About this report

National Australia Bank Limited ABN 12 004 044 937

This 2025 Annual Report (Report) is lodged with the Australian Securities and Investments Commission and ASX Limited.

National Australia Bank Limited (NAB) is publicly listed in Australia.

The Report contains information prepared on the basis of the Banking Act 1959 (Cth), Corporations Act 2001 (Cth), 4th edition ASX Corporate Governance Councilʼs Corporate Governance Principles and Recommendations, Accounting Standards and interpretations issued by the Australian Accounting Standards Board and International Financial Reporting Standards and interpretations issued by the International Accounting Standards Board. It also provides information on the Group’s activities and performance in 2025, showing how the Group is creating value through its strategy, operating environment, governance and financial and non-financial activities. NAB also produces a Climate Report which can be viewed online at nab.com.au/annualreports.

To view the Report online, visit www.nab.com.au/annualreports. Alternatively, to arrange for a copy to be sent to you free of charge, call the shareholder information line on 1300 367 647 from within Australia or +61 3 9415 4299 from outside Australia. Nothing in the Report is, or should be taken as, an offer of securities in NAB for issue or sale, or an invitation to apply for the purchase of such securities. All figures in the Report are in Australian dollars unless otherwise stated.

2025 Reporting Suite

2025 Annual Report
	NAB’s 2025 Annual Report provides information on the Group’s activities and performance during 2025. It outlines how NAB is creating value through its strategy, operating environment, governance, financial and non-financial activities. The Annual Report draws on aspects of the International Integrated Reporting Framework, Global Reporting Initiative Standard and forthcoming Australian Sustainability Reporting Standards. It is supported by the additional documents outlined below. Report Structure Pages "Our business" to "Issues covered in this Report and the Group's 2025 Modern Slavery Statement" contain information on the Group’s business, strategy, operating environment and performance. These pages outline performance relevant to customers, colleagues, communities, sustainability, climate change and environment and respecting human rights. Stakeholder feedback was considered in the shaping of this section (refer to Material sustainability themes on page "Material sustainability themes" for more information). Pages "Corporate Governance Statement" to "Compliance with ASX corporate governance recommendations" contain NAB’s 2025 Corporate Governance Statement, which discloses how the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations – 4th edition have been complied with. Pages "Report of the Directors" to "Auditor's independence declaration" contain key components of the Report of the Directors. Pages "Remuneration Report" to "Other relevant interests" contain the Remuneration Report. Pages "Financial report" to "Directors' declaration" contain the Financial report.
Assurance The Group's External Auditors are EY, and they have provided the following assurances: The Remuneration Report on pages "Remuneration Report" to "Other relevant interests" and Financial report on pages "Financial report" to "Directors' declaration" have been audited. The assurance statement for the Financial report and Remuneration Report is on pages "Report on the audit of the financial report" to "Report on the audit of the financial report" . Limited assurance over 26 key non-financial sustainability metrics and performance disclosures and a further six metrics relating to NAB's Reconciliation Action Plan as outlined in EY's limited assurance statement on pages "Independent limited assurance statement" to "Independent limited assurance statement" . Assurance over selected environmental measures disclosed across NAB's reporting suite. EY’s assurance statements are available on NAB's website at nab.com.au/about-us/social-impact/shareholders/performance-and-reporting.

Additional documents
2025 Full Year Results Investor Presentation Information designed for analysts and institutional investors which accompanies the Group's Full Year Results Presentation.	Management Discussion and Analysis Management discussion and analysis of the Group's results for the year ended 30 September 2025.	2025 Climate Report Provides information on NAB's climate-related activities and progress on its climate strategy. The Report is guided by the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD).	2025 Pillar 3 Report Describes the Group's risk management approach and provides details about risk exposures, capital adequacy and liquidity.	2025 Sustainability Data Pack Provides further details on the Group's sustainability performance, in addition to the material themes covered in the Annual Report and the Climate Report.

Additional information

The Group's financial year ends on 30 September. The financial year ended 30 September 2025 is referred to as 2025 and other financial years are referred to in a corresponding manner. Reference in this Report to the year ended September 2025 are references to the twelve months ended 30 September 2025. Other twelve month periods referred to in this Report are referred to in a corresponding manner. Reference in this Report to the environmental reporting year are references to the twelve months ended 30 June 2025.

The abbreviations $m and $bn represent millions and thousands of millions (i.e. billions) of Australian dollars respectively.

Key terms used in this Report are contained in the Glossary.

This Report contains statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "ambition", "believe", "estimate", "plan", "project", "anticipate", "expect", "goal", “target”, "intend", “likely”, "may", "will", “could” or "should" or, in each case, their negative or other variations or other similar expressions, or by discussions of strategy, plans, objectives, targets, goals, future events or intentions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Users are cautioned not to place undue reliance on such forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, which may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

There are many factors that could cause actual results to differ materially from those projected in such statements, including (without limitation) a significant change in the Group’s financial performance or operating environment; a material change to law or regulation or changes to regulatory policy or interpretation; and risks and uncertainties associated with the ongoing impacts of the Russia-Ukraine and Middle Eastern conflicts and other geopolitical tensions, the Australian and global economic environment and capital market conditions and changes in global trade policies. Further details are contained on page "Risk factors" under Disclosure on risk factors.

2025 at a glance

Chair's message

This year marked the first full year of implementing NAB’s evolved strategy. The Board is pleased to see the progress being made for customers and shareholders.

Our Chief Executive Officer Andrew Irvine and his team are managing the business well. Together with Andrew, the Board is helping to shape the leadership team and ensure the right people are in place to lead NAB into the future.

Building a simpler, more modern bank is a key focus; one that is fit for the long-term and capable of delivering for customers in a rapidly changing world.

NAB is a materially better bank today than it was five years ago. We’ve made significant progress in strengthening our controls and risk management processes, but there is always more to do.

Culture, governance and accountability remain fundamental to how the bank is run. This year we finalised our Enforceable Undertaking with AUSTRAC. We remain vigilant to the ongoing challenges that financial crime presents to our customers and society.

Identifying and addressing problems as they arise continues to underpin our efforts and we endeavour to maintain constructive relationships with all our key regulators.

Unfortunately, this year we uncovered more payroll issues. NAB has initiated a broader review into payroll-related benefits under current and historical agreements and management is working hard to resolve these payroll issues as quickly as possible for our colleagues.

NAB’s financial results this year reflect good performance from each of NAB’s divisions.

We have maintained prudent balance sheet settings and are well capitalised with a capital surplus to the Group’s CET1 target of above 11.25% as at 30 September 2025.

The Board has declared dividends for the year of 170 cents per share, in line with our target payout ratio, and returning $5.2 billion to shareholders.

We retain a bias towards reducing the share count over time to drive sustainable returns for shareholders. We have completed $8 billion in on-market buy-backs since August 2021 and continue to neutralise NAB’s dividend reinvestment plan.

Over the five years to 30 September 2025, our total shareholder return was 189.8%, higher than the average of 168.1% for NAB’s major bank peers.

Executive and employee remuneration outcomes this year reflect the bank’s performance and our commitment to aligning reward with long-term value creation.

Shaping NAB’s Board for the future is a constant focus. This includes targeted director development and renewal to ensure the right mix of skills, leadership and experience to guide the bank through a complex and evolving environment.

Both Kathryn Fagg and I will stand for re-election at this year’s Annual General Meeting with the full support of the Board.

Given this will be my fourth term as a NAB Director, Chair succession will be a key focus, and the Board has formalised a process to ensure that this is done in an orderly manner.

During the past year, we have invested time in educating directors on technology, risk management including cyber-risk and artificial intelligence (AI), climate reporting and regulatory change.

The Board has also spent time with NAB colleagues, customers and external stakeholders to ensure directors remain firmly connected to the people and communities we serve.

As we look ahead, it’s our ability to be better for customers – today and in the future – that will underpin shareholder returns.

Significant shifts in the global economy this year have signalled the beginning of a new economic era. While volatility in US trade tariffs has eased, uncertainty remains, and broader geopolitical instability continues to pose risks.

In this context, Australia and New Zealand remain attractive markets yet we continue to be alert to the potential impacts of global developments.

Closer to home, there are reasons for optimism. Interest rates and inflation are stabilising, and business and consumer confidence is gradually improving. These are encouraging signs for Australians and Australian businesses heading into 2026.

NAB seeks to support customers through the full economic cycle: whether that’s funding growth and ambition, helping households and businesses navigate cost-of-living pressures or responding to the impact of natural disasters.

Technology is central to our ability to meet the needs of customers and respond to the external environment. Having the right technology in place is essential to being a future-fit bank.

We are mindful of the critical role NAB plays in the national payments infrastructure and are working closely with other banks and government agencies to ensure our systems are resilient and our customers are well protected.

This year, the Board endorsed NAB’s Sustainability Strategy, which focuses on three key areas: climate transition and resilience, housing affordability, and First Nations economic empowerment. These are areas where NAB differentiates and can make a meaningful difference.

In each of these examples, we are getting on and doing the things we said we’d do.

I want to thank our shareholders for their continued support, and our NAB colleagues for their hard work and dedication. The bank is strong and has momentum behind it. I’m pleased with how far we’ve come and clear that there is much more to do to fulfil our ambition for this organisation.

Philip Chronican, Chair

CEO's message

I am pleased to share our progress during the first year of our strategy evolution. Customer outcomes are improving, and momentum is growing as we strive to become the most customer-centric company in Australia and New Zealand.

NAB is focused on delivering simpler, faster and safer banking experiences and we are making progress across our three key strategic priorities. These are growing business banking, driving deposit growth and strengthening proprietary home lending.

In 2025, we continued to grow our business. Business lending balances rose 9.3%, deposit balances grew 7.4% and the proportion of mortgages written through our bankers improved to 41%.

During the year, we made high quality appointments to what is an experienced and capable Executive Leadership Team. Andrew Auerbach, joined as Group Executive Business & Private Banking in June; Pete Steel joins as Group Executive Digital, Data & Artificial Intelligence in November and Inder Singh joins as Group Chief Financial Officer and Group Executive, Strategy in March 2026. In October 2025, we confirmed Shane Conway would be promoted to Group Executive, Transformation, commencing 1 December 2025.

Our leading Business and Private Bank continues to grow and our new business lending platform is delivering a better customer experience.

Digital, data and AI capabilities are critical enablers to be simpler and faster. Pete Steel will lead NAB in this space, focusing on making banking easier and more secure for customers and providing better insights to our colleagues.

We continue to invest in our workforce to better serve customers. This includes accessing the skills and talent pools in India and Vietnam to complement our Australian, New Zealand and other global teams. Working together, these teams are enabling us to process repayment reviews faster, provide more fraud support and offer greater continuity for customers with expanded time zones.

I am optimistic about our domestic economy and see tremendous opportunities to raise productivity to secure the same or better living standards for future generations. Initiatives in housing, new technology and regulatory simplification offer significant productivity gains.

Interest rate cuts have brought welcome relief to households this year, with the Reserve Bank of Australia carefully steering us toward a soft landing. While global headwinds persist, the Australian and New Zealand economies remain resilient.

Customer advocacy shows promising signs of improvement. We are gathering more feedback from customers than ever before and embedding these improvements at scale.

Protecting customers from scams and fraud remains a top priority. Customers are being better protected through the introduction of initiatives such as facial biometrics and Confirmation of Payee technology for digital payments. In 2025, NAB prevented or recovered more than $385 million in scam and fraud losses for customers.

Technology, including AI, is helping us strengthen protections and improve service for customers.

AI is supporting fraud detection, improving cybersecurity, streamlining home loan application processes and reducing low-value work for our NAB colleagues.

We are pursuing a range of use cases for generative and agentic AI, as well as assisting our colleagues to develop the AI skills of the future.

AI needs to be managed carefully and securely, and it is already freeing up our bankers to spend more time with customers and delivering better customer outcomes.

Housing is a key opportunity to unlock productivity growth. Over the past three years, NAB has focused on affordable and specialist housing. In 2025, we achieved our $6 billion financing goal four years ahead of schedule and set a new and expanded ambition to provide at least $60 billion of financing in support of housing affordability by 2030.

We are also working with customers and the community on the transition to net zero and we are focused on achieving our cumulative environmental finance ambition of $80 billion by 2030.

Branches continue to play an important role to support our customers and communities. While activity in our branches is changing, their role in building relationships and trust remains vital. This year, we upgraded more than 140 branches across Australia and expanded Saturday trading to 32 locations, which continues to receive fantastic feedback from customers and the community.

Through NAB Ready Together and the NAB Foundation, we help Australians prepare for and recover from natural disasters. We also support First Nations businesses, with progress towards our $1 billion lending target by the end of 2026. In 2025, lending to First Nations businesses and community organisations grew to $673.2 million.

I am energised to lead NAB in 2026 and optimistic for our customers, colleagues, the economy and Australia. We have a great team to make this an even better bank.

Our direction is clear on our path to become the most customer-centric company in Australia and New Zealand, and our progress is promising.

Thank you to our shareholders for your continued support, to our customers for choosing NAB, and to our colleagues for your dedication and care.

Andrew Irvine, Group Chief Executive Officer

Our business

NAB has three major customer-facing business units in Australia - Business and Private Banking, Personal Banking, Corporate and Institutional Banking - supported by six enabling units (Technology and Enterprise Operations, Finance, Risk, Customer and Corporate Services, People and Culture and the Group Chief Operating Office). ubank is NAB's digitally focused bank and operates as a customer-facing unit under the leadership of the Group Chief Operating Office. Bank of New Zealand is our New Zealand banking business that serves Personal, Business, Agriculture and Private Banking customers.

Business and Private Banking (B&PB) backs Australian businesses and the individuals who own them. From start-ups and small businesses to established medium and large enterprises, we have supported our customers' growth through a relationship-based approach, increasingly enabled by digital, data and analytics.

As Australia's leading business bank² we support one in four businesses in the SME market and one in three in the agribusiness market. We deliver specialised expertise and sector-specific banking solutions across a range of industries, including agriculture, health, commercial real estate, professional services, franchising and wholesale, retail and trade as well as government, community and education services. Customised banking solutions are also available for Private Wealth customers.

In 2025, business lending balances rose 7.3%, deposit balances grew 6.6% and new business transaction account openings increased 12% compared with 2024.

Corporate and Institutional Banking (C&IB) partners with clients globally to meet their most complex financial needs by providing a range of customised products and services, including client coverage, corporate finance, markets, transactional banking and enterprise payments through offices in Australia, United States, Europe and Asia.

We continue to apply a disciplined approach to growth, with a focus on strengthening relationships in priority customer sectors. NAB holds a market-leading position in cash and liquidity management, ranking first in both the Relationship Strength Index rating for Debt Capital Markets³ and the Trade Survey⁴. NAB's bankers and specialists also rank first for best advice on use of interest rate risk management⁵ and service for large deposits⁵.

In 2025, C&IB secured new transactional banking mandates, achieved deposit growth of 10.5% and lending growth of 11.8%.

Personal Banking (PB) delivers easier, digital banking experiences to drive faster, better outcomes for customers and colleagues.

We offer a range of banking products and services including home loans, deposits, debit and credit cards and personal loans. Customers can manage their finances through a network of branches and ATMs, contact centres, online and mobile banking, our own lending specialists and mortgage brokers.

Supported by investment in the retail network - including branch refreshes and extended Saturday trading in 32 locations - home lending balances grew by 4.0% and retail deposit balances by 9.2%. Growth in home lending has been supported by investment in banker capabilities and tools including the onboarding of approximately 270 new proprietary home lending bankers during the year⁶.

Bank of New Zealand (BNZ) serves more than 1.4 million customers across New Zealand with personal and business banking services, through a nationwide network of branches, customer centres, digital and assisted channels. BNZ is New Zealand’s largest business bank and one of the country's fastest growing retail banks.

In 2025, it increased market share in household deposits and key lending segments across personal and business banking⁷. It also increased its physical presence in response to growing demand for more face-to-face services, with all branches in New Zealand now open for at least five days a week since April 2025. 

ubank is Australia’s first homegrown digital bank, established in 2008 to deliver a smarter, technology-led banking experience. The acquisition of 86 400 in 2021 strengthened ubank’s digital capabilities and enabled delivery of an award-winning suite of products across everyday banking and home lending.

ubank’s mission is to help young Australians improve their financial wellbeing by providing greater visibility and control over their finances. As at September 2025, the customer base exceeded 1,050,000, with more than 200,000 new customers added in the past 12 months, representing 24% year-on-year growth.

1. Number of full-time equivalent colleagues as at 30 September 2025, excluding discontinued operations.
2. Market share of APRA Business Lending (excluding Financial Institutions and Government) as at September 2025. For further information refer to https://www.apra.gov.au/monthly-authorised-deposit-taking-institution-statistics.
3. Coalition Greenwich Voice of Client 2025 Australia Debt Capital Market Study.
4. Coalition Greenwich Voice of Client 2025 Australia Trade Finance Study.
5. Coalition Greenwich Voice of Client 2025 Australia Large Corporate Relationship Banking Study.
6. Offset by productivity, net increase to FTE of 120.
7. Source: Reserve Bank of New Zealand (RBNZ).

Our strategic ambition

To be the most customer-centric company in Australia and New Zealand

In November 2024, NAB evolved its Group strategy to focus on the delivery of exceptional customer experiences and transform NAB into a more customer-centric, simpler, faster-paced organisation.

The first year of our focus on customer-centricity has produced positive emerging results and contributed to good momentum across our three key priorities:

• growing business banking,

• driving deposit growth, and

• strengthening proprietary home lending.

We expanded our share of business lending, customer deposits increased 7.4% and proprietary channel home lending drawdowns rose to 41% of total drawdowns, while targeted initiatives to address specific customer pain points boosted advocacy in these areas.

For the year ended 30 September 2025, we achieved a sound financial performance. Basic cash earnings¹ per share was 231.8 cents, and cash return on equity of 11.4%. The Group’s dividend payout for the year will be 170 cents per share.

For further information on NAB's Strategy refer to Strategic highlights.

1. Full detail on how cash earnings is defined, a discussion of non-cash earnings items and a full reconciliation of statutory net profit attributable to owners of the Company is set out in Note 2 Segment information of the Financial report on page "Segment information" . Statutory return on equity and statutory earnings per share (EPS) are presented on page "5 Year Key Performance Indicators" .

Operating environment

Global business environment

Global economic growth has been relatively resilient to-date in calendar year 2025, despite disruptions to global trade flows, and negative sentiment impacts, from increases in US tariffs. However, in year average terms, growth is forecast to slow in calendar year 2026 before stabilising in 2027. Global growth over this period is forecast to remain below its average of this century.

Uncertainty around future US tariffs and trading arrangements remains. Further tariff measures are possible, as is retaliation from trading partners such as China.

Major central banks generally eased monetary policy in 2025. Some institutions – such as the European Central Bank – may be at or near the end of their easing cycle, while further monetary policy easing by the US Federal Reserve is expected in 2026.

The global economic outlook could be impacted by geopolitical events and risks. Many governments face major fiscal challenges and dealing with these challenges may have consequences for the economy and financial markets.

Australian economy

Growth in the Australian economy has strengthened and the unemployment rate, even though it has risen, remains low.

Gross Domestic Product (GDP) grew by 1.8% between the June 2024 and the June 2025 quarters, double the growth rate over the prior four quarter period. By expenditure component, over this period:

• Household consumption grew 2.0%, its highest annual growth rate in two years. Similarly, dwelling investment strengthened, rising by 4.8%.

• Business fixed capital investment grew by 0.1%, a marked slowdown from recent years.

• Growth in government consumption and investment eased to 3.0%.

Most industries saw an increase in gross value added between the June 2024 quarter and the June 2025 quarter, although there were declines in manufacturing, professional, scientific and technical services, mining, and construction. Similarly, state final demand increased in all states and territories other than the Northern Territory.

In the September 2025 quarter, the annual growth rate in the Consumer Price Index (CPI) was 3.2%. The annual increase in trimmed mean CPI has fallen to 3.0%, the top of the RBA's target inflation band, signalling a moderation in underlying inflation from the previous year.

Real household disposable income increased by 4.1% between the June 2024 and June 2025 quarters, assisted by income tax cuts, falling inflation, lower mortgage interest rates, and growth in wage income. Business operating profits fell 3.8% between the June 2024 and June 2025 quarters, as mining sector profits declined by 11.6%, with non-mining sector profits rising slightly by 0.8%.

Indicators of agricultural conditions have been positive. Between September 2024 and September 2025 prices for agricultural commodities (weighted by production) increased by over 10% in Australian dollar terms. Winter crop production rose in 2024-2025 and a similar crop is projected for 2025-2026.

The labour market has loosened modestly:

• While the unemployment rate has edged up to 4.5% in September 2025, this is low by historical standards and other indicators, such as job vacancies, are healthy.

• Employment continues to grow, with a 1.3% increase between September 2024 and September 2025.

The eight capital cities Cotality Hedonic Home Value Index grew by 4.3% between September 2024 and September 2025. Over this period, the strongest growth in state capital cities was in Brisbane, Adelaide and Perth, while Sydney and Melbourne had more modest growth.

Between February 2025 and August 2025 the RBA reduced the cash rate from 4.35% to 3.60%. A further reduction in the cash rate is possible in 2026.

The economy is expected to grow at close to its trend pace over the remainder of calendar year 2025 and calendar year 2026. This should be underpinned by ongoing household consumption growth, as well as an improvement in business investment.

Annual system credit growth was stronger, between September 2024 and September 2025 it grew by 7.3%, compared to 5.8% over the previous year.

New Zealand economy

Conditions in the New Zealand economy have been mixed. While agricultural sector conditions have been positive, other parts of the economy have struggled. Overall, economic activity has contracted.

GDP in the June quarter 2025 was 1.6% below its peak recorded in the March quarter 2024, including a 0.6% fall from the same quarter last year. Over the last year, residential and business investment fell, although household consumption growth improved.

Labour market conditions have deteriorated. Between the June 2024 quarter and June 2025 quarter:

• Employment fell 0.9%.

• The unemployment rate rose from 4.7% to 5.2%.

While wage growth has eased, CPI inflation has risen. The CPI increased by 3.0% between the September 2025 quarter, up from 2.2% in the September 2024 quarter.

Commodity export prices, in New Zealand dollar terms, rose 14.0% between September 2024 and September 2025 (including a 13.4% increase in dairy prices), although they have eased since February 2025. Agricultural production (volume measure) reached a new historical high.

In the housing market, sales volumes were generally higher across 2025 than in 2024, while house prices were little changed. The REINZ House Price Index in September 2025 was 0.2% above its September 2024 level.

System credit growth strengthened but remained modest over the year, increasing by 4.3% between September 2024 and September 2025, up from 2.8% the previous year.

Between August 2024 and October 2025, the Reserve Bank of New Zealand (RBNZ) lowered the Official Cash Rate (OCR) from 5.50% to 2.50%. This included a 0.50% reduction in its October 2025 meeting at which the RBNZ also indicated that it was open to further reductions in the OCR.

Assisted by the easing in monetary policy and high commodity prices, GDP growth is expected to improve from the September quarter 2025 onwards, and the unemployment rate is likely close to its peak for this cycle.

Outlook

The outlook for the Group’s financial performance and outcomes is closely linked to the levels of economic activity in each of the Group’s key markets outlined above.

Creating value

NAB's business activities
NAB delivers its strategy (page "Our strategic ambition" ) and creates value for stakeholders through the following business activities:
Holding deposits for customers. Providing transaction banking services. Lending money to retail, business and institutional customers. Helping customers mitigate and manage risk. Providing financing to support sustainability priority areas; climate action, affordable housing and First Nations business. Providing payments services and supporting customers with trade and capital flows.		Helping customers invest through online brokerage. Providing advisory services. Investing in a capable, qualified and inclusive workforce. Helping NAB's customers, colleagues and their communities withstand and recover from natural disasters.

The value NAB creates
Supporting customers in 2025
	$103 billion in new home lending.	$658 billion in deposits managed for retail and business customers.	$128 billion in new business lending1.

1. New and increased limits for new and existing customers, including the gross value of any transfers from existing customers into new products.

NAB's economic value distributed in 2025
	Suppliers	Payments made for the provision of utilities, goods and services. $26.4 million spent with First Nations suppliers, against $18 million target in 2025.	$7.0 bn
	Community investment	Community partnerships, donations, grants, in-kind support and volunteering(2).	$36.6 m
	Shareholders	Dividend payments to more than 540,000 registered shareholders.	$5.2 bn
	Colleagues	Colleague salaries, superannuation contributions and incentives.	$5.6 bn
	Governments	Payments made to governments in the form of the Bank Levy ($420 million paid) plus $3.9 billion in income taxes, goods and services taxes, fringe benefit taxes and payroll taxes among others.	$4.3 bn
		Total economic value distributed	$22.1 bn
(2) This includes foregone fee revenue, management costs, cash contributions and in-kind contributions. For a detailed breakdown of the categories included within the Group's community investment, refer to the 'Community' tab in the 2025 Sustainability Data Pack.

Customers

Leading customer advocacy

This year, NAB introduced a new enterprise-wide customer advocacy model to ensure customer feedback directly shapes decisions and priorities. At the heart of this approach is NAB Customer Voices, which enables us to hear what matters most to our customers, understand the 'why' behind it and be part of creating solutions and improvements for our customers.

Stronger advocacy increases the likelihood customers will choose NAB for a broader range of financial needs – from everyday banking to long-term goals. Progress is tracked through the strategic Net Promoter Score (NPS)¹.

Through NAB Customer Voices, teams across the bank listen, learn and act on customer insights, embedding feedback into daily decision-making and creating shared accountability for delivering improved customer experiences.

These are the moments that matter most to our customers. Drawing on their feedback, service insights, and independent benchmarking, we identified key moments in the customer journey where we can make the greatest impact. These experiences now guide our efforts, helping us focus on areas with the highest potential to improve banking interactions and deliver lasting value.

NAB colleagues who interact with customers daily – such as, in contact centres or branches - now follow regular listen, learn, and act practices to resolve issues quickly and continuously improve services. More than 180 teams now embed this into their daily work, resulting in over 750 individual actions taken in 2025 to enhance customer experience.

When customer-facing teams identify broader challenges, these are escalated to relevant teams - such as product, technology, marketing and other functions - for solution design and implementation. In 2025, more than 120 experience improvements were delivered, ensuring lasting benefits for customers.

Across the organisation, teams are working together to act on customer feedback with both speed and scale – translating insights into better experiences today and stronger outcomes tomorrow.

To ensure we deliver against customer expectations, experience performance is measured through three interconnected lenses: Operational Metrics, Episode Experiences, and Channel Experiences, with external factors also considered.

These dimensions reflect the underlying processes, end-to-end customer journeys, and interactions with customer-facing teams. At their intersection lies Strategic NPS, which provides a holistic view of customer relationships and experience quality. By combining these perspectives, NAB continues to guide improvements, ensure accountability, and strengthen engagement and long-term relationships.

Customers expect banking to be straightforward and dependable, and they notice quickly when it is not. Feedback plays a key role not only in fixing issues, but in shaping the redesign of experiences to better meet customer needs.

This focus is already delivering meaningful change. Examples include:

• Simplified home loan repayments: A new in-app feature which helped more than 80,000 customers adjust their repayments quickly, without needing to call.

• Extended access: Saturday trading hours extended and additional ATMs installed at high-demand locations, ensuring availability when customers need it most.

• Small improvements with big impact: Customer-facing teams delivered hundreds of enhancements such as welcome activities for Business Transaction Accounts so customers can quickly leverage their accounts in a way that works for them.

Aligned with NAB’s ambition to lead in sustained customer advocacy and relationship primacy, targets combine absolute NPS improvement and peer-relative NPS rank.

In 2025, we saw improvement across Consumer and Business compared to the 2024 baseline, with a one point decline in NPS for Corporate and Institutional Banking. NAB achieved the #1 rank in Medium and Large Business³ Customer Advocacy.

NAB is broadening how customer feedback is captured - across more moments, channels and in real time - to deepen insight into what matters most to customers and ensure every improvement is grounded in customer needs and delivers lasting value in everyday banking.

1. Net Promoter® and NPS® are registered trademarks and Net Promoter Score and Net Promoter Systems are trademarks of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld. Net Promoter Score^SM is a service mark of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld.
2. Mass Consumer NPS sourced from RFI Global – Atlas, measured on 6 month rolling average to September 2025. Based on all consumers, 18+ and excludes consumers with personal income of $260k+ and/or investible assets $2.5m+ and/or footings of over $850k. Business NPS sourced from RFI Global – Atlas, measured on 6 month rolling average to September 2025. Based on all business customers. Large Corporate & Institutional NPS source: Coalition Greenwich Voice of Client Studies (formerly Peter Lee Associates). All data taken from the most recently available survey and rankings are against the four major domestic banks. Coalition Greenwich is a division of Crisil. Large Corporate & Institutional Relationship Banking Survey June 2025.
3. Medium and Large Business NPS sourced from RFI Global – Atlas, measured on 6 month rolling average to September 2025. Based on business customers with a turnover $5m-<$200m. Ranking based on absolute scores, not statistically significant differences and compared against Big 4 peers.

Powering exceptional customer experiences

In 2025, we advanced our technology modernisation agenda by streamlining systems, simplifying processes, and embedding smarter, faster, and safer digital solutions. These efforts delivered value to customers, colleagues, and communities by:

• Driving faster decisions and building resilient systems which reduced complexity, and responded to evolving customer expectations.

• Simplifying everyday banking with innovative payment solutions such as NAB PayByBank and NAB Liquidity+.

• Equipping colleagues with generative AI tools to solve complex customer problems more efficiently.

• Personalising customer interactions at scale through AI powered platforms such as the Customer Brain.

NAB’s Technology Strategy is anchored in customer-centricity. In 2025, we continued investing in digital capabilities that deliver faster, safer and more personalised banking experiences.

We advanced NAB Gateway, our eCommerce solution supporting merchants of all sizes with secure, scalable and integrated payment capabilities. This enables seamless management of transactions, fraud protection, and settlement through a single interface. In 2026, we will introduce new features to further improve reliability, functionality and customer experience.

We completed a major migration to a fully digital business lending origination platform, transforming the customer and banker experience with faster, simpler, and more resilient processes. This enables digital origination, automated verification and decisioning.

Several innovative, business focused solutions were launched, such as NAB PayByBank—a fast, secure way for customers to initiate digital payments; NAB Portal Pay—enabling real-time collection of property sales deposits and tenant payments; and NAB Liquidity+, an AI-enabled cash management solution with real-time visibility and control.

We also introduced real-time fraud checks, instant credit decisioning and digital card provisioning allowing customers to use their cards instantly. We transitioned key components of our legacy payments’ infrastructure to a cloud-native platform, enabling 24/7 payment capability and improving reliability.

These advancements reflect our commitment to delivering simple, secure and seamless experiences. In 2026, we will continue to improve access to banking by digitising services and streamlining processes to enhance customer experience.

We are simplifying and modernising our technology environment to better serve our customers. A key milestone was migrating our Customer Due Diligence processes to a secure, integrated platform to consolidate customer profiles, account data and transaction histories and improve fraud detection and resolution speed.

We retired 149 legacy business applications and expanded access to a secure, enterprise-wide customer relationship platform, now used by 84% of our bankers. This platform provides real-time visibility into customer needs, streamlined workflows, and intuitive dashboards to help bankers deliver more personalised support.

Delivering safe, reliable banking services is fundamental to NAB’s role. In 2025, we continued to strengthen our technology foundations, building on a multi-year cloud first strategy with 90% of applications migrated to the public cloud. This significant milestone reflects years of sustained investment and has created a more secure and safer environment with consistent service availability.

Our focus on resilience delivered strong results. NAB achieved 99.95% average availability across our most important services. Independent RBA analysis confirmed NAB led the industry in payment service reliability across two of the past four quarters. By simplifying our technology environment, modernising systems and migrating to cloud, we’ve reduced critical and high customer impacting incidents by 85% since 2018, reflecting steady progress in building a more resilient and responsive bank.

In 2025, NAB continued to invest in all types of AI including generative AI, and emerging capabilities like agentic AI, recognising its potential to enhance customer experience and improve efficiency.  Our focus has been on applying AI in ways that solve real business problems, such as reducing home loan processing times, supporting our paralegal team with quicker reviews of trust deeds for customer loan applications and uplifting our banker experience tools so they can respond to customer queries.

All AI initiatives are governed by NAB’s AI Framework, which aligns with the Australian Government AI Ethical Principles, and integrates with our risk, change and security practices. We review how personal information is used and assess AI use cases for ethical considerations, including bias, discrimination and Indigenous Data Sovereignty.

To build capability, we introduced an AI learning program including a proprietary foundations course available to all NAB colleagues. This is complemented by regular learning and development sessions on technical skills and to raise awareness to colleagues on issues, risks and the application of human rights in the use of technology.

With over 100 initiatives now in pilot or production, AI is increasingly embedded in how we work, helping us make faster, more informed decisions, reduce manual effort, and deliver more personalised support to customers.

Now in its third year, NAB’s 'Customer Brain' – an AI powered engagement engine, delivers personalised, timely and relevant interactions across channels. It determines the ‘next best action’ for each customer, whether through real time digital channels or proactive outreach. These actions are tailored to individual needs and behaviours, ranging from service prompts, fraud alerts, loyalty offers and refinance options, ensuring customer value remains central to every interaction.

In 2025 the Brain delivered ~350 next best actions, spanning service, engagement and sales. It contributed to improved strategic NPS for home lending customers by enhancing moments that matter, offering property insights, product tips and recognition of key milestones. Business banking customers benefitted from more personalised service, broader product access, and proactive digital safety guidance.

Protecting customers

We safeguard our customers by working to prevent scams and fraud, enforcing strong privacy and data ethics standards, managing customer data responsibly, strengthening cyber security, and disrupting financial crime.

Protecting customers from scams and fraud remains a top priority. In 2025, the number of scams reported by NAB customers decreased by 4% year-on-year, averaging 1,750 cases per month. Customer losses also declined by 12% over the same period. These improvements reflect ongoing efforts to raise awareness and reduce the impact of scams and fraud. Key initiatives in 2025 included:

• Confirmation of Payee: Enables online banking customers to verify the payee’s bank details before proceeding with a transaction, supporting more informed decision-making.

• Behavioural biometrics investment: Deployment of advanced scam detection capabilities through BioCatch, including real-time intelligence sharing via BioCatch Trust and the use of the BioCatch mule model to proactively disrupt fraud.

• In-branch education: Continued distribution of scam prevention materials to help bankers raise customer awareness and promote proactive protection.

• Awareness campaigns: Regular education initiatives such as NAB’s ‘Red Flags’ campaign to help customers recognise and respond to scam indicators.

• Industry collaboration: Participated in policy development and initiatives including the incoming Scams Prevention Framework and support for the Scam-Safe Accord, a collective agreement among Australian Banking Association (ABA) members to reduce scam threats.

In 2025, NAB continued to:

• Refine biometric technology in digital channels to help identify fraudulent activity earlier, reducing financial loss and improving trust in digital banking.

• Identify and block payments to high-risk cryptocurrency platforms.

• Work with industry members to expand intelligence sharing to identify and disrupt fraud and scam activity, leading to faster intervention and reduced customer impact.

• Partner with law enforcement and Government agencies to target organised criminal groups responsible for scams and fraud targeting NAB and our customers.

NAB’s transparent, compliant, and ethical collection and use of data is key to building trust with customers and colleagues.

Protecting customer privacy is a core responsibility. We have clear standards for how personal information is collected, used, and secured. This is embedded in our day-to-day operations and reinforced through regular training.

Our internal standards go beyond legal requirements, guiding decisions about the use of data in areas like analytics, machine learning, AI and sharing with external partners.  We consider not only whether NAB can use data, but whether we should. These standards ensure data is used appropriately and in line with community expectations.

In 2025, NAB reported one notifiable data breach to regulators, which was handled confidentially and in line with our privacy and incident response protocols. We have clear escalation pathways and structured response plans to ensure timely and effective handling of breaches, particularly those involving personal data. Regular training and support help our teams identify and respond to potential issues quickly and responsibly.

Respecting our customers’ privacy is fundamental, and our Privacy Policy outlines how personal information is collected, why it’s needed, who it may be shared with, and customer rights. Customers can access or correct their personal data, including credit information and opt out of direct marketing at any time.

We take steps to protect our customers’ personal information from misuse, interference, loss, and unauthorised access.

In 2025, NAB continued to strengthen our technology foundations, building established cloud infrastructure and modernising systems to improve service reliability and responsiveness. These efforts delivered tangible benefits for customers and colleagues, enhancing service availability, reducing complexity and ensuring continuity of service amid rising fraud and cyber threats.

As a critical part of Australia’s financial infrastructure, NAB remains a target for increasingly sophisticated cyber threats.

Over the past six years, we’ve made substantial investments to strengthen our cyber defences and technology risk management to better protect our business, customers, and the broader community. Our defences are continuously enhanced through proactive measures, including cyber-attack simulations and rapid remediation programs in response to global threats.

NAB’s Security Strategy aligns with the National Institute of Standards and Technology (NIST) Cyber Security Framework and is regularly assessed to ensure they remain fit for purpose. We work closely with government, law enforcement and industry peers to share intelligence, collaborate on threat disruption, and strengthen national cyber resilience. Our threat intelligence capability provides deep insights into the risks most critical to the bank, supporting timely and informed decision-making.

Customer protection remains a strong focus. In 2025, we extended our cyber security partnerships to improve customer resilience and offered software solutions to support business customers. Education also remained a priority, with the Security Hub at nab.com.au/security offering alerts, articles and practical advice. We delivered 134 cyber security and scam insight sessions across the country, reaching ~11,000 customers and community members. Over the past five years, more than 38,500 people have participated in NAB-led sessions aimed at helping protect against cyber threats and scams.

Internally, we strengthened our cyber culture through increased phishing simulations, mandatory training, and targeted awareness sessions. Our volunteer security champions continue to play a key role in upskilling colleagues and sharing critical security information across the enterprise.

Governance frameworks matured further in 2025, providing consistent oversight of technology and third-party risks. Our structure enables timely identification, escalation and mitigation of threats, aligned to NAB’s broader risk management framework. The Group Information Risk Policy supports this by safeguarding confidentiality, integrity, and quality of information. This is underpinned by a suite of policies, systems and controls that ensure risks are managed.

The Board receives regular updates on the threat landscape and performance metrics and participates in cyber simulations alongside executive management, to test and strengthen NAB’s readiness. These practices ensure NAB remains vigilant, responsive and resilient in an evolving risk environment.

Financial crime has a devastating impact on customers and communities. NAB has zero tolerance for criminal activity and remains dedicated to effectively managing financial crime risk, keeping customers, communities, and the financial system safe.

We play an important role in monitoring and reporting suspicious activity and complying with anti-bribery and corruption, economic and trade sanctions, and Anti-Money Laundering (AML) / Counter Terrorism Financing (CTF) regulations.

On 25 July, AUSTRAC confirmed the cancellation of NAB’s Enforceable Undertaking. NAB continues its work in response to the final report issued by the Enforceable Undertaking Independent Auditor, including implementation of all recommendations. Ongoing work includes remediation of applicable customer identification processes (ACIP), integration of ubank, and enhancements to transaction monitoring and mule account management.

NAB is making significant enhancements to deter, detect, disrupt and prevent financial crime. These include:

• Building new customer behavioural analytics models to move NAB towards a more customer-centric approach to risk management and Perpetual Know Your Customer, allowing NAB to focus efforts on customers engaging in suspicious activity and minimising touchpoints for lower risk customers who are acting appropriately.

• Enhancing the AML/CTF Program and preventative and detective controls to better mitigate current and emerging financial crime risks.

• Accelerating transformation of financial crime risk management capabilities, supported by significant investment in modernising technology and data infrastructure. These enhancements make it easier to protect customers and identify criminals, position us strongly to respond to imminent legislative reforms and further strengthen transaction monitoring and assurance frameworks.

• Deploying a streamlined case management system to improve financial crime investigations, with further rollout planned in 2026.

• Rolling out Generative AI functionality to hundreds of transaction monitoring investigators, reducing manual handling times and increasing risk identification. The use of Generative AI and machine learning continues to evolve, with further expansion planned throughout 2026 and 2027 to cover emerging typologies and complex financial crimes.

• Providing financial crime training to colleagues, the Board, Executive Leadership Team and subsidiary directors to support their role in mitigating financial crime risk. Training topics include anti-money laundering/counter-terrorism financing, anti-bribery and corruption, economic and trade sanctions, and fraud and scams.

• Deploying additional sanctions intelligence lists to our sanctions screening program to identify transactions presenting elevated sanctions risk.

• Implementing an Anti-Bribery & Corruption (ABC) Compliance Program to manage and mitigate bribery and corruption risk, with key requirements of this Program published in our Anti-Bribery and Corruption Policy (available at nab.com.au). In 2025, the ABC compliance program focused on completing the Enterprise Wide Risk Assessment, which was reported to the Board.

Throughout the year, we collaborated closely with Australian law enforcement, regulators and government agencies to combat serious and organised crime impacting customers, our community, and NAB. Through our Fintel Alliance membership, Memoranda of Understanding with the Australian Federal Police, Australian Criminal Intelligence Commission, and Queensland Police Service, as well as partnerships with state-based policing agencies, NAB contributed to the national effort to disrupt serious criminal activity. This included matters related to national security, human impact crimes including child exploitation, sextortion, money laundering, fraud, scams and cybercrime. We also worked closely with non-government organisations such as the International Centre for Missing and Exploited Children, where NAB representatives contributed to the prevention of child sexual exploitation.

In 2025, NAB increased proactive referrals to law enforcement on financial abuse and elder abuse to protect vulnerable customers. We have taken a leadership role with banking partners, law enforcement agencies including the Queensland Police Service, AUSTRAC and First Nations advocacy groups to promote awareness and education of scambling, a type of online scam luring people to illegal, fraudulent gambling websites advertised on social media. While a national issue, scambling disproportionally impacts First Nations customers.

NAB’s Financial Crime Intelligence and Risk Assessment function supports our response to financial crime risks by enhancing our ability to identify and understand emerging threats. We use data and AI-driven tools to monitor changes in financial crime risk over time and help build a clearer picture of why risks evolve, and how we can respond. Strategic partnerships with government and non-government organisations enable the sharing of expertise and development of new capability to proactively identify financial crime risks, including fraud and child sex exploitation. We actively contribute to the development of AUSTRAC’s Fintel Alliance Collaborative Analytics Hub, with NAB intelligence analysts working alongside other banking partners to uncover previously hidden criminal patterns.

For more information on how NAB protects itself and its customers against financial crime, visit nab.com.au/about-us/corporate-governance/managing-financial-crime.

Supporting customers

We're here to support our customers in the face of uncertainty and help them on their path to financial recovery and resilience.

The NAB Care team is the main point of contact for personal and small business customers experiencing financial hardship or vulnerability. This team works with our customers to provide tailored support when customers are experiencing financial difficulty or vulnerability. In the current economic environment, the main reasons for hardship include cost of living, unemployment, underemployment, reduced income, and medical related events and challenges.

Customers are offered support measures such as reduced repayments, payment breaks, loan reviews and restructurings. In addition to tailoring support with their NAB products, we partner with industry-leading not for profit organisations to complement our assistance programs¹.

In 2025, NAB provided customers with financial support on 39,620 accounts².  Improvements made during the year included:

• Training all customer-facing teams to identify customers experiencing hardship or vulnerability, enabling referral to specialist teams for the appropriate support.

• Increasing the number of colleagues in our NAB Care teams.

• Partnering with industry experts to deliver new training focused on supporting customers during hardship or vulnerability.

• Improving access to support in remote communities by supporting, financing or attending community led initiatives such as Financial Awareness Week and Financial Counsellor conferences.

In 2025, NAB reaffirmed its commitment to supporting customers experiencing vulnerability through the development of the internal Extra Care strategy and plan. Particular focus is placed on supporting customers experiencing financial abuse, those recovering from natural disasters and the economic empowerment of First Nations communities.

Our aim is to identify customer vulnerability as early as possible. Across our customer-facing teams, NAB is enhancing the capability and confidence in recognising signs of vulnerability, and leveraging behavioural insights to redesign how we approach customer conversations. This includes the rollout of a new approach to hardship conversations within our Collections and Hardship teams.  

Our Customer Vulnerability Framework for 2024 to 2026 (available at nab.com.au/customersupport) outlines NAB's priorities for supporting customers experiencing vulnerability.

The NAB Customer Support Hub provides specialised care for customers in vulnerable circumstances. In the past year we supported 5,911 customers including 1,782 individuals experiencing financial abuse and/or domestic and family violence. In addition 169,507 abusive transactions were blocked via online and mobile banking. We provide tailored support for customers experiencing domestic and family violence, including making their banking safe, and providing extra account security, financial assistance, and referrals to community partners where appropriate.

We support customers in managing their money by providing a number of tools and support options. In 2025 the Financial Assistance Hub was launched on nab.com.au, a central location where customers can easily access information about available support during periods of financial stress. A range of easy-to-use tools is available via NAB's digital channels - including Savings Spaces, Upcoming Bill Prediction, Spending Insights and Budgets. More than one million customers used these tools during the year. We aim to expand usage further to support improved financial health and wellbeing.

NAB also continues its long standing commitment to helping people access mainstream banking services, particularly those with limited financial capability, poor credit history or lower income. For 22 years, NAB has partnered with Good Shepherd Australia New Zealand to provide access to No Interest Loans (NILs) - loans that incur no interest or fees, and don’t require security.

In 2025, NAB helped 35,032 people access $58.7 million in NILs through the provision of zero-interest capital and other support. Since 2003, NAB has provided more than 450,000 microfinance loans valued at $605.6 million, supporting more than one million Australians on low incomes.

In 2025, NAB delivered learning modules to more than 30,000 colleagues to build and refresh capability in identifying red flags of financial abuse and domestic violence. The training reinforced NAB’s commitment to customers under the Banking Code of Practice 2025.

NAB aims to provide products and services to support the diverse needs of our customers and communities. By fostering an inclusive workplace, where all colleagues feel confident being themselves, we can better serve our customers.

The 2025-2026 Accessibility Action Plan (AAP), launched this year, outlines NAB’s formal commitment to accessibility.

The AAP highlights advances made over the past two years. This includes the development of communication ‘Preference Cards’ to support customers communication needs during branch visits and the introduction of new Easy English Guides making important information clearer and simple.

NAB was also accredited by the Australian Disability Network as a ‘Disability Confident Recruiter’ and recognised as the ‘Top Performer for Employee Experience’.

An 'Empathy Lab' was created to provide colleagues with a hands-on, interactive experience to simulate real-world challenges faced by people with accessibility needs.

NAB’s Enterprise Product Governance Lifecycle framework (Products@NAB) places the customer at the heart of design, execution and continuous improvement of our products. Product governance mandates controls across the product lifecycle to test the design and operation of NAB’s products and services against the Customer Outcomes Framework for simple and effective products that meet our customers' needs.

NAB reviews inclusion, accessibility and vulnerability considerations to evaluate and identify opportunities for continuous improvement, which informs product strategies and delivery roadmaps.

1. For more details on Customer Support, refer to nab.com.au/customersupport.
2. Accounts that received financial hardship assistance at any point in time over the 12 month period. Additionally, accounts managed by Strategic Business Services (SBS), and migrated White Label branded Citi credit cards (Kogan, Coles, Qantas) are included.

Supporting First Nations economic empowerment

We seek to leverage our strength in business banking, to support self-determination by financing the fast-growing First Nations economy.

NAB's ambition is to double its lending to First Nations businesses and community organisations that deliver benefits to First Nations peoples - from $417.2 million in 2023 to at least $1 billion by the end of calendar year 2026.

NAB’s lending reached $673.2 million as at August 2025. Growth was driven primarily by an increase in the number of eligible customers we lend to, as well as an increase in the total lending balance of existing customers. While we are pleased to see accelerated growth, we know that achieving our ambition will be challenging.

Spend with First Nations suppliers increased from $15.1 million in 2024 to $26.4 million in 2025 exceeding our target of $18 million.

NAB has continued to expand and tailor services that make banking more accessible for First Nations customers.

NAB has partnerships with First Nations organisations including Jawun and DeadlyScience to advance community priorities.

NAB draws on feedback from First Nations leaders, customers, and colleagues to inform decision-making. In 2025 we:

• Grew our First Nations Advisory Group by two First Nations external members to provide guidance on our initiatives and maintain alignment with community and business perspectives.

• Held in-person forums with First Nations colleagues to better understand their experiences, career pathways, leadership growth, cultural immersion and building strong networks.

• Invited First Nations leaders to speak at colleague events about issues that matter to First Nations peoples.

By strengthening cultural capability across NAB, we aim to empower First Nations colleagues to succeed and lead in ways that reflect their aspirations and talents.

We’ve taken steps to grow the pipeline of First Nations talent across NAB. Initiatives include targeted recruitment partnerships and an ongoing relationship with CareerTrackers, new internships and early career pathways, and a stronger focus on retention, development and leadership progression. The number of NAB First Nations colleagues, based on self-reporting through the colleague engagement survey was 207 in 2025. In the past 12 months, 17 intern and 35 trainee positions have been provided. We’re working to create not just jobs, but long-term, meaningful careers. 

99.8% of Australian-based colleagues have completed mandatory cultural learning. Additional, targeted training for specific cohorts was expanded in 2025, with the Indigenous Customer Service Line team, Business Bankers with First Nations customers, and Scam and Fraud teams.

The First Nations Employee Resource Group, Walking Together, has grown to 1,386 members (including First Nations and non-First Nations colleagues). The Group advocates for the rights and experiences of First Nations colleagues, creates peer support networks, and guides how we build a culturally safe and inclusive workplace.

In 2025, NAB instituted a more rigorous reporting mechanism to track delivery of its Reconciliation Action Plan (RAP). We are encouraged by the progress achieved in the first full year of our 2024-2027 RAP and grateful for the guidance of First Nations customers, partners and colleagues in driving these outcomes. As we look to the next two years of our RAP and beyond, our focus remains on impact, accountability, and listening. For more information refer to Reconciliation Action Plan 2024-2027.

1. Lending position refers to ‘Gross Loans and Advances’ to both direct First Nations Businesses (with >50% First Nations Ownership), and community organisations that deliver benefits to First Nations peoples, identified by NAB’s First Nations business team and/or validated against Supply Nation, Office of the Registrar of Indigenous Corporations (ORIC), Australian Charities and Not-for-profits Commission (ACNC) registered charities. Additional checks performed on ACNC dataset to test relevance. Lending calculated as at 31 August 2025, baseline position ($417.2m) calculated as at 31 August 2023. Reference to the 2026 target end date is calendar year (31 December 2026). In 2025, lending to eligible First Nations businesses and community organisations banked out of our Corporate and Institutional Banking division was included for the first time. This made an immaterial difference (2.1%) to our total lending balance. Prior years have not been restated to include customers classified as eligible during 2025.

Affordable and specialist housing

NAB recognises the need for improved access to housing to support community wellbeing and a strong economy.

Over the past three years, NAB focused on supporting affordable and specialist housing¹ and achieved its $6 billion financing ambition ahead of schedule.

In 2025, this included supporting around 5,000 first home buyers through the Australian Government 5% Deposit Scheme. This group represented a subset of all first-home buyers assisted by NAB under the scheme, with taxable incomes and property values below the national median.

The Australian housing market is becoming less accessible for the average Australian, with lack of supply pushing up prices faster than wage growth (+17.0% rental prices, +16.8% house prices versus +10.1%² wage growth) between 2022 and 2025. Only 20% of Australian households can afford to buy a house at the national average price, which surpassed $1 million in March 2025³.

NAB recognises an opportunity to take action, aligned to the Federal Government’s 2024 National Housing Accord.

We will use our relationships, capital and capability to support a number of areas.

NAB recognises the importance of supporting households to access home ownership. The Australian Government 5% Deposit Scheme helps NAB to further support households to access home ownership.

Increasing the supply of housing in Australia is critical. NAB’s commercial real estate lending plays an important role in the development of new housing. We are also supporting clients with a focus on the areas described below:

• Build-to-rent: NAB supports the growth of build-to-rent in Australia as an innovative model to help people on all income levels - especially essential workers – access quality homes in central locations.

• Community housing providers (CHPs): CHPs are a growing subset of the housing sector and provide bespoke, often wraparound, services for people on low incomes, essential workers and young people. NAB will continue to support financing opportunities for future CHP projects supported by the Housing Australia Future Fund, particularly through development finance.

NAB welcomed the Government’s commitment to invest $54 million to help supercharge prefabricated and modular home construction. We participated in Treasury working groups to progress an industry wide approach and worked to refine our own approach.

NAB has set a new and expanded ambition to provide $60 billion in financing to address housing affordability by 2030⁴. This ambition comprises:

• $30 billion in financing to address supply of commercial real estate development projects where the underlying use is predominantly residential, and all financing of specialist accommodation, including build-to-rent, student accommodation, land lease, and community housing.

• $30 billion in financing to support first home buyers via the Australian Government 5% Deposit Scheme.

This ambition seeks to support both supply and demand challenges and could support ~55,000 loans for first home buyers⁵ and the development of ~50,000 new homes⁶. It is intended to capture the broad range of financing we provide and set clear direction and accountability for growth. Sub-sectors within this ambition will vary in size and pace of growth, however we believe all are important components in helping get more Australians into more homes.

1. Affordable and specialist housing includes affordable housing, specialist disability accommodation and sustainable housing. This includes loans made under the Australian Government 5% Deposit Scheme (formerly the Home Guarantee Scheme) for properties under the national median house price, and for borrowers with taxable income below the national median household income. Progress is based on total lending facilities committed, where first draw down occurred during the ambition period, or additional funding was provided during the ambition period for a pre-existing loan facility. This number does not reflect debt balance.
2. ABS Wage Price Index; ABS Total Value of Dwellings; ABS Consumer Price Index. Between 2022 and 2025.
3. Based on the income ~$178,000 income required to borrow 80% of a $1 million house price; Grattan Institute 2025 Budget Cheat Sheet; ABS Total Value of Dwellings.
4. Amounts are calculated by reference to facility limits at origination. Where a development is subject to limit increases, this may result in financing being counted more than once towards the cumulative total. Financing included in the ambition may also be included in other targets and goals where that financing meets the criteria set for those targets and goals, for example the NAB’s environmental financing ambition and the First Nations business lending ambition. There are several factors that may impact NAB’s ability to achieve our ambition, including broader regulatory settings, government incentive schemes, planning and approval timelines, construction supply and labour constraints and NAB’s ability to ensure it is achieving safe and sustainable growth.
5. Based on an average first home buyers loan of $545,056 (ABS 2024-2025).
6. Based on the average cost of a new detached house approved in Australia in 2024/25 of $492,410 (Housing Industry Association analysis of ABS data).

Colleagues

Our Colleague Strategy

In October 2024, NAB refreshed its Colleague Strategy to align with the Group Strategy ambition of becoming the most customer-centric company in Australia and New Zealand. The Colleague Strategy is anchored in the ambition to have customer obsessed colleagues who are proud to work at NAB.

As a key enabler of NAB’s broader transformation, the Colleague Strategy is delivered through three pillars: Talent, Culture, and Leaders. To help deliver our strategic ambition, NAB launched five refreshed Who We Are behaviours in October 2024. These behaviours provide clear expectations for leaders and colleagues and reinforces the mindset required to drive customer-centricity across the organisation.

In 2025, NAB delivered key initiatives to support the execution of the Colleague Strategy:

• Refreshed our culture transformation strategy and culture framework to define how culture is understood, measured and embedded.

• Established a Culture Champion network to support the role modelling of desired behaviours and embed culture interventions.

• Introduced a universal leadership capability framework, How We Lead, reinforcing our investment in Distinctive Leadership, to guide the recruitment, development and retention of world-class people leaders.

• Piloted a new recruitment approach through NAB Elevate Talent aimed to ensure alignment with target-state culture and strategic ambitions.

• Developed a skills taxonomy to enable a skills based organisation.

• Launched targeted capability development for product owners and bankers through specialised programs, pathways and academies focused on critical skills.

The Group's workforce is made up of more than 41,000¹ colleagues globally. About 88% of the permanent workforce are located in Australia and New Zealand, while others work in Asia, London, New York and Paris. Over the last year, NAB India and NAB Vietnam have continued to grow.

1. Number of full-time equivalent colleagues as at 30 September 2025, excluding discontinued operations.

Engagement

Listening and acting on colleague feedback is key to colleague engagement. NAB’s colleague engagement survey, aligned with the Group Strategy and Who We Are behaviours, provides insights into drivers such as culture, leadership, workload, and wellbeing. These insights help leaders address team needs and inform the Executive Leadership Team on patterns and opportunities for improvement across the organisation.

In 2025, NAB’s average engagement score held steady at 78¹ consistent with July 2024 results. This score continues to meet the global top quartile benchmark of 78.

Key strengths identified across the business include the high regard colleagues have for their leaders and how Distinctive Leadership practices have been embedded within teams. Colleagues also reported a strong connection between their day-to-day work and NAB's customer-centric ambition.

Opportunities for improvement include simplifying ways of working and removing barriers that slow down progress.

1. 2025 colleague engagement surveys conducted by Viva Glint, score based on an average of the two surveys conducted in February 2025 and July 2025. Includes Australia, New Zealand, and all global colleagues, excludes ubank, external consultants and outsource service providers.

Leadership capability

To develop world-class, customer obsessed leaders who inspire and support colleague performance, NAB delivered several key initiatives in 2025 that built on the foundations established through our investment in Distinctive Leadership:

• Defined How We Lead capabilities to articulate the core expectations of people leaders at different career stages.

• Introduced a 360° feedback tool to measure leadership capability and provide insights into leadership strengths and development areas aligned to the How We Lead framework.

• Delivered new leadership development support including tools and masterclasses on Leading Change, Psychological Safety and Leading Culture.

• Enrolled all new to bank leaders and newly promoted leaders into the flagship Distinctive Leadership Program. Leaders who complete the program typically receive higher colleague engagement survey scores including employee satisfaction, inclusion, psychological safety and learner safety.

NAB continues to build the skills and capabilities required to realise its strategic ambition. Key initiatives delivered in 2025 included:

• Developing future skills to leverage AI, including AI development and oversight, human-AI teaming and programming, and strategic foresight.

• Delivering cultural immersion sessions for new starters within their first eight weeks at NAB. These provide customer-centric context and accelerate embedding of the Who We Are behaviours.

• Uplifting banker capability across B&PB and PB with a focus on business development and relationship management skills that support exceptional customer experiences.

• Reinforcing risk ownership by requiring all colleagues to complete training in Risk, Conduct and Compliance for Existing Colleagues, Financial Crime Risk Awareness, Financial Crime Threats and Vulnerabilities, and Cyber Safety.

• Enhancing customer experience through Customer Voices, in which customer-facing teams listen to and learn from customer feedback and use this to shape improvements.

• Expanding access to digital learning tools, including platforms such as Udemy Business, to support continuous development.

• Using our Global Tech Academy to drive uplift in technology skills and career pathways across digital hubs based in Australia, Vietnam and India.

• Product Owners play a key role in enabling NAB’s Customer Voices system. Targeted capability uplift is underway in 2025 and will continue in 2026.

Payroll remediation

NAB is undertaking a review and remediation of payroll-related issues, which impact current and former colleagues. Costs of approximately $130 million have been incurred in 2025 related to the review and remediation of payroll issues, and as this work is ongoing, total costs remain uncertain.

Inclusion and diversity

We service a diverse and wide-reaching customer base including people from different backgrounds, identities, and experiences. To deliver exceptional customer service, NAB focuses on understanding and representing the communities in which it operates.

Policies and progress measures are in place to build and support a workforce that reflects customer diversity. When colleagues feel valued and empowered to share their ideas, performance and productivity improve, innovation increases, and risks are managed more effectively.

NAB’s Board-endorsed Inclusion & Diversity Strategic Framework (Framework) focuses on making sure all colleagues and customers can belong and succeed at NAB. The Framework is built on three key principles:

In 2025, we worked to support and encourage inclusive leadership through a series of targeted initiatives:

• Educated leaders on practices to help make all colleagues feel valued and empowered to contribute.

• Maintained diversity and inclusion goals within the Executive Leadership Team's Key Performance Indicators, linked to remuneration outcomes.

• Collaborated with each business area to develop tailored plans, with actions led by business leaders.

NAB fosters a workplace that welcomes everyone and values all kinds of differences. Initiatives are designed to benefit all colleagues and promote environments where everyone feels safe to speak up and bring their best selves to work.

Our Accessibility Action Plan¹ and Reconciliation Action Plan² include pillars focused on colleague experience and representation.

Colleague-led Employee Resource Groups (ERGs) contribute lived experience, build community and promote understanding across the organisation. NAB supports five ERGs:

• Cultural Inc

• First Nations Walking Together 

• NABility 

• Gender Equity

• NAB Pride

More information is available at nab.com.au/about-us/careers/inclusion-diversity.

We aim for all customers to feel included and valued when banking with NAB. Our information, services, and products are designed to be accessible for all.

In 2025, the NAB Pride ERG extended LGBTQIA+ inclusion resources to customers for use in their own workplaces. More details are available at nab.com.au/about-us/careers/inclusion-diversity/nab-pride/more-out-and-proud.

NAB partners with external organisations to help build belonging across the wider community. In 2025, partnership activities included:

• African Music and Cultural Festival – Platinum sponsor 

• Midsumma Festival – Principal partner

• Pride Cup – Major sponsor

For additional information on inclusive and accessible banking, refer to the Customers section of this Report.

Our leave policies support colleagues through life moments that matter. In 2025, the following policies and outcomes were delivered:

• Parental leave, pregnancy loss leave and carers leave: NAB offers up to 16 weeks of paid leave. The number of men taking parental leave was 298, consistent with 2024. Men comprised 49% of all colleagues taking parental leave. The return-to-work rate across all genders and Australian-based colleagues reached 98%. NAB monitors this rate and works with colleagues to support family needs during their return to work. 

• Cultural and religious leave: Up to three working days of paid leave are available annually. In 2025, 7,464 colleagues used this leave to celebrate or observe important cultural or religious events and traditions.

• Paid compassionate leave: Includes Sorry Business leave, available for our Aboriginal and/or Torres Strait Islander colleagues. In 2025, 3,775 colleagues accessed this paid compassionate leave.

The Board and Executive Leadership Team is committed to building a workforce that reflects the wider community and attracting and retaining talent from a range of backgrounds and experiences. Our Inclusion & Diversity Policy requires the Board to review the impact of diversity activities and initiatives at least annually. The Executive Leadership Team is responsible for implementing the Framework. More information is available at nab.com.au/about-us/corporate-governance.

NAB maintains a no-tolerance approach to all forms of discrimination and sexual harassment, including sexual harassment, sex-based discrimination and workplace bullying. We remain committed to both preventing and responding to unlawful conduct, we take a person-centred, trauma informed approach, encouraging speaking up and promptly addressing concerns across leadership, culture, training, risk management, support, reporting, monitoring, and evaluation.

Reporting on sexual harassment and discrimination was presented to all Professional Standards Forums, including education on legislative obligations, insights, trends and the nature and underlying drivers of sexual harassment and discrimination cases across the business. NAB has targeted communication to convey its 'Tone from the Top' messaging, delivering annual conduct and risk training for all colleagues and support for people leaders in dealing with harassment and discrimination concerns.

Our current policy guidelines can be accessed at nab.com.au/content/dam/nabrwd/About-Us/shareholder-centre/documents/discrimination-harassment-guidelines.pdf.

NAB sets clear goals for gender balance, pay equality, and workplace inclusion. In 2025, the Board endorsed an extension of the 2025 objectives for another year, aligning efforts with a new Inclusion & Diversity Strategic Framework and upcoming changes to the Australian Workplace Gender Equality Act legislation in 2026.

This year, we continued to make positive progress on the measurable objectives as outlined in Table 2.

1. Based on the percentage of women in each salary level, calculated using population of permanent full-time and part-time colleagues.
2. The pay gap analysis indicates the mean gender pay gap within NAB’s Australian-based workforce, the reporting period for each year reflects 1 July to 30 June of the previous year (e.g., 2025 reflects the period 1 July 2023 – 30 June 2024). The gender pay gap is calculated by dividing the mean female base salary by the mean male base salary per employment level. It does not separately measure the gender pay gap in equivalent roles. Analysis includes permanent, fixed term, and casual colleagues and excludes contractors. Figures shown are published by the Workplace Gender Equality Agency (WGEA).
3. The inclusive workforce culture scores are based off responses to NAB's colleague engagement survey conducted in July 2025 (2025 score), July 2024 (2024 score) and July 2023 (2023 score). The target was revised in 2025 to measure the inclusion score compared to Global Benchmark as per methodology used by survey provider, Glint. The Global Benchmark was 82 in 2025, and 81 in 2024 and 2023, The inclusion score is based on a combined response to three questions: 1. 'I feel comfortable being myself at work'. 2. 'I am treated with respect and dignity' and 3. 'Regardless of background, everyone at our company has an equal opportunity to succeed'. The table represents the scores for specific historically under-represented groups with the addition of men. Inclusion scores use responses to questions in the colleague engagement survey and is calculated as a weighted average. This ensures that responses from larger cohorts have proportional influence on the overall score.
4. Employment groups included in NAB's colleague engagement survey are: permanent, fixed-term or casual colleagues as well as contractors and agency temps across all divisions in Australia and our international locations. Employment groups excluded from NAB's colleague engagement survey are: external consultants and outsource providers. ubank did not participate in the demographic section of NAB's colleague engagement survey , therefore ubank data is not included in the inclusion scores.
5. The gender of respondents is based on how this is recorded in SAP/Workday.
6. From 2024, the category was expanded in the colleague engagement survey to include neurodivergence in the disability status question. People with a disability and/or neurodivergence are respondents who answered one of: 'I have disability'; 'I am neurodivergent'; 'I have disability and am neurodivergent'.
7. The methodology used in defining ethnic minority since 2023 takes into account NAB’s growing international colleague base. Ethnic minority calculations only include colleagues from Australia, NZ, UK and US. The ethnic minority group is comprised of individuals whose ethnicity is considered to be an ethnic minority in those included regions. Colleagues based in other regions are not included in the calculations, as identification of ethnic minority would be different in those regions.
8. Colleagues who selected they spend time providing unpaid care, help, or assistance to family members or others with a disability (including children, adults or older adult).

1. Available at nab.com.au/content/dam/nabrwd/documents/reports/corporate/accessibility-action-plan.pdf.
2. Available at nab.com.au/content/dam/nab/documents/reports/corporate/reconciliation-action-plan-2024-2027.pdf.

Health, safety and wellbeing

We continue to prioritise a safe and healthy work environment that supports colleague wellbeing and enables high performance.

Our approach to health and safety has evolved in response to changes in work practices, advances in technology and the increasing importance of managing psychosocial risk to drive sustainable performance.

In 2025, the Lost Time Injury Frequency Rate¹ remained low at 0.36, reflecting a proactive and prevention-focused approach.

Systems and processes were strengthened through alignment with new legislative guidance and Codes of Practice, supported by insights from targeted risk assessments conducted across business operations.

Recognising the critical role of leaders in identifying and managing psychosocial hazards, new tools and resources were introduced to support effective risk management in areas such as organisational change, job demands, workload, and job design. The ‘Workplace Mental Health Training’, developed by the Black Dog Institute, was launched and made available to all colleagues via NAB’s learning platform.

Preventing and responding to aggressive customer behaviour remains a key priority. A newly established Governance Forum, attended by senior leaders from across the business, oversees ongoing work in this area. This includes improving understanding of the drivers of aggressive behaviour and ensuring our colleagues have access to timely and appropriate wellbeing support.

NAB provides colleagues access to a range of services to support their physical and mental wellbeing. These include an interactive online platform with health resources, annual flu vaccinations and health promotion campaigns delivered throughout the year.

Workplace flexibility remains a key enabler of wellbeing. In the July 2025 colleague engagement survey, 73.1% of colleagues reported working hybrid (regular days worked remotely, in office or fully remotely). A variety of leave options are available to support integration of work and life commitments, including 'You Leave’ which encourages colleagues to use annual and long service leave to rest and recharge.

Early intervention for injuries or illness that may impact work is promoted through NAB’s team of Health Management specialists. A person-centred approach is applied to workplace adjustments for colleagues with a disability. Awareness continues to be raised around support available for colleagues affected by family and domestic violence, ensuring timely access to specialist services and paid leave.

The Employee Assistance Program has been extended to colleagues and their families in our international locations, offering 24/7 confidential counselling and coaching. This service is also available to NAB customers, free of charge.

1. Lost Time Injury Frequency Rate is calculated as the number of lost time injuries divided by total hours worked, multiplied by one million.

Building stronger, more resilient communities

Community investment

Reporting of community investment is guided by the Business for Societal Impact (B4SI) Community Investment Framework¹. Key contributions in 2025 included:

• Salary value of colleagues' time in contributing more than 4,700 days across the Group to charities including our customers, NAB Foundation partners and grant recipients.

• Foregone revenue associated with $87.4 million in NILs (loans with no interest, fees or security) allocated to support microfinance as part of our 22-year partnership with Good Shepherd. 

• Growth of NAB Foundation to provide long-term, stable funding for programs and partnerships with community organisations, granting $6.2 million in 2025.

NAB Foundation supports communities through philanthropy, social investment and in-kind support. It is aligned to NAB’s sustainability priorities, while maintaining its primary focus on helping Australians withstand and recover from natural disasters.

Since 2020, NAB Foundation has grown fivefold to $176.5 million held in trust by an independent trustee. In 2025, NAB Foundation granted $6.2 million to 99 grant partners across Australia, up from $3.8 million in 2024.

In 2025, NAB Foundation established an Impact Investing Fund designed to further increase its positive social and environmental impact by providing capital to support and scale impactful projects and organisations that align with NAB’s sustainability priorities. The fund specifically seeks to invest in opportunities that intentionally generate a positive and measurable social and environmental impact alongside appropriate risk-adjusted financial returns. To date, NAB Foundation has allocated $26.3 million of its total investment capital into the impact investing fund, with an aspiration to allocate up to $50 million.

1. Corporate Community Investment, defined broadly as businesses’ voluntary engagement with charitable organisations or activities that extends beyond their core business activities. For further information, refer to https://b4si.net/framework/community-investment/.

NAB Ready Together

Through direct financial relief, partnerships, and volunteering, NAB and NAB Foundation supported impacted communities in Australia to recover from 17 disasters in 2025 with a total of $9.8 million in financial contributions. NAB provided $6.0 million in disaster relief grant payments to 5,149 customers and 445 colleagues to assist with emergency expenses such as fuel, food and accommodation.

NAB Foundation invested in long-term recovery by supporting Financial Counselling Australia to build capabilities of local financial counsellors in disaster affected areas to guide residents through complex issues such as insurance claims, loss of income, and rebuilding their homes.

NAB extended its partnership with the Resilient Building Council, contributing to the development of a self-assessment app for flood, cyclone, and storm risks. This builds on a previous pilot focused on bushfire risk. The app supports households with a risk rating and customised action plan to help build resilience specific to their property. With certification, households can engage with participating insurers to seek insurance premium savings.

NAB Foundation quadrupled its funding support to Disaster Relief Australia from 2023 to 2025, to increase the size of the NAB Foundation Recovery Crew (a ready-to-deploy group of corporate and community volunteers) to 6,600 members by 2028.

Girls on Fire, an organisation that runs firefighting and community resilience programs for young women, received additional support from NAB Foundation in 2025 to expand its programs across Australia.

Each year, the NAB Foundation Community Grants program provides $1.2 million in grants for local projects to help communities withstand and recover from natural disasters. In 2025, this included:

• Individual grants of up to $25,000.

• Additional 'Impact Grants' of $25,000 each for four high potential projects to maximise their impact.

In 2025, NAB Foundation awarded community grants to 51 community-led organisations in all states and territories. Funded projects focused on natural disaster training and planning, community recovery, environment and wildlife and equipment and infrastructure.

Rural Aid received both a $50,000 Impact Grant and an additional $200,000 grant from NAB Foundation to assist drought and flood impacted farmers in Victoria, South Australia and New South Wales. The funds enabled Rural Aid to expand their disaster response capacity and provide urgent fodder relief and wellbeing support to farmers.

Sustainability

Sustainability in NAB's strategy

Our scale and reach means we are well placed to support our customers’ environmental and social needs through a safe and sustainable approach.

Our approach prioritises three areas, where our customers have financial needs, and which present commercial opportunities for the bank. NAB has set financing ambitions for each of these areas to signal our intent to drive more capital towards solutions.

These priorities are supported by practices across the bank to manage our business responsibly in the face of a wide range of complex sustainability risks and opportunities.

Our materiality process (refer to Material sustainability themes on page "Material sustainability themes" ) informs our approach, with consideration of how sustainability topics interact with our business model, value chain, and stakeholder needs and expectations.

The Group’s approach to managing climate-related risks and opportunities is detailed in NAB's 2025 Climate Report¹.

1. Available at nab.com.au/annualreports.

Sustainability governance

Sustainability is embedded in NAB's governance structure, as outlined below. The Board retains ultimate accountability for the oversight of sustainability-related matters and receives updates on sustainability performance.

Further details on the Board and Board committee activities in 2025 are available in the Corporate Governance Statement of this Report.

	(1) The Board Risk & Compliance Committee oversees sustainability risks (including climate and human rights-related risks) and the Groupʼs environmental compliance reported and escalated by management.

The Group has established several executive level groups and forums designed to drive enterprise collaboration, alignment and visibility on strategy, innovation, opportunities, execution activities and emerging risks (refer to Table 1 below)⁽¹⁾. The chairs of the groups and forums set out below provide periodic reporting to the Executive Leadership Team and Board and have the power to refer matters of significant importance to the Group CEO, relevant Financial Accountability Regime (FAR) accountable persons or the Executive Leadership Team.

Led by the Group CEO, the members of the Executive Leadership Team have a key role in driving the implementation of NAB's sustainability strategy and in assessing sustainability-related risks and opportunities. These include, but are not limited to:

• The Group Executive, Customer and Corporate Services (CCS) is responsible for overseeing NAB’s overall sustainability strategy, which includes climate priorities. They also hold responsibility for coordinating and overseeing sustainability-related activities more generally and advising on sustainability-related matters¹.

• The Group Executives of NAB's customer divisions (Personal Banking, Business and Private Banking and Corporate and Institutional Banking) are responsible for managing sustainability risks and opportunities within their client portfolios and delivering on NAB’s key sustainability focus areas of climate, affordable and specialist housing and First Nations economic empowerment. This includes the implementation of NAB’s sector decarbonisation targets and relevant sustainability financing ambitions.

• The Group Chief Financial Officer (CFO) is accountable for NAB’s Group strategy (to which NAB’s sustainability strategy is aligned), engagement with investors, key sustainability-related innovation investment and the execution of sustainability reporting.

• The Group Chief Operating Officer (COO) is responsible for the Group’s digital bank, ubank, oversight of marketing, including governance against greenwashing risks, leadership of accessible and inclusive design for customers, and development and maintenance of the NAB Group’s product governance framework¹.

• The Group Chief Risk Officer (CRO) is accountable for developing, endorsing to the Board and (when approved by the Board) maintaining the Risk Appetite Statement and the Risk Management Strategy for managing NAB Group’s material risks, including sustainability risk and credit risk. The CRO is also accountable for developing and coordinating the implementation of risk management strategies, frameworks, and policies to identify and manage risks for the NAB Group.

• The Group Executive, Technology and Enterprise Operations is accountable for NAB’s property portfolio, technology operations and supply chain management. This includes activities that limit NAB’s operational environmental impacts, such as improving energy efficiency, cutting emissions, and sourcing renewable energy.

• The Group Executive, People and Culture is responsible for overseeing the Group’s performance and reward framework and strategies to drive workforce culture, capability, diversity and inclusion.

• The Chief Executive Officer, BNZ has delegated authority from the BNZ Board for management and operation of the day-to-day business of BNZ and receives reporting on climate-related matters in his capacity as Managing Director of BNZ, and as a member of both NAB's and BNZ's Executive Risk and Compliance Committees and the BNZ ESG Executive Committee. For further information on BNZ’s management of climate-related risks and opportunities, refer to the BNZ Climate statements available at www.bnz.co.nz/about-us/sustainability/reports.

1. The COO will assume the CCS accountabilities from 1 December 2025.

Stakeholder engagement

Effective stakeholder engagement helps NAB better understand expectations, identify issues, advocate for policy changes and discover opportunities for improvement.

Our approach to stakeholder engagement, including processes for consultation on sustainability topics, is set out in our Sustainability Policy and informed by the AA1000 Stakeholder Engagement Standard.

NAB values feedback on sustainability topics relevant to the bank, customers and the community. Key discussions with stakeholders during the year included:       

• Reconciliation and issues facing First Nations customers and communities, including through meetings of our regular First Nations Advisory Group.

• Cost of living, natural disaster and hardship support, scams and fraud, First Nations financial inclusion and housing affordability, including through our Consumer Forum with customer advocates.

• Climate action, customer transition, fossil fuel lending activity, and NAB’s assessment of physical risks.

• Biodiversity, land use change and natural capital management.

• Human Rights, including Modern Slavery.

• Workforce management, including inclusion and diversity.

NAB is a member of various industry associations, which gives us the opportunity to discuss and address topics of mutual interest for our industry, share learnings and seek guidance on best practice approaches.

NAB is in the second year of its two-year role as Chair of the ABA, which commenced in December 2023. Through the ABA, NAB has engaged on sustainability topics relevant to the banking industry, including on priority issues of scams and fraud, financial hardship, customers experiencing vulnerability, insurability and First Nations outcomes.

Other key sustainability focused engagements during the year included:

• Through our membership of the ABA, supporting the update of the ABA Industry Statement Supporting Aboriginal and Torres Strait Islander Peoples, which outlines how the banking industry provides inclusive and accessible banking services to First Nations peoples – particularly in remote communities.

• Participation in the United Nations Environment Program Finance Initiative (UNEP FI) Principles for Responsible Banking working group alongside industry peers to help inform the scope and requirements of the program.

• Participation in Australian Sustainable Finance Institute consultations on the development and piloting of the Australian sustainable finance taxonomy.

Key industry association memberships and payments for 2025 were:

• Australian Banking Association: $2,530,425

• Business Council of Australia: $97,000

• New Zealand Bankers' Association: NZ$445,092

• Business NZ: NZ$35,000

NAB engages government and regulatory bodies to provide input and help shape policy on sustainability issues that are important to the bank. In 2025, this included:

• Mandatory climate-related financial disclosures and participating in the pilot of Australian Sustainable Finance Institute’s Sustainable Finance Taxonomy.

• Participation in the Victorian Drought Response Taskforce.

• Development of Horizon 2 of the 2023-2030 Australian Cyber Security Strategy.

• Participation in the Treasury Working Group on Modern Methods of Construction, which is examining ways to remove barriers to consumer finance.

• Submission to the Productivity Commission Five Pillars Inquiry on reform proposals to drive productivity by harnessing emerging technology, building a skilled workforce and investing in the net zero transition.

NAB’s political contributions policy prohibits political donations to any political party, parliamentarian, elected official or candidate for political office. NAB representatives may pay to attend political events and business forums hosted by major political parties. In 2024 (period 1 July 2023-30 June 2024), NAB spent $66,000 with the Australian Labor Party, $60,000 with the Liberal Party of Australia, and $16,500 with the National Party of Australia.

These payments are disclosed to the Australian Electoral Commission (AEC) in line with State and Federal regulation, noting the AEC’s reporting year is a different period to NAB’s financial year. NAB’s 2025 contributions (period July 2024-June 2025) will be available via the AEC in February 2026.

A number of activities enable us to further understand stakeholder concerns and perspectives, and respond to what matters to our stakeholders.

Material sustainability themes

NAB undertakes an annual sustainability materiality assessment to identify the sustainability areas most relevant to our business and stakeholders, and where we can potentially have the greatest impact on society. The outcomes of this assessment inform our prioritisation and decision-making.

External frameworks, such as the UNEP FI Impact Radar, reporting frameworks (e.g., Global Reporting Initiative, Sustainability Accounting Standards Board), as well as benchmarks and ratings (e.g., MSCI, Sustainalytics, S&P Global Corporate Sustainability Assessment), are used to inform the process.

Engagement with stakeholders (refer to page "Stakeholder engagement" ) also informs the assessment. Targeted engagements are conducted to discuss sustainability matters of importance and feedback received throughout the year is analysed. Insights are reviewed against strategic priorities and industry guidance.

The materiality assessment involves the following four stages:

NAB’s material sustainability themes remained largely consistent with the 2024 assessment. The 2025 assessment reaffirmed that support for customers in response to the rising cost of living is the most important theme from both strategic and stakeholder perspectives. Climate change also continues to be a high priority for our stakeholders, particularly in relation to risks, opportunities and support for customer transition. Technology and innovation remain key areas of stakeholder interest, especially in relation to the responsible use of AI and its associated risks and opportunities. Stakeholder engagement reinforced the importance of actively considering sustainability-related risks and opportunities, while maintaining a clear focus on matters relevant to NAB.

2025 Sustainability material themes		Sub-topics
	1. Supporting customers NAB is committed to ensuring customers trust us and choose us to deliver exceptional experiences in both their everyday basic needs and in their life moments that matter. This is fundamental to our strategic ambition to become the most customer-centric company in Australia and New Zealand.	Customer advocacy and feedback (page "Leading customer advocacy" ) Responsible product design and development (page 20) Financial hardship and customers experiencing vulnerability (page "Supporting customers" ) Financial inclusion (page "Supporting customers" ) Scams and fraud (page "Supporting customers" ) First Nations economic empowerment (page "Supporting First Nations economic empowerment" ) Affordable and specialist housing (page "Affordable and specialist housing" )
	2. Managing climate change NAB has a role in facilitating an orderly transition to net-zero by 2050, and supporting our customers to take action on climate change and environmental sustainability. This ensures greater business and customer resilience and commercial opportunities.	Financing the transition to net zero by 2050 Sustainable finance Managing climate risks (physical and transition) Biodiversity and natural capital Just transition Operational environmental performance Summarised information can be found on pages "Climate change and environment" to "Nature and biodiversity" . Refer to NAB's 2025 Climate Report for more detail.
	3. Data security, technology and innovation Maintaining resilient, reliable and secure systems and responsibly leveraging digital innovation supports better customer outcomes and experience.	Technology resilience and security (pages "Powering exceptional customer experiences" to "Protecting customers" ) Use of data, privacy and ethics (pages "Protecting customers" ) AI (page "Powering exceptional customer experiences" )
	4. Colleague engagement, inclusion and capability NAB's more than 41,0001 colleagues are essential to being a customer-centric company.	Leadership (including capability initiatives) (page "Leadership capability" ) Talent attraction, development, retention (page "Engagement" ) Inclusion and diversity (page "Inclusion and diversity" ) Health, safety and wellbeing (page "Health, safety and wellbeing" ) Employee/Industrial relations (page "Conduct" )
	5. Governance, conduct and culture Being transparent, making ethical decisions and embedding accountability throughout the Group is crucial for maintaining trust and credibility.	Board capability and diversity (pages "Board composition, diversity and performance" to "Director and executive shareholding requirements" ) NAB values and culture (page "NAB values and culture" ) Code of Conduct (pages "Conduct" to "Modern slavery and human trafficking statement" ) Executive remuneration (page "- Executive remuneration outcomes and changes" )
	6. Managing Human Rights A commitment to respecting human rights is a core foundation in how NAB operates. NAB seeks to support and respect the human rights of its colleagues, customers and the people in its communities.	Modern Slavery (page "Respecting human rights" ) Customer identification and management of human rights issues (page "Respecting human rights" )

1. Number of full-time equivalent colleagues as at 30 September 2025, excluding discontinued operations.

Sustainability Risk Management

Sustainability-related risks are identified, managed and reported under the Group’s Risk Management Framework.

The Group CEO oversees enterprise-wide risk management through the Executive Risk & Compliance Committee (ERCC) and its supporting sub-committees, including the Group Credit & Market Risk Committee (GCMRC). The GCMRC supports the ERCC in overseeing the Group’s management of credit, market, sustainability risk and related emerging risks and their financial implications. This includes oversight of:

• Sustainability-related policies, including those related to human rights and the environment¹.

• Risk appetite, including settings for emissions intensive, climate sensitive and low emissions sectors and human rights.

• Risk profiles, sector limits and portfolio exposures.

• Assessment of customer-related sustainability-related risks.

• Compliance with sustainability-related obligations, voluntary initiatives, goals and targets.

Sustainability risk matters are escalated by the GCMRC to the ERCC, Board Risk & Compliance Committee and the Board as required. Refer to the Sustainability governance section on pages "Sustainability governance" to "Sustainability governance" for more detail on our sustainability-related governance and accountabilities.

Where sustainability and associated reputation risk is high, sustainability risk matters are escalated by customer-facing teams for discussion and consideration in business unit forums (B&PB and C&IB). These forums involve senior management, executives and other key internal stakeholders including Risk and Corporate Affairs. BNZ also has a specialist customer risk assessment team and a forum to escalate sustainability risk matters when required.

Sustainability risk has been a material risk category² within the Risk Management Framework since October 2021. Further details, including information on other material risks, are set out in Risk factors on pages "Risk factors" to "Risk factors" .

Sustainability risk is defined as “the risk that Environmental, Social or Governance (ESG) events or conditions negatively impact the risk and return profile, value or reputation of the Group or its customers and suppliers”. Climate, nature, and human rights-related risks are considered as part of sustainability risk, alongside other ESG risks. Sustainability risks can manifest in other material risk categories, or be the cause of events or impacts that arise in relation to other material risk categories. 'ESG risk' and 'sustainability risk' are used interchangeably in this section and in other sections of this Report.

Effective risk management is core to execution of our Group strategy and ability to be a safe and secure bank. It is integral to our strategic ambition to become the most customer-centric company in Australia and New Zealand. Management of sustainability risk is part of day-to-day business and is identified, measured, monitored, reported and overseen in accordance with the Group’s Risk Management Strategy and reflected in the Risk Appetite Statement (RAS) and relevant supporting policies and management practices. Refer to Figure 1.

Sustainability risk is managed and integrated within processes for managing risks across material risk categories. Sustainability risk assessment is part of the Group's credit risk assessment and supplier risk management and due diligence processes, and factors into day-to-day decisions of colleagues.

Figure 1: The Group's Risk Management Strategy and Framework

Management of sustainability risk is operationalised through a number of supporting risk frameworks and systems, including policies, tools and our risk appetite.

The Risk Appetite Framework and Group Risk Appetite Statement (RAS) set out: (i) how the Group approaches development of risk appetite; and (ii) the Group's tolerance for risks, in either qualitative or quantitative terms. For example, setting caps or limits on key emissions intensive exposures like coal, oil and gas. The RAS operates in conjunction with sector Credit Appetite Strategies (CAS) and the Group’s High Risk ESG Sectors and Sensitive Areas list (‘Sensitive Sectors (SS) List’). The SS List helps colleagues working with customers and suppliers to identify sectors and activities that may have a higher inherent exposure to sustainability risk across a spectrum of ESG-related areas. It sets out sectors and activities where there is restricted or no appetite. Key elements of the risk appetite framework (refer to Figure 2) are reviewed and refreshed annually, including during 2025. The Group annually reviews its customer-related sustainability policies and appetite settings, to help manage sustainability risks, including those related to its exposure to emissions-intensive, climate sensitive and low-emissions sectors.

During 2025, six key sustainability-related policies were reviewed and refreshed including policies relating to human rights¹, environment¹ and assessment of customer-related ESG risk.

Figure 2: Key elements of our risk appetite framework

Risk profiling and assessment processes are key to identifying and understanding internal and external risks, including sustainability-related risks and their causes and how they may impact operations and strategy execution. Risk profiling aims to identify and understand the root causes that drive change in sustainability-related risks - including climate, nature and human rights-related risks - and to support early mitigating actions. Risk assessments help inform decisions about the risks the Group is willing to accept, reject or mitigate. In 2025, we continued to integrate sustainability risk considerations into risk management practices through:

• Ongoing development of physical climate risk tools (FarmID, HomeID and Commercial-ID): These tools are being developed using climate scenarios to help NAB understand and assess physical climate risk in the mortgage, commercial property and agribusiness portfolios. For more detail refer to the Risk Management section in the 2025 Climate Report on pages 23 to 25.

• Capability building: Bankers and credit colleagues were provided with further training to build capability in understanding and assessing customers' exposure to, and management of, sustainability risk. This included ESG online learning modules in B&PB and webinars in C&IB. NAB colleagues (99.6%) completed annual Risk Awareness training, including a sustainability risk-related module on modern slavery risk. BNZ colleagues (98.4%) also completed modern slavery training as part of Risk Awareness training.

• Further integration of climate risk into NAB’s credit risk framework.

• Electronic applications for sustainability risk assessment: Ongoing work is underway to provide application-based sustainability risk assessment processes for bankers. A pilot of C&IB's sustainability risk assessment application was completed and rolled out more broadly across the Division. B&PB commenced work on the scoping and design of a similar mini-app to assist B&PB bankers.

The Group applies a risk-based approach to managing sustainability-related risks and issues. Opportunities to enhance our Sustainability risk management processes are regularly identified including the methods used to identify, assess, mitigate and monitor potential risk areas. These include instances where the Group could cause or contribute to negative sustainability risk-related impacts or be exposed to specific environmental, social or governance risks and issues through suppliers and customers.

Colleagues in relevant customer-facing roles have day-to-day responsibility for identifying and managing sustainability-related risks, including as part of managing customer and supplier relationships. They are supported by specialists in Group functions and subsidiaries including ESG Risk Management, Financial Crime, Legal and Sustainability teams. Sustainability-related roles are also embedded within various Divisions.

The Group considers exposure to risk, including sustainability risk, at both the lending portfolio and individual customer level. This involves assessing a range of ESG factors and issues, including those highlighted in Table 3: Sustainability risk assessment.

Consideration of sustainability risk in Group credit risk assessment and due diligence processes occurs as illustrated in Figure 3 and described in more detail on page 36.

Figure 3: The Group’s credit risk assessment and due diligence processes include the following steps, appropriate to the relevant sector, business activity and geography:

Assessment of sustainability risk as part of the credit risk assessment and due diligence process starts with negative media screening on B&PB, C&IB and similar BNZ customers. This occurs at origination, internal review and where appropriate, when changes occur in customers facilities, for example during refinancing.

If potential sustainability risk issues are identified as part of this screening, or bankers note a customer's involvement in inherently³ high-risk sectors, activities or geographies, then customers are subject to sustainability-related risk assessment and due diligence in accordance with exposure-related trigger thresholds, as part of origination or ongoing credit review processes.

Colleagues in these areas regularly identify opportunities to enhance sustainability risk management processes. This includes identifying, assessing, mitigating and monitoring potential risk areas where the Group could cause or contribute to negative sustainability-related impacts.

Detailed credit risk assessment and due diligence are conducted as part of the evaluation process when triggered by internal review. This includes the assessment and identification of material risk issues, incorporating sustainability-related risks, where relevant. ESG-related checklists and a range of guidance on sensitive sectors and activities support risk assessment. This process may include assessing a potential customer’s background, character, and sustainability-related performance, as well as the geographies in which they operate.

Where lending is project-related, the Equator Principles may apply. The Equator Principles provide an environmental and social risk management framework through which member banks agree to only finance projects that are managed by the borrower with responsible business practices (both environmental and social) and which meet and comply with the Equator Principles.

Lending approval is granted only where risk, including sustainability risk, where relevant, has been effectively evaluated, appropriately mitigated and accepted. In certain instances, where there is potential for high sustainability or reputational risk, matters are escalated to the relevant divisional forums or committees, Board Risk & Compliance Committee and/or Board as appropriate.

During documentation and settlement, customers may be subject to conditions and covenants to address relevant legal (e.g. modern slavery) and voluntary obligations (e.g the Equator Principles), and to monitor and manage specified sustainability-related risks against agreed performance measures, including consideration of sustainability performance KPIs when sustainability-linked products are involved.

Ongoing customer relationship management, where relevant, includes engagement with customers to discuss their sustainability-related performance, issues and initiatives. This engagement assists in assessing customers' sustainability-related performance and in understanding their sustainability goals and objectives, enabling the provision of appropriate products and services and the management of sustainability and reputation risk that may arise from the customer relationship. Regular review of the customers' compliance with any agreed conditions and covenants with sustainability-related requirements is also undertaken. If there is evidence of systemic non-compliance or material issues, this may result in termination of the relationship, if they are not addressed or remediated to an extent that NAB or BNZ is able to accept.

The conduct and performance of suppliers can significantly impact NAB's sustainability as a business, as well as our reputation within communities. Risk management processes are in place to identify, assess, mitigate and monitor potential risk areas where exposure to sustainability-related risks may occur. The Group's Supplier Sustainability Principles set out expectations for suppliers and are available on our website⁴.

In 2025, we conducted a review of our sourcing governance process to identify potential areas where we could improve integration of sustainability risk management in our sourcing. Review recommendations will be implemented in 2026.

For information about managing modern slavery risk in our sourcing processes refer to the Group's annual Modern Slavery Statement which is available when published at: nab.com.au/about-us/sustainability/reporting-policies-approach/performance-reporting.

The Group is a signatory to industry initiatives which help banks and others to improve sustainability-related risk management practices. Refer to our website for further details⁵. These initiatives are assigned in NAB's Governance, Risk and Compliance tool to ensure controls and processes are in place to meet them.

1. The Group's Human Rights Policy, Group Environmental Management Policy and Group Environmental Reporting and Offset Management Policy are available on our website nab.com.au/about-us/sustainability/reporting-policies-approach/policies-resources.
2. The material risks managed by the Group are: credit risk, operational risk, compliance risk, conduct risk, balance sheet and liquidity risk, market risk, sustainability risk and strategic risk. For more information on these, and other principal risks and uncertainties faced by the Group, refer to Risk factors on pages "Risk factors" to "Risk factors" .
3. An inherently high risk means a risk where the innate level of risk inherent in a process or activity is high before any actions are undertaken to control, reduce or mitigate the likelihood or severity of impacts of the risk being realised if a risk event occurs.
4. The Group Supplier Sustainability Principles are available at: nab.com.au/about-us/sustainability/reporting-policies-approach/supply-chain-management.
5. A list of our memberships of industry bodies is available at: nab.com.au/about-us/sustainability/reporting-policies-approach/memberships-benchmarking.

Climate change and environment

Climate strategy

NAB has a key role to play in supporting Australia’s transition to net zero. We aim to achieve net zero by 2050 across our financed and facilitated emissions, and operations.

In 2025, NAB made progress towards its climate ambition with a focus on supporting customers, investing in climate capabilities, and investing in climate partnerships and advocacy.

In 2025, we refreshed our climate strategy to reflect our ambition to be the most customer-centric company in Australia and New Zealand. Our strategic priority is to support our customers as we move together to a resilient net zero economy. For further information on our new climate strategy refer to NAB’s 2025 Climate Report.

The Board retains oversight of sustainability-related matters including climate-related risks and opportunities. Climate is one of the key sustainability priority areas for NAB, and our climate strategy, risk management and performance are managed in line with the Group’s broader approach to sustainability governance.

For further details on the Group’s governance over climate-related matters, including the responsibilities of management and the Board, refer to the Corporate Governance Statement from page "Corporate Governance Statement" and in Sustainability in NAB's strategy on pages "Sustainability in NAB's strategy" to "Sustainability in NAB's strategy" .

In 2025, NAB continued to integrate climate risk considerations into our risk management practices including as part of risk appetite, policy and frameworks, and risk assessment processes associated with our operations, supply chain and customers.

For further information on how climate-related risks are identified, measured, monitored, managed and reported refer to the Sustainability Risk Management section on pages "Sustainability Risk Management" to "Sustainability Risk Management" .

NAB uses metrics and targets to assess and manage performance against its climate strategy. This includes targets related to attributable financed and facilitated emissions, operational emissions and NAB's environmental financing.

NAB recognises that it can have the greatest impact on reducing greenhouse gas (GHG) emissions through the financing it provides customers, in particular lending to high-emitting sectors. NAB has set twelve sector decarbonisation targets for eight of the nine high-emitting sectors identified in the UNEP FI Guidance (no target set for agriculture sector) and continues to monitor financed and facilitated emissions to understand and manage exposure in our portfolio. For further information refer to the Performance summary in NAB's 2025 Climate Report.

NAB’s Group Strategy includes a strong focus on how we can drive commercial responses to societal challenges. This includes setting our environmental financing ambition for priority areas to support climate action.

NAB’s environmental finance ambition of $80 billion by 2030 is a key metric for quantifying and communicating climate-related opportunities for NAB and our customers. As at 30 September 2025, cumulative environmental finance reached $17.7 billion, including $12.0 billion of lending activity and $5.7 billion of facilitated capital markets activity¹.

NAB's climate ambition is to achieve net zero by 2050 across our operations by implementing energy efficiency initiatives, reducing waste, and transitioning to renewable energy sources.

During the 2025 environmental reporting year, the Group’s total market-based GHG emissions (Scope 1, 2 and 3²) were 81,267 tCO₂-e (2024: 76,818³ tCO₂-e), after accounting for use of certified renewable energy. The increase in GHG emissions is primarily a result of NAB expanding its Scope 3 operational emissions boundary and the expansion of operations in India and Vietnam.

The Group first avoids and reduces GHG emissions associated with its operational Scope 1, 2 and 3 GHG emissions through implementing energy efficiency initiatives and buying renewable electricity and then retires carbon offsets for residual emissions. The Group retired and allocated 81,267⁴⁵ offsets in 2025. These offsets are a mix of Australian Carbon Credit Units (ACCUs) and Verified Carbon Units, as well as offsets BNZ⁶ has separately purchased through Toitū to meet its Toitū certification requirements for BNZ operations.

Further information about NAB’s climate-related regulatory obligations is provided in the Reducing operational emissions section from pages 43 to 47 of the 2025 Climate Report, in the Environment, Social and Governance Disclosures section on page "Environmental, Social and Governance disclosure" of this Report, and on our website⁷.

1. For further information refer to the Environmental finance ambition section of NAB's 2025 Climate Report.
2. Scope 1 GHG emissions are direct emissions from sources that are owned or controlled by an organisation including on-site fossil fuel combustion and vehicle fleet fuel consumption. Scope 2 emissions are indirect emissions from purchased electricity. Scope 3 emissions relate to all other indirect emissions that occur outside the boundary of the organisation as a result of the activities of the organisation. However, the Group’s Scope 3 emissions reported here only relate to operations and do not include Scope 3 emissions associated with the Group’s financed and facilitated emissions. The Group commenced reporting on Scope 3 attributable financed emissions in 2021. Attributable financed emissions are not included in the Group’s operational emissions inventory boundary.
3. The Group has restated its 2024 operational emissions number by 19 tCO₂-e to correct an overstatement to emissions associated with waste incineration.
4. The Group has retired offsets based on its market-based position.
5. In 2025, an additional 33 offsets have been retired to account for the impact of BNZ's moving to the 1 October 2024 - 30 September 2025 reporting year.
6. BNZ is a Toitū net carbon zero certified organisation. This voluntary carbon certification programme requires adherence to a set of standards and rules on an annual basis, focusing on measuring and reducing greenhouse gas emissions according to International Organization for Standardization 14064-1: 2018 standards.
7. Refer to 'How we calculate our carbon emissions' on nab.com.au/about-us/sustainability/environment/performance.

Nature and biodiversity

The most significant nature-related risks, opportunities, impacts and dependencies are associated with NAB’s customers. We also give consideration to the application of these factors within the Group's own operations.

Nature-related disclosures are presented using the Taskforce for Nature-related Financial Disclosures (TNFD) pillars of governance, strategy, risk management, and metrics and targets.

The Group's sustainability governance framework supports consideration of nature-related risks and opportunities. Refer to Sustainability governance on pages "Sustainability governance" .

In 2025, NAB sought to further understand key international and national developments¹ and progressed a roadmap for a strategic approach to nature.

NAB engages on nature-related matters through key industry dialogues to understand key developments and issues impacting customers. These include:

• Australian Land Conservation Alliance (ALCA) annual conference

• Nature Positive – Business Leaders Ambition Dialogue

• Australian Climate and Biodiversity Foundation Nature Positive Roundtable

• Australian Sustainability Framework Initiative Natural Capital Advisory Group

• Responsible Investment Association of Australasia’s Nature Working Group

• Business Council for Sustainable Development Australia

• UNEP-FI

• Australian Agricultural Sustainability Framework

NAB continued to take steps to better understand First Nations customer relationships with nature, focusing on customers involved in agriculture, aquaculture (including fishing), nature-based tourism, and Caring for Country.

This analysis will continue in 2026, involving community, industry and academic perspectives.

NAB regularly updates and evolves its approach to risk management in response to changes in science, technology, regulation, voluntary initiatives and societal expectations, including annual review of risk appetite.

The tools and technology required to support nature-related insights are rapidly evolving. The Group reviews emerging methods to support decision-making.

In 2025, we continued to test and explore data and technology solutions that support a portfolio-wide assessment of our customers’ interface with nature, in line with TNFD guidance. This includes developing a trial using data analytics company, GIST Impact, to establish a method by which NAB can understand nature related impacts and dependencies at a portfolio level, and in particular, for companies in the agriculture sector. The trial will test the extent to which data can be used to generate customer insights, and, ultimately, NAB’s ability to support customers as they engage with sustainable practices. The work is ongoing and planned to be completed in 2026.

Deforestation and other forms of land clearing are key threats to biodiversity requiring banks, governments, industry, and landholders to work together to develop solutions. Deforestation is one of the nature-related impacts identified in our preliminary portfolio assessment² affecting industries such as agriculture, forestry, and energy and utilities.

If the Group becomes aware that customers are engaged in, or alleged to be involved in, land clearing without appropriate permits, approvals or exemptions (referred to as illegal land clearing), the matter is investigated as set out below. Action is taken, as appropriate, based on investigation outcomes, in line with risk appetite and NAB's ESG, Credit and Financial Crime policies and processes.

In 2025, we continued to enhance our approach to managing this risk and understanding our exposure.

In 2025, we enhanced our approach to investigating potential illegal land clearing by B&PB customers, which includes Regional and Agribusiness customers. Potential illegal land clearing may be identified when:

1. Reviewing applications to onboard new customers;

2. A banker suspects illegal land clearing may be occurring on a customer’s property; or

3. We are alerted to the possibility of illegal land clearing occurring on a customer’s property either through media reporting or external party engagement.

NAB considers State and Federal permitting and approval requirements and Matters of National Environmental Significance under the Environmental Protection and Biodiversity Conservation (EPBC) Act 1999.

Any actions to be taken with a customer to manage identified risk are based upon the outcome of investigations. This may include placing a customer on close monitoring, considering contractual protections, providing additional finance if required to support rehabilitation, limiting additional lending, or reducing our exposure.

In 2025, we investigated allegations of illegal land clearing in respect of 36 B&PB customers. This is in addition to the application of our updated ESG checklist processes, which apply when onboarding new customers or at annual review.

During 2025, we enhanced our customer risk assessment and due diligence processes to include specific questions on deforestation to support bankers to identify potential issues. This included changing our risk-based trigger thresholds for sustainability-related risk assessment, which means more customers are now subject to enhanced assessment, giving NAB a better understanding of customers’ plans to undertake vegetation clearing activities. These changes apply to new customers, or existing customers that are applying for new finance. 

We are exploring solutions to augment publicly available tools to understand where land clearing may occur in our lending portfolio, including commencing a trial using geospatial analytics (see below). This trial includes exploring how existing and new environmental and vegetation coverage information could be incorporated within our operating platforms.

This year we invested in additional mandatory training for B&PB bankers who serve customers in industries such as agriculture and property development. This includes potential impacts on sensitive sites, biodiversity, threatened or endangered species, and rehabilitation obligations. It also includes an example about illegal land clearing to highlight this specific risk for bankers.

Additionally, educational briefings with external experts took place with a cohort of senior bankers and executives.

We continue to engage with key stakeholders (investors, customers, industry associations, government, environmental non-government organisations) to further build NAB's understanding of deforestation, availability of data and tools to support the management of deforestation-related risk.

In 2025, this included:

• Regular engagement with the Australian Conservation Foundation.

• Participation in a World Resources Institute-convened workshop on land conversion.

• Participation in the launch of the VMAP tool.

Managing deforestation is a complex and evolving matter that requires ongoing and coordinated societal action beyond NAB’s direct remit. This includes:

• Education and awareness-raising material and activities relating to landholder obligations under State and Federal legislation, including the Environmental Protection and Biodiversity Conservation Act.

• The interplay between supranational initiatives such as the Accountability Framework Initiative and Australian (State and Federal) legislation on vegetation management.

• Trade restrictions such as the European Union Deforestation Regulation and emerging corporate commitments to procure deforestation-free products within the agricultural value chains, which may present commercial risk for some producers.

• Development of product accreditation and traceability solutions.

• Availability of regular, nationally consistent data on land use change at a sufficiently detailed resolution to allow prompt identification of activities that may be considered deforestation.

Since 2022, the Group has prepared integrated annual reports encompassing our environmental performance. The data the Group collects regarding our direct impact on nature is provided in the table below.

Further information about nature and environmental performance is contained in the 2025 Sustainability Data Pack². This includes an assessment of exposure to nature-related impacts and dependencies.

NAB will continue to implement initiatives that strive to reduce its impact across these environmental operational metrics, and report on performance.

1. This includes, for example the TNFD, Nature Positive Initiative, and the Federal Government’s Nature Positive Plan.
2. Refer to the 2025 Sustainability Data Pack, 'Exposures' tab. Available at nab.com.au/annualreports.

Respecting human rights

The Group recognises the fundamental worth of all people by respecting human rights and understands businesses can have a significant impact on how individuals experience human rights.

Human rights remained a material area of interest to investors and stakeholders in 2025, with a key focus on modern slavery risks, due diligence processes, and customers’ approach to human rights.

Respecting human rights is a key foundation of our Group Human Rights Policy¹ and is embedded in our Who We Are behaviours and codes of conduct. It is also a key expectation of voluntary initiatives we participate in, for example, the Principles for Responsible Banking.

The Group is exposed to human rights risk. Concerns may arise through both directly managed operations and relationships we have with customers and suppliers. This exposure may occur via banking operations, customer relationships, supply chain management, private wealth-related services and the communities in which we operate.

NAB has identified salient human rights issues – those at risk of generating the most severe negative impacts – through direct activities or relationships with others. Consideration of these issues is embedded in NAB’s risk management practices and informs mitigating actions.

Sustainability Risk, which includes human rights risk, is integrated in the Group’s Risk Management Framework. Where applicable, human rights risks are considered in our risk appetite, policies, High Risk ESG-Sensitive Sectors and Areas list, and as part of the sustainability-related risk assessment, conducted during customer due diligence, where relevant.

Further details on how sustainability risk, including risks associated with human rights, is managed using a risk-based approach within lending and sourcing activities is provided in the Sustainability Risk Management section on pages "Sustainability Risk Management" to "Sustainability Risk Management" .

In 2025, the Group undertook a range of activities as part of its continuous improvement of human rights risk management:

• Reviewed and refreshed the Group Human Rights Policy and related guidance (effective from October 2025).

• Participated in industry body working groups.

• Met with First Nations leaders to listen to perspectives about project developments.

• Rolled out additional ESG training, including information on human rights (further details are provided on page 35).

• Reviewed the effectiveness of human rights questions used in our sustainability-related risk assessment process via ESG risk checklists.

• Updated the Third-Party Risk Module in NAB’s Governance, Risk and Compliance tool to reflect additional sourcing categories identified with potentially high modern slavery risk following a 2024 review.

Our Financial Crime teams in Australia and New Zealand also help manage human rights risk through the work they do. All colleagues have a role in identifying instances of human impact crime by raising reports on unusual account activity. Reporting to regulators and law enforcement in Australia and New Zealand is undertaken as required on possible crime-related activity, including modern slavery and exploitation. Further information is disclosed within NAB’s Modern Slavery Statement. The 2025 Statement will be available from December 2025.

We aim to proactively identify, assess and address sustainability-related risks and impacts which may arise in business relationships with customers and suppliers. Our human rights due diligence process is detailed at nab.com.au/about-us/sustainability/reporting-policies-approach/human-rights-approach.

The Group's sustainability risk assessment processes, when triggered, include consideration of human rights risk in customers' and suppliers' direct operations and value chain. Further details on how sustainability risk assessment is conducted are provided in the Sustainability Risk Management section on pages "Sustainability Risk Management" to "Sustainability Risk Management" .

NAB's human rights grievance process sets out how human rights concerns are investigated and addressed. Feedback and concerns can be submitted via the mailbox grievances@nab.com.au, with referrals made to the appropriate area for investigation and action. Guidance on submitting a concern is available on the website in multiple languages. Data on human rights related grievances that were received and investigated in 2025 are available in our 2025 Sustainability Data pack².

Issues relating to human rights increasingly intersect with major societal challenges, making them emerging issues for companies. Examples currently being considered and integrated into the Group's risk management response include:

• Risks arising from the use and evolution of AI including considerations of privacy, freedom of thought, accessibility and the impact of AI tools such as chat-bots.

• Consideration of children's rights in financial services – addressed through safety by design principles in product and service development and financial crime risk programs to identify and reduce crimes involving child exploitation.

• Environmental challenges such as climate change and biodiversity loss which can significantly affect well-being by impacting on rights to life, health, food, water, housing, and self-determination, particularly for First Nations peoples and other populations who are at greater risk of experiencing vulnerability.

• Growing expectations regarding First Nations people's rights and Free, Prior and Informed Consent, supported by new guidance materials for business. For example, the Dhawura Ngilan Principles proposes best practices for private sector engagement on First Nations Cultural Heritage and are accompanied by implementation guidance.

1. Further information about our approach to human rights and a copy of the Group Human Rights Policy is available at nab.com.au/about-us/sustainability/reporting-policies-approach/human-rights-approach.
2. Available at nab.com.au/annualreports.

The Group's 2025 Modern Slavery and Human Trafficking Statement will be available in December on our website¹. The statement will outline actions taken to manage modern slavery and human trafficking risk in operations and the value chain. The Group has reported on modern slavery since 2016. The statement will also provide information about ongoing participation in industry working groups and training provided to colleagues to refresh and build understanding of human rights risks as part of risk awareness and financial crime training. In 2025, new ESG risk learning modules were provided to B&PB and C&IB bankers.

Throughout this Report, a range of initiatives and activities are disclosed illustrating how the Group manages and mitigates human rights risks to people and to NAB. These activities are also of interest to stakeholders, and include:

1. Refer to nab.com.au/about-us/sustainability/reporting-policies-approach/performance-reporting available in December 2025.

Corporate Governance Framework

This Statement describes NAB’s approach to corporate governance and governance practices.

NAB aims to maintain and promote high standards of corporate governance to support strong business performance and retain the trust of shareholders, customers, colleagues, regulators and the community. NAB continually strives to improve its governance, accountability and risk management practices to meet the needs of its business and stakeholders.

NAB's Corporate Governance Framework is based on accountability, delegation and oversight to support sound and prudent decision-making.

As a fundamental element of NAB’s culture and business practices, its Corporate Governance Framework guides effective decision-making in all areas of the Group through:

• Strategic and operational planning.

• Culture, purpose, values and conduct.

• Risk management and compliance.

• Customer outcomes.

• Financial management.

• External reporting.

• People and remuneration.

The following diagram shows the key components of NAB's Corporate Governance Framework. The key functions of the Board and its committees are outlined in this Statement.

NAB follows the 4th edition ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations in this Statement. This Statement has been approved by the Board and is current as at 30 September 2025.

Board of Directors

Board of Directors

Details of NAB directors in office at the date of this Report, including each director’s qualifications, experience and other directorships and interests are below.

The Board acknowledges that directors benefit from being involved in a broad range of governance roles provided directors have the capacity to devote sufficient time and effort to fulfil their NAB responsibilities. The Chair, with the assistance of the Nomination & Governance Committee, has determined each director meets this requirement.

Mr Philip Chronican

BCom (Hons), MBA (Dist),GAICD, SF Fin

Term of office: Chair and independent non-executive director.  Non-executive director since May 2016 and Chair of the Board and the Board’s Nomination & Governance Committee since November 2019.

Independent: Yes

Industry experience: Philip has more than 40 years of experience in banking and financial services in Australia and New Zealand. Before his retirement from executive roles, Philip was responsible for leading ANZ’s Australian retail and commercial banking business. Prior to that, he had a long career at Westpac, including as the Chief Financial Officer and leading Westpac’s institutional banking business.

During his career as a banking executive, Philip gained deep experience in strategy, business performance, transformation, operations, risk management, capital management, financial reporting, stakeholder engagement, and people and culture. He also gained broad experience in technology, M&A activity and post-merger integration.

Philip has taken an active and public role in advocating for greater transparency and ethics in banking and promoting workforce diversity. Philip has also developed his knowledge and takes a strong interest in climate change and the impact on customers and the economy.

Other business and market experience: Philip started his career as an economist and continues to take a deep interest in domestic and international economics. Through his executive and non-executive career, Philip has had extensive experience in governance practices.

Directorships of other listed entities:

Woolworths Group Limited (since October 2021)

Mr Andrew Irvine

BSc Business Management (Hons), MBA

Term of office: Managing Director and Group Chief Executive Officer since April 2024.

Independent: No

Industry experience: Andrew has more than 26 years of experience in the financial services industry. Andrew joined NAB in 2020 as Group Executive, Business and Private Banking, following a 12 year career with Bank of Montreal where he held a number of executive roles, including as Head of Canadian Business Banking where he had end-to-end accountability for the division. Prior to Bank of Montreal, Andrew was with strategy consulting firm McKinsey & Company between 2002 and 2008 in Canada, including as Associate Partner with specific focus on clients in the financial services industry. Before working in consulting, Andrew worked in investment banking at Credit Agricole in London.

Andrew has a deep understanding of customers developed over a career in banking, and significant leadership experience in using data, insights and technology to meet customer needs.

Other business and market experience: Andrew has extensive experience in leading organisations through significant change, growth and to a market leading position.

Other relevant interests: Andrew's other interests include Australian Banking Association (Chair) and the Financial Markets Foundation for Children (Director).

Ms Kathryn Fagg AC

FTSE, BE(Hons), MCom
(Hons), FAICD

Term of office: Independent non-executive director since December 2019. Chair of the People & Remuneration Committee and member of the Board's Risk & Compliance Committee.

Independent: Yes

Industry experience: During her executive career, Kathryn had first-hand banking experience through operational and strategic leadership roles at ANZ. She also served on the Board of the Reserve Bank of Australia. 

Other business and market experience: Kathryn has more than 25 years of senior commercial and operational leadership experience in a range of industries, holding executive roles with Linfox Logistics, Bluescope Steel and ANZ.

During her executive career in banking and other industries, Kathryn gained deep experience in strategy, business performance, risk management, customer experience, corporate development, stakeholder engagement, and people and culture, in a variety of jurisdictions across Asia as well as in Australia and New Zealand.

Kathryn has had an active non-executive career across industries including science and innovation, as well as manufacturing, industrials, macroeconomics and public policy, and the investment sector. In these roles, Kathryn has developed strong experience across a broad range of environmental and governance matters. Kathryn gained experience on environmental matters as a former Chair of CSIRO and Boral, and current Chair of Watertrust Australia. Kathryn's experience in governance extends across a wide range of board and executive level roles in the private, public and not-for-profit sectors.

Directorships of other listed entities:

Djerriwarrh Investments Limited (since May 2014)
Medibank Private Limited (since March 2022)

Other relevant interests: Kathryn’s other interests include Breast Cancer Network Australia (Chair), Watertrust Australia Limited (Chair), The Grattan Institute (Director), The Myer Foundation (Director) and Champions of Change Coalition (Director). 

Ms Christine Fellowes

BE, MAICD

Term of office: Independent non-executive director since June 2023. Member of the Board's Customer and People & Remuneration Committees.

Independent: Yes

Industry experience: Christine has more than 30 years of experience leading businesses across strategy, marketing, product and brand development, operations and profit and loss (P&L), driving digital transformation within multinational organisations in media, communications and technology.

Other business and market experience: Christine has extensive experience in leading growth businesses across regional expansion, strategy, operations and P&L roles for prominent US multinationals in media, entertainment and technology companies in Asia-Pacific. Most recently she served as the Managing Director of the NBCUniversal Global Networks and Direct to Consumer business in Asia-Pacific, overseeing Pay-TV, television and digital services, where she also served on corporate boards. Prior to that, she held leadership positions at Comcast International Media Group, Turner Broadcasting System and Omnicom Group.

Christine has a deep understanding of navigating strategic digital transformation while serving broad customer and community interests. Her expertise lies in strategy development, business performance, customer experience, stakeholder engagement and organisational culture, as well as high competency in data and analytics.

As co-founder and director of NINEby9 Pte Ltd, a Singapore based company dedicated to research and advocacy for gender equality in organisations in Asia, Christine actively works towards fostering inclusivity and empowering women in the workplace.

Directorships of other listed entities:

GuocoLand Limited¹ (since January 2024)

Former directorships of other listed entities in the past 3 years:

VIQ Solutions² (from 2022 to August 2023)

Other relevant interests: Christine’s other interests include UWA Business School (Director). 

Mr Warwick Hunt MNZM

BAcc (Hons), FCA (Australia and NZ), ACA (England and Wales)

Term of office: Independent non-executive director since December 2024. Member of the Board’s Audit and Risk & Compliance Committees. Chair and independent non-executive director of Bank of New Zealand (BNZ), a significant subsidiary of NAB.

Independent: Yes

Industry experience: Warwick has an extensive understanding of banking and global markets gained throughout his career in professional services, particularly auditing and providing advisory services to banks, and other financial services' providers. Beyond banking, Warwick is deeply experienced in accounting, auditing, financial and regulatory reporting, regulation, risk management and governance practices, having provided audit and advisory services to market-leading organisations in the United Kingdom, Europe, Middle East, Africa, and Australasia, in other sectors including, aviation, oil and gas, sovereign wealth and agribusiness.

Other business and market experience: Warwick has more than 25 years of leadership, governance, commercial and strategic business experience, having led and advised major organisations. He was at the forefront of innovation and change in professional services, having been Managing Partner of PwC United Kingdom and Europe, Middle East and Africa until 2022, leading through a period of substantial growth and transformation for the firm and network. This included a focus on digital transformation. Warwick also made a material contribution to the leadership of the firm and network through Brexit and the COVID-19 pandemic. Prior to that, he led PwC New Zealand and PwC Middle East.

He is an Honorary Fellow of Kings College London.

Directorships of other listed entities:

Genesis Energy Limited³ (since September 2022)

Other relevant interests: Warwick’s other interests include Hargreaves Trust (Trustee).

Ms Carolyn Kay

LLB, BA, GradDip Management, FAICD

Term of office: Independent non-executive director since July 2023. Member of the Board's Audit, Risk & Compliance and Nomination & Governance Committees.

Independent: Yes

Industry experience: Carolyn has more than 35 years of experience in the financial services sector in executive and non-executive roles. Carolyn was a lawyer and banker whose work history included Morgan Stanley, JP Morgan and Linklaters & Paines in London, New York and Australia. She has held a number of industry related non-executive director roles including The Future Fund, Commonwealth Bank of Australia, Treasury Corporation of Victoria, Victorian Funds Management Corporation and Colonial State Bank.

Other business and market experience: Carolyn has been and remains a non-executive director of enterprises across a broad range of industries.  She was previously a Guardian of Australia’s sovereign fund, The Future Fund (2015 to 2023) and a panel member of the Commonwealth Retirement Income Review (2019 to 2020). In the public sector, Carolyn is a member of the Foreign Investment Review Board and in the not-for-profit sector, she is on the board of the General Sir John Monash Foundation and Sydney Grammar School.

During her executive and non-executive careers, Carolyn gained deep experience in banking, governance, risk management, business performance, stakeholder engagement, people and culture, and public policy.

Carolyn was awarded a Centenary Medal for services to Australian society in business leadership.

Directorships of other listed entities:

Scentre Group Limited (since February 2016)

Other relevant interests: Carolyn's other interests include Rothschild & Co Australia (Chair), Myer Family Investments (Director), Foreign Investment Review Board (Member), General Sir John Monash Foundation (Director) and Sydney Grammar School (Trustee).

Ms Alison Kitchen AM

BA (Hons), FCA, MAICD

Term of office: Independent non-executive director since September 2023. Chair of the Board's Audit Committee and member of the Board’s Customer Committee.

Independent: Yes

Industry experience: Alison has more than 30 years of experience in a variety of management and governance roles within the KPMG partnership, as well as serving as lead external audit partner for a range of ASX-listed organisations, including five ASX Top 50 companies with global operations. Alison was the National Chair of KPMG Australia and a member of KPMG’s Global and Regional boards having responsibility for the overall governance and strategic positioning of the firm.

Alison’s experience extends to providing advice in areas including audit, transaction support, risk management, internal controls, business processes and regulatory change to a wide range of industries, including financial services. As National Chair of KPMG Australia, Alison led KPMG’s Board Leadership Centre, which champions corporate governance and engages with directors and business leaders on critical issues driving board agendas. In that role, Alison gained exposure to a broad range of environmental and governance matters, including climate transition.

Other business and market experience: Alison has worked in geographically diverse and complex operating environments and provided advice to industries including energy, mining, transport and consumer goods, as well as financial services.

Directorships of other listed entities:

Worley Limited (since July 2024)

Other relevant interests: Alison's other interests include AirTrunk (Director and Chair of Audit and Risk Committee) and Australian National University (Pro-Chancellor and Chair of Audit and Risk Committee).

Mr Simon McKeon AO

BCom, LLB, FAICD

Term of office: Independent non-executive director since February 2020. Chair of the Board’s Risk & Compliance Committee and member of the Board's People & Remuneration and Nomination & Governance Committees.

Independent: Yes

Industry experience: Simon has more than 40 years of experience in a wide range of sectors including financial services, the law, government and charities. During his executive career, he held investment banking leadership roles within Macquarie Group, including as Executive Chair of its business in Victoria. In his non-executive career, Simon served as AMP Limited Chair (2014-2016) (and non-executive director 2013-2016). Through these roles in the financial services industry, Simon has gained deep experience in strategy, business performance, risk management, legal and regulatory matters, client experience, stakeholder engagement, and people and culture.

Other business and market experience: Simon has broad experience from a range of governance roles in private, public and social sectors. This includes experience gained as former Chair of MYOB Limited, CSIRO, MS Research Australia and a Federal Government Panel that completed a strategic review of health and medical research in 2013.

Simon is an active philanthropist and has contributed over many years to charitable, educational, public health, social housing and other community-based organisations and social causes.

Simon has a strong interest and experience in environmental, social and governance matters, gained through his broad range of roles and experiences. On environmental matters, Simon is the Chair of the Australian Industry Energy Transitions Initiative and was a former Chair of CSIRO. On social matters, Simon has been involved with organisations improving the lives of disadvantaged people and communities over many years. On broad governance matters, Simon is a member of the Australian Institute of Company Directors' Corporate Governance Committee and was the inaugural President of the Australian Takeovers Panel and the Banking and Finance Oath’s Review Panel.

Rio Tinto Group (from January 2019 to May 2024)

Other relevant interests: Simon’s other interests include Greater South East Melbourne (Chair), The Big Issue (Advisory Board Member) and InfraBuild (Advisory Board Member).

Ms Ann Sherry AO

BA, Grad Dip IR, FAICD, FIPAA

Term of office: Independent non-executive director since November 2017. Chair of the Board's Customer Committee and member of the Board's People & Remuneration Committee. Co-Chair of NAB's First Nations Advisory Group.

Independent: Yes

Industry experience: Ann had a 12 year banking career at Westpac in senior business and people and culture leadership roles, including as divisional CEO for Westpac New Zealand and Bank of Melbourne, and Group Executive, People & Culture. In these roles, Ann gained deep experience in strategy, business performance, operations, risk management, customer experience, stakeholder engagement, and people and culture, with a strong focus on diversity and inclusion. She also gained broad experience in technology, capital management and marketing. Ann also served as a director on the ING Group Supervisory Board and as a director of ING DIRECT Australia.

Other business and market experience: Ann has significant experience in executive roles within the tourism and transport industries in Australia and New Zealand, as well as in government and public service. She served as CEO and Chair of Carnival Australia, the largest cruise ship operator in Australasia and the South Pacific. Earlier in her career, Ann was First Assistant Secretary of the Office of the Status of Women advising the Prime Minister on policies and programmes to improve the status of women.

Ann is an active philanthropist and has contributed over many years to charitable and social causes. Ann has a deep interest in social matters, with particular interests and experience in diversity and First Nations matters, as well as children and vulnerable people. Ann is Chair of UNICEF Australia and Co-Chair of NAB's First Nations Advisory Group. On environmental matters, Ann is Co-Chair of the Australian Climate Leaders Coalition and is an advisor to The Climate Ready Initiative.

Former directorships of other listed entities in the past 3 years:

Enero Group Limited (from January 2020 to October 2024)
Sydney Airport (from May 2014 to March 2022)

Other relevant interests: Ann’s other interests include Queensland University of Technology (Chancellor), UNICEF Australia (Chair), Port of Townsville (Chair), Queensland Airports Limited (Chair), Circa (Chair) and Super Members Council (SMC) Australia (Chair).

Two directors, Anne Loveridge and Doug McKay, stood down from the Board following the 2024 AGM, with Anne having completed three terms of three years on the Board. During 2024, Doug retired as the Chair of NAB's significant subsidiary, BNZ, on 31 May.

Ms Anne Loveridge AM

BA (Hons), FCA, GAICD

Term of office: Independent non-executive director from December 2015 to December 2024.

Independent: Yes

Industry experience: Anne has a strong understanding of banking and financial services, including in the areas of financial and regulatory reporting, accounting, risk management, change management and governance, gained throughout her career as an audit partner, consultant and non-executive director in this sector.

Other business and market experience: Anne has more than 30 years of experience in professional services, including as Deputy Chair at PwC. During her career as a senior executive and partner, Anne gained deep experience in business performance, client experience, stakeholder engagement, governance, and people and culture. This included a particular focus on business growth and change management, leadership development and succession, performance and reward frameworks and promoting increased diversity.

Directorships of other listed entities:

HSBC Bank Australia Limited⁴ (since February 2025)
ASX Ltd (since July 2025)⁴
Accent Group Limited (since November 2023)
nib Holdings Limited (since February 2017)
Platinum Asset Management Limited (since September 2016)

Other relevant interests: Anne’s other interests include Destination NSW (Board Member).

Mr Douglas McKay ONZM

BA, AMP (Harvard) CFInstD (NZ)

Term of office: Independent non-executive director from February 2016 to December 2024.

Independent: Yes

Industry experience: Doug has gained industry experience as Chair of BNZ (2016-2024), and as non-executive director since 2013. This has supplemented Doug’s extensive experience in business performance, capital management, risk management and stakeholder engagement with banking context.

Other business and market experience: Doug has more than 30 years of experience in commercial and leadership roles in manufacturing and distribution businesses across Australasia having held CEO and Managing Director positions in major trans-Tasman companies including Lion Nathan, Carter Holt Harvey, Goodman Fielder, Sealord and Independent Liquor. He was the inaugural CEO of the amalgamated Auckland Council. During his executive career, Doug gained deep commercial, business performance, customer, marketing, risk management and stakeholder engagement experience. Doug has private equity experience and a deep understanding of New Zealand and Australian markets.

Directorships of other listed entities (No change since retiring from the NAB Board):

Delegat Group Limited⁵ (since August 2024)
Vector Limited⁵ (since September 2022, Chair since September 2023)

Fletcher Building Limited³(from September 2018 to June 2024)
Genesis Energy Limited³ (from June 2014 to September 2022)

Other relevant interests: Doug is a Director of IAG (NZ) Holdings Limited.

1. Listed on the Singapore Exchange (SGX).
2. Listed on the Toronto Stock Exchange (TSE).
3. Dual-listed on the New Zealand and Australian stock exchanges.
4. New directorship since retiring from the NAB Board.
5. Listed on the New Zealand Exchange (NZX).

Company Secretaries

The Group Company Secretary provides advice and support to the Board, and is accountable to the Board, through the Chair, for all matters relating to the proper functioning of the Board and its committees. The Group Company Secretary is responsible for advising the Board on governance matters and ensuring compliance with Board and Board committee charters and procedures.

The Group Company Secretary and assistant company secretaries are appointed and removed by the Board.

Details of company secretaries of NAB in office at the date of this Report and each company secretary’s qualifications and experience are below.

Louise Thomson BBus (Dist), FGIA joined the Group in 2000 and was appointed Group Company Secretary in May 2013. Louise is Secretary to the Board and the Nomination & Governance Committee. She has experience in a wide range of finance, risk, regulatory and governance matters.

Tricia Conte BCom, LLB (Hons) joined the Group in 2006 and was appointed Company Secretary in November 2018. Tricia is the Secretary of the Board's Audit Committee. She is a Special Counsel in the Legal team and advises the Group on a wide range of legal, corporate, governance and regulatory matters.

Paris Nicolaou BA, LLB, FGIA joined the Group in 2018 and was appointed Company Secretary in February 2025. Paris is Secretary across the Group’s Australian Subsidiaries and is responsible for overseeing corporate governance practices across the Group. He has experience in a wide range of corporate, legal, governance and regulatory matters.

Claire Hannon BSc, LLB (Hons), Grad. Dip. App. Fin., AGIA, GAICD was appointed Company Secretary in May 2025. Claire is the Secretary of the Board's Risk & Compliance Committee and is responsible for managing the Group's Executive-level Risk Committees. She has experience in a wide range of corporate, legal, governance, risk and regulatory matters.

Executive Leadership Team

Andrew Irvine

BSc Business Management (Hons), MBA

Refer to the Board of Directors on page "Board of Directors" for Andrew Irvine's biography.

Andrew Auerbach

BA

Andrew was appointed Group Executive, Business and Private Banking in June 2025. He has more than 30 years of experience across the global financial services industry, and spent over 21 years with Bank of Montreal in several senior executive roles. Prior to joining Bank of Montreal, Andrew worked for 14 years with Canada Trust, now known at TD Canada Trust.

Cathryn Carver

BEcon&Fin

Cathryn was appointed as Group Executive, Corporate and Institutional Banking in July 2024. In a career spanning more than 30 years, Cathryn has extensive, global experience in capital markets, corporate finance, wealth and institutional banking. Since joining NAB in 2016, she has held senior executive roles focusing on corporate and institutional markets and prior to this, she held leadership roles at ANZ, Westpac and Macquarie Bank.

Sharon Cook

BA, LLB (Hons)

Sharon Cook was appointed Group Executive, Customer & Corporate Services in April 2017. Sharon is responsible for Corporate Affairs, Customer Complaints, Customer Hardship, Governance, Legal, the Office of the Customer Advocate, Regulatory Affairs, Remediation, and Climate. Sharon has more than 30 years of experience as a lawyer. For over 8 years before joining NAB, Sharon led major commercial law firms.

Shaun Dooley

BEc, MS

Shaun Dooley was appointed Acting Group Chief Financial Officer in March 2025. Shaun was previously the Group Chief Risk Officer from October 2018 where he was responsible for the Risk function across the Group. Prior to that role, Shaun was Group Treasurer and he has also led the Institutional Banking, Corporate Finance and Financial Institutions teams. Shaun joined NAB in 1992 as a relationship banker in the Corporate Banking group. Prior to joining NAB in 1992, Shaun worked for Chase Manhattan Bank Australia and Elders Finance Group. 

Daniel Huggins

BCom (Hons), MBA, MEM

Daniel Huggins was appointed as BNZ's Managing Director and Chief Executive Officer in October 2021. Daniel has over 20 years of experience in banking, corporate and financial services.  Since joining BNZ in 2020, Daniel held an executive-level role focused on customer, products and services. Prior to joining BNZ, he worked at the Commonwealth Bank of Australia and McKinsey & Company.

Ana Marinkovic

BA, MBA

Ana Marinkovic was appointed Group Executive, Personal Bank in April 2024. She has more than 20 years of experience in senior banking roles across strategy, payments, mortgages, contact centres, technology and operations in consumer and commercial divisions. Ana joined NAB in 2019 and became the Executive General Manager Business Direct and Small Business in 2020.

Les Matheson

BCom (Hons)

Les Matheson was appointed as Group Chief Operating Officer in January 2021. Les has nearly 30 years of experience in banking and finance across Australia, NZ, Europe and Asia Pacific. Prior to joining NAB, he was CEO of the Retail Bank at RBS and was also responsible for Ulster Bank in Ireland. Les had a long career with Citigroup, including Chief Country Officer for Australia. He is a Certified Bank Director (The Institute of Bankers UK) and a Fellow of the Chartered Bankers Institute (UK).

Sarah White

Sarah White was appointed as Group Executive, People & Culture in August 2023. Sarah joined the NAB Executive Leadership Team after more than five years as Chief of Staff to the Group Chief Executive Officer. Prior to that she was Executive General Manager, Talent and Leadership, in addition to a number of other key executive roles in People & Culture. Sarah has extensive experience in business partnering, coaching executives and senior leaders, leading complex change and business transformation.

Peter Whitelaw

BSc (Hons), MQF

Peter Whitelaw was appointed as Acting Group Chief Risk Officer in March 2025 and is responsible for the Risk function across the Group. Prior to this, Peter's role was Executive Resilience Risk where his accountabilities included setting the Group's risk management policies, frameworks and risk appetite relating to its capital, funding, liquidity, technology, data, privacy, information security, third party, ESG and strategic risks. Peter was previously Chief Risk Officer at BNZ. Before joining NAB in 2005, he held senior risk management positions at Sumitomo Mitsui Banking Corporation in London and Sydney.

Patrick Wright

BBA, BMIS

Patrick was appointed to the role of Group Executive, Technology and Enterprise Operations in April 2017. Prior to joining NAB, he was Chief Operations and Technology Officer at Barclaycard and Chief Operations Officer at Barclays America. Patrick has more than 30 years of experience in the banking and technology sectors, giving him extensive experience in driving major transformations in large financial services companies.

Four changes to the Executive Leadership Team were announced during 2025, but are not yet effective. Pete Steel was appointed Group Executive, Digital, Data & Artificial Intelligence, and will commence on 19 November 2025. Shane Conway was promoted to a newly created role of Group Executive, Transformation, commencing 1 December 2025. Sharon Cook will retire on 31 December 2025. Inder Singh was appointed as Group Chief Financial Officer and Group Executive, Strategy, and will commence in March 2026. For additional information on the changes, refer to the Remuneration Report.

Two Executive Leadership Team members announced they would leave the Group during the 2025 financial year and one Executive stepped-up in an acting capacity before returning to his prior role.

They are reported as Key Management Personnel (KMP) for part of the 2025 financial year in the Remuneration Report.

Nathan Goonan was appointed as Group Chief Financial Officer in July 2023. Nathan joined NAB in 2004 before working in investment banking. Since re-joining NAB in 2013, he held several executive-level roles in corporate strategy and mergers and acquisitions, including Group Executive Strategy and Innovation. In March 2025, Nathan announced he would leave the Group and ceased to be a KMP on 17 March 2025.

Rachel Slade was appointed as Group Executive, Business and Private Banking in April 2024. Prior to this, she was the Group Executive, Personal Banking. Rachel has over 20 years of experience in banking.  In March 2025, Rachel announced she would leave the Group and ceased to be a KMP on 17 March 2025.

From March to June 2025, Michael Saadie acted in the role of Group Executive, Business and Private Banking prior to Andrew Auerbach commencing in that role. Michael returned to his prior role as Executive, Private Wealth.

Board roles and responsibilities

The Board guides the strategic direction of NAB and represents shareholders’ interests by overseeing activities that create sustainable value.

The roles and responsibilities of the Board, including the matters that are specifically reserved to the Board and those delegated to management, are set out in the Board Charter which is available in the Corporate Governance section at nab.com.au/about-us/corporate-governance. Key elements of the Board’s roles and responsibilities are described below.

The Board Charter sets out the specific responsibilities of the Chair. The Chair’s primary responsibility is to lead the Board and oversee the processes used by the Board in performing its role.

The Board delegates certain powers to Board committees to help it fulfil its roles and responsibilities. Committee roles and responsibilities are set out in the respective charters and Board Committee Operating Rules, which are also available in the Corporate Governance section at nab.com.au/about-us/corporate-governance.

The Board has delegated management of the Company to the Group CEO. Except for any specific powers reserved by the Board, or matters specifically delegated by the Board to others, the Group CEO may make all decisions and take any necessary action to carry out the management of the Group. The Group CEO is accountable to the Board in exercising this delegated authority. The Board Charter also sets out the responsibilities of the Group CEO.

Key Board activities

Key Board activities in 2025

• Customers – The Board, its Customer Committee and directors increased their engagement with customers, meeting with customers and customer advocates (internal and external) throughout the year to hear their feedback and perspectives. In meetings, the Board and Customer Committee focused on matters impacting customers, including customer vulnerability, scams, customers experiencing financial hardship, servicing experience, cyber risks, integration of acquisitions, digital customer experience, and branch strategy. The Board and Customer Committee also participated in several site visits, immersion sessions and engagement activities with customer-facing colleagues and with colleagues leading the rollout of our customer advocacy approach and other significant initiatives to benefit customers.

• Leadership - The Board approved changes to the Executive Leadership Team during the year and held workshops on Talent and Succession. The Nomination & Governance Committee continued its work on the next phase of the Board's medium-term renewal strategy and plan, working in consultation with the Board. In both structured and unstructured settings, directors met with leaders and colleagues at all levels of seniority to gain insight into leadership bench strength and NAB's culture. The Board also met with boards of significant subsidiaries.

• Strategy and business performance – The Board remains focused on creating sustainable shareholder value. At each major Board meeting, the Board received reports on business performance and execution of the Group’s strategy to monitor progress. The Board periodically received reports on execution of strategies at a business unit level to understand operating context, as well as specific strategic initiatives, such as technology modernisation initiatives. This includes in relation to BNZ. The Board approved the Group’s corporate plan in October 2024 and had several sessions with management during 2025 on the evolution of NAB's strategy having regard to changes in the external environment and internal context. This included participating in workshops with management and sessions with external experts to hear their perspectives. Directors also met with investors and key regulators to hear their perspectives.

• Technology - The Board remains focused on technology as a critical enabler of NAB’s business. At each major Board meeting, the Board received reports from the Group Executive, Technology and Enterprise Operations, as well as updates on the development and execution of NAB’s business-led technology modernisation strategy. The Board and its Risk & Compliance Committee had several workshops and continuing education sessions to deepen directors' understanding of NAB's technology operating environment, strategy and plans. Topics included information security risks and cyber resilience, digitisation in banking, AI, and data and privacy risks as well as immersion sessions to see specific technology initiatives benefiting customers and colleagues. The Board also met with independent experts on NAB's business-led technology modernisation and transformation programs.

• Financial and capital management – The Board remains focused on business momentum and driving growth, which requires prudent management of the Company's balance sheet and capital. The Board received regular reports on financial performance, capital, funding and liquidity. The Board approved the 2024 full year and 2025 half year financial reports, the 2024 final and 2025 interim dividends, the Group's budget, capital management strategy, funding plan and on-market buy-back programs. Directors participated in workshops on capital adequacy and liquidity stress testing.

• Risk management – The Board remains focused on risk management, governance, accountability and culture.  This focus requires strong risk governance and an effective Risk Management Framework operated by management. The Board received regular reports from the Group Chief Risk Officer on financial and non-financial risks, including emerging risks and issues, and from the Group Money Laundering Reporting Officer on financial crime risk. The Board approved the risk management strategy, the risk appetite statement and policies for managing financial and non-financial risks. The management of financial crime risks, cyber, resilience and technology risks, as well as the impact of the economic and geopolitical environment were areas of focus. Directors participated in workshops with management to deepen directors’ understanding of specific risks, as well as topics such as stress testing, market risk limit frameworks and interest rate risk in the banking book. Directors also participated in sessions with external experts to hear their perspectives on risks in the external environment, and participated in an exercise to demonstrate reasonable steps they would take in a hypothetical crisis scenario.

• People and culture – The Board remains focused on engaged, capable colleagues who are aligned to the Group’s values, purpose and strategy. The Board received regular reports from the Group Executive, People and Culture on people-related matters, including progress in the execution of the Colleague Strategy and achieving NAB’s target culture, health, safety and wellbeing, and payroll governance. The Board held workshops on talent and succession planning and met with a range of senior leaders in formal and informal settings. Directors also had opportunities to engage with colleagues at all levels in the organisation. The Board approved scorecards and performance outcomes for the Group CEO, Group Executives and certain other senior executives, as well as the Group Performance Indicators used for the Group Variable Reward Plan, and determined the final outcome. Directors participated in site visits to operational and customer-facing teams. Some directors also visited NAB's business operations in overseas locations, including Delhi, Ho Chi Minh City, New York and London. The Board also met with the boards of some subsidiaries (BNZ, NAB India and NAB Vietnam) in 2025 during visits to Australia.

• Sustainability – The Board remains focused on sustainability, particularly climate transition, affordable housing, First Nations peoples and human rights. The Board received updates on NAB's sustainability priorities, strategy, performance and stakeholder engagement. The Board and its Committees considered a range of topics, including disclosures, high risk sectors and a human rights risk assessment. The Audit Committee participated in a workshop to deepen directors' understanding of mandatory sustainability reporting requirements.

• Regulatory and other stakeholder engagement – The Board remains focused on maintaining solid relationships with regulators and other stakeholders. The Board received regular reports on regulatory engagement, government engagement, key legal and regulatory matters, and trust and reputation. The Board met with the Group’s main regulators throughout the year to obtain feedback and share perspectives on priorities, industry risks and issues, and reform. The Group's AUSTRAC EU was a key area of focus, culminating with its cancellation on 25 July 2025. The Board also met with external experts on the regulatory landscapes in Australia and overseas.

Board planning and agenda setting

Board meetings are an essential part of corporate governance at NAB. They are the main way for the Board to have oversight of the Group’s strategy and performance and allow the Board to set expectations of management. The Board approves its calendar of meetings two years in advance to ensure that directors can attend meetings. Recurring agenda items include business performance, strategy execution and development, capital management, risk management, financial reporting, people and culture, regulatory and other stakeholder engagement and sustainability matters. Unstructured time is also factored into Board meetings and there is flexibility for ad hoc matters to be raised. Meetings with NAB’s main regulators are also planned at the start of the year.

The Board’s annual calendar is made up of six multi-day programs for Board and committee meetings and workshops as well as five shorter Board meetings for specific purposes. In 2025, several concurrent meetings were held where more than one Committee and the Board met for a specific purpose, such as Performance and Remuneration decisions, Half Year and Full Year results, the business plan and targets for the next financial year, review of policies and annual Board evaluations. Outside of scheduled Board programs, some directors participated in external engagements and site visits, including operational site visits in Australia, the US, India and Vietnam.

In the first Board program of each calendar year, the Board sets its priorities for the year ahead.  These priorities are to provide clarity on topics that the Board wishes to spend its time on, over and above business as usual matters. In 2025, the Board’s priorities were: customer-centricity; leadership culture; risk culture; business simplification and technology modernisation; and sustainability.

So that the Board and committees’ time is used efficiently and discussions reflect the bank’s priorities, agendas are reviewed by the respective Chairs, in consultation with the Group Company Secretary, Group CEO and relevant Group Executives. Forward planners are used to provide the Board and committees with a comprehensive view of the agendas planned for the year, with opportunities to actively adjust as priorities change. The forward planner is the key framework for Board reporting and is used to balance time allocated to strategic and business topics, as well as regulatory and legal obligations.

The Board also retains flexibility for ad hoc matters to be discussed at meetings or in private sessions where appropriate. Steps are taken to facilitate effective communication between management and the Board ahead of Board and committee meetings. These include responsible management providing input into certain agenda items and attending pre-meetings between Chairs and the Group Company Secretary. After the meetings, actions for follow up are shared so that requests of management are clear. To aid effective decision making, a consistent approach to writing Board and committee papers is promoted through the use of templates, guidance and feedback.

Details of director attendance at Board and committee meetings in 2025 are set out below, including concurrent meetings where more than one Committee and the Board met together. The Board and committees also held multiple workshops during scheduled Board programs in 2025, as such, are not shown as additional meetings in the table below unless the relevant Committee did not otherwise meet in that program. Refer to Key Board activities in 2025 for the nature of workshops held.

All directors receive copies of agendas, papers and minutes of committee meetings to help ensure they have equal access to that information regardless of whether they are appointed to a particular committee. All directors may attend committee meetings even if they are not a member of a committee. The table below excludes the attendance of directors at committee meetings where they were not a committee member.

1. One out-of-cycle meeting was convened to discuss a time-sensitive matter. All Directors made themselves available to attend, notwithstanding the meeting was convened at short notice.
2. Mr Irvine was unable to attend one concurrent meeting and Ms Fagg was unable to attend one Board meeting due to known scheduling conflicts. In both cases, they gave their apologies and provided input to the meeting Chair.
3. Mr Hunt joined as a non-executive director in December 2024, and joined the Risk & Compliance and Audit Committees.
4. Ms Loveridge and Mr McKay stood down as non-executive Directors from December 2024.
5. From March 2025, Mr McKeon joined the People & Remuneration Committee.

Board composition, diversity and performance

Board composition

Composition of the Board is informed by a number of factors, including the following key principles:

• The Board will be of an appropriate size to allow efficient decision making.

• The Board must consist of a majority of independent non-executive directors.

• The Board should consist of directors with a broad range of skills, experience and expertise, and different facets of diversity, including gender.

• The Chair must be an independent non-executive director and must not have been a NAB executive or the Group CEO in the previous three years.

Further details about directors’ independence are on page "Directors' independence" .

NAB has a Group Fit and Proper and FAR Suitability Policy that addresses the requirements of APRA Prudential Standard CPS 520 Fit and Proper and supports compliance with the obligations of the FAR.

This Policy requires an annual assessment of the directors, certain members of senior management and responsible auditors, including a determination of whether they have the appropriate competence, character, diligence, honesty, integrity and judgement to perform their role.

The Board, with the assistance of the Nomination & Governance Committee, has reviewed and taken into consideration the existing workload of directors and concluded that each director has sufficient capacity to undertake the duties expected of a director of NAB.

As a Board vacancy approaches, the Nomination & Governance Committee assesses the skills and experience required, which informs the identification of suitable candidates. The most suitable candidate is appointed by the Board after appropriate checks are undertaken, including assessment in accordance with the Group Fit and Proper and FAR Suitability Policy, and is subject to election by shareholders at the next AGM.

The key terms and conditions of a director’s appointment are formally documented in a letter of appointment. This process was followed for all directors on the Board.

Newly appointed directors must stand for election by shareholders at the next AGM. In addition, the NAB Constitution requires that at each AGM, non-executive directors who have held office for at least three years without re-election, or beyond the third AGM following their appointment or last election (whichever is longer) must retire from office and are eligible to stand for re-election.

Before each AGM, the Board assesses the performance of each director due to stand for election or re-election and decides whether to recommend to shareholders that they vote in favour of the election or re-election of each relevant director. Further details on NAB’s directors are provided on pages "Board of Directors" to "Company Secretaries" .

Board renewal

During the year, after consulting with the Board, the Nomination & Governance Committee reviewed the three-year Board renewal strategy and plans. This included reviewing the highest priority skills to bring on to the Board over the short and medium-term, considering anticipated retirements in coming years. The highest priority competency areas for future director appointments are technology transformation, banking and CEO experience. Broader technology-related and sustainability-related skills and experience are also desirable. The Nomination & Governance Committee and the Board aim to identify, select and nominate candidates who are able to contribute broadly in the boardroom, not only in areas of deep competency, and who add different facets of diversity to the Board. The Nomination & Governance Committee is working with an external recruitment consultant.

One director, Warwick Hunt, was elected by shareholders at the Company's 2024 AGM and two directors, Anne Loveridge and Doug McKay, stood down from the Board following that AGM, with Anne having completed three terms of three years on the Board. During 2024, Doug retired as the Chair of NAB's significant subsidiary, BNZ, on 31 May.

In 2025, the Board has recommended in the AGM Notice of Meeting that shareholders re-elect Philip Chronican for his fourth three-year term on the Board (a term permissible for the Chair under the Board Composition, Renewal & Performance Policy) and Kathryn Fagg for her third term.

Further details on NAB’s directors are provided on pages "Board of Directors" to "Company Secretaries" .

Skills matrix

Each year NAB assesses the skills and experience of each director and combined capabilities of the Board. The insights from this assessment are documented in a skills matrix that is:

• Considered in the context of NAB’s business and its strategic needs.

• Incorporated into Board succession planning and the selection of new directors.

• Used to inform areas of focus for the Board’s continuing education and use of external expertise.

To prepare the skills matrix, each director rates their skills, expertise and experience against several competency areas that are then mapped to the skills matrix. The self-assessment ratings and skills matrix are reviewed and calibrated by the Nomination & Governance Committee on behalf of the Board.

The skills matrix presented here demonstrates alignment of the Board’s responsibilities with the current mix of skills on the Board.

The Board believes the current mix of skills, experience and expertise of directors (as shown on the skills matrix) provides a diverse range of views and perspectives for the effective governance, oversight and strategic leadership of NAB. The Board also invested in continuing education and engagement activities throughout 2025 to continue to develop directors’ competencies in the following key areas, each of which provided the opportunity to hear external perspectives:

• Digital and technology topics – business-led technology modernisation, technology risks (including specific sessions on information security risk and cyber resilience, data and privacy risks), operational resilience, digitisation in banking, and AI.

• Risk management in banking – crisis management, information security risk and cyber resilience, operational risk management and resilience, the Australian and international regulatory landscapes, geopolitical landscape, emerging risks, stress testing scenario design, interest rate risk in the banking book, market risk limits and a scenario exercise.

• People-related topics – talent and succession planning, culture and capability in digital transformation, developments in people-related obligations, and NAB’s Who We Are behaviours.

• Sustainability disclosures.

• Stakeholders – investor, customer, regulatory and government perspectives. This included meetings with representatives from each of these areas to hear and discuss their perspectives.

Skills and experience	Explanation	Collective
Banking and financial services experience	Experience outside NAB in significant components of the financial services industry, including banking and equity and debt capital markets. Strong knowledge of the regulatory environment. Includes advisory roles to the industry.
Leadership and commercial acumen	Skills gained while performing at a senior executive level for a considerable length of time. Includes delivering superior results, running complex businesses, leading complex projects and issues, and leading workplace culture.
Financial acumen	Good understanding of financial statements and drivers of financial performance for a business of significant size, including ability to assess the effectiveness of financial controls.
Customer outcomes	Experience in delivering customer outcomes and deepening relationships in customer segments.
Risk management	Experience in anticipating and evaluating financial and non-financial risks that could impact the business. Recognising and managing these risks by developing sound risk management frameworks and providing oversight. Includes experience in managing compliance risks and regulatory relationships, as well as an understanding of cyber resilience and technology risks.
Strategy	Experience in developing, setting and executing strategic direction. Experience in driving growth and transformation and executing against a clear strategy.
Governance	Publicly listed company experience, extensive experience in and commitment to the highest standards of governance, experience in the establishment and oversight of governance frameworks, policies and processes.
Digital and technology	Experience in oversight of technology for businesses of a significant scale and implementing business transformations through the use of technology, including digital, data and analytics, and innovation.
People and remuneration	Experience in building workforce capability, setting a remuneration framework that attracts and retains a high calibre of executives, and promotion of diversity and inclusion.
Environmental and social	Understanding potential risks and opportunities from an environmental and social perspective.

Board tenure and gender statistics¹

1. Tenure and gender statistics are for non-executive directors as at 30 September 2025.

Board performance

Directors comprehensively prepare for, attend and participate in Board and committee meetings.

The Board recognises the importance of continuously monitoring and improving its performance and that of its committees. Under their respective charters, the Board and committees are required to assess their performance annually, which was undertaken during the year. An independent external performance evaluation of the Board and its committees is conducted every three years, or as otherwise determined by the Board. An independent external performance evaluation was undertaken in 2025.

The results of the external assessments undertaken in 2025 were that the Board and each of its committees continue to operate effectively. In the spirit of continuous improvement, the Board agreed actions to further improve its effectiveness, focused in the following areas: continuing to increase oversight of technology modernisation and involvement in talent and succession planning.

Directors’ individual performance is also assessed annually. Each director participated in an individual performance interview with the Chair in 2025 and the Chair also received performance feedback.

Responsible remuneration

The People & Remuneration Committee supports the Board to discharge its responsibilities relating to people and remuneration strategies, policies and practices of the Group.

Our purpose is to be the most customer-centric company in Australia and New Zealand, through a strong focus on customers and colleagues. By fostering a strong internal culture focused on customer-centricity, we aim to achieve disciplined growth and deliver strong returns.

The committee monitors NAB’s executive and Group remuneration policy and frameworks to ensure they reinforce our focus on customers, align with long-term sustainable shareholder value, comply with governance, legal and regulatory requirements, and are informed by risk, reputation, conduct and values outcomes.

The executive remuneration framework is designed to provide appropriate and fair remuneration to NAB's Executive Leadership Team while supporting the Group’s purpose, strategic objectives and risk appetite, and reflecting the expectations of customers, regulators and shareholders. The performance, risk and conduct of the Executive Leadership Team is evaluated a minimum of two times in each reporting period, with a mid-year review undertaken in March and an end of year review undertaken in September. The Long-Term Incentive (LTI) plan, in which all members of the Executive Leadership Team participate, is designed to provide the Board with discretion to make downward adjustments to the award at several points during the LTI's lifecycle in response to performance, risk or conduct matters. These adjustments can be made pre-grant, pre-vest, and prior to the lifting of restriction periods. The review of performance is jointly undertaken by the People & Remuneration Committee and the Board's Risk & Compliance Committee. Outcomes of the end of year review are provided to the Board for approval.

The Group remuneration framework is informed by NAB's remuneration principles and is designed to fairly remunerate colleagues while supporting the Colleague Strategy and the Group's strategic objectives and risk appetite. The framework encourages behaviours that mitigate against financial and non-financial risks, and aligns with risk, conduct and values outcomes. The Group reward offering includes a range of recognition, financial and other well-being benefits such as training, education and flexible work arrangements. Our focus on colleague learning and enhancements to the employee value proposition supports our appeal as a desirable place to work.

Further details about NAB’s executive and colleague remuneration frameworks, including NAB’s policies and practices regarding the remuneration of non-executive directors, the Group CEO, Group Executives and other colleagues, are set out in the Remuneration Report.

Shareholder engagement

NAB values open, timely and transparent communication and engages with shareholders and investors in many ways including:

• Sending electronic communications, such as open letters and publications from the Chair and the Group CEO on key developments and matters of interest.

• Providing information about NAB on its website, including in relation to the Group’s policies and governance practices and media releases.

• Providing shareholders with options on how they choose to receive communications (electronically or by post).

• Directly responding to shareholder enquiries by email, phone and post.

• Providing shareholders with dedicated communication options through the NAB Share Registry.

• Periodic trading updates, financial results and reports, ASX announcements, investor presentations and briefings (all of which are available in the Shareholder Centre section at nab.com.au/shareholder).

• In situations when the Group hosts an analyst and investor presentation including interim and end of financial year results, supporting materials are released on the ASX Market Announcement Platform ahead of the presentation commencing.

• Sending electronic video messages from the Group CEO, discussing NAB's performance on financial result dates.

• Webcasting of significant market briefings and meetings, including the AGM.

• Participating in domestic and offshore institutional investors meetings throughout the year with the Chair, Group CEO, Group CFO and other senior executives.

NAB also engages directly with investment analysts, proxy advisors and the Australian Shareholders’ Association.

NAB’s 2025 AGM will be conducted as a hybrid meeting. A hybrid meeting provides many shareholders with the opportunity to view presentations, ask questions and submit votes at the physical meeting or online during the AGM.

As in prior years, NAB will again invite shareholders to submit questions in advance of the 2025 AGM, to help NAB understand and address areas of interest or concern.

Each substantive resolution considered at the AGM will be conducted by a poll. The Board considers that voting by a poll is in the interests of shareholders as a whole and ensures that the views of as many shareholders as possible are represented at the AGM. Shareholders unable to attend the hybrid AGM are encouraged to vote in advance of the meeting.

Shareholders can contact NAB or the NAB Share Registry at any time, by mail, telephone, email or via Computershare's online platform, Investor Centre. More than half of NAB’s shareholders have elected to communicate with NAB and Computershare electronically.

Information about shareholder communications and preferences, including instructions on how to elect to receive communications electronically, are available at nab.com.au/about-us/shareholder-centre/receiving-communications.

Colleague engagement

In 2025, the Board participated in a number of events with NAB colleagues, including:

• Meetings with specific teams to learn about their day-to-day work and areas of subject matter expertise.

• Meetings with senior leaders in structured and unstructured formats.

• Site visits and events with colleagues to listen to customers and support them with their needs.

All of these events provided valuable opportunities for directors to experience the culture and capability of leaders and colleagues.

Director induction and continuing education

Each new director is provided with an orientation program that includes discussions with management, and briefings and workshops on NAB’s:

• Major lines of business.

• Strategic and financial plans.

• Risk management strategy, frameworks, compliance programs and significant risk management matters, including cyber and financial crime risk management.

• Financial statements, including significant financial and accounting matters.

• NAB’s performance management structure.

• Internal and external audit programs.

• Purpose, values and Code of Conduct.

• Key policies and external commitments.

• Directors’ rights, duties and responsibilities.

Continuing education is provided for the Board through a combination of internal and external presentations, workshops with management, site visits and study tours. Directors are also expected to keep up to date on topical issues in their own time.

For further details on the Board's continuing education in 2025, refer to the Skills matrix on page "Skills matrix" .

Directors' independence

All NAB directors are expected to bring independent and unfettered judgement to Board deliberations.

To qualify as independent, a director must be independent of management and free of any business, personal or other association that could materially interfere with (or reasonably be perceived to materially interfere with) the director’s exercise of independent and unfettered judgement with respect to issues before the Board, and to act in the best interests of NAB and its shareholders.

The Board conducts annual reviews of the independence of each of the directors. Directors are expected to provide information as and when changes occur, and each non-executive director is required to make an annual disclosure to the Board of all relevant information.

A register of directors’ material interests is maintained and periodically reviewed by each director.

If a director is involved with another company or firm that may have dealings with NAB, those dealings must be at arm’s length and on normal commercial terms.

Director tenure is a factor considered by the Board in assessing the independence of a director but is not determinative. As a guide, most directors would not stand for re-election after serving nine years on the Board, however, the Board may determine that a director continues to bring valuable expertise, independent judgement and the ability to act in the best interests of NAB beyond that period. The overall tenure profile of the Board is also a relevant factor.

In considering the independence of each director, the Board considers the factors outlined in the 4th edition ASX Corporate Governance Principles and Recommendations. The Board has determined for 2025 that all non-executive directors identified on pages "Board of Directors" to "Company Secretaries" are independent and that the Board consisted of a majority of independent directors.

To further assist in ensuring that the Board operates independently of management, non-executive directors meet in the absence of management at most scheduled Board and committee meetings.

Conflicts of interest

Under Australian law, directors have a duty to avoid conflicts of interest.

The NAB Conflicts of Interest Policy and the NAB Constitution establish clear rules, controls and guidance regarding the management of actual, potential or perceived conflicts of interest.

Directors are expected to avoid any action, position or interest that conflicts or appears to conflict with an interest of NAB. This is a matter for ongoing and active consideration by all directors, and any director who has a material personal interest in a matter relating to NAB’s affairs must notify the Board.

If a potential conflict of interest arises, NAB’s corporate governance standards dictate that the director concerned does not receive copies of the relevant Board papers and is not present at meetings while such matters are considered. In this way, the director takes no part in discussions and exercises no influence over the other members of the Board. If a significant conflict of interest with a director exists and cannot be resolved, the director is expected to tender his or her resignation.

For more information, refer to the Corporate Governance section of nab.com.au.

Access to management and independent professional advice

The Board and its committees have free and unfettered access to senior management, and any other relevant internal or external party and information, and may make any enquiries to fulfil their responsibilities.

The Board Charter and Board Committee Operating Rules clearly state that the Board or its committees may engage external consultants and experts as required, and written guidelines entitle each director to seek independent professional advice at NAB’s expense, with the prior approval of the Chair. The Board can conduct or direct any investigation to fulfil its responsibilities and can retain, at NAB’s expense, any legal, accounting or other services that it considers necessary from time to time to fulfil its duties.

Director and executive shareholding requirements

To align with shareholders’ interests, the Board has adopted a policy that non-executive directors must hold a minimum number of NAB ordinary shares equal in value to the Chair's and other directors' respective annual Board fee within five years of appointment.

The value of a non-executive director’s shareholding is based on the share price at the time shares were acquired.

All non-executive directors have met their minimum shareholding requirement.

Minimum shareholding requirements for the Executive Leadership Team are:

• Group CEO: two times fixed remuneration.

• Group Executives: one times fixed remuneration.

Newly appointed Executive Leadership Team members are required to satisfy the minimum shareholding requirement within a five-year period from the date of commencement in their role.

The Group CEO and other Group Executives have met, or are on track to meet their minimum shareholding requirement.

Details of NAB shareholding requirements for non-executive directors and the Executive Leadership Team are set out in the Remuneration Report.

Board committees

Nomination & Governance Committee

Audit Committee

People & Remuneration Committee

Risk & Compliance Committee

Customer Committee

Subsidiary boards

NAB has a number of subsidiary companies. The activities of each subsidiary company in the Group are overseen by that company’s own board of directors. The Board’s confidence in the activities of its controlled entities stems from the quality of the directors on those subsidiary boards and their commitment to NAB’s objectives. NAB has one significant subsidiary, BNZ. The Chair of the BNZ Board is Warwick Hunt, who is also a director on the NAB Board. NAB directors have a standing invitation to attend board meetings of BNZ to develop a broader understanding of its operations. The boards of BNZ, NAB India and NAB Vietnam met with the NAB Board in 2025 during respective visits to Melbourne.

The Group's subsidiary governance framework sets out the corporate governance requirements for subsidiaries operating within the Group environment including different roles and responsibilities of subsidiaries, their boards and management.

Governance, conduct and culture

Governance, conduct and culture

The Board approves NAB’s purpose, values and Code of Conduct as the foundation for NAB's desired culture, overseeing management's efforts to cultivate a workplace culture focused on sound risk management and positive customer outcomes.

NAB values and culture

To support our strategic ambition to be the most customer-centric company in Australia and New Zealand, where colleagues are customer obsessed and proud to work at NAB, the company values were refreshed in October 2024, which are known as Who We Are. These values, articulate expected behaviours of colleagues, aligning with NAB's Code of Conduct and performance management framework.

NAB's culture ambition is articulated in the Colleague Strategy, which was established with an ambition for customer obsessed colleagues who are proud to work at NAB. Further details of NAB's Colleague Strategy are available in the Colleagues section of this Report.

Who We Are has been approved by the Board and is summarised below.

Customer obsessed colleagues who are proud to work at NAB

NAB has a continued focus on improving its culture and risk culture, through leadership focus and an emphasis to embed the desired behaviours and values. Who We Are has been embedded across talent management practices including our performance management framework and recruitment processes, as well as through increasing people leader and colleague capability. Who We Are practices are also embedded in team operating rhythms enabled by a Culture Champion network to foster a customer-centric culture. Progress is reported to the Board annually and measurement uses data including colleague engagement Heartbeat surveys, risk culture dashboard and objective performance metrics. The varied data inputs provide a holistic and integrated assessment and bring meaningful insights to inform management action on culture and risk culture.

NAB's Inclusion and Diversity Policy is available in the Corporate Governance section of nab.com.au. Information about NAB's measurable objectives is located in the Inclusion and diversity section of this Report.

Conduct

NAB has a suite of policies and practices to promote a culture of honesty, integrity, competence and ethical behaviour. Policy compliance is monitored, and consequence management procedures exist for breaches of policies, standards and other obligations. Senior leaders' performance is measured against risk, conduct and accountability measures.

NAB’s Code of Conduct (the Code) was approved by the Board and outlines expectations of directors, leaders, colleagues and contractors who provide services on behalf of NAB.

The Code captures NAB’s legal obligations and an expectation to act ethically and responsibly towards customers, colleagues and communities. The Code emphasises Who We Are, and the key policies and guidelines which must be followed to achieve expected outcomes. The Code encourages individuals to 'Speak Up' about concerns along with a framework for ethical decision making. A comprehensive review and refresh of the Code is currently underway to reflect NAB's evolving priorities and core company values.

The Code is supported by an established framework for conduct and consequence management. Each business and enabling unit has established forums to review breaches of the Code at least quarterly, taking action to set the tone and reinforce NAB’s standards of conduct and culture. Any material breaches or conduct that is materially inconsistent with the expected outcomes in the Code are reported to the People & Remuneration Committee.

NAB’s Code of Conduct is available in the Corporate Governance section at nab.com.au/about-us/corporate governance.

Financial Accountability Regime (FAR)

The Financial Accountability Regime (FAR) imposes obligations on NAB and its Accountable Persons.

For the purposes of FAR, NAB has registered certain individuals (the directors, Group Executives, Executive Internal Audit and Executive Group Money Laundering Reporting Officer) as ‘Accountable Persons’ with APRA and ASIC. NAB undertakes appropriate checks before appointing executives or putting someone forward for election as a director.

NAB’s implementation of FAR continues to strengthen and clarify its accountability structures and practices. This helps to ensure clearer delegation and decision-making processes.

All NAB Accountable Persons have a letter of appointment (in the case of directors) or written employment agreement (in the case of executives), which governs the terms of their appointment, as well as a detailed FAR Accountability Statement which is lodged with APRA and ASIC.

Escalation and whistleblower protection

The Group Whistleblower Protection Policy and Whistleblower Program reflects the Group’s ambition for an environment where colleagues feel safe and empowered to speak up about wrongdoing.

All colleagues are encouraged to raise concerns about wrongdoing including conduct that may be illegal, unacceptable or improper.

By speaking up, colleagues help to identify and address wrongdoing as early as possible ensuring we focus on getting the basics right and serving customers well.

The Group Whistleblower Program provides confidential channels for colleagues (current and former colleagues, officers, contractors and/or suppliers) to raise concerns, including through FairCall, an independently monitored external hotline service operated by KPMG.

The Group Whistleblower Protection Policy provides information on the support and protection available to whistleblowers, how matters will be investigated and reinforces a no tolerance approach for any act of reprisal against those who speak up.

The Program has been established as an independent function with direct escalation and reporting lines to the Board’s Audit Committee via the Group Whistleblower Committee.

The Group Whistleblower Protection Policy is available in the Code of Conduct section at nab.com.au.

Anti-bribery and corruption policy

The Group is committed to preventing financial crime and takes a zero-tolerance approach to bribery and corruption. This is reflected in the Group’s Anti-Bribery and Corruption (ABC) Policy and Framework as well as the Group’s dedication to acting:

• Honestly, with integrity and upholding the highest ethical standards in its global activities.

• In compliance with all applicable anti-bribery and corruption laws in all jurisdictions in which the Group operates.

The prohibition against bribery and corruption in the ABC Policy applies to NAB’s entities, colleagues and all agents, contractors and other third parties acting for or on behalf of the Group. The Group strictly prohibits bribery in any form (including facilitation payments). The ABC Policy includes additional requirements around gifts and entertainment involving government officials which require approvals regardless of value. The ABC Policy is supplemented by supporting procedures which define minimum standards for compliance with the ABC Policy. Material breaches of the ABC Policy are reported to the Board by the Group CRO. NAB is a Cornerstone Member of Transparency International Australia, a member of the Bribery Prevention Network and is a signatory to the UN Global Compact, pledging to work against corruption in all its forms.

The Group’s ABC Policy is available in the Managing Financial Crime section at nab.com.au.

Group disclosure and external communication policy

The Corporations Act 2001 (Cth) and the ASX Listing Rules require that, subject to certain exceptions, once NAB becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of NAB securities (‘market sensitive information’), NAB will immediately disclose that information to the ASX and where applicable, to other relevant stock exchanges.

NAB manages compliance with its continuous disclosure obligations through its Group Disclosure and External Communications Policy and associated guidance notes. NAB’s Disclosure Committee, comprised of senior executives, has primary responsibility regarding NAB’s disclosure obligations. Potentially disclosable matters are promptly referred to the Disclosure Committee for assessment and determination. NAB operates a strict decision-making regime to enable it to monitor compliance with its disclosure obligations.

All members of the ELT are responsible for ensuring their teams adhere to the Policy and for liaising directly with the Group Executive, Customer & Corporate Services or the Chief Legal Officer, Corporate & Customer Divisions on any potentially disclosable matters. Routine administrative ASX announcements are made by the Group Company Secretary without reference to the Disclosure Committee.

Where appropriate, the Board is consulted on disclosures of utmost significance and all announcements of major matters require consideration and approval by the Board.

The Board receives copies of all material market announcements promptly after they have been made.

The Group Disclosure and External Communications Policy is available in the Corporate Governance section at nab.com.au/about-us/corporate governance.

Restrictions on trading in NAB securities

NAB’s Group Securities Trading Policy and associated guidance notes explain the law and the policy for its colleagues to comply with when trading in NAB securities.

NAB has black-out periods prior to the release of the Group’s financial results during which specified colleagues and their immediate family members and associates must not trade in NAB securities. In addition, ad hoc restrictions may be imposed on all, or individually identified, colleagues from time to time when there is a heightened risk of those colleagues coming into contact with market sensitive information.

All NAB colleagues (and in relation to members of key management personnel, their closely related parties) are prohibited from using derivatives or otherwise entering into hedging arrangements in relation to elements of their remuneration that are unvested or which have vested but remain subject to forfeiture conditions.

For more detail, refer to the Remuneration Report.

The Group Securities Trading Policy is available in the Corporate Governance section at nab.com.au/about-us/corporate governance.

Group political contributions policy

Since 2016, NAB has not made donations to any political party, parliamentarian, elected official or candidate for political office. Colleagues attend some paid events (e.g., business forums and associated events by major political parties) and payment for these events is disclosed as a political contribution to the Australian Electoral Commission in the interests of transparency. For detail on NAB’s approach to engaging on public policy, including further information on political contributions, refer to the Stakeholder Engagement section on page "Stakeholder engagement" .

NAB considers its Group Political Contributions Policy every two years. The Group Political Contributions Policy is available in the Corporate Governance section at nab.com.au/about-us/corporate governance.

Modern slavery and human trafficking statement

The Group provides an annual Modern Slavery and Human Trafficking Statement. From 2020, this statement has been pursuant to both the Modern Slavery Act 2015 (UK) and the Modern Slavery Act 2018 (Cth). Consideration of modern slavery is incorporated into the Group Human Rights Policy and relevant risk management practices and processes applicable to the Group’s customer and third-party relationships. This includes: (i) management of sustainability risk (incorporating modern slavery and human trafficking risk), within the Group's material supply chain relationships; (ii) banker identification and reporting of potential modern slavery and human trafficking concerns and Financial Crime team monitoring and investigation of human impact crimes; and (iii) consideration of modern slavery and human trafficking risk in ESG risk assessments conducted as part of customer credit risk assessment and due diligence processes, where applicable.

The Group's Human Rights Policy is available in the Human rights approach section at nab.com.au/about-us/sustainability/reporting-policies-approach/human-rights-approach.

The Group's Modern Slavery and Human Trafficking Statement is available in the Sustainability performance and reporting section at nab.com.au/about-us/social-impact/modern-slavery-statement.

Assurance and control

Throughout 2025, NAB’s external auditor was EY. The Audit Committee is responsible for reviewing the appointment, evaluation, management and removal of the external auditor, and the approval of the external auditor’s annual fees (subject to shareholder approval where required). The Audit Committee oversees EY’s responsibilities and regularly meets with EY to review the adequacy of the external audit arrangements with emphasis on effectiveness, performance and independence. This includes an annual review of the external audit plan.

To foster open communication and to facilitate appropriate matters coming to the attention of the Audit Committee, the Group CEO, Group CFO, Deputy Group CFO, Group CRO, Group Executive, Customer & Corporate Services, Practice Group Head, Corporate Legal, Executive Internal Audit, and the lead External Audit Partner all have direct and unfettered access to the Audit Committee.

NAB does not employ or appoint to the Board, Group or any subsidiary board or management body, any current or former partner, principal, shareholder or professional employee of the external auditor or their family members, if to do so would impair the auditor’s independence.

The Audit Committee has adopted a Group External Auditor Independence Policy that requires pre-approval of any services proposed to be provided by the external auditor to ensure that independence is maintained. The Audit Committee delegates authority to the Group CFO and Deputy Group CFO to approve services where the expected cost of the service is less than $200,000 (excluding local taxes). Services over $200,000 (excluding local taxes) require the approval by the Chair of the Audit Committee as the Audit Committee delegated authority. The exercise of any such delegation is reported to the Audit Committee at least biannually.

The Group External Auditor Independence Policy defines audit-related and taxation-related services and stipulates that certain services are entirely prohibited from being provided by the external auditor to ensure the independence of the external auditor is maintained. Non-audit services are permitted where the service meets auditor independence requirements with the approval by the Chair of the Audit Committee.

Unless the Audit Committee approves otherwise, fees paid for the provision of audit-related, taxation-related and non-audit services must not exceed fees paid for audit services in any year. Details of the services provided by the external auditor to the Group and the fees paid or payable for such services are set out in Note 33 Remuneration of external auditor in the Financial Report.

Legislation requires the rotation of the external audit senior personnel who are significantly involved in NAB’s audit after five successive years, including the Lead Partner.

The external auditor attends the AGM and is available to answer shareholder questions regarding the conduct of the audit and the content of the audit report.

The Annual Report, Climate Report, Investor Presentations, Quarterly Trading Updates, Half Year Results, Full Year Results Management Discussion and Analysis and Pillar 3 Report form the suite of the Group’s periodic corporate reports.

Each report is subject to the Group’s risk management and internal control systems. Assurance over risk management and internal control systems is achieved through assessments of the effectiveness of controls.

The integrity of the Group’s periodic corporate reports is underpinned by structures and processes within the Group functions that support areas of judgement, validation of information and the maintenance of proper records for all information.

The Group’s reporting policies incorporate Australian and international regulatory, legislative and prudential requirements. The Group's Enterprise Reporting Assurance team verifies and checks information across the suite of the Group’s periodic corporate reports. Group Executives and subject matter experts certify the information pertaining to their area of responsibility is materially complete and not materially misleading by statement or omission.

The level of external assurance provided on the suite of the Group’s periodic corporate reports is disclosed by the external auditor in their reports presented in NAB’s 2025 Annual Report and 2025 Climate Report.

Where there is no external assurance provided, management’s assurance procedures are considered adequate by the Audit Committee for ensuring the Group’s periodic corporate reports are materially accurate, balanced and provide investors with appropriate information to make informed decisions.

The role of Internal Audit is to provide independent assurance on the adequacy and effectiveness of NAB’s Risk Management Framework. Internal Audit forms the third line of risk accountability in NAB’s Risk Management Framework.

The Executive, Internal Audit needs to be suitably qualified for the role.

A recommendation on the appointment, performance and dismissal of the Executive, Internal Audit is made by the Audit Committee to the Board. The Audit Committee monitors the activities and performance of Internal Audit and assesses whether it remains independent of management and is adequately resourced and funded.

Internal Audit has a direct reporting line to the Chair of the Audit Committee and informal reporting lines to the Group CEO and Group CFO. Internal Audit is also the custodian of the Group Whistleblower Protection Policy and Whistleblower Program as set out on page "Escalation and whistleblower protection" .

As well as reporting regularly to the Audit Committee, the Executive, Internal Audit provides regular reports to the Risk & Compliance Committee on risk and control matters and attends People & Remuneration Committee meetings to provide insights on conduct and culture matters. The Executive, Internal Audit also has direct and unfettered access to the Risk & Compliance Committee.

Both the External and Internal Audit functions have full and unrestricted access to all colleagues, records and systems as necessary to undertake their activities.

Compliance with ASX corporate governance recommendations

NAB's Appendix 4G (a checklist that cross references the disclosures in this Statement to the ASX Corporate Governance Principles and Recommendations) is available in the Corporate Governance section of nab.com.au.

Before publication of NAB's 2025 Annual Report, the Board received a joint declaration from the Group CEO and the Group CFO that:

• In their opinion the financial records of NAB have been properly maintained in accordance with the Corporations Act 2001 (Cth).

• In their opinion the financial statements and notes comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Group.

• Their opinion was formed based on a sound system of risk management and internal control which is operating effectively.

Risk management overview

The Risk Management Framework (RMF) consists of systems, policies, processes, and colleagues within the Group to manage material risks.

Material risks are those that could have a material impact, either financial and/or non-financial, on the Group or on the interests of customers. The Group's material risks are categorised as: strategic risk, credit risk, market risk, sustainability risk, balance sheet and liquidity risk, operational risk, compliance risk and conduct risk.

The Group operates a ‘Three Lines of Risk Accountability’ model for risk management, emphasising that all three lines are accountable for managing risk, but with specific responsibilities across each line. 

The role of each line is:

• Line 1 – Each of NAB's business and enabling units own risks and obligations, and the controls and mitigation strategies that help manage them.

• Line 2 – A functionally segregated Risk function develops risk management frameworks, defines risk boundaries, provides advice and objective review and challenge regarding the effectiveness of risk management within first line units 1, and executes specific risk management activities where a functional segregation of duties and/or specific risk capability is required.

• Line 3 – An independent Internal Audit function, reporting to the Board, monitors the end-to-end effectiveness of risk management and compliance with the RMF.

Risk governance refers to the formal structure used to support risk-based decision-making, risk management review and challenge, and risk oversight across all Group's operations. This consists of Board committees and executive committees, delegations of authority for decision-making, management structures and reporting. The risk governance structure increases transparency and the sharing of insights, guidance and challenge to support each FAR Accountable Person¹ in their decision-making when discharging their individual accountabilities.

The Group CRO report highlights risk appetite tolerances, along with commentary on when triggers and limit thresholds are exceeded. It is discussed at each scheduled meeting of the Executive Risk & Compliance Committee, the Board Risk & Compliance Committee, and the Board. It is also provided to those bodies between scheduled meetings when it is timely or appropriate to do so.

The Group Risk Appetite Statement (RAS) is a key component of our RMF and articulates boundaries that are binding on the Group to ensure that we operate within acceptable levels of risk and in compliance with obligations and commitments.

The Risk Management Strategy (RMS) and RAS are approved annually by the Board each October and submitted to APRA. The Board also makes an annual Risk Management Declaration (RMD) to APRA for NAB in accordance with the requirements of APRA Prudential Standard CPS220 Risk Management. The RMD confirms that NAB has an RMF that is appropriate for the size, business mix and complexity of the Group, and which is consistent with the Group’s strategic objectives and business plan. 

Sustainability-related risks are identified, measured, monitored, reported and overseen in accordance with the Group’s RMS and RMF and reflected in the Group RAS and relevant supporting sectoral credit appetite strategies, sustainability risk-related policies and management practices. Executive management’s Group Credit & Market Risk Committee oversees sustainability risk, which is defined as the risk that "Environmental, Social or Governance (ESG) events or conditions negatively impact the risk and return profile, value or reputation of the Group or its customers and suppliers” and includes climate, nature and human rights-related risk, as a significant part of the Group's exposure to these risks is through lending to customers.

The Group's climate change disclosures align with TCFD recommendations. In 2025, TCFD disclosures continue to be provided in NAB's 2025 Climate Report, alongside a summary in this Report on page "Climate strategy" .

The Group's modern slavery statement is available at nab.com.au/about-us/social-impact/modern-slavery-statement.

Updates on sustainability risk, including papers on environmental and social risks, are provided to the Executive Risk & Compliance Committee, Board Risk & Compliance Committee and Board as appropriate. Further information on the Group’s material exposures to sustainability-related risks is set out in ‘Disclosure on risk factors’.  Further details on how the Group manages risks presented by climate change within its Risk Management Framework can be found in NAB's 2025 Climate Report.

1. For the purposes of FAR, NAB has registered certain individuals (the directors, Group Executives, Executive Internal Audit and Executive Group Money Laundering Reporting Officer) as ‘Accountable Persons’ with APRA and ASIC.

Risk factors

Set out below are the principal risks and uncertainties associated with the Company and its controlled entities (Group). It is not possible to determine the likelihood of these risks occurring with any certainty.

However, the risk in each category that the Company considers most material is listed first, based on the information known by the Company at the date of this Report, the Company’s best assessment of the likelihood of each risk occurring and the potential negative impact to the Group should the relevant risk materialise. If one or more of these risks materialises, the Group’s reputation, strategy, business, operations, financial condition, and future performance could be materially and adversely impacted.

The Group’s Risk Management Framework and internal controls may not be adequate or effective in accurately identifying, evaluating, or addressing risks faced by the Group. There may be other risks that are unknown or deemed immaterial, but which may subsequently become known or material. These may, individually or in aggregate, adversely impact the Group. Accordingly, no assurances or guarantees of future performance, profitability, distributions or returns of capital are given by the Group.

Strategic risk is the risk to earnings, capital, liquidity, funding, or reputation arising from an inadequate response to changes in the external environment and the risk of failing to properly consider downstream impacts and achieve effective outcomes when executing material change programs.

The Group invests significant financial, human and technology resources in the execution of initiatives that are aligned to its agreed strategy. These initiatives focus on a broad range of areas including customers, technology, security, resilience, business improvement, scenario planning, culture and employees, regulatory compliance, and Environmental, Social and Governance (ESG) matters and related process and control changes. Many of these initiatives have, or may in the future have, dependencies on external suppliers, partners, or other factors outside the Group’s control. There is a risk that these initiatives may not realise some or all their anticipated benefits and outcomes, or they could lead to conflicts between customer expectations and the need to comply with regulatory or legislative requirements. These initiatives may also increase operational, compliance, strategic and other risks, which may not be appropriately assessed or controlled.

Any failure by the Group to deliver in accordance with its strategy, or to execute delivery of strategic initiatives effectively, may result in material losses to the Group, reputational damage, breaches of law or obligations, or a failure to achieve anticipated benefits, and ultimately may materially and adversely impact the Group’s operations, financial performance, and financial position.

The Group operates in a dynamic and uncertain macro-economic environment influenced by a number of factors, including geopolitical events, macro policy events, fiscal policy events, and governments responding to cost of living pressures through various sector-based policies. Elevated uncertainty and a changing macro-economic and political environment may require the Group to change certain business practices, such as with respect to supplier dependency, inventory management and customer exposures, or strategic initiatives, which may increase the Group’s costs or adversely affect its financial performance.

There is substantial competition across the markets in which the Group operates. The Group faces competition from traditional financial services providers, online banks, and other parties, including foreign banks and non-bank competitors, such as private credit funds, asset managers, superannuation funds, pension funds, family offices, insurance companies, mutual funds, hedge funds, securities brokerage firms, financial technology companies, digital platforms and large global technology companies. Some competitors have lower costs, or operating or business models, technology platforms or products that differ from, or are more competitive than, the Group’s. Additionally, some competitors are subject to less regulatory oversight.

Competition for customers and the industry’s increasing use of brokers may lead to a reduction in profit margins and/or a loss of market share and risks the disintermediation of customer relationships. Intense competition increases the risk of additional price pressure, especially in commoditised lines of business, such as mortgages, where the providers with the lowest unit cost may gain market share and industry profit pools may be eroded. Such factors may ultimately impact the Group’s financial performance and position, profitability and returns to investors.

Evolving industry trends, technological changes, the increasing adoption of AI, and geopolitical and environmental factors have impacted, and may continue to impact, customer and other stakeholder needs and preferences along with shareholder expectations. Changes may occur suddenly, and the Group may not predict these changes accurately or quickly enough or have the resources and flexibility to adapt in sufficient time to meet the needs and preferences of customers and other stakeholders and to keep pace with competitors. These risks are heightened in the current context in which technology, including its impacts on the financial services industry, continues to evolve at a rapid pace. Additionally, it may not be possible for the Group to meet the expectations of stakeholders regarding certain trends or factors when there are opposing expectations between different stakeholders.

Recent trends that may impact the Group include:

• The rapid development and deployment of AI capabilities, including generative and agentic AI, which continue to be a key strategic consideration for the Group and for customers. Inadequate or lack of adoption of AI within business processes or customer propositions could pose a strategic disadvantage to the Group relative to its competitors who deploy AI tools successfully and could result in unwanted financial and non-financial consequences for the Group. In addition, the pace and nuance of AI innovation means that risks may emerge, which could materially impact the Group. The deployment of AI technologies may also amplify existing risks across other risk categories, particularly if new applications are introduced without adequate safeguards for privacy, consumer protection, or discrimination, or without effective controls, governance, employee or risk management capability.

• Lending to assist customers in achieving their ESG-related performance objectives. Sustainable finance taxonomies are being implemented in a range of jurisdictions in which the Group operates (e.g., Australia, Europe, Japan and Singapore), with some variation in the definitions for assessing whether activities are ‘green’ or ‘sustainable’. This creates a complex environment which may lead to greenwashing risks due to differences in interpretation.

• The evolving and increasingly complex payments landscape, including the increasing use of digital payments, new payments infrastructures and emerging technology (including continued consumer and institutional adoption of stablecoin, cryptocurrencies, and other digital assets), and the shift away from traditional payment methods.

• The continued implementation of the Consumer Data Right (CDR) in the Australian banking sector. The CDR seeks to increase competition and innovation between service providers by mandating and standardising the sharing of certain consumer and business customer data and data relating to their products and services. Where large global technology companies choose to participate in the CDR, there is potential for these companies to access more data which may increase their competitiveness including in other sectors, such as financial services.

The Group regularly considers a range of corporate opportunities, including acquisitions, divestments, joint ventures, and investments.

The pursuit of corporate opportunities inherently involves transaction risks, including the risk that the Group overvalues an acquisition or investment, or undervalues a divestment, as well as exposure to reputational damage or regulatory intervention. The Group may encounter difficulties in integrating or separating businesses, including failure to realise expected synergies, disruption to operations, diversion of management resources, or higher than expected costs. These risks and difficulties may ultimately have an adverse impact on the Group’s financial performance and position. The Group may incur unexpected financial losses following an acquisition, joint venture, or investment if the business it invests in does not perform as planned, if customers, employees and supplier relationships are not retained as expected or if the business causes unanticipated changes to the Group’s risk profile.

The Group may also have ongoing exposures to divested businesses, including through a residual shareholding, the provision of continued services and infrastructure, or an agreement to retain certain liabilities of the divested businesses through covenants, warranties, indemnities and other ongoing contractual protections to the acquirer. The Group may also continue to have exposure to a counterparty in relation to a prior acquisition, or a divested business following completion. For example, following the Company’s acquisition of Citigroup’s Australian consumer business in June 2022, the Group continues to rely on Citigroup’s technology infrastructure for certain transitional services, while in connection with the Company’s sale of its advice, platforms, superannuation and investments and asset management businesses to IOOF Holdings in May 2021, now named Insignia Financial, the Company provided Insignia Financial with indemnities relating to certain pre-completion matters. These ongoing exposures may have an adverse impact on the Group’s business and financial performance.

Credit risk is the risk that a customer will fail to meet their obligations to the Group in accordance with agreed terms. Credit risk arises from both the Group’s lending activities and markets and trading activities.

Adverse business conditions, including supply chain disruptions, labour constraints and rising input costs (including from volatile commodity and energy prices) may lead to increased strain across sectors such as construction, wholesale trade and manufacturing. In parallel, sectors sensitive to discretionary consumer spending such as retail trade, tourism, hospitality and personal services are particularly exposed to shifts in consumer confidence and behaviour resulting from rising household financial pressures. In Australia, adverse business and macroeconomic conditions and technological change may trigger an increase in unemployment rates whereas in NZ, these dynamics may reinforce and sustain the already elevated levels of unemployment.

Overall, the interplay of restrained productivity and challenging business conditions may increase credit risk and amplify the financial vulnerability of both households and businesses, leading to increased instances of bankruptcies, business failures and unemployment. These dynamics could lead to higher rates of credit losses for the Group and reduced demand for the Group’s products.

The Group has operations primarily in Australia and NZ, and also across Asia, the United Kingdom (UK), Europe and the United States. Levels of borrowing are heavily dependent on customer confidence, employment trends, market interest rates, and other economic, business and financial market conditions and forecasts. Pressures on the global economy impacting on business conditions and potential structural changes in financial markets therefore pose a heightened level of credit risk for the Group.

Political fragmentation and protectionist policies in some major economies have disrupted, and may continue to disrupt, global trade activity. Tariff regimes and retaliatory measures have intensified trade tensions, changing trade flows and increasing uncertainty. Further imposition of, or changes to levels of, tariffs or retaliatory trade restrictions remain uncertain and may impact general economic conditions including gross domestic product, business and consumer confidence and consumer discretionary spending, which could ultimately result in adverse outcomes for the Group’s customers. As export-oriented economies, Australia and NZ are exposed to these disruptions. Customers engaged in global trade, commodity markets, and foreign exchange are also at risk, increasing the likelihood of credit losses for the Group.

China is a key trading partner for Australia and NZ, with both countries’ export income materially exposed to developments in China’s economic growth and trade policy settings. Structural challenges in China’s economy - including prolonged weakness in domestic consumption, a multi-year deleveraging of the property sector, and ongoing trade tensions with major economies such as the European Union and the United States - continue to present risks to global trade flows. Given the concentration of Australian and NZ exports in agriculture and commodities, adverse developments in China’s economic conditions may have a disproportionate impact on these sectors. The Group has a significant lending exposure to the agricultural sectors in Australia and NZ, and sustained economic headwinds in China may result in increased financial stress among affected customers, leading to elevated credit risk and higher default rates.

Geopolitical instability continues to affect the Group’s customers:

• Armed conflicts in Russia-Ukraine and the Middle East can disrupt supply chains, posing risks to commodity prices and increasing financial market volatility. These pressures could reduce household and business resilience and increase credit risk.

• Strategic tensions in the Asia-Pacific region, particularly involving the United States, China, and regional alliances, are escalating. Australia’s participation in security arrangements, such as the trilateral security partnership with the UK and the United States (AUKUS), increases the risk of trade restrictions from China, directly impacting its export sectors and the Group’s customer base. 

• Disruptions to global trade routes and policies raise the risk of ongoing supply chain issues and possibly slower global economic growth, with direct consequences for the Group’s customers’ operations and credit performance.

These risks are expected to persist, with potential implications for the Group’s credit exposure and financial performance. Broader economic conditions across Australia and NZ may also be impacted, elevating the risk of more widespread credit losses.

Residential housing loans and commercial real estate (CRE) loans in Australia and NZ constitute a material component of the Group’s total gross loans and acceptances. As a result, the Group has elevated credit risk exposure to those markets.

Residential and commercial property markets in Australia and NZ are subject to cyclical fluctuations influenced by interest rate movements, economic conditions, and structural changes in demand and supply. Variations in property prices, particularly in major cities such as Melbourne, Sydney, and Auckland, can impact the value of collateral held against loans. The CRE sector continues to experience divergent trends, with some segments benefiting from demand shifts while others undergo structural adjustment.

When the value of residential or commercial property used as collateral (including in business lending) reduces below the value of the loan, the Group is exposed to losses in the event of any customer default. The most significant impact in the event of default is likely to come from residential mortgage or CRE customers in high loan-to-value-ratio brackets. This may, in turn, impact the Group’s financial performance and position and returns to investors.

The Group has a large market share among lenders to the Australian and NZ agricultural sectors. These sectors may be negatively impacted by several factors, including:

• Vulnerability to labour constraints

• Trade restrictions and tariffs

• Volatility in commodity prices (particularly agricultural product prices)

• Foreign exchange rate movements

• Changes in consumer preferences and market access

• Disease and introduction of pathogens and pests

• Export and quarantine restrictions

• Supply chain constraints and increasing supply chain producer responsibility, traceability, and transparency requirements

• Extreme weather events (including substantial rainfall, drought, or bushfires)

• Expectations related to the management of nature-related risks such as declining soil health and deforestation, including both the environmental impacts and potential exposure from any illegal deforestation.

These factors may result in increased losses to the Group from customer defaults and ultimately may have an adverse impact on the Group’s financial performance and position.

Market risk is the risk that the Group may suffer losses as a result of a change in the value of the Group’s positions in financial instruments, bank assets and liabilities, or their hedges and valuation adjustments, due to adverse movements in market prices. Adverse price movements impacting the Group may occur in credit spreads, interest rates, foreign exchange rates, and commodity prices, particularly during periods of heightened market volatility or reduced liquidity. Market conditions remain volatile in response to an uncertain economic environment and elevated geopolitical risk.

The occurrence of any event giving rise to material market risk losses may have a negative impact on the Group’s financial performance and position.

Credit spread risk is the risk that the Group may suffer losses from adverse movements in credit spreads, including increases in credit spreads resulting from financial markets instability. This is a significant risk in the Group’s trading and banking books.

The Group’s trading book is exposed to credit risk movements in the value of securities and derivatives as a result of changes in the perceived credit quality of the underlying company or issuer. Credit spread risk accumulates in the Group’s trading book when it provides risk transfer services to customers seeking to buy or sell fixed income securities (such as corporate bonds and residential mortgage-backed securities). The Group may also be exposed to credit spread risk when holding an inventory of fixed income securities in anticipation of customer demand or undertaking market-making activity (i.e., quoting buy and sell prices to customers) in fixed income securities. The Group’s trading book is also exposed to credit spread risk through credit valuation adjustments. A widening of credit spreads could negatively impact the value of the credit valuation adjustments.

The Group’s banking book houses high-quality liquid assets which form the majority of the Group’s liquidity portfolio required for managing the Group’s liquidity risk. The Group is subject to credit spread risk through changes in spreads on its holdings of semi-government bonds. During periods of adverse credit spread movements, these positions can give rise to material volatility within the Group’s treasury portfolio which is captured either in profit and loss or reserves. Positions in residential mortgage-backed securities that arise through the Group’s warehousing, underwriting, and syndication operations also form part of the banking book and are exposed to changes in credit spreads.

The Group's financial performance and capital position are impacted by changes in interest rates.

The Group’s trading book is exposed to changes in the value of securities and derivatives as a result of changes in interest rates. The Group’s trading book accumulates interest rate risk when the Group provides interest rate hedging solutions for customers, holds interest rate risk in anticipation of customer requirements, or undertakes market-making activity in fixed income securities or interest rate derivatives.

Balance sheet and off-balance sheet items can create an interest rate risk exposure within the Group. As interest rates and yield curves change over time, the Group may be exposed to a loss in earnings and economic value due to the interest rate profile of its balance sheet. Such exposure may arise from a mismatch between the maturity profile of the Group’s lending portfolio compared to its deposit portfolio (and other funding sources), as well as the extent to which lending and deposit products can be repriced should interest rates change, thereby impacting the Group’s net interest margin.

Foreign exchange risks exist in the Group’s trading and banking books.

Foreign exchange and translation risks arise from the impact of currency movements on the value of the Group’s positions in financial instruments, profits and losses, and assets and liabilities due to participation in global financial markets and international operations.

The Group’s ownership structure includes investment in overseas subsidiaries and associates which gives rise to foreign currency exposures, including through the repatriation of capital and dividends. The Group’s businesses may therefore be affected by a change in currency exchange rates, and movements in the mark-to-market valuation of derivatives and hedging contracts.

The Group’s financial statements are prepared and presented in Australian dollars unless otherwise stated, and any adverse fluctuations in the Australian dollar against other currencies in which the Group invests or transacts, and generates profits (or incurs losses), may adversely impact its financial performance and position.

As financial intermediaries, members of the Group underwrite or guarantee different types of transactions, risks and outcomes, including the placement of listed and unlisted debt, equity-linked and equity securities. The underwriting obligation or guarantee may be over the pricing and placement of these securities, and the Group may therefore be exposed to potential losses, which may be significant if it fails to sell down some or all of this risk to other market participants.

Liquidity risk is the risk that the Group is unable to meet its financial obligations as they fall due. These obligations include the repayment of deposits on demand or at their contractual maturity, the repayment of wholesale borrowings and loan capital as they mature, the payment of interest on borrowings and the payment of operational expenses and taxes. The Group must also comply with prudential and regulatory liquidity obligations across the jurisdictions in which it operates. A significant deterioration in the Group’s liquidity position for any reason may lead to an increase in the Group’s funding costs, constrain the volume of new lending, or cause the Group to breach its prudential or regulatory liquidity obligations. This may adversely impact the Group’s reputation and financial performance and position.

Funding risk is the risk that the Group is unable to raise short- and long-term funding to support its ongoing operations, regulatory requirements, strategic plans, and objectives. The Group accesses domestic and global capital markets to help fund its business, along with using customer deposits. A significant deterioration in the Group’s ability to access these markets or of lenders to provide funding may adversely impact the Group’s reputation, financial performance and position. The Group relies on offshore wholesale funding to support its funding and liquidity position. Periods of heightened market volatility and geopolitical factors may limit the Group’s access to this funding source. Disruption in the global capital markets, reduced investor interest in the Group’s securities for any reason and/or reduced customer deposits, may adversely affect the Group’s funding and liquidity position. This may increase the cost of obtaining funds, reduce the tenor or volume of available funds, impose unfavourable terms on the Group’s access to funds, constrain the volume of new lending, or adversely affect the Group’s financial position.

Capital risk is the risk that the Group does not hold an adequate level or composition of capital and reserves to capitalise on strategic opportunities, sustain day-to-day banking services, or protect against unexpected losses. Capital is the cornerstone of the Group’s financial strength. It supports the Group’s operations by providing a buffer to absorb unanticipated losses from its activities.

The Group must comply with prudential requirements in relation to capital across the jurisdictions in which it operates. Compliance with these requirements, and any further changes to these requirements may:

• Limit the Group’s ability to manage capital across the entities within the Group.

• Limit payment of dividends or distributions on shares and hybrid instruments.

• Require the Group to raise more capital (in an absolute sense) or raise more capital of higher quality.

• Restrict balance sheet growth.

The Group’s capital ratios may be impacted by several factors including earnings, asset growth and quality, movements in the Group’s risk weighted assets (RWA), changes in the value of the Australian dollar against other currencies to which the Group has exposures, changes in business strategy or risk appetite, and changes in regulatory requirements.

Key regulatory developments in the Australian and NZ regulatory capital frameworks include:

• Loss-Absorbing Capacity for Domestic Systemically Important Banks by the Australian Prudential Regulation Authority (APRA), which are being phased in. An interim increase in total capital requirements of 3% of RWA took effect from 1 January 2024, with a further incremental increase of 1.5% of RWA to apply from 1 January 2026. These requirements are expected to be met primarily through Tier 2 Capital issuance, which carries a higher cost relative to senior debt.

• Reform of Additional Tier 1 (AT1) capital instruments by APRA, aimed at simplifying capital structures and enhancing crisis preparedness. For advanced banks, including the Group, the changes will replace 1.5% AT1 Capital with a combination of 0.25% Common Equity Tier 1 and 1.25% Tier 2 Capital from 1 January 2027. These changes may affect the Group’s capital mix, credit ratings, and cost of funds.

• Capital reforms in NZ, where the Reserve Bank of New Zealand is carrying out a review of key capital settings for deposit takers. The outcome of this review may have implications for the level and composition of capital Bank of New Zealand (BNZ) and the Group are required to hold.

If the information or the assumptions upon which the Group’s capital requirements are assessed prove to be inaccurate, this may adversely impact the Group’s operations, financial performance and financial position.

Credit ratings are an assessment of a borrower’s creditworthiness and may be used by market participants in evaluating the Group and its products, services and securities. Credit rating agencies conduct ongoing review activities, which can result in changes to credit rating settings and outlooks for the Group, or credit ratings of sovereign jurisdictions where the Group conducts business. Credit ratings may be affected by operational and other market factors (e.g. ESG-related factors), or changes in any credit rating agency’s rating methodologies.

A downgrade in the credit ratings or outlook of the Group, the Group’s securities, or the sovereign rating of one or more of the countries in which the Group operates may increase the Group’s cost of funds or limit its access to capital markets. This may also cause a deterioration of the Group’s liquidity position and trigger additional collateral requirements in derivative contracts and other secured funding arrangements. A downgrade to the Group’s credit ratings relative to its peers may also adversely impact the Group’s competitive position and financial performance and position.

Technology and information security risk relates to the risks arising from the inappropriate use, management, and protection of technology and information assets. Collectively, these risks can impact the confidentiality, integrity, and availability of information and technology systems, and may result in operational disruption, financial loss, reputational damage, or regulatory penalties.

The Group collects, processes, stores, and transmits large amounts of personal and confidential information through its people, internal technology systems and networks and through the technology systems and networks of its external service providers, including a limited number of cloud service providers. This interconnected and complex environment heightens the Group’s vulnerability to information security risks. Threats to information security are constantly evolving, including through the use of emerging technologies, such as advanced forms of AI, quantum computing and increasingly sophisticated techniques used to perpetrate fraud, scams and cyber-attacks. In addition, the number, nature, and resources of adverse actors that could pose a cyber threat to the Group are growing, including individual cybercriminals, criminal or terrorist syndicate networks and large sophisticated foreign governments with significant resources and capabilities.

There is a risk that the Group’s efforts to maintain and improve its technology systems, networks and information security policies, procedures and controls may not be adequate or adequately prioritised to address these threats. Remediation of weaknesses is sometimes difficult to complete in a timely manner due to the complex technology environment including that of the Group’s external service providers and the rapidly evolving nature of the threats, which leads to the continuing emergence of new vulnerabilities. As cyber threats continue to evolve, the Group may be required to expend significant additional resources to modify or enhance its layers of defence or to investigate or remediate any information security vulnerabilities.

The Group may also not always be able to anticipate a security threat, or be able to implement effective information security policies, procedures, and controls to prevent or minimise the resulting damage. A successful cyber-attack could persist for an extended period before being detected and, following detection, it could take considerable time for the Group to obtain full and reliable information about the cybersecurity incident and the extent, amount and type of information compromised. During an investigation, the Group may not necessarily know the full effects of the incident or how to remediate it, and actions and decisions that are taken or made to mitigate risk may further increase the costs and other negative consequences of the incident. Moreover, the Group may be required to disclose information about a cybersecurity event before it has been resolved or fully investigated.

The Group may also inadvertently retain information, which is not specifically required or permitted by legislation, thus increasing the impact of a potential data breach or non-compliance. Additionally, the Group uses select external providers (in Australia and overseas) to process and store confidential data and to develop and provide its technology services, including the use of cloud infrastructure. The Group is limited in its ability to monitor and control the security protocols that service providers implement on a day-to-day basis. Control failures by these providers may expose the Group and the data it stores to loss of confidentiality, integrity or availability.

The Group may also submit confidential information to its key regulators under a legal obligation or as part of regulatory reporting that is stored and processed by the regulators. The Group is limited in its ability to monitor and control the security protocols implemented by the regulators.

A breach of security within the Group, or at any of these external providers or regulators may result in operational disruption, theft or loss of information, a breach of privacy laws, regulatory enforcement actions, civil penalties, customer or employee redress, litigation, financial losses, or loss of market share or property. This may be wholly or partially beyond the control of the Group and may adversely impact its financial performance and position. For example, some large Australian organisations have experienced significant cyber-attacks in recent years leading to intense public reactions and increased political and regulatory focus.

Many of the Group’s operations depend on technology and external service providers including financial market infrastructure such as systemically important payment systems, central counterparties and securities settlement facilities. Therefore, the financial strength, reliability, resilience, security, and performance of the Group’s and its external service providers’ information technology systems, processes and infrastructure are essential to the effective operation of the Group’s business and consequently to its financial performance and position. The reliability, security and resilience of the Group’s technology and services have been, and may be, impacted by the complex technology environment, and selection of, concentration of, and reliance on, suppliers, including cloud service providers, as well as by failure to keep technology systems up to date, and an inability to restore or recover systems and data in acceptable timeframes as a consequence of severe but plausible technological disruptions to the Group or its external service providers.

The rapid evolution of technology in the financial services industry and the increased expectations of customers for internet and mobile services on demand expose the Group to a range of operational risks. Any disruption to the Group’s technology, critical operations or services, or those of its external service providers, may be wholly or partially beyond the Group’s control and may result in operational disruption, regulatory enforcement actions, customer redress, litigation, financial losses, theft or loss of information or loss of market share or property, or may adversely impact the Group’s speed and agility in the delivery of change and innovation.

In addition, any such disruption may adversely affect the trust that internal and external stakeholders have in the Group’s ability to protect key information (such as customer and employee records) and infrastructure. This may in turn affect the Group’s reputation, which may result in loss of customers, a reduction in share price, ratings downgrades, and regulatory censure or penalties.

Operational execution risk is the risk of loss or disruption to the Group’s ability to deliver business services resulting from vulnerabilities or failures in the operational ecosystem of processes, external service providers, models and people.

The Group’s business involves the execution of many processes and transactions with varying degrees of complexity. The Group is reliant on its policies, processes, controls, and infrastructure working as intended, and on external service providers effectively managing their own risks and delivering required services to the Group. The complexity of these processes is heightened by the Group’s operations across multiple jurisdictions. Failures in design, execution, oversight, or system availability, including in respect of new technologies such as AI, can significantly impact the Group’s operations, commitments to customers, financial performance and reputation and result in regulatory censure, enforcement or penalties.

Models are used extensively in the conduct of the Group’s business, for example, in calculating capital requirements or customer compensation payments, and in measuring and stress testing exposures. If the models used prove to be inadequate, or are based on incorrect or invalid assumptions, judgements, or inputs, this may adversely affect the Group’s customers and the Group’s financial performance and position. In particular, the Group’s use of AI and machine learning technologies is subject to risks that algorithms and datasets are flawed or may be insufficient. This could result in inaccurate or ineffective decisions, predictions or analyses, and give rise to potential ethical and social risks associated with its use (e.g., unintended discrimination, bias and disinformation). In addition, if the Group was found to have infringed or misappropriated a third-party patent or other intellectual property right (including where the Group or an external service provider has used generative AI outputs based on data for which the generative model did not have consent), the Group could, in some circumstances, be prohibited from providing certain products or services to its customers or from utilising and benefiting from certain methods, processes, copyrights, trademarks, trade secrets, or licences.

The Group’s services, processes, controls and decisions rely on appropriate actions and inputs from its employees, agents, and external service providers. The Group is exposed to operational risk due to human error in the performance of any of these tasks that could lead to adverse impacts to the Group, including direct financial loss, loss of customer, employee or commercially sensitive data, regulatory penalties, and reputational damage.

The Group is dependent on its ability to attract and retain key executives, employees and Board members with a deep understanding of banking and technology, who are capable of executing and governing the Group’s strategy, including the technology transformation required to meet the changing needs of its customers. Equally, the Group is dependent on its ability to attract and retain key executives and employees with a deep understanding of technical skillsets necessary to address key operational and related compliance risks facing the Group.

Potential weaknesses in employment practices, including diversity, anti-discrimination, workplace flexibility, payroll management and compliance, workplace health and safety and employee wellbeing, together with a competitive labour market for critical skills, are sources of operational risk that can impact the Group’s ability to attract and retain qualified personnel with the requisite knowledge, skills and capability. Psychosocial risk (including relating to workplace factors such as customer aggression, workload issues or poor change management) is an area of increasing regulatory scrutiny and reputational risk and may adversely impact the Group’s ability to attract and retain talent.

The Group’s capacity to attract and retain key talent also depends on its ability to adequately and appropriately respond to changes (internal or external) as well as design and implement effective remuneration and talent structures. This may be constrained by several factors, including significant applicable regulatory requirements.

The market for key executives, employees and Board members with the skills required by the Group is highly competitive, both domestically and offshore, particularly as the Group continues to expand its offshore workforce. The unexpected departure of key personnel or challenges in attracting suitably qualified individuals may adversely affect the Group’s operational effectiveness, strategic execution, and stakeholder confidence. These talent-related risks may also extend to external service providers, including offshore vendors, who may be facing similar workforce constraints.

The Group has branches and office buildings across Australia, NZ, and a range of locations in Asia, Europe, and United States. It has dependency on material service providers located globally. These locations may be impacted by climatic, biological, political, geopolitical or geological events such as flooding, epidemics, earthquakes, terrorism, armed conflict and government policies. Such events may have a material impact on the Group’s operations, for example, through interruption of global supply chains, availability of talent, property damage, business disruption and the security and continuity of the Group’s operations. In addition, if the Group is unable to manage the impacts of such external events, it may compromise the Group’s ability to provide a safe workplace for its personnel and/or lead to reputational damage.

Financial crime risk, including fraud risk, is the risk of deliberate or opportunistic acts intended to deceive, misappropriate assets, or circumvent legal, regulatory, and policy-based requirements designed to prevent, detect, and respond to criminal misuse of the financial system. This includes internal and external threats such as money laundering, terrorist financing, proliferation financing, bribery and corruption, sanctions violations and fraud (including scams) targeting the Group, its customers, or its systems.

The Group may experience significant financial loss and reputational harm as a result of criminal misuse of the financial system, and may also be subject to increased regulatory scrutiny, enforcement actions, and penalties where controls are non-existent or ineffective.

The Group is subject to evolving anti‑money laundering and counter‑terrorism financing (AML/CTF), anti‑bribery and corruption (ABC) and financial sanctions requirements across the jurisdictions in which it operates, and supervision, regulation and enforcement have increased in recent years. As a bank engaged in global finance and trade, the Group operates under AML/CTF, ABC and financial sanctions laws across multiple jurisdictions. Undetected failure of internal controls, or the ineffective remediation of compliance issues could lead to potentially significant monetary and regulatory penalties, which may adversely impact the Group’s reputation, financial performance, and position. The risks of sanctions violations are increased in the context of additional, wide ranging economic sanctions and export controls imposed as a result of the Russia-Ukraine conflict. This includes rising expectations from regulators concerning export control due diligence by financial institutions and an unprecedented rate of new designations/listings by global regulators, as well as the continued attempts by those subject to sanctions to evade and circumvent their impact.

The Australian Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 received Royal Assent on 10 December 2024, with new requirements coming into effect in phases across 2025 and 2026. The amended law expressly requires reporting entities to consider proliferation financing risks as well as money laundering and terrorism financing risks. The changes include regulation of additional sectors, such as lawyers, conveyancers, accountants, and real estate professionals, some of whom will be customers of the Group.

In April 2022, the Company entered into an Enforceable Undertaking with the Australian Transaction Reports and Analysis Centre (AUSTRAC) in relation to the Company’s compliance with Australia’s AML/CTF laws. On 25 July 2025, the AUSTRAC CEO confirmed that AUSTRAC has cancelled the Company’s Enforceable Undertaking.

The Group continues to investigate and remediate specific known AML/CTF compliance issues and is taking measures that aim to improve its AML/CTF systems, processes and controls. As this work progresses, further compliance issues may be identified and reported to AUSTRAC or equivalent foreign regulators, and additional uplifting and strengthening of the Group’s systems and processes may be required. A negative outcome to any investigation or remediation process may adversely impact the Group’s customers, reputation, business operations, financial position, and results. Refer to Note 30 Commitments and contingent liabilities in Notes to the financial statements on pages "Commitments and contingent liabilities" to "Commitments and contingent liabilities" for details in relation to AML/CTF compliance.

Fraud and scams continue to create significant challenges for the financial services industry and its customers. These criminal acts are often perpetrated by sophisticated criminal networks and include the exploitation of banking products, telecommunications services and digital platforms, particularly social media.  

The Group is exposed to the risks associated with fraud and scams through its interactions with customers, service providers and internally. Fraud and scams may expose the Group to financial loss, reputational damage, and adverse regulatory action. In some cases, the Group may be held liable for losses incurred by customers. These risks may adversely impact the Group’s financial performance and position and may also erode customer trust and confidence.

Legislation has been enacted in Australia establishing a Scams Prevention Framework (SPF) capturing designated entities comprising the banking, telecommunications and digital platform industries. The SPF includes governance obligations, principles and requirements for internal and external dispute resolution with binding determinations of liability.

Sustainability risk is the risk that ESG-related events or conditions arise that could negatively impact the sustainability, resilience, risk and return profile, value, or reputation of the Group or its customers and suppliers.

Extreme weather, increasing weather volatility, and longer-term changes in climatic conditions, as well as environmental impacts such as land contamination and other nature-related risks such as deforestation, biodiversity loss and ecosystem degradation, may affect water security and property and asset values or cause customer losses due to damage, crop losses, existing land use ceasing to be viable, and/or interruptions to, or impacts on, business operations, supply chains or market access. Australia and NZ have experienced severe weather events, including drought conditions, heat waves, bushfires, cyclones and floods, in recent years, and may continue to be affected by extreme weather events. The rising severity and prevalence of these events pose a future risk to the credit portfolio.

The impact of climate and nature-related risks such as biodiversity loss and ecosystem degradation can take time to be fully realised and can be widespread, extending beyond households, businesses, and primary producers in highly impacted areas, to supply chains in other cities and towns relying on agricultural and other products from within these areas. The impact of these losses on the Group may be exacerbated by a decline in the value and liquidity of assets held as collateral and the extent to which these assets are insured or insurable and affordable, which may impact the Group’s ability to recover its funds when loans default.

Climate-related transition risks are increasing as economies, governments, and companies seek to transition to low-carbon and renewable alternatives and adapt to climate change. Together with changes in energy costs, market access and other forms of transition risk, these risks may result in increased losses from customer defaults or decreased valuations. Some of the Group’s customers and external service providers may be adversely impacted.

Decreasing investor appetite and customer demand for carbon intensive products and services, emerging requirements of sustainable finance taxonomies, increasing climate-related litigation and changing regulations and government policies designed to mitigate environmental impacts such as climate change, may adversely impact the Group’s customers or products or services that serve those customers. Furthermore, management of transition risk is made more challenging due to the presence of social risks such as modern slavery in relevant supply chains (e.g., input materials and equipment required to support the low carbon transition).

These risks may increase expected and actual levels of customer defaults in the short, medium and long term, thereby increasing the credit risk facing the Group and adversely impacting the Group’s financial performance and position, profitability and returns to investors.

The impacts associated with climate change-related legislative and regulatory initiatives and customer requirements and the transition to a low carbon economy, including meeting new regulatory expectations, retrofitting of assets, energy efficient and low carbon investments, purchasing carbon credits or paying carbon taxes, may result in operational changes and additional expenditures that could adversely affect the Group and/or its customers.

Management of ESG issues is subject to legal, regulatory, voluntary and prudential standards, and community and stakeholder expectations that continue to change in scope, detail and levels of participation across industries, markets and geographies. Moreover, differing stakeholder perspectives regarding sustainability, including views about climate, nature, and human rights impacts, have affected and may continue to affect the Group’s business activities, and increase the scrutiny and complexity of compliance requirements.

ESG due diligence requirements may become mandatory in some jurisdictions in which the Group operates, placing additional demands on the Group’s processes and capability to manage, monitor and address ESG risks.

The Group may suffer adverse impacts, including litigation, fines, penalties, remedial costs, inability to attract or retain talent and reputational damage if it does not, or is perceived not to, effectively prepare for or manage the potential risks and opportunities associated with ESG issues or comply with ESG standards, requirements and voluntary commitments. These adverse impacts may arise from issues including, but not limited to, climate change, biodiversity loss and ecosystem degradation, invasive species, pollution, deforestation and illegal land clearing, human rights and modern slavery, fair working conditions, unfair and inequitable treatment of people including discrimination, product responsibility, appropriate remuneration, indigenous land rights and cultural heritage – including consideration of issues such as Free, Prior and Informed Consent – animal welfare, bribery and corruption, tax avoidance, greenwashing and greenhushing, and other false or misleading environmental or sustainability claims, cross industry collaboration practices, poor governance, lack of transparency, and supply chain traceability. ESG-related risks are complex and continue to evolve, as does their interaction with other risk factors relevant to the Group.

Regulators continue to focus on ESG-related regulatory requirements, including strengthening requirements and guidance relating to sustainability-related disclosures and governance practices, modern slavery and greenwashing. As the focus and intensity of regulatory priorities develop, the Group may require material investment in processes, controls, technical expertise, systems and data or may suffer adverse impacts, including litigation, fines, penalties, remedial costs and reputational damage from a failure to meet the required standards.

Conduct risk is the risk of failing to act in a customer’s best interests, or in accordance with market integrity standards or codes of conduct.

Organisational culture can greatly influence individual and group behaviours. Poor culture, including a failure to put customer outcomes at the centre of everything, can lead to customer harm, financial loss and detriment as well as undermine market integrity. The actions that could expose the Group to conduct risk include:

• Failure to design products and services that are transparent, accessible, and easy for the Group’s customers, including customers experiencing vulnerability, to understand and access.

• Unmanaged conflicts of interest that could influence behaviour that is not in the customer’s best interests.

• Ineffective or non-adherence to applicable learning and competency training requirements.

• Selling, providing, or unduly influencing customers to purchase or receive products or services that may not meet their existing needs or that place the customer at risk of future hardship.

• Making representations to customers about products or services of the Group which are inaccurate, misleading, or deceptive, including representations which may mislead customers about the extent to which the Group’s practices are environmentally friendly, sustainable, or ethical.

• Failure to identify and appropriately manage customer communications, hardship cases and debt collection.

• Failure to protect customers from fraud or scams when banking through digital channels or failure to respond adequately to customers impacted by external fraud or scams.

• Failure to anticipate and prevent malicious internal or external actors from using product or service features in unintended ways that result in harm to the Group’s customers (e.g., financial abuse by perpetrators of domestic violence).

• Non-adherence to applicable requirements or providing financial advice which is not appropriate or in a customer’s best interests.

• Delays in appropriately escalating and addressing regulatory and compliance issues.

• Failure to resolve issues and remediate customers in a timely manner and in accordance with community expectations.

• Failure to deliver on product and service commitments.

• Failure to remediate ineffective business processes and stop the re-occurrence of issues in a timely manner.

• Failure to act in accordance with the Group’s Code of Conduct or Financial Markets Conduct Policy.

A failure of the Group’s conduct-related controls to accurately reflect relevant legal, regulatory or community expectations may adversely impact the Group’s reputation, financial performance and position, profitability, operations and returns to investors and can result in adverse impacts such as customer harm, financial loss, suspension of or amendments to licence conditions, unenforceability of terms, litigation and increased supervision, oversight, or enforcement by regulators or other stakeholders.

Compliance risk is the risk of events of failures to comply with relevant laws, regulations, licence conditions, supervisory requirements, self-regulatory industry codes of conduct or voluntary initiatives, as well as the internal policies, standards, procedures, or frameworks that support fair and equitable treatment of customers.

The Group is highly regulated and subject to various regulatory regimes which differ across the jurisdictions in which it operates, trades, and raises funds.

Ensuring compliance with all applicable laws is complex. There is a risk the Group will be unable to implement adequate compliance arrangements, including processes and controls required by relevant laws and regulations, in a timely manner, or that the Group’s compliance arrangements will prove to be inadequate or ineffective in ensuring compliance. There is also a potential risk of misinterpreting or misapplying new or existing laws, regulations or statutory instruments and of being unable to comply with detailed data requests from various regulators, including in respect of data collected from customers or in respect of employees, if data is inaccurate or incomplete.

There is significant cost associated with the systems, processes, controls and personnel required to comply with applicable laws and regulations. Such costs may negatively impact the Group’s financial performance and position. Any failure to comply with relevant laws and regulations may have a negative impact on the Group’s reputation and financial performance and position and may give rise to class actions, litigation, or regulatory enforcement, which may in turn result in the imposition of civil or criminal penalties, or additional regulatory capital requirements, on the Group.

Potential weaknesses in employment practices, including anti-discrimination, workplace health and safety, and payroll compliance are areas of increasing regulatory scrutiny and reputational risk. For instance, following a review that identified payroll issues, the Company has initiated a broader review into payroll-related benefits under current and certain historical agreements and as at the date of this Report, this review is ongoing. The Group is engaging with the Fair Work Ombudsman (FWO) and has reported a number of compliance issues to the FWO. Any instances of non-compliance could result in remediation costs, reputational damage, enforcement or other legal action (including potential federal criminal penalties for “wage theft” introduced under the Fair Work Legislation Amendment (Closing Loopholes) Act 2023 (Cth) that came into effect on 1 January 2025). Employment practices may become subject to heightened public scrutiny, either generally or following a specific adverse event, or because of activism by employees, unions, or special interest groups.

Entities within the Group have been, and may continue to be, involved from time to time in regulatory enforcement and other legal proceedings arising from the conduct of their business. There is inherent uncertainty regarding the possible outcome of any legal or regulatory proceedings involving the Group. It is also possible that further class actions, regulatory investigations, compliance reviews, civil or criminal proceedings, or the imposition of new licence conditions or regulatory capital requirements could arise in relation to known matters or other matters of which the Group is not yet aware. The aggregate potential liability and costs associated with legal proceedings cannot be estimated with any certainty.

A negative outcome to regulatory investigations or litigation involving the Group may impact the Group’s reputation, divert management time from operations, and affect the Group’s financial performance and position, profitability, and returns to investors. Refer to Note 30 Commitments and contingent liabilities in Notes to the financial statements on pages "Commitments and contingent liabilities" to "Commitments and contingent liabilities" for details in relation to certain current legal and regulatory proceedings, compliance reviews and associated remediation, and other contingent liabilities which may impact the Group.

Globally, the financial services and banking industries are subject to significant and increasing levels of regulatory change, reviews and political scrutiny, including in Australia, NZ and other countries where the Group has, or may establish, offshore operations.

The Group’s response to regulatory changes may result in significant capital and compliance costs, changes to the Group’s corporate structure, and increasing demands on management, employees and information technology systems. This may also impact the competitiveness of the Group in certain areas of its business or the viability of the Group’s participation in certain markets or require changes to, or the divestment of, a part of the Group’s business. The pace, volume, and complexity of change may also expose the Group to the increased risk of failure to adequately identify or comply with all applicable regulatory changes. New laws and regulations or changes to existing laws and regulations or their interpretation and application can be unpredictable, are beyond the Group’s control, and may not be harmonised across the jurisdictions in which the Group operates.

Operationalising large volumes of regulatory change presents ongoing risks for the Group. Examples of key specific reviews and regulatory reforms currently relevant to the Group, and which present a potential material regulatory risk include those set out below:

• Legislative reform to the AML/CTF regime and the introduction of the SPF (as outlined under Financial Crime and Fraud risk above) represent significant regulatory developments. Detailed guidance and sector-specific codes, particularly under the SPF, are still being issued by regulators. These materials are essential to ensure the Group fully understands and implements its compliance obligations. Achieving compliance is expected to require substantial investment and may expose the Group to liability in relation to customer losses.

• Mandatory climate-related reporting requirements came into effect in Australia on 1 January 2025 under the Corporations Act 2001 (Cth) and the Australian Accounting Standards Board (AASB) Standards. In New Zealand, similar obligations are imposed under the Financial Markets Conduct Act 2013. Increasing divergence in sustainability and climate-related disclosure requirements and expectations across jurisdictions may lead to complexity and give rise to risks associated with meeting compliance requirements and stakeholder expectations. The management of ESG risk is expected to be a significant area of focus for the European Banking Authority (EBA) in Europe; the EBA published final guidelines on ESG risk management, effective on 11 January 2026. The guidelines set requirements for the internal processes and ESG risk management arrangements that institutions should have in place. The emerging nature of these requirements, and the lack of robust and mature data, particularly in areas like nature and modern slavery-related disclosures, may also contribute to disclosure risks.

• Several initiatives designed to increase competition in NZ financial services have been undertaken or are currently underway. These include the NZ Commerce Commission's final report into competition for personal banking, the NZ Government's Finance and Expenditure Committee’s final report on their inquiry into banking competition and the continuing implementation of the Customer and Product Data Act 2025 in the NZ banking sector. In addition to heightened competition risks, these initiatives are also likely to increase compliance costs for banks, including BNZ.

The full scope, timeline and impact of current and potential inquiries, reviews and regulatory reforms including those mentioned above, and how they will be implemented (if at all in some cases), is not known. Depending on the specific nature of the regulatory change requirements and how and when they are implemented or enforced, they may have an adverse impact on the Group’s business, operations, structure, compliance costs or capital requirements, and ultimately its competitiveness, reputation, financial performance, or financial position.

Reporting risk is the risk of failure to accurately and completely represent mandatory financial and non-financial disclosures in a timely manner as required by regulators, government agencies, and other stakeholders.

The Group is subject to extensive and evolving regulatory reporting obligations. These obligations require accurate and timely submission of complex reports, often sourced from multiple systems and subject to interpretation under various regulatory frameworks. The Group relies on its policies, processes and controls to ensure reporting outcomes are complete, accurate, and compliant with applicable standards.

Failure in submitting accurate and timely reports can lead to regulatory financial penalties, enforcement actions, or loss of customers’, investors’, and other stakeholders’ trust. In addition, remediation efforts may require significant investment in systems and controls, and may divert resources from strategic initiatives.

Preparation of the Group’s financial statements involves judgement in applying critical estimates and assumptions in respect of relevant accounting policies (refer to Note 1 Basis of preparation in Notes to the financial statements on pages "Basis of preparation" ). If these judgements and assumptions are found to be incorrect, the Group may incur losses beyond those anticipated or provided for, which could adversely impact its financial performance, position, and reputation.

Operating and financial review

Principal activities

The Group provides banking and financial services to individual, business, and institutional customers. These services include credit and access card facilities, leasing, mortgages, and general finance solutions, as well as international, investment and private banking. In addition, the Group offers wealth management services, funds management, custodian, trustee, and nominee services.

For further details on Our business refer to page "Our business" .

Significant change in the state of affairs

• Changes to the composition of the Executive Leadership Team have occurred or were announced during 2025 and up until the date of this Report, namely:

  • Nathan Goonan resigned as Group Chief Financial Officer (Group CFO), effective 18 March 2025.

  • Rachel Slade ceased to be a Group Executive, Business and Private Banking, effective 18 March 2025.

  • Andrew Auerbach was appointed Group Executive, Business and Private Banking, effective 16 June 2025.

  • Pete Steel will join NAB as Group Executive, Digital, Data and Artificial Intelligence, effective 19 November 2025.

  • Shane Conway has been appointed as Group Executive, Transformation, effective 1 December 2025.

  • Sharon Cook, Group Executive, Customer & Corporate Services (CCS) and Group General Counsel, will retire effective 31 December 2025. Les Matheson, Group Chief Operating Officer will be accountable for CCS from 1 December 2025.

  • Inder Singh will join NAB as Group Chief Financial Officer (Group CFO) and Group Executive, Strategy, and will commence in March 2026.

  The following transition arrangements to the Executive Leadership Team were effective 18 March 2025:

  • Michael Saadie, Executive, Private Wealth and CEO of JBWere, was acting as Group Executive, Business and Private Banking from 18 March 2025 until 16 June 2025.

  • Shaun Dooley, Group Chief Risk Officer (Group CRO), is acting as Group CFO until Inder Singh commences as Group CFO in March 2026.

  • Peter Whitelaw, Executive, Chief Resilience Risk Officer, is acting as Group CRO.

  No other changes to the composition of the Executive Leadership Team occurred during 2025 and up until the date of this Report.

• Changes to the composition of the Board have occurred or were announced during 2025 and up until the date of this Report, namely:

  • Warwick Hunt was appointed as an independent non-executive director, effective 2 December 2024.

  • Anne Loveridge retired as an independent non-executive director, effective 18 December 2024.

  • Doug McKay retired as an independent non-executive director, effective 18 December 2024.

  No other changes to the composition of the Board occurred during 2025 and up until the date of this Report.

• On 31 October 2025, the Group completed the disposal of its remaining 20 per cent stake in MLC Life¹ to Nippon Life Insurance Company (Nippon Life) for total cash proceeds of $ 497 million. Refer to Note 31 Interest in subsidiaries and other entities and Note 37 Events subsequent to the reporting date.

• On 12 March 2025, the Group completed its $3 billion on-market ordinary share buy-back, resulting in the buy-back and cancellation of 87.8 million ordinary shares. $0.6 billion of those shares were bought back in the 2025 financial year.

• On 25 July 2025, the AUSTRAC CEO confirmed that AUSTRAC had cancelled NAB’s Enforceable Undertaking entered into on 29 April 2022. NAB is continuing its work in response to the final report issued by the independent auditor, including implementing its recommendations.

There were no other significant changes in the state of affairs of the Group that occurred during the financial year under review that are not otherwise disclosed in this Report.

1. A reference to "MLC Life" in this Report means Nippon Life Insurance Australia and New Zealand Limited (formerly MLC Limited).

Environmental, Social and Governance disclosure

The Group’s operations are not subject to any site-specific environmental licences or permits considered significant under Australian laws. As a lender, the Group may incur environmental liabilities in circumstances where it takes possession of a borrower’s assets, and those assets have associated environmental risks. The Group has developed and implemented credit policies that aim to ensure that these risks are minimised and managed appropriately.

The Group is subject to and complies with the National Greenhouse and Energy Reporting Act 2007 (Cth) (NGER Act), which requires reporting of energy use and greenhouse gas (GHG) emissions for the period 1 July to 30 June (NAB's environmental reporting year). For the 2025 environmental reporting year, the Group’s reported Australian vehicle fleet and building-related net energy use was 273,077 GJ (2024: 297,880 GJ), representing approximately 78.9% of the Group’s measured total net energy use. Associated Scope 1 and Scope 2 GHG emissions were 45,483 tCO₂-e (2024: 51,494 tCO₂-e).

The Group’s UK operations comply with the Energy Savings Opportunity Scheme (ESOS), which mandates assessments of building and transport energy use every four years. The most recent assessment was completed in June 2024. In addition, the Group submitted an ESOS action plan for its London Branch in December 2024 and will report to the UK Environment Agency annually on progress through to December 2027. The Group also voluntarily reports under the UK’s Streamlined Energy and Carbon Reporting (SECR) requirements. Further details of 2025 UK-based energy efficiency savings and data included to meet SECR requirements are provided in the 2025 Climate Report.

Other information on the Group’s environmental performance, climate governance, strategy, risk management and metrics is available in the Climate change and environment section of this Report and in the 2025 Climate Report. The 2025 Climate Report is available as part of the Group’s annual reporting suite at nab.com.au/annualreports.

The Group is subject to modern slavery legislation in Australia and the United Kingdom. The Group has prepared a Modern Slavery Act statement which sets out actions taken by the Group during 2025 to address the risks of modern slavery and human trafficking in its business operations and supply chain. This statement will be made available online from December 2025 at nab.com.au/modernslaverystatement in accordance with both the UK Modern Slavery Act and the Modern Slavery Act 2018 (Cth).

Litigation and disputes

From time to time entities within the Group may be involved in disputes or legal proceedings arising from the conduct of their business. The outcomes and total costs associated with such ongoing disputes and proceedings are typically uncertain. Any material legal proceedings may adversely impact the Group's reputation and financial performance and position.

Refer to Note 30 Commitments and contingent liabilities of the Notes to the financial statements for details of the Group's material legal proceedings and contingent liabilities.

Financial performance summary

The following financial discussion and analysis is based on statutory information unless otherwise stated. The statutory information is presented in accordance with the Corporations Act 2001 (Cth) and Australian Accounting Standards and is audited by the Group's auditors in accordance with Australian Auditing Standards.

Certain financial measures detailed in the Report of the Directors are not accounting measures within the scope of International Financial Reporting Standards (IFRS). Management use these financial metrics to evaluate the Group’s overall financial performance and position and believe the presentation of these financial measures provide useful information to analysts and investors regarding the results of the Group's operations. These financial performance measures include:

• cash earnings

• statutory return on equity

• cash return on equity

• net interest margin

• total average equity (attributable to owners of the Company)

• average interest earning assets

• total average assets.

The Group regularly reviews the non-IFRS measures included in the Report of the Directors to ensure that only relevant financial measures are incorporated. Certain other financial performance measures detailed in the Report of the Directors are derived from IFRS measures and are similarly used by analysts and investors to assess the Group’s performance. These measures are defined in the Glossary.

Any non-IFRS measures included in this Report are not a substitute for IFRS measures and readers should consider the IFRS measures as well. The non-IFRS measures referred to above have not been presented in accordance with Australian Accounting Standards, nor audited or reviewed in accordance with Australian Auditing Standards unless they are included in the financial statements.

Further details in relation to these financial measures are set out below and in the Glossary.

Cash earnings is a non-IFRS key financial performance measure used by the Group and the investment community.

The Group also uses cash earnings for its internal management reporting as it better reflects what is considered to be the underlying performance of the Group. Cash earnings is calculated by adjusting statutory net profit from continuing operations for certain non-cash earnings items. Non-cash earnings items are considered separately and excluded when assessing performance and analysing the underlying trends in the business. These include items such as hedging and fair value volatility, the amortisation of acquired intangible assets, and gains or losses and certain other items associated with the acquisition, integration, disposal and closure of Group businesses.

Cash earnings does not purport to represent the cash flows, funding or liquidity position of the Group, nor any amount represented on a statement of cash flows. It is not a statutory financial measure and is not presented in accordance with Australian Accounting Standards and is not audited or reviewed in accordance with Australian Auditing Standards.

Cash earnings for the year ended 30 September 2025 exclude the following:

• hedging and fair value volatility,

• amortisation of acquired intangible assets, and

• acquisitions, integration, disposals and business closures.

Net interest margin is a non-IFRS key financial performance measure that is calculated as net interest income (derived on a cash earnings basis) expressed as a percentage of average interest earning assets.

Average balances, including total average equity (attributable to owners of the Company), total average assets and average interest earning assets are based on daily statutory average balances (the exception is average risk-weighted assets (RWA) which is calculated with reference to the RWA at the reporting date and the two preceding quarter-ends).

This methodology produces numbers that more accurately reflect seasonality, timing of accruals and restructures (including discontinued operations), which would otherwise not be reflected in a simple average.

Rounding of amounts

In accordance with ASIC Corporations (Rounding in Financial / Directors' Reports) Instrument 2016/191, all amounts have been rounded to the nearest million dollars, except where indicated. Any discrepancies between total and sums of components in tables contained in this Report are due to rounding.

5 Year Financial Performance Summary

1. During the 2025 financial year, the Group updated the presentation of expenses which are directly attributable and incremental to earning income from the provision of banking services. Financial year 2024 comparative information has been restated. Refer to Note 1 Basis of preparation for further information.

5 Year Key Performance Indicators

1. Full detail on how cash earnings is defined, a discussion of non-cash earnings items and a full reconciliation of statutory net profit attributable to owners of the Company is set out in Note 2 Segment information of the Financial report on page "Segment information" .
2. Including loans and advances at fair value.
3. Average equity on a cash and statutory basis are equal.
4. Includes loans that have been classified as restructured in accordance with APS 220 Credit Risk Management which are assessed as no loss based on security held.
5. Excluding discontinued operations, FTE (spot) is 41,723 (2024: 38,996) and FTE (average) is 40,112 (2024: 38,525).

Financial performance

1. During the 2025 financial year, the Group updated the presentation of expenses which are directly attributable and incremental to earning income from the provision of banking services. Financial year 2024 comparative information has been restated. Refer to Note 1 Basis of preparation for further information.

Net profit attributable to owners of the Company (statutory net profit) decreased by $201 million or 2.9%.

Net interest income increased by $646 million or 3.9%. This includes a reduction of $74 million due to movements in economic hedges, offset in other operating income. Excluding this movement, the underlying increase of $720 million or 4.3% was driven by higher average interest earning assets and net interest margin. The higher net interest margin was primarily due to higher earnings on deposit and capital replicating portfolios, higher Markets and Treasury income and lower mix of liquid assets. These increases were partially offset by deposit impacts, higher wholesale funding costs and lower lending margins.

Other operating income decreased by $406 million or 10.5%. This includes an increase of $74 million due to movements in economic hedges, offset in net interest income. Excluding this movement, the underlying decrease of $480 million or 12.8% was primarily due to the gain on sale of the New Zealand wealth businesses in the prior period, an increase in customer-related remediation, and the fee reduction impact from the winding down and disposal of the Group businesses. These were partially offset by higher earnings relating to the investment in MLC Life and FirstCape NZ.

Operating expenses increased by $336 million or 3.4%. This was primarily driven by payroll review and remediation costs and higher personnel expenses due to an increase in average FTE and salary and related costs, together with continued investment in technology and compliance capabilities including fraud and cyber security. This was partially offset by productivity benefits achieved through continued process improvements and simplification of the Group’s operations, and decreased spend associated with the acquisition, integration and closure of Group businesses, combined with lower costs related to the enforceable undertaking (EU) with AUSTRAC.

Credit impairment charge increased by $92 million driven by a higher level of individually assessed credit impairment charges primarily in Corporate and Institutional Banking. This was partially offset by a lower level of collective credit impairment charges.

Income tax expense increased by $66 million or 2.4% driven by a higher effective tax rate.

Discontinued operations are excluded from the individual account lines of the Group's results and are reported as a net loss after tax in a single line item. The results of discontinued operations primarily relate to costs associated with managing the run-off of the MLC Wealth retained entities and MLC Wealth customer-related remediation.

Review of group and divisional results

Net profit decreased by $201 million or 2.9%.

Net profit increased by $54 million or 1.7%, driven by higher net operating income, partially offset by higher operating expenses.

Net profit increased by $104 million or 9.2%, driven by higher net operating income and lower credit impairment charges, partially offset by moderately higher operating expenses.

Net profit increased by $95 million or 5.4%, driven by higher net operating income and lower operating expenses, partially offset by higher credit impairment charges.

Net profit decreased by $41 million or 3.0%, driven by lower net operating income and higher distributions to non-controlling interests, partially offset by lower credit impairment charges and lower operating expenses.

Net loss increased by $413 million or 72.7%, driven by the gain on sale of the New Zealand wealth businesses in the prior period, and higher operating expenses. This was partially offset by higher NAB risk management income in Treasury.

1. During the 2025 financial year, some customer lending and deposit portfolios, including the associated net operating income and income tax, were transferred between Personal Banking and Business and Private Banking. Comparative information has been restated.
2. During the 2025 financial year, the Group updated the presentation of expenses which are directly attributable and incremental to earning income from the provision of banking services. Comparative information has been restated accordingly.

Group balance sheet review

Total assets increased by $28,814 million or 2.7%. The key movements are as follows:

• Cash and liquid assets increased by $105 million or 4.2% primarily due to an increase in operating cash balances.

• Due from other banks decreased by $18,492 million or 16.7% due to a decrease in deposits with central banks.

• Collateral placed decreased by $3,870 million or 40.2% as a result of a decrease in derivative liabilities.

• Trading assets increased by $10,965 million or 8.2% primarily driven by an increase in reverse repurchase agreements at fair value through profit or loss and an increase in government and semi-government bonds, notes and securities.

• Derivative assets decreased by $6,940 million or 24.1% primarily driven by lower trading volumes of foreign exchange-related contracts, foreign exchange rate and interest rate movements and contract maturities during the period.

• Debt instruments increased by $4,948 million or 11.8% primarily due to an increase in government and semi-government bonds, partially offset by a reduction in corporate and other bonds.

• Loans and advances increased by $43,434 million or 5.9% due to growth in both non-housing and housing lending.

• All other assets decreased by $1,498 million or 7.5% primarily due to a decrease in outstanding settlements for securities sold and accrued interest and other receivables.

• Assets held for sale increased by $243 million due to the reclassification of the investment in MLC Life upon entering into a sale agreement.

Total liabilities increased by $27,380 million or 2.7%. The key movements are as follows:

• Collateral received decreased by $332 million or 6.4% due to a decrease in derivative assets.

• Deposits and other borrowings increased by $23,593 million or 3.3% due to growth in customer deposits, partially offset by a decrease in certificates of deposit and other borrowings.

• Derivative liabilities decreased by $12,373 million or 38.0% primarily driven by lower trading volumes of foreign exchange-related contracts, foreign exchange rate and interest rate movements and contract maturities during the period.

• Bonds, notes and subordinated debt increased by $18,013 million or 11.5% driven by net new issuances of medium-term debt and covered bonds.

• Debt issued decreased by $588 million or 6.2% primarily due to the redemption of convertible notes.

• All other liabilities decreased by $1,166 million or 6.0% primarily due to a decrease in accrued interest payable and payables for securities purchased.

Total equity increased by $1,434 million or 2.3%. The key movements are as follows:

• Contributed equity decreased by $458 million or 1.3% predominantly due to share buy-backs during the period.

• Reserves increased by $341 million primarily due to movements in the cash flow hedge reserve and debt instruments at fair value through other comprehensive income reserve, partially offset by movements in the foreign currency translation reserve.

• Retained profits increased by $1,584 million or 6.3% reflecting current period statutory profits, partially offset by dividends paid.

Strategic highlights¹

Execution of the Group's evolved strategy, announced in November 2024, has delivered pleasing results in 2025. This strategy is focused on achieving much stronger customer advocacy, greater speed and simplicity, and ongoing technology modernisation, and supports the Group's three key priorities of growing business banking, driving deposit growth and strengthening proprietary home lending. Executing on these priorities with discipline is expected to position the Group well to deliver attractive, sustainable shareholder returns over time.

In Business and Private Banking (B&PB), the Group is investing in simpler, more seamless banking experiences consistent with a relationship-based approach increasingly enabled by digital, data and analytics. The rollout of a new business lending platform to bankers in 2025 has been an important achievement, enabling easier and faster lending outcomes. As a result, the vast majority of business lending flows are now submitted digitally and time taken to say 'yes' to customer lending requests has reduced by approximately 20% since 2022. In 2025, the Group also delivered ongoing innovations in business payments and continued improvements to the customer onboarding experience for business transaction accounts, supporting improved deposit outcomes. B&PB's business lending balances rose 7.3% in 2025 with growth in SME business lending market share². Deposit balances grew 6.6% in 2025 and new business transaction account openings rose 12% compared with 2024 and are now 26% higher than 2022.

In Personal Banking (PB), the Group continues to navigate a challenging home lending market through a disciplined approach and by focusing on improving the performance of its proprietary channels. Over 2025, momentum in Australian home lending improved with balances³ growing 5.2%, representing a system multiple of 0.9x⁴ (versus 0.6x in 2024). Proprietary channel drawdowns also increased to 41% of total drawdowns in 2025, up from 38% in 2024, benefitting from investment in banker capabilities and tools including onboarding approximately 270 new proprietary home lending bankers during 2025⁵. Retail deposit performance has also been strong in 2025, supported by investments to reinvigorate the Group's branch network. PB deposit balances grew 9.2% over 2025 with an 18% increase in new retail transaction account openings in 2025 compared with 2024. A key focus since 2022 has been the development of a new, modern unsecured lending platform, which reached an important milestone in 2025 with the majority of acquired Citi white label partners (and a material portion of customers) successfully migrated to the new platform. The balance of the Citi migration is due to be completed by December 2025⁶.

Corporate and Institutional Banking has maintained its returns-focused strategy. This involves a disciplined approach to growth focused on long-term relationships with target sector clients, combined with simplification, technology enabled solutions to make doing business easier and leveraging transactional banking capability. Execution of this strategy has driven further strong outcomes in 2025 including transactional banking mandate wins, deposit growth of 10.5% and lending growth of 11.8%.

New Zealand Banking (NZB) has continued to progress well against its strategic priorities of becoming a simpler, more digitally-enabled bank, focused on growth in personal and business sectors. Execution of this strategy in 2025 has delivered strong customer growth, improved customer NPS⁷ outcomes with NZB now ranked first in Consumer NPS⁸, above system growth in household deposits and lending, and maintenance of the leading business lending market share. This has supported returns over a period of challenging economic conditions.

Having a healthy customer franchise and engaged colleagues underpin the Group's ability to grow sustainably. Improving customer and colleague experiences are central to this and remain a key investment priority. The Group's most recent colleague engagement score of 78 at July 2025 was stable over the year and in line with the top quartile benchmark⁹. Strategic Customer NPS¹⁰ outcomes were mixed for the 12 months ended September 2025. Business NPS improved from -6 to -1 with NAB continuing to rank second among major banks while Mass Consumer NPS improved from -2 to 0 with NAB's ranking improving from third to second. Large Corporate and Institutional NPS¹¹ declined 1 point with the Group's ranking slipping from equal first to second.

These customer scores highlight that more needs to be done to achieve the Group’s purpose of being the most customer-centric company in Australia and New Zealand. In 2025 the Group commenced rollout of a more granular and consistent customer advocacy approach called NAB Customer Voices. This aims to better and more systemically measure, capture and leverage customer feedback, increase the pace at which the Group responds, and drive accountability and alignment for customer outcomes among colleagues. Results to-date have been encouraging across customer-facing channels where the new approach is being embedded, with meaningful uplifts in customer interaction NPS. Further rollout is planned in 2026. Over time, this approach is expected to drive improvements in the Group's Strategic Customer NPS outcomes.

Critical to the Group's ability to execute its strategy and deliver improved customer and colleague outcomes is investment spend, which was increased in 2025 to $1.8 billion from $1.6 billion in 2024. Technology-related initiatives have remained a key component of investment spend including simplifying, automating and digitising the Group's business, increasing the use of data and analytics and AI, and transitioning to a more modern technology environment. Progressive delivery of these initiatives are allowing bankers to spend more time with customers and provide quicker responses, while letting customers increasingly self-serve when and where they want to. At the same time, technology modernisation is improving the resilience, risk and scalability of the Group's operations and has supported the decommissioning of more than 149 legacy technology assets in 2025. These initiatives are also making the Group more efficient, helping it manage costs while continuing to invest. In 2025 the Group achieved productivity benefits of $420 million, allowing it to limit cash operating expense growth in 2025 to 4.6%¹² including $130 million of payroll review and remediation charges.

Prudent balance sheet settings have been maintained over 2025. In 2025 the Group prevented or recovered more than $385 million in scam losses for customers. At September 2025 collective provisions as a ratio of credit risk weighted assets were 1.33% and deposits now fund 84% of total lending - both materially stronger than pre COVID-19 levels. Liquidity and funding ratios remain well above regulatory minimums. The Group's CET1 ratio of 11.70% at September 2025 is 65 basis points lower over the year with key drivers including volume growth, increased long-term investment in the business and completion of the Group's on-market share buy-back¹³. Adjusting for the finalisation of the sale of the Group's remaining stake in MLC Life¹⁴, proforma Group CET1 is 11.81% and compares with the Group's target of greater than 11.25% which includes the impact of APRA's decision to phase out AT1 capital from January 2027¹⁵.

The Group moves forward with optimism and confidence. Balance sheet settings are prudent and the Group has a clear strategy to deliver sustainable growth and attractive returns over time, underpinned by consistent investment to significantly uplift customer advocacy, speed and simplicity going forward.

1. Amounts presented in this section are based on cash earnings.
2. Derived from latest RBA statistics excluding financial businesses. Latest data as at August 2025 compared with September 2024. NAB SME market share includes business lending relating to both B&PB and C&IB.
3. Represents home lending balances in PB, B&PB and ubank.
4. APRA Monthly Authorised Deposit-taking Institution statistics. Latest data as at September 2025.
5. Offset by productivity, net increase to FTE of 120.
6. Integration and migration timeframe subject to change (including deliverables by third-party partners).
7. Net Promoter® and NPS® are registered trademarks of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld. Net Promoter ScoreSM is a service mark of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld.
8. Sourced from Insights HQ (previously known as Camorra Research) Retail Market Monitor (data on 12-month roll). NPS for nominated main bank provider as at 30th September 2025. The result reflects the 5 major banks in New Zealand. Rank is based on absolute results and may be within the confidence interval of another brand.
9. Engagement scores refer to Glint colleague engagement survey outcomes. Top quartile comparison is based upon Glint’s client group (domestic and global, from all industries).
10. Net Promoter® and NPS® are registered trademarks of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld. Net Promoter Score^SM is a service mark of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld. Sourced from RFI Global – Atlas, measured on 6 month rolling average to September 2025. Mass Consumer: based on all consumers, 18+ and excludes consumers with personal income of $260k+ and/or investible assets $2.5m+ and/or footings of over $850k. Business Strategic NPS is based on all businesses. Ranking based on absolute scores, not statistically significant differences and compared against Big 4 peers.
11. Coalition Greenwich Voice of Client 2025 Australia Large Corporate Relationship Banking Study.
12. Statutory cost growth of 3.4%.
13. The Group completed its $3.0 billion announced on-market share buy-back on 12 March 2025, resulting in the buy-back and cancellation of 87.8 million ordinary shares. $0.6 billion of those shares were bought-back in 2025 financial year.
14. Sale of the Group's remaining 20% stake in MLC Life to Nippon Life for $497m (completed on 31 October 2025).
15. Under APRA's approach, large internationally active banks including NAB will replace 1.5% Additional Tier 1 (AT1) capital with 0.25% Common Equity Tier 1 (CET1) capital and 1.25% Tier 2 capital.

Capital management and funding review

Balance sheet management overview

The Group remains committed to balance sheet strength, to support sustainable growth and returns while keeping the bank safe.

Regulatory reform

Key reforms that may affect the Group's capital and liquidity include:

Under their loss-absorbing capacity framework, APRA has required domestic systemically important banks (D-SIBs) to hold incremental Total capital equal to 3% of risk-weighted assets (RWA) since 1 January 2024. The requirement increases by 1.5% (to a total of 4.5%) of RWA on 1 January 2026. Based on the Group’s RWA and Total capital position at 30 September 2025, the 4.5% of RWA Total capital requirement has been met.

In December 2024, APRA confirmed it will phase out the use of Additional Tier 1 (AT1) capital from 1 January 2027. Under APRA’s approach, large, internationally active banks including NAB will replace 1.5% AT1 capital with 0.25% Common Equity Tier 1 (CET1) capital and 1.25% Tier 2 capital. Until 2032, existing AT1 capital instruments will be eligible to be included as Tier 2 capital until their first call date. This change is intended to ensure that the capital strength of the Australian banking system operates more effectively in a stress scenario. APRA plans to finalise amendments to prudential standards to reflect the change by the end of calendar year 2025.

APRA’s revisions to APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book came into effect on 1 October 2025. Internal models used in the calculation of Interest Rate Risk in the Banking Book (IRRBB) capital required re-accreditation by APRA.

There is currently no timeline for APRA’s consultation on revisions to APS 116 Capital Adequacy: Market Risk for the adoption of the Basel Committee on Banking Supervision's Fundamental Review of the Trading Book regulatory standards.

In December 2019, the RBNZ finalised its review of the capital adequacy framework. The RBNZ amendments included an increase in the Tier 1 capital requirement to 16% of RWA, and an increase in the Total capital requirement to 18% of RWA, to be phased in by calendar year 2028.

In March 2025, the RBNZ announced a review of its capital settings including assessment of international comparability and the role of AT1 capital. The RBNZ commenced consultation on this review in August 2025, proposing more granular standardised risk weights and two potential options for capital ratio requirements. Both options include removal of AT1 capital and an increase in Tier 2 capital, with one option also introducing loss-absorbing capacity requirements. The RBNZ intends to finalise capital settings by December 2025 and announce implementation timelines by March 2026.

In 2022 the RBNZ began a comprehensive review of its liquidity policy, known as the Liquidity Policy Review. The RBNZ Liquidity Standard is expected to be issued in May 2027 and take effect in December 2028.

In September 2025, the RBNZ launched the Liquidity Management Review consultation, with a focus on how Open Market Operations are conducted and design considerations for a Committed Liquidity Facility. The consultation period closed in October 2025 and a summary of key decisions is expected in the first half of calendar year 2026.

APRA will conduct a comprehensive review of APS 210 Liquidity, with industry engagement expected to commence in calendar year 2026.

Capital management

The Group’s capital management strategy is focused on adequacy, efficiency, and flexibility. The capital adequacy objective seeks to ensure sufficient capital is held in excess of regulatory requirements and is within the Group’s balance sheet risk appetite. This approach is consistent across the Group’s banking subsidiaries.

In May 2025, the Group’s CET1 ratio operating target increased by 25bps to greater than 11.25% to reflect APRA’s decision to phase out AT1 capital from January 2027.

On 12 March 2025, the Group completed the on-market share buy-back that was announced on 15 August 2023 and subsequently increased on 2 May 2024 to $3 billion. Through this buy-back, the Group has bought back and cancelled 87,824,707 ordinary shares, including 16,572,039 ordinary shares ($0.6 billion or 0.15% of CET1 capital) in the September 2025 full year.

Additional Tier 1 capital initiatives

On 17 July 2025, NAB redeemed $600 million of NAB Wholesale Capital Notes 2.

Tier 2 capital initiatives

The Group’s Tier 2 capital initiatives during the September 2025 full year included the following:

• On 14 January 2025, NAB issued US$1.25 billion of Subordinated Notes.

• On 12 June 2025, NAB redeemed CAD1.0 billion of Subordinated Notes.

• On 24 July 2025, NAB issued HKD400 million of Subordinated Notes.

• On 30 July 2025 NAB issued $1.5 billion of Subordinated Notes.

• On 3 September 2025, NAB issued CHF225 million of Subordinated Notes.

Further detail on the Group's Subordinated Notes issuance is available at nabcapital.com.au.

BNZ capital initiatives

On 28 January 2025, BNZ issued US$500 million of Subordinated Notes which qualify as Tier 2 capital for BNZ under RBNZ rules, but do not contribute to the Group’s Total capital position under APRA rules.

Funding and liquidity

The Group monitors the composition and stability of funding and liquidity through the Group's Board approved risk appetite which includes compliance with the regulatory requirements of APRA's Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR).

Funding

The Group employs a range of metrics to set its risk appetite and measure balance sheet strength. The NSFR measures the extent to which assets are funded with stable sources of funding in order to mitigate the risk of future funding stress.

At 30 September 2025, the Group’s NSFR was 116%, down 1% compared to 30 September 2024. Increases in required stable funding (RSF) from a rise in lending volumes and a changing mix of regulatory liquid assets were partially offset by increases in available stable funding (ASF) from deposits and wholesale funding.

The Group's deposit strategy is to grow a stable and reliable deposit base informed by market conditions, funding requirements and customer relationships.

Term wholesale funding

The Group maintains a well-diversified term wholesale funding profile across issuance type, currency, investor location and tenor.

During the September 2025 full year, NAB accessed term wholesale funding markets across a range of products and currencies. In April 2025, global term funding markets saw an increase in volatility driven by the announcement of US reciprocal tariffs and the expectation for more restrictive global trade policies. Since April, market conditions have improved, supported by moderating inflation, central bank rate cuts and reduced volatility.

The Group raised $36.3 billion¹ of term wholesale funding during the September 2025 full year. NAB raised $33.3 billion of term wholesale funding, including $4.0 billion of Tier 2 subordinated debt and BNZ raised $3.0 billion of term wholesale funding, including $0.8 billion of Tier 2 subordinated debt.

The weighted average maturity of term wholesale funding issued by the Group in the September 2025 full year was approximately 5.0 years. The weighted average remaining maturity of the Group’s term wholesale funding portfolio is approximately 3.2² years.

Term funding markets continue to be influenced by the economic environment, credit conditions, investor sentiment and monetary, fiscal and trade policy settings.

1. Excludes AT1 capital.
2. Excludes AT1 capital, Residential Mortgage Backed Securities (RMBS) and Funding for Lending Programme (FLP).

Short-term wholesale funding

During the 2025 full year, the Group accessed international and domestic short-term funding through wholesale markets. In addition, the Group has accessed secured short-term funding in the form of repurchase agreements, primarily to support markets and trading activities. Repurchase agreements entered into, excluding those associated with the Term Lending Facility (TLF) and FLP, are materially offset by reverse repurchase agreements with similar tenors.

Liquidity Coverage Ratio

The LCR measures the adequacy of high-quality liquid assets (HQLA) available to meet net cash outflows over a 30-day period, during a severe liquidity stress scenario. HQLA primarily consists of cash, deposits with central banks, Australian government and semi-government securities and securities issued by foreign sovereigns. Under APS 210 Liquidity, HQLA also includes Alternative Liquid Assets (ALA), which comprise RBNZ repo-eligible securities.

The Group maintains a well-diversified liquid asset portfolio to support regulatory and internal requirements in the regions in which it operates. Liquid assets are measured at fair value with valuation changes recognised immediately through either the income statement or other comprehensive income. The average value of regulatory liquid assets held through the September 2025 quarter was $208 billion.

The Group's LCR averaged 135% during the September 2025 quarter, a decrease of 2% compared to September 2024.

A detailed breakdown of quarterly average net cash outflows is provided in the September 2025 Pillar 3 Report.

1. Includes assets qualifying under alternative liquidity approaches.

Dividend and Dividend Reinvestment Plan (DRP)

The final dividend in respect of the year ended 30 September 2025 has been determined at 85 cents, 100% franked, payable on 12 December 2025.

The extent to which future dividends on ordinary shares and distributions on frankable hybrids will be franked is not guaranteed and will depend on a number of factors, including capital management activities and the level of profits generated by the Group that will be subject to tax in Australia.

The Group periodically adjusts its DRP to reflect its capital position and outlook. There is no DRP discount for the 2025 final dividend. Eligible shareholders have the ability to participate in the DRP for the 2025 final dividend for up to 5 million NAB ordinary shares per participant. The Group expects to satisfy the DRP in full by an on-market purchase of ordinary shares.

Directors’ information

For information on the directors, company secretaries and board meetings refer to pages "Board of Directors" to "Company Secretaries" and "Board planning and agenda setting" .

Directors' and officers' indemnity

The Company’s Constitution permits the Company to indemnify current and former directors, company secretaries and other senior officers of the Company and its related bodies corporate. This indemnity may cover certain losses and liabilities incurred by these individuals in their capacity as officers, to the extent permitted by law.

The Company has entered into individual deeds of indemnity with each director. These deeds generally reflect the protections available under the Constitution and provide additional certainty regarding access to the Company’s documents and records and related rights. The Board may also approve similar arrangements for other officers and employees where appropriate.

Directors' and officers' insurance

During the financial year, the Company maintained and paid an insurance premium in respect of a directors’ and officers’ liability insurance policy for the benefit of the Company and its officers. This policy provides cover for certain liabilities incurred in the course of performing their duties. In accordance with standard commercial practice, the policy prohibits disclosure of its terms, including the nature of the cover, policy limits and premium amounts.

Directors' and executives' interests

Particulars of shares, rights and other relevant interests held directly and indirectly by directors and Group Executives are set out in the Remuneration Report.

Other matters

Rights

As at the date of this Report, there are 3,454,808 rights outstanding in relation to NAB fully paid ordinary shares. No exercise price is payable for rights. The latest dates for exercise of the rights range between 15 November 2025 and 15 November 2031. Persons holding rights are not entitled to participate in capital actions by NAB (such as rights issues or bonus issues) as they relate to those rights.

For the period from 1 October 2025 to the date of this Report, no NAB fully paid ordinary shares were issued as a result of the exercise of a right.

For further details on rights refer to .Note 34 Equity-based plans of the notes to the financial statements and Section 6.4 of the Remuneration Report.

Future developments

In the opinion of the directors, discussion or disclosure of any further future developments including the Group’s business strategies and its prospects for future financial years would be likely to result in unreasonable prejudice to the interests of the Group.

Proceedings on behalf of NAB

There are no proceedings brought or intervened in, or applications to bring or intervene in proceedings, on behalf of NAB by a member or other person entitled to do so under section 237 of the Corporations Act 2001 (Cth).

Events subsequent to reporting date

On 31 October 2025, the Group completed the disposal of its remaining stake in MLC Life for $497 million. The investment in MLC Life of $243 million was derecognised by the Group on this date, resulting in an overall gain on disposal of $254 million which will be included in the Group’s statutory net profit for the year ending 30 September 2026. As part of the transaction, NAB has agreed to provide up to $150m contingent Tier 2 capital support to the combined MLC Life Insurance and Resolution Life Australasia business if required. The capital support is available to be drawn down, subject to certain conditions being met, for a period of three years, from completion of the transaction, with the final terms subject to regulatory approvals.

There are no other items, transactions or events of a material or unusual nature that have arisen in the period between 30 September 2025 and the date of this Report that, in the opinion of the directors, have significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future years.

Integrity of reporting

The directors of NAB have a responsibility with respect to the integrity of external reporting. This involves reviewing and monitoring, with the assistance of the Audit Committee and management, the processes, controls and procedures which are in place to maintain the integrity of the Group’s financial statements.

Further details on the role of the Board and its committees can be found in NAB's 2025 Corporate Governance Statement in the Corporate Governance Statement section of this Report and is available online at nab.com.au/about-us/corporate-governance.

External auditor

EY was appointed as the Group external auditor on 31 January 2005 and has provided the audit opinion on the Financial report for 21 years. In accordance with the Corporations Act 2001 (Cth), the lead signing partner for the audit rotates every five years. Mr Tim Dring was appointed on 16 December 2022 as the Group's Lead Partner and completed his third year as signing partner on the 2025 Financial report. 

The Audit Committee conducts an annual review of the adequacy of the external audit with emphasis on independence, effectiveness, and performance of the external auditor. The Audit Committee assessed and resolved it would be appropriate for EY to continue as the external auditor and satisfied themselves on the following basis:

• The External Audit Plan addresses key areas of accounting judgement, including business risks, regulatory and compliance obligations, operations and internal control environment associated with the Financial report and the resulting key audit matters.

• Partner rotations bring fresh perspectives to management and the Audit Committee. The lead partner has demonstrated sound judgement and objectivity.

• The audit team has appropriate industry and technical skills and experience, supported where necessary by EY’s technical specialists. The audit team has demonstrated professional scepticism, integrity, independence, insight, service quality, communication, reporting and responsiveness.

There is no person who has acted as an officer of the Group during the 2025 financial year who has previously been a partner at EY when that firm conducted the Group's audit.

The remuneration of the external auditor is set out in Note 33 Remuneration of external auditor of the notes to the financial statements and includes details of the fees paid or due and payable for audit-related, taxation-related and non-audit services provided by EY to the Group during 2025.

In accordance with advice received from the Audit Committee, the directors are satisfied that the provision of audit-related, taxation-related and non-audit services during the year to 30 September 2025 by EY is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 (Cth). The directors are satisfied because the Audit Committee or its delegate has assessed each service, having regard to auditor independence requirements of applicable laws, rules and regulations, and concluded that the provision of each service or type of service would not impair the independence of EY.

A description of the Audit Committee’s pre-approval policies and procedures is set out in the Assurance and Control section on page "Assurance and control" . A copy of EY’s independence declaration is set out on page "Auditor's independence declaration" .

Remuneration Report

Letter from the People & Remuneration Committee Chair, Kathryn Fagg

Dear Fellow Shareholders,

On behalf of the Board, I am pleased to present NAB's 2025 Remuneration Report. I would like to thank our Executive Leadership Team (ELT) and our colleagues around the world for their efforts throughout the year. In 2025, NAB focused on executing its evolved Group Strategy and updated its ambition to become the most customer-centric company in Australia and New Zealand.

In November 2024, NAB evolved its Group Strategy. Building on five years of strong foundations, we again prioritised customers and colleagues and reinforced our resolve to strengthen customer advocacy, deliver faster and simpler banking, and modernise our technology. As our strategy matures, our customer-centric approach is producing early results and contributed to good performance and improved customer advocacy across the majority of segments.

In line with our customer ambition of sustained advocacy leadership and primacy in relationships, in 2025 we increased the weighting of our customer measure in our Group Performance Indicator (GPI) from 20% to 30%, which is a key component in determining annual variable reward outcomes for the ELT and eligible colleagues.

Our refreshed Colleague Strategy reinforces NAB's commitment to building a culture where colleagues are proud to work at NAB, inspired and supported by their leaders, and deeply focused on our customers. See Sections 1.1 and 1.3 for details.

The Group's performance in 2025, as measured by the GPI, achieved 92% of target, reflecting balanced performance outcomes. See Section 4 for detail. The key performance outcomes in 2025 were:

• Cash earnings (expected loss basis)¹² of $6,876 million were 0.4% favourable to plan.

• Return on Total Allocated Equity (ROTAE) (expected loss basis)³ was 18 basis points below plan.

• The Board evaluated the quality and sustainability of earnings, considering the net impact of certain one-off items in 2025. As a result, a 2% reduction in cash earnings and ROTAE outcomes was applied.

• Total dividend of 170 cents per share, fully franked, returning $5.2 billion to more than 540,000 shareholders - up from 168 cents per share in 2024.

• NAB made good progress against each of our three key priorities; growing business banking, driving deposit growth, and strengthening proprietary home lending.

• Four of five segments improved in customer advocacy with Medium and Large Business Customer Advocacy Net Promoter Score (NPS)⁴ improving to #1 among peer banks.

• We delivered solid progress towards our technology modernisation goals with our continued focus on moving faster, reducing complexity and responding to evolving customer expectations. Examples of where we delivered value include the continued modernisation of key platforms such as our Everyday Banking originating platform, the redesign of the nabtrade platform, and the upgrade of our New Payments Platform.

• Our gender pay gap, as published by the Workplace Gender Equality Agency (WGEA) decreased by 0.2% to 14.9%⁵ (vs 15.1% in 2024). Our ambitious 2025 goal of <10% was not met. We will continue our focus on reducing the gender pay gap.

• Our colleague engagement remains at global top quartile of 78⁶. Similarly, our Engagement Index score, which includes scores for belonging, well-being and whether our colleagues recommend NAB as a place to work, remains at top quartile.

NAB continues to attract leading talent from both within Australia and globally, as seen by our recent ELT appointments:

• Andrew Auerbach joined as Group Executive, Business and Private Banking on 16 June 2025, succeeding Rachel Slade.

• Pete Steel was appointed Group Executive, Digital, Data & Artificial Intelligence. Pete will commence employment on 19 November 2025. Pete will lead the bank’s digital, data and Artificial Intelligence teams and initiatives to deliver better experiences for our customers and colleagues.

• Shane Conway has been promoted into a newly created role of Group Executive, Transformation. He will lead our continued focus on payments, simplification, technology modernisation, organisational effectiveness and change. Shane will commence his new role on 1 December 2025.

• Sharon Cook will retire on 31 December 2025 as Group Executive, Customer and Corporate Services. Les Matheson will assume the leadership of Customer and Corporate Services and transfer the leadership of Digital and Data, and uBank to Pete Steel.

• Inder Singh was appointed Group Chief Financial Officer and Group Executive, Strategy, Inder will commence employment in March 2026.

As a result of ELT changes, there were a number of acting appointments put in place during the transition period. Further detail on executive changes and transition arrangements is provided in Section 2.2.

The Group CEO and Group Executives delivered a result in line with plan and made good progress in delivering NAB’s customer-centric strategy. The Board remains focused on maintaining responsible levels of executive remuneration that align with business outcomes. The key remuneration outcomes in 2025 were:

• Andrew Irvine’s Annual Variable Reward (VR) outcome was 92% of his target opportunity (69% of maximum), recognising his leadership in advancing the Group’s strategy, customer focus and shareholder returns.

• VR outcomes for current permanent Group Executives ranged from 83% to 120% of target opportunity (62% to 92% of maximum), reflecting individual and collective performance.

• The four-year Long Term Variable Reward (LTVR) granted in February 2021 vested at 100% in December 2024, based on NAB's Total Shareholder Return (TSR) outcome at the 75th percentile over 4 years (from November 2020 to November 2024), demonstrating strong long-term financial performance and consistent strategic execution.

Further detail on the executive remuneration outcomes and arrangements is provided in Section 2 and Section 4.

The Board applied consequence management in response to three risk matters considered during the year that relate to matters that arose in prior performance periods.

Hardship: The Federal Court finding in August 2025 of breaches of the National Consumer Credit Protection Act 2009 (Cth) as a result of failures to provide written responses to 345 hardship notices, which resulted in a $15.5 million civil penalty.

Common Reporting Standard: NAB's failure to comply with certain requirements under the Common Reporting Standard which resulted in NAB receiving an administrative penalty from the Australian Tax Office in October 2024.

Payroll remediation: The issues contributing to NAB's ongoing payroll review and remediation program.

To foster our culture of prudent risk management and individual accountability, downward adjustments were made to the remuneration of current and former colleagues involved in these matters based on their level of accountability and responsibility. Further detail can be found in Section 2.1 and 5.3.

NAB completed its second annual compliance review and first triennial effectiveness review of our remuneration framework as required by APRA’s Prudential Standard CPS 511 Remuneration (CPS 511). NAB's remuneration framework was found to be effective and compliant with the requirements of CPS 511, with only minor areas of improvements suggested to align with best market practices. Further detail can be found in Section 1.3.

On behalf of the Board, I invite you to read this Remuneration Report which will be presented for adoption at the 2025 AGM.

Kathryn Fagg People & Remuneration Committee Chair 6 November 2025

1. Calculation on an expected loss basis provides a view that is reflective of long-term underlying business performance and is less volatile than the Credit Impairment Charge view which in individual years can be impacted by large movements in economic adjustments and forward-looking adjustments.
2. Full detail on how cash earnings is defined, a discussion of non-cash earnings items and a full reconciliation of statutory net profit attributable to owners of the Company is set out in Note 2 Segment information of the Financial report on page "Segment information" .
3. Return on Total Allocated Equity on an expected loss basis remains sensitive to changes in the risk profile of the Group's portfolio.
4. Net Promoter® and NPS® are registered trademarks of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld. Net Promoter Score^SM is a service mark of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld. Medium and Large Business NPS sourced from RFI Global – Atlas, measured on 6 month rolling average. Based on business customers with a turnover $5m-<$200m. Ranking based on absolute scores, not statistically significant differences and compared against Big 4 peers.
5. The pay gap analysis indicates the mean gender pay gap within NAB’s Australian-based workforce. Further detail can be found in Section 1.4.
6. Colleague engagement survey result conducted using Glint. For the purposes of the GPI and Group CEO Scorecard, colleague engagement score is 78% and excludes BNZ. Further details can be found in Section 4.1.

1 - Our remuneration frameworks

1.1 Strategic context for remuneration at NAB

Our remuneration frameworks are informed by the Group Strategy which focuses on customers and colleagues. Our remuneration principles support the delivery of our strategic priorities and demonstrate how we approach remuneration. They also underpin our executive remuneration framework outlined in Section 1.2, our colleague remuneration framework outlined in Section 1.4 and our broader remuneration policy and structures.

Our strategic ambition

Our evolved ambition is underpinned by our refreshed Colleague Strategy. We continue to rally around our twin peaks of customer and colleague - striving for customers who trust and choose us, and colleagues who are proud to work at NAB. The Colleague Strategy is built on three pillars: Talent, Culture and Leaders, and is outlined in more detail in the Colleagues section of the Annual Report.

Our colleague strategy

The following remuneration principles support our Colleague Strategy.

Our remuneration principles

1.2 Executive remuneration framework

The executive remuneration framework implemented in 2024 continues to support the delivery of our strategic ambition. The framework reinforces our commitment to customers, aligns with sustainable shareholder value creation and supports appropriate risk, reputation, conduct and sustainability outcomes and our Who We Are values. The framework supports the Group CEO and Group Executives to drive both short and long-term performance. The requirement to hold a minimum shareholding enhances the alignment between the interests of shareholders and the Group CEO and Group Executives. Further information can be found in Section 3.

Board discretion applies for qualitative matters including risk, reputation, conduct, and values to ensure sustainable performance (including malus and clawback). Further detail about how the Board applies discretion on remuneration matters can be found in Section 5.2.

1.3 Our approach to executive remuneration

The Board, supported by the People and Remuneration Committee, and the Board Risk & Compliance Committee, actively monitors the Group's performance, including any risk and conduct matters that arise. This enables the Board to take timely action to address any issues identified and ensure the prudent application of consequences in the event of risk or conduct failures (including malus and clawback). Further detail about how the Board applies discretion and consequence management in respect of remuneration can be found in Sections 5.2 and 5.3.

1.4 Colleague remuneration framework

Informed by our remuneration principles, the colleague remuneration framework, applicable to colleagues below the Group Executive level, operates in close alignment with the executive remuneration framework ensuring a cohesive and consistent approach to reward outcomes across the organisation.

NAB’s 2024 Enterprise Agreement provides colleagues with greater certainty about pay through clearly defined FR increases and a structured remuneration framework. The increases scheduled to take effect from January 2026 for eligible colleagues below Group Executive level, are outlined below.

In addition to FR, NAB provides a broad range of benefits including financial and other well-being benefits. This includes flexible work arrangements, up to two days of volunteer leave per year, one week of additional annual leave (“You Leave”)¹ and wellness and mental health resources through our Employee Assistance Program.

Remuneration for colleagues based in international locations is informed by local regulations and market practice, and governed by the NAB Group remuneration framework.

Colleague recognition and appreciation are led through our NAB Honour and NAB Appreciate programs that recognise colleagues and teams who get it right for our customers every time and build a truly customer obsessed culture.

We advanced pay equity, reducing the gender pay gap by 0.2% to 14.9% (vs 15.1% in 2024)². During our annual performance and reward review process, people leaders address and ensure gender pay equity through the performance and reward decisions they make.

1. Entitlement to You Leave is subject to colleagues meeting the eligibility criteria.
2. Figures shown are published by the Workplace Gender Equality Agency (WGEA). The pay gap analysis indicates the mean gender pay gap within NAB’s Australian-based workforce, the reporting period for each year reflects 1 October to 30 September of the previous year (e.g., 2025 reflects the period 1 Oct 2024 to 30 Sept 2025). The gender pay gap is calculated by dividing the mean female base salary by the mean male base salary per employment level. It does not separately measure the gender pay gap in equivalent roles. Analysis included permanent (including CEO salary from 2025 as per WGEA reporting requirements), fixed term, and casual colleagues and excludes contractors.

2 - Executive remuneration outcomes and changes

2.1 Executive remuneration outcomes¹

1. The Group scorecard outcome is expressed as the GPI, which is a key component in informing VR outcomes (refer to Section 3.2 where the mechanics of the Group Variable Reward Plan are explained).
2. Excluding the Acting Group Executive, Business and Private Banking, Acting Group Chief Risk Officer, and outgoing Group Executive, Business and Private Banking.
3. The VR outcome for each Acting Group Executive in respect of that role was prorated to reflect their time in that role, and was 110% of target opportunity (44% of maximum opportunity) for the Acting Group Executive, Business and Private Banking and 92% of target opportunity (37% of maximum opportunity) for the Acting Group Chief Risk Officer.
4. Rachel Slade's Annual VR has been excluded from the outcomes outlined above. Her Annual VR was prorated for her time in the Group Executive, Business and Private Banking role. Her Annual VR outcome was 23% of Annual VR target (17% of maximum Annual VR).
5. Number of permanent Group Executives (including the Group CEO) who held the award and were a Group Executive on the vesting date of the awards.

The Board applied consequence management in response to three risk matters considered during the year that relate to matters that arose in prior performance periods. Consequences were applied to the Group CEO, in relation to his former role as Group Executive, Business and Private Banking, and other current and former Group Executives in response to three risk matters considered during the year.

Hardship: The Federal Court finding in August 2025 of breaches of the National Consumer Credit Protection Act 2009 (Cth) as a result of failures to provide written responses to 345 hardship notices, which resulted in a $15.5 million civil penalty.

Common Reporting Standard: NAB's failure to comply with certain requirements under the Common Reporting Standard which resulted in NAB receiving an administrative penalty from the Australian Tax Office in October 2024.

Payroll remediation: The issues contributing to NAB's ongoing payroll review and remediation program.

Downward adjustments (pausing and forfeiture) ranged from 2.5% to 58% of VR, with a total financial impact of approximately $828,000 (of which approximately $218,000 are forfeitures of deferred VR and approximately $610,000 are awards that will be paused while further investigations are undertaken).

• Current executives: forfeiture of deferred VR with a total impact of $112,430 across three individuals, including the Group CEO in relation to his former role as Group Executive, Business & Private Banking.

• Former executives: pausing or forfeiture of deferred VR with a total impact of $716,425 ($106,088 forfeited and $610,337 paused) across five individuals including the former Group CEO.

The adjustments were made to deferred VR due to vest in November 2025. All outcomes were determined with reference to the accountability for, severity, and impact of the relevant matter.

1. Excluding the Acting Group Executive, Business and Private Banking and Acting Group Chief Risk Officer

2.2 Executive appointments and exit arrangements

A number of changes to the Executive Leadership Team were announced in 2025. The table below outlines changes that occurred during 2025.

The following table outlines the remuneration arrangements as a result of role changes in 2025.

2.3 Executive remuneration in 2026

2.4 Key management personnel

The list of NAB's Key Management Personnel (KMP) is assessed each year and comprises the non-executive directors of NAB, the Group CEO (an executive director of NAB) and the Group Executives who have authority and responsibility for planning, directing and controlling the activities of both NAB and the Group. The KMP during 2025 were:

1. All matters relating to the remuneration of Daniel Huggins including VR, have been approved by the BNZ Board as required under BNZ's Conditions of Registration which are set by the Reserve Bank of New Zealand.

3 - Our 2025 executive variable remuneration plans

The 2025 executive remuneration framework is underpinned by our remuneration principles outlined in Section 1.1.  The executive remuneration framework incorporates remuneration deferral arrangements to ensure shareholder alignment. A proportion of remuneration is deferred in the form of equity for up to six years for the CEO and five years for Group Executives, to encourage long-term decisions that create sustainable value for customers and shareholders. The key aspects of the executive remuneration framework seek to:

• maintain a strong focus on individual performance, conduct and management of financial and non-financial risks;

• drive short and long-term performance, sustainable shareholder growth and a focus on customer outcomes; and

• provide mechanisms to ensure remuneration outcomes will be commensurate with performance and risk outcomes.

All VR (unvested, vested or paid) is subject to malus and clawback. Refer to Section 5.3 for more detail.

3.1 Remuneration mix

The remuneration mix for the Group CEO, permanent Group Executives and Group CRO at maximum and target opportunity delivers approximately 65%-70% of total remuneration as variable and ‘at risk’ remuneration, with VR weighted more heavily to the long-term components.  The actual remuneration mix for the Group CEO and each permanent Group Executive is subject to Group and individual performance each year.

3.2 Annual variable reward

The table below outlines the key features of the Annual VR plan for the Group CEO and Group Executives.

Feature		Description
Purpose		Annual VR rewards the Group CEO and Group Executives for delivery of annual goals that drive long-term sustainable performance. It provides an appropriate level of remuneration that varies based on the Board’s determination of Group and individual performance over the financial year measured against agreed targets for financial and non- financial measures that are set to drive delivery of the Group's strategy. The plan is not wholly formulaic. Judgement is applied through qualitative assessment as determined by the Board.
Annual VR calculation		Individual Annual VR awards for the Group CEO and Group Executives1 are calculated as follows2: Discretionary adjustments: Annual VR is discretionary and will vary in line with Group and individual performance and available funding. The Board may determine any amount be awarded from zero up to the maximum VR opportunity. The Group CEO's scorecard, assessment and outcomes for 2025 are provided in Section 4.1.
Annual VR opportunity		Position	Target opportunity3	Maximum opportunity3
		Group CEO and permanent Group Executives (excluding Shaun Dooley and Peter Whitelaw)	75% of FR	100% of FR
		Shaun Dooley (Group Chief Risk Officer and Acting Chief Financial Officer)	50% of FR	65% of FR
Group performance		Group performance is assessed on achievement of financial and non-financial measures (GPI) linked to the Group's key strategic priorities, overlaid by a qualitative assessment. The qualitative assessment may result in the outcome being adjusted upwards or downwards (including to zero) for risk, quality of performance (including consideration of financial and customer outcomes, sustainability matters, and progress made against strategy) and any other matters as determined by the Board.
Individual performance and measures		Individual performance is assessed against a scorecard comprised of key financial and non-financial goals. The weighting of measures reflects the responsibilities for each individual's role. The Group CEO's 2025 scorecard is aligned to the GPI.
		Individual performance modifiers: The Board considers three individual performance modifiers which may result in an adjustment to an individuals’ performance and VR outcomes: Risk: the individual's management of risk and compliance. Employee conduct: individual performance and VR outcomes may be reduced where expected standards of conduct are not met. Who We Are: the individual's demonstration of NAB’s values.
Award delivery and deferral		Annual VR is delivered as a combination of cash and deferred rights. The cash component of Annual VR is paid following the performance year to which it relates. Deferred rights will be granted in December 2025 and are scheduled to vest pro-rata over two years from grant. Deferred rights are granted and may vest at the Board's discretion, subject to the relevant plan rules including malus and clawback provisions. A dividend equivalent payment for any vested deferred rights is paid at the end of each deferral period.
Separation		If the Group CEO or a Group Executive resigns, they will not receive any Annual VR for that year and any unvested deferred rights will be forfeited. Unvested awards may be retained on separation in other circumstances prior to the end of the vesting period. The Board retains discretion to determine a different treatment. Vesting of any unvested awards retained will generally not be accelerated and will continue to be held by the individual on the same terms.
Board discretion		The Board has extensive discretion in respect of the Annual VR awarded. Further detail on governance of Annual VR is outlined in Section 5.2.

1. All remuneration matters for Daniel Huggins, CEO and Managing Director, BNZ, including scorecard measures and performance assessment, were approved by the BNZ Board in line with its Conditions of Registration set by the Reserve Bank of New Zealand. Daniel Huggins’ Annual VR is calculated as VR Target Opportunity x (25% Group performance + 75% BNZ performance) x Individual Performance Score. BNZ performance is assessed across leading customer advocacy, customer obsessed colleagues, safe growth, financial and risk measures, with no weightings applied. The assessed overall BNZ performance for 2025 was 105%.
2. Where a Group Executive had a change in role, the annual VR is prorated to reflect the different roles.
3. The target and maximum Annual VR opportunity for the Acting Group Executives were different because they did not change in connection with their acting appointment.

3.3 Long-Term Incentive

The Long-Term Incentive (LTI) is comprised of two equally weighted components of remuneration which together provide material weight to financial and non-financial measures in compliance with APRA requirements. These two components are the Long-Term Equity Award (LTEA) and Long-Term Variable Award (LTVR). The LTI is awarded to the Group CEO and permanent Group Executives through the process described below.

Individual performance, risk management, and conduct (Who We Are) considerations are set out in our risk management and conduct framework in Section 5.3. The table below details the key features of the 2025 LTI award for the Group CEO and permanent Group Executives.
Feature	Description
Purpose	The LTI award (comprising the LTEA and LTVR components) is granted by the Board to encourage long-term decision making critical to creating long-term value for shareholders. The LTI is determined and awarded independently from Annual VR decisions.
Participants	Group CEO and permanent Group Executives as determined by the Board.
Award value	The maximum face value of the LTI award granted is 140% of FR for the Group CEO and permanent Group Executives, with the LTEA and LTVR components being weighted equally (i.e., each 70% of FR). The actual value of the LTI award granted to the participant is determined by the Board based on the pre-grant assessment.
Instrument	The LTI award (comprising the LTEA and LTVR components) is provided as performance rights. Each vested performance right entitles its holder to receive one NAB share upon exercise.
Grant date	The 2025 LTI award (comprised of LTEA and LTVR components) was granted on 19 December 2024.
Allocation approach	The number of performance rights granted was calculated by dividing the LTEA and LTVR award face value by NAB's weighted average share price over the last five trading days of the preceding financial year. The weighted average share price used for the 2025 awards, which were allocated on 19 December 2024 was $38.11.
Performance period	Four years from 15 November 2024 to 15 November 2028.
Assessment of performance measures	The LTEA and LTVR components are assessed against their respective performance measures1 over the performance period to determine the number of performance rights that are eligible for vesting.
Value of final outcome	The final value delivered to each participant is determined by the number of performance rights that ultimately vest following testing, the number of vested performance rights which are exercised subject to individual performance, risk and conduct assessment, and NAB's share price at the time of exercise. The final value may be zero if performance measures are not achieved, or if the Board exercises its discretion to adjust any outcomes to zero.
Dividends	No dividends are paid throughout the performance period. A dividend equivalent payment is paid for any vested performance rights for the period between vesting and exercise.
Separation	The treatment of performance rights will depend on the reason for separation: Resignation: performance rights will be forfeited in full All other circumstances including retrenchment and retirement: the performance rights will be retained in full unless otherwise determined by the Board in its absolute discretion Any performance rights a participant continues to hold will remain subject to the relevant performance measure, with the measure being tested in accordance with the normal timetable.
Board discretion	The Board has extensive discretion in respect of the LTEA and LTVR, including the initial value granted, the number of performance rights that vest, and any forfeiture or clawback applied. Further detail is provided in Section 5.2.

1. Suncorp Group Limited remained a part of the TSR comparator group as the banking function was not considered a major part of its business. The appropriateness of its inclusion in the TSR comparator group will be reviewed in 2026.
2. For example, if a participant retires prior to the end of the financial year in which the performance rights are granted, generally the Board will exercise its discretion to allow the participant to retain a pro-rata portion of the performance rights reflecting the proportion of the LTI performance period served when the retirement occurs.

We are lifting NAB’s ambition to be the most customer-centric company in Australia and New Zealand. We want customers who trust us and choose us to be their bank and colleagues who are customer obsessed and proud to work at NAB. For us to achieve this, we are relationship-led and aim to be more proactive with unrivalled customer service. Our focus on being safe and sustainable continues. We demonstrate this through our continued focus on our sustainability commitments such as focus on risk, strong balance sheet and capital.

For specific Group Executives, sustainability-related measures are included within their individual performance scorecards, including progress against NAB’s environmental finance goal, and progress against existing 2030 sector decarbonisation targets. Colleagues' individual performance measures may also contain sustainability goals and performance indicators where relevant to their roles (for example, within teams focused on executing the Group’s climate strategy).

Individual performance modifiers for Risk and Who We Are (conduct and values) may consider the Group Executive's achievement of sustainability related matters and therefore may influence final assessed performance.

The governance and oversight of how these sustainability measures are set, reviewed and linked to the Group CEO and Group Executives' remuneration outcomes are in accordance with the Group's governance and oversight framework outlined in Section 5.1.

Further information on NAB’s approach to managing climate change and other sustainability related matters is provided in NAB’s 2025 Annual Report and the Climate Report.

4 - Remuneration outcomes

4.1 Group CEO's performance

The table below shows the key 2025 performance measures for the Group CEO and Group Executives. The Board's assessment of the Group CEO's performance is aligned to the Group's performance as informed by the GPI, while considering risk and individual conduct matters which may be applied to modify the final remuneration outcome.

The GPI is linked to the Group's key strategic priorities having regard to both financial and non-financial performance. The Board’s evaluation of the GPI incorporates a comprehensive qualitative assessment of risk and performance. This includes consideration of financial results, sustainability initiatives, customer outcomes, environmental and social impacts, and progress against strategic objectives, as well as any other factors the Board deems relevant. As part of our robust governance, the Board retains the discretion to adjust the GPI outcome in response to unsatisfactory risk management or conduct issues. The Group Chief Risk Officer conducts a thorough review of the Group’s risk practices, presenting findings to both the Board and the Board Risk & Compliance Committee for further consideration.

After evaluating the quality and sustainability of earnings, the Board decided to reduce the overall financial performance outcome by 2% to account for the net impact of certain one-off items following a qualitative assessment of earnings. As a result of this assessment, the Board determined that the GPI for 2025 was achieved at 92% of the target.

The Board has considered the performance of the Group CEO in line with NAB's group performance, risk, and conduct frameworks. 2025 marks Mr Irvine's first full year as Group CEO, with performance outcomes reflecting his tenure and developing experience in the role.

			*Outcomes above target indicate outperformance
Goal, objective and assessment	Weighting	Scorecard outcome	Outcome1
Financial:Deliver attractive returns, safe growth and the financial plan Financial performance was above plan. The Group's balance sheet maintained good momentum with strong liquidity through 2025 and increasing market share. Cash earnings (expected loss basis)2 of $6,876m million was $29m or 0.4% favourable to plan. Financial performance reflected balance sheet momentum, a stronger net interest margin and a lower effective tax rate than plan, partially offset by lower other operating income and higher operating expenses. Return on total allocated equity (expected loss basis)3 of 11.33% was 18 basis points unfavourable to plan, reflecting higher allocated equity partially offset by higher cash earnings.	20%		20.2%
	20%		19.4%
Quality of earnings assessment for certain one-off items.			-2.0%
NAB achieved greater Market Share4 growth in deposits than major bank peers (above target). Business lending was broadly in line with target and maintained our market leading position. While we improved our mix of home loans originated via our proprietary channel, overall Home Lending growth was below market (and target).	10%		10.3%
Leading Customer Advocacy:Customers trust us to meet their needs and make their lives easier Aligned to our customer ambition of sustained advocacy leadership and primacy in relationships, customer targets are a combination of absolute NPS5 improvement, NPS rank compared to peers and improvement in Main Financial Institution (MFI6) share. Overall customer NPS results were mixed: 4 (Mass Consumer7, Micro and Small Business8, Medium and Large Business9 and Large Corporate & Institutional) of 5 segments improved from baseline, with HNW & Mass Affluent10 declining.  NAB is #1 for Medium and Large Business NPS. C&IB overall Market, Micro and Small Business, and Mass Consumer rank #2 and HNW & Mass Affluent rank #4. Consumer and Business MFI share results were below target.	30%		22.5%
Customer Obsessed Colleagues:Customer obsessed colleagues who are proud to work at NAB Colleague engagement remains stable and above Top Quartile11 Benchmark. Engagement Index measure (drivers of eSat, Belonging, Recommend, Wellbeing) was baselined at top quartile. Gender representation of women in Leadership (Group 4 – 6) was below target, however, continues to improve. Targets were not fully met due to slower than expected progress on leadership diversity and colleague experience metrics, despite engagement remaining at top quartile levels.	5%		4.7%
	5%		4.0%
Strategic Priorities:Deliver with focus and discipline on our Group Strategy including through gradual elimination of complex and ageing technology The Technology Modernisation Score (TMS) reduction target for 2025 was 9.2% of the technology estate, a 12.2% reduction was delivered, exceeding target. The decommissioning of legacy assets and modernisation of platforms like Everyday Banking, nabtrade, and the New Payments Platform have reduced technology risks and vulnerabilities.	10%		13.0%
Qualitative assessment			Outcome
Risk modifier: Regulatory, breach management, progress on matters of interest, losses associated with operational events and remediation costs, reputation. The Group CEO has continued to lead the delivery of expected risk outcomes, with a strong 'tone from the top' approach to managing risk within NAB.			Achieved
Who We Are modifier:Individual conduct and demonstration of NAB's behaviours The Group CEO has demonstrated a learning orientation and adaptive leadership mindset through the guidance of the Board and in line with our expected Who We Are behaviours.			Achieved
Outcome			92%
The Group CEO's overall outcome was assessed as Achieved reflecting his new tenure in the role, focus on customer obsession and service-oriented mindset. His demonstration of growth and maturity in the role while maintaining momentum on strategic initiatives have in turn informed the Board's assessment of his performance.			92% of target opportunity 69% of maximum opportunity

1. Outcome shown as a percentage relative to the percentage weighting of the performance measure.
2. Calculation on an expected loss basis provides a view that is reflective of long-term underlying business performance and is less volatile than the Credit Impairment Charge view which in individual years can be impacted by large movements in economic adjustments and forward-looking adjustments.
3. Return on Total Allocated Equity on an expected loss basis remains sensitive to changes in the risk profile of the Group's portfolio.
4. Market Share is assessed by each product individually. Outcome and Target ranges displayed are based on the minimum and maximum values across the product lines. Products include Australia Home Lending (20%, APRA), Australia SME Lending (30%, APRA), Australia Household & Business Deposits (excluding Financial Institutions and Government) (50%, APRA). Market Share movement results are July 2024 to July 2025.
5. Net Promoter® and NPS® are registered trademarks of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld. Net Promoter Score^SM is a service mark of Bain & Company, Inc., NICE Systems, Inc., and Fred Reichheld.
6. Collected from third-party external surveys: RFI Global – Atlas (available monthly) captured as part of the wider Strategic NPS surveys providing Whole of Market Consumer/Business MFI Share, reported on a rolling 6-month average. MFI is self-nominated by the customer answer to “Which of the financial institutions you deal with would you consider as your main bank/main financial institution?”.
7. Mass Consumer NPS: Sourced from RFI Global – Atlas, measured on 6 month rolling average to August 2025. Based on all consumers, 18+ and excludes consumers with personal income of $260k+ and/or investible assets $2.5m+ and/or footings of over $850k. Ranking based on absolute scores, not statistically significant differences and compared against Big 4 peers.
8. Micro and Small Business NPS: Sourced from RFI Global – Atlas, measured on 6 month rolling average to August 2025. Based on business customers with a turnover up to $5m. Ranking based on absolute scores, not statistically significant differences and compared against Big 4 peers.
9. Medium and Large Business NPS: Sourced from RFI Global – Atlas, measured on 6 month rolling average to August 2025. Based on business customers with a turnover $5m- <$200m. Ranking based on absolute scores, not statistically significant differences and compared against Big 4 peers.
10. High Net Worth & Mass Affluent NPS: Sourced from RFI Global – Atlas, measured on 6 month rolling average to August 2025. Based on all consumers, 18+ with personal income of $260k+ and/or investible assets $2.5m+ and/or footings of over $850k. Ranking based on absolute scores, not statistically significant differences and compared against Big 4 peers.
11. Top quartile is based upon Glint's client group (domestic and global, from all industries). Employee Engagement Survey Result conducted using Glint, score based on the July 2025 survey. Includes Australia, New Zealand, and all global colleagues. Population excludes ubank, external consultants, and outsource service providers. For the purposes of the GPI and Group CEO Scorecard, colleague engagement score is 78% and excludes BNZ

4.2 In-year variable reward outcomes

The table below outlines the Annual VR outcome for the Group CEO and each Group Executive for 2025 compared to each individual's target and maximum Annual VR opportunity. The variance in the individual scores reflects differences in performance against individual scorecards.

1. Acting Group Executives received deferred VR in shares.
2. Relates to Andrew Auerbach's role as Group Executive, Business and Private Banking from 16 June 2025.
3. No change was made to Shaun Dooley's variable remuneration upon his appointment to Acting Chief Financial Officer.
4. The VR outcomes awarded to Michael Saadie and Peter Whitelaw reflect their respective acting periods and will be deferred in line with CPS 511 requirements. Proration has been applied based on: Fixed Remuneration × VR target percentage × (days in acting ELT role ÷ total days in the performance year).
5. Rachel Slade participated in the VR for part of the year while serving as a Group Executive.

4.3 Historical outcomes

The table below presents the realised remuneration of the Group CEO over the past five financial years.