BEN 1Q26 Trading Update

• Cash earnings down 3.2% on 2H25 quarterly average
• Net interest income up 3.4% on 2H25 quarterly average
• Operating expenses 7.6% higher due to seasonal factors and one-offs

Bendigo and Adelaide Bank Ltd has released its 1Q26 trading update, reporting unaudited cash earnings of $120.7 million, down 3.2% on the 2H25 quarterly average. Statutory NPAT was $110.0 million for the quarter. Net interest margin (NIM) was 1.91%, up 3bps on 4Q25, with the benefit of improved deposit mix, term deposit repricing, and a more favourable asset mix offsetting the impact of a lower cash rate. Net interest income was up 3.4% on the 2H25 quarterly average, driven by the higher NIM. Other income was up 6.8%, driven by higher card transaction volumes and seasonality of Community Bank franchise fees. Operating expenses were 7.6% higher due to seasonal factors and several one-offs, including higher staff costs and an unplanned additional remediation provision of $3.7 million. Credit expenses benefited from a collective provision release in Agribusiness, partly offset by higher specific provisions in Consumer and Business. The balance sheet remains strong with a customer deposit funding ratio of 77%, a quarterly average LCR of 136.5%, and a spot NSFR of 117.7%. The CET1 ratio was 10.93%, down 7bps on the prior quarter.