as CIB Transactional Services. Deposit % of growth group CIB +14% 46% BCB +7% 17% PPB +4% 24% NAR: SADC +15% 3% Centre +12% 10% Driven by franchise call & term deposits and other deposits as clients extend tenure, leveraging Nedbank's competitive term offerings. First-time Flac issuances – oversubscribed & attractive pricing Additional info ▲2% ▲3% Issued R5.7bn of Flac at the lower quartile of market pricing
Page 30
30 NII sensitivity for 1% change in interest rates: R1.3bn. Endowment hedging implemented to date: 40%**** 385 418 413 387 375 (19) 0 0 7 H1 22 H1 23 H1 24 H1 25 Endowment & BSM Asset mix & pricing Liability mix & pricing Other H1 26 Net interest margin (bps) *Active BSM management: HQLA NII optimisation & endowment hedge. | **Stage 3 interest reversal. | ***Other includes basis risk & NAR: SADC | ****Percentage of designated portfolios. (1) Mix (2) (1) Pricing +2 +2 Stage 3** . Average SA prime rate: 7.7% 11.1% 11.8% 11.0% 10.3% Mix (12) Rate (9) BSM* +2 NII sensitivity /AIEBA: 17 bps 18 bps 13 bps 10 bps 11 bps NII up by 4% AIEBA growth of +7%, offset by 12 bps NIM compression ***
Page 31
31 Strong growth supported by insurance income and commission & fees 10 633 2 513 720 935 11 768 2 646 866 934 Commission & fees Trading income Insurance income Other H1 25 H1 26 NIR up by 10% Non-interest revenue & income (Rm) o Commission & fees – CIB +16% – improved client activity & strong fee generation – BCB +14% – good growth in the client segments & card + benefit from the iKhokha acquisition – PPB +7% – strong growth in VAS (+28%), client gains & higher levels of cross-sell, partially offset by lower ATM cash volumes (-5%) – NAR: SADC +13% – strong client activity o Trading income +5% – supported by strong performance in equities o Insurance – improved claims experience in non-life portfolio & strong premium growth in the MyCover suite (+23%) ▲11% ►0%▲20% Key drivers ▲5%
Page 32
32 PPB NIR growth NIR increased by +7% underpinned by good progress on insurance & digital payments, & supported by client gains, high-levels of cross-sell & an enhanced loyalty & rewards programme NIR from digital payments is growing in double-digit, while cash is declining in line with client behaviours. Digital payments are driven by strong growth in PayShap, including VAS & card payments Payments NIR (PPB) (growth %, yoy) Digital payments (PPB) (growth %, yoy) Digital payments Cash payments 15% (5%) VAS Insurance income (Rbn) 0.58 0.74 0.41 0.45 0.27 0.26 H1 25 H1 26 Electronic banking Card interchange VAS 1.26 1.45 1.15 1.10 0.71 0.85 3.28 3.43 H1 25 H1 26 Other Insurance income Cash Digital PPB NIR (Rbn) Digital payments (Rbn) +15% +4% +10% +28% +7% 6.40 6.83 (5%) +21% (2%) Modernising payments Total active clients ▲4% 7.6m Cross-sell ratio ▲2.04 (H1 25: 2.00) Greenbacks members ▲13% 2.2m Client growth & cross-sell Digitally active clients ▲8% 3.5m Additional info PayShap Vouchers & Prepaids 89% 28% Pay- To-Cell Card payments 23% 10% 0.63 0.73 0.08 0.12 H1 25 H1 26 MyCover suite Traditional +46% +17%
Page 33
33 Insurance Good progress continues across the MyCover range Additional info MyCover Funeral MyCover Personal Lines ▲32% yoy MyCover Life ▲61% yoy ▲14% yoy Grow & enhance insurance cross-sell Grow & cross-sell traditional bancassurance & the MyCover suite to Nedbank clients o Target – improve product penetration through integrated client journeys & data-driven targeted offers o Target – grow gross earned premiums (GEP) by >50% (medium term) from the R4.3bn reported in 2025. GEP for H1 2026 increased by +23% to R2.3bn (H1 2025: R2.1bn) Gross earned premiums (Rbn) Credit product penetration (%) Personal loans Card Overdraft Home loans Vehicle finance H1 25 H1 26 100 50 0 Opportunity to increase as we include insurance in client journeys 1.5 0.5 1.6 0.6 Traditional MyCover H1 25 H1 26 ▲5% ▲23% Slower traditional insurance GEP growth, given subdued policy growth across PL & declines in HL & MFC
Page 34
34 3.4 5.3 4.7 3.8 4.8 22 23 24 25 26 7.4 Impairment charge (Rbn) H1 H2 8.0 9.6 ▲26% ▲95 bps (H1 25: 81 bps) Group CLR CIB 0 bps BCB 40 bps PPB 205 bps NAR:SADC 67 bps Cluster CLR ▲ ▲ ▲ ▼ Stage 1 12% Stage 2 (10%) Stage 3 (6%) Gross loans & advances ▲7% yoy R1 038bn Gross loans & advances ▲ ▼ ▼ 6.6 Coverage ratios ▼2.93% (H1 25: 3.21%) Total coverage ratio Stage 1 0.50% Stage 2 7.9% Stage 3 41.8% ▲ ▼ ▲ Impairment charge up by 26% to R4.8bn Higher impairments driven by a 13% increase in PPB, with CIB & BCB increasing off low H1 2025 bases CoverageLoans & advancesCredit loss ratio CIB (R5m) 98% BCB R191m >100% PPB R4 425m 13% NAR:SADC R188m 2% ▲ ▲ ▲ ▲
Page 35
35 Credit loss ratios (bps) 85 121 104 81 95 H1 22 H1 23 H1 24 H1 25 H1 26 CIB – below its TTC target range BCB – at the bottom of its TTC target range PPB – above its TTC target range. Higher CLRs in HL & Card; & still elevated in PL. Quality of front-book origination improved since 2023. Negative impacts from updated forward looking macro assumptions & marginally higher arrears & defaults. Group CLR up to 95 bps Good outcomes across wholesale & NAR: SADC portfolios, with PPB above its TTC range *BCB’s TTC target range has been revised from 50–70 bps to 40–70 bps. H1 26 H1 25 TTC CIB ▲ 0 (15) 15–45 CIB excl CPF ▲ (5) (26) CPF ▲ 6 (2) BCB ▲ 40 11 40–70* PPB ▲ 205 192 130–190 Home loans ▲ 57 39 VAF ▼ 211 231 Unsecured lending ▼ 926 945 Card ▲ 810 554 NAR: SADC ▼ 67 154 85–120 Group ▲ 95 81 60–100
Page 36
36 PPB impairments Proactively improved front-book origination quality since 2023. H1 2026 negatively impacted by macroeconomic changes & higher defaults Home loans MFC (vehicle finance) Personal loans Credit card Front-book quality (ave. origination bureau score) H1 262023 ▲11 ▲6 ▲6 ▲11 ▲ CLR up off a low H1 2025 base ▲ Updated forward-looking macro parameters ▲ Pressure in early-stage arrears stabilising ► Asset prices stable ▼ CLR improving ▲ Updated forward-looking macro parameters ▲ Asset prices marginally down ▼ CLR improved slightly, but remains sticky ▲ Updated forward-looking macro parameters ▼ Early-stage inflows improving ▲ Late-stage remains challenging ▲ CLR up off a low H1 25 base ▲ New business charge due to higher growth ▲ Deterioration in late-stage Credit loss ratio (bps) 57 1 059 810 H1 26H1 22 211 Drivers of higher PPB CLR (% contribution) 20 35 100 45 Total increase Higher arrears & defaults Accounting update Macro/FLI Model impacts: o Fuel inflation in Q2 o Prime +25 bps vs expected 50 bps cuts Increased coverage on overdrawn transactional accounts Collection efforts: o Enhancing collection processes o Investments in technology & AI Additional info
Page 37
37 1 Total balance sheet ECL includes FVOCI & off-balance-sheet ECL, while ECL coverage excludes FVOCI & off-balance-sheet ECL. I 2 R983bn includes amortised cost of instruments as part of the coverage & excludes R73bn of FVOCI loans and hedge adjustments from the total GLAA. 668 679 713 782 822 873 80 80 75 71 66 64 52 57 51 49 47 46 H1 22 H1 23 H1 24 H1 25 FY 25 H1 26 Stage 1 Stage 2 Stage 3 Gross loans & advances (Rbn) 816 840 Coverage (%) 1 3.21 2.96 2.93 39.5 39.4 41.8 6.8 7.1 7.9 0.61 0.53 0.50 H1 25 FY 25 H1 26 o Stage 1 loans – Front-book growth across all clusters & loan migrations from stage 2 & 3 o Stage 2 loans – Benefit of stage migrations o Stage 3 loans – CIB stage 3 loans ▼ – BCB stage 3 loans ▼ – PPB stage 3 loans ▼ yoy, ▲ ytd – Stage 3 coverage increase driven by mix change o Total overlays of R2.0bn (Jun 2025: R0.9bn, Dec 2025: R1.6bn) to cater for known risks not yet reflected in models 902 799 Key drivers 9832 Gross loans & advances and coverage Strong growth in stage 1 loans & reductions in stage 2 & 3 loans. Stage 2 & 3 coverage increased Additional info 935
Page 38
38 9 985 1 945 3 788 1 546 3 802 10 466 1 953 3 859 1 533 3 885 Salaries & wages Incentives (STI & LTI) Computer processing Communication, travel & accommodation Other H1 25 H1 26 Expenses (Rm) o Employee-related costs ‒ Salaries & wages: annual average salary increase (+4%) ‒ Variable-pay incentives aligned to flat HE growth o Computer processing – well managed despite ongoing technology investment & higher digital volumes o Other − Optimisation benefits across communication, travel & accommodation − Various productivity initiatives o Cluster expenses – CIB +3% – BCB +11% (+6.5% excl iKhokha) – PPB +3% – NAR: SADC +3% ▲5% ▲2% ▼1% Key drivers ►0% ▲2% Expenses up by 3% Well managed across all key drivers
Page 39
39 o PPB – reorganisation benefits, including headcount rightsizing, distribution optimisation etc o NAR: SADC – headcount rightsizing, branch optimisation & productivity initiatives o Shared services optimisation – Group Technology – enhance engineering effectiveness & operating model efficiencies – Human Resources – system & operating model changes leading to greater FTE productivity – Other shared services initiatives – Organisation review & optimisation o AI-related & productivity initiatives across all businesses Key group-wide initiatives (examples) Productivity More than R1.5bn productivity enhancements planned over the medium term Progress in H1 2026 Headcount1 PPB ▼1% NAR: SADC ▼9% Group Technology ▼>3% Operations PPB outlets | ATMs ▼7 | ▼112 NAR: SADC outlets | ATMs ▼2 | ▲51 PPB outlets – floor space ▼9k sqr metres yoy Cash recycling 44% of ATM cash recycled Branch productivity Channel cost/active client ▼5% Contact centre cost/sale ▼2% AI-related productivity – more than R375m annualised benefits to date Additional info 1 Optimisation & right-sizing of workforce.
Page 40
40 o CET1 ratio – above the top end of our 11.0– 12.5% target range o Growth – appropriately capitalised to support wholesale lending opportunities & targeted SPT growth o Dividends – we remain comfortable with our board-approved payout range & retain flexibility in the management of our capital o Absorb regulatory impacts – Directive 2 of 2025 requires the exclusion of post-acquisition insurance entity reserves from qualifying capital o NCBA acquisition – expected to close in Q3/Q4 2026 (c40 bps impact) Capital management SARB PA minimum CET1 Board CET1 target CET1 ratio (%) 12.9 12.6 1.0 (0.7) (0.3) (0.3) Dec 25 Capital generation Dividends Regulation (D2) RWA Jun 26 11% to 12.5% 9.5% Common equity tier 1 ratio at 12.6% CET1 ratio above the top end of our target range – absorbed regulatory changes & appropriately capitalised to support growth & the NCBA acquisition
Page 41
41 47.5% cost-to- income ratio (H1 25 : 50.3%) R4.4bn ▲11% headline earnings 23.7% ROE (H1 25 : 21.6%) 0 bps credit loss ratio (H1 25 : (15) bps) Corporate & Investment Banking 4.0 4.4 H1 25 NII NIR Imp Exp Other H1 26 68.1% cost-to- income ratio (H1 25: 70.9%) R0.4bn ▲39% headline earnings 9.9% ROE (H1 25: 6.7%) 67 bps credit loss ratio (H1 25 : 154 bps) NAR: SADC 0.3 0.4 H1 25 NII NIR Imp Exp Other H1 26 ▲4% ▲7% ▲3% 69.1% cost-to- income ratio (H1 25 : 68.5%) R1.2bn ▲0% headline earnings 18.8% ROE (H1 25 : 21.4%) 40 bps credit loss ratio (H1 25 : 11 bps) Business & Commercial Banking 1.2 1.2 H1 25 NII NIR Imp Exp Other H1 26 ▲5% ▲15% ▲>100%▲11% 59.6% cost-to- income ratio (H1 25: 60.7%) R2.0bn ▲5% headline earnings 11.8% ROE (H1 25 : 11.8%) 205 bps credit loss ratio (H1 25 : 192 bps) ▲5% ▲12% ▲2% ▲3% ▲98% Personal & Private Banking 1.9 2.0 H1 25 NII NIR Imp Exp Other H1 26 ▲5% ▲7% ▲13% ▲3% Cluster financial performance Good GOI growth & expenses well managed across all clusters
Page 42
42 47.5% ▼cost-to- income ratio (H1 25 : 50.3%) R4.4bn ▲11% headline earnings 23.7% ▲ROE (H1 25 : 21.6%) 0 bps ▲credit loss ratio (H1 25 : -15 bps) o NII up by 4% ‒ Ave banking advances growth of +3% & strong deposit growth of +15% ‒ NIM compression (-4 bps) – improving credit margins offset by lower endowment & liability spreads o NIR up by 7%, incl associate income up by 15% ‒ C&F income up by 16% – improved origination & client activity ‒ Markets NIR up 5%; trading income up by 5% with strong performance in equities, offset by weaker performances in foreign exchange & fixed income o CLR at 0 bps ‒ Below the CIB TTC range of 15bps to 45 bps, reflecting a quality portfolio o Operating expenses up by 3% o Equity investment portfolio income1 (NIR & associate income) up by 51% 1 Equity investment portfolio income includes revaluations, dividends & associate income. CIB financial performance & outlook ROE of 23.7%, supported by solid underlying franchise activity, strong NIR growth & continued credit & cost discipline Additional info 2026 outlook NII growth Low-to-mid single digits NIR growth High single digits CIR Improve yoy (expense growth of low single digits) CLR Below the CIB target range MT outlook ROE >21% CIR <45% Loan growth (CAGR) Double digits in IB, high single digits overall CLR In the bottom half of the CIB target range
Page 43
43 69.1% ▲cost-to- income ratio (H1 25 : 68.5%) R1.2bn ▲ 0.4% headline earnings 18.8% ▼ ROE (H1 25 : 21.4%) 40 bps ▲credit loss ratio (H1 25 : 11 bps) o NII up by 5% ‒ Solid balance sheet growth & higher product volumes with NIM stable at 2.77%, despite lower endowment income o NIR up by 15% (+9% excl iKhokha) – Benefiting from the acquisition of iKhokha as well as good growth in Commercial, Mid-corporate & Card o CLR increased to 40 bps ‒ Primarily due to a once-off impairment on a large single client exposure. CLR at the bottom end of the TTC target range of 40 bps to 70 bps ‒ Excluding the single client ECL, the core performance of the book remained healthy o Expenses up by 11% (+6.5% excl iKhokha) ‒ Driven by the inclusion of iKhokha, continued investment in digital capabilities & costs associated with the organisational restructure, including those required for running a stand-alone cluster o iKhokha consolidated from 1 December 2025 BCB financial performance & outlook HE up 0.4% at an ROE of 18.8%, with strong GOI growth of +10%, despite lower endowment income & higher impairments Additional info 2026 outlook NII growth Improve from H1 26 NIR growth Early double digits CIR To be maintained despite higher costs in setting up a new cluster CLR At the bottom end of the BCB target range MT outlook ROE >20% (>25% LT) CIR <65% (<55% LT) Loan growth (CAGR) Double digits CLR At the bottom half of the BCB target range
Page 44
44 59.6% ▼cost-to- income ratio (H1 25: 60.7%) R2.0bn ▲5% headline earnings 11.8% ►ROE (H1 25 : 11.8%) 205 bps ▲credit loss ratio (H1 25 : 192 bps) o NII up by 5% ‒ Ave banking advances growth of +7%, underpinned by double-digit growth in payouts, ave deposit growth of +5% ‒ NIM impacted by lower endowment income o NIR up by 7% ‒ Strong VAS growth (+28%) & higher maintenance fees (+6%), offset by lower cash volumes to alternative cash access channels ‒ Insurance NIR growth of +6% largely due to improved claims experience in non-life portfolio o Impairments up by 13% ‒ CLR increased to 205 bps (TTC range 130 bps to 190 bps), driven by loan growth, updated forward looking macro assumptions & marginally higher arrears & defaults o Expense growth of 3% ‒ Strong focus on expense management & digitisation benefits PPB financial performance & outlook HE increased on the back of solid advances, transactional NIR & insurance growth & good expense management, partially offset by higher impairments & lower endowment Additional info 2026 outlook NII growth Around mid- single digits NIR growth Mid-to-upper single digits CIR Improve yoy (expense growth of low single digits) CLR Around the top end of the PPB target range MT outlook ROE >18% (>20% LT) CIR <56% (<55% LT) Loan growth (CAGR) Upper single digits CLR Within the top half of the PPB target range
Page 45
45 68.1% ▼cost-to- income ratio (H1 25: 70.9%) R356m headline earnings 9.9% ▲ROE (H1 25: 6.7%) 67 bps ▼credit loss ratio (H1 25 : 154 bps) ▲39% o NII up by 5% ‒ Ave banking advances growth of +21%, underpinned by increased activity across key strategic sectors ‒ NIM impacted by lower endowment income o NIR up by 12% ‒ Increased transactional activity resulting in higher commission & fee income, mainly in Lesotho & Mozambique ‒ Client growth +6%, offset by dormant-account closures o Impairments increased by 2% ‒ Higher charges on sovereign exposures in Mozambique ‒ CLR improved to 67 bps & is below the TTC target range of 85 bps to 120 bps o Expense growth of 3% ‒ Strong focus on expense management & synergies NAR: SADC financial performance & outlook HE up strongly, driven largely by growth in GOI & costs that were well managed Additional info 2026 outlook NII growth Improve from H1 26 NIR growth Low double digit growth CIR Improve yoy (expense growth of low single digits) CLR Within the target range MT outlook ROE >COE (LT >18%) CIR <60% Loan growth (CAGR) Double digits CLR Within the target range Dividends Optimise excess capital
Page 46
46 Outlook Jason Quinn Chief Executive
Page 47
47 0.5% 1.1% 1.3% 1.4% 1.9% 24 25 26 27 28 Source: Nedbank Group Economic Unit. | * When compared to February 2026 forecast. SA GDP growth (%) 10.50% 11.25% 10.25% 10.75% 10.00%9.75% 22 23 24 25 26 27 28 Prime interest rate (YE, %) 16.5 18.5 18.4 17.8 16.3 16.0 16.4 22 23 24 25 26 27 28 Rand/US$ (average) Inflation (average, %) 6.9% 5.9% 4.4% 3.2% 4.0% 3.5% 3.3% 22 23 24 25 26 27 28 9.2% 4.8% 4.2% 7.2% 7.3% 6.3% 6.6% 22 23 24 25 26 27 28 Total overall credit growth (YE, %) Macroeconomic forecasts GDP slightly lower; inflation & interest rates higher in 2026 than we anticipated at the start of the year 2026* ▼0.2% 2026* ▲0.6% 2026* ▼0.4% 2026* ▲100 bps 2026* ► 0 bps
Page 48
48 This guidance is not a profit forecast, has not been reviewed or reported on by the group's joint auditors & is based on the gro up's economic forecasts at the time. H1 2026 2026 guidance (March 2026) 2026 guidance (August 2026) NII growth +4% Around mid-single digits Slightly above mid-single digits NIR growth +10% Upper single digits CLR 95 bps Around mid-70 bps (below the mid point of our 60 bps to 100 bps TTC target range) Around mid-80 bps (above the mid point of our 60 bps to 100 bps TTC target range) ETI associate income R0m No further contribution in 2026 & beyond Expense growth +3% Below mid-single digits CET1 ratio 12.6% Operating within our revised target range (TTC 11.0% to 12.5%) Dividend per share 1.75x Within our board-approved target range (TTC 1.75 to 2.25 times cover) Short-term guidance (2026) NII & CLR guidance revised slightly higher, with faster DHEPS growth expected in H2 2026 Unchanged Unchanged Unchanged Unchanged Unchanged
Page 49
49 1 This guidance is not a profit forecast, has not been reviewed or reported on by the group's joint auditors & is based on the group's economic forecasts at the time. | * Heading towards 2025 level. Financial targets Strong foundations in place as we commit to our medium - & long-term targets Additional info H1 2026 2026 Medium term Long term (5+ years) DHEPS growth1 +2% Faster DHEPS growth in H2 2026 > CPI + GDP + 3% (CAGR) > CPI + GDP + 3% (CAGR TTC) Return on equity1 15.0% Above 15%* 17% > 18% CIB BCB PPB NAR: SADC 23.7% 18.8% 11.8% 9.9% > 21% > 20% 18% COE > 21% > 25% > 20% > 18% Cost to income ratio 1 56.2% Improve yoy 54% 50% CIB BCB PPB NAR: SADC 47.5% 69.1% 59.6% 68.1% < 45% < 65% < 56% < 60% < 45% < 55% < 55% < 60%
Page 50
50 2026 Tailwinds o Organisational restructure – complete o Underlying business momentum – strong o Productivity gains – ongoing Headwinds o Wholesale impairments – normalising off a low base o PPB impairments – higher than expected o ETI base effect – negative Medium term o A more constructive macroeconomic environment – Energy & infrastructure finance opportunities – intact – Retail credit growth & consumer financial health – to improve – Lower interest rates & lower inflation – from 2027 o Transform initiatives – starting to scale – Growing contributions from insurance, payments, strategic portfolio tilt-related market share gains (lending & deposits), portfolio diversification, etc – Synergies from the Eqstra & iKhokha acquisitions – emerging – NCBA – contribution benefits (transaction expected to be finalised in H2 2026, subject to regulatory approvals) o Capital – flexible capital management; remain good stewards of capital ROE Above 15%* ROE 17% CIR Improve CIR 54% * Heading towards 2025 level. Conclusion In H1 2026 we delivered on our commitments to accelerate growth & unlock value as we progress towards our medium-term targets
Page 51
51 Thank you
Page 52
52 Disclaimer Nedbank Group has acted in good faith and has made every reasonable effort to ensure the accuracy and completeness of the information contained in this document, including all information that may be defined as 'forward-looking statements' within the meaning of United States securities legislation. Forward-looking statements may be identified by words such as ‘believe’, 'anticipate', 'expect', 'plan', 'estimate', 'intend', 'project', 'target', 'predict' and 'hope'. Forward-looking statements are not statements of fact, but statements by the management of Nedbank Group based on its current estimates, projections, expectations, beliefs and assumptions regarding the group's future performance. No assurance can be given that forward-looking statements are correct and undue reliance should not be placed on such statements. The risks and uncertainties inherent in the forward-looking statements contained in this document include, but are not limited to: changes to IFRS and the interpretations, applications and practices subject thereto as they apply to past, present and future periods; domestic and international business and market conditions, such as exchange rate and interest rate movements; changes in the domestic and international regulatory and legislative environments; changes to domestic and international operational, social, economic and political risks; and the effects of both current and future litigation. Nedbank Group does not undertake to update any forward-looking statements contained in this document and does not assume responsibility for any loss or damage arising as a result of the reliance by any party thereon, including, but not limited to, loss of earnings or profits, or consequential loss or damage.