Sustainability Update

ASX RELEASE


Westpac Banking Corporation
Level 18, 275 Kent Street
Sydney, NSW, 2000


2 December 2025

WESTPAC SUSTAINABILITY UPDATE

Following is Westpac’s Sustainability Update.









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.

SUSTAINABILITY
MARKET UPDATE
WESTPAC
2 DECEMBER 2025
Westpac Banking Corporation ABN 33 007 457 141

DR FIONA WILD
Chief Sustainability Officer

SUSTAINABILITY STRATEGY: FOCUS AREAS
Westpac 2025 Sustainability Market Update 3
CLIMATE
TRANSITION
Decarbonisation and resilience for customers and our
operations
HOUSING
AFFORDABILITY
New housing supply, alternative pathways to
ownership for customers and housing availability for
underserved communities
REGIONAL
PROSPERITY
Regional business growth, local employment,
community and environmental outcomes

HIGHLIGHTS
Westpac 2025 Sustainability Market Update 4
Released new
Climate Transition
Plan in Nov-25
#1
Remained largest
financier to renewable
projects in Australia
1
ZERO
exposure to
thermal coal mining
2
>70%
of our finance
emissions sector
targets showed a
lower emissions
profile
3
130+
engagements with
Institutional
customers in
Australia and New
Zealand in FY25
Released new
Sustainability Strategy
in Nov-25
37%
increase in
sustainable finance
lending
4
40%
increase in
sustainable finance
bond faciliation
5
1 Based on IJGlobal and Westpac Research Data for the period from 1 October 2024 to 30 September 2025. 2 At 30 September 2025. In line with our Sustainability Customer Requirements, we have zero corporate
lending and will no longer provide bond facilitation for institutional customers with ≥15% of their three-year rolling average revenue coming directly from thermal coal mining. 3 In FY24, our latest year of reporting. 4
Sustainable Finance includes both labelled lending, and unlabelled lending for our customers and activities in-scope of our SFF categories. % change in the TCE (or balance) at 30 September 2025 to 30 September 2024.
5 % change in the total value of bond facilitation ($bn) cumulative from 1 October 2021 to 30 September 2025 and to 30 September 2024.

CARBON-INTENSIVE SECTOR REQUIREMENTS
1
Westpac 2025 Sustainability Market Update 5
Provision of new or renewed corporate lending and bond facilitation requires in-scope customers to
have interim scope 1 & 2 decarbonisation target/s, aligned to the well below 2-degrees goal of the
Paris Agreement
2
EMISSIONS TARGETSSTRATEGYCAPITAL ALLOCATIONCLIMATE GOVERNANCE
CTP Evaluation
Criteria
1 Applies to customers within the oil and gas, metallurgical coal mining, and coal-fired power generation sectors. Our Sustainability Customer Requirements outline lending restrictions and exclusions for larger business
customers. 2 Refers to Article 2.1 of the Paris Agreement on Climate Change adopted within the United Nations Framework Convention on Climate Change in December 2015. Targets are on an absolute or intensity basis
and are assessed by Westpac. 3 Where a customer achieves a rating of ‘D’, but new or renewed finance supports National or Energy Security, we may escalate to the appropriate governance committee. 4 Percentage of
in-scope customers assessed before 30 September 2025, in advance of any request for new or renewed corporate lending or bond facilitation.
A
Accept and monitor
CTP execution
B
Accept and
proactively engage to
encourage further
development of CTP
content
C
Escalate to
appropriate
governance committee
and new or renewed
finance may be
declined
D
Decline new or
renewed finance
3
Rating
% of Customers
assessed
(Preliminary
Customer
Assessment
4
)
55%36%0%9%

PHILIPPA SJOQUIST
Head of Sustainability
Institutional Bank

SUPPORTING INSTITUTIONAL CUSTOMERS
Westpac 2025 Sustainability Market Update 7
In FY25 we had 130+ in-depth engagements with institutional customers on their climate transition plans
(CTPs)
1 Approximately 64% of the customers engaged were re-engagements from FY24, meaning that data is not strictly comparable with previous years.
TECHNOLOGY
FEASIBILITY
NEW
INFRASTRUCTURE
SUPPORTIVE
POLICIES
CUSTOMERS ENGAGED BY SECTOR
1
(%)
18
17
1515
12
11
8
4
Energy
Manufacturing
Property, Construction and Health
Transport
Mining and Metals
Consumer and Retail
Utilities and Infrastructure
Agriculture
FY25 KEY FINDING
~64%
of customers re-engaged
from FY24
1
83%
had a public report
outlining their climate
transition strategy
~80%
are Group 1 entities
under the AASB S2
KEY DEPENDENCIES CITED TO
DELIVERING CTPS

NICK WANDKE
Head of Sustainability
Business & Wealth

SUPPORTING BUSINESS & WEALTH CUSTOMERS
9
Westpac 2025 Sustainability Market Update
1 Since launch of ESG Risk Assessment process for commercial customers in FY24.
ESG RISK ASSESSMENT
Sustainability positions
ESG & climate policy
DIGITAL BANKER
Embedded digital solution
within strategic tech stack
FIJI & PAPUA NEW GUINEA
Extended ESG engagement
to our pacific banking
business customers
PATHWAYS TO SUSTAINABILITY
Launched a suite of new
sustainability learning
content for our people
SPECIALIST TEAM
Deep industry
expertise
CUSTOMER ENGAGEMENT
Driving practice
and performance improvement
Sustainability Engagement
400+
Transactions reviewed by the
specialist ESG advisory team
1
150+
Commercial customer
engagements on climate and
transition readiness
Customer level ESG risk
assessments completed for
Business & Wealth customers
1
>9,000

APPENDIX

These Sustainability pages contain forward-looking statements and statements of expectation. Refer to the disclaimer at the back of this pack. Details on our sustainability commitments, targets and other supporting
information is in our 2025 Annual Report, 2025 Sustainability Report and 2025 Sustainability Index and Datasheet. See website for more information on our sustainability strategy.
1 Refer to our Sustainable Finance Framework
for definitions on sustainable lending and bond facilitation. Refer to the Climate Transition Plan for details on the sustainable finance targets.
SUSTAINABILITY STRATEGY
11
HOW
WHAT
To be our customers’ #1 bank and partner through life
FOCUS

AREAS
Westpac 2025 Sustainability Market Update
TAKING ACTION NOW TO CREATE A BETTER FUTURE
Customer
CUSTOMER OBSESSED
Proactively support
customers’ sustainability
goals through finance,
expertise and advocacy
•Support the goals of the Paris Agreement by achieving our Scope 1, 2 and 3 greenhouse gas emissions targets by 2030
•Partner with customers to implement green, transition, social (including housing affordability) or sustainability activities by providing $55bn
sustainable lending and $40bn sustainable bond facilitation activities by 2030
1
•Support customers’ economic resilience and prosperity by increasing our footprint and growing lending to regional businesses and communities
faster than in metro Australia
People
BEST TEAM,
TRUSTED EXPERTS
Strengthen sustainability
learning so our people
bring expertise and
balance into every
decision and interaction
Change
BRILLIANT AT
DELIVERY
Partner with customers to
help deliver our positions
on key sustainability
topics, including climate,
natural capital, human
rights and equitable
Indigenous participation
Risk
SAFE AND STRONG
Actively manage material
sustainability risks and
impacts to customers, our
business and community
Performance
EXECUTION
EXCELLENCE
Create Sustainability
outcomes for our
customers, communities
and shareholders
Climate Transition
Decarbonisation and resilience for customers
and our operations
Housing Affordability
New housing supply, alternative pathways to
ownership for customers and housing
availability for underserved communities
Regional Prosperity
Regional business growth, local employment,
community and environmental outcomes
SUSTAINABILITY
OUTCOMES
WE COMMIT TO
ALWAYS DELIVER, SAFELY MAKE AN IMPACTOWN IT

12
Westpac 2025 Sustainability Market Update
SUSTAINABILITY
CLIMATE TRANSITION PLAN
76% reduction in scope 1 and 2 absolute
emissions by 2030 (2021 baseline)
50% reduction in upstream scope 3
absolute emissions by 2030 (2021 baseline)
2030 scope 3 financed emissions sector
targets (see page x for details)
$55 billion in sustainable finance
lending at 30 Sep-30
$40 billion in sustainable bond
facilitation between 1 Oct-21 and 30
Sep-30
NET-ZERO, CLIMATE RESILIENT
OPERATIONS
SUPPORTING OUR CUSTOMERS’
PHYSICAL RESILIENCE
PARTNERING WITH CUSTOMERS TO
DECARBONISE
TARGETS
FOCUS AREAS
Other sustainability disclosures include
Modern Slavery Statement
Human Rights Position Statement and Action Plan
Natural Capital Position Statement
Sustainable Finance Framework
Climate Transition Plan
New Zealand – 2025 Sustainability Update and Climate Report
Reports available at westpac.com.au/sustainability
Key climate and sustainability disclosures
2025 Annual Report:
Details financial and non-
financial performance
2025 Sustainability Report: Details
our approach to managing climate-
related risks and opportunities
2025 Sustainability Index and
Datasheet: Details key sustainability
performance metrics in one place
Maintain operational resilience to the physical
impacts of climate change.
Transition our lending portfolios to support the
goals of the Paris Agreement.
Adopt a portfolio-wide view of exposure and
vulnerability to physical climate risks.
ASPIRATIONS
AMBITION
TO BECOME A NET-ZERO, CLIMATE RESILIENT BANK

Refer to Appendix of our 2025 Sustainability Report for details of the methodologies for estimating our emissions.
13
Westpac 2025 Sustainability Market Update
SUSTAINABILITY
UNDERSTANDING OUR CARBON ACCOUNT TO TAKE ACTION NOW
1 Sectors in our financed emissions analysis are based on ANZSIC codes. These sector definitions differ from those used for: (i) our financed emissions sector targets and, (ii) our reporting of Group Exposure by Sector
included in our Sustainability Report and Sustainability Index and Datasheet. 2 Financed emissions are reported one year in arrears due to data availability. Data will be reported in FY26.
Estimated FY24 financed emissions
1
(% of total)
Chart does not add to 100% due to rounding; Other not shown (<1%)
Scope 1: Direct emissions from
controlled facilities, including fleet
fuels, refrigerants, gas, diesel, LPG.
4,714<0.16,262
Scope 3 financed emissions
:
Indirect emissions related to our
lending. Share of customers’ scope 1
& 2 emissions.
Not
Reported
2
>99
31.6
MtCO
2
-e
Scope 2
: Indirect emissions
(market-based) from the generation of
energy we have purchased, including
purchased electricity.
<0.11,9632,303
Scope 3 upstream emissions
:
Indirect emissions related to selected
sources from our operations and
supply chain.
<0.556,46957,655
Greenhouse gas (GHG) emissions by source (tco
2
-e)
% of
total
FY25
FY24
18%
17%
16%
10%
9%
7%
7%
6%
3%
3%
2%
2%
1%
Agriculture,
forestry & fishing
Manufacturing
Utilities
Residential Mortgages
Transport & storage
Trade
Construction
Mining
Services
Accommodation,
cafes & restaurants
Property services &
business services
Commercial Real Estate
Finance & insurance
FY24 ABSOLUTE
SCOPE 1 & 2
FINANCED EMISSIONS:
31.6 MtCO
2
-e

Reduction in market-based
emissions from 2021 baseline (%)FY24FY25
2025
Target
2030
Target
Target
Progress
Scope 1 and 2 emissions
(86)
(89)(64)(76)Surpassed
Scope 3 upstream emissions
(41)
(42)NA(50)On track
Progress on operational emissions targets
1
14
Progress on our financed emissions targets
1

Westpac 2025 Sustainability Market Update
OUR EMISSIONS REDUCTION TARGETS
SUSTAINABILITY
1 Refer to the Appendix of our 2025 Sustainability Report for details of the methodologies for estimating our emissions. 2 Prior year baseline and progress for Residential Real Estate target are as at 31 August, and as at
30 September for FY24. Baselines: Commercial and Residential Real Estate – 2022; Aluminium – 2023; all other financed emissions – 2021.. 3 Prior year numbers restated for Australia and New Zealand Agriculture
targets, refer to our 2025 Sustainability Report for details. 4 Customers within the oil and gas, metallurgical coal mining, and coal-fired power generation sectors. See our Sustainability Customer Requirements for more
information including definitions for National or Energy Security. 5 Percentage of customers assessed in advance of their request for new/renewed corporate lending or bond facilitation.
Carbon-intensive sector requirements
Rating
Action if new / renewed facilities
are requested
% of
customers
assessed
5
A
Accept & monitor customer CTP
execution.
55
B
Accept & engage to encourage further
development of CTP
36
C
Escalate to governance committee.
New/renewed facilities may be declined.
0
D
Decline new/renewed facilities9
Preliminary CTP assessment of new or
renewed lending or bond facilitation (facilities)
•From 30 Sep-25, new or renewed corporate lending and
bond facilitation for in-scope customers
4
are subject to
Customer CTP Evaluation.
•The evaluation assesses emissions targets, strategy, capital
allocation, and climate governance, and rates customers from
A to D.
•Customers must have interim Scope 1 and 2 decarbonisation
target/s aligned to the well below 2°C goal of the Paris
Agreement to qualify for financing.
•Customers rated D would not be eligible for financing. If the
finance supports National or Energy Security
4
, we may
escalate to the appropriate governance committee for review.
Change in emissions from baseline year
2
(%)
Westpac sectorFY23FY24
2030 Target
Implied % change
Power generation
(23)(38)
(62)
Upstream Oil and Gas
(45)(55)
(23)
Thermal coal mining
(81)(94)
(100)
Aviation (passenger aircraft operators)
(45)(47)
(60)
Steel production
Not reported (NR) - As at 30 Sep 24, we are on track to achieve our
2030 target and progress is below our emissions pathway. Given the
small number of customers, this information is not publicly disclosed.
Aluminium
Cement production
(5)NR
(14)
Commercial Real Estate (Offices)
(18)(27)
(59)
Residential Real Estate (Australia)
(11)(14)
(56)
Australia Beef and Sheep
3
22
(9)
Australia Dairy
3
(7)(7)
(10)
New Zealand Beef and Sheep
3
2(4)
(9)
New Zealand Dairy
3
(2)(6)
(10)

68%
32%
15
Our Sustainable Finance Framework defines how we classify sustainable finance transactions as Green,
Transition, Social or Sustainability. We also have 2030 targets for lending and bond facilitation.
•89.2% of our electricity sector lending to
renewables.
•Coordinating Arranger and Bookrunner for
AirTrunk’s SYD1 and SYD2 term loan financing,
supporting biodiversity, conservation and
disaster relief, delivered through its social impact
program.
•Joint Sustainability Coordinator for Bluecurrent’s
NZ$2.5bn Green Loan supporting smart
electricity and water metering across Australasia.
•Sustainability Coordinator and Lead Manager for
Auckland Council’s first Sustainability-Linked
Bond. Auckland Council is targeting to plant one
million native forest stems by 2027.
•Ranked #1 in the 2025 NZ Sustainable Bond
League Table
4
.
Westpac 2025 Sustainability Market Update
CLIMATE-RELATED OPPORTUNITIES AND TARGETS
SUSTAINABILITY
1 Total committed exposure (TCE) or balance (for residential mortgages) at 30 Sept. TCE is the sum of loan balance and other committed facilities. For this purpose, TCE must meet the requirements of our Sustainable
Finance Framework, and so excludes pre settlement risk, secondary market trading and the underwriting of facilities. 2 Bond facilitation target and progress is measured as the cumulative sum of our proportionate share of
qualifying bonds facilitated from 1 Oct-21. Prior years are restated following data quality reviews which identified additional bonds not previously included. 3 Includes loans that have not been assessed under our SFF. 4
KangaNews, 2025 NZ Sustainable Bond – All Issuers – Incl Self-led Deals League Table at 30 Sep-25.
•$63.4m for EV/Hybrid vehicles loans in Australia.
•$182.4m for the Greater Choices home loan and
EV loan in New Zealand.
BOND FACILITATION
2
(CUMULATIVE $BN)
LENDING (TCE
1
$BN)
Sep-23
Sep-24Sep-30
19.1
28.7
55.0
Sep-22
Sep-23Sep-24Sep-30
4.9
9.9
40
Lending
Target
Bond facilitation
Target
20%
14%
24%
4%
15%
9%
8%
Power Generation
4%
Transport
Commercial
Real Estate
Australian Mortgages
Healthcare
2%
Education
Other
Labelled
Lending
New Zealand (Agri)
New Zealand (non-Agri)
LENDING BY SECTOR (SEP-25 %)
BOND FACILITATION BY COUNTRY (%)
$39.4bn
Australia
New Zealand
$22.3bn
+37%
Sep-25
Sep-25
Sustainable finance highlights
39.4
22.3
Other climate-related
opportunities (Sep-25)
3
15.9

INVESTOR RELATIONS TEAM – CONTACT US
Westpac 2025 Sustainability Market Update
16
CONTACT US
SHARE REGISTRY CONTACTINVESTOR RELATIONS CONTACT
For all shareholding enquiries relating to:
•Address details and communication preferences
•Updating bank account details, and participation in the dividend
reinvestment plan
For all matters relating to Westpac’s strategy,
performance and results
1800 804 255
westpac@cm.mpmas.mufg.com
au.investorcentre.mpms.mufg.com
+61 2 9178 2977
investorrelations@westpac.com.au
westpac.com.au/investorcentre
Lucy Wilson
Head of Corporate Reporting and ESG
Catherine Garcia
Head of Investor Relations, Institutional
Arthur Petratos
Manager, Shareholder Services
Laura Babaic
Graduate, Investor Relations
Jacqueline Boddy
Head of Debt Investor Relations
Justin McCarthy
General Manager, Investor Relations
James Wibberley
Manager, Investor Relations
Nathan Fontyne
Senior Analyst, Investor Relations

DISCLAIMER
Westpac 2025 Sustainability Market Update 17
The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities.
The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon
their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or
warranty is made as to the accuracy, completeness or reliability of the information.
All amounts are in Australian dollars unless otherwise indicated.
This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934.
Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our current intent, belief or expectations with respect to our
business and operations, macro and micro economic and market conditions, results of operations and financial condition, capital adequacy, liquidity and risk management, including, without limitation, future loan loss provisions and financial support to
certain borrowers, forecasted economic indicators and performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments, targets, projections and metrics, and other estimated and proxy data.
We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target’, ‘goal’, ‘guidance’,
‘ambition’, ‘objective’ or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-looking statements reflect our current views on future events and are subject to change, certain
known and unknown risks, uncertainties and assumptions and other factors which are, in many instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made based on management’s and/or the
board’s current expectations or beliefs concerning future developments and their potential effect upon us.
Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board in connection with this presentation. Such statements are subject to the same limitations, uncertainties, assumptions and
disclaimers set out in this presentation.
There can be no assurance that future developments or performance will align with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those we expect or which are
expressed or implied in forward-looking statements, depending on various factors including, but not limited to, those described in the sections titled ‘Our Operating Environment’ and ‘Risk Management' in our 2025 Annual Report as well as the 2025
Risk Factors document available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events.
Except as required by law, we assume no obligation to revise or update any forward-looking statements contained in this presentation, whether from new information, future events, conditions or otherwise, after the date of this presentation.
We also make statements about our processes and policies (including what they are designed to do) as well as the availability of our systems or product features. Systems, processes and product features can be subject to disruption, and may not
always work as intended, so these statements are limited by the factors described in the section titled ‘Risk Management’ in our 2025 Annual Report as well as the 2025 Risk Factors.
Further important information regarding climate change and sustainability-related statements
This presentation contains forward-looking statements and other representations relating to environment, social and governance (ESG) topics, including but not limited to climate change, net-zero, climate resilience, natural capital, emissions intensity,
human rights and other sustainability related statements, commitments, targets, projections, scenarios, risk and opportunity assessments, pathways, forecasts, estimated projections and other proxy data. These are subject to known and unknown risks,
and there are significant uncertainties, limitations, risks and assumptions in the metrics and modelling on which these statements rely.
In particular, the metrics, methodologies and data relating to climate and sustainability are rapidly evolving and maturing, including variations in approaches and common standards in estimating and calculating emissions, and uncertainty around future
climate and sustainability related policy and legislation. There are inherent limits in the current scientific understanding of climate change and its impacts. Some material contained in this presentation may include information including, without
limitation, methodologies, modelling, scenarios, reports, benchmarks, tools and data, derived from publicly available or government or industry sources that have not been independently verified. No representation or warranty is made as to the
accuracy, completeness or reliability of such information. There is a risk that the estimates, judgements, assumptions, views, models, scenarios or projections used by Westpac may turn out to be incorrect. These risks may cause actual outcomes,
including the ability to meet commitments and targets, to differ materially from those expressed or implied in this presentation. The climate and sustainability related forward-looking statements made in this presentation are not guarantees or
predictions of future performance and Westpac gives no representation, warranty or assurance (including as to the quality, accuracy or completeness of these statements), nor guarantee that the occurrence of the events expressed or implied in any
forward-looking statement will occur. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. Westpac will continue to
review and develop its approach to ESG as this subject area matures
DISCLAIMER