Westpac Pillar 3 Report (December 2025)

ASX RELEASE
Westpac Banking Corporation
Level 18, 275 Kent Street
S
ydney, NSW, 2000
13 February 2026
Pillar 3 Report as at 31 December 2025
Westpac Banking Corporation (“Westpac”) today provides the attached Pillar 3 Report
(December 2025).
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.

PILLAR 3
REPORT
WESTPAC
DECEMBER 2025
INCORPORATING THE REQUIREMENTS OF APS330
WESTPAC BANKING CORPORATION
ABN 33 007 457 141

Acknowledgement of Indigenous Peoples
Westpac acknowledges the First Peoples of Australia. We recognise
their ongoing role as Traditional Owners of the land and waters of
this country and pay our respects to Elders, past and present. We
extend our respect to Westpac’s Aboriginal and Torres Strait Islander
employees, partners and stakeholders and to the Indigenous Peoples
in the other locations where we operate.
In Aotearoa (New Zealand) we also acknowledge tāngata whenua and
the unique relationship that Indigenous Peoples share with all New
Zealanders under Te Tiriti o Waitangi.
2WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
Content
OVERVIEW3
Introduction4
Key Metrics5
Group Structure8
Capital Overview10
RISK MANAGEMENT14
Credit Risk Management15
Leverage Ratio16
Funding and Liquidity Risk Management17
OTHER INFORMATION18
Management's Declaration19
Appendices20
Glossary21
Disclosure regarding forward-
looking statements
23
In this report references to ‘Westpac’, 'WBC', ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to Westpac Banking Corporation
ABN 33 007 457 141 and its subsidiaries unless it clearly means just Westpac Banking Corporation.
In this report, unless otherwise stated or the context otherwise requires, references to 'dollars', 'dollar amounts', ‘$’, ‘AUD’ or ‘A$’ are to Australian
dollars. References to ‘US$’, ‘USD’ or ‘US dollars’ are to United States dollars, references to ‘NZ$’, ‘NZD’ or ‘NZ dollars’ are to New Zealand dollars,
references to 'EUR' are to European Euro, references to 'SGD' are to Singapore dollars and references to 'JPY' are Japanese Yen.
Any discrepancies between totals and the sum of components in tables contained in this report are due to rounding.
In this report, unless otherwise stated, disclosures reflect the Australian Prudential Regulation Authority’s (APRA) implementation of Basel III.
Information contained in or accessible through the websites mentioned in this report does not form part of this report unless we specifically state
that it is incorporated by reference and forms part of this report. Information on those websites owned by Westpac is current as at the date of this
report. Except as required by law, we assume no obligation to revise or update those websites after the date of this report. We are not in a position
to verify information on websites owned and/or operated by third parties.
Westpac Banking Corporation ABN 33 007 457 141

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
3
OVERVIEW
INTRODUCTION
KEY METRICS
KM1: Key metrics
GROUP STRUCTURE
CAPITAL OVERVIEW
OV1: Overview of Risk Weighted Assets (RWA)
Summary of Credit Risk
CMS1: Comparison of modelled and standardised RWA at risk level

4WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
INTRODUCTION
Introduction
Westpac Banking Corporation is an Authorised Deposit-taking Institution (ADI) subject to regulation by the Australian
Prudential Regulation Authority (APRA). Westpac is primarily accredited to use the Advanced Internal Ratings-Based
Approach (A-IRB) for credit risk, the Standardised Measurement Approach (SMA) for operational risk and is required to
apply the Pillar 1 Basel capital framework in our assessment of traded market risk and interest rate risk in the banking
book (IRRBB).
This report has been prepared in accordance with APS 330 Public Disclosure (APS 330) and Westpac's Board approved
Prudential Disclosure Policy. This report provides prudential information about our risk management practices and
measures. Westpac is required to comply with the disclosure requirements issued by the Basel Committee on Banking
Supervision (BCBS), subject to certain amendments by APRA. Disclosures requirements vary, for quarterly, semi-annual
and annual Pillar 3 reports.
In addition to this report, the regulatory disclosures section of Westpac's website
1
contains the reporting requirements
for capital instruments under paragraph 37 of APS 330 and CCA: Main features of regulatory capital instruments.
Capital instruments disclosures are updated when:
•A new capital instrument is issued that will form part of regulatory capital; or
•A capital instrument is redeemed, converted into Common equity tier 1 (CET1) capital, written off, or its terms and
conditions are changed.
1.
http://www.westpac.com.au/about-westpac/investor-centre/financial-information/regulatory-disclosures/

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
5
KEY METRICS
KM1: Key metrics
1
Key MetricsKM1: Key metrics
1
This table shows Westpac's main regulatory ratios over the last five quarters.
$m31 December 202530 September 202530 June 202531 March 202531 December 2024
Available capital (amounts)
1Common Equity Tier 1 (CET1)55,69356,38054,57655,00753,577
2Tier 164,25664,97864,88665,39463,978
3Total capital97,58297,49197,41097,13697,289
Risk-weighted assets (amounts)
4Total risk-weighted assets (RWA)452,372450,048444,768449,495451,401
4aTotal risk-weighted assets (pre-floor)450,853450,048444,768449,495451,401
Risk-based capital ratios as a percentage
of RWA
5CET1 ratio (%)12.31%12.53%12.27%12.24%11.87%
5bCET1 ratio (%) (pre-floor ratio)12.35%12.53%12.27%12.24%11.87%
6Tier 1 ratio (%)14.20%14.44%14.59%14.55%14.17%
6bTier 1 ratio (%) (pre-floor ratio)14.25%14.44%14.59%14.55%14.17%
7Total capital ratio (%)21.57%21.66%21.90%21.61%21.55%
7bTotal capital ratio (%) (pre-floor ratio)21.64%21.66%21.90%21.61%21.55%
Additional CET1 buffer requirements as a
percentage of RWA
8Capital conservation buffer requirement (%)3.75%3.75%3.75%3.75%3.75%
9Countercyclical buffer requirement (%)0.84%0.84%0.84%0.84%0.84%
10Bank G-SIB and/or D-SIB additional
requirements (%)
1.00%1.00%1.00%1.00%1.00%
11Total of bank CET1 specific buffer
requirements (%)
(row 8 + row 9 + row 10)
5.59%5.59%5.59%5.59%5.59%
12CET1 available after meeting the bank’s
minimum capital requirements (%)
7.81%8.03%7.77%7.74%7.37%
Basel III Leverage ratio
13Total Basel III leverage ratio
exposure measure
1,286,1131,282,2071,263,8231,257,7001,252,495
14Basel III leverage ratio (%) (including
the impact of any applicable temporary
exemption of central bank reserves)
5.00%5.07%5.13%5.20%5.11%
Liquidity Coverage Ratio (LCR)
a
15Total high-quality liquid assets (HQLA)181,495189,346179,984182,824170,880
16Total net cash outflow136,802137,975134,500134,930130,767
17LCR ratio (%)133%137%134%135%131%
Net Stable Funding Ratio (NSFR)
18Total available stable funding793,215780,361775,219767,463758,481
19Total required stable funding708,148687,987681,331666,726673,583
20NSFR ratio (%)112%113%114%115%113%
a.LCR disclosures are based on quarterly averages.
Level 1 Capital Adequacy Ratios
31 December 202530 September 202530 June 202531 March 202531 December 2024
CET1 ratio (%)12.52%12.74%12.34%12.50%12.06%
CET1 ratio (%) (pre-floor ratio)12.52%12.74%12.34%12.50%12.06%
Tier 1 ratio (%)14.60%14.83%14.89%15.04%14.59%
Tier 1 ratio (%) (pre-floor ratio)14.60%14.83%14.89%15.04%14.59%
Total capital ratio (%)22.71%22.77%23.01%22.89%22.77%
Total capital ratio (%) (pre-floor ratio)22.71%22.77%23.01%22.89%22.77%
1.The KM1 key metrics reflects the application of expected credit loss accounting under AASB 9 Financial Instruments.

6WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
KEY METRICS
First Quarter 2026 - Fourth Quarter 2025 Level 2 CET1 capital ratio movement
12.53%
42bps
(59bps)
(9bps)
4bps12.31%
Sep-25Net profitDividendsRWA movementCapital
deductions and
other items
Dec-25
The Level 2 CET1 capital ratio at 31 December 2025 was 12.31%, 22 basis points lower than 30 September 2025. Key
movements included:
•First Quarter 2026 net profit: A 42 basis point increase;
•Payment of the 2025 final ordinary dividend: A 59 basis point reduction;
•Risk weighted assets (RWA) movement: A 9 basis point reduction with higher credit RWA partly offset by lower
operational RWA; and
•Capital deductions and other items: A 4 basis point increase mainly due to lower deferred tax asset and capitalised
software deductions.
The Level 1 CET1 capital ratio was 12.52% at 31 December 2025, 22 basis points lower than 30 September 2025 with
movements broadly in line with Level 2.
Tier 2 capital
The Group issued $1.0 billion of Tier 2 capital instruments over the quarter. The impact of these issuances was an
increase in the total capital ratio of approximately 22 basis points. In addition, foreign currency revaluations reduced Tier
2 capital mainly due to the appreciation of the AUD against the USD.
Domestic systemically important banks (D-SIBs), including Westpac, have a minimum total capital requirement of
18.25% from 1 January 2026. Westpac's total capital ratio of 21.57% at 31 December 2025 exceeds this required level.
We expect any additional Tier 2 issuance needed due to APRA's removal of AT1 capital instruments to be manageable
over the transition period.
Risk Weighted Assets (RWA)
$m31 December 202530 September 2025% Mov't
Credit risk
a
357,736354,4761
Market risk10,7289,8739
Interest rate risk in the banking book38,66337,2904
Operational risk43,72648,409(10)
Total risk weighted assets (pre-floor)450,853450,048-
Floor adjustment1,519--
Total452,372450,0481
a.Includes counterparty credit risk, credit valuation adjustment, securitisation exposures in the banking book and settlement risk.

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
7
Total RWA increased by 0.5% to $452.4 billion over the quarter with higher credit RWA partly offset by lower
operational RWA.
Credit RWA increased by $3.3 billion. Key movements included:
•A $10.5 billion increase from higher lending primarily in Corporate and Residential Mortgages;
•A $3.2 billion decrease due to improvements in Residential Mortgages delinquency rates and Corporate credit
quality metrics;
•A $2.3 billion decrease from the removal of a $1 billion APRA RWA overlay related to the usage of a customer risk
grade proxy on a small sub-set of non-retail exposures and data refinements mainly in Corporate;
•A $1.0 billion decrease from foreign currency translation impacts, predominately the appreciation of the AUD against
the NZD and USD; and
•A $0.7 billion decrease from counterparty credit risk and mark-to-market related credit risk due to decreases in the
mark-to-market value of derivatives from changes in underlying foreign currency rates.
Non-credit RWA decreased by $2.5 billion. Key movements included:
•Operational RWA: $4.7 billion decrease from:
–A $6.25 billion reduction following the removal of the remaining $500 million operational risk capital overlay; and
–A $1.6 billion increase due to the annual SMA operational risk review based on the latest annual audited
financial statements.
•IRRBB RWA: A $1.4 billion increase from the unwind of the embedded gain component due to higher interest rates
and additional capital required for increased core deposit hedging partly offset by reductions resulting from the
revised APS 117 standard changes; and
•Market RWA: A $0.9 billion increase mainly from higher market risk exposures.
The capital floor RWA adjustment as at 31 December 2025 was $1.5 billion driven mainly from higher lending in
Corporate and Residential Mortgages.
Leverage ratio
The leverage ratio represents the percentage of Tier 1 capital relative to the Exposure Measure
1
. At 31 December 2025,
Westpac's leverage ratio was 5.00%, down 7 basis points from 30 September 2025. The ratio remains well above APRA's
current regulatory minimum requirement of 3.5%. The decrease in the leverage ratio was mainly due to higher total
exposures mostly from higher lending and lower Tier 1 capital following the payment of the 2025 final ordinary dividend,
partly offset by lower securities financing transaction (SFT) exposures.
APRA has announced changes to banks' capital requirements with effect from 1 January 2027, as outlined in the Capital
Overview section. This includes changes to CET1, Tier 1, total capital and the leverage ratio.
Liquidity Coverage Ratio (LCR)
Westpac’s average LCR for the quarter ended 31 December 2025 was 133% (30 September 2025: 137%), well above the
regulatory minimum of 100%. The decrease in the ratio was due to lower average liquid assets.
Net Stable Funding Ratio (NSFR)
Westpac had an NSFR of 112% as of 31 December 2025 (30 September 2025: 113%) and continues to be above the
regulatory minimum of 100%. The decrease in the ratio is attributable to an increase in required stable funding driven by
higher lending, partially offset by an increase in available stable funding driven by growth in customer deposits.
1.
As defined under Attachment D of APS 110: Capital Adequacy.

8WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
GROUP STRUCTURE
Group Structure
APRA applies a tiered approach to measuring Westpac’s capital adequacy
1
by assessing financial strength at
three levels:
•Level 1, comprising Westpac Banking Corporation and its subsidiary entities that have been approved by APRA as
being part of a single ‘Extended Licensed Entity’ (ELE) for the purposes of measuring capital adequacy;
•Level 2, the consolidation of Westpac Banking Corporation and all its subsidiary entities except those entities
specifically excluded by APRA regulations. The head of the Level 2 group is Westpac Banking Corporation; and
•Level 3, the consolidation of Westpac Banking Corporation and all its subsidiary entities.
Unless otherwise specified, all quantitative disclosures in this report refer to the prudential assessment of Westpac’s
financial strength on a Level 2 basis
2
.
The Westpac Group
The following diagram shows the Level 3 conglomerate group and illustrates the different tiers of
regulatory consolidation.
Westpac Banking
Corporation
Offshore Branches and
Extended Licensed Entities
Westpac New Zealand Limited
Other Banking & Financial Entities
Funds Management, Non-
FinancialOperations, Special
Purpose Entities and Insurance
Level 3
Level 2
Level 1
Accounting consolidation
3
The consolidated financial statements incorporate the assets and liabilities of all entities including structured entities
controlled by Westpac. Westpac and its subsidiaries are referred to collectively as the ‘Group’. The effects of all
transactions between entities in the Group are eliminated on consolidation. Control exists when the parent entity
is exposed to, or has rights to, variable returns from its involvement with an entity, and has the ability to affect
those returns through its power over that entity. Subsidiaries are fully consolidated from the date on which control
commences and they are no longer consolidated from the date that control ceases.
Group entities excluded from the regulatory consolidation at Level 2
Regulatory consolidation at Level 2 covers the global operations of Westpac and its subsidiary entities, including other
controlled banking, securities and financial entities, except for those entities involved in the following business activities:
•Acting as manager, responsible entity, approved trustee, trustee or similar role in relation to funds management;
•Non-financial (commercial) operations;
•Special purpose entities to which assets have been transferred in accordance with the requirements of
APS 120 Securitisation; or
•Insurance.
Retained earnings and equity investments in subsidiary entities excluded from the consolidation at Level 2 are deducted
from capital, with the exception of securitisation special purpose entities.
1.
APS 110 Capital Adequacy outlines the overall framework adopted by APRA for the purpose of assessing the capital adequacy of an ADI.
2.Impaired assets and provisions held in Level 3 entities are excluded from the tables in this report.
3.Refer to Note 29 of Westpac’s 2025 Annual Report for further details.

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
9
Subsidiary banking entities
Westpac New Zealand Limited (WNZL), a wholly owned subsidiary entity, is a registered bank incorporated in
New Zealand and regulated by, among others, the Reserve Bank of New Zealand (RBNZ) for prudential purposes.
WNZL uses both A-IRB and Standardised methodologies for credit risk and SMA for operational risk. Other subsidiary
banking entities in the Group include Westpac Bank PNG Limited and Westpac Europe GMBH. For the purposes of
determining Westpac’s capital adequacy, subsidiary banking entities are consolidated at Level 2.
Customer operations
Westpac is one of Australia's leading providers of banking and certain financial services, operating under multiple
brands in Australia and in New Zealand, with a small presence in Europe, North America, Asia and the Pacific. Westpac
provides banking products and services through its digital and online channels, supported by a branch and ATM
network, contact centres and relationship and product managers.
Restrictions and major impediments on the transfer of funds or regulatory capital within the Group
Certain subsidiary banking and trustee entities are subject to specific and local prudential regulation in their own right,
including capital adequacy requirements and investment or intra-group exposure limits. Westpac seeks to ensure that
its subsidiary entities are adequately capitalised and adhere to regulatory requirements at all times. Dividends and
capital are repatriated in line with the Group’s policy subject to subsidiary Board approval and local regulations.
Intra-group exposure limits
Exposures to related entities are managed within the prudential limits prescribed by APRA in APS 222 Associations with
Related Entities
1
. Westpac has an internal limit structure and approval process governing credit exposures to related
entities. This limit structure and approval process, combined with APRA’s prudential limits, is designed to reduce the
potential for unacceptable contagion risk.
Updates to large and related entity exposure limit calculations resulting from the changes to banks' capital
requirements are outlined in the Capital Overview section. These changes are effective from 1 January 2027.
1.
For the purposes of APS 222, subsidiaries controlled by Westpac, other than subsidiaries that form part of the ELE, represent ‘related entities’.
Prudential and internal limits apply to intra-group exposures between the ELE and related entities, both on an individual and aggregate basis.

10WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
CAPITAL OVERVIEW
Capital Overview
Capital management strategy
Westpac's capital management strategy is reviewed on an ongoing basis, including through an annual Internal Capital
Adequacy Assessment Process (ICAAP). Key considerations include:
•Regulatory capital minimums together with the capital conservation buffer and countercyclical capital buffer
comprise the Total CET1 Requirement. The total CET1 requirement is currently at least 10.25% and 10.50% effective
1 January 2027
1
;
•Strategy, business mix and operations and contingency plans;
•Perspectives of external stakeholders including rating agencies as well as equity and debt investors; and
•A stress testing framework that tests our resilience under a range of adverse economic scenarios.
The Board has determined a target post dividend CET1 capital ratio of above 11.25% in normal operating conditions.
Regulatory developments
Interest Rate Risk in the Banking Book
APRA’s revised APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book came into effect on 1 October 2025.
The revised requirements include implementation of APRA’s reaccreditation outcomes for Westpac’s IRRBB models
which are reflected in the 31 December 2025 amounts of this Pillar 3 report. Comparatives remain unchanged and are
based on the prior APS 117.
APRA's phase out of Additional Tier 1 (AT1) capital as eligible bank capital
On 4 December 2025, APRA published the final changes to the relevant prudential and reporting standards resulting
from the phase out of AT1 with an effective date of 1 January 2027. Under these revised standards, large internationally
active banks such as Westpac will replace 1.5% of AT1 capital with 1.25% of Tier 2 capital and 0.25% of CET1 capital. The
total CET1 requirement, including regulatory buffers, will increase from 10.25% to 10.50%. There is no overall increase in
total capital requirements for banks.
On implementation of these revised prudential and reporting standards, existing AT1 capital instruments would be
included in the calculation of the amount of total capital, until their first scheduled call date. Existing Westpac AT1
capital instruments would reach their first scheduled optional redemption dates by 2031 at the latest.
In addition, effective 1 January 2027 the minimum leverage ratio requirement will be 3.25% based on CET1 capital
replacing the current requirement of 3.50% based on Tier 1 capital. APS 221 Large Exposures and APS 222 Associations
with Related Entities exposure limits remain unchanged, however will be based on CET1 capital rather than Tier
1 capital.
RBNZ capital review
On 17 December 2025, the RBNZ published its decisions on the key capital settings for deposit takers. For Group 1
deposit takers
2
, including WNZL, the key proposals include:
•A total CET1 capital ratio requirement of 12%, with a total capital ratio requirement of 15% (including a Prudential
Capital Buffer ratio of 6%) and an additional Loss Absorbing Capacity (LAC) requirement of 6%;
•Tier 2 capital and LAC instruments will be required to be issued internally to parents (for example to WBC) and LAC
will take a form similar to Tier 2 capital;
•Removal of AT1 instruments from the capital stack;
•More granular standardised risk weights, including lower risk weights in some areas; and
•Setting the long-run level for the counter-cyclical capital buffer component of the Prudential Capital Buffer at 1%.
The RBNZ will consult on the LAC instrument design and implementation timelines for options affecting both future LAC
and Tier 2 instruments and the phase-out of existing AT1 and Tier 2 instruments during 2026 and 2027.
1.
Noting that APRA may apply higher CET1 requirements for an individual ADI.
2.New Zealand deposit takers with total assets of NZ$100 billion or more.

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
11
OV1: Overview of Risk Weighted Assets (RWA)
OV1: Overview of Risk Weighted Assets (RWA)
This table presents an overview of Westpac’s RWA and minimum capital requirements by risk type and approach.
$m
RWA
Minimum capital
requirements
31 December 202530 September 202530 June 202531 December 2025
1Credit risk (excluding counterparty credit risk)337,841334,449336,41927,028
2Of which: standardised approach (SA)23,39823,42724,0691,872
3Of which: foundation internal ratings-based (F-
IRB) approach
32,22033,22031,6702,578
4Of which: supervisory slotting approach12,83211,13011,4771,027
5Of which: advanced internal ratings-based (A-
IRB) approach
269,391266,672269,20321,551
6Counterparty credit risk (CCR)8,6519,0609,348692
7Of which: standardised approach for counterparty
credit risk
7,7448,0178,475619
9Of which: other CCR9071,04387373
10Credit valuation adjustment (CVA)2,2572,5102,764181
15Settlement risk2011112
16Securitisation exposures in banking book8,9678,4468,541717
18Of which: securitisation external ratings-based
approach (SEC-ERBA)
3,9683,5323,489317
19Of which: securitisation standardised approach (SEC-SA)4,9994,9145,052400
20Market risk10,7289,87310,206858
21Of which: standardised approach (SA)1,2951,0781,364104
22Of which: internal model approach (IMA)9,4338,7958,842754
AU20a
a
Interest rate risk in the banking book38,66337,29029,0213,093
24Operational risk
b
43,72648,40948,4583,498
25Amounts below the thresholds for deduction (subject
to 250% risk weight)
----
26Output floor applied72.5%72.5%72.5%
27Floor adjustment (before application of transitional cap)---
28Floor adjustment (after application of transitional cap)1,519--
29Total (1 + 6 + 10 + 15 + 16 + 20 + AU20a + 24 + 25 + 28)452,372450,048444,76836,069
a.Line items with designations of AU are APRA's specific amendments.
b.Prior period includes $500 million capital overlay (equivalent of $6.25 billion RWA) related to Court Enforceable Undertaking.

12WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
CAPITAL OVERVIEW
Summary of Credit Risk
Summary of Credit Risk
The following table provides a summary of credit risk and counterparty risks by asset classes to assist users of the
report as the information is disaggregated across a number of tables under current BCBS disclosure requirements.
EAD post CRM and post CCFRWANon-performing
$mCredit risk
Counterparty
credit riskTotalCredit risk
Counterparty
credit riskTotalExposures
ECL
Accounting
provisions
As at 31 December 2025
Subject to A-IRB approach
Corporate181,5273,944185,47194,0441,63895,6822,312626
Residential Mortgages581,039-581,039116,568-116,5684,604450
SME Retail26,426-26,42616,300-16,3001,114195
Qualifying Revolving Retail14,079-14,0793,749-3,74910238
Other Retail1,868-1,8682,375-2,3756740
Subject to F-IRB approach
Large Corporate41,0503,05944,10920,2891,21921,50814288
Sovereign151,5823,802155,3841,8941742,068--
Financial Institutions26,33519,70546,04010,0375,18215,219428
Total IRB approach1,023,90630,5101,054,416265,2568,213273,4698,3831,445
Specialised Lending6,6933107,0035,1762295,405--
Standardised25,7585,50731,26521,05920921,26840986
RBNZ Regulated Entities128,401-128,40146,350-46,350922137
Securitisation46,1518,967
Settlement risk420
Credit valuation adjustment2,257
Total credit risk1,184,75836,3271,267,240337,8418,651357,7369,7141,668
As at 30 September 2025
Subject to A-IRB approach
Corporate171,2114,705175,91690,8132,00092,8132,287633
Residential Mortgages569,920-569,920116,433-116,4334,911484
SME Retail26,267-26,26716,393-16,3931,179192
Qualifying Revolving Retail14,100-14,1003,873-3,87310639
Other Retail1,907-1,9072,407-2,4076338
Subject to F-IRB approach
Large Corporate41,9023,14645,04820,9201,23822,15814290
Sovereign149,2683,525152,7932,1891852,374--
Financial Institutions27,08920,82247,91110,1115,07815,1895913
Total IRB approach1,001,66432,1981,033,862263,1398,501271,6408,7471,489
Specialised Lending5,3584435,8014,0923264,418--
Standardised25,5265,73431,26021,09023321,32341079
RBNZ Regulated Entities127,438-127,43846,128-46,128970138
Securitisation43,2218,446
Settlement risk711
Credit valuation adjustment2,510
Total credit risk1,159,98638,3751,241,589334,4499,060354,47610,1271,706

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
13
CMS1: Comparison of modelled and standardised RWA at risk level
CMS1: Comparison of modelled and standardised RWA at risk level
This table provides a summary of Westpac's risk weighted assets by risk type and measurement approach, and
compares it to the output floor calculated under the standardised approach.
$m
abcd
RWA
RWA for modelled
approaches that
banks have
supervisory approval
to use
RWA for portfolios
where standardised
approaches are used
Total Actual RWA (a + b)
(ie RWA which
banks report as
current requirements)
RWA calculated using
full standardised
approach (ie used
in the base of the
output floor)
As at 31 December 2025
1Credit risk (excluding counterparty credit risk)314,44323,398337,841538,955
2Counterparty credit risk8,4422098,65119,310
3Credit valuation adjustment2,2572,2572,257
4Securitisation exposures in the banking book-8,9678,9678,967
5Market risk9,4331,29510,72810,728
AU5a
a
Interest rate risk in the banking book38,663-38,663-
6Operational risk43,72643,72643,726
7Residual RWA202020
8Total370,98179,872450,853623,963
Output floor at 72.5% of RWA calculated using full standardised approach452,372
RWA prior to application of Floor450,853
Floor adjustment1,519
As at 30 September 2025
1Credit risk (excluding counterparty credit risk)311,02223,427334,449523,167
2Counterparty credit risk8,8272339,06020,920
3Credit valuation adjustment2,5102,5102,510
4Securitisation exposures in the banking book-8,4468,4468,446
5Market risk8,7951,0789,8739,873
AU5a
a
Interest rate risk in the banking book37,290-37,290-
6Operational risk48,40948,40948,409
7Residual RWA111111
8Total365,93484,114450,048613,336
Output floor at 72.5% of RWA calculated using full standardised approach444,669
RWA prior to application of Floor450,048
Floor adjustment-
a.Line items with designations of AU are APRA's specific amendments.

14WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
RISK
MANAGEMENT
CREDIT RISK MANAGEMENT
CR8: RWA flow statements of credit risk exposures under IRB
LEVERAGE RATIO
LR2: Leverage ratio common disclosure template
FUNDING AND LIQUIDITY RISK MANAGEMENT
LIQ1: Liquidity Coverage Ratio

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
15
CREDIT RISK MANAGEMENT
CR8: RWA flow statements of credit risk exposures under IRB
Credit Risk ManagementCR8: RWA flow statements of credit risk exposures under IRB
The following table provides details on the drivers of changes in credit RWA measured under the IRB approach.
$m
Quarter ended
31 December 202530 September 2025
1RWA as at end of previous reporting period311,022312,350
2Asset size9,6606,730
3Asset quality(3,186)(3,490)
4Model updates--
5Methodology and policy-(1,690)
6Acquisitions and disposals--
7Foreign exchange movements(886)(2,407)
8Other(2,167)(471)
9RWA as at end of reporting period314,443311,022

16WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
LEVERAGE RATIO
LR2: Leverage ratio common disclosure template
Leverage RatioLR2: Leverage ratio common disclosure template
The table below provides a detailed breakdown of the components of the leverage ratio denominator, as well as
information on the leverage ratio, minimum requirements and buffers.
$m31 December 202530 September 2025
On-balance sheet exposures
1On-balance sheet exposures (excluding derivatives and securities financing transactions
(SFTs), but including collateral)
1,125,6721,104,980
2Gross-up for derivatives collateral provided where deducted from balance sheet assets
pursuant to the operative accounting framework
4,3153,715
3(Deductions of receivable assets for cash variation margin provided in
derivatives transactions)
(4,798)(3,776)
4(Adjustment for securities received under securities financing transactions that are
recognised as an asset)
--
5(Specific and general provisions associated with on-balance sheet exposures that are
deducted from Tier 1 capital)
--
6(Asset amounts deducted in determining Tier 1 capital and regulatory adjustments)(15,334)(15,636)
7Total on-balance sheet exposures (excluding derivatives and SFTs) (sum of rows 1 to 6)1,109,8551,089,283
Derivative exposures
8Replacement cost associated with all derivatives transactions (where applicable net of
eligible cash variation margin, with bilateral netting and/or the specific treatment for client
cleared derivatives)
6,4437,131
9Add-on amounts for potential future exposure associated with all derivatives transactions28,44827,710
10(Exempted central counterparty (CCP) leg of client-cleared trade exposures)--
11Adjusted effective notional amount of written credit derivatives2,3545,726
12(Adjusted effective notional offsets and add-on deductions for written credit derivatives)(2,354)(5,726)
13Total derivative exposures (sum of rows 8 to 12)34,89134,841
Securities financing transaction exposures
14Gross SFT assets (with no recognition of netting), after adjustment for sale
accounting transactions
26,30842,073
15(Netted amounts of cash payables and cash receivables of gross SFT assets)(2,127)-
16Counterparty credit risk exposure for SFT assets2,7482,994
17Agent transaction exposures--
18Total securities financing transaction exposures (sum of rows 14 to 17)26,92945,067
Other off-balance sheet exposures
19Off-balance sheet exposure at gross notional amount230,692227,441
20(Adjustments for conversion to credit equivalent amounts)(116,254)(114,425)
21(Specific and general provisions associated with off-balance sheet exposures deducted in
determining Tier 1 capital)
--
22Off-balance sheet items (sum of rows 19 to 21)114,438113,016
Capital and total exposures
23Tier 1 capital64,25664,978
24Total exposures (sum of rows 7, 13, 18 and 22)1,286,1131,282,207
Leverage ratio
25Leverage ratio (including the impact of any applicable temporary exemption of central
bank reserves)
5.00%5.07%
25aLeverage ratio (excluding the impact of any applicable temporary exemption of central
bank reserves)
5.00%5.07%
26National minimum leverage ratio requirement3.50%3.50%
27Applicable leverage buffers--
Disclosure of mean values
28Mean value of gross SFT assets, after adjustment for sale accounting transactions and netted
of amounts of associated cash payables and cash receivables
24,18142,073
29Quarter-end value of gross SFT assets, after adjustment for sale accounting transactions and
netted of amounts of associated cash payables and cash receivables
21,58747,266
30Total exposures (including the impact of any applicable temporary exemption of central bank
reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment
for sale accounting transactions and netted of amounts of associated cash payables and
cash receivables)
1,286,1131,282,207
30aTotal exposures (excluding the impact of any applicable temporary exemption of central
bank reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment
for sale accounting transactions and netted of amounts of associated cash payables and
cash receivables)
1,286,1131,282,207
31Basel III leverage ratio (including the impact of any applicable temporary exemption of central
bank reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment
for sale accounting transactions and netted of amounts of associated cash payables and
cash receivables)
5.00%5.07%
31aBasel III leverage ratio (excluding the impact of any applicable temporary exemption of
central bank reserves) incorporating mean values from row 28 of gross SFT assets (after
adjustment for sale accounting transactions and netted of amounts of associated cash
payables and cash receivables)
5.00%5.07%

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
17
FUNDING AND LIQUIDITY RISK MANAGEMENT
LIQ1: Liquidity Coverage Ratio
Funding and Liquidity Risk ManagementLIQ1: Liquidity Coverage Ratio
The Liquidity Coverage Ratio (LCR) measures a bank’s ability to meet its liquidity needs under an acute liquidity stress
scenario as prescribed by APRA, measured over a 30-day time frame. LCR is calculated as high-quality liquid assets
(HQLA) as a percentage of net cash outflows (NCO).
Average LCR is calculated as a simple average of the daily observations over the quarter. The number of data points
used is reported in the table.
Westpac’s average LCR for the quarter was 133% compared to 137% for the Fourth Quarter 2025 and continues to be
above the regulatory minimum of 100% in line with the Group’s liquidity risk tolerance.
The decrease in average LCR for the quarter ended 31 December 2025 reflects a decrease in average liquid assets,
mainly driven by higher average customer funding gap, the impact of the 2025 final ordinary dividend payment, and
lower average RBNZ eligible securities, partially offset by higher average net wholesale funding issuance. Average
NCOs were also lower during the quarter, mostly driven by lower wholesale funding maturities and decrease in
unsecured wholesale funding, partially offset by increase in Retail & SME deposits.
HQLA averaged $177.9 billion over the quarter compared to $182.6 billion for the Fourth Quarter 2025, comprising of
cash and balances with central banks, and Australian government and semi-government bonds. Westpac also holds
other HQLA, mainly qualifying RBNZ securities.
Funding is sourced from retail, small business, corporate and institutional customer deposits and wholesale funding.
Westpac seeks to minimise the outflows associated with this funding by targeting customer deposits with lower LCR
outflow rates and actively manages the maturity profile of its wholesale funding portfolio.
31 December 202530 September 2025
$m
Total unweighted
value (average)
Total weighted
value (average)
Total unweighted
value (average)
Total weighted
value (average)
Liquid assets, of which:
1High-quality liquid assets (HQLA)177,869182,637
Alternative Liquid Assets (ALA)--
Reserve Bank of New Zealand (RBNZ) securities3,6266,709
Cash outflows
2Retail deposits and deposits from small business customers,
of which:
397,24533,399388,73132,800
3Stable deposits196,2849,814192,1639,608
4Less stable deposits200,96123,585196,56823,192
5Unsecured wholesale funding, of which:176,60576,519175,58077,356
6Operational deposits (all counterparties) and deposits in
networks of cooperative banks
79,83119,88179,47319,791
7Non-operational deposits (all counterparties)88,24248,10686,42147,879
8Unsecured debt8,5328,5329,6869,686
9Secured wholesale funding229329
10Additional requirements, of which:204,70734,835209,08333,707
11Outflows related to derivative exposures and other
collateral requirements
16,36915,56015,75214,652
12Outflows related to loss of funding on debt products412412169169
13Credit and liquidity facilities187,92618,863193,16218,886
14Other contractual funding obligations11,9248,10510,2276,989
15Other contingent funding obligations67,2955,25169,4835,371
16Total Cash Outflows158,338156,552
Cash inflows
17Secured lending (e.g. reverse repos)15,760-18,721-
18Inflows from fully performing exposures9,5975,1319,0154,839
19Other cash inflows16,40516,40513,73813,738
20Total Cash Inflows41,76221,53641,47418,577
Total
adjusted value
Total
adjusted value
21Total HQLA181,495189,346
22Total net cash outflows136,802137,975
23Liquidity Coverage Ratio (%)133%137%
Number of data points used6466

18WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
OTHER
INFORMATION
MANAGEMENT'S DECLARATION
APPENDICES
Appendix I – Regulatory capital instruments
GLOSSARY
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
19
MANAGEMENT'S DECLARATION
Management's Declaration
I hereby certify that the information set out in the December 2025 Pillar 3 report has been prepared in accordance
with Westpac's disclosure policy and complies with the requirements of the Australian Prudential Standards,
APS 330 Public Disclosure.
Nathan Goonan
Chief Financial Officer
Sydney
12 February 2026

20WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
APPENDICES
Appendix I – Regulatory capital instruments
AppendicesAppendix I – Regulatory capital instruments
The table below provides the list of Westpac's regulatory capital instruments and the amounts recognised as at
31 December 2025.
$m31 December 2025
Ordinary shares
Ordinary shares36,260
Additional Tier 1 Capital included in Regulatory Capital
USD AT1 securities1,867
Westpac Capital Notes 71,723
Westpac Capital Notes 81,750
Westpac Capital Notes 91,509
Westpac Capital Notes 101,750
Total Additional Tier 1 Capital Instruments8,599
Tier 2 Capital included in Regulatory Capital
USD 100 million Westpac Subordinated Notes149
JPY 20,000 million Westpac Subordinated Notes38
JPY 10,200 million Westpac Subordinated Notes20
JPY 10,000 million Westpac Subordinated Notes19
USD 1,500 million Westpac Subordinated Notes2,242
AUD 185 million Westpac Subordinated Notes185
AUD 130 million Westpac Subordinated Notes130
USD 1,000 million Westpac Subordinated Notes1,495
USD 1,250 million Westpac Subordinated Notes1,869
USD 1,000 million Westpac Subordinated Notes1,495
USD 1,500 million Westpac Subordinated Notes2,242
AUD 1,250 million Westpac Subordinated Notes1,250
EUR 1,000 million Westpac Subordinated Notes1,754
USD 1,000 million Westpac Subordinated Notes1,495
USD 1,250 million Westpac Subordinated Notes1,869
JPY 26,000 million Westpac Subordinated Notes248
USD 1,000 million Westpac Subordinated Notes1,495
SGD 450 million Westpac Subordinated Notes524
AUD 1,500 million Westpac Subordinated Notes1,500
AUD 300 million Westpac Subordinated Notes300
AUD 1,100 million Westpac Subordinated Notes1,100
AUD 1,500 million Westpac Subordinated Notes1,500
USD 750 million Westpac Subordinated Notes1,121
AUD 650 million Westpac Subordinated Notes650
AUD 600 million Westpac Subordinated Notes600
AUD 500 million Westpac Subordinated Notes500
AUD 1,000 million Westpac Subordinated Notes1,000
USD 1,500 million Westpac Subordinated Notes2,242
AUD 850 million Westpac Subordinated Notes850
AUD 400 million Westpac Subordinated Notes400
AUD 1,500 million Westpac Subordinated Notes1,500
AUD 1,000 million Westpac Subordinated Notes1,000
Total Tier 2 Capital Instruments32,782

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
21
GLOSSARY
Glossary
GlossaryGlossary
Capital AdequacyDescription
Common equity Tier 1
(CET1) capital
Comprises the highest quality components of capital that consists of paid-up share capital, retained profits and
certain reserves, less certain intangible assets, capitalised expenses and software, and investments and retained
profits in insurance and funds management subsidiaries that are not consolidated for capital adequacy purposes.
Internal Ratings-Based
approach (IRB & A-IRB)
These approaches allow banks to use internal estimates of the risks of their loans as inputs into the determination
of the amount of credit risk capital needed to support the organisation. In the Advanced IRB (A-IRB) approach,
banks must supply their own estimates for all three credit parameters – probability of default, loss given default
and exposure at default.
Leverage ratioThe leverage ratio is defined by APRA as Tier 1 capital divided by the “Exposure measure” and is expressed as a
percentage. “Exposure measure” includes on-balance sheet exposures, derivatives exposures, securities financing
transaction (SFT) exposures, and other off-balance sheet exposures.
Risk weighted
assets (RWA)
Assets (both on and off-balance sheet) are risk weighted according to each asset’s inherent potential for default
and what the likely losses would be in case of default. In the case of non-asset backed risks (i.e. market, IRRBB and
operational risk), RWA is determined by multiplying the capital requirements for those risks by 12.5.
Securities financing
transactions (SFT)
APRA defines SFTs as “transactions such as repurchase agreements, reverse repurchase agreements, and security
lending and borrowing, and margin lending transactions, where the value of the transactions depends on the
market valuation of securities and the transactions are typically subject to margin agreements.”
Tier 1The sum of CET1 and Additional Tier 1 Capital (AT1). AT1 Capital comprises high quality components of capital
that consists of certain securities not included in CET1, but which include loss absorbing characteristics. AT1
instruments convert into equity and absorb losses when certain triggers are met.
Total CapitalThe sum of Tier 1 Capital and Tier 2 Capital. Tier 2 Capital includes subordinated instruments and other
components of capital that, to varying degrees, do not meet the criteria for Tier 1 Capital, but nonetheless
contribute to the overall strength of an ADI and its capacity to absorb losses when certain triggers are met.
Funding and liquidity
Alternative Liquid
Assets (ALA)
Assets that qualify for inclusion in the numerator of the LCR in jurisdictions where there is insufficient supply
of HQLA.
High-quality liquid
assets (HQLA)
Assets which meet APRA’s criteria for inclusion as HQLA in the numerator of the LCR.
Liquidity coverage
ratio (LCR)
An APRA requirement to maintain an adequate level of unencumbered high-quality liquid assets, to meet liquidity
needs for a 30 calendar day period under an APRA-defined severe stress scenario. Absent a situation of financial
stress, the value of the LCR must not be less than 100%. LCR is calculated as the percentage ratio of stock of HQLA,
and qualifying RBNZ securities over the total net cash out-flows in a modelled 30 day defined stressed scenario.
MaturityThe maturity date used is drawn from the contractual maturity date of the customer loans.
Net cash outflows (NCO)Total expected cash outflows minus total expected cash inflows in the specified LCR stress scenario calculated in
accordance with APRA’s liquidity standard.
Net Stable Funding
Ratio (NSFR)
The NSFR is defined as the ratio of the amount of available stable funding (ASF) to the amount of required stable
funding (RSF) defined by APRA. The amount of ASF is the portion of an ADI’s capital and liabilities expected to be a
reliable source of funds over a one year time horizon. The amount of RSF is a function of the liquidity characteristics
and residual maturities of an ADI’s assets and off-balance sheet activities. ADI’s must maintain an NSFR of at
least 100%.
Credit RiskDescription
Credit valuation
adjustment (CVA) risk
The risk of mark-to-market losses related to deterioration in the credit quality of a derivative counterparty also
referred to as credit valuation adjustment (CVA) risk.
DefaultRefer to Non-Performing Exposures definition.
Expected credit loss (ECL)Expected credit losses are a probability-weighted estimate of the cash shortfalls expected to result from defaults
over the relevant time frame. They are determined by evaluating a range of possible outcomes and taking into
account the time value of money, past events, current conditions and forecasts of future economic conditions.
Exposure at default (EAD)EAD is calculated at facility level and includes outstandings as well as the proportion of committed undrawn that is
expected to be drawn in the event of a future default.
Non-Performing exposuresNon-performing exposures, are those captured by the regulatory definition of default, contained in APS 220 Credit
Risk Management and the RBNZ's Banking Prudential Requirements for New Zealand regulated exposures. Default
occurs when either one, or both, of the following has happened:
•Westpac considers that the borrower is unlikely to pay its credit obligations to Westpac in full, without recourse
to actions such as realising available security;
•The borrower is 90 days or more past-due on a credit obligation to Westpac.

22WESTPAC GROUP DECEMBER 2025 PILLAR 3 REPORT
GLOSSARY
Glossary (Continued)
OtherDescription
AASBAustralian Accounting Standards Board
ADIAuthorised deposit-taking institutions are corporations that are authorised under the Banking Act 1959 to carry on
banking business in Australia.
A-IRBAdvanced Internal Ratings-Based Approach
APRAAustralian Prudential Regulation Authority
APSAustralian Prudential Standard
ASFAvailable Stable Funding
BCBSBasel Committee on Banking Supervision
CCFCredit Conversion Factor
CCPCentral counterparty
CCRCounterparty Credit Risk
CRMCredit Risk Mitigation
D-SIBDomestic Systemically Important Bank
ELEAn extended licensed entity (ELE) comprises an ADI and any subsidiaries of the ADI that have been approved by
APRA as being part of a single ‘stand-alone’ entity.
ERBAExternal Rating Based Approach
F-IRBFoundation Internal Ratings-Based Approach
First Quarter 2026Three months ended 31 December 2025
Fourth Quarter 2025Three months ended 30 September 2025
G-SIBGlobal Systemically Important Bank
ICAAPInternal Capital Adequacy Assessment Process
IMAInternal Model Approach
IRRBBInterest Rate Risk in the Banking Book
LACLoss Absorbing Capacity
RBNZReserve Bank of New Zealand
RSFRequired Stable Funding
SAStandardised Approach
SEC-ERBASecuritisation External Ratings-based Approach
SEC-SASecuritisation Standardised Approach
SMAStandardised Measurement Approach
SMESmall and Medium Sized Enterprise
WNZLWestpac New Zealand Limited

OVERVIEWRISK MANAGEMENTOTHER INFORMATION
23
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Disclosure regarding forward-Looking statements
Disclosure regarding forward-looking statementsDisclosure regarding forward-Looking statements
The information contained in this report contains statements that constitute “forward-looking statements” within the
meaning of section 21E of the U.S. 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 report and include statements regarding Westpac’s current intent, belief or expectations
with respect to its business and operations, macro and micro economic and market conditions, results of operations
and financial condition and performance, capital adequacy and 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.
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’, 'objective', ‘ambition’ or other similar words, are used to identify forward-looking statements. These
statements reflect Westpac’s 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 Westpac’s control (and the
control of Westpac’s 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 Westpac.
Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board
in connection with this report. Such statements are subject to the same limitations, uncertainties, assumptions and
disclaimers set out in this report.
There can be no assurance that future developments or performance will align with Westpac’s expectations or that
the effect of future developments on Westpac will be those anticipated. Actual results could differ materially from
those Westpac expects or which are expressed or implied in forward-looking statements, depending on various factors
including, but not limited to, those described in the risk factors in Westpac’s 2025 Risk Factors. When relying on
forward-looking statements to make decisions with respect to Westpac, investors and others relying on information in
this report should carefully consider such factors and other uncertainties and events.
Except as required by law, Westpac assumes no obligation to revise or update any forward-looking statements in this
report, whether from new information, future events, conditions or otherwise, after the date of this report.

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