• Revenue increased 2.9% driven by volume growth and higher Markets & Treasury income
• Expenses up 4.6% including $130m in payroll review and remediation charges
• Underlying profit rose 1.3% benefitting from volume growth and stronger Markets & Treasury income

NAB has delivered a 1% lift in underlying profit in FY25. This reflects good momentum, particularly over 2H25, as the bank executes the first year of its refreshed strategy while maintaining prudent balance sheet settings. Cash earnings were broadly stable over the year. While credit impairment charges increased, a number of key asset quality outcomes improved over 2H25, consistent with a supportive Australian economic environment. NAB is making good progress on its key priorities of growing business banking, driving deposit growth and strengthening proprietary home lending. This has been supported by targeted investments in front line bankers and technology-enabled solutions delivering simpler, faster and safer outcomes. Deposit balances rose 7% over FY25 and new business and retail transaction account openings across Business and Private Banking (B&PB) and Personal Banking (PB) increased 16%. Australian home lending drawdowns via NAB's proprietary channels improved to 41% in FY25 from 38% in FY24. Australian business lending balances rose 9% in FY25, with market share gains across both SME and total business lending. Underpinning NAB's evolved strategy is a focus on materially improving customer experiences, with the rollout of a new customer advocacy program - NAB Customer Voices - commencing in FY25 and delivering encouraging results.

NAB's cash earnings were broadly stable in FY25, with a 1.3% increase in underlying profit. The Group's CET1 capital ratio was 11.70% at 30 September 2025, with a pro forma ratio of 11.81% after the sale of its remaining 20% stake in MLC Life.

NAB remains optimistic about the outlook, with a clear strategy and the bank well placed to manage for the long term and deliver sustainable growth and returns for shareholders. The Group is focused on growing its business banking, deposit and proprietary home lending franchises, while also materially improving customer experiences through initiatives like the NAB Customer Voices program.