Westpac 1H25 Presentation and Investor Discussion Pack

ASX
Release


5 May 2025

Westpac 1H25 Presentation and Investor Discussion Pack

Westpac Banking Corporation (Westpac”) today provides the attached Westpac 1H25
Presentation and Investor Discussion Pack.









For further information:

Hayden Cooper Justin McCarthy
Group Head of Media Relations General Manager, Investor Relations
0402 393 619 0422 800 321


This document has been authorised for release by Tim Hartin, Company Secretary.



Level 18, 275 Kent Street
Sydney, NSW, 2000

2025 INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH2025
PRESENTATION
AND INVESTOR
DISCUSSION PACK
Westpac Banking Corporation ABN 33 007 457 141

2Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
WESTPAC
2025 INTERIM
RESULTS INDEX
2025 Interim Results Presentation3
Investor Discussion Pack29
Earnings drivers31
Credit quality and provisions45
Capital, funding and liquidity66
Supporting our customers78
Sustainability89
Segment results93
Economics100
Appendix106
Contact us112
Disclaimer113

ANTHONY MILLER
CHIEF EXECUTIVE OFFICER

4Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
PERFORM
SERVICE
EXCELLENCE
ONE BEST WAY
1H25 HIGHLIGHTS
STRONG FOUNDATIONS

Escalating trade and ongoing geopolitical tensions have
created a volatile and uncertain outlook
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 113.
1 Proxy for CET1 capital ratio – Total fundament tier 1 capital after deductions divided by RWA. 2 Level 2 CET1 capital ratio. 3 Source: Westpac Economics.
5
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
STRONG FOUNDATIONS
AUSTRALIAN ECONOMICS
3
20242025F
GDP1.2%1.9%
Housing credit5.5%5.3%
Business credit8.9%6.4%
6.0%
Mar-08
1
(pre GFC)
CET1 CAPITAL RATIO
12.2%
Mar-25
2
53%
Mar-08
(pre GFC)
DEPOSIT TO LOAN RATIO
84%
Mar-25
$1.7bn ABOVE BASE CASE
Mar-25
CREDIT IMPAIRMENT PROVISIONS
IMPACTS
•Consumer and business confidence
•Wholesale funding market volatility
RISKS
•Consumer spending stalls
•Business activity slows
Australia and New Zealand well placed to absorb
potential shocks

CREATING BETTER FUTURES TOGETHER
1

6Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
1 Figures relate to the 1H25 unless otherwise stated. 2 Since launch in Mar-23. 3 Includes accounts in hardship for Australian Consumer and Business segments.
ECONOMY
CUSTOMERS
COMMUNITIES
~$170M
cost to support
cash services
INCREASED
REGIONAL INVESTMENT
announced new
service centres
$115M
customer scams
stopped
$1.7BN
income tax expense
and bank levy
$1BN
female entrepreneur fund,
supported 1,000
business owners
2
$3.1BN
employee
payments
23,000
support
packages
3
$70M
to customers through the
Westpac Rewards Hub
LAUNCHED SOCIAL
TAILORED DEPOSIT
Australian first

1H25 FINANCIAL PERFORMANCE
7Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
$3.5bn
Net profit
ex Notable Items
1% to 1H24
$3.3bn
Net profit
1% to 1H24
11.1%
ROTE
ex Notable Items
9bps to 1H24
76c
Dividend
1% to 1H24
51.8%
Cost to Income ratio
ex Notable Items
2ppts to 1H24
75%
Dividend payout ratio
ex Notable Items
1ppt to 1H24

MOMENTUM IN
BUSINESS LENDING
22%
18%
17%
$105.8bn
Business lending
3
up 14%
2
8
HOUSEHOLD DEPOSIT GROWTHGROWTH IN TARGETED SECTORS
2
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
1H25 MARKET POSITION
1 Consumer segment. 2 Compared to Mar-24. 3 B&W segment. 4 ADI System published by APRA in the Monthly ADI statistics. 5 #1 for market share and relationship strength – Coalition Greenwich Voice of Client
2024 Foreign Exchange (Financial Institutions) – Australia, most active accounts. 6 #1 for market share in bonds & semi government bonds, investment grade corporate bonds, asset-backed bonds; #2 for market share in
interest rate swaps, cross currency swaps – Coalition Greenwich Voice of Client 2024 Fixed Income – Australia, most active accounts.
DEEPENING INSTITUTIONAL
CLIENT RELATIONSHIPS
$351.0bn
Consumer deposits
1
Up 9%
2
Agriculture
Health
Professional
services
Compared to system
4
Sep-22 – Mar-25 ($bn)
STRONG CONSUMER
DEPOSIT GROWTH
7.6bn
(6.7bn)
(13.4bn)
2.2bn
WestpacPeer 1Peer 2Peer 3
$107.0bn
WIB lending
up 15%
2
#1 INSTITUTIONAL FX
PROVIDER IN AUSTRALIA
5
LEADING IN AUSTRALIAN
FIXED INCOME MARKETS
6

1H242H241H25
9
MORTGAGES GROWTH ($BN)
1
462
473
485
Mar-24Sep-24Mar-25
NEW OWNER OCCUPIED LENDING RATE RELATIVE TO PEERS
3
TIME TO DECISION BY CHANNEL (DAYS)
2
PATH TO IMPROVING GROWTH AND RETURN
•Continue to target higher return segments
•Focus on improving proprietary channel performance
−Adding 180 Home Finance Managers (HFMs)
4
−Reward and recognition revised
−Simplifying mortgage pricing
•Benefits of scale through UNITE mortgage simplification
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
BALANCING GROWTH AND RETURNS IN MORTGAGES
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 113.
1 Excludes RAMS portfolio which is closed to new business. 2 12 month median (50th percentile) time to unconditional approval. 3 Comparison between RBA Statistical Table F6, Lending rates; Housing credit; New
loans funded in the month; Owner-occupied; Variable-rate; Large institutions, and Westpac's submission to the RBA under the same criteria. 1H24 is average Oct-23 to Mar-24; 2H24 is average Apr-24 to Sep-24; and
1H25 is average Oct-24 to Jan-25. Feb-25 is excluded given timing differences amongst the majors of passing on the Feb rate cut. 4 Includes 100 HFMs supporting Consumer and 80 HFMs supporting Business.
Up 3%
0.9 x
system
Up 2%
1.0x
system
WBC
lower
WBC
higher
WBC front book returns higher than back book
Competition persists
5.2
5.2
4.7
6.1
5.0
4.8
1H242H241H25
Improved service across all channels
ProprietaryThird party

Business
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
CUSTOMER SERVICE EXCELLENCE
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 113.
1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024.
10
INVESTING
IN PEOPLE
IMPROVING DIGITAL
EXPERIENCE
USING AI
EFFECTIVELY
AI IN MORTGAGES
•Virtual AI Assistant
•Mortgage Assessor Tool
RESOURCES TO SUPPORT GROWTH
•Business Performance Academy
•Skills training
PROTECTING CUSTOMERS
•SafeCall in app calling capability
•SafeBlock allowing customers to
block accounts announced
~350
~80
~100
cash flow & expense
management tools
in Business,
c.25% onboarded
in WIB,
c.50% onboarded
in Consumer,
c.24% onboarded
4
8
14
reusable AI solution
patterns established
AI solutions delivered
AI solutions under
construction
AI ACCELERATORMORE BANKERS#1 MOBILE APP
1
Savings
shared goal
functionality
Loyalty
Rewards Hub

INNOVATING TO SUPPORT SERVICE EXCELLENCE
11
BIZEDGE
OBJECTIVE: Fast, simple, digital lending origination
experience
WESTPAC ONE
OBJECTIVE: Leading transaction banking capability with
enhanced digital experience for Institutional clients
1H25 ACHIEVEMENTS:
•Connected to the Australian payments network – key
project milestone
•Project delivery on track
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
1 Personal Property Securities Register. 2 National Credit Code.
1H25 ACHIEVEMENTS:
•Rollout commenced in Mar-25
•Features:
−Quick and easy log in
−Automated company and PPSR
1

searches
−Built in NCC
2
assessment
−Real time application tracking
•Benefits:
−Saves bankers up to 60 mins per
loan application
−Reduces customer input by 50%

12
PERCENTAGE COMPLETE BY PROJECT STAGE
1
•Business led, technology enabled simplification
•4 initiatives complete, including
−Single Electronic ID verification process
−Multiple mortgage offset accounts
•41 initiatives in progress
•Initiative status
1
: 30 Green; 8 Amber; and 7 Red
UNITE INVESTMENT
•$251m invested in 1H25, 77% expensed
•Expect to invest $350m-$400m in 2H25
•c.40% of total investment
2
from FY26 to FY28
•c.75% of spend to be expensed
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
UNITE: ONE BEST WAY – THE BEST OF WESTPAC DELIVERED CONSISTENTLY
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 113.
1 Includes initiatives that are in progress or completed. Status rating changes with the identification and resolution of issues. 2 Total investment expected to be c.$2bn p.a.
7%
of initiatives
IMPLEMENTSIMPLIFY
10%
of initiatives
DECOMMISSION
3%
of apps
DISCOVERY
52%
of initiatives

CEO PRIORITIES
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack1313
PERFORMANCE
Improve ROTE and cost to
income relative to peers
Improve market position
CUSTOMER
Whole of bank to whole of
customer approach
Improve customer
experience
PEOPLE
Attract, retain and invest
Externally focused,
accountable and
empowered
TRANSFORMATION
UNITE
Innovate to improve
customer outcomes and
efficiency
RISK
Complete CORE
transition
Managing risk as a
differentiator

PERFORM
14Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
1 Relationship Strength Index. 2 Cumulative spend Oct-23 to Mar-25. 3 Excludes Notable Items. 4 As at Sep-24.
The information on this page contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views on future events. They are subject to change without notice and certain risks, uncertainties and assumptions which
are, in many instances, beyond its control. They have been based upon management's expectations and beliefs concerning future developments and their potential effect on Westpac. Should one or more of the risks or uncertainties materialise, or
should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied in such statements. Investors should not place undue reliance on forward-looking statements and statements of expectation. Except
as required by law, Westpac is not responsible for updating, or obliged to update, any matter arising after the date of this presentation. The information in this page is subject to the information in Westpac’s ASX filings, including in its 2024 Interim
Report and elsewhere in this presentation.
SERVICE
EXCELLENCE
ONE
BEST WAY
METRICMAR-25SEP-29 TARGET
Consumer NPS#2
#1
Business NPS#3
#1
WIB RSI
1
n/a
#1
Complete UNITE on timeOn track
Complete
Complete UNITE on budget$398m
2
35%-40%
of total investment
over FY25 to FY28
Employee engagementTop quartile
Top decile
Cost to income ratio
relative to peers
3
2.7ppts above
4
Less than
peer average
Return on tangible equity
relative to peers
3
1.2ppts below
4
Greater than
peer average
MEASURING PROGRESS

MICHAEL ROWLAND
CHIEF FINANCIAL OFFICER

44%
60%
67%
14%
16%
15%
37%
17%
11%
$352bn
$704bn
$1tn
Mar-08
(pre GFC)
Mar-15Mar-25
16
CAPITAL
6.0
8.8
12.2
Mar-08
(pre GFC)
Mar-15Mar-25
LIQUID ASSETSLCR AND NSFR (%)
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
STRONG FOUNDATIONS
1 Proxy for CET1 capital ratio – Total fundament tier 1 capital after deductions divided by RWA. 2 Level 2 CET1 capital ratio. 3 Wholesale funding with a residual maturity of less than 12 months.
CET1 capital ratio (%)
$34bn
$123bn
$204bn
8%
15%
19%
Mar-08
(pre GFC)
Mar-15Mar-25
Liquid assets as a % of total assets
Equity
Short term
wholesale
3
Long term
wholesale
Customer
deposits
FUNDING COMPOSITION
135
115
LCR
2Q25 Avg
NSFR
Mar-25
Regulatory
minimum 100%
$8.9bn above
regulatory
minimum 10.25%
12
UP 6PPTS
UP $680BN
2
UP $170BN

12.55
12.49
74bps
-
3bps12.24
11.99
(58bps)
(31bps)
(13bps)
(25bps)
Mar-24Sep-24Net profit2H24
dividend
RWAIRRBBCapital
return
OtherMar-25Mar-25
Pro forma
CAPITAL ABOVE TOP END OF TARGET OPERATING RANGE
17
1 Capital deductions and other items including FX translation impacts. 2 Includes remaining on market share buyback previously announced in Nov-23, May-24 and Nov-24.
1
Deposit hedge (23bps)
Share buyback: $1.1bn
2

CET1 CAPITAL RATIO %
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Lending (25bps)
Data refinement & asset sale 14bps
Credit quality & other 11bps

3.3
3.4
3.5
3.6
3.7
Mar-21Mar-22Mar-23Mar-24Mar-25
18
ORDINARY DIVIDENDS
•1H25 payout ratio of 75%
1
•Payout ratio range 65 – 75%
•Dividend yield 4.8%
2
, fully franked 6.8%
2
•Neutralise DRP
ORDINARY DIVIDENDS PER SHARE (CENTS)
SHARE BUYBACKS
•On market share buyback $3.5bn
3
, 31% remaining
4
•Off market share buyback $3.5bn, completed 1H22
•Cumulative dividends per share benefit of ~27 cents
REDUCING SHARE COUNT THROUGH BUYBACKS (#BN)
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
CAPITAL MANAGEMENT
1 Excluding Notable Items. 2 Based on 31-Mar-25 closing price of $31.57. 3 $1.5bn announced in Nov-23, $1.0bn announced in May-24 and $1.0bn announced in Nov-25. 4 As at 31-Mar-25, subject to market
conditions.
$3.5bn
(off market)
$1.5bn
$1.0bn
$1.0bn
DOWN 7% TO 31-MAR-25
75
7676
1H242H241H25

1H25 FINANCIAL PERFORMANCE
19
2H241H25Change
Net profit$3,648m$3,317m(9%)
Notable Items$41m($140m)Large
Excluding Notable Items:
Net profit$3,607m$3,457m(4%)
Earnings Per Share104c101c(3%)
Revenue$10,947m$10,993m-
Expenses($5,549m)($5,698m)3%
Pre-provision profit$5,398m$5,295m(2%)
Impairment charges to average loans annualised4 bps6 bps2 bps
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

1H25-2H24 NET PROFIT ($M)
1
20
3,506
3,607
4
(75)
3,457
42
(149)
28
1H242H24Net interest
income
Non-interest
income
ExpensesImpairment
charges
Tax
& NCI
1H25
1 Excludes the impact of Notable Items. 2 Non-controlling interests.
2
Pre-provision profit down 2%
4% LOWER
3% HIGHER
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

NET LOANS ($BN)
21
784.8
806.8
11.1
6.9
6.4 -
824.8
-(6.3)
Mar-24Sep-24MortgagesBusinessInstitutionalNew
Zealand
(in A$)
PersonalPortfolios in
runoff
Mar-25
Chart may not add due to rounding.
1 Australian, excluding RAMS. 2 B&W segment, excluding Auto Finance. 3 Comprising of RAMS and Auto finance.
UP 3%
Up $1.1bn
in NZ$
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
1
3
UP 2%
2

650.9
673.6
16.5
3.9
2.3
0.4 696.8
Mar-24Sep-24ConsumerBusiness
& Wealth
WIB & TreasuryNew Zealand
(in A$)
Mar-25
DEPOSIT GROWTH ($BN)
22
Chart may not add due to rounding.
UP 3%
Up $1.2bn
in NZ$
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
UP 3%

NET INTEREST MARGIN (%)
23
1.80
1.83
1.80
0.14
0.13
0.12
(0.05)
0.01
(0.04)
1.89
1.97
(2bps)
1bp
-
(5bps)
1.88
(1bp)
(1bp)
(1bp)
1H242H24LoansDepositsWholesale
funding
Capital
& Other
Liquid
assets
Treasury
& Markets
Notable
Items
1H25
1 Net interest margin excluding Notable Items, Treasury & Markets. 2 Exit refers to Core NIM for the month ended Mar-25. 3 Hedging items reduced income by $218m compared to an increase of $61m in 2H24.
Core NIM
1
Treasury & MarketsNotable Items
Core NIM down 3bps
Mar-25 Exit Core NIM 1.79%
2
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
3
NZ mortgages 1bp
Business (1bp)
WIB (1bp)
Replicating portfolio 4bps
Savings & TD spreads (3bps)
Mix & other (3bps)
Replicating portfolio 3bps
Non hedged capital (1bp)
2H24 provision release (1bp)

NON-INTEREST INCOME
1
24
NON-INTEREST INCOME BY TYPE ($M)
842
830
840
218
223
239
405
329
345
1,465
1,382
1,424
1H242H241H25
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
1 Excludes the impact of Notable Items.
FeesWealthTrading and other
6% LOWERUP 3%

1H25 EXPENSES ($M)
1
25
5,395
5,549
376
128 (94)
5,698
(261)
1H242H24Ongoing
expenses
Cost reset
benefits
UNITEInvestments
(ex UNITE)
1H25
1 Excludes the impact of Notable Items.
3% INCREASE
3% INCREASE
Wages growth
Increased FTE:
•To support UNITE
•Investment in bankers
Simpler operating model
Reduced property footprint
Digitisation
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
UNITE investment $251m,
77% expensed

26
UNITE
•Consolidated 20 Consumer ID processes to one
•Multiple mortgage offset accounts
•Consolidated two versions of Asia BankTrade into one
GROWTH AND PRODUCTIVITY
•Development of Westpac One
1
& Biz Edge
2
•Digital and AI
RISK & REGULATORY
•Cyber capability & customer fraud and scams protection
•Payments capability upgraded
INVESTMENT SPEND ($M)
INVESTMENT SPEND
1 Corporate cash management platform. 2 Integrated business lending origination platform. 3 Includes capitalised software, fixed assets and prepayments.
492
567
353
211
339
244
33
114
251
736
1,020
848
1H242H241H25
Investment spend1H242H241H25
Total expensed56%57%61%
Capitalised
3
44%43%39%
Capitalised software ($m)2,6582,6752,532
Amortisation expense ($m)442447485
Avg amortisation period (years)3.23.02.8
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Risk &
regulatory
Growth &
productivity
UNITE
Total down 17% due to seasonality &
completion of risk projects
•UNITE, growth & productivity up 9%
•Risk & reg down 38%

2.40
2.55
1.23
1.30
0.00
1.50
3.00
4.50
6.00
Mar-21Mar-22Mar-23Mar-24Mar-25
27
0.12
0.160.16
0.46
0.47
0.37
0.24
0.23
0.28
0.54
0.59
0.54
1.36
1.45
1.36
Mar-24Sep-24Mar-25
AUSTRALIAN MORTGAGE DELINQUENCIES (%)
0.86
1.12
1.50
1.82
0.62
0.67
0.00
1.00
2.00
3.00
4.00
Mar-21Mar-22Mar-23Mar-24Mar-25
AUSTRALIAN UNSECURED DELINQUENCIES (%)
1
STRESSED EXPOSURES AS A % OF TCE
CREDIT QUALITY
1 Excludes auto finance portfolio which is in runoff.
ImpairedNon-performing, 90+ days
Non-performing, <90 daysWatchlist & substandard
30+ day delinquencies90+ day delinquencies
90+ ex RAMS & 6 mth serviceability hold-out period
30+ day delinquencies90+ day delinquencies
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Sep-24
Sep-24

28
IMPAIRMENT PROVISIONS $1.7BN ABOVE BASE CASE ($M)
1 The credit RWA calculation has been revised to include RWA on other assets and comparatives have been restated. This reduced CAP to credit RWA by 2bps in 1H25, 2H24 and 1H24.
Forecasts for
base case ECL
Base caseDownside
20252026
Trough /
peak
GDP growth2.2%2.2%(6%)
Unemployment4.5%4.5%11%
Residential property prices3.0%7.0%(27%)
Commercial property prices2.0%3.3%(32%)
461
536
611
1,231
1,223
1,198
2,478
2,390
2,256
705
768
877
260
179
130
5,135
5,096
5,072
Mar-24Sep-24Mar-25
Overlays
Stage 3 IAP
Stage 3 CAP
Stage 1 CAP
Stage 2 CAP
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
CAP to credit RWA of 1.26%, down 4bps
1
Overlays reduced $49m
CAP $99m lower
•Sale of auto finance balances
•Commercial property price & interest rate outlook
Partly offset by increase in downside scenario weighting
IAP increased $75m due to a single name in services
Impairment charges remain low, 6bps of average loans

INVESTOR
DISCUSSION PACK

CREATING VALUE FOR OUR SHAREHOLDERS, CUSTOMERS, PEOPLE, COMMUNITY
AND ENVIRONMENT IN 1H25
30
OVERVIEW
1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024. 2 Senior leadership includes executive team, general managers and their direct reports (excluding administrative or support roles). 3 Full time equivalent at 31
Mar-25. 4 Refer to the FY24 Sustainability Index and Datasheet for more information on the definitions and additional metrics. 5 Scholarships were awarded by Westpac Scholars Trust. Westpac Group provides support to Westpac Scholars Trust.
While Westpac was involved in establishing this trust, it is a non-profit organisation that is separate to the Westpac Group
$3.5bn
Net Profit ex Notable Items,
down 4% on 2H24
13 million
Customers across
the Group
80
Organisational Health
Index in global top quartile,
+5 on FY23
$115m
Stopped or recovered in
customer scam losses
88%
Reduction in scope
1 and 2 emissions from our
2021 baseline
$2.6bn
To be returned to
shareholders via dividends
#1
Mobile Banking App
1
49%
Women in senior leadership
2
$1.7bn
Income tax expense,
including the bank levy
12.2%
Common equity tier 1 capital
ratio, comfortably above top
of operating target range
+$18bn
Loans
35,969
Employees
3
$23.9m
Spent with diverse suppliers
4
100%
Sourcing equivalent of
our direct electricity demand
from renewables in Australia
11.1%
Return on tangible equity ex
Notable Items, down 34 bps
+$23bn
Customer deposits
$3bn
Paid to our people
100
New scholarships awarded in
1H25,
920+ active scholars
5
$33bn
Sustainable finance lending
at Mar-25
4
13
Targets set, covering all our
NZBA emission intensive
sectors
4
SHAREHOLDERSCUSTOMERSOUR PEOPLECOMMUNITYENVIRONMENT
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

EARNINGS DRIVERS

3,648
3,607
4
42
283,457(140)
3,317
(41)
(149)
(75)
2H24Notable
Items
2H24 ex
Notable
Items
Net
interest
income
Non
interest
income
ExpensesImpairment
charges
Tax &
NCI
1H25 ex
Notable
Items
Notable
Items
1H25
1H25 NET PROFIT
EARNINGS
DOWN 9%
DOWN 4% EX NOTABLE ITEMS
Higher UNITE costs, salaries,
wages and software amortisation,
partly offset by Cost Reset
32
NET PROFIT 2H24 –1H25 ($M)
Hedging
items only
Hedging
items only
Higher net wealth income and
Institutional lending fees, partly
offset by the sale of auto finance
portfolio
AIEA up 2% due to loan growth.
Core NIM down 3bps,
Treasury & Markets NIM down 1bp
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

3,342
1643,506
218
112
3,457
3,317
(41)
(303)
(35)
(140)
1H24Notable
Items
1H24 ex
Notable
Items
Net
interest
income
Non
interest
income
ExpensesImpairment
charges
Tax &
NCI
1H25 ex
Notable
Items
Notable
Items
1H25
1H25 NET PROFIT
EARNINGS
DOWN 1%
DOWN 1% EX NOTABLE ITEMS
AIEA up 3% due to loan growth.
Core NIM flat,
Treasury & Markets NIM down 2bps
Lower Markets income and loss on the sale
of auto finance portfolio, partly offset by
higher net wealth income
Increase in UNITE costs, salaries,
wages, technology expenses and
software amortisation
33
NET PROFIT 1H24 –1H25 ($M)
Hedging
items only
.
.
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Hedging
items only
.
.

34
Westpac uses net profit after tax to assess financial performance at both a Group and segment level
Notable Items are shown separately to clarify underlying operating performance and allocated to the following categories:
•Large items that are not reflective of the Group’s ordinary operations which may include:
−The impact of asset sales and revaluations
−Provisions for remediation, litigation, fines and penalties
−Restructuring costs
−The write-down of assets (including goodwill and capitalised software)
•Hedging items
1,2
:
−Unrealised fair value gains and losses on economic hedges that do not qualify for hedge accounting
−Net ineffectiveness on qualifying hedges
HEDGING ITEMS ($M)
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
SINGLE MEASURE OF PERFORMANCE – NET PROFIT AFTER TAX
EARNINGS
1 Peers disclose these items as ‘cash earnings adjustments’. 2 Items unwind to zero over time.
243
(544)
(94)
200
185
233
(78)
52
(164)
41
(140)
1H202H201H212H211H222H221H232H231H242H241H25
Notable Items
($m after tax)1H242H241H25
Asset sales and revaluations---
Provisions for remediation, litigation, fines and
penalties
---
Restructuring costs---
Asset write-downs---
Hedging items(164)41(140)
Total Notable Items(164)41(140)

5923
18
Households
Businesses
Institutional
35
COMPOSITION OF GROSS LOANS (% OF TOTAL)COMPOSITION OF CUSTOMER DEPOSITS (% OF TOTAL)
MOVEMENT IN GROSS LOANS ($BN)
GROUP LOANS AND DEPOSITS
789
811
11
-
11
-
3
829(6)
Mar-24Sep-24HousingPersonalBusiness
and WIB
NZ
(in A$)
Other
overseas
(in A$)
Businesses
closed
Mar-25
$697bn
UP 5%
UP 2%
61
13
12
1
8
4
1
Australian mortgages
Australian business
Institutional
Australian personal
New Zealand mortgages
New Zealand business/other
Other overseas
$829bn
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
1 Only includes Australian lending. 2 Increase in local currency was NZ$1.2bn. 3 Includes a contraction of $4.2bn in RAMS and $2.1bn in auto finance.
3
2
Charts may not add due to rounding
1
651
674
2
13
3
5
-697
Mar-24Sep-24Term
deposits
SavingsTran-
saction
Mortgage
offset
Non-
interest
bearing
Mar-25
UP 7%
UP 3%
MOVEMENT IN CUSTOMER DEPOSITS ($BN)
EARNINGS

569
577
11
1
584
(1)
(4)
Mar-24Sep-24Australian
mortgages
NZ
mortgages
(in A$)
PersonalRAMSMar-25
BUSINESS AND INSTITUTIONAL LENDING ($BN)
245
6
220
234
7
(1)
(1)
Mar-24Sep-24Australian
business
NZ
business
(in A$)
WIBAuto financeMar-25
MORTGAGES AND PERSONAL LENDING ($BN)
AUSTRALIAN MORTGAGES ($BN)
495
503
34
4
510
(18)
(9)
(4)
Mar-24Sep-24New loans
ex
refinance
Net
refinance
Property
sales and
others
PaydownsRAMSMar-25
GROWTH IN LENDING
REVENUE
1 Increase in local currency was NZ$1.5 billion. 2 Closed to new business. 3 Decrease in local currency was NZ$0.5 billion.
UP 11%
UP 5%
3
UP 3%
UP 1%
UP 3%
UP 1%
36
AUSTRALIAN HOUSING CREDIT GROWTH (%)
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Sep-23Mar-24Sep-24Mar-25
Westpac (ex. RAMS)ADI systemADI system average
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
1
2
2
2
Charts may not add due to rounding

29%
29%
29%
32%
32%
33%
19%
18%
18%
9%
9%
10%
11%
11%
11%
Mar-24Sep-24Mar-25
Term depositsSavingsTransactionMortgage offsetNIB deposits
49%
50%
50%
22%
21%
21%
18%
18%
18%
11%
11%
11%
Mar-24Sep-24Mar-25
ConsumerBusiness & WealthWIB & TreasuryNew Zealand
CUSTOMER DEPOSITS BY TYPE (%)CUSTOMER DEPOSITS BY SEGMENT (%)
GROWTH IN DEPOSITS
REVENUE
1 Non-interest bearing. 2 Mix of Consumer savings accounts. Behavioural savings largely reflects Westpac Life and St.George Incentive Saver, other savings largely reflects Westpac E-saver and St.George Maxi.
1
697674651
37
AUSTRALIAN HOUSEHOLD DEPOSIT GROWTH (%)
AUSTRALIAN HOUSEHOLD SAVINGS DEPOSIT MIX (%)
2
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Charts may not add due to rounding
62
65
80
85
87
38
35
20
15
13
Sep-21Sep-22Sep-23Sep-24Mar-25
Behavioural savingsOther savings
-1.0%
0.0%
1.0%
2.0%
3.0%
Sep-23Mar-24Sep-24Mar-25
WestpacADI SystemADI system average
697
674651

1.83
1.80
0.13
0.12
0.01
(0.04)
1.97
1bp
-
1.88
(1bp)
(2bps)
(1bp)(1bp)
(5bps)
2H24LoansDepositsWholesale
funding
Capital &
Other
Liquid
assets
Treasury
& Markets
Notable
Items
1H25
Core NIMTreasury & MarketsNotable Items
NET INTEREST MARGIN (%)
AUSTRALIAN DEPOSIT BALANCES
5
BY INTEREST RATE
BANDS ($BN)
74
77
52
306
73
77
49
331
75
78
73
319
Mar-24Sep-24Mar-25
NET INTEREST MARGIN
REVENUE
1 Net interest margin excluding Notable Items, Treasury & Markets. 2 Exit refers to Core NIM for the month ended Mar-25. 3 Investment term of domestic deposit hedge increased from 4 years to 5 years in 1H25.
4 The moving average hedge rate on equity and non-rate sensitive deposits. Spot rate represents the average rate for March 2025. 5 A$ balances and excludes mortgage offset balances.
Composition of NIM (%)

1H242H241H25
Core NIM1.801.831.80
Treasury & Markets0.140.130.12
Core NIM,
Treasury & Markets
1.941.961.92
Notable Items:
Hedging
(0.05)0.01(0.04)
NIM1.891.971.88
≤25bps26≤200bps201≤400bps401bps+
38
Mar-25 Exit Core NIM 1.79%
2
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
REPLICATING PORTFOLIO (RP) AND EQUITY HEDGE (%)
Mar 25
balance
1H25 avg
rate
4
Spot rate
4
Investment
term
Equity hedge$56bn3.55%3.70%3 years
Domestic deposit hedge
3
$73bn3.42%3.54%5 years
1
0.0
1.0
2.0
3.0
4.0
5.0
Mar-21Mar-22Mar-23Mar-24Mar-25
RBA Official Cash Rate
3M BBSW
Equity hedge rate
RP hedge rate

NET FEE INCOME BY SEGMENT ($M)
TOTAL MARKETS INCOME ($M)
2
NON-INTEREST INCOME BY TYPE ($M)
1
NON-INTEREST AND MARKETS INCOME
REVENUE
1 Excluding Notable Items. 2 Includes Markets net interest income.
39
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
842
830
9
25
(13)
(5)840
(6)
1H242H24ConsumerBusiness
& Wealth
WIBNew
Zealand
Other1H25
842
218
405
830
223
329
840
239
345
FeesWealth managementTrading and other income
1H242H241H25
NON-INTEREST INCOME BY DIVISION ($M)
1
255
409
666
131
13
273
389
599
148
(14)
280
396
619
133
8
ConsumerBusiness &
Wealth
WIBNZ (NZ$)Other
1H242H241H25
11
19
4
490
439
450
(23)
1H242H24Fixed
income
FX,
Commodities
and Carbon
DVAOther1H25

376
128
(261)
5,395
5,549
5,698
(94)
1H242H24Ongoing
expenses
Cost reset
benefits
UNITEInvestments
(ex. UNITE)
1H25
EXPENSES
EARNINGS
40
EXPENSES 1H25 – 2H24 ($M)
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
3% INCREASE
3% INCREASE
Lower investment spend due to
seasonality and completion of risk
and reg projects, partly offset by
higher software amortisation
1H25 UNITE investment
$251m, 77% expensed
Cost Reset benefits including:
•Simpler operating model
•Reduced branch footprint
•Digitisation
Wages growth and increased
FTE to support UNITE and
from new bankers

UNITE OBJECTIVES: ONE BEST WAY – THE BEST OF WESTPAC DELIVERED CONSISTENTLY
These objectives are ‘forward-looking statements’ and are subject to assumptions, risks and other important information in the Disclaimer on page 113.
1 ‘For sale’ and ‘not for sale’ products across Consumer and Business & Wealth.
41
CONSOLIDATE TECHNOLOGY
•Customers experience the best
Westpac technology
•Significant productivity: Run and
change cost reduced
•>180 applications decommissioned
FEWER PRODUCTS
•Easy for customers to manage their
banking needs
•Capacity to innovate
•Products reduced by >70%
1
SIMPLIFY PROCESSES
•One best way
•Consistent customer and
employee experience
•>700 processes simplified
BETTER CUSTOMER
EXPERIENCE
1
NPS #1
IMPROVED EMPLOYEE
EXPERIENCE
2
EMPLOYEE ENGAGEMENT

TOP DECILE GLOBALLY
INCREASED
SHAREHOLDER RETURN
3
CLOSE CTI RATIO
GAP TO PEERS
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
UNITE

MIDAS MIGRATION &
DECOMMISSION
ELECTRONIC IDENTITY
VERIFICATION
MORTGAGE MULTI-OFFSET
CAPABILITY
CONSOLIDATION OF ASIA
WIB PLATFORMS
42
UNITE: INITIATIVES COMPLETED
$8m
~$5m
p.a.
$20m
~$15m
p.a.
$15m

CUSTOMER
SATISFACTION
$5m
•Migrated WNZL FM platform to the WBC platform
•Reduces cost and delivers better customer experience
•Consolidated 20 Consumer identity verification processes to 1
•Biometric enablement of the electronic ID verification process
•Multiple offset accounts available for all eligible home loan
customers
•Gives customers greater choice and control over their finances
•Consolidated 2 versions of Asia BankTrade into 1 best system
•Simplified processes while reducing risk and complexity
~$1m p.a.
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
UNITE
OUTCOMES
COSTBENEFITS

43
UNITE: INITIATIVES – FY25 FOCUS
This page contains ‘forward looking statements’. Please refer to the disclaimer on page 113.
1 This includes 4 initiatives, including mortgage offsets which has completed. 2 This includes 2 initiatives.
MORTGAGE
SIMPLIFICATION
1
•Migrates mortgage customers to a single suite of products,
processes and applications
C.$450m~$120m p.a.
DIGITAL BANKER
2
•Extends Digital Banker capability to all bankers
C.$175m

BANKER
PRODUCTIVITY
ONE COLLECTIONS
PLATFORM - ASSISTNOW
•Consolidates 7 collections systems to 1 strategic collections
platform
C.$130m~$25m p.a.
FRAUD OPERATIONS
WORKFLOW
SIMPLIFICATION
•Streamline from 4 workflow systems to 1 strategic solution
C.$40m~$10m p.a.
C.$70m~$40m p.a.
ONE WEALTH PLATFORM
•Asgard migration to Panorama to provide a consistent adviser and
customer experience
OUTCOMES
COSTBENEFITS
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
UNITE

213
210
251
(120)
(163)
(204)
211
275
279
58
(147)
(76)
362
175
250
1H242H241H251H242H241H251H242H241H251H242H241H251H242H241H25
IMPAIRMENT CHARGES ($M)
44
IMPAIRMENT CHARGES AND STRESSED EXPOSURES (BPS)
6
136
-50
50
150
250
350
-20
0
20
40
60
80
100
20092010201120122013201420152016201720182019202020212022202320241H25
Impairment charge to average loans annualised (lhs)Stressed exposures to TCE (rhs)
IMPAIRMENT CHARGES COMPOSITION
IMPAIRMENT CHARGES
New
IAPs
Write-backs &
recoveries
Write-offs
direct
Other movements
in CAP
Individually assessedCollectively assessed
Total
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Higher Cards & Personal
Loans recoveries
Increase to downside
scenario weighting

CREDIT QUALITY
AND PROVISIONS

5,072
3,325
7,245
Reported
probability-weighted ECL
100%
base case ECL
100%
downside ECL
Forecasts for
base case ECL
2
Base caseDownside
20252026
Trough /
peak
3
GDP growth2.2%2.2%(6%)
Unemployment4.5%4.5%11%
Residential property prices3.0%7.0%(27%)
Commercial property prices2.0%3.3%(32%)
351
461
536
611
1,061
1,231
1,223
1,198
2,405
2,478
2,390
2,256
692
705
768
877
432
260
179
130
4,941
5,135
5,096
5,072
Sep-23Mar-24Sep-24Mar-25
Overlay Stage 1 CAP Stage 2 CAP
Stage 3 CAP Stage 3 IAP
EXPECTED CREDIT LOSS (ECL) ($M)
TOTAL PROVISIONS FOR EXPECTED CREDIT LOSSES
1
($M)
PROVISIONS FOR EXPECTED CREDIT LOSS
CREDIT QUALITY
1 Includes provisions for debt securities. 2 Forecast date is 17 March 2025. 3 These key economic indicators represent trough or peak values that characterise the scenarios considered in setting downside severity.
Residential and commercial forecasts represent cumulative reduction over a two-year period.
Increase driven by
a single name in
the services sector
Increase due to
growth in
business lending
46
$1.7bn in provisions
above the base case ECL
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Decrease due to
improvements in
economic
forecasts and
runoff from sold
businesses

KEY RATIOS
Mar-24Sep-24Mar-25
Provisions to gross loans (bps)656361
Impaired asset provisions
to impaired assets (%)
474141
Collectively assessed provisions
to credit RWA (bps)
2
136130126
PROVISIONING TO TCE (%)
EXPOSURES AS A % OF TCE
1
PROVISION COVER
CREDIT QUALITY
1 Refer to page 109 for definitions. 2 The credit RWA calculation has been revised to include RWA on other assets and comparatives have been restated. This reduced CAP to credit RWA by 2bps in 1H25, 2H24 and
1H24.
0.82
0.86
0.81
16.33
15.26
13.10
82.85
83.88
86.09
Mar-24Sep-24Mar-25
Stage 3Stage 2Stage 1
Mar-24Sep-24Mar-25
Stage 10.070.070.08
Stage 2
Non-stressed1.091.101.13
Stressed8.847.948.32
Stage 3 (non-performing)
Not impaired11.4410.4810.99
Impaired46.6041.2840.88
Total0.410.410.39
47Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Stage 3 – Lower 90+ day
mortgage delinquencies
Stage 2 – Decrease due
to the runoff of sold
businesses, RAMS
and upgrades to
economic forecasts
Stage 1 – Lending
growth, mostly in
business portfolios

48
TOTAL COMMITTED EXPOSURE (TCE) BY RISK GRADE AT 31 MARCH 2025 ($M)
Standard and Poor’s risk grade
1
AustraliaNZ / PacificOther overseasGroup% of total
AAA to AA-
200,16226,52730,699257,388
20%
A+ to A-
43,0965,00412,61160,711
5%
BBB+ to BBB-
86,95511,00612,025109,986
9%
BB+ to BB
95,90214,988731111,621
9%
BB- to B+
51,3658,18621559,766
5%
<B+
8,6212,1966410,881
1%
Mortgages
574,28274,449- 648,731
49%
Other consumer products
24,8633,864- 28,727
2%
TCE
1,085,246146,22056,3451,287,811
TCE at 30 September 2024
1,075,520143,54633,2751,252,341
Exposure by region
2
(%)
85%11%4%100%
TOP 10 INSTITUTIONAL EXPOSURES TO CORPORATIONS
AND NBFIS
3
(% OF TCE)
1.1
1.1
1.2
1.3
Sep-22Sep-23Sep-24Mar-25
TOP 10 EXPOSURES TO CORPORATIONS & NBFIS
AT 31 MARCH 2025 ($M)
4
06001,2001,8002,4003,000
A-
BBB
BBB+
A-
A
BBB+
A-
A-
A-
AA-
PORTFOLIO COMPOSITION
CREDIT QUALITY
1 Risk grade equivalent. 2 Region is based on booking office. 3 NBFI is non-bank financial institutions. 4 Institutional counterparties; S&P rating or equivalent.
Clearing house
membership
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

0.11
0.12
0.16
0.16
0.39
0.46
0.47
0.37
0.22
0.24
0.23
0.28
0.54
0.54
0.59
0.54
1.26
1.36
1.45
1.36
Sep-23Mar-24Sep-24Mar-25
ImpairedNon-performing, 90+ days
Non-performing, <90 daysWatchlist & substandard
MOVEMENT IN STRESS BY SEGMENT (BPS)
145(6)
(3)
1(1)
136
Sep-24ConsumerBusiness &
Wealth
WIBNew ZealandMar-25
NEW AND INCREASED GROSS IMPAIRED ASSETS ($M)
897
222
222
174
284
418
864
614
208
193
417
FY20FY21FY22FY23FY241H25
1H2H
STRESSED EXPOSURES AS A % OF TCE
CREDIT QUALITY METRICS
CREDIT QUALITY
49
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Decrease from
lower mortgage
90+ day
delinquencies
Reduction mostly
within the mining
and trade sectors
Increase from
mortgages
categorised as
non-performing
after exiting 90+
days past due
Increase driven by a
single name in the
services sector

CORPORATE AND BUSINESS STRESSED EXPOSURES BY INDUSTRY SECTOR (%)
EXPOSURE AND CREDIT QUALITY BY SECTOR
Sector
Finance &
insurance
1
Property
2
Wholesale
& retail
trade
Services
3
Manufacturing
Agriculture,
forestry &
fishing
Property &
business
servicesUtilities
Transport &
storageConstruction
4
Accomm,
cafes &
restaurantsMining
TCE ($bn)
Mar-25161.088.6
33.6
26.225.826.926.829.121.414.012.68.5
Sep-24162.885.5
31.8
25.925.425.425.223.620.713.711.77.9
Stressed (%)
5,6
Mar-250.12.7
5.4
3.6
4.2
4.42.90.12.64.84.21.3
Sep-240.12.7
5.6
3.8
4.1
5.03.10.12.24.94.14.1
Impaired (%)
6
Mar-250.00.1
0.7
0.9
0.8
0.40.40.00.40.60.20.2
Sep-240.00.1
0.8
0.4
0.9
0.50.40.00.40.70.20.2
CREDIT QUALITY ACROSS SECTORS
CREDIT QUALITY
1 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. Includes assets held for liquidity portfolio. 2 Property includes both residential and non-residential
property investors and developers and excludes real estate agents. 3 Services includes education, health & community services, cultural & recreational and personal & other services. 4 Construction includes building and non-building construction,
and industries serving the construction sector. 5 Includes impaired exposures. 6 Percentage of portfolio TCE.
50Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Small number of
customers downgraded
Small number of
customers upgraded
Large single name upgrade
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
PropertyWholesale
&
retail trade
ServicesManufacturingAgriculture,
forestry &
fishing
Property &
business
services
UtilitiesTransport
&
storage
ConstructionAccommodation
cafes &
restaurants
Mining
Mar-24Sep-24Mar-25

Mar-24Sep-24Mar-25
TCE ($bn)
82.285.588.6
% of Group TCE
6.636.836.88
Lending ($bn)
65.268.871.5
Median risk grade
(S&P equivalent)
BB-BBBB
% of portfolio graded
as stressed
3,4
2.572.662.67
% of portfolio
impaired
4
0.070.090.11
COMMERCIAL PROPERTY PORTFOLIO COMPOSITION (TCE) (%)
18
13
7
7
3
8
44
NSW & ACT
VIC
QLD
SA, NT & TAS
WA
NZ & Pacific
Institutional
•Single credit policy, supported by industry
sector concentration limits
•Maintained credit standards, with close
oversight of portfolio
•Managed by specialist relationship teams,
dedicated credit officers and subject matter
experts
•Limited risk appetite for lower grade office
buildings
•Weighted average LVR for the Australian
secured portfolio <50%
•Credit policy maximum LVR at origination 65%
1
•84% fully secured
2
COMMERCIAL PROPERTY EXPOSURES
(% OF TCE)
6.4
6.66.6
6.8
6.9
Sep-22Sep-23Mar-24Sep-24Mar-25
COMMERCIAL PROPERTY PORTFOLIO
COMPOSITION (TCE) (%)
19
25
18
18
15
5
Office
Retail
Residential
Industrial
Corporate
Other
SECTORS IN FOCUS: COMMERCIAL PROPERTY
CREDIT QUALITY
1 Policy exception can be made under limited circumstances. 2 Fully secured is where the exposure is less than 100% of the bank extended value of the security, which is a discount of the market value of the security. 3
Includes impaired exposures. 4 Percentage of commercial property portfolio TCE. 5 Region is based on booking office.
Sub-sector
Borrower type
Region
5
51Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
29
8
50
13
Investors & developers
<$10m
Developers >$10m
Investors >$10m
Diversified property
groups and property trusts

CONSTRUCTION
Mar-24Sep-24Mar-25
TCE ($bn)13.113.714.0
% of Group TCE1.051.101.09
Lending ($bn)7.68.38.6
% of portfolio graded as
stressed
1,2
5.754.934.79
% of portfolio impaired
2
0.620.720.59
PORTFOLIO SECURITY COMPOSITION
(TCE) (%)
61
19
20
Fully secured
Partially secured
Unsecured
PORTFOLIO BY SUB-SECTOR
(TCE) (%)
23
17
9
6
5
28
12
Building construction
Installation services
Site prep services
Structure services
Completion services
Other services
Non-building construction
COMMERCIAL PROPERTY – OFFICE
Mar-24Sep-24Mar-25
TCE ($bn)17.017.217.1
% of Group TCE1.371.381.33
Lending ($bn)14.915.015.2
Median risk grade
(S&P equivalent)
BB-BB-BB-
% of portfolio
graded as stressed
1,2
2.383.893.47
% of portfolio impaired
2
0.140.280.30
•Office exposure has reduced to 1.3% of
Group TCE in Mar-25 from 2.1% in Sep-20
•Weighted towards premium, A & B grade
office assets in major CBD locations
•Specialist property relationship teams
manage all office exposures >$10m TCE
•Tightened risk appetite settings for lower
grade office assets since start of COVID-19
S&P EQUIVALENT RISK GRADE
1
30
46
20
3
A+ to A-
BBB+ to BBB-
BB+ to BB
BB- to B+
<B+
SECTORS IN FOCUS: COMMERCIAL PROPERTY – OFFICE; CONSTRUCTION
CREDIT QUALITY
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
52
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

ACCOMMODATION, CAFES AND RESTAURANTSPORTFOLIO SECURITY COMPOSITION (TCE) (%)
PORTFOLIO BY SUB-SECTOR (TCE) (%)GEOGRAPHIC CONCENTRATION (TCE) (%)
SECTORS IN FOCUS: ACCOMMODATION, CAFES AND RESTAURANTS
CREDIT QUALITY
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
53
Mar-24Sep-24Mar-25
TCE ($bn)11.511.712.6
% of Group TCE0.930.940.98
Lending ($bn)9.810.210.7
% of portfolio graded as stressed
1,2
3.754.084.22
% of portfolio impaired
2
0.340.230.19
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
85
11
4
Fully secured
Partially secured
Unsecured
36
41
18
5
Accommodation
Pubs, taverns and bars
Cafes and restaurants
Clubs (hospitality)
52
15
8
5
4
2
11
3
NSWVIC
QLDSA
WAACT, NT, TAS
NZ, PacificOther

Mar-24Sep-24Mar-25
TCE ($bn)12.012.413.6
% of Group TCE0.970.991.06
Lending ($bn)7.68.58.8
% of portfolio graded as stressed
1,2
4.716.055.78
% of portfolio impaired
2
1.221.211.00
RETAIL TRADEPORTFOLIO SECURITY COMPOSITION (TCE) (%)
PORTFOLIO BY SUB-SECTOR (TCE) (%)GEOGRAPHIC CONCENTRATION (TCE) (%)
SECTORS IN FOCUS: RETAIL TRADE
CREDIT QUALITY
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
54
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
45
21
34
Fully secured
Partially secured
Unsecured
51
24
25
Personal and household goods retailing
Motor vehicle retailing and services
Food retailing
53
11
11
6
5
3
11
NSWVIC
QLDSA
WAACT, NT, TAS
NZ, Pacific

AGRICULTURE
AGRICULTURE PORTFOLIO BY SUB-SECTOR (TCE) (%)
MANUFACTURING
MANUFACTURING PORTFOLIO BY SUB-SECTOR (TCE) (%)
SECTORS IN FOCUS: AGRICULTURE; MANUFACTURING
CREDIT QUALITY
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
55
Mar-24Sep-24Mar-25
TCE ($bn)24.325.426.9
% of Group TCE1.962.032.09
Lending ($bn)20.722.123.0
% of portfolio graded as stressed
1,2
5.185.034.42
% of portfolio in impaired
2
0.260.480.38
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
Mar-24Sep-24Mar-25
TCE ($bn)25.425.425.8
% of Group TCE2.052.032.00
Lending ($bn)12.112.712.7
% of portfolio graded as stressed
1,2
3.114.114.21
% of portfolio in impaired
2
0.570.900.81
26
23
15
15
6
15
Food and beverage
Machinery and equipment
Petroleum, coal, chemical and associated
product
Metal product
Non-metallic mineral product
26
24
22
10
4
3
3
2
2
2
2
Dairy
Beef & sheep
Grain
Horticulture
Services to agriculture
Cotton
Viticulture
Forestry & logging
Fishing & aquaculture
Poultry
Other

1
10
21
2
65
1
9
22
2
66
1
10
21
2
66
0
14
22
4
60
LOCIPL-I/OIPL-P&IOO-I/OOO-P&I
Mar-24 (Portfolio)Sep-24 (Portfolio)
Mar-25 (Portfolio)1H25 Flows
Australian mortgage portfolio
Mar-24
balance
Sep-24
balance
Mar-25
balance
1H25
flow
1
Total portfolio ($bn)
495.2503.3510.2
54.8
Owner occupied (OO) (%)
67.867.9
68.163.6
Investment property loans (IPL) (%)
31.031.1
31.036.4
Variable rate / Fixed rate (%)
85/1591/9
95/599/1
Interest only (I/O) (%)
12.311.8
11.819.1
Proprietary channel (%)
49.448.2
46.632.5
First home buyer (%)
11.311.812.2
10.8
Mortgage insured (%)
12.611.7
10.13.0
Mar-24Sep-24Mar-25
1H25
flow
1
Average loan size
2
($’000)
309319330
550
Customers ahead on repayments
including offset account balances

(%)
By accounts
8083
84
By balances
7780
82
BY PRODUCT AND REPAYMENT TYPE (%)
BY YEAR OF ORIGINATION (% OF TOTAL BOOK)
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION
MORTGAGE CREDIT QUALITY
1 Flow is new mortgages settled in the 6 months ended 31 March 2025. 2 Includes amortisation. Calculated at account level, where split loans represent more than one account.
56
Calendar year
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
12
33
3
3
5
11
13
18
22
5
Pre-
2016
20172019202120232025
Charts may not add to 100 due to rounding.

0.67
0.62
1.12
0.86
1.82
1.50
0.0
1.0
2.0
3.0
4.0
Mar-20Mar-21Mar-22Mar-23Mar-24Mar-25
90+ dpd excl. 6 months serviceability hold-out period
and RAMS (closed to new customers)
90+ day delinquencies
30+ day delinquencies
Australian mortgage portfolioMar-24Sep-24Mar-25
90+ day delinquencies (bps):
Total portfolio
1
inc. impaired mortgages
10611286
Owner occupied loans
10611584
Investment property loans
9999
85
Principal & interest loans
109115
88
Interest only loans
6869
54
First Home Buyers
119120
89
30+ day delinquencies
total portfolio

(bps)
181182
150
Mar-24Sep-24Mar-25
Customers in hardship
2

inc. 6 months serviceability hold-out period
(by balances, bps)
105114
76
Consumer properties in possession (number)190201
176
Impaired mortgages
(by balances, bps)
710
11
Mortgage losses net of insurance

($m, for 6 months ending)
2023
15
Annual mortgage loss rate
3
(bps)0.80.9
0.6
30+ DAY AND 90+ DAY DELINQUENCIES (%)
90+ DAY DELINQUENCIES BY VINTAGE (%)
AUSTRALIAN MORTGAGE PORTFOLIO PERFORMANCE
MORTGAGE CREDIT QUALITY
1 Total portfolio includes Line of Credit loans. 2 Financial hardship assistance is available to customers experiencing temporary financial difficulty, including changes in income due to illness, a relationship breakdown or
natural disasters. Hardship assistance often takes the form of a reduction or deferral of repayments for a short period. The 6 months serviceability hold-out period requirement was removed for new commercial
hardships from September 2024. 3 Mortgage loss rates for March balances are annualised, based on losses for the 6 months. Mortgage loss rates for September are actual losses for the 12 months ending.
Months on book
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack57
0.0
1.0
2.0
3.0
4.0
06121824303642485460
FY2019FY2020FY2021FY2022
FY2023FY2024FY2025
Sep-24

DEBT-TO-INCOME >=6X AT ORIGINATION (%)
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION AND PERFORMANCE
MORTGAGE CREDIT QUALITY
Source: APRA, Westpac.
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
58
41
29
15
8
7
NSW/ACT
VIC/TAS
QLD
WA
SA/NT
PORTFOLIO BY STATE (%)
90+ DAY DELINQUENCIES BY STATE (%)
0.0
1.0
2.0
3.0
4.0
Mar-20Mar-21Mar-22Mar-23Mar-24Mar-25
ALLNSW/ACTVIC/TAS
QLDWASA/NT
APPLICANT GROSS INCOME BAND
(1H25 DRAWDOWNS, % BY APPROVED LIMITS)
2
3
5
7
19
49
15
0
1
3
4
10
56
26
<75k75k to
100k
100k to
125k
125k to
150k
150k to
200k
200k to
500k
>500k
Owner OccupiedInvestment Property
27.3
28.9
22.7
10.6
7.1
5.8
6.2
6.7
20.6
24.4
21.9
11.3
7.7
7.9
7.8
8.2
Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Dec-24
Major banks ex WestpacWestpac
Charts may not add to 100 due to rounding.

LOAN-TO-VALUE RATIOS (%)
SERVICEABILITY ASSESSMENT CREATES A BUFFER
FOR BORROWERS
AUSTRALIAN MORTGAGE PORTFOLIO
LOAN-TO-VALUE RATIOS (LVRS) AND OFFSET ACCOUNTS
MORTGAGE CREDIT QUALITY
1 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source CoreLogic. 2 Weighted
average LVR calculation considers size of outstanding balances. 3 Average LVR of new loans is on rolling 6 months.
Chart may not add to 100 due to rounding.
N/A
1
•Loans are assessed at the higher of:
−The customer rate, including any life-of-loan discounts, plus the
serviceability buffer of 3.0%; or
−The minimum assessment rate, called the “floor rate”, currently 5.05%
•A serviceability buffer of 1.0% may be applied on an exceptions basis for
certain customers seeking to refinance their loan, subject to eligibility criteria
including LVR, bureau score and repayment amounts
•Interest only (I/O) loans: Assessed based on the residual principal and
interest (P&I) term using the applicable P&I rate, plus a 3.0% buffer
•New fixed rate loans: Assessed on the variable rate to which the loan will
revert after the fixed period, plus a buffer
Australian mortgage portfolio LVRs
Mar-24
balance
Sep-24
balance
Mar-25
balance
Weighted
averages
2
LVR at origination (%)
717171
Dynamic LVR
1
(%)
494949
LVR of new loans
3
(%)
707069
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack59
OFFSET ACCOUNT BALANCES ($BN)
41
46
51
53
57
63
68
Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24Mar-25
27
22
34
12
6
0
23
18
40
12
7
1
65
14
12
6
1
0.5
0.7
0
20
40
60
80
100
0<=6060<=7070<=8080<=9090<=9595<=100>100
1H25 drawdowns LVR at origination
Portfolio LVR at origination
Portfolio dynamic LVR

(% by accounts)
CUSTOMERS AHEAD ON REPAYMENTS
2
BUFFER TO BALANCE RATIO
1
(%)
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS
MORTGAGE CREDIT QUALITY
Charts may not add due to rounding.
1 Excludes Line of Credit.
Buffer equals the Current Limit less Outstanding Balance plus Offset Balance. 2 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal
payments. Includes mortgage offset accounts. ‘Behind’ is more than 30 days past due. ‘On time’ includes up to 30 days past due.
Investment property loans –
(generally maintain higher
balances for tax purposes)
Accounts opened in the last
12 months
Structural restrictions on
repayments e.g. fixed rate
Residual – <1 month
repayment buffer
>6mths
to <2yrs
Loans ‘on time’ and <1mth ahead
19.0
19.419.4
19.7
20.3
Sep-21Sep-22Sep-23Sep-24Mar-25
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack60
Buffer = Current Limit – Outstanding Balance + Offset Balance
(% by balances)
CHANGES IN CUSTOMER BUFFERS
1
(%)
Owner-occupied variable rate customers change in buffer over
12 months (by balances)
0.0
20.0
40.0
60.0
Mar-21Mar-22Mar-23Mar-24Mar-25
IncreasedUnchangedDecreased
2
21
19
20
15
23
1
17
19
21
17
25
BehindOn time< 1mth< 6mths>2yrs
Mar-24Mar-25
13
15
6
2
5
4
16
15
Mar-24Mar-25
35
41
34
15
18
16
15
1
>2yrs
>6mths <2yrs
<6 mths
< 1 mth
On time
Behind

61
CREDIT POLICY AT MARCH 2025
Income
•Verified via payslips, tax returns or salary credits, with other supporting documentation such as PAYG payment summaries or ATO Income
Statements (minimum standards apply)
•Shading of at least 20% applies to less certain income sources i.e. overtime, bonuses
Credit Score
& Credit Bureau
•Bespoke application scorecards segmented by new and existing customers
•Credit and score override rates tracked and capped
•Credit bureau checks required
Expenses
•Assessed as the higher of a borrower’s declared expenses or HEM
1
comparable expenses plus any expenses that are not comparable to HEM
(e.g. private school fees, life insurance)
•HEM is applied by income bands, post settlement postcode location, marital status and dependants
•17 expense categories used, aligned with Melbourne Institute guidelines and LIXI standards
Serviceability
assessment
For serviceability assessment, loans are assessed at the higher of:
The customer interest rate, including any life-of-loan discounts, plus the serviceability buffer of 3.0%, or
The minimum assessment rate, called the “floor rate”, currently 5.05%
•A serviceability buffer of 1.0% may be applied on an exceptions basis for certain customers seeking to refinance their loan, subject to eligibility
criteria including LVR, bureau score and repayment amounts
•For I/O loans, serviceability is assessed on a P&I basis over the residual term
•New fixed rate loans assessed on the variable rate to which the loan will revert after fixed period, plus a buffer
•All existing customer commitments are verified
•Review Westpac Group accounts and Comprehensive Credit Reporting (CCR) to identify customer commitments
•Limits apply to higher debt-to-income lending; >7x referred for manual credit assessment where LVR >80%
•Credit card repayments assessed at 3.8% of limit or balance whichever is higher
Genuine savings
deposit requirements
•Minimum 5% proof of genuine savings for higher LVR loans (typically LVR >90% or >80% for Home Guarantee Scheme Loans).
Any Home Owner Grants are not considered genuine savings
Security
•LVR restrictions apply depending on location, property value and nature of security
•Restrictions on high-density apartments based in postcode defined areas, generally capital city CBD’s and properties in towns heavily reliant on a
single industry, e.g. mining, tourism
LMI
•
Mortgage insurance for higher risk loans, such as LVRs >80%. Special package policy waivers apply for certain professionals and Westpac Group
staff
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
AUSTRALIAN MORTGAGE PORTFOLIO UNDERWRITING
MORTGAGE CREDIT QUALITY
1 HEM is the Household Expenditure Measure, produced by the Melbourne Institute.

10
7
83
27
56
2
16
62
HARDSHIP
1
BALANCES BY SUPPORT SOLUTION
(% 1H25 NEW HARDSHIP ACCOUNTS)
HARDSHIP
1
BALANCES (% OF PORTFOLIO)
0.76
0.00
0.50
1.00
1.50
2.00
2.50
Mar-21Mar-22Mar-23Mar-24Mar-25
Non-COVID-19 supportCOVID-19 support
Sep-24
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
AUSTRALIAN MORTGAGE PORTFOLIO
MORTGAGE CREDIT QUALITY
1 Financial hardship assistance is available to customers experiencing temporary financial difficulty, including changes in income due to illness, a relationship breakdown or natural disasters. 2 In 2H21 Westpac Lender’s
Mortgage Insurance Limited was sold to Arch Capital Group. Westpac has entered into a 10-year exclusive supply agreement for Arch to provide lenders mortgage insurance to the Group. 3 Includes loans where LMI
applies to >70% LVR loans, for example, single industry towns.
TOTAL PORTFOLIO BY INSURANCE PROFILE
2
(%)
Insurance not required
(Low risk profile including loans <80% LVR)
Not insured >80% LVR
(Policy for certain
professionals and Westpac staff)
Insured
3
(>80% LVR)
1.14
Charts may not add due to rounding
Reduced repayments (temporarily)
No repayments (temporarily)
Capping of arrears
(Arrears capitalised into the principal owed,
repayments are recalculated)
Other (may include standalone term extension or
other tailored solution)

1
1
2
INTEREST ONLY (I/O) LENDING BY DYNAMIC LVR
1
AND
INCOME BAND (% OF TOTAL I/O LENDING)
3
1
20
8
3
39
20
8
62
28
10
<=60%60%<=80%>80%
Dynamic LVR bands (%)
<$100k
$100k – $250k
>$250k
INVESTMENT PROPERTY PORTFOLIO BY NUMBER
OF PROPERTIES PER CUSTOMER (%)
SCHEDULED I/O TERM EXPIRY
2
(% OF TOTAL I/O LOANS)
14
18
16
16
23
12
0<1 Yr1<2 Yrs2<3 Yrs3<4 Yrs4<5 Yrs5<10 Yrs10 Yrs+
Investment property lending (IPL) portfolio
Mar-24Sep-24Mar-25
Investment property loans ($bn)
153157158
Weighted
averages
LVR of IPL loans at origination (%)
7070
70
LVR of new IPL loans in the period

(%)
7070
70
Dynamic

LVR
1
of IPL loans (%)
4948
49
Average loan size
3
($’000)
343351
360
Customers ahead on repayments
including offset accounts
4
(%)
6770
72
90+ day delinquencies (bps)
9999
85
Annualised loss rate (net of insurance claims) (bps)
1.71.5
1.2
AUSTRALIAN MORTGAGE PORTFOLIO INTEREST ONLY
AND INVESTMENT PROPERTY LENDING
MORTGAGE CREDIT QUALITY
Charts may not add to 100 due to rounding.
1 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source CoreLogic. 2 Based on outstanding
balance. Excludes line of credit loans and I/O loans without date (including bridging loans and loans with construction purpose). 3 Includes amortisation. Calculated at account level where split loans represent more than one account.
4 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments.
I/O portfolio $60bn (11.8% of portfolio)
at 31 March 2025
Applicant gross income bands
63Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
71
21
5
1
2
3
4
5
6+

6.6
2.2
8.8
6.3
2.2
8.5
6.4
2.1
8.5
Credit cardsPersonal loansTotal consumer finance
Mar-24Sep-24Mar-25
AUSTRALIAN CONSUMER
FINANCE PORTFOLIO
1
AUSTRALIAN CONSUMER FINANCE
90+ DELINQUENCIES (%)
0.80
2.77
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25
Credit cardsPersonal loans
AUSTRALIAN CONSUMER
FINANCE PORTFOLIO ($BN)
1
CREDIT CARD ACCOUNTS PAYING
MINIMUM REPAYMENT (%)
2
4.7
4.2
4.2
4.0
4.1
3.9
3.9
3.4
3.6
3.8
4.0
4.2
4.4
4.6
4.8
Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25
AUSTRALIAN CONSUMER FINANCE
CREDIT QUALITY
1 Excludes margin lending and auto finance (sold in 1H25). 2 Minimum repayment over at least six consecutive months. Minimum repayment defined as <=5% of each months statement cycle balance.
64
Mar-24Sep-24Mar-25
Lending ($bn)
8.88.58.5
As a % of Group loans
1.11.01.0
30+ day delinquencies

(%)
2.412.402.55
90+ day delinquencies

(%)
1.171.231.30
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

0.0
0.2
0.4
0.6
0.8
1.0
Mar-17Mar-19Mar-21Mar-23Mar-25
MORTGAGE PORTFOLIO LVR
4
(% OF PORTFOLIO)
49.8%
19.8%
21.4%
6.4%
2.6%
0<=60
60<=7070<=8080<=9090+
BUSINESS STRESSED EXPOSURES TO
BUSINESS TCE (%)
5
Mortgage portfolioSep-24Mar-25
Total portfolio (NZ$bn)
1
68.069.5
Owner occupied (%)
74.474.3
Investment property
loans (IPL) (%)
25.625.7
Broker introduced (%)
53.855.2
Proprietary channel (%)
46.244.8
Fixed/ variable split (%)
89/1187/13
Interest only (I/O) (%)
15.515.0
LVR 80<=90
6.06.4
Loan to Value
Ratio (LVR) >90%
2.62.6
Mortgage 90+ day delinquencies (%)
0.490.54
Mortgage 30+ day delinquencies (%)
0.961.06
Unsecured consumer portfolio
(NZ$bn)
2
1.21.2
MORTGAGE 90+ DAY
DELINQUENCIES
3
(%)
UNSECURED CONSUMER 90+ DAY
DELINQUENCIES
3
(%)
0.95
0.0
1.0
2.0
3.0
Mar-17Mar-19Mar-21Mar-23Mar-25
NEW ZEALAND CREDIT QUALITY
NEW ZEALAND CREDIT QUALITY
1 Mortgage portfolio indicates gross loans. 2 Unsecured consumer portfolio indicates outstanding balance. 3 In May-19 we made changes to the reporting of customers in hardship to align to the method used by APRA.
4 LVR based on current loan property value at latest credit event. 5 Chart may not add due to rounding.
91% of mortgage portfolio has
an LVR less than 80%
0.2 0.2
0.2
0.3 0.3
0.3
2.1
2.4
2.0
2.5
2.8
2.4
Mar-24Sep-24Mar-25
Watchlist &
substandard
Non-
performing, not
impaired
Impaired
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack65
0.54

CAPITAL, FUNDING
AND LIQUIDITY

12.49
74
-
3
12.24
11.99
(58)
(31)
(13)
(25)
Sep-24Net profit2H24
dividend
RWAIRRBBOtherCapital
return
Mar-25Remaining
capital
return
Mar-25
Pro forma
Lending (25bps)
Data refinement & asset sale 14bps
Credit quality & other 11bps
Deposit hedge (23bps)
67
Key capital ratios (%)
Mar-
24
Sep-
24
Mar-
25
Level 2 CET1
capital ratio
12.512.512.2
Additional Tier 1
capital ratio
2.52.32.3
Tier 1 capital ratio15.014.814.5
Tier 2 capital ratio6.46.67.1
Total regulatory
capital ratio
21.421.421.6
Risk weighted assets
(RWA)

($bn)
444437449
Leverage ratio 5.55.35.2
Level 1 CET1 capital ratio12.812.712.5
Internationally comparable ratios
3
Leverage ratio
(internationally comparable)
6.05.85.7
CET1 capital ratio
(internationally comparable)
18.618.318.2
LEVEL 2 CET1 CAPITAL RATIO MOVEMENTS (%, BPS)
CET1 CAPITAL RATIO 12.24%
CAPITAL, FUNDING AND LIQUIDITY
1 Capital deductions and other items including FX translation impacts. 2 Includes remaining on market share buyback previously announced in Nov-23, May-24 and Nov-24. 3 Internationally comparable methodology
references the Australian Banking Association (ABA) study on the comparability of APRA’s new capital framework and finalised reform released on 10 March 2023.
1
2
Share buyback: $0.6bn
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

444.4
437.4(1.1)
9.1
0.2
449.5
(2.0)
(5.1)
0.3
11.3
0.3
(1.1)
Mar-24Sep-24Credit qualityLendingCounter-
party credit
and MTM
risk
Data
refinement &
asset sale
FX
translation
OtherIRRBBOperational riskMarket
risk
Mar-25
21
16
8
(1)
(3)
17
20
21
23
35
5
5
5
6
7
43
40
34
28
39
4.05
4.26
3.79
3.54
3.63
-4
-3
-2
-1
0
1
2
3
4
-10
0
10
20
30
40
50
60
Sep-22Sep-23Mar-24Sep-24Mar-25
Embedded loss/(gain)Repricing and yield curve riskOptionality and basis risk3y Swap rate (in %)
RISK WEIGHTED ASSETS
1
(RWA) ($BN)
IRRBB RWA
1
($BN)
RISK WEIGHTED ASSETS
CAPITAL, FUNDING AND LIQUIDITY
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 113.
1 Chart may not add due to rounding. 2 Includes $1bn from the sale of auto finance portfolio. 3 Mark to market. 4 Includes counterparty credit risk, credit valuation adjustment, securitisation exposures in the banking
book, settlement risk and other assets.
See below
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack68
•The extension of the deposit hedge duration
from 4 years to 5 years contributed an additional
$8.8bn, or 23bps of CET1 to IRRBB capital
•Subject to APRA’s approval of the non-rate
sensitive deposit model, the additional RWA
would be removed
•APRA is expected to respond after September
2025 as part of implementation of the revisions
to APS117
3
UP $12.1BN OR 2.8%
Credit RWA up $1.5bn or 0.4%
2
4

REGULATORY CAPITAL CHANGES
69
ImplementationChangeDetails
Expected impact on the
Group’s total Capital
1 Jan 2027Additional Tier 1 Capital
•In December 2024, APRA confirmed it will phase out AT1 capital instruments from
the bank prudential framework. APRA intends to finalise changes to prudential
standards before the end of 2025, with the updated framework to come into effect
from 1 January 2027
•The changes will impact the CET1 minimum, CET1 buffers and T2 requirements.
The Total Capital requirement will remain unchanged
1 Oct 2025
Expected to be 2027
APS117 – IRRBB
APS116 – Market Risk
•APRA released the final APS117 in July 2024, which will come into effect on 1
October 2025. The intention is to standardise aspects of the IRRBB capital to reduce
volatility through time and variations between ADIs
•APRA is yet to commence consultation on Fundamental Review of the Trading Book
1 Jan 2026
Loss Absorbing
Capacity (LAC)
•Total capital ratio requirement:
−Current 16.75%
−1 January 2026 18.25%
Current and finalised
by
1 Jul 2028
RBNZ Capital Review
•D-SIBs
1
total capital requirements increasing to 18% by 1 July 2028. Includes Tier 1
capital requirement of 16% of which 13.5% must be CET1 capital.
•On 31 March 2025, the RBNZ announced that it will conduct a review of the capital
settings applicable to deposit takers (including WNZL). The review is expected to
be completed by 1 July 2026.
CAPITAL, FUNDING AND LIQUIDITY
This page contains ‘forward looking statements’. Please refer to the disclaimer on page 113.
1 Domestically systemically important bank.
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

INTERNATIONALLY COMPARABLE CAPITAL RATIO RECONCILIATION
1
APRA’s capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower
reported capital ratios by Australian banks. The following details the adjustments and how Westpac’s APRA CET1 capital ratio aligns to an
internationally comparable ratio:
CAPITAL, FUNDING AND LIQUIDITY
1 Internationally comparable methodology references the ABA study on the comparability of APRA’s new capital framework and finalised reform released on 10 March 2023. 2 Internal ratings-based approach (IRB).
Westpac’s CET1 capital ratio (APRA basis)
12.2
Equity investmentsBalances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements
0.1
Deferred tax assetsBalances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements
0.6
Capitalised expenses
APRA requires these items to be deducted from CET1. The BCBS only requires exposures classified as intangible assets under
relevant accounting standards to be deducted from CET1
0.7
Interest rate risk in the
banking book (IRRBB)
APRA requires capital to be held for IRRBB. The BCBS does not have a Pillar 1 capital requirement for IRRBB
1.5
RWA scaling factorAPRA applies a scaling factor to all Advanced IRB
2
credit RWAs. The BCBS does not apply this scalar
0.9
Property financeAPRA applies an additional scaling factor to property finance RWA. The BCBS does not apply this scalar
0.2
Residential mortgages
APRA applies scaling factors to mortgage RWAs for higher risk segments such as interest only and investor mortgages and
applies a standardised risk weight to certain mortgages. The BCBS does not apply this treatment
1.7
Non-retail Loss Given
Default (LGD)
Non-retail LGD’s under the Foundation IRB (F-IRB) and Advanced IRB approaches differ from the BCBS
(0.3)
New Zealand
APRA requires New Zealand RWAs to be largely calculated in accordance with the RBNZ rules. The RBNZ rules are more
conservative than BCBS
0.6
Internationally comparable CET1 capital ratio
18.2
Internationally comparable Tier 1 capital ratio
21.3
Internationally comparable total regulatory capital ratio
30.8
70Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

China Merchants Bank
China Construction Bank
ICBC
Bank of China
Rabobank
BBVA
Norinchukin Bank
Bank of Communications
Agricultural Bank of China
Intesa Sanpaolo
Unicredit
HSBC
Lloyds
State Bank of India
Westpac
, 5.7%
Nordea
Credit Agricole
CBA
Mitsubishi UFJ
ANZ
NatWest
BPCE
Barclays
ING Group
Sumitomo Mitsui
Banco Santander
Standard Chartered
UBS
Danske Bank
BNP Paribas
Deutsche Bank
Mizuho FG
Societe Generale
Scotiabank
Commerzbank
Royal Bank of Canada
Bank of Montreal
CIBC
0%
2%
4%
6%
8%
CBA
Danske Bank
Westpac
, 18.2%
NAB
Nordea
ANZ
Norinchukin Bank
Credit Agricole
Unicredit
BPCE
JPMorgan Chase
Morgan Stanley
HSBC
Goldman Sachs
Rabobank
UBS
China Merchants Bank
Commerzbank
Lloyds
ING Group
Standard CharteredChina Construction Bank
Intesa Sanpaolo
NatWest
Deutsche Bank
ICBC
Barclays
Societe Generale
Bank of Montreal
BNP Paribas
Citigroup
CIBC
BBVA
Bank of America
Banco Santander
Royal Bank of Canada
Toronto Dominion Bank
Scotiabank
Mitsubishi UFJ
Bank of ChinaAgricultural Bank of China
Wells Fargo
Mizuho FG
Sumitomo Mitsui
Bank of Communications
0%
5%
10%
15%
20%
COMMON EQUITY TIER 1 RATIO (%)
71
LEVERAGE RATIO (%)
WELL PLACED ON INTERNATIONALLY COMPARABLE
1
CAPITAL, FUNDING AND LIQUIDITY
1 Comparison group comprises listed commercial banks with assets in excess of A$700bn and which have disclosed fully implemented Basel III ratios or provided enough to estimate. Based on company reports/presentations. Ratios are at 31 December 2024, except for
Commerzbank, National Australia Bank and ANZ which are at 30 September 2024, Deutsche Bank, Royal Bank of Canada, Bank of Montreal, CIBC, Toronto Dominion Bank, Scotiabank as at 31 January 2025 and Westpac is at 31 March 2025. Where accrued expected dividends have
been deducted and disclosed, these have been added back for comparability. US banks are excluded from leverage ratio analysis due to business model differences, for example from loans sold to US Government sponsored enterprises. NAB has not disclosed an internationally
comparable leverage ratio since September 2017 and has therefore been excluded.
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack

ADDITIONAL TIER 1 AND TIER 2 MATURITY PROFILE
2
(NOTIONAL AMOUNT, A$BN)
CHANGES TO CAPITAL
1
•In December 2024, APRA confirmed it would proceed to phase out AT1
•Under APRA’s proposed approach, large, internationally active banks, including
Westpac, will be required to replace the current 1.5% of AT1 capital with
0.25% of CET1 capital and 1.25% of Tier 2 capital
•AT1 instruments will be eligible as Tier 2 capital from 1 January 2027 until
their first call date
•All existing AT1 instruments (for all banks) to reach their first call date by 2032
at the latest
•APRA intends to finalise changes to prudential standards before the end of
2025, with the new framework to come into effect from 1 January 2027
•Westpac expects the replacement of AT1 securities with CET1 capital and Tier
2 capital securities over the transition period to be manageable
1
10.25
10.50
12.24
1.50
2.31
6.50
7.75
7.06
18.2518.25
21.61
Current final
requirements
Proposed requirementsWestpac as at
31 Mar 25
Tier 2
AT1
CET1
APRA TO PHASE OUT AT1 CAPITAL INSTRUMENTS
CAPITAL, FUNDING AND LIQUIDITY
TOTAL CAPITAL
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack72
1.7
3.7
1.5
1.81.8
0.1
3.1
3.7
1.8
5.6
1.8
2.9
3.3
1.8
8.4
2H25FY26FY27FY28FY29FY30FY31FY32FY33>FY33
Additional Tier 1Tier 2
1 This page contains ‘forward looking statements’. Please refer to the disclaimer on page 113. 2 Represents A$ equivalent notional amount using spot FX translation at 31 March 2025 for redemptions/maturities.
Securities in bullet format are profiled to maturity date, adjusted for any capital amortisation. Securities in callable format are profiled to the first call date. Securities in 11 non-call 10 format are profiled to call date,
adjusted for any capital amortisation. Any early redemption of capital securities would be subject to prior written approval from APRA, which may or may not be provided.

TIER 2 CAPITAL AND LAC
73
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
7.1
2.02.0
3.0
4.5
5.0
6.5
Westpac
31 March 2025
January 2024
Requirements
January 2026
Requirements
LAC
Tier 2
LOSS-ABSORBING CAPACITY (LAC) (% OF RWA)
TIER 2 CAPITAL OUTSTANDING (%)
79
21
Callable
Bullet
By format
1
(notional amount)
By currency
1
(notional amount)
TIER 2 CAPITAL ISSUANCE BY CURRENCY
1
($BN)
CAPITAL, FUNDING AND LIQUIDITY
57
30
5
3
2
2
USD
AUD
EUR
NZD
JPY
SGD
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY19FY20FY21FY22FY23FY241H25
AUDUSDOther
1 Includes WNZL. WNZL Tier 2 does not count for APRA Tier 2 or LAC requirements. Represents A$ equivalent notional amount using spot FX translation at date of issue for issuance. Charts may not add due to
rounding.
TIER 2 CAPITAL OUTSTANDING (%)

•Growth in stable funding sources
•Customer deposits 67% of total funding, up 159bps since March 2024
•Additional 22% from stable sources of long-term wholesale and equity
62
66
67
67
8
7
7
7
1.4
0.4
1.0
0.6
10
10
10
10
4
4
4
4
9
6
7
7
5
6
4
4
Mar-19Mar-24Sep-24Mar-25
74
NET STABLE FUNDING RATIO (%)
CUSTOMER DEPOSITS AND NET LOANS ($BN)
FUNDING BY RESIDUAL MATURITY (%)
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
FUNDING COMPOSITION
CAPITAL, FUNDING AND LIQUIDITY
1 Includes long term wholesale funding with a residual maturity less than or equal to 1 year. 2 Equity excludes FX translation, available-for-sale securities and cash flow hedging reserves. 3 Other includes derivatives
and other assets.
Charts may not add to 100 due to rounding
Wholesale offshore >1yr
Wholesale onshore <1yr
1
Wholesale onshore >1yr
Wholesale offshore <1yr
1
Securitisation
Equity
2
Customer deposits
Customer depositsNet loansCustomer deposits to net loans ratio (%)
Customer deposits
73% of total funding
(excluding equity)
New high
112
115
0.9
2.5
1.4
0.5
(2.6)
Sep-24CapitalRetail/
SME
Deposits
Wholesale
funding
Liquids
and
other
LoansMar-25
3
512
651
674
697
714
785
807
825
71.6
82.9
83.5
84.5
Mar-19Mar-24Sep-24Mar-25

75
LCR ($BN)
98
183
12
25
135
183
Net cash outflowsLiquid assets
MOVEMENT IN LCR (%)
133
135
7.4
0.4
(1.8)
(4.7)
1.2
Sep-24
Qtr
HQLARBNZ
eligible
securities
Customer
deposits
Wholesale
funding
Other
flows
Mar-25
Qtr
HIGH QUALITY LIQUID ASSETS (HQLA) (%)
31
9
49
12
Cash and balances with central banks
Balances with foreign central banks
Australian government and semi-government
bonds
Other HQLA
LCR DEPOSIT MIX (%)
33
37
15
15
Stable retail and SME deposits
Less stable retail and SME deposits
Operational deposits
Non-operational deposits
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
LIQUIDITY COVERAGE RATIO (LCR)
CAPITAL, FUNDING AND LIQUIDITY
1 Other flows include credit and liquidity facilities, collateral outflows and inflows from customers. 2 Other HQLA includes securities issued by foreign sovereigns and repo-eligible qualifying assets in foreign
jurisdictions, including RBNZ eligible securities.
Liquid assets
HQLA
1
Net cash outflows (NCOs)
Other flows
1
Wholesale funding
Customer deposits
2
$530bn
$183bn
March 2025 quarterly average 135%
Chart does not add due to rounding
Chart does not add due to rounding
Chart does not add due to rounding

76
TERM DEBT ISSUANCE AND MATURITY PROFILE
1
($BN)
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
LONG TERM WHOLESALE FUNDING PROFILE
1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee Certificates of Deposit.
Contractual maturity date for Additional Tier 1 capital instruments and callable Tier 2 capital instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Any early redemption would
be subject to prior written approval from APRA, which may or may not be provided. Maturities exclude securitisation amortisation. 2 Charts may not add due to rounding. Data excludes Funding for Lending Programme.
3 Excludes securitisation.
1H25 TERM DEBT ISSUANCE
1,2
(%)
37
49
14
1
AUD
USD
EUR
GBP
19
19
37
26
2 years
3 years
5 years
>5 years
By program (%)
By currency (%)By tenor
3
(%)
18
12
34
31
35
43
35
42
15
14
36
32
33
26
40
FY19FY20FY21FY22FY23FY241H252H25FY26FY27FY28FY29>FY29
Funding for Lending Programme (NZ)
Term Funding Facility (Aus)
Tier 2 capital
Additional Tier 1 capital
Covered bond
Senior/Securitisation
IssuanceMaturities
65
23
12
Senior Bonds
Tier 2 Capital
Securitisation
CAPITAL, FUNDING AND LIQUIDITY

77
WHOLESALE FUNDING
INDICATIVE WHOLESALE FUNDING COSTS
(SPREAD ABOVE 3MTH BBSW)
1 Back book data excludes securitisation and FLP.
LONG TERM WHOLESALE FUNDING BACK BOOK
1
(%)
50
61
71
80
88
28
52
75
87
98
1 year2 year3 year4 year5 year
AUD Mar-25AUD Mar-24
USD Mar-25USD Mar-24
By program
By currency
54
22
18
6
Senior bonds
Covered bonds
Tier 2 capital
AT1 capital
0102030405060
40
30
20
4
3
3
01020304050
USD
AUD
EUR
GBP
NZD
Other
CAPITAL, FUNDING AND LIQUIDITY
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
SHORT TERM FUNDING BACK BOOK (%)
55
35
10
Certificates of deposit
Commercial paper
MTN
0102030405060
By product
LONG TERM WHOLESALE FUNDING BACK BOOK
1
(%)

SUPPORTING
CUSTOMERS

#1 MOBILE BANKING APP
1
79Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
SUPPORTING OUR CUSTOMERS
1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024. 2 Westpac Rewards received the award for Best Overall Loyalty Program in Financial Services at the 2023/2024 Asia Pacific
Loyalty Awards. 3 Westpac’s systems and processes may not always be 100% effective and are subject to risks and other factors including those described in ‘Risk Factors’ in the 2025 Interim Results Announcement.
Empowering customers to self-serve with our
new service and feature library
Financial management tools to help businesses
track cash flows and reconcile expenses
COMPREHENSIVE FUNCTIONALITY
Best in class money movement and account
management
1

SAFE AND SECURE
3
SEAMLESS CUSTOMER EXPERIENCEINSIGHTFUL MONEY MANAGEMENT
Introduced multiple offset accounts providing
more choice and control to manage finances
Australian-first in-app call capability with
Westpac SafeCall for scam protection
Dedicated rewards hub making it easier for
customers to find value
Embedded security with biometric
authentication and safety education prompts
Best overall loyalty program
2
with integrated
rewards
Customers can securely provide their identity to
third-party providers using ConnectID
Personalised money insights and bills calendar
to help budget for upcoming expenses
Voice activated natural language search,
powered by AI personalisation
Money management suite now includes Shared
Goals helping customers save together
Allow customers to report scams, fraud or
mistaken payments through the app
Parents can set up, manage and pay children
for chores using Money Smart app functionality
Proactive fraud and scam prevention including
Westpac SaferPay and Verify
SafeBlock allows customers to block
transactions and help safeguard their account

EVOLVING OUR DIGITAL BANKING EXPERIENCE
SUPPORTING OUR CUSTOMERS
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
80
Manage chores, encourage
savings and develop good
money habits
PAYMENTS & TRANSACTIONS
Pocket money features for kids
Verify identity securely
via one digital pathway
SERVICING & ONBOARDING
One best digital way for ID
verification
LOYALTY
& REWARDS
Rewarded customers with
~$70m in value in 1H25
LOYALTY & REWARDS
Westpac Rewards Hub
redeem & track rewards
MONEY MANAGEMENT
Business Financial Management
Business insights and tools
with personalised features
for sole traders

ENHANCING BANKING PROTECTION FOR CUSTOMERS
1
SUPPORTING OUR CUSTOMERS
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 113.
1 Westpac’s systems and processes may not always be 100% effective and are subject to risks and other factors including those described in ‘Risk Factors’ in the 2025 Interim Results Announcement.
SAFECALL
Spot genuine Westpac calls
VERIFY
Payee name verification
SAFERPAY
Alerts of potential scams
SAFEBLOCK
Take control of your security
•Australian-first in-app calling capability to help prevent scammers
impersonate us is now rolling out
•Available in the app to over 1 million customers
•Prevents on average more than 400 mistaken/error payments per day
•Averted $5m in customer scam losses since launching in June 2024
•Challenged over 616k transfers; customers abandoned $251m in
payments in 1H25
•Averted $45m in customer scam losses in 1H25
•Targeted to launch in September 2025
•Allows customers to immediately block their account when they suspect
they are being scammed
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
81

0%
5%
10%
15%
20%
0
5
10
15
20
25
30
35
Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25
SCAM AND DIGITAL FRAUD DETECTION (%)
2
DYNAMIC CVC USERS
3
1H25 SNAPSHOT
Westpac Group 2025 Interim Results Presentation & Investor Discussion Pack
PROTECTING CUSTOMERS FROM FRAUD AND SCAMS
1
1 Westpac’s systems and processes may not always be 100% effective and are subject to risks and other factors including those described in ‘Risk Factors’ in the 2025 Interim Results Announcement. 2 Detection rate
indicates the percentage of cases Westpac triggers alerts for. 3 Monthly average.
Average daily users (LHS)
Usage rate of eligible transaction (RHS)
66
65
68
74
80
81
30
40
50
60
70
80
90
1H242H241H25
ScamFraud
SafeCall launched to help prevent
scammers impersonating staff
Announced SafeBlock, a new feature allowing customers
to block transactions and safeguard their account
Customer reported scam losses 19%
lower compared to 2H24
Top scams driving customer losses:
investment, business email compromise,
romance, bank scam, buying & selling on social media
Dynamic CVC fraud is
50% lower than cards
with static CVC
SUPPORTING OUR CUSTOMERS
82
,000’s