• Revenue increased 2.9% with volume growth and higher Markets & Treasury income
• Underlying profit rose 1.3% despite higher expenses including $130m in payroll review and remediation charges
• Asset quality deterioration slowed in 2H25 as economic conditions improved

NAB has delivered a 1% lift in underlying profit in FY25, reflecting good momentum, particularly over 2H25, as the bank executes its refreshed strategy while maintaining prudent balance sheet settings. Cash earnings were broadly stable over the year, with revenue increasing 2.9% driven by volume growth and higher Markets & Treasury income, partially offset by higher customer-related remediation charges and the impact from business disposals and run-offs. Expenses increased 4.6% including $130 million related to payroll review and remediation charges. Excluding these charges, expenses rose 3.2% reflecting higher personnel and technology-related costs, partially offset by productivity benefits. The pace of asset quality deterioration slowed over the second half of FY25, supported by moderating inflation and easing interest rate pressures. Credit impairment charges increased to $833 million, versus $728 million in FY24, with individually assessed charges primarily relating to the business lending portfolio. The Group's CET1 ratio was 11.70% at 30 September 2025, down 65 bps from a year earlier, with the decrease driven by lending volume growth, increased long-term investment in the business and the impact of $0.6 billion of shares bought back in FY25.

NAB expects to deliver revenue growth of 3-5% and expense growth of 2-4% in FY26, with credit impairment charges expected to moderate as economic conditions improve. The bank's CET1 ratio is forecast to remain within its target range of 10.75-11.25% over the next 12 months.

NAB remains optimistic about the outlook, with a clear strategy and a focus on improving customer experiences, growing business banking, driving deposit growth and strengthening proprietary home lending. The bank is well placed to manage the evolving economic landscape and deliver sustainable growth and returns for shareholders.