Westpac 1H26 Presentation and Investor Discussion Pack

ASX RELEASE


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



5 May 2026

Westpac 1H26 Presentation and Investor Discussion Pack


Westpac Banking Corporation (“Westpac”) today provides the attached Westpac 1H26
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.

WESTPAC BANKING CORPORATION
ABN 33 007 457 141
WESTPAC
2026 INTERIM FINANCIAL RESULTS
FOR THE 6 MONTHS ENDED 31 MARCH 2026
PRESENTATION
AND INVESTOR
DISCUSSION PACK

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack2
WESTPAC
2026 INTERIM
RESULTS INDEX
2026 Interim Results Presentation3
Investor Discussion Pack34
Earnings drivers36
UNITE49
Credit quality and provisions53
Capital, funding and liquidity77
Supporting our customers89
Segment results100
Environment, Social & Governance107
Economics112
Appendix118
Contact us124
Disclaimer125
The material contained in this presentation is intended to be
general background information on Westpac Banking
Corporation (Westpac) and its activities. It is not intended to
be relied up as financial advice. Refer to page 125 for the
disclaimer.
This section compares the 1H26 and 2H25 periods for profit
and loss items and 1H26 movements for balance sheet
items, unless otherwise stated.
The performance measures exclude the impact of Notable
Items which are non-AAS measures.
For further information refer to Westpac’s 2026 Interim
Financial Results.
Charts may not add due to rounding

ANTHONY MILLER
Chief Executive Officer

OPERATING
MOMENTUM
ACCELERATING
EXECUTION
FINANCIAL
STRENGTH
1H26 HIGHLIGHTS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack4

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack5
OPERATING ENVIRONMENT
Robust foundations
Revised Australian economic forecasts
Dec-26
Previous
2
Dec-26
Latest
GDP2.4%1.0%
Inflation2.7%4.6%
Cash rate3.6%4.85%
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 125.
1 Capital above the target of 11.25% in normal operating conditions and after payment of the 1H26 dividend. 2 Previous forecast date was 19 December 2025.
CET1 CAPITAL RATIO
$2.7bn surplus capital
1
12.4%
84%
DEPOSIT TO LOAN RATIO
up 15ppts over 10 years
$5.2bn
CREDIT IMPAIRMENT
PROVISIONS
$1.9bn above the base case
The Middle East conflict is having global impacts
•Upward pressure for inflation and interest rates
•Rising input costs for businesses
•Further increases to household living costs
Australia remains an attractive market for capital and talent,
with opportunities to build resilience
•Policy reform to boost productivity
•Accelerate the energy transition
•Improve housing affordability and regional prosperity

CUSTOMER RESILIENCE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Current indicators point to a broadly resilient operating environment
1 Income to expense ratio for Mar-26 compared to average income to expense for Feb-23 to Feb-26. 2 Four weeks to 28-Feb-26 compared to four weeks to 28-Feb-25. 3 Four weeks to 18-Apr-26 compared to four
weeks to 18-Apr-25.
6
6.5
(1.0)
6.3
4.1
15.7
4.3
DiscretionaryMotor Vehicle
Spend
Non-discretionary
(ex-MV spend)
Pre-conflictLatest
1
(1)
(3)
1
(4)
2
AgricultureConstructionHospitalityManufacturingTransportWholesale
Trade
Change in income to expense ratios (ppts)
1
Westpac Card Tracker annual change (%)
BUSINESS AND HOUSEHOLD CONDITIONS HAVE SIGNIFICANTLY IMPROVED SINCE 2019
Improvement
in business
liquidity
20%
Increase in
customer
mortgage buffers
24%
Increase in
customers ahead
on repayments
23%
INDUSTRY AVERAGE DOWN 1 PPT
23

SUPPORTING CUSTOMERS AND COMMUNITIES
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack7
$518bn
in home lending
1
$57m
funding for tertiary scholarships
and future leaders
2

$13m
spent with
Indigenous-owned
suppliers
3
$1bn
commitment to support
female entrepreneurs
$3m
committed to
improve national
literacy and numeracy
4
SUPPORTING
GRASSROOTS
SPORT
2030
regional branch
moratorium extended
~$4m
dedicated to
education-focused
grants program
5
>500
charities supported
via employee donations
6
1 Balance at 31-Mar-26. 2 Awarded by Westpac Scholars Trust since 2015 which is supported by Westpac but operates independently as a non-profit organisation. 3 Refer to the 2025 Sustainability Index and Datasheetfor
definition. 4 Westpac has committed $3 million over three years to three leading education charities. 5 Westpac Foundation will award approximately $4 million annually in education grants. Westpac Foundation is
supported by Westpac but operates independently as a non-profit organisation. 6 Under Westpac’s Workplace Giving program, employees can make pre-tax donations via payroll to more than 500 registered charities
through the Good2Give platform.

11.0%
51.7%7%12.4%
$5.5bn7%77$3.5bn
1H26 FINANCIAL PERFORMANCE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
1 Refer to page 39 for statutory net profit. Net profit ex Notable Items and cost to income ex Notable Items are used for internal management reporting as they better reflect underlying performance and are not defined by
nor audited or reviewed in accordance with Australian Accounting Standards (AAS). These non-AAS measures are identified and described in the ‘Introduction – Non-AAS financial measures’ section in the 2026 Interim
Financial Results.
8
NET PROFIT
EX NOTABLE
ITEMS
1
PRE-PROVISION
PROFIT
DEPOSIT
GROWTH
OVER YEAR
INTERIM
ORDINARY
DIVIDENDS
1% TO 1H253% TO 1H25TO $745BN1% TO 1H25
ROTE
EX NOTABLE
ITEMS
1
7BPS TO 1H25
COST TO
INCOME RATIO
EX NOTABLE ITEMS
1
LOAN
GROWTH
OVER YEAR
TO $890BN
CET1
CAPITAL
RATIO
16BPS TO 1H2518BPS TO 1H25

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack9
1 For further details see page 122. 2 #1 market share and relationship strength 2023-2025. Refer to page 122 for source. 3 Forrester #1 Banking App in Australia 2023, 2024 and 2025.
IMPROVING CUSTOMER SERVICE
FASTER AND EASIER EVERYDAY BANKING
SAFE AND SECURE
#1 MOBILE BANKING APP
3
CONSUMER NPS
1
,
UP 4PTS
=#2
BUSINESS NPS
1
,
UP 10PTS
#1
INSTITUTIONAL FX
2
,
3 YEARS RUNNING
#1
Reduction in
Choice account set
up, down to 7 mins
>50%
Reduction in
overdraft
time to cash
>50%
Increase in
Consumer
Digital Sales
41%
Increase in
Business
Digital Sales
62%
$181m
in potential customer
scam losses prevented
18%
reduction in reported
customer losses

INVESTING IN OUR PEOPLE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack10
Learning and development
•Expanded professional development and leadership programs
•Strong uptake of LinkedIn Learning, providing access to
20,000+ courses, AI role plays and coaching tools
•Microsoft Copilot licenses and training available to all eligible
employees
•Maintained focus on sustained, deliberate actions to further
reduce Westpac’s gender pay gap
1 Compared to Mar-25. 2 In September 2025, Westpac moved from measuring Organisational Health to Employee Engagement through
bi-annual employee surveys. As these are different surveys, results from previous years are not directly comparable.
Increasing front line bankers
1
EMPLOYEE ENGAGEMENT
2
79
MAR-26
TOP QUARTILE OF
COMPANIES
GLOBALLY
4 POINTS ABOVE
THE GLOBAL
AVERAGE
BUSINESS &
WEALTH UP
6%
CONSUMER
UP
6%
INSTITUTIONAL
UP
8%

STRONG DEPOSIT GROWTH
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
1 Consumer segment. 2 Compared to Mar-25. 3 B&W segment. 4 ADI System published by APRA in the Monthly ADI statistics.
432
535
1H251H26
•Enabled end-to-end digital
onboarding for new migrants
•Youth onboarding and account
opening process digitised
•Transaction accounts 46% of total,
up 1ppt
2
•MFI stable at 19%
2
•Deepening customer relationships
•Growth in transaction accounts
from superannuation and
resources sectors
58
78
1H251H26
30
8
23
21
WestpacPeer 1Peer 2Peer 3
$379bn$156bn$137bn
Consumer deposits
1
Business deposits
3
Institutional deposits
UP 8%
2
UP 5%
2
UP 12%
2
Consumer transaction
account sales (#’000)
Business transaction
account sales (#’000)
Public sector market share
4
(%)
11
Transaction balance growth 8%
2
Transaction balance growth 5%
2
UP 24%UP 34%

15%
19%
11%
BUSINESS & INSTITUTIONAL LENDING MOMENTUM
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
1 In B&W segment. 2 Compared to Mar-25. 3 12 months to Mar-26. 4IJ Global league table database, Australia, 12 months to 30 September 2025.
$120bn
•70% of new lending to existing customers
3
•Proprietary lending increased from 52% to 59% of
new lending
•Invoice finance increased by 12%
$131bn
18%
21%
30%
29%
1%
Consumer & Industrials
Energy, Infrastructure &
Resources
Financial Institutions &
Government
Real Estate & Health
Other
•73% of new lending with existing customers
3
•Broad based growth with risk settings maintained
•Australia's largest lender to renewable energy and
project finance
4
Agriculture
Health
Professional
services
UP 13%
2
UP 23%
2
Business lending
1
Institutional lending
Growth in target sectorsDiversified portfolio
12

Improvement in proprietary mortgage flow (%)
MORTGAGES: BALANCING GROWTH AND RETURN
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Actions to support proprietary mortgage growth
•Investment in Home Finance Managers
–Improved retention
–>60 lenders onboarded in 1H26
–Faster onboarding
•‘Book a Banker’ launched
•Brand consideration #2 up from #4
1
32.4
32.6
34.0
1H252H251H26
$485bn
$497bn
$518bn
0.9x
0.8x
1.2x
1H252H251H26
1 Source: 5D Proprietary brand tracking. Mar-26 compared to Mar-25. 2 Excludes RAMS. 3 ADI System published by APRA in the Monthly ADI statistics. 4 12 month median (50th percentile) time to unconditional
approval. Prior periods have been restated.
BalanceSystem multiple
3
Solid growth
2
UP 7%
13
Improved service levels
4.6
4.2
3.8
1H252H251H26
Proprietary time to decision
4

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack14
Strategic priorities
•Aligned to strategy
•20 end-to-end delivery units
•Clear accountability for multi-year outcomes
•Brings teams closer to customers
•Persistent funding
Objectives
•Improve customer service
•Increase effectiveness of change
•Simplify execution and governance
•Further strengthen risk management
•Support lower cost to income ratio
OPERATING MODEL
CATALYST: ACCELERATING EXECUTION
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to
the disclaimer on page 125.
PERFORMANCE
TRANSFORMATION
CUSTOMER
PEOPLE
RISK

UNITE: ONE BEST WAY
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Percentage complete by project stage
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 125.
1 Excludes 3 initiatives with scope confirmed. Status rating changes with the identification and resolution of issues.
DISCOVERY
SIMPLIFY
44%
of
milestones
19%
of
milestones
IMPLEMENT
DECOMMISSION
10%
of
apps

Program
scope
15
3871
1H26 ACHIEVEMENTS
COMPLETEREMAINING
STATUS
1
INITIATIVES
49
8
•Completed customer migration from Asgard to
Panorama
•Announced migration of commercial customers to
One Commercial Bank
•Launched Controlled Monies, digitising processes for
business customers who hold client funds on trust

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack16
BIZEDGE: FAST, SIMPLE, DIGITAL LENDING ORIGINATION
Expected outcomes
1
Achievements since launch in Mar-25
1 These expected outcomes contain ‘forward-looking statements’ and are subject to assumptions, risks and other important information in the Disclaimer on page 125. 2 Time to decision.
Reduce banker loan
processing time by
~50%
Reduce TTD
2
by
~60%
Decommission Legacy
systems and tools
27+
NEW CAPABILITY
•
E-signature capability
•
Automated upfront credit bureau enquiries
•
Guided pathways support faster credit decisioning
•
Supports eligible deals up to $20m TCE
Total Investment
FY24 to FY29
c.$300m
4
RELEASES
>15k
APPLICATIONS
$10.5bn
NEW
LENDING
~49%
TTD
2

REDUCED
9
SYSTEMS &
TOOLS
REMOVED
>2hrs
BANKER TIME
SAVED PER
APPLICATION

WESTPAC ONE - NEXT GENERATION BANKING CAPABILITY
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Expected outcomes
1
1H26 achievementsWestpac One platform live and scaling
1 These expected outcomes contain ‘forward-looking statements’ and are subject to assumptions, risks and other important information in the Disclaimer on page 125.
LEADING
TRANSACTION
BANKING
CAPABILITY
ENHANCED
DIGITAL
EXPERIENCE
REVENUE
GROWTH
OPERATIONAL
RISK
REDUCED
INVESTMENT
COST
c.$400m
•
Enhanced digital experience live
•
Real-time Treasury management pilot and additional
features launching 2H26
ROLLOUT
COMMENCED
WESTPAC ONE
CONCIERGE
PROGRESSING ON TIME AND ON BUDGET
WESTPAC ONE PLATFORM
DIGITISED
SERVICING
17
FXTreasuryTradeLending

AI FOR EVERYONE: SCALING ACCESS, ADOPTION AND TRAINING
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack18
WESTPAC
INTELLIGENCE
BRINGS DATA AND
AI TOGETHER TO
IMPROVE INSIGHTS
AND DECISION
MAKING
COMPANY WIDE RESPONSIBLE AI AND RISK MANAGEMENT FRAMEWORK EMBEDDED
BETTER
SERVICE
DELIVERING
INSIGHTS
ENHANCING
SAFETY
SUPPORTING
UNITE
IMPROVING
PRODUCTIVITY
Scaled security capabilities for monitoring and detection
of scams
Microsoft 365 Copilot access and training for all
employees with specialist tools made available for
engineering and analytics
Call, complaints and social media analytics to identify
emerging themes and customer friction
Small Business bankers are leveraging Westpac
Intelligence to better understand customer needs
Supporting delivery of UNITE, impact assessments
reduced from 10 to <4 days

NATHAN GOONAN
Chief Financial Officer

1H26 FINANCIAL PERFORMANCE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
2H251H26Change
Net profit$3,599m$3,414m(5%)
Notable Items $84m($69m)large
Excluding Notable Items:
Net profit$3,515m$3,483m(1%)
Earnings Per Share 103c102c(1%)
Revenue$11.5bn$11.3bn(2%)
Expenses($6.2bn)($5.8bn)(6%)
Expenses excluding restructuring charge($5.9bn)($5.8bn)(2%)
Pre-provision profit $5.3bn$5.5bn4%
Impairment charges to average loans annualised 4 bps10 bps6 bps
20

DEPOSIT GROWTH ($BN)
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
1 Includes Treasury.
696.8
723.0
13.7
4.0
5.9 745.2 (1.4)
Mar-25Sep-25ConsumerBusiness
& Wealth
InstitutionalNew Zealand
(in A$)
Mar-26
UP 4%UP 3%
Up $2.7bn
in NZ$
1
21

GROSS LOANS ($BN)
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
1 Australian, excluding RAMS.
829.4
856.4
20.7
5.1
13.8
890.3
(2.6)(0.0)(3.1)
Mar-25Sep-25MortgagesBusinessInstitutionalNew
Zealand
(in A$)
PersonalRAMSMar-26
Up $2.8bn
in NZ$
UP 3%UP 4%
1
22

10,993
11,471
235
11,284
(105)
(271)
(23)
(23)
1H252H25Core NIM
movement
Balance sheet
growth
Net II
volatile items
Fee Non-IIMarkets and other
Non-II
1H26
OPERATING INCOME
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
2% LOWER
4% HIGHER
1 Derivative valuation adjustment. 2 Includes Treasury and markets, rate timing differences and the depreciation of the NZD.
DVA
1
down $38m
23
2
T&M movement - $95m
Rate timing difference - $91m
NZD depreciation - $85m

1.80
1.82
1.78
0.12
0.13
0.11
1.92
1.95 (2bps)
-
2bps
-
1.89
(3bps)
(1bps)
(2bps)
1H252H25Timing
Difference
LoansDepositsLiquid
assets
Capital
& Other
Wholesale
funding
Treasury
& Markets
1H26
NET INTEREST MARGIN (%)
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 125.
1 The delay between the change in the RBA cash rate and when customers receive or pay their new interest rate. 2 Based on market implied 3 and 5 year swap rates trajectory as of 31 March 2026. 3 Non Rate Sensitive.
4 Based on 31-Mar-26 balances. 4 Based on 31-Mar-26 rates and balances.
Core NIM ex timing
impact down 2bps
•25bps RBA rate rise: timing headwind ~0.2bps in the half
•25bps RBA rate rise: unhedgeddeposits
3
and capital ~1bp
4
annualised
•5bps move in 3mth Bills/OIS: ~1bp
4
annualised
Core NIMTreasury & Markets
•1H26 timing differences tailwind ~1bp
•Net replicating portfolio benefit ~2bps
2
KEY CONSIDERATIONS 2H26
Replicating portfolio 1bp
Bonus rate uptake (1bp)
24
1
AU Mortgages & Business (2bps)
Institutional (1bp)
SENSITIVITIES

5,698
6,218
103
23
31
5,830
(258)
(14)
(273)
1H252H25Staff costTechnologyVolume and
other
ProductivityInvestmentsRestructuring
charge
1H26
1H26 EXPENSES ($M)
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 125.
6% DECREASE
Simpler operating model
Reduced property footprint
Digitisation
UNITE benefits
Higher amortisation
Lower capitalisation rate
Seasonally lower investment
2% decrease ex restructuring
•Costs were seasonally lower in 1H26
•Technology costs weighted to 2H26
•UNITE spend to increase compared to FY25
•Modest increase in amortisation
•Investment capitalisation rate lower
•Cost trajectory is improving, productivity benefits >$550m
Salary increases
Investment in bankers
Reduction in leave balances
25
KEY CONSIDERATIONS FY26

INVESTMENT SPEND
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Investment spend ($m)
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 125.
Investment spend1H252H251H26
Total expensed61%60%69%
Capitalised software balance ($m)2,5322,4142,177
Amortisation expense ($m)485510527
353
342
287
244
319
231
251
409
401
848
1,070
919
1H252H251H26
Risk &
regulatory
Growth &
productivity
UNITE
•Investment spend ~$2.0bn
•UNITE spend to $850m - $900m, ~75% expensed
•Growth & productivity and Risk & regulatory 60-65%
expensed
26
KEY CONSIDERATIONS FY26

CREDIT QUALITY
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Stressed exposures as a % of TCE
0.16
0.150.15
0.47
0.32
0.29
0.23
0.30
0.28
0.59
0.51
0.44
1.45
1.28
1.16
Sep-24Sep-25Mar-26
Australian mortgage delinquencies (%)
1
0.57
1.10
0.00
1.00
2.00
3.00
4.00
Mar-22Mar-23Mar-24Mar-25Mar-26
90+ day
delinquencies
30+ day
delinquencies
Corporate and business stressed exposures by industry sector (%)
1 Excluding RAMS.
ImpairedNon-performing, 90+ days
Non-performing, <90 daysWatchlist & substandard
% of
corporate and
business TCE
0.0
2.0
4.0
6.0
PropertyWholesale &
retail trade
ServicesAgriculture,
forestry & fishing
ManufacturingTransport
& storage
ConstructionAccommodation
cafes & restaurants
Mar-25Sep-25Mar-26
27
19%7%
6%
6%5%5%3%3%

IMPAIRMENT PROVISIONS $1.9BN ABOVE
BASE CASE ($M)
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 125.
1 Forecast date is 30 March 2026.
Forecasts for
base case ECL
1
Base caseDownside
20262027
Trough /
peak
GDP growth1.0%1.6%(6%)
Unemployment5.0%4.9%11%
Residential property prices2.5%3.0%(27%)
Commercial property prices3.9%4.6%(32%)
611
539
610
1,198
1,190
1,142
2,256
2,087
2,115
877
933
1,050
130
238
282
5,072
4,987
5,199
Mar-25Sep-25Mar-26
Overlays
Stage 1 CAP
Stage 2 CAP
Stage 3 CAP
Stage 3 IAP
Base case economic outlook
Reduction in mortgage delinquencies
Overlays increased $44m
28
IAP increased $71m in transport and utilities sectors
Impairment charges 10bps of average loans
Provisions to gross loans of 0.58%, flat
CAP to credit RWA of 1.29%, up 4bps
CAP $141m higher, key movements

FUNDING AND LIQUIDITY
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Deposit to loan ratio (%)LCR deposit mix (%)
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 125.
1 The Group entered into an agreement to sell the RAMS portfolio which is scheduled to complete in Second Half 2026. 2 As at 30 April 2026.
LCR and NSFR (%)
132
112
LCR
1H26 Avg
NSFR
Mar-26
Regulatory
minimum 100%
37
34
14
15
Stable retail and SME deposits
Less stable retail and SME deposits
Operational deposits
Non-operational deposits
$572bn
29
82.9%
84.5%
84.2%
Mar-24Mar-25Mar-26
Balance sheet positioned for geopolitical uncertainty
and reduction in mortgages post RAMS settlement
1
•Raised $24bn
2
in new long-term funding, which is
well ahead of our FY26 plan
•Increased short term funding and Institutional term
deposits
•Funding and liquidity metrics at or above normal
operating ranges

12.53
74bps
3bps
17bps
12.42
(57bps)
(21bps)
(27bps)
Sep-25Net profit2H25
dividend
RWAIRRBBOtherOperational risk
overlay removal
Mar-26
STRONG CAPITAL
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
CET1 capital ratio %
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 125.
1 Capital deductions and other items including FX translation impacts. 2 Scheduled to complete in Second Half 2026 and is subject to certain pre-conditions (including actions by third parties). 3 Remaining on market
share buyback previously announced in Nov-23, May-24 and Nov-24.
Lending (40bps)
Data refinement 10bps
Credit quality & other 9bps
•RAMS sale
2
~22bps
•Share buyback
3
(22bps)
•Standardised floor not binding in 1H26
•Energy intensive sectors asset quality sensitivity:
1 notch downgrade (~11bps)
30
OTHER CONSIDERATIONS
1

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
CAPITAL MANAGEMENT
1 In normal operating conditions. 2 Annualised, based on final dividend and 31-Mar-26 closing
price of $39.74. 3 No decisions have been made on future dividends or capital returns. 4 Adjusted
franking credit balance post interim dividend payment.
70
75
76
77
72
76
77
FY23FY24FY251H26
TARGET
CET1 CAPITAL
RATIO
1
>11.25%
1H26
PAYOUT RATIO
75.6%
TARGET
DIVIDEND
PAYOUT RATIO
RANGE
65–75%
DIVIDEND YIELD
3.9%
2

FULLY FRANKED
5.5%
2
DRP
NEUTRALISE
CAPITAL ABOVE
TARGET AFTER
1H26 DIVIDEND
$2.7bn
•Balance reinvestment to support franchise growth with
shareholder returns, while maintaining flexibility
•Prioritise balance sheet strength
•Support timely and efficient distributions to shareholders
–Sustainable, fully franked dividends
–Target payout ratio range of 65% to 75% over the
medium term
–Disciplined and flexible approach to capital
management and distribution of surplus capital,
considering market conditions and $3.7bn
4
franking
credit balance
CAPITAL MANAGEMENT PRINCIPLES
3
ORDINARY DIVIDENDS PER SHARE (CENTS)
31

ANTHONY MILLER
Chief Executive Officer

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
MEASURING PROGRESS
1 For definitions see page 122. 2 Coalition Greenwich Voice of Client 2025 Australia Large Corporate Relationship Banking Study. 3 Cumulative spend Oct-23 to Mar-26. 4 Excludes Notable Items.
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 2025 Annual Report and elsewhere in this presentation.
SERVICE
EXCELLENCE
ONE
BEST WAY
PERFORM
MetricMar-26Sep-29 Target
Consumer: NPS
1
=#2
#1
Business: NPS
1
#1
#1
Institutional: RSI
2
=#3
#1
Complete UNITE on timeIn progress
Complete
Complete UNITE on budget$1,208m
3
~40%
of total investment
over FY25 to 1H29
Employee engagement
1
79
(top quartile)
Top decile
Cost to income ratio
relative to peers
4
4.5ppts above
Less than
peer average
Return on tangible equity relative to peers
4
1.8ppts below
Greater than
peer average
33

INVESTOR
DISCUSSION PACK

CREATING VALUE FOR OUR SHAREHOLDERS, CUSTOMERS,
OUR PEOPLE, COMMUNITY AND THE ENVIRONMENT IN 1H26
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack35
1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2025. 2 In September 2025, Westpac moved from measuring Organisational Health to Employee Engagement through bi-annual employee
surveys. As these are different surveys, results from previous years are not directly comparable. 3 Full time equivalent. 4 Refer to the FY25 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. 6 As at Sep-25.
OVERVIEW
$3.4bn
Net Profit, down
5% on 2H25
13 million
Customers across
the Group
79
Employee Engagement
Index, top 25% of
companies globally
2
$150m
Spent in 1H26 to support
access to cash in
Australian communities
89%
Reduction in scope
1 and 2 emissions from
our 2021 baseline
4,6
#1
Mobile Banking App
1
46%
Women in the
Executive Team
$1.7bn
Income tax expense,
including the
bank levy
$2.6bn
To be returned to
shareholders via
dividends
+$34bn
Loans in 1H26
34,937
Employees
3
$28m
Spent with diverse
suppliers
4
10%
Increase in
sustainable
finance lending
4
11.0%
Return on tangible equity
ex Notable Items, up 14
bps
+$22bn
Customer deposits
in 1H26
$3.2bn
Paid in salaries
1000
Scholarships
awarded over
10 years
5
42%
Reduction in scope
3 upstream emissions
since 2021
4,6
17%
Increase in
sustainable
bond facilitation
4
SHAREHOLDERSCUSTOMERSOUR PEOPLECOMMUNITYENVIRONMENT
$3.5bn
Net Profit ex Notable
Items, down 1% on 2H25

EARNINGS DRIVERS

3,515
388
363,483
(141)
(46)
(269)
2H25Net
interest
income
Non
interest
income
ExpensesImpairment
charges
Tax &
NCI
1H26
1H26 NET PROFIT
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack37
Net profit 2H25 – 1H26 ($m)
1 Non-controlling interests.
EARNINGS
DOWN 1%
1
$273m restructuring charge taken in
2H25 and productivity initiatives
Revised economic outlook in our base case
provision scenario and a new portfolio overlay
for energy intensive sectors
AIEA up 3% due to loan growth,
Core NIM down 4bps,
Treasury & Markets NIM down 2bps

3,457
194
97
603,483
(132)
(193)
1H25Net
interest
income
Non
interest
income
ExpensesImpairment
charges
Tax &
NCI
1H26
1H26 NET PROFIT
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack38
Net profit 1H25 – 1H26 ($m)
1 Non-controlling interests.
EARNINGS
UP 1%
1
Revised economic outlook in our base case
provision scenario and a new portfolio overlay
for energy intensive sectors
Higher Markets income and an
increase in cards volumes
Step up in UNITE investment spend,
higher staff costs offset by productivity
initiatives
AIEA up 4% due to loan growth,
Core NIM down 2bps,
Treasury & Markets NIM down 1bp

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
NET PROFIT EXCLUDING NOTABLE ITEMS AND NET PROFIT RECONCILIATION
39
Net profit excluding notable items policyReported net profit and net profit excluding
notable item adjustments ($m)
EARNINGS
1H252H251H26
Statutory net profit3,3173,5993,414
Notable Items(140)84(69)
Net profit excluding Notable Items3,4573,5153,483
Earnings per ordinary share – ex Notables100.8102.8101.9
Earnings per ordinary share – statutory96.7105.299.9
•Net profit excluding Notable Items is a non-AAS financial
performance measure used by Westpac for internal
management reporting, as it provides a clearer view of the
Group’s underlying operational performance
•This measure is not defined under Australian Accounting
Standards, nor is it audited or reviewed in accordance with
Australian Auditing Standards and therefore does not
represent a statutory financial metric
Notable Items
($m after tax)1H252H251H26
Large items--(75)
Hedging items(140)846
Total Notable Items(140)84(69)

59%
59%
59%
13%
14%
14%
13%
14%
15%
11%
11%
10%
3%
3%
2%
$829bn
$856bn
$890bn
Mar-25Sep-25Mar-26
ConsumerBusiness & WealthInstitutionalNew ZealandRAMS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
282
14
245
265
5
(1)
Mar-25Sep-25Australian
business
NZ
business
(in A$)
InstitutionalMar-26
GROWTH IN LENDING
40
Divisional contribution to gross loans (%)Business and institutional lending ($bn)
Australian mortgages ($bn)
1
485
497
43
7
518
(20)
(10)
Mar-25Sep-25New loans
ex refinance
Net
refinance
Property
sales and
others
PaydownsMar-26
Australian housing credit growth (%)
1 Excluding RAMS. 2 Increase in local currency was NZ$1 billion.
REVENUE
UP 15%
UP 7%
2
UP 7%
UP 4%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Sep-23Mar-24Sep-24Mar-25Sep-25Mar-26
Westpac (ex. RAMS)ADI system

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
50%
51%51%
21%
21%21%
18%
18%
19%
11%
10%
9%
Mar-25Sep-25Mar-26
ConsumerBusiness & WealthInstitutional & TreasuryNew Zealand
GROWTH IN DEPOSITS
41
Customer deposits by type (%)
Customer deposits by segment (%)
Australian household deposit growth (%)Australian household savings deposit mix (%)
2
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. 3 Sep-24
and Sep-25 average over the full year period. Mar-26 average over 1H26.
REVENUE
$745bn
$723bn$697bn
-1.0%
0.0%
1.0%
2.0%
3.0%
Sep-24Mar-25Sep-25Mar-26
WestpacADI System
85%
88%
87%
15%
12%
13%
$159bn
$180bn
$189bn
83%
84%
85%
Sep-24Sep-25Mar-26
Other savingsBehavioural savings% earning the bonus rate
29%
27%
28%
33%
34%
33%
18%
18%18%
10%
10%10%
11%
11%11%
Mar-25Sep-25Mar-26
Term depositsSavingsTransactionMortgage offsetNIB deposits
$745bn
1
$723bn$697bn
3

AUSTRALIAN DEPOSIT BALANCES BY INTEREST RATE BANDS
1
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack42
Australian deposit balances
2
by interest rate bands ($bn)
1 Spot balances at period end. 2 A$ balances and excludes mortgage offset balances.
Divisional deposit balances by interest rate bands
75
78
73
319
101
57
158
252
105
53
115
313
<=25bps26<=200bps201<=400bps401bps+
Mar-25Sep-25Mar-26
61
26
44
171
39
26
43
46
6
1
28
96
<=25bps26<=200bps201<=400bps401bps+
ConsumerBusiness & WealthInstitutional & GBU
REVENUE

0
2
4
6
Mar-21Mar-22Mar-23Mar-24Mar-25
Mar-
3m BKBM
Deposit Hedge Rate
STRUCTURAL HEDGING OF DEPOSITS AND CAPITAL
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
43
Structural hedgesDomestic deposits and capital hedge
Structural hedge impact on annual income
1
WNZL deposit hedge
1 Excludes WNZL deposit hedge. 2 Average blended yield and average total balance of capital and deposit for the respective financial year. 3 The monthly moving average hedge rate on capital and non-rate sensitive
deposits. Spot rate represents the average rate for March 2026.
REVENUE
$0.5bn
$1.0bn
$1.6bn
$2.6bn
$3.5bn
$3.8bn
$0.4bn
$0.8bn
$1.5bn
$2.0bn
$2.1bn
$2.2bn
$1.0bn
$1.9bn
$3.2bn
$4.6bn
$5.6bn
$6.0bn
$118bn, 0.8%
$118bn, 1.6%
$117bn, 2.7%
$128bn, 3.6%
-4.5%
-3.5%
-2.5%
-1.5%
-0.5%
0.5%
1.5%
2.5%
3.5%
4.5%
$0.0bn
$0.5bn
$1.0bn
$1.5bn
$2.0bn
$2.5bn
$3.0bn
$3.5bn
$4.0bn
$4.5bn
$5.0bn
$5.5bn
$6.0bn
$6.5bn
$7.0bn
$7.5bn
FY2022FY2023FY2024FY2025FY2026FFY2027F
Deposit Hedge IncomeCapital Hedge IncomeYield
Indicative outcomes based on
current balance and 31 March
2026 market pricing
2H25 Avg rate
(%)
3
1H26 Avg rate
(%)
3
Mar 26 Spot rate
(%)
3
WNZL deposit hedge
4.364.18
4.05
0
1
2
3
4
5
Mar-16Mar-18Mar-20Mar-22Mar-24
Mar-
3M BBSW
Capital hedge rate
Deposit hedge rate
2H25 Avg rate
(%)
3
1H26 Avg rate
(%)
3
Mar 26 Spot rate
(%)
3
Group Capital hedge3.753.793.83
Domestic deposit hedge3.613.723.79
2H25 Avg
balance
1H26 Avg
balance
Mar 26 Spot
balance
Investment
term
Group Capital hedge
$56bn$56bn
$54bn3 years
Domestic deposit hedge
$74bn$88bn
$94bn5 years
WNZL deposit hedge (NZD)
$12bn$12bn$13bn
3 years
2

TREASURY AND MARKETS INCOME
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack44
Treasury and Markets income by segment
1
($m)Treasury and Markets income by type ($m)
Treasury income ($m)
495
544
455
6
9
3
501
553
458
1H252H251H26
Net interest incomeNon-interest income
Markets income
1
($m)
(19)
19
(19)
146
176
166
323
345
349
450
540
496
1H252H251H26
DVAFixed incomeFX, Commodities and Carbon
1 Includes interest income and non-interest income.
REVENUE
609
673
578
554
342
420
376
376
951
1,093
954
930
1H252H251H265 year
average
Net interest incomeNon-interest income
501
553
458
474
450
540
496
456
951
1,093
954
930
1H252H251H265 year
average
TreasuryMarkets

NON-INTEREST INCOME
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack45
Non-interest income by type ($m)Net fee income by segment ($m)
Non-interest income by segment ($m)
REVENUE
845
234
345
887
242
438
864
248
409
FeesWealth managementTrading and other income
1H252H251H26
845
887
8
864
(3)
(13)
(14)
(1)
1H252H25ConsumerBusiness
& Wealth
InstitutionalNew
Zealand
Other1H26
263
381
654
133
5
299
383
741
137
19
286
399
690
131
33
ConsumerBusiness & WealthInstitutionalNZ (NZ$)Other
1H252H251H26

5,698
6,218
103
23
31
5,830
(258)
(14)
(273)
1H252H25Staff costTechnologyVolume and
other
ProductivityInvestmentsRestructuring
charge
1H26
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
EXPENSES ($M)
46
9% INCREASE
6% DECREASE
2% decrease ex restructuring
Salary and EBA increases
Superannuation increase
Investment in bankers
Simpler operating model
Reduced property footprint
Digitisation
EXPENSES
Lower investment ex UNITE
Amortisation up $17m
Impairments down $23m

INVESTMENTS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack47
Investment spend by category ($m)Capitalised software balance ($bn)
Investment spend treatment ($m)Investments through P&L ($m)
EXPENSES
327
432
289
521
638
630
8481070919
1H252H251H26
CapitalisedExpensed
353
342
287
244
319
231
251
409
401
848
1,070
919
1H252H251H26
Risk & regulatory
Growth & productivity
UNITE
485
510
527
521
638
630
1,006
1,148
1,157
1H252H251H26
AmortisationExpensed
2.2
FY22FY23FY24FY251H26
WBCPeer 1Peer 2Peer 3

IMPAIRMENT CHARGES COMPOSITION
48
Impairment charges ($m)
251
157
299
(89)
(106)
(126)
203
254
388
(115)
(131)
(118)
250
174
443
1H252H251H261H252H251H261H252H251H261H252H251H261H252H251H26
Impairment charges and stressed exposures (bps)
10
116
-50
50
150
250
350
-20
0
20
40
60
80
100
20102011201220132014201520162017201820192020202120222023202420251H26
Impairment charge to average loans annualised (lhs)Stressed exposures to TCE (rhs)
IMPAIRMENT CHARGES
NEW IAPSIAP WRITE-BACKSNET CAP CHARGESRECOVERIES
Largely within transport &
storage and utilities
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
TOTAL
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
Reflects revisions in
economic outlook

UNITE

ONE COMMERCIAL BANK
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack50
This pagecontains‘forward lookingstatements’. Please refer to the disclaimer on page 125.
1 For 95% of customer accounts. Directly transferring customers to like for like products without the need for re identification or additional product application forms.
•Leading digital and payments
capability to all commercial
customers
•Broader range of banking services
•One commercial banking team
•Fewer processes and reduced
products
•More time for quality customer
conversations
•Initiative cost ~$230m
•Direct benefits ~$40m p.a.
•Reusable migration capability, an
enabler of single deposit ledger
BETTER
CUSTOMER EXPERIENCE
IMPROVED
EMPLOYEE EXPERIENCE
INCREASED
SHAREHOLDER RETURN
123
EXPECTED OUTCOMES
UNITE
MIGRATING ~75,000
COMMERCIAL CUSTOMER
ACCOUNTS TO WESTPAC
DIGITALLY ENABLED
MIGRATION PROCESS,
SUPPORTED BY
UNILATERAL VARIATION
1
CUSTOMERS SUPPORTED BY
EXISTING BANKER AND
BANKING TEAM
EXPECTED TO COMPLETE IN DEC-27

ONE WEALTH PLATFORM: BT PANORAMA
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack51
This pagecontains‘forward lookingstatements’. Please refer to the disclaimer on page 125.
1 Awards for BT Panorama – 2025 `Best Client Portal & Mobile Platform’ and 2024 `Best Platform' in the Australian Wealth Management Awards, in the Investment Trends Platform Competitive Analysis and
Benchmarking Report, 2024 winner of the `Adviser satisfaction with mobile access for clients: Wrap Platform' in the Investment Trends Adviser Technology Needs Report.
UNITE
EXPECTED OUTCOMES
•Simplified service model
•Reduced daily task complexity and
process duplication
•Simplified risk management
•Initiative cost ~$70m
•Direct benefits ~$40m p.a.
•Simplified technology roadmap

•Award winning platform
1
•Enhanced digital capability,
security features
•Extended investment options
BETTER
CUSTOMER EXPERIENCE
IMPROVED
EMPLOYEE EXPERIENCE
INCREASED
SHAREHOLDER RETURN
123
60k accounts, $16bn FUA
243k accounts, $138bn FUA
>300k accounts
>$150bn FUA

UNITE: CURRENT FOCUS AREAS
52
This pagecontains‘forward lookingstatements’. Please refer to the disclaimer on page 125.
1 This includes 3 initiatives. One initiative was descoped in 2H25. 2 This includes 2 initiatives. 3 Estimated total initiative cost. 4 Expected full year annual benefit after the initiative is complete.
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
MORTGAGE
SIMPLIFICATION
1
Completes in FY29
c.$285m
(Nov-25:
$265m)
~$70m
(Nov-25:
$70m)
Establish products,
fees and features on
the target ledger and
implement a single
collateral register
•Transfer Westpac mortgage property
security data to the target state master
•Enable SMSF product on the Westpac
mortgage ledger
Customers have access to
market leading products
and features
Simpler, standardised
processes for employees
DIGITAL BANKER
2
Completes in FY29
c.$150m
Decommission legacy
CRM platform and
extend capability to all
bankers
•Scale service request migration
•Strengthen customer authentication and
onboarding
•Transition Westpac bankers to Digital
Banker sales capability
One portal to view, service
and originate all customer
needs
Consistent experience
across all channels
ONE COLLECTIONS
PLATFORM –
ASSISTNOW
Completes in FY29
c.$130m~$40m
Migrate Consumer
products from 7
platforms to the
AssistNow Platform
•Migrate Consumer Finance products,
personal loans and regional brand credit
cards to the AssistNow platform
Simplifies and standardises
collections and hardship
processes
Easier to manage requests
end-to-end
ONE COMMERCIAL
BANK
Completes in FY28
c.$230m~$40m
Migrating ~75,000
commercial customer
Accounts to Westpac
•Complete workflow, data sourcing,
downstream, digital enablers
•Commence migration to Westpac systems
Leading banking services
and digital capability to all
commercial customers
Simpler processes
DEBIT CARD
SIMPLIFICATION
Completes in FY29
c.$40m
(Nov-25:
$35m)
~$15m
(Nov-25:
$15m)
Reduce the product set
for debit cards from 34
to 2
•Complete HandyCard migration to Debit
Mastercard for retail customers to enable
decommission of one platform
•Reduce Debit Card products down to six
Customers benefit from
clarity provided by a
simplified product offer
Reduces operational
complexity and risk
 BANKER
PRODUCTIVITY
UNITE
OBJECTIVE
EXPECTED
OUTCOMES
KEY MILESTONES IN 2H26COST
3
DIRECT
BENEFITS
4

CREDIT QUALITY
AND PROVISIONS

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
5,199
3,256
7,364
Reported
probability-weighted ECL
100%
base case ECL
100%
downside ECL
536
611
539
610
1,223
1,198
1,190
1,142
2,390
2,256
2,087
2,115
768
877
933
1,050
179
130
238
282
5,096
5,072
4,987
5,199
Sep-24Mar-25Sep-25Mar-26
Overlay Stage 1 CAP Stage 2 CAP Stage 3 CAP Stage 3 IAP
PROVISIONS FOR EXPECTED CREDIT LOSS
54
Total provisions for expected credit losses
1
($m)
Expected credit loss (ECL) ($m)
1 Includes provisions for debt securities. 2 Forecast date is 30 March 2026. 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.
CREDIT QUALITY
Increase in
Transport and
Utilities sectors
Increase due to
growth in
mortgages and
business lending
$1.9bn in provisions
above the base case ECL
Increase due to
weaker economic
outlook
Forecasts for
base case ECL
2
Base caseDownside
20262027
Trough /
peak
3
GDP growth1.0%1.6%(6%)
Unemployment5.0%4.9%11%
Residential property prices2.5%3.0%(27%)
Commercial property prices3.9%4.6%(32%)
Increase for
energy intensive
sectors

PROVISION COVER
55
Exposures as a % of TCEKey ratios
Provisioning to TCE (%)
CREDIT QUALITY
Stage 3 – Lower 90+ day
mortgage delinquencies
Stage 2 – Run-off of
exposures in business and
mortgage portfolios
Stage 1 – Lending growth
in business and mortgage
portfolios
Mar-25Sep-25Mar-26
Stage 10.080.080.09
Stage 2
Non-stressed1.131.211.26
Stressed8.329.2411.20
Stage 3 (non-performing)
Not impaired10.9911.2211.33
Impaired40.8839.5341.55
Total0.390.380.38
Mar-25Sep-25Mar-26
Provisions to gross loans (bps)615858
Impaired asset provisions
to impaired assets (%)
414042
Collectively assessed provisions
to credit RWA (bps)
126125129
0.86
0.81
0.72
15.26
13.10
10.32
83.88
86.09
88.96
Mar-25Sep-25Mar-26
Stage 3Stage 2Stage 1
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack

Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack
06001,2001,8002,4003,000
BBB-
A
A-
A-
A-
A-
A-
AA-
A-
BBB+
PORTFOLIO COMPOSITION
56
Total committed exposure (TCE) by risk grade at 31 March 2026 ($m)
Top 10 institutional exposures to corporations
and NBFIs
3
(% of TCE)
Top 10 exposures to corporations & NBFIs
at 31 March 2026 ($m)
4
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.
CREDIT QUALITY
Standard and Poor’s risk grade
1
AustraliaNZ / PacificOther overseasGroup% of total
AAA to AA-
206,969 20,491 32,424 259,884 19%
A+ to A-
46,637 5,414 16,177 68,228 5%
BBB+ to BBB-
100,720 14,412 15,748 130,880 10%
BB+ to BB
116,046 15,390 1,521 132,957 10%
BB- to B+
44,382 5,562 184 50,128 4%
<B+
14,006 2,079 - 16,085 1%
Mortgages
597,737 72,045 - 669,782 49%
Other consumer products
23,727 3,285 - 27,012 2%
TCE
1,150,224138,678 66,054 1,354,956
TCE at 30 September 2025
1,114,183 142,540 48,941 1,305,664
Exposure by region
2
(%)
85%10%5%100%
1.1
1.2
1.3
1.2
Sep-23Sep-24Sep-25Mar-26

0.11
0.16
0.150.15
0.39
0.47
0.32
0.29
0.22
0.23
0.30
0.28
0.54
0.59
0.51
0.44
1.26
1.45
1.28
1.16
Sep-23Sep-24Sep-25Mar-26
TotalWatchlist & substandard
Non-performing, <90 daysNon-performing, 90+ days
CREDIT QUALITY METRICS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack57
Stressed exposures as a % of TCEMovement in stress by segment (bps)
New and increased gross impaired assets ($m)
1
222
222
174
284
418
495
614
208
193
417
413
FY21FY22FY23FY24FY251H26
1H2H
1 Includes exposures that are managed on a facility by facility basis.
CREDIT QUALITY
Decrease from lower
mortgage 90+ day
delinquencies
Reduction from
property, services
and construction
sectors
Increase driven by single names in
Transport and Utilities sectors
128
116
(3)
(5)
(1)
(2)
(1)
Sep-25ConsumerBusiness &
Wealth
InstitutionalNew
Zealand
GBUMar-26

0.0
1.0
2.0
3.0
4.0
5.0
6.0
PropertyWholesale
&
retail trade
Property &
business
services
UtilitiesServicesAgriculture,
forestry &
fishing
ManufacturingTransport
&
storage
ConstructionAccommodation
cafes &
restaurants
Mining
Mar-25Sep-25Mar-26
CREDIT QUALITY ACROSS SECTORS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack58
Corporate and business stressed exposures by industry sector (%)
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.
Exposure and credit quality by sector
Sector
Finance &
insurance
1
Property
2
Wholesale
& retail
trade
Property &
business
servicesUtilities
Services
3
Agriculture,
forestry &
fishing
Manufacturing
Transport &
storageConstruction
4
Accomm,
cafes &
restaurantsMining
TCE ($bn)
Mar-26168.298.1
35.0
32.330.230.129.427.026.315.315.09.4
Sep-25154.493.6
36.0
27.529.028.528.326.723.314.813.78.6
Stressed (%)
5,6
Mar-260.11.8
4.3
2.70.62.93.5
3.5
2.44.73.91.2
Sep-250.12.4
4.4
3.00.13.33.7
4.3
2.55.53.71.4
Impaired (%)
6
Mar-260.00.1
0.5
0.50.20.70.2
0.5
0.70.70.20.2
Sep-250.00.1
0.6
0.50.00.80.2
0.7
0.40.60.20.2
CREDIT QUALITY

Mar-25Sep-25Mar-26
TCE ($bn)21.423.326.3
% of Group TCE1.661.791.94
Lending ($bn)13.014.116.5
% of portfolio graded as stressed
1,2
2.592.532.39
% of portfolio in impaired
2
0.370.350.66
SECTORS IN FOCUS: TRANSPORT & STORAGE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack59
Transport & StoragePortfolio security composition (TCE) (%)
Portfolio by sub-sector (TCE) (%)Geographic concentration (TCE) (%)
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
CREDIT QUALITY
15
9
1
7
13
46
9
Road Transport
Rail Transport
Water Transport
Air and Space Transport
Other Transport
Services to Transport
Storage
58
14
28
Fully secured
Partially secured
Unsecured
70
6
4
5
2
8
5
NSW, ACTVIC, TAS
SA, NTQLD
WANZ, Pacific
Other

Mar-25Sep-25Mar-26
TCE ($bn)26.928.329.4
% of Group TCE2.092.172.17
Lending ($bn)23.024.524.8
% of portfolio graded as stressed
1,2
4.423.683.53
% of portfolio impaired
2
0.380.180.21
SECTORS IN FOCUS: AGRICULTURE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack60
AgriculturePortfolio security composition (TCE) (%)
89
8
3
Fully secured
Partially secured
Unsecured
Portfolio by sub-sector (TCE) (%)Geographic concentration (TCE) (%)
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
CREDIT QUALITY
24
25
24
10
4
4
3
2
2
1
1
Dairy
Beef & sheep
Grain
Horticulture
Services to agriculture
Cotton
Viticulture
Forestry & logging
Fishing & aquaculture
Poultry
Other
19
19
12
16
5
28
NSW/ACTVIC/TAS
SA/NTQLD
WANZ

SECTORS IN FOCUS: CONSTRUCTION
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack61
CREDIT QUALITY
ConstructionPortfolio security composition (TCE) (%)
Portfolio by sub-sector (TCE) (%)Geographic concentration (TCE) (%)
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
Mar-25Sep-25Mar-26
TCE ($bn)14.014.815.3
% of Group TCE1.091.131.13
Lending ($bn)8.69.29.4
% of portfolio graded as stressed
1,2
4.795.494.72
% of portfolio impaired
2
0.590.600.71
59
21
20
Fully secured
Partially secured
Unsecured
45
15
15
7
7
3
8
NSWVIC
QLDSA
WAACT,NT,TAS
NZ, Pacific
21
17
9
6
4
29
14
Building construction
Installation services
Site prep services
Structure services
Completion services
Other services
Non-building construction

SECTORS IN FOCUS: UTILITIES
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack62
Utilities
Mar-25Sep-25Mar-26
TCE ($bn)29.129.030.2
% of Group TCE2.262.222.23
Lending ($bn)10.913.014.3
% of portfolio graded as stressed
1,2
0.130.100.62
% of portfolio impaired
2
0.020.020.22
Portfolio security composition (TCE) (%)
42
19
39
Fully secured
Partially secured
Unsecured
Portfolio by sub-sector (TCE) (%)
78
22
Electricity, gas & water supply
Communication Services
Geographic concentration (TCE) (%)
73
1
15
11
NSWRest of Aust
NZ, PacificOther
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
CREDIT QUALITY

Mar-25Sep-25Mar-26
TCE ($bn)25.826.727.0
% of Group TCE2.002.041.99
Lending ($bn)12.713.814.2
% of portfolio graded as stressed
1,2
4.214.333.51
% of portfolio in impaired
2
0.810.740.51
SECTORS IN FOCUS: MANUFACTURING
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack63
ManufacturingPortfolio security composition (TCE) (%)
Portfolio by sub-sector (TCE) (%)Geographic concentration (TCE) (%)
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
CREDIT QUALITY
28
18
17
16
6
15
Food and beverage
Machinery and equipment
Petroleum, coal, chemical and
associated product
Metal product
Non-metallic mineral product
Other
37
17
46
Fully secured
Partially secured
Unsecured
56
8
4
5
3
12
12
NSW/ACTVIC/TAS
SA/NTQLD
WANZ/Pacific
Other

18
25
19
17
15
6
Office
Retail
Residential
Industrial
Corporate
Other
18
12
8
6
3
8
45
NSW & ACT
VIC
QLD
SA, NT & TAS
WA
NZ & Pacific
Institutional
SECTORS IN FOCUS: COMMERCIAL PROPERTY
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack64
Commercial property exposures
(% of TCE)
Commercial property portfolio
composition (TCE) (%)
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.
Commercial property portfolio composition (TCE) (%)
CREDIT QUALITY
Sub-sector
Borrower typeRegion
5
6.6
6.8
6.9
7.27.2
Sep-23Sep-24Mar-25Sep-25Mar-26
Mar-25Sep-25Mar-26
TCE ($bn)
88.693.698.1
% of Group TCE
6.887.177.24
Lending ($bn)
71.575.179.5
Median risk grade
(S&P equivalent)
BBBBBB
% of portfolio graded
as stressed
3,4
2.672.411.82
% of portfolio
impaired
4
0.110.070.06
•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 70%
1
•84% fully secured
2
26
10
52
12
Investors &
developers <$10m
Developers >$10m
Investors >$10m
Diversified property
groups and property
trusts

SECTORS IN FOCUS: ACCOMMODATION, CAFES AND RESTAURANTS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack65
Accommodation, cafes and restaurants
Mar-25Sep-25Mar-26
TCE ($bn)12.613.715.0
% of Group TCE0.981.051.11
Lending ($bn)10.711.912.8
% of portfolio graded as stressed
1,2
4.223.703.95
% of portfolio impaired
2
0.190.180.15
Portfolio security composition (TCE) (%)
87
10
3
Fully secured
Partially secured
Unsecured
Portfolio by sub-sector (TCE) (%)
38
41
17
5
Accommodation
Pubs, taverns and bars
Cafes and restaurants
Clubs (hospitality)
Geographic concentration (TCE) (%)
61
11
14
7
2
2
3
NSWVIC
QLDSA
WAACT, NT, TAS
NZ, Pacific
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
CREDIT QUALITY

Mar-25Sep-25Mar-26
TCE ($bn)13.614.414.7
% of Group TCE1.061.101.08
Lending ($bn)8.89.39.2
% of portfolio graded as stressed
1,2
5.785.654.77
% of portfolio impaired
2
1.001.020.74
SECTORS IN FOCUS: RETAIL TRADE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack66
Retail tradePortfolio security composition (TCE) (%)
43
26
31
Fully secured
Partially secured
Unsecured
Portfolio by sub-sector (TCE) (%)
48
28
24
Personal and household goods retailing
Motor vehicle retailing and services
Food retailing
Geographic concentration (TCE) (%)
55
12
11
5
5
2
10
NSWVIC
QLDSA
WAACT, NT, TAS
NZ, Pacific
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
CREDIT QUALITY

1
10
21
2
66
1
10
22
2
66
1
10
22
2
65
0
15
24
4
57
LOCIPL-I/OIPL-P&IOO-I/OOO-P&I
Mar-25 (Portfolio)Sept-25 (Portfolio)
Mar-26 (Portfolio)1H26 Flows
Australian mortgage portfolio
Mar-25
balance
Sep-25
balance
Mar-26
balance
1H25
flow
1
2H25
flow
1
1H26
flow
1
Total portfolio ($bn)
510.2518.7
536.2
54.861.0
67.4
Owner occupied (OO) (%)
2
68.167.8
67.163.761.060.9
Investment property loans (IPL) (%)
2
31.031.4
32.236.339.039.1
Variable rate / Fixed rate (%)
95/597/3
96/4
99/199/1
97/3
Interest only (I/O) (%)
2
11.812.0
12.419.420.120.3
Proprietary channel (%)
2
46.645.1
43.932.432.634.0
First home buyer (%)
2
12.712.612.712.612.013.7
Mortgage insured (%)
10.18.87.63.02.51.9
Average loan size
3
($’000)
330343355550563575
Mar-25Sep-25Mar-26
Customers ahead on repayments
including offset account balances

(%)
By accounts
848586
By balances
828485
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack67
By product and repayment type (%)
By year of origination (% of total book)
1 1H25 flow is new mortgages settled in the 6 months ended 31 March 2025. 2H25 flow is new mortgages settled in the 6 months ended 30 September 2025. 1H26 flow is new mortgages settled in the 6 months ended
31 March 2026. 2 Mortgage flow data for 1H25 and 2H25 has been restated due to improvements in data sourcing.First home buyer balances for Mar-25 and Sep-25 have also been restated on this basis. 3 Includes
amortisation. Calculated at account level, where split loans represent more than one account.
MORTGAGE CREDIT QUALITY
Calendar year
Charts may not add to 100 due to rounding.
12
2
3
2
3
8
9
13
17
24
7
Pre-
2017
20182020202220242026

Australian mortgage portfolioMar-25Sep-25Mar-26
90+ day delinquencies (bps):
Total portfolio
1
inc. impaired mortgages
8673
65
Owner occupied loans
8468
63
Investment property loans
8579
65
Principal & interest loans
8871
65
Interest only loans
5464
47
First home buyers
8972
67
Portfolio
1
inc. impaired mortgages, ex RAMS
746357
30+ day delinquencies
Total portfolio
1
inc. impaired mortgages150
124122
Portfolio
1
inc. impaired mortgages, ex RAMS
133112110
Customers in hardship
2
(by balances, bps)76
5353
Consumer properties in possession (number)176
154168
Impaired mortgages
(by balances, bps)
11
1110
Mortgage losses net of insurance

($m, for 6 months ending)
15
2225
Annual mortgage loss rate
3
(bps)0.6
0.70.9
AUSTRALIAN MORTGAGE PORTFOLIO PERFORMANCE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack68
30+ day and 90+ day delinquencies
4
(%)
90+ day delinquencies by vintage (%)
0.0
1.0
2.0
3.0
4.0
06121824303642485460
FY2020FY2021FY2022FY2023
FY2024FY2025FY2026
1 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 serviceabilit y 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. 4 Excluding RAMS.
MORTGAGE CREDIT QUALITY
Months on book
0.57
1.10
0.0
1.0
2.0
3.0
4.0
Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26
90+ day delinquencies30+ day delinquencies

AUSTRALIAN MORTGAGE PORTFOLIO
COMPOSITION AND PERFORMANCE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack69
Portfolio by State (%)
41
28
16
9
7
NSW/ACTVIC/TAS
QLDWA
SA/NT
90+ day delinquencies by State (%)
Debt-to -income >=6x at origination (%)Applicant gross income band
(1H26 drawdowns, % by approved limits)
MORTGAGE CREDIT QUALITY
24.4
21.9
11.3
7.7
7.9
7.8
7.7
7.47.4
Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25Mar-26
0.0
1.0
2.0
3.0
4.0
Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26
ALLNSW/ACT
VIC/TASQLD
WASA/NT
1
3
5
7
19
50
15
0
1
2
4
10
58
26
<75k75k to
100k
100k to
125k
125k to
150k
150k to
200k
200k to
500k
>500k
Owner OccupiedInvestment Property

25
21
35
10
9
0.1
24
19
39
12
7
0.6
67
14
12
5
1
0.3
0.5
0
20
40
60
80
100
0<=6060<=7070<=8080<=9090<=9595<=100>100
1H26 drawdowns LVR at origination
Portfolio LVR at origination
Portfolio dynamic LVR
AUSTRALIAN MORTGAGE PORTFOLIO
LOAN-TO-VALUE RATIOS (LVRS) AND OFFSET ACCOUNTS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack70
Loan-to -value ratios (%)Serviceability assessment
creates a buffer for borrowers
Offset account balances ($bn)
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 Cotality. 2 Weighted
average LVR calculation considers size of outstanding balances. 3 Average LVR of new loans is on rolling 6 months.
MORTGAGE CREDIT QUALITY
Chart may not add to 100 due to rounding.
N/A
1
Australian mortgage portfolio LVRs
Mar-25
balance
Sep-25
balance
Mar-26
balance
Weighted
averages
2
LVR at origination (%)
717171
Dynamic LVR
1
(%)
494848
LVR of new loans
3
(%)
696970
•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
46
51
53
57
63
73
78
Sep-20Sep-21Sep-22Sep-23Sep-24Sep-25Mar-26

19.419.4
19.7
20.8
21.0
Sep-22Sep-23Sep-24Sep-25Mar-26
37
16
18
15
13
1
>2yrs
>6mths <2yrs
<6 mths
< 1 mth
On time
Behind
1
17
19
21
17
25
1
14
18
21
18
28
BehindOn time< 1mth< 6mths>2yrs
Mar-25Mar-26
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack71
Buffer to balance ratio
1
(%)
(% by accounts)
Customers ahead on repayments
2
1 Excludes Line of Credit. 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.
MORTGAGE CREDIT QUALITY
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 (% by balances)
Buffer = current limit – outstanding balance + offset balance
(% by balances)
Owner-occupied variable rate customers change in buffer over
12 months (by balances)
15
12
2
1
4
4
15
14
Mar-25Mar-26
32
35
Changes in customer buffers
1
(%)
0.0
20.0
40.0
60.0
Mar-22Mar-23Mar-24Mar-25Mar-26
IncreasedUnchangedDecreased

AUSTRALIAN MORTGAGE PORTFOLIO UNDERWRITING
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack72
Credit policy at March 2026
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 Australian Government 5% Deposit 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
1 HEM is the Household Expenditure Measure, produced by the Melbourne Institute.
MORTGAGE CREDIT QUALITY

8
8
84
Insurance not required
(Low risk profile including loans <80% LVR)
Not insured >80% LVR
(Policy for certain
professionals and Westpac staff)
Insured
4
(>80% LVR)
Total Portfolio by insurance profile
2
(%)
0.53
0.00
0.50
1.00
1.50
2.00
2.50
Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26
Non-COVID-19 supportCOVID-19 support
AUSTRALIAN MORTGAGE PORTFOLIO
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack73
Hardship
1
balances (% of portfolio)Average dynamic LVR and negative equity
Hardship
1
balances by support solution
(% 1H26 new hardship accounts)
MORTGAGE CREDIT QUALITY
1
0.5
0.8
0.6
0.7
0.5
54
50
47
49
51
50
494949
4848
Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26
% with Negative EquityAvg Dynamic LVR (%)
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 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 originated
under the Australian Government 5% Deposit Scheme. 4 Includes loans where LMI applies to >70% LVR loans, for example, single industry towns.
16
66
1
17
3

Investment property lending (IPL) portfolio
Mar-25Sep-25Mar-26
Investment property loans ($bn)
158163
173
Weighted
averages
LVR of IPL loans at origination (%)
7070
70
LVR of new IPL loans in the period

(%)
7069
70
Dynamic

LVR
2
of IPL loans (%)
4948
48
Average loan size
3
($’000)
360374
387
Customers ahead on repayments
including offset accounts
4
(%)
7274
75
90+ day delinquencies (bps)
8579
65
Annualised loss rate (net of insurance claims) (bps)
1.21.11.8
71
21
5
1
2
3
4
5
6+
13
18
16
18
24
10
0<1 Yr1<2 Yrs2<3 Yrs3<4 Yrs4<5 Yrs5<10 Yrs10 Yrs+
1
1
2
AUSTRALIAN MORTGAGE PORTFOLIO INTEREST ONLY
AND INVESTMENT PROPERTY LENDING
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack74
Interest only (I/O) lending by dynamic LVR and
income band (% of total I/O lending)
2
18
6
2
43
22
6
63
29
8
<=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
1
(% of total I/O loans)
1 Based on outstanding balance. Excludes line of credit loans and I/O loans without date (majority construction loans). 2 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 Cotality. 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.
MORTGAGE CREDIT QUALITY
I/O portfolio $66bn (12% of portfolio)
at 31 March 2026
Applicant gross income bands
0.4

AUSTRALIAN CONSUMER FINANCE
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack75
Australian consumer finance portfolio ($bn)
Mar-25Sep-25Mar-26
Lending ($bn)
8.58.48.4
As a % of Group loans
1.01.00.9
30+ day delinquencies

(%)
2.552.182.22
90+ day delinquencies

(%)
1.301.131.09
Australian consumer finance portfolio
6.4
2.1
8.5
6.4
2.0
8.4
6.5
1.9
8.4
Credit cardsPersonal loansTotal consumer finance
Mar-25Sep-25Mar-26
Credit card accounts paying minimum repayment (%)
1
4.2
4.2
4.0
4.1
3.9
3.9
3.6
3.6
Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25Mar-26
1 Minimum repayment over at least six consecutive months. Minimum repayment defined as <=5% of each months statement cycle balance.
CREDIT QUALITY
Australian consumer finance 90+ delinquencies (%)
0.59
2.79
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25Mar-26
Credit cardsPersonal loans

46.4%
19.4%
23.6%
7.5%
3.1%
0<=6060<=7070<=8080<=9090+
Mortgage portfolioSep-25Mar-26
Total portfolio (NZ$bn)
1
71.373.3
Owner occupied (%)
74.374.3
Investment property
loans (IPL) (%)
25.725.7
Broker introduced (%)
56.758.0
Proprietary channel (%)
43.342.0
Fixed/ variable split (%)
88/1289/11
Interest only (I/O) (%)
14.714.5
Loan to Value
Ratio (LVR) 80<=90
7.27.5
LVR >90%
3.03.1
Mortgage 90+ day delinquencies
(%)
0.460.50
Mortgage 30+ day delinquencies
(%)
0.880.95
Unsecured consumer portfolio
(NZ$bn)
2
1.21.2
NEW ZEALAND CREDIT QUALITY
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack76
Mortgage
90+ day delinquencies
3
(%)
Unsecured consumer
90+ day delinquencies
3
(%)
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.
Mortgage portfolio LVR
4
(% of portfolio)
Business stressed exposures to
business TCE (%)
NEW ZEALAND CREDIT QUALITY
89% of mortgage portfolio has
an LVR less than 80%
0.2
0.2
0.1
0.3
0.2
0.2
2.0
1.7
1.7
2.4
2.2
2.0
Mar-25Sep-25Mar-26
Watchlist &
substandard
Non-performing,
not impaired
Impaired
0.50
0.0
0.2
0.4
0.6
0.8
1.0
Mar-18Mar-20Mar-22Mar-24Mar-26
0.87
0.0
1.0
2.0
3.0
Mar-18Mar-20Mar-22Mar-24Mar-26

CAPITAL, FUNDING
AND LIQUIDITY

12.53
74
3
1712.42
(57)
(21)
(27)
Sep-25Net profit2H25
dividend
RWAIRRBBOtherOperational risk
overlay removal
Mar-26
CET1 CAPITAL RATIO 12.42%
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack78
Level 2 CET1 capital ratio movements (%, bps)
Key capital ratios (%)
Mar-
25
Sep-
25
Mar-
26
Level 2 CET1
capital ratio
12.212.512.4
Additional Tier 1
capital ratio
2.31.91.9
Tier 1 capital ratio14.514.414.3
Tier 2 capital ratio7.17.27.2
Total regulatory
capital ratio
21.621.721.5
Risk weighted assets
(RWA)

($bn)
449450458
Leverage ratio 5.25.15.0
Level 1 CET1 capital ratio12.512.712.8
Internationally comparable ratios
2
CET1 capital ratio
(internationally comparable)
18.218.319.4
Leverage ratio
(internationally comparable)
5.75.55.4
1 Capital deductions and other items including FX translation impacts. 2 Internationally comparable methodology references the Australian Banking Association (ABA) study on the comparability of APRA’s capital
framework and finalised reform released on 10 March 2023.
CAPITAL, FUNDING AND LIQUIDITY
1
Lending (40bps)
Data refinement 10bps
Credit quality & other 9bps

2.00
3.00
4.00
5.00
-$10b
-$5b
$0b
$5b
$10b
$15b
Mar-24Sep-24Mar-25Sep-25Mar-26
Embedded loss/(gain)3Y Swap Rate
Credit RWA up $2.6bn or 0.7%
449.5
450.0
14.7
9.8
0.6
458.3
(5.8)
(0.1)
(3.6)
(2.7)
(4.7)
Mar-25Sep-25Credit qualityLendingCounter-
party credit
and MTM
risk
Data
refinement
FX
translation
IRRBBOperational riskMarket
risk
Mar-26
RISK WEIGHTED ASSETS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack79
RWA ($bn)
1 Includes other assets, securitisation exposures in the banking book and settlement risk. 2 Mark to market.
CAPITAL, FUNDING AND LIQUIDITY
1
UP $8.3BN OR 1.8%
2
IRRBB RWA ($bn)
8
(1)
(3)
(4)
7
21
23
35
34
40
5
6
7
7
34
28
39
37
47
3.79
3.54
3.63
3.51
4.64
-4
-3
-2
-1
0
1
2
3
4
5
-10
0
10
20
30
40
50
60
70
Mar-24Sep-24Mar-25Sep-25Mar-26
Embedded loss/(gain)Repricing and yield curve risk
Optionality and basis risk3y Swap rate (in %)
Embedded loss/(gain) history
%
RWA $bn

INTERNATIONALLY COMPARABLE CAPITAL RATIO RECONCILIATION
1
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack80
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.
1 Internationally comparable methodology references the ABA study on the comparability of APRA’s capital framework and finalised reform released on 10 March 2023. 2 Internal ratings-based approach (IRB). 3 Reflects
a change to align the Non-Retail Loss Given Default (LGD) calculation for sovereign exposures with the Basel Committee on Banking Supervision (BCBS). Prior periods have not been restated.
CAPITAL, FUNDING AND LIQUIDITY
Westpac’s CET1 capital ratio (APRA basis)
12.4
Equity investmentsBalances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements
0.0
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
1.9
RWA scaling factorAPRA applies a scaling factor to all Advanced IRB
2
credit RWAs. The BCBS does not apply this scalar
1.0
Property financeAPRA applies an additional scaling factor to property finance RWA. The BCBS does not apply this scalar
0.4
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)
3

Non-retail LGD’s under the Foundation IRB (F-IRB) and Advanced IRB approaches differ from the BCBS
0.2
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
0.5
Internationally comparable CET1 capital ratio
19.4
Internationally comparable Tier 1 capital ratio
22.0
Internationally comparable total regulatory capital ratio
32.2

WELL PLACED ON INTERNATIONALLY COMPARABLE
1
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack81
Common equity tier 1 ratio (%)
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 2025, except for Royal Bank of Canada, Bank of Montreal, CIBC, Toronto Dominion Bank, Scotiabank which are at 31 January 2026 and Westpac, National Australia Bank and ANZ which are at 31 March 2026. 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.
Leverage ratio (%)
CAPITAL, FUNDING AND LIQUIDITY
Rabobank
Credit Mutuel
Danske Bank
Westpac
, 19.36%
La Banque Postale
Nationwide
ANZ
DZ Bank
CBA
Credit Agricole
Norinchukin Bank
Nordea
NABDBS
OCBC
BPCE
HSBC
Unicredit
Goldman Sachs
Morgan Stanley
NatWest
Deutsche Bank
Commerzbank
UBS
Standard CharteredChina Construction Bank
Lloyds
Toronto Dominion Bank
Barclays
Capital One Financial Corp
Intesa Sanpaolo
China Merchants Bank
JPMorgan Chase
Societe Generale
Banco Santander
Mitsubishi UFJ
Mizuho FG
ING Group
Royal Bank of Canada
ICBC
BBVA
CIBC
Scotiabank
CaixBank
CitigroupBank of Montreal
Sumitomo Mitsui
0%
5%
10%
15%
20%
Norinchukin Bank
China Merchants Bank
La Banque Postale
Rabobank
Credit Mutuel
China Construction Bank
ICBC
Bank of China
Bank of Communications
OCBC
DZ Bank
BBVA
Agricultural Bank of China
Intesa Sanpaolo
State Bank of India
DBS
CaixBank
Nordea
UBS
Unicredit
HSBC
Lloyds
Mitsubishi UFJ
Westpac
, 5.40%
Nationwide
Sumitomo Mitsui
Barclays
BPCE
NatWest
CBA
Banco Santander
Danske Bank
ANZ
Mizuho FG
Standard Chartered
Deutsche Bank
ING Group
Societe Generale
Toronto Dominion Bank
BNP Paribas
Scotiabank
Royal Bank of Canada
Bank of Montreal
0%
2%
4%
6%
8%

REGULATORY CAPITAL CHANGES
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack82
This page contains ‘forward looking statements’. Please refer to the disclaimer on page 125.
CAPITAL, FUNDING AND LIQUIDITY
ImplementationChangeDetails
Expected impact on the
Group’s Total Capital
1 Jan 2027
Additional Tier 1 capital
and leverage ratio
•AT1 capital instruments will be phased out. Refer slide 83 for more details
•APRA has confirmed that the leverage ratio will be calculated based on CET1 capital rather than
Tier 1 capital and that the minimum leverage ratio requirement will decrease from 3.50% to
3.25%
•Additionally, APRA has confirmed changes to the large exposures and related entity limits,
which will see these calculations based on CET1 capital rather than Tier 1 capital
Phased
implementation
from 1 Oct 2026
RBNZ capital review
•The RBNZ announced changes following its review of key capital settings, including removal of
AT1 capital instruments, a CET1 requirement of 12% and total capital of 15% (of which up to 3%
can consist of Tier 2 capital to be issued to the Australian parent). This compares to a CET1
requirement of 13.5% and total capital of 18% previously
•Additionally, there is a new 6% LAC requirement which may be eligible to be met with Tier 2
capital, all issued internally to the Australian parent. The RBNZ intends to consult during 2026
on the new Tier 2 and LAC instrument design and related implementation timelines
•The RBNZ also announced more granular and lower standardised risk weights for certain asset
classes will apply from 1 October 2026.
Commencing in
2026
Enhancements to bank
capital and liquidity
frameworks
•On 16 March 2026, APRA announced that it will consult on reforms to bank capital and liquidity
settings
•The consultation will be run in three workstreams focusing on credit risk capital, liquidity risk and
market risk. The market risk stream will include implementation of a simplified version of the
Basel Committee’s Fundamental Review of the Trading Book standard
•APRA is expected to release a consultation paper with respect to the credit risk capital
workstream in the first half of the 2026 calendar year, with industry engagement and
consultation for the liquidity and market risk workstreams to continue into 2027

APRA PHASING OUT AT1 CAPITAL INSTRUMENTS
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack83
Changes to capital
1
•In December 2025 APRA finalised the changes to prudential standards to
phase out AT1 capital
•Effective 1 January 2027:
–The 1.5% of AT1 capital requirement will be replaced with 1.25% of Tier
2 capital and 0.25% of CET1 capital
–Existing AT1 capital instruments will be eligible to be included in Total
Capital until their first optional call date (Westpac AT1 capital
instruments would reach their first optional call dates by 2031 at the
latest)
–The total CET1 requirement, including regulatory buffers, will increase
from 10.25% to 10.50%. There is no change to the Total Capital
requirement of 18.25%
Total capital (%)
10.25
10.50
12.42
1.50
1.86
6.50
7.75
7.22
18.2518.25
21.50
Current requirementsRequirements from
1 Jan 27
Westpac as at
31 Mar 26
CET1AT1Tier 2
Additional Tier 1 and Tier 2 Maturity Profile
1
(Notional Amount, A$bn)
This pagecontains‘forward lookingstatements’. Please refer to the disclaimer on page 125.
1 Includes Westpac New Zealand Limited (WNZL). WNZL Tier 2 does not count for APRA Tier 2 or LAC requirements. WNZL AT1 also does not count for APRA AT1 requirements. Represents A$ equivalent notional amount using spot FX
translation at 31 March 2026 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 the call date, adjusted for any capital amortisation. Any early redemption of capital securities would be subject to the prior written approval from APRA, which may or may not be provided.
CAPITAL, FUNDING AND LIQUIDITY
3.5
1.5
2.1
1.8
1.7
3.4
1.8
5.4
1.8
2.7
3.1
1.8
11.9
FY26FY27FY28FY29FY30FY31FY32FY33>FY33
Additional Tier 1Tier 2
CET1 operating
target >11.25%

51
38
5
3
2
2
USD
AUD
EUR
NZD
JPY
SGD
78
22
Callable
Bullet
TIER 2 CAPITAL AND LAC
84
Loss-absorbing capacity (LAC) (% of RWA)Tier 2 capital outstanding
1,3
(%)
1 Includes WNZL. WNZL Tier 2 does not count for APRA Tier 2 or LAC requirements. 2 Represents A$ equivalent notional amount using spot FX translation at date of issue. 3 Represents A$ equivalent notional amount
using spot FX translation at 31 March 2026 for capital outstanding.
CAPITAL, FUNDING AND LIQUIDITY
By format

(notional amount)
By currency (notional amount)
7.2
2.0
4.5
6.5
Westpac as at
31 Mar 2026
APRA
requirements
Tier 2LAC
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
FY20FY21FY22FY23FY24FY25FY26
AUDUSDOther
Tier 2 capital issuance by currency
1,2
($bn)
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack

62
67
6868
8
7
7
7
1.4
0.6
0.5
0.6
10
10
9
8
4
4
4
4
9
7
8
9
5
4
44
Mar-19Mar-25Sep-25Mar-26
FUNDING COMPOSITION
Westpac Group 2026 Interim Results Presentation & Investor Discussion Pack85
Funding by residual maturity (%)NSFR (%)
Customer deposits and net loans ($bn)
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.
CAPITAL, FUNDING AND LIQUIDITY
Wholesale offshore >1yr
Wholesale onshore <1yr
1
Wholesale onshore >1yr
Wholesale offshore <1yr
1
Securitisation
Equity
2
Customer deposits
Customer deposits
Net loans
Customer deposits to net loans ratio (%)
Customer deposits
73% of total funding
(excluding equity)
3
•Growth in stable funding sources
•Customer deposits 68% of total funding, up 1% since March 2025
•Additional 20% from stable sources of long-term wholesale and equity
512
697
723
745
714
825
852
886
71.6
84.5
84.9
84.2
Mar-19Mar-25Sep-25Mar-26
113
112
(0.0)
2.0
1.3
(0.7)
(3.7)
Sep-25CapitalRetail/
SME
Deposits
Wholesale
funding
Liquids
and
other
LoansMar-26