Australia and New Zealand Banking Group Ltd. - Annual Report 2025

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20 November 2025

Market Announcements Office ASX Limited Exchange Place Level 27 39 Martin Place SYDNEY NSW 2000

Australia and New Zealand Banking Group Limited (“ANZBGL”) - Annual Financial Report submission under the Disclosure and Transparency Rules of the United Kingdom Financial Conduct Authority (“UK DTR Submission”)

The attached UK DTR Submission will be lodged by ANZBGL with the London Stock Exchange (“LSE”) today. This UK DTR Submission has been prepared by ANZBGL in order to comply with the applicable periodic reporting requirements of DTR 4 of the Disclosure and Transparency Rules of the United Kingdom Financial Conduct Authority in connection with certain debt securities issued by ANZBGL. For completeness, in addition to lodgement with the LSE, ANZBGL is lodging this UK DTR Submission with applicable exchanges, including the Australian Securities Exchange today.

It has been approved for distribution by ANZBGL’s Board of Directors.

Yours faithfully

Simon Pordage Company Secretary

Australia and New Zealand Banking Group Limited

Australia and New Zealand Banking Group Limited 9/833 Collins Street Docklands Victoria 3008 Australia ABN 11 005 357 522

20 November 2025

DISCLOSURE AND TRANSPARENCY RULES – ANNUAL FINANCIAL REPORT SUBMISSION

Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (“ANZBGL”) together with its subsidiaries (“ANZBGL Group” or the “Group”) – Annual Financial Report submission under the Disclosure and Transparency Rules (“DTR”) of the United Kingdom Financial Conduct Authority

The following attached documents constitute ANZBGL’s 2025 Annual Financial Report for the purposes of the disclosure requirements of DTR 4.1:

ANZBGL’s 2025 Annual Report for the year ended 30 September 2025;
A description of the principal risks and uncertainties for the Group provided in accordance with DTR 4.1.8 (2); and
A responsibility statement of the Directors of ANZBGL provided in accordance with DTR 4.1.12 (3)(b).

Australia and New Zealand Banking Group Limited

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2025 Annual Report

Overview

Our 2025 reporting suite

Operating environment

Our operating environment 2 Our ambition and strategy 4 About our business 6 Governance Directors 8 Risk management 12 Performance overview 18 Remuneration report 32 Directors’ report 72 Financial report 75 Glossary 211

Operating environment

Directors’ report

Performance overview

Remuneration report

Financial Glossary report

Governance

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Overview
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Our 2025 reporting suite

Annual Report structure

Australia and New Zealand Banking Group Limited ABN 11 005 357 522

2025 ANZBGL Annual Report anz.com/annualreport

2025 Basel III Pillar 3 Disclosure anz.com/results

The various elements of the Directors’ Report, including the Operating and Financial Review, are covered on pages 1 to 31. Commentary on our performance overview contained on pages 18 to 31 references information reported in the Financial Report pages 75 to 210.

The Remuneration Report on pages 32 to 71 and the Financial Report on pages 75 to 210 have been audited by KPMG.

This report covers all ANZBGL operations worldwide over which, unless otherwise stated, we had control for the financial year 1 October 2024 to 30 September 2025. Monetary amounts in this document are reported in Australian dollars, unless otherwise stated.

2025 United Kingdom Disclosure and Transparency Rules Submission (when released) anz.com/results

ANZ Group Holdings Limited ABN 16 659 510 791

2025 Full Year Results Announcement anz.com/results

2025 ANZGHL Annual Report anz.com/annualreport

2025 Corporate Governance Statement anz.com/corporategovernance

2025 Climate Report anz.com/esgreport

2025 ESG Report anz.com/esgreport

Disclaimer & important notices

The material in this report contains general background information about the Group’s activities current as at 7 November 2025. It is information given in summary form and does not purport to be complete. It is not intended to be and should not be relied upon as advice to investors or potential investors, and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

Forward-looking statements

This report may contain forward-looking statements or opinions including statements regarding our intent, belief or current expectations with respect to the Group’s business operations, market conditions, results of operations and financial condition, capital adequacy, specific provisions and risk management practices. Those matters are subject to risks and uncertainties that could cause the actual results and financial position of the Group to differ materially from the information presented herein. When used in the report, the words ‘forecast’, ‘estimate’, ‘goal’, ‘indicator’, ‘plan’, ‘ambition’, ‘modelling’, ‘project’, ‘intend’, ‘anticipate’, ‘believe’, ‘expect’, ‘may’, ‘probability’, ‘risk’, ‘will’, ‘seek’, ‘would’, ‘could’, ‘should’ and similar expressions, as they relate to the Group and its management, are intended to identify forward-looking statements or opinions.

Those statements are usually predictive in character; or may be affected by inaccurate assumptions or unknown risks and uncertainties or may differ materially from results ultimately achieved. As such, these statements should not be relied upon when making investment decisions.

There can be no assurance that actual outcomes will not differ materially from any forward-looking statements or opinions contained herein. Also see the Risk management section on pages 12 to 17 in relation to risks that may affect forward-looking statements or opinions, and the `Key Judgements and Estimates’ identified in various places in the Annual Report.

The forward-looking statements or opinions only speak as at 7 November 2025 and no representation is made as to their correctness on or after this date. No member of the Group undertakes to publicly release the result of any revisions to these statements to reflect events or circumstances after this date to reflect the occurrence of unanticipated events.

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2 Australia and New Zealand Banking Group Limited 2025 Annual Report
Our operating
environment
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Global growth has slowed only marginally this year and Asia remains the fastest growing region.

In some cases borrowers are using lower interest rates to improve balance sheets further, rather than borrowing more to spend or invest.

Global growth has slowed marginally from 3.3% in 2024. The 3.2% we currently expect for 2025 would be the weakest growth since 2020's pandemicdominated decline but is still well above the 1% growth broadly accepted as the benchmark for global recession.

The United States economy has slowed most noticeably, although New Zealand and parts of Asia have also seen weaker activity. Europe and some other economies, including Australia, have been able to grow more quickly despite this backdrop, at least partly because of the beneficial influence of lower interest rates.

Growth in China has been broadly stable despite the significance of its trading relationship with the United States. China's export dependency has declined in recent years, which has provided some insulation from tariffs. But China is still a productionintensive economy, only some of which is consumed domestically.

The only-marginal global slowdown has supported the redirection of China's exports to markets away from the United States, which has kept GDP growth on an even keel. But consumer prices have been flat since 2023, suggesting productive capacity has grown more quickly than demand.

Economic outlook

The imposition of tariffs by the United States has interrupted patterns of trade and raised uncertainty. But tariffs are also adding to the supply-side constraints that were already a challenge. Geopolitical realignments, stronger defence spending, and the rebirth of industry policy in advanced economies have put pressure on productivity.

Interest rate reductions are, consequently, likely to be gradual and sporadic. Economic growth is below trend in many jurisdictions. Bond markets are likely to remain alert to fiscal slippage, including in the United States.

Private sector balance sheets, in general, are in solid shape, which limits the risk of a sharper slowdown in growth. In some cases borrowers are using lower interest rates to improve balance sheets further, rather than borrowing more to spend or invest.

China is facing slower credit growth and adjusting to softer structural drivers of demand. An ageing demographic suggests a shift in the mix of activity over time, including in the commodity sector. India, however, remains the world's fastest growing large economy and the remainder of Asia is growing faster than the global average.

Glossary

Overview

Operating Governance environment

Performance overview

Remuneration report

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Directors’ Financial
report report
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Monetary policy rates

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GDP growth
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5.1
4.8
4.6
3.75 3.75
3.60
3.4 3.5 3.50 3.35
3.2 3.2 3.3 [3.4] 3.25
3.00
2.8
2.6
2.5 2.4 2.25
1.8 1.7 1.9 1.8 1.75
1.00
0.50
0.3
Global US China Asia Australia New US Euro area UK Australia New Japan
(Mainland) (ex-Mainland Zealand Zealand
China & India)
2025 [f] 2026 [f] 2027 [f] 2025 [f] 2026 [f] 2027 []
Source: Bloomberg, Macrobond, IMF, ANZ Research as at October 2025Bloomberg, Macrobond, IMF, ANZ Research as at October 2025 Source: Bloomberg, ANZ Research as at October 2025
ANZ Research forecasts are to end of year, except 2027,
which is to June 2027.
= forecast f = forecast
Australian household balance sheet China trade shares
17
4.0
16
3.5
15
3.0
14
2.5
13
2.0
12
1.5
11
1.0
10
0.5
9
0.0
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26 8
00 02 04 06 08 10 12 14 16 18 20 22 24 26
Total household liabilities
Current financial assets (total assets less property and super) Total trade: ASEAN Total trade: EU Total trade: US
Source: ABS, Bloomberg, Macrobond, ANZ ResearchABS, Bloomberg, Macrobond, ANZ Research Source: GAC, Bloomberg, Macrobond, ANZ Research
%
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Source: Bloomberg, Macrobond, IMF, ANZ Research as at October 2025Bloomberg, Macrobond, IMF, ANZ Research as at October 2025

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f = forecast
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Australian household balance sheet

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4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26
Total household liabilities
Current financial assets (total assets less property and super)
AUD, tm
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Source: ABS, Bloomberg, Macrobond, ANZ ResearchABS, Bloomberg, Macrobond, ANZ Research

Our ambition is for ANZ to unlock our potential to win the preference of customers, shareholders and the community.

Operating environment

Directors’ report

Performance overview

Remuneration report

Financial report

Overview

Governance

Glossary

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Our strategy is focused on the four strategic pillars:

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Customer first

Simplicity

Resilience

With market leading, differentiated and superior propositions, we will raise the standard of every digital and human interaction for our customers.

Leading the industry in trust, safety and risk management, we will adhere to the highest standards of non-financial risk management and strengthen end-to-end accountability across the bank.

To set the market standard for productivity, we will deliver organisational simplification, divest non-core assets and improve efficiency.

Delivering on this vision

In delivering these priorities, we are supported by our core enablers:

Culture People Technology

Measuring success under ANZ 2030 Strategy

We will measure our progress with a set of key metrics aligned with our strategic pillars.

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Pillar Key performance indicator
Customer first Strategic Net Promoter Score "(NPS)", [1]
Net Main Financial Institution "(MFI)" customer growth in
Retail and Commercial, [2]
Relationship strength position for Institutional, [3]
Simplicity Cost to Income "(CTI)" ratio, %
Deliver Gross cost savings in FY26
Suncorp Bank cost synergies
Resilience NFR remediation progress
Common Equity Tier 1 "(CET1)" Capital Ratio
Delivering value Return on Tangible Equity "(ROTE)", %
Revenue / Risk-weighted assets, %
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Delivering value

To sustainably improve our financial performance, we will create lasting value by delivering higher returning growth and results that matter for our stakeholders.

Separate for Australia Retail, Australia Commercial, New Zealand Personal & New Zealand Business. 2. For Australia Retail and Commercial MFI relationships are based on who consumers perceive to be their main bank. New Zealand Retail MFI definition: customers with income greater than or equal to $1000 in a month or customers with deposits greater than or equal to $2000 in the month or customers with POS transactions in at least 8 different merchants in a month. NZ Business MFI definition: More than 5 POS transactions or at least 10 customer-initiated transactions. 3. Coalition Greenwich Large Corporate Relationship Banking survey (Australia, New Zealand) and Coalition Greenwich Voice of Client Asian Corporate Banking Study.

6 Australia and New Zealand Banking Group Limited 2025 Annual Report

About our business

We operate across a diverse business structure

We have a combination of two scale markets in Australia and New Zealand, two market-leading positions, in Institutional and New Zealand, and a well-diversified business model which includes Asia.

Well executed, this combination is more powerful than a single market or single segment concentration.

We have the right strategic perimeter, and we are banking the right customer segments in the right geographies.

Our Business Model

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Australia Retail

Banking products and services provided to Australian consumers including home loans, deposits, credit cards and personal loans.

Australia Commercial

Banking products and services provided to small-to-medium enterprises, large commercial customers and high-net-worth individuals and family groups in Australia.

Institutional

Services to institutional and corporate clients, including governments, via Transaction Banking, Corporate Finance and Markets business units.

Suncorp Bank

Banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in Australia.

New Zealand

Banking products and services provided to New Zealand customers through Personal, Business and Agribusiness units.

Pacific

Banking products and services provided to retail and commercial customers, and to governments located in the Pacific region.

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Group Centre

Supporting functions including technology, property, risk management, financial management, treasury, human resources, corporate affairs, and shareholder functions. It also includes minority investments in Asia.

Overview

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Operating
Governance
environment
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Performance overview

Remuneration report

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Directors’ Financial
Glossary
report report
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40 years in Germany

The European Union is one of the largest economies in the world, and ANZ’s presence in Frankfurt places us at the centre of this dynamic region.

Since receiving our German banking licence in 1985, ANZ has grown into a trusted partner for some of Germany and Switzerland’s largest multinational companies.

With deep institutional banking expertise, our team are well-positioned to help clients capitalise on the evolving opportunities in Europe – from energy transition to industrial transformation.

Our team’s focus is clear: to support clients with trade and investment flows across Europe, Australia, New Zealand and Asia Pacific.

Our international presence and profit composition by geography[1]

Rest of the world $840 million Australia $2,933 million New Zealand $2,158 million

Rest of the world

Asia Pacific Europe Middle East China The Philippines Cook Islands Solomon Islands France United Arab Hong Kong Singapore Fiji Timor–Leste Germany Emirates (Dubai) India South Korea Kiribati Tonga United Kingdom Indonesia Taiwan Papua New Guinea Vanuatu United States Japan Thailand Samoa of America Laos Vietnam Malaysia

On a cash profit basis. Excludes non-core items included in statutory profit. It is provided to assist readers in understanding the result of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page 20.

8 Australia and New Zealand Banking Group Limited 2025 Annual Report

Directors

As at the date of this report, there are ten members on the Board of Directors of ANZBGL. Their names, positions within ANZBGL and relevant other directorships are described below.

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Nuno Matos joined the Board as Chief Executive Officer and Executive Director on 12 May 2025. Shayne Elliott, who had served in that role since 2016, retired on 11 May 2025.

Alison Gerry joined the Board on 9 May 2025 as an Independent Non-Executive Director. Jane Halton, AO PSM ceased as an Independent Non-Executive Director on 31 March 2025, having served on the Board since 2016.

Paul O’Sullivan

Chairman, Independent Non-Executive Director since November 2019

Relevant former directorships held in last three years include

Relevant other directorships

Chairman: ANZGHL (from 2022), Western Sydney Airport Corporation (from 2017) and St Vincent’s Health Australia (from 2025, Director from 2019).

Former Chairman: Singtel Optus Pty Limited (2014-2025, Director from 2004) and Norfina Limited (Suncorp Bank) (2025-2025, Director from 2025). Former Director: Indara Digital Infrastructure (formerly Australian Tower Network Pty Ltd) (2021-2023).

Nuno Matos

Chief Executive Officer and Executive Director since May 2025

Relevant other directorships

Director: ANZGHL (from 2025) and the Financial Markets Foundation for Children (from 2025).

Operating Governance environment

Directors’ report

Performance overview

Remuneration report

Financial report

Overview

Glossary

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John Cincotta

Independent Non-Executive Director since February 2024

Relevant other directorships

Director: Norfina Limited (Suncorp Bank) (from 2024) and ASX Clearing and Settlement Boards (from 2025).

Alison Gerry

Independent Non-Executive Director since May 2025

Relevant other directorships

Chairman: Infratil Limited (from 2022, Director from 2014).

Director: ANZGHL (from 2025) and Air New Zealand Limited (from 2021).

Richard Gibb

Independent Non-Executive Director since February 2024

Relevant other directorships

Chairman: Norfina Limited (Suncorp Bank) (from 2025, Director from 2025). Director: ANZGHL (from 2024) and Austal Limited (from 2025).

Relevant former directorships held in last three years include

Former Director: Barrenjoey Capital Partners Group Holdings Pty Limited (2020-2024).

Relevant former directorships held in last three years include

Former Chairman: Sharesies Group Limited (2020-2025).

Former Director: ANZ Bank New Zealand Limited (2019-2025).

Relevant former directorships held in last three years include

Former Director: Credit Suisse (Australia) Limited (2019-2024).

Senior Advisor: Privatus Capital Partners (from 2024).

10 Australia and New Zealand Banking Group Limited 2025 Annual Report

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Graham Hodges

Non-Executive Director since February 2023

Relevant other directorships

Chairman: Regis Healthcare Limited (Director from 2017, Chairman from 2018). Director: Assemble Communities (from 2017).

Holly Kramer

Independent Non-Executive Director since August 2023

Relevant other directorships

Chairman: McKinnon (from 2024).

President: Commonwealth Remuneration Tribunal (from 2024).

Director: ANZGHL (from 2023) and Fonterra Co-operative Group Limited (from 2020).

Member: Board Advisory Group, Bain & Company (from 2021). Senior Advisor: Pollination (from 2023).

Christine O’Reilly

Independent Non-Executive Director since November 2021

Relevant other directorships

Chairman: Australia Pacific Airports Corporation (from 2024).

Director: ANZGHL (from 2022), Norfina Limited (Suncorp Bank) (from 2024), BHP Group Limited (from 2020) and Infrastructure Victoria (from 2023).

Relevant former directorships

held in last three years include

Former Director: Abacus Group Holdings (2018-2022), Endeavour Group Limited (2021-2023) and Woolworths Group Limited (2016-2025).

Former Pro Chancellor: Western Sydney University (2018-2024).

Relevant former directorships held in last three years include

Former Director: The Baker Heart & Diabetes Institute (2013-2023) and Stockland (2018-2024).

Operating Governance environment

Directors’ report

Performance overview

Remuneration report

Financial report

Overview

Glossary

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Jeff Smith

Independent Non-Executive Director since August 2022

Relevant other directorships

Director: ANZGHL (from 2022), ANZ Group Services Pty Ltd (from 2022), Sonrai Security Inc (from 2021) and Pexa Australia Limited (from 2023). Advisor: World Fuel Services (from 2023).

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Scott St John

Independent Non-Executive Director since March 2024

Relevant other directorships

Chairman: ANZ Bank New Zealand Limited (from 2024, Director from 2021) and Mercury NZ Limited (from 2024, Director from 2017).

Director: ANZGHL (from 2024) and the NEXT Foundation (from 2017).

Relevant former directorships held in last three years include

Former Chairman: Fisher & Paykel Healthcare Corporation Limited (20202024, Director from 2015).

Former Director: Fonterra Co-operative Group Limited (2016-2024).

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Australia and New Zealand Banking Group Limited 2025 Annual Report

Risk management

At ANZ, risk management is a foundational pillar that enables us to deliver on our purpose: to shape a world where people and communities thrive. In an increasingly complex and dynamic environment, we recognise that our ability to identify, assess, and manage risk is critical to delivering on customer commitments, maintaining trust, protecting our stakeholders, and achieving sustainable growth.

In April 2025, ANZ confirmed it had entered into a court enforceable undertaking (CEU) with the Australian Prudential Regulation Authority (APRA) for matters relating to Non-financial risk management practices and risk culture across the Group.

On 30 September 2025, ANZ submitted its Root Cause Remediation Plan (RCRP) to APRA as required by the CEU.

We acknowledge that our risk culture and management of non-financial risk is not where it needs to be nor what our regulators legitimately expect from us. We are committed to addressing that and making a sustainable step-change in risk culture and non-financial risk management, supported by strong execution disciplines, creating a more resilient, stronger ANZ for our customers, our shareholders, our people, and the communities we operate in.

Our Risk Management Framework (RMF)

Aligned with APRA’s CPS 220 standard, our Risk Management Framework (RMF) is designed to support ANZ’s strategic objectives. It is acknowledged that the risk management framework will be updated and strengthened, including to better reflect the importance of non-financial risks as part of the RCRP.

procedures. It also details how risks are identified, measured, evaluated, monitored, reported, and controlled or mitigated, along with the oversight mechanisms and committees in place.

The Board is ultimately responsible for establishing and overseeing the ANZ Group’s RMF which is supported by the Group’s underlying systems, structures, policies, procedures, processes and people. These help identify, monitor and manage our material risks. We categorise these material risks as financial, nonfinancial and strategic risks. Further detail on how ANZ manages financial risk is provided in Note 17 of the Financial Report.

The Risk Appetite Statement (RAS), articulates the maximum level of risk the Group is willing to accept in pursuing its strategic objectives and its operating plans considering its shareholders’, depositors’ and customers’ interests.

The Board has delegated authority to the Board Risk Committee (BRC) to develop and monitor compliance with the Group’s risk management policies. The Committee reports regularly to the Board on its activities. The key pillars of our Group RMF include:

The Group Strategic Planning Process outlines the approach to implementing ANZ Group’s strategic objectives, considering the Material Risks the Bank might have to navigate to achieve its goals.
The Risk Management Strategy (RMS) outlines how risk management supports the Group’s purpose and strategy, the responsibilities of the Group Chief Risk Officer and the risk function, and the values and behaviours that guide risk decisionmaking. The RMS describes each material risk and how it is managed, including policies, standards, and

The governance and oversight of risk management, while embedded in day-to-day activities, is also the focus of committees and regular forums across the bank (see diagram next page). The committees and forums discuss and monitor known and emerging risks, review management plans and monitor progress to address known issues.

Directors’ report

Remuneration report

Overview

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Operating
Governance
environment
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Performance
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overview
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Financial
Glossary 13
report
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Board of Directors

Audit Committee

Risk Committee

Digital Business and Technology Committee

Nomination and Board Operations Committee

People & Culture Committee

Executive Committee

ANZ’s most senior executives meet regularly to discuss performance and review shared initiatives.

Enterprise Accountability Group

Key Management Committees

Credit and Market Risk Committee

Group Asset Operational and Liability Risk Executive Committee Committee

Climate & Environment Committee

Investment Committee

Group Executive People Committee

Credit Ratings System Oversight Committee

Capital and Stress Testing Oversight Committee

Divisional Risk Management Committees

Country Assets and Liability Committees

Regional or Country Risk Management Committees

Divisional Divisional/ Initiatives Review Functional Committees/ Accountability Project Advisory Groups Councils

Risk management is operationalised using the Three Lines-of-Defence Model. Each line of defence has defined roles, responsibilities and escalation paths to support risk management at ANZ.

The first line of defence, comprising business and enablement functions, manages day-to-day risks and controls.

The second line, the Risk function, provides independent oversight and challenges decisions affecting the Group’s risk profile. Internal Audit, the third line, offers independent evaluation and assurance on the effectiveness of the Group’s RMF.

Suncorp Bank currently operates an independent RMF. Suncorp Bank’s Risk Management Framework (RMF) will be retired and will be transitioned to the ANZ RMF once migration is complete.

14 Australia and New Zealand Banking Group Limited 2025 Annual Report

Our risk culture

Risk culture is an important part of our organisational culture, influencing decision-making through shared values, behaviours, and practices. Our Risk Principles form an important part of the RMF by guiding risk management and fostering an appropriate risk culture across the Group.

Despite our strong focus on risk culture there is still a requirement for further improvement. Our expectations for continuous improvement in risk culture have not been met in key businesses across the Group. ANZ has committed under the RCRP to reviewing and strengthening our approach to risk culture, to support the Group to meet the evolving expectations of our customers our shareholders, the community and regulators.

Risk culture is driven across the Group through completion of risk culture plans, awareness activities and delivery of the Group wide non-financial risk framework. Divisional and Functional level maturity assessments assist the Board to form a view of ANZ’s overall risk culture annually.

Risk culture is embedded in performance and remuneration (see the Remuneration Report), and recognition programs such as Risk Role Models.

External Environment

The Groups’ financial performance is closely linked to the political, economic and financial conditions in the markets and regions in which ANZ, its customers and its counterparties carry on business. The current external environment is shaped by significant global events, particularly geopolitical conditions that impact economic stability, regulatory environments and financial markets.

Geopolitics

ANZ faces a more complex, dynamic, and challenging geopolitical environment across its 29 markets. Sweeping and uncertain US trade policies have upended trade norms, and triggered market volatility. Meanwhile, intensifying US– China rivalry is driving economic security concerns and accelerating supply chain decoupling – particularly in technology, critical minerals, and advanced

manufacturing. Conflicts in the Middle East and Ukraine persist and continue to pose escalation risks. But despite facing the highest geopolitical risk in decades, supply chains have proven surprisingly agile, and the international system continues to show resilience in managing risk events.

ANZ was the first major Australian bank to establish a dedicated Geopolitical Risk function and continues to build upon this to manage compounding and evolving geopolitical risks. To support our business, Geopolitical Risk has increased the pace of assessments and advice this year. This includes more briefings to clients and expanded engagement across the bank to uplift geopolitical understanding. The team continues to provide quarterly updates to key senior risk committees, works closely with Country Risk and in-country teams to monitor regional flashpoints, and coordinates with the ANZ Fusion Cell, an internal group that manages crisis response, by providing timely, relevant strategic assessments and consolidating internal communication of existing risks.

Scams

ANZ continues to invest in measures to protect customers and the community from scams and other financial crimes. In 2025, ANZ prevented and recovered more than $220 million[1] in scam and fraud related funds.

Our latest measures for ANZ customers (Classic and Plus) include the launch of Digital Padlock and Confirmation of Payee. Digital Padlock gives ANZ customers the ability to instantly lock down access to their accounts if they suspect they are being targeted by cybercriminals. Confirmation of Payee empowers customers to verify the payee details, by confirming whether the account name matches the details held by the receiving bank.

ANZ also partnered with other major banks to develop the world’s first interbank fraud and scams intelligence-sharing network, BioCatch Trust. This provides ANZ with a real-time risk score of a receiving bank on the Trust network, enhancing our ability to detect complex scam typologies, while reducing friction for legitimate customers.

For ANZ Plus customers, we introduced the Call Safe feature, which helps

customers and service teams verify the identity of the person they are speaking to before discussing personal or sensitive information, or taking certain actions on their behalf.

Education was a continued focus. ANZ’s financial education program MoneyMinded established a customer referral pathway for repeat and entrenched scams victims to access a free scams financial education workshop. We published new content on ANZ’s security hub on anz.com to enhance customer understanding of common scam types and cyber threats, and we engaged customers through personalised scams education messages across our digital channels.

Technological Disruptions and Change

ANZ serves a diverse set of customers across retail, commercial, institutional, and financial sectors, delivering tailored digital channels and products in 29 markets. The financial landscape is rapidly evolving due to regulatory change, industry innovation, and shifting customer expectations, accompanied by increased technology and geopolitical risks. In response, ANZ prioritises operational resilience, customer protection and robust compliance. Our emphasis on meeting APRA’s CPS230 standard demonstrates ANZ’s internal resilience, and our leadership in payments industry collaboration on resilience reflects our commitment to maintaining payments network continuity and confidence. Operating within a complex environment dependent on technology; critical infrastructure; financial networks and vendors, ANZ continues to advance digitisation, automation and customer protections. Across Asia, our Transactive Global roll out has driven digital transformation, improved fraud detection and driven simplification whilst improving non-financial risk across the region. Across the Pacific we have improved customer access to digital and faster payments. In Australia and New Zealand we continue investment in uplifting anomaly detection, recoverability and resilience at the same time as delivering enhanced fraud and scam detection. Across all our solutions, we focus on resilience by design to anticipate and withstand disruptions, further strengthening our operational resilience.

includes ANZ Plus, ANZ Classic, ANZ Bank New Zealand and Suncorp Bank.

Operating Governance environment

Directors’ report

Performance overview

Remuneration report

Financial report

Overview

Glossary

Material risks

The material risks facing the Group, and how these risks are managed, are summarised below.

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||||
|---|---|---|
|Risk type|Description|Managing the risk|
|Capital|The risk of loss arising from the Group|We pursue an active approach to capital management,|
|adequacy|failing to maintain the level of capital|which is designed to protect the interests of depositors,|
|risk|required by prudential regulators and other|creditors and shareholders through ongoing review, and|
|key stakeholders (shareholders, debt|Board approval, of the level and composition of our capital|
|investors, depositors, rating agencies, etc.)|base against key policy objectives.|
|to support the Group’s consolidated|
|operations and risk appetite.|
|Credit risk|The risk of financial loss resulting from:|Our credit risk framework is top down, being defined|
|• a counterparty failing to fulfil its|by credit principles, policies and requirements. Credit|
|obligations; or|policies, requirements and procedures cover all|
|aspects of the credit life cycle from initial approval and|
|• a decrease in credit quality of a|
|risk grading, through to ongoing management and|
|counterparty resulting in a deterioration|
|of value.|problem debt management.|
|Liquidity and|The risk that the Group is unable to meet|The Group recognises the inherent liquidity and funding|
|funding risk|its payment obligations as they fall due,|risk in the balance sheet and has established a set of|
|including:|key principles, to mitigate and control liquidity and|
|• repaying depositors or maturing|funding risk.|
|wholesale debt; or|Our framework is top down, being defined by liquidity|
|• the Group having insufficient capacity|principles and policies. A liquidity limit framework is in|
|to fund increases in assets.|place with liquidity limits set based on a liquidity stress|
|testing framework.|
|Market risk|The risk stems from our trading and|We have a detailed market risk management and control|
|balance sheet activities and is the risk to|framework which includes incorporating an independent|
|the Group’s earnings arising from:|risk measurement approach to quantify the magnitude of|
|• changes in interest rates, foreign|market risk within the trading and balance sheet|
|exchange rates, credit spreads, volatility,|portfolios. This approach identifies the range of possible|
|correlations; or|outcomes, that can be expected over a given period of|
|time, and establishes the likelihood of those outcomes|
|• fluctuations in bond, commodity or|
|and allocates an appropriate amount of capital to support|
|equity prices.|
|these activities.|
|Strategic risk|The risk that ANZ may not achieve its key|ANZ’s strategic risk management is underpinned by a|
|strategic objectives due to ineffective|rolling three-year business plan, updated annually to|
|adaptation to changes in the operating|remain responsive to a changing environment. This plan|
|environment undermining the bank’s|is informed by structured analysis and reviewed by risk,|
|capacity to pivot or refine strategies in|Group Strategy and Executive Committee to ensure|
|response to evolving conditions.|alignment with ANZ’s risk appetite and long-term goals.|
|Regular reviews of strategic objectives and market|
|conditions support ongoing alignment and adaptability.|
|Insights from these processes are presented to the|
|Board to guide strategic decision-making.|

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16 Australia and New Zealand Banking Group Limited 2025 Annual Report

Risk type

Climate risk

Description

The financial and non-financial risks arising from climate change including:

Physical risk – arising from both longerterm changes in climate (chronic risk) as well as changes to the frequency and magnitude of extreme weather events (acute risk). Examples of chronic physical risk drivers include rising sea levels, rising average temperatures and ocean acidification. Examples of acute physical risk drivers include heatwaves, floods, bushfires and cyclones;

Managing the risk

We continue to integrate and embed climate risk within our Risk Management Framework

While climate risk can be a driver of credit risk through lending to our customers, it may also result in other financial risks.

Climate risks is also considered to be a driver of other material risks within our RMF.

Climate-related financial and non-financial risks are managed through the risk management strategies associated with these risks.

Transition risk – arising from the transition to a lower emissions economy, including changes in domestic and international policy and regulatory settings, technological innovation, social adaptation and market changes; or
Liability risk – in the form of potential litigation or regulatory action that may arise as a consequence of a failure to adequately consider or respond to the impacts of climate change (including physical and transition risks). This includes for example, the risk of greenwashing, which may arise where an entity is alleged to have misrepresented its climate-related risks, business credentials or strategies.

Financial crime risk

The risk of facilitating financial crime including non-compliance with ANZ policies, or regulatory expectations. It includes the following non-financial risk themes:

Financial Crime – The risk of facilitating money laundering, terrorism financing, sanctions evasion, or bribery and corruption events.

Internal Fraud – Fraud/theft attempted or perpetrated by an internal party (or parties) (i.e. an ANZ employee or contingent worker, including instances where an employee is acting in collusion with external parties).

External Fraud – Fraud attempted or perpetrated without the deliberate involvement of an ANZ employee or contingent worker.

We maintain a financial crime risk management program that anticipates and navigates criminal threats. The Financial Crime Portfolio continues to be responsible for ensuring that ANZ meets its regulatory obligations through its Anti-Money Laundering/Counter Terrorism Financing Sanctions, Anti-Bribery & AntiCorruption and Anti-Fraud Programs and Policies. This allows ANZ to deliver detection, investigative and intelligence capability focused on identifying, mitigating, and managing financial crime risk to help protect the community. We continue to maintain our partnership with the Australian Transaction Report and Analysis Centre (AUSTRAC) Fintel Alliance and through membership of the Financial Crime Prevention Network in New Zealand to increase the resilience of the financial sector to prevent exploitation by criminals, and support investigations into serious crime and national security.

Operating environment

Directors’ report

Performance overview

Remuneration report

Financial Glossary report

Overview

Governance

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||||
|---|---|---|
|Risk type|Description|Managing the risk|
|Compliance &|The risks of legal or regulatory actions,|ANZ manages compliance and conduct risks pursuant|
|conduct risk|material financial loss, or loss of reputation|to ANZ’s Risk Management Strategy, ANZ Non-Financial|
|caused by ANZ failing to:|Risk Framework and related policies.|
|• comply with laws, regulations, prudential|
|standards, licences, codes or policies;|
|• appropriately manage customer interests|
|and market integrity.|
|It includes the non-financial risk themes of|
|conduct and regulatory risk.|
|Resilience risk|The risk of material adverse impacts of|ANZ manages resilience through our Non-Financial Risk|
|operational disruption events on ANZ Group,|Framework supported by resilience policies, standards and|
|its customers, and the financial system. It|procedures designed to protect critical operations to|
|includes the non-financial risk themes of|safeguard customer interests and uphold financial stability.|
|operational resilience, data, third party,|The framework covers the approach to business continuity|
|technology and information security|and incident response management, and incorporates key|
|(including cyber).|controls such as risk assessments, scenario testing, and|
|crisis management protocols. The framework is regularly|
|reviewed to reflect emerging threats, operational|
|dependencies, lessons learned from real events, regulatory|
|expectations, and industry best practices.|
|Specifically, data risk is governed to ensure accuracy,|
|integrity, and ethical use; information security and cyber risk|
|are mitigated through layered controls, continuous|
|monitoring, and enhanced cyber resilience strategies to|
|defend against threats like AI-enabled attacks; operational|
|resilience is maintained by identifying critical services and|
|ensuring continuity within defined tolerance through|
|monitoring, continuity planning and testing and Third Party|
|Risk Management Framework; and technology risk is|
|managed by focusing on information technology (IT)|
|systems resilience, stability, and secure change processes|
|aligned with regulatory expectations.|
|Operational risk|The risk of loss resulting from inadequate or|The management of operational risk is prescribed in the|
|failed internal processes, people, systems,|Non-Financial Risk Framework, which ANZ continues to|
|or from external events. This includes the|review and evolve to ensure that it supports the delivery of|
|non-financial risk themes of model, physical|consistent processes and repeatable outcomes for ANZ|
|security, transaction processing, people,|customers. There is an increased focus on change|
|legal, statutory reporting and tax, and|execution risk which refers to the risk that change|
|change execution.|initiatives may fail to deliver intended outcomes due to|
|breakdowns in planning, delivery, stakeholder|
|engagement, and adoption. This risk is linked to the|
|Group’s strategic priorities. The Group is adjusting its risk|
|taxonomy to ensure risk management, governance, and|
|oversight are concentrated where they are most needed.|

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For further information about the principal risks and uncertainties that the ANZBGL Group faces, refer to Principal Risks and Uncertainties section contained within the ‘2025 United Kingdom Disclosure and Transparency Rules Submission’ available at anz.com/shareholder/centre/reporting/regulatory-disclosure

1818 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report

Performance overview

The results of the Group’s operations and financial position are set out on pages 18-31. Pages 2-7 outline the Group’s strategy and prospects. Discussion of our approach to risk management, including a summary of our key material risks, is outlined on pages 12-17.

Discussion or disclosure of further business strategies and prospects for future financial years have not been included in this report because, in the opinion of the directors, it would be likely to result in unreasonable prejudice to the Group.

Group profit results

Group profit results
	2025		2024
	Statutory	Cash	Statutory	Cash
Income Statement	$m	$m	$m	$m
Net interest income	17,903	17,903	16,037	16,037
Other operating income	4,245	3,958	4,484	4,746
Operating income	22,148	21,861	20,521	20,783
Operating expenses	(12,866)	(12,723)	(10,669)	(10,669)
Profit before credit impairment and income tax	9,282	9,138	9,852	10,114
Credit impairment (charge)/release	(435)	(435)	(406)	(406)
Profit before income tax	8,847	8,703	9,446	9,708
Income tax expense	(2,771)	(2,731)	(2,816)	(2,888)
Non-controlling interests	(41)	(41)	(35)	(35)
Profit attributable to shareholders of the Company	6,035	5,931	6,595	6,785

Statutory profit attributable to shareholders of the Company decreased $560 million on the prior year to $6,035 million. Statutory return on tangible equity decreased 90 bps to 9.4%.

The Group uses cash profit, a non-IFRS measure, to assess the performance of its business activities and enables comparison with our peer group. We calculate cash profit by adjusting statutory profit for non-core items. In general, it represents the financial performance of our core business activities. We use cash profit internally to set targets and incentivise our Senior Executives and leaders through our remuneration plans. Refer to page 20 for adjustments between statutory and cash profit. The adjustments made in arriving at cash profit are included in statutory profit which is subject to audit within the context of the external auditor’s audit of the 2025 Financial Report. Cash profit is not subject to audit by the external auditor. A number of intangible assets were recognised as part of the Suncorp Bank acquisition accounting and the amortisation of these intangible assets is treated as a cash profit adjustment from 2025. Except for this new item, the adjustments between statutory and cash profit have been determined on a consistent basis across each of the periods presented.

Suncorp Bank acquisition

On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Norfina Limited (formerly known as Suncorp-Metway Limited, and trading as Suncorp Bank).

As a result of this, 2025 and 2024 include 12 months and 2 months results respectively. 2024 results also include the following acquisition related adjustments recognised by the Group post transaction completion, with an after-tax charge of $196 million:

Collectively assessed credit impairment charge of $244 million ($171 million after tax) for Suncorp Bank’s performing loans and advances. In accordance with Australian Accounting Standards requirements, the Group consolidated Suncorp Bank’s loans and advances on 31 July 2024, however the Group was not permitted to recognise an allowance for ECL on the performing loans and advances, leading to a proportional reduction in acquisition-related goodwill that would otherwise have been recognised. Subsequently, the Group was required to recognise a collectively assessed allowance for ECL estimated using the Group’s ECL methodologies, with a corresponding collectively assessed credit impairment charge recognised in the Group’s Income Statement.
Accelerated software amortisation expense of $36 million ($25 million after tax) on alignment to the Group’s software capitalisation policy.

During 2025, the Group completed its purchase price allocation (PPA) to identify and measure the assets acquired and liabilities assumed at acquisition date. The significant adjustments to provisionally determined balances arising from the PPA exercise included the recognition of core deposit and brand intangible assets, fair value adjustments to gross loans and advances to reflect changes in interest rates and credit since loan origination, provisions for contingent liabilities and related indemnities and related deferred tax balances with a corresponding decrease to goodwill of $56 million from the provisional goodwill disclosed at 30 September 2024. The final goodwill balance of $1,346 million is attributable to the assembled workforce and expected synergies arising from the economies of scale from the integration and consolidation of platforms and funding benefits.

The impacts on the 2024 provisional balances are disclosed in Note 33 Suncorp Bank acquisition. Prior period has not been restated.

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Operating Operating OverviewOverview GovernanceGovernance environmentenvironment

Directors’ Directors’ Financial Financial reportreport reportreport GlossaryGlossaryPerformance overview 1919

Performance Performance overviewoverview

Remuneration Remuneration reportreport

Group profit results (continued)

2025 Significant items

During 2025, the Group recognised several significant items which impacted statutory and cash profit as summarised below:

PT Panin impairment

The Group recognised a pre-tax charge of $285 million (after-tax: $285 million) in respect of an impairment of the Group’s equity accounted investment in PT Bank Pan Indonesia Tbk (PT Panin) to adjust its carrying value in line with its value-in-use (VIU) calculation. This was recognised in the Group Centre division. This had no impact to CET1 capital as it resulted in an equivalent reduction in capital deductions.

Staff redundancies

In September 2025, the Group announced changes to simplify the bank, strengthen focus on its priorities and deliver for its customers. As a result of the change the Group expects approximately 3,500 employees to depart by September 2026 and to reduce engagements with consultants and other third parties impacting approximately 1,000 managed services contractors.

The Group recognised a pre-tax charge of $579 million (after-tax: $408 million) across the Group in the second half of 2025 associated with these changes.

ASIC settlement

In September 2025, the Group entered into an agreement with the Australian Securities and Investments Commission (ASIC) to resolve five matters within its Australia Markets and Australia Retail businesses that were the subject of separate regulatory investigations. Under the agreement, which requires Federal Court approval, the Group is subject to total penalties of $240 million.

The Group recognised a pre-tax charge of $271 million (after-tax: $264 million) comprising $240 million of ASIC penalties and $31 million of various costs associated with the matters. This was recognised across the Australia Retail and Institutional divisions.

Suncorp Bank migration

The Group announced at the October 2025 Strategy Day its intention to bring forward the integration of Suncorp Bank by June 2027 to accelerate value creation for shareholders, to benefit customers, and to significantly reduce operational complexity.

The Group recognised a pre-tax charge of $97 million (after-tax: $68 million) relating to costs associated with existing contracts that extend beyond the revised migration date. This was recognised in the Suncorp Bank division.

The financial impacts from these significant items are summarised below:

	Australia	Australia		New	Suncorp		Group
	Retail	Commercial	Institutional	Zealand	Bank	Pacific	Centre	Total
Cash Profit Impact	$m	$m	$m	$m	$m	$m	$m	$m
Operating income	-	-	-	-	-	-	(285)	(285)
Operatingexpenses	(410)	3	(165)	(11)	(169)	(3)	(192)	(947)
Profit/(Loss) before income tax	(410)	3	(165)	(11)	(169)	(3)	(477)	(1,232)
Income tax(expense)/benefit	88	(1)	10	3	50	1	56	207
Cashprofit	(322)	2	(155)	(8)	(119)	(2)	(421)	(1,025)

2020 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report Performance overview

Group performance

Key measures of our financial performance are set out below.

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Net interest margin – Operating expenses to Credit impairment charge Cash profit
cash (%) operating income - cash (%) /(release) – cash ($m) ($m)
2025 1.54 2025 58.2 2025 435 2025 5,931
2024 1.57 2024 51.3 2024 406 2024 6,785
2020
Return on tangible equity – Common equity
cash (%) tier 1 (%)
2025 9.2 2025 12.0
2024 10.6 2024 12.2
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Adjustments between statutory profit and cash profit ($m)

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6,035
100 5,931
(128)
(76)
2025 Statutory profit Economic Revenue and Amortisation of 2025 Cash profit
attributable to shareholders hedges expense hedges acquired intangibles attributable to shareholders
of the Company of the Company
----- End of picture text -----

Adjustments between statutory profit and cash profit are summarised below:

Adjustment

Economic hedges

2025: $128 million gain 2024: $264 million loss

Revenue and expense hedges 2025: $76 million gain 2024: $74 million gain

Comment for the adjustment

The Group enters into economic hedges to manage its interest rate and foreign exchange risk which, in accordance with accounting standards, result in fair value gains and losses being recognised within the Income Statement. We remove the fair value adjustments from cash profit since the profit or loss resulting from the hedge transactions will reverse over time to match with the profit or loss from the economically hedged item as part of cash profit. This includes gains and losses arising from derivatives not designated in accounting hedge relationships but which are considered to be economic hedges, including hedges of foreign currency debt issuances and foreign exchange denominated revenue and expense streams, primarily NZD and USD (and USD correlated), as well as ineffectiveness from designated accounting hedges.

Gains on economic hedges in 2025 related to funding-related swaps, principally from the strengthening of the USD against the AUD and NZD. Losses in 2024 related to funding-related swaps, principally from narrowing USD/EUR and USD/JPY currency basis spreads. Further losses in 2024 were driven by the impact of falling AUD and NZD yield curves on net pay fixed economic hedge positions.

The gain on revenue and expense hedges in 2025 was driven by the appreciation of the AUD against the NZD. The gain in 2024 was mainly driven by the appreciation of the AUD against the USD and NZD.

Amortisation of acquired intangibles

2025: $100 million loss

The acquisition of Suncorp Bank resulted in the recognition of intangible assets of $685 million comprising core deposit and brand intangibles, which are being amortised over their useful lives ranging between 3 to 6 years. The amortisation is removed from cash profit as the assets and associated amortisation only arise through acquisition accounting and would not occur in the ordinary course of business.

2024: nil

Operating Operating GovernanceGovernance environmentenvironment

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Performance Performance overviewoverview

Remuneration Remuneration reportreport

Financial Financial reportreport GlossaryGlossaryPerformance overview 2121

OverviewOverview

Group cash profit performance

Cash profit ($m)

1,866 6,785 (788) (2,054)	151 (29) 5,931
2024 Cash profit attributable to shareholders of the Company Net interest income Other operating income Operating expenses	Credit impairment Income tax expense & non-controlling interests 2025 Cash profit attributable to shareholders of the Company

	2025	2024
	$m	$m	Movt
Net interest income	17,903	16,037	12%
Other operating income	3,958	4,746	-17%
Operating income	21,861	20,783	5%
Operating expenses	(12,723)	(10,669)	19%
Profit before credit impairment and income tax	9,138	10,114	-10%
Credit impairment (charge)/release	(435)	(406)	7%
Profit before income tax	8,703	9,708	-10%
Income tax expense	(2,731)	(2,888)	-5%
Non-controlling interests	(41)	(35)	17%
Cash profit attributable to shareholders of the Company	5,931	6,785	-13%

Cash profit attributable to shareholders of the Company decreased $854 million (13%) compared with 2024.

Net interest income increased $1,866 million (12%) driven by a $136.0 billion (13%) increase in average interest earning assets, partially offset by a 3 bps decrease in net interest margin. The increase in average interest earning assets was driven by the acquisition of Suncorp Bank, lending growth, higher Markets activities, and higher cash and liquid assets. The decrease of 3 bps was driven by unfavourable assets and deposit pricing, and unfavourable wholesale funding impact, partially offset by higher earnings on capital and replicating portfolio, and favourable impact from Suncorp Bank acquisition.

Other operating income decreased $788 million (17%) driven by a decrease of $454 million in the Markets business unit from lower trading gains across Rates, Credit and Commodities, a $285 million decrease from impairment of PT Bank Pan Indonesia Tbk (PT Panin), and a $64 million decrease in net fee and commission income mainly from the Institutional (excluding Markets business unit) division.

Operating expenses increased $2,054 million (19%) driven the impact of Suncorp Bank acquisition, staff redundancies from operating model changes, ASIC settlement, and Suncorp Bank accelerated migration, partially offset by productivity initiatives.

Credit impairment increased $29 million (7%) driven by a $177 million increase in individually assessed credit impairment, partially offset by $148 million decrease in collectively assessed credit impairment driven by the Suncorp Bank acquisition related collectively assessed credit impairment charge of $244 million in 2024, partially offset by the higher collectively assessed credit impairment charge in 2025.

2222 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report Performance overview

Analysis of cash profit performance

Net interest income

Group net interest margin (bps)

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----- Start of picture text -----

157
3 154
(2)
3
1 0
(3)
(2)
(3)
2024 Cash Assets Deposits Wholesale Capital & Assets & Group Centre Markets Suncorp 2025 Cash
net interest pricing pricing funding replicating funding liquids activities Bank impact net interest
margin portfolio mix margin
2025 2024
$m $m Movt
Net interest income [1] 17,903 16,037 12%
Net interest margin (%) [1] 1.54 1.57 -3 bps
Average interest earning assets 1,160,327 1,024,290 13%
Average deposits and other borrowings 971,840 859,844 13%
----- End of picture text -----

Includes the major bank levy of -$451 million (2024: -$389 million).

Net interest income increased $1,866 million (12%) driven by a $136.0 billion (13%) increase in average interest earning assets, partially offset by a 3 bps decrease in net interest margin.

Net interest margin decreased 3 bps driven by unfavourable assets and deposit pricing impacts due to pricing competition, and unfavourable wholesale funding impact. This was partially offset by higher earnings on capital and replicating portfolio, and favourable impact from Suncorp Bank acquisition.

Average interest earning assets increased $136.0 billion (13%) driven by the acquisition of Suncorp Bank, lending growth across all divisions particularly in the Australia Retail and Institutional (excluding Markets business unit), higher Markets activities, and higher cash and liquid assets.

Average deposits and other borrowings increased $112.0 billion (13%) from the impact of Suncorp Bank acquisition, and growth across at-call deposits, term deposits, repurchase agreements and commercial paper.

Operating Operating OverviewOverview GovernanceGovernance environmentenvironment

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Financial Financial reportreport GlossaryGlossaryPerformance overview 2323

Other operating income

Other operating income ($m)

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----- Start of picture text -----

4,746
(64)
(454)
15 3,958
(285)
2024 Cash Net fee and Markets PT Panin Other 1 2025 Cash
other commission 1 other impairment other
operating operating operating
income income income
----- End of picture text -----

	2025	2024
	$m	$m	Movt
Net fee and commission income1	1,790	1,854	-3%
Markets other operating income	1,861	2,315	-20%
PT Panin impairment	(285)	-	n/a
Other1	592	577	3%
Total cash other operating income	3,958	4,746	-17%

Excluding the Markets business unit.

The Markets business unit is managed on a total revenue basis, with the Net interest income and Other operating income individually not being a true reflection of overall return for the business. Markets Net interest income and Other operating income are summarised in the table below with corresponding commentaries provided on a total Markets income basis.

corresponding commentaries provided on a total Markets income basis.
	2025	2024
Markets income	$m	$m	Movt
Net interest income2	278	(131)	large
Other operating income2	1,861	2,315	-20%
Total	2,139	2,184	-2%

Net interest income includes funding costs in the Franchise trading book, primarily on commodity assets, where the related revenue is recognised as Other operating income.

Net fee and commission income decreased $64 million (3%) driven by lower non-lending fees in the Institutional division, higher customer remediation, lower insurance commission in the Australia Retail division, lower cards revenue in the New Zealand division, partially offset by the impact of Suncorp Bank acquisition.

Markets income decreased $45 million (2%) with a $454 million decrease in Other operating income, partially offset by a $409 million increase in Net interest income. The net $45 million decrease was attributable to decreases in derivative valuation adjustments driven by lower gains from credit and funding spread movements, Commodities revenue due to non-repeat of larger trading gains in the prior year, and Credit & Capital Markets revenue from reduced trading gains. This was partially offset by increases in Balance Sheet revenue from higher average levels of investment securities and increased yields, and Rates revenue due to increased customer activity.

PT Panin impairment of $285 million to adjust PT Panin’s carrying value in line with its VIU calculation.

2424 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report Performance overview

Operating expenses

Operating expenses ($m)

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----- Start of picture text -----

577 12,723
529
326
574 48
10,669
2024 Cash Personnel Premises Technology Restructuring Other 2025 Cash
operating operating
expenses expenses
----- End of picture text -----

	2025	2024
	$m	$m	Movt
Personnel	6,714	6,140	9%
Premises	736	688	7%
Technology	2,220	1,894	17%
Restructuring	764	235	large
Other	2,289	1,712	34%
Total cash operating expenses	12,723	10,669	19%
Full time equivalent staff	42,640	42,142	1%
Average full time equivalent staff	42,711	40,379	6%

Personnel expenses increased $574 million (9%) driven by the impact of Suncorp Bank acquisition ($385 million) and inflationary impacts on wages, partially offset by benefits from productivity initiatives.

Premises expenses increased $48 million (7%) driven by the impact of Suncorp Bank acquisition ($49 million).

Technology expenses increased $326 million (17%) driven by the impact of Suncorp Bank acquisition ($192 million), accelerated software amortisation and impairment on certain technology assets, higher software licence costs and inflationary impacts on vendor costs. This was partially offset by benefits from technology simplification.

Restructuring expenses increased $529 million driven by operating model changes to drive a cost reset across the Group announced in the second half of 2025, and Suncorp Bank accelerated migration ($97 million).

Other expenses increased $577 million (42%) driven by the impact of Suncorp Bank acquisition ($119 million), ASIC settlement ($271 million), other legal matters and higher investment spend.

Operating Operating OverviewOverview GovernanceGovernance environmentenvironment

Performance Performance Remuneration Remuneration Directors’ Directors’ Financial Financial overviewoverview reportreport reportreport reportreport GlossaryGlossaryPerformance overview 2525

Credit impairment

Credit impairment
	2025	2024	Movt
Collectively assessed credit impairment charge/(release) ($m)	114	262	-56%
Individually assessed credit impairment charge/(release) ($m)	321	144	large
Credit impairment charge/(release) ($m)	435	406	7%
Gross impaired assets ($m)	2,538	1,693	50%
Credit risk weighted assets ($b)	369.6	361.2	2%
Total allowance for expected credit losses (ECL) ($m)	4,778	4,555	5%
Individually assessed allowance for ECL as % of gross impaired assets	15.7%	18.2%
Collectively assessed allowance for ECL as % of credit risk weighted assets	1.18%	1.18%

Collectively assessed credit impairment charge/(release) ($m)

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----- Start of picture text -----

215
(33)
(69)
(33)
262
5 114
(231) (2)
2024 Collectively Australia Australia Institutional New Zealand Suncorp Bank Pacific Group Centre 2025 Collectively
assessed credit Retail Commercial assessed credit
impairment charge impairment charge
----- End of picture text -----

The collectively assessed impairment charge of $114 million for 2025 was driven by methodology changes to uplift ECL modelled outcomes mainly in the Australian home loan portfolio, deterioration in credit risk profile, and portfolio growth. This was partially offset by reduction in management temporary adjustments and improvement in economic outlook. The collectively assessed impairment charge of $262 million for 2024 was driven by deterioration in credit risk profile across all divisions, the acquisition accounting adjustment in respect of acquired Suncorp Bank performing loans and advances, and portfolio growth. This was partially offset by a reduction in management temporary adjustments as anticipated risks are now represented in the portfolio credit profiles, and an improvement in economic outlook.

Individually assessed credit impairment charge/(release) ($m)

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----- Start of picture text -----

110 24 0 321
(1)
(14)
55
144 3
2024 Individually Australia Australia Institutional New Zealand Suncorp Bank Pacific Group Centre 2025 Individually
assessed credit Retail Commercial assessed credit
impairment charge impairment charge
----- End of picture text -----

The individually assessed credit impairment charge increased $177 million driven by the Institutional division ($110 million) due to higher impairments on several single name customers and lower write-backs and recoveries, the Australia Commercial division ($55 million) due to impairment flows in the SME Banking and Agri portfolios, and the Suncorp Bank division ($24 million) due to new impairments in the commercial property portfolio.

2626 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report Performance overview

Gross impaired assets by division ($m)

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----- Start of picture text -----

96 - 2,538
96
94 (2)
568 (7)
1,693
2024 Gross Australia Australia Institutional New Zealand Suncorp Bank Pacific Group Centre 2025 Gross
impaired assets Retail Commercial impaired assets
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Gross impaired assets increased $845 million (50%) driven by increases in the Australia Retail division ($568 million) due to restructured home loan facilities, the Institutional division ($96 million) due to several single name customers, the Suncorp Bank division ($96 million) due to new impairments in the commercial property and home loan portfolio, and the Australia Commercial division ($94 million) mainly due to a new single name impairment in the Agri portfolio.

Total allowance for expected credit losses ($m)

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59
129 39 1 4,676
(3)
(27)
(75)
4,555
2024 Total Australia Australia Institutional New Zealand Suncorp Bank Pacific Group Centre 2025 Total
allowance Retail Commercial allowance
for expected for expected
credit losses credit losses
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The allowance for ECL increased $223 million driven by a $132 million increase in collectively assessed allowance for ECL, and a $91 million increase in the individually assessed allowance for ECL.

The increase in collectively assessed allowance for ECL was driven by methodology changes to uplift ECL modelled outcomes mainly in the Australian home loan portfolio ($380 million), deterioration in credit risk profile ($92 million), portfolio growth ($4 million) and the impact of foreign currency translation ($18 million). This was partially offset by reduction in management temporary adjustments ($215 million) and improvement in economic outlook ($147 million) from a revision to modelling assumptions for the downside and severe scenarios and improvement in base case economic assumptions.

The increase in individually assessed allowance for ECL was driven by increases across the Institutional division ($70 million) due to higher impairments on several single name customers and lower write-backs, the Suncorp Bank division ($19 million) due to new impairment in the commercial property portfolio, and the Australia Commercial division ($18 million) due to impairment flows in the SME Banking and Agri portfolios.

Operating Operating OverviewOverview GovernanceGovernance environmentenvironment

Directors’ Directors’ Financial Financial GlossaryGlossary 2727 reportreport reportreport

Performance Performance overviewoverview

Remuneration Remuneration reportreport

Divisional performance

Divisional performance
	Australia	Australia		New	Suncorp		Group
2025	Retail	Commercial	Institutional	Zealand	Bank	Pacific	Centre	Group
Net interest margin1	1.83%	2.53%	0.75%	2.60%	2.08%	3.34%	n/a	1.54%
Operating expenses to operating income	68.4%	43.6%	45.2%	38.8%	62.9%	73.1%	n/a	58.2%
Cashprofit ($m)	1,048	1,302	2,608	1,609	418	43	(1,097)	5,931
Net loans and advances ($b)	348.8	67.2	216.1	122.9	73.2	1.7	-	830.0
Customer deposits ($b)	186.5	118.9	282.2	101.6	56.2	3.7	-	749.2
Number of FTE	11,023	3,480	6,368	6,689	2,671	986	11,423	42,640
	Australia	Australia		New	Suncorp		Group
2024	Retail	Commercial	Institutional	Zealand	Bank2	Pacific	Centre	Group
Net interest margin1	1.91%	2.59%	0.75%	2.57%	1.93%	3.88%	n/a	1.57%
Operating expenses to operating income	59.7%	43.0%	41.7%	38.8%	73.2%	64.5%	n/a	51.3%
Cashprofit ($m)	1,607	1,342	2,858	1,536	(122)	60	(496)	6,785
Net loans and advances ($b)	332.5	65.0	210.5	123.5	70.9	1.7	-	804.0
Customer deposits ($b)	176.8	116.3	264.4	100.9	54.7	3.6	(0.1)	716.6
Number of FTE	10,832	3,294	6,272	6,756	2,798	985	11,205	42,142

The net interest margin excluding Markets business unit was 2.25% (2024: 2.35%) for the Group and 2.20% (2024: 2.38%) for the Institutional division.
2024 Suncorp Bank cash profit reflects 2 months of earnings post acquisition and Suncorp Bank acquisition related adjustment charge after tax of $196 million.

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2828 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report

Divisional performance

Australia Retail

Lending volumes increased driven by home loan growth. Net interest margin decreased driven by lower asset margin from home loan pricing competition, unfavourable deposit margin reflecting impact of lower cash rates and higher net funding costs. This was partially offset by higher deposit margins from pricing optimisation, and higher earnings on replicating portfolio. Other operating income decreased driven by lower insurance-related income and higher customer remediation. Operating expenses increased driven by higher restructuring expense, ASIC settlement, inflationary impacts, higher customer remediation, and higher investment spend. This was partially offset by benefits from productivity initiatives. Credit impairment increased driven by higher collectively assessed credit impairment.

Australia Commercial

Lending volumes increased driven by Diversified & Specialist Businesses. Net interest margin decreased driven by lower asset margin from pricing competition, unfavourable deposit margin, and unfavourable deposit mix with a shift towards lower margin savings and term deposits. This was partially offset by higher earnings on replicating portfolio, and lower net funding costs. Other operating income decreased driven by higher customer remediation. Operating expenses increased driven by inflationary impacts, partially offset by lower restructuring expense, lower investment spend and benefits from productivity initiatives. Credit impairment increased driven by higher individually assessed credit impairment charge due to impairment flows in the SME Banking and Agri portfolios, partially offset by lower collectively assessed credit impairment.

Institutional

Lending volumes increased driven by Corporate Finance, partially offset by Transaction Banking. Net interest margin (excl. Markets business unit) decreased driven by lower cash rates, lower asset margin due to lending competition, and unfavourable deposit mix and margins. Other operating income decreased driven by Markets from lower trading gains across Rates, Credit and Commodities. Operating expenses increased driven by ASIC settlement and inflationary impacts. This was partially offset by benefits from productivity initiatives and lower restructuring expense. Credit impairment increased driven by higher individually assessed credit impairment due to higher impairments on several single name customers and lower write-backs and recoveries, partially offset by lower collectively assessed credit impairment.

New Zealand

Lending volumes increased driven by home loan growth. Net interest margin increased driven by favourable lending margin, partially offset by unfavourable deposit margin. Other operating income decreased driven by lower card revenue. Operating expenses increased driven by inflationary impacts, partially offset by lower restructuring expense, lower investment spend, and benefits from productivity initiatives. Credit impairment decreased driven by lower collectively assessed credit impairment, and lower individually assessed credit impairment charge.

Suncorp Bank

As Suncorp Bank was acquired by the Group on 31 July 2024, 2024 includes only 2 months results. 2024 results also included acquisition related adjustments of $196 million loss after tax comprising a collectively assessed credit impairment charge of $244 million ($171 million after tax) for Suncorp Bank’s performing loans and advances, and an accelerated software amortisation expense of $36 million ($25 million after tax) on alignment to the Group’s software capitalisation policy.

Pacific

Cash profit decreased driven by lower net interest income and higher operating expenses.

Group Centre

Cash loss increased primarily driven by PT Panin impairment, and staff redundancies.

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Operating Operating OverviewOverview GovernanceGovernance environmentenvironment

Directors’ Directors’ reportreport

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Financial Financial reportreport GlossaryGlossaryPerformance overview 2929

Financial position of the Group

Condensed balance sheet

		As at
	2025	2024
	$b	$b	Movt
Assets
Cash / Settlement balances owed to ANZ / Collateral paid	188.4	166.5	13%
Trading assets and investment securities	213.8	186.0	15%
Derivative financial instruments	47.5	54.4	-13%
Net loans and advances	830.0	804.0	3%
Other	18.0	18.7	-4%
Total assets	1,297.7	1,229.6	6%
Liabilities
Settlement balances owed by ANZ / Collateral received	38.5	22.8	69%
Deposits and other borrowings	956.4	905.2	6%
Derivative financial instruments	43.9	55.3	-21%
Debt issuances	169.3	156.4	8%
Other	19.1	21.1	-9%
Total liabilities	1,227.2	1,160.8	6%
Total equity	70.4	68.8	2%

Cash / Settlement balances owed to ANZ / Collateral paid increased $21.9 billion (13%) driven by increases in settlement balances owed to ANZ ($17.9 billion), short-dated reverse repurchase agreements ($12.1 billion) and the impact of foreign currency translation, partially offset by lower balances with central banks ($9.6 billion).

Trading assets and investment securities increased $27.8 billion (15%) driven by increases in government and semi-government bonds and treasury bills, increase in commodity assets, and the impact of foreign currency translation.

Derivative financial assets and liabilities decreased $6.9 billion (13%) and $11.4 billion (21%) respectively driven by market movements, primarily the depreciation of the NZD and AUD against USD.

Net loans and advances increased $26.0 billion (3%) driven by increases across the Australia Retail ($16.3 billion), New Zealand ($4.9 billion) and Suncorp Bank ($2.4 billion) divisions due to home loan growth, and the Institutional division ($2.9 billion) due to higher core lending volumes, partially offset by the impact of foreign currency translation.

Settlement balances owed by ANZ / Collateral received increased $15.7 billion (69%) driven by increases in cash clearing accounts.

Deposits and other borrowings increased $51.2 billion (6%) driven by higher customer deposits across the Institutional ($12.8 billion), Australia Retail ($9.7 billion), New Zealand ($5.1 billion) and Australia Commercial ($2.7 billion) divisions, increases in deposits from banks and repurchase agreements ($11.2 billion), certificates of deposit ($3.2 billion), and commercial paper ($1.9 billion), and the impact of foreign currency translation.

Debt issuances increased $12.9 billion (8%) driven by the issue of new senior and subordinated debt, partially offset by the redemption of ANZ Capital Notes 5.

3030 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report Performance overview

Liquidity

Liquidity
	Average
	2025 2024
Total liquid assets ($b)1 Liquidity Coverage Ratio (LCR)1	312.8 273.9 132% 133%

Full year average, calculated as prescribed per APRA Prudential Regulatory Standard (APS 210 Liquidity) and consistent with APS 330 requirements.

Group holds a portfolio of high quality unencumbered liquid assets in order to protect the Group’s liquidity position in a severely stressed environment, as well as to meet regulatory requirements. High Quality Liquid Assets comprise three categories, with the definitions consistent with Basel 3 LCR:

Highest-quality liquid assets (HQLA1): Cash, highest credit quality government, central bank or public sector securities eligible for repurchase with central banks to provide same-day liquidity.
High-quality liquid assets (HQLA2): High credit quality government, central bank or public sector securities, high quality corporate debt securities and high quality covered bonds eligible for repurchase with central banks to provide same-day liquidity.
Alternative liquid assets (ALA): Eligible securities listed by the RBNZ.

Group monitors and manages the size and composition of its liquid assets portfolio on an ongoing basis in line with regulatory requirements and the risk appetite set by the ANZBGL Board.

The LCR remained above the regulatory minimum of 100% throughout this period.

Funding

Funding
	2025	2024
	$b	$b
Wholesale funding instruments	265.7	248.9
Customer deposits	749.2	716.6
Other liabilities	212.3	195.4
Shareholders’ equity	70.4	68.8
Total liabilities and shareholders’ equity	1,297.6	1,229.7
Net Stable Funding Ratio	115%	116%

The Group targets a diversified funding base, avoiding undue concentrations by investor type, maturity, market source and currency.

Net Stable Funding Ratio remained above the regulatory minimum of 100% throughout this period.

During 2025, the Group issued $36.7 billion of term wholesale funding (excluding unsubordinated debt with shorter tenors of 12 to 18 months).

Operating Operating OverviewOverview GovernanceGovernance environmentenvironment

Performance Performance Remuneration Remuneration Directors’ Directors’ Financial Financial overviewoverview reportreport reportreport reportreport GlossaryGlossaryPerformance overview 3131

Capital management

Capital management
	2025	2024	Movt
Common Equity Tier 1 (Level 2)
- APRA Basel III	12.0%	12.2%
Credit risk weighted assets ($b)	369.6	361.2	2%
Total risk weighted assets ($b)	458.5	446.6	3%
APRA Leverage Ratio	4.4%	4.7%

The Group’s capital management framework includes managing to Board approved risk appetite settings and maintaining all regulatory requirements. APRA requirements at Level 1 and Level 2 include ANZ operating at or above APRA’s expectation for Domestic Systematically Important Banks (D-SIBs).

APRA, under the authority of the Banking Act 1959 , sets minimum regulatory requirements for banks including what is acceptable as regulatory capital and provides methods of measuring the risks incurred by ANZ Bank Group.

The ANZ Bank Group’s Common Equity Tier 1 ratio was 12.0% based on APRA Basel III standards, exceeding APRA’s minimum requirements. It increased 25 bps driven by cash earnings, an increase due to decrease in capital floor driven by volume management between standardised and IRB RWA, and an increase in IRRBB RWA. This was partially offset by dividends paid during the year.

At 30 September 2025, ANZ Bank Group’s APRA Leverage Ratio was 4.4% which is above the 3.5% minimum for internal ratings-based (IRB) ADIs, including ANZ.

Dividends

ANZBGL paid the following dividends during the year:

$2,472 million 2024 final dividend to ANZ BH Pty Ltd on 20 December 2024;
$2,108 million 2024 interim dividend to ANZ BH Pty Ltd on 1 July 2025.

On 7 November 2025, the Directors proposed a final dividend of $2,476 million be paid on 19 December 2025, to ANZ BH Pty Ltd.

Further details on dividends paid during the year ended 30 September 2025 are set out in Note 6 Dividends in the Financial Report.

52 32 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report

Remuneration report

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Holly Kramer
Chair – People & Culture Committee
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2025 Remuneration Report – audited

Dear Shareholder,

2025 has been an eventful and challenging year for ANZ. While we were pleased to welcome our new CEO, Nuno Matos, we have also had to confront the impact of issues resulting from non-financial risk (NFR) shortcomings at the bank.

From a remuneration outcome perspective, the Board carefully weighed up a range of factors in its deliberations, including the reputational and financial impacts of a number of matters, referred to throughout the 2025 Remuneration Report as ‘NFR Matters’. These included a settlement with ASIC, the imposition of a Court Enforceable Undertaking with APRA, and the findings from independent reviews into the root causes regarding NFR management and the 2024 Markets trading issues.

The Board also balanced a full year statutory profit that was 10% lower than 2024, against a range of accomplishments in the year. These include the achievement of synergy targets related to the Suncorp Bank acquisition, significant uplifts in active ANZ Plus customers - many of which are new-to-bank, achievement of our four environmental ESG targets, recognition of Institutional as a market leading business, and enhancement of a number of digital propositions in New Zealand including the modern banking platform core. Similarly, it was important to acknowledge the way that our executives have met the challenge of delivering the APRA Root Cause Remediation Plan and have embraced the vision and changes led by our CEO to transform ANZ into a leading bank in terms of customer and shareholder outcomes.

First strike and shareholder feedback

Finally, we were mindful of our shareholders feedback from 2024, where we experienced a strike against our Remuneration Report. The Chairman and I met with many of our shareholders over the course of 2025, to better understand the key drivers behind their voting decisions. We are appreciative of the candid feedback, and we have endeavoured to incorporate that into our decision-making for 2025.

2025 Group Scorecard

The 2025 Group Scorecard outcome was 30% (of maximum), which was significantly impacted by the Risk Modifier as a result of the various NFR Matters. More detail on the Group Scorecard assessment can be found in section 6.1.1. The Group Scorecard accounts for 100% of the CEO’s Short Term Variable Remuneration (STVR), 25% to 50% of Disclosed Executives’ STVR and is an input into the overall employee variable remuneration pool. We believe that the Group Scorecard reflects what was a challenging year for ANZ.

2025 variable

remuneration decisions

Irrespective of the 2025 Group Scorecard outcome, the Board held executives to account for the matters discussed above. This resulted in the following outcomes:

STVR: Despite the issues predating his arrival, the CEO proposed a 0% STVR for himself to lead by example and as a reflection of his commitment to the ANZ team. The Board approved this outcome and determined that 0% STVR was also appropriate for our current and former Australian based executive leadership team (excluding two executives in acting roles), in recognition of their collective accountability for NFR management. This means that neither our current nor former CEO received STVR for the year.
LTVR: In accordance with our framework, the Board completed a risk-based pre grant assessment when determining the 2026 restricted rights component of the Long Term Variable Remuneration (LTVR) grants for current executives, which comprise 50% of the LTVR opportunity.[1] Specifically, the Group Executive Institutional had a 50% reduction to his 2026 LTVR and the Chief Risk Officer

(CRO) was ineligible for 2026 LTVR as a result of his move to a non-Group Executive role – reflecting their accountability for shortcomings identified in Institutional Markets. The Group Executive Australia Commercial had a 25% reduction to 2026 LTVR reflecting accountability for NFR Matters in Commercial.

Malus: The former CEO and three former executives who left the bank during the year were not eligible for 2026 LTVR grants. Therefore, the Board determined that some or all equity due to vest in November/December 2025 would be forfeited for these individuals (i.e. malus) to ensure overall consequences were appropriate and proportionate. In the case of our former CEO, who was ultimately accountable for the various NFR Matters, and the former Group Executive Australia Retail, who was accountable for shortcomings in Retail, the Board also forfeited the calendar year 2026 equity on foot. See section 10.1.1 for details of the application of malus.

The below table summarises the variable remuneration decisions determined by the Board for each Disclosed Executive as part of the 2025 performance and remuneration review process. The Board considered the overall impact across 2024 and 2025, during which many of the NFR Matters came to light, to determine the appropriate outcomes with respect to 2025 STVR, 2026 LTVR, and the application of malus. The total 2024 and 2025 value forfeited is shown as a percentage of current annual fixed remuneration (FR) rather than variable remuneration, to enable ease of comparison across Disclosed Executives – i.e. differing LTVR eligibility and pro-rated STVR for some individuals makes variable remuneration a more challenging reference point.

The Board considers that the major reductions are a demonstration of a strong accountability culture and is committed to continuing to clearly link remuneration outcomes to performance.

Changes for 2026

Taking into consideration feedback from various shareholders, the Board agreed to remove LTVR restricted rights from the minimum shareholding calculation for Executive Committee members, and change the minimum shareholding requirement (MSR) from 200% of fixed

LTVR restricted rights comprise 100% of the CRO’s LTVR.

Performance Performance Remuneration Remuneration Directors’ Directors’ overviewoverview reportreport reportreport

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Financial Financial reportreport

53 33

GovernanceGovernance

GlossaryGlossary

GovernanceGovernanceGovernance

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Variable Remuneration decisions by Board as part of Total 2024 & 2025
Malus [1]
2025 review process Forfeited [2]
Full Face % of Fixed
2025 STVR 2026 LTVR Value Value Remuneration
Current CEO
N Matos $0 Proposed a zero 100% of LTVR Full 2026 LTVR value $0.975m 39%
outcome for his time as value plus portion for
CEO during 2025 – commencement as
part-year STVR CEO in 2025
Former CEO
S Elliott $0 Reflects accountability Not eligible Not eligible for 2026 $7.39m $13.49m 539%
as former CEO for NFR LTVR - noting 2025
Matters and resulting LTVR of $3.2m was
financial and forfeited prior to 2024
reputational impacts AGM
Current Board applied its discretion to 50% of full LTVR opportunity (restricted
Disclosed adjust STVR to zero, with rights) is subject to a risk based pre grant Highest Lowest
Executives exception of individuals in Acting assessment. The below adjustments vs full relative impact relative impact
roles and A Watson whose LTVR opportunity were made to ensure
outcomes are determined by appropriate overall consequences, balanced
the ANZ NZ Board against future focused nature of this award
M Whelan $0 0% of restricted rights (50% of full LTVR) $3.5m 235%
K Corbally $0 Not eligible $2.1m 162% -
212% [3]
C Morgan $0 50% of restricted rights (75% of full LTVR) $2.1m 183%
E Clements $0 $1.3m 144%
F Faruqui $0 $1.75m 137%
A Watson $692K $0.8m 74%
B Rush (Acting) $229K n/a
M Bullock (Acting) $155K Not eligible n/a
Former Disclosed
Executives
M Carnegie $0 Not eligible $2.9m $4.4m 339%
G Florian $0 Not eligible $0.24m $1.78m 141%
A Strong $0 Not eligible $0.16m $1.16m 129%
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Malus reflects the downward adjustment of unvested deferred variable remuneration. Full face value calculated based on the one day volume weighted average price (VWAP) of ANZGHL shares traded on the ASX on 30 September 2025 multiplied by the number of deferred shares and/or rights. 2. Represents the impact of the Board’s decisions in 2024 and 2025, with the total opportunity forfeited representing the total STVR/LTVR dollar forfeited (compared to maximum/full opportunity) plus the estimated full face value of forfeited equity. 3. 162% represents forfeited value due to Board’s decision that K Corbally not eligible for 2026 LTVR. 212% represents estimated value if eligible and Board’s intention for 50% to be forfeited.

remuneration to 150% of fixed remuneration (excluding the CEO). While these changes likely mean it will take a longer period for executives to accumulate the MSR, the five-year requirement to meet the MSR remains unchanged.

Delivering the 2026 component of the Root Cause Remediation Plan (RCRP) in response to the Court Enforceable Undertaking is critical for ANZ, not only to strengthen NFR management but to support ANZ’s cultural transformation. Therefore, to reinforce its importance, the Group and Executive scorecards will have a specific Risk/RCRP objective weighted at 25%. This is in addition to the Risk Modifier that will also have an additional impact if there are material shortfalls in RCRP delivery. To accommodate this significant weighting, the financial component of scorecards will reduce from 50% to 45% for the three-year RCRP delivery program.

Non-Executive Director (NED) fees

For 2025 there was no change to NED fees following the annual NED fee review.

Conclusion

As we look forward to 2026, my Board colleagues and I are focused on the achievement of ANZ’s 2030 strategy. We have agreed with management a 2026 Group Scorecard, which underpins delivery and has been designed to reward the ambitious targets that we have set.

Holly Kramer Chair – People & Culture Committee

Key Management Personnel (KMP) 54
Remuneration governance 55 3. Executive performance and remuneration approach 56
Five-year performance 57 5. Executive performance and remuneration framework 59
Executive remuneration outcomes 68
Accountability and Consequence Framework 78
Internal governance 80
Non-Executive Director (NED) remuneration 81
Other statutory information 83

5434 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report

The Remuneration Report for Australia and New Zealand Banking Group Limited (ANZBGL) outlines our remuneration strategy and structure and the remuneration practices that apply to Key Management Personnel (KMP). This report has been prepared, and audited, as required by the Corporations Act 2001 . It forms part of the Directors’ Report.

This report includes disclosures for the full financial year 2025 – 1 October 2024 to 30 September 2025. Ordinary shares and employee equity, i.e. deferred shares, deferred share rights, performance rights and restricted rights held prior to 3 January 2023[1] were previously ANZBGL related equity – post the listing of ANZGHL the equity was converted to ANZGHL related equity. References to ‘the Board’ throughout this report mean the Boards of ANZGHL and ANZBGL.

The ANZ Group Scorecard approach disclosures in Section 5.3 and the 2025 ANZ Group Scorecard outcomes disclosures in Section 6.1.1 relate to ANZGHL rather than ANZBGL given this forms the basis for determining performance and remuneration outcomes for the CEO and Disclosed Executives.

1. Key Management Personnel (KMP)

1.1 Disclosed Executive and Non-Executive Director changes 1.2 Key Management Personnel (KMP) detail

KMP are Directors of the Group (or entity) whether executive directors or otherwise, and those personnel with a key responsibility for the strategic direction and management of the Group (or entity), i.e. members of the Group Executive Committee (ExCo) who have Financial Accountability Regime (FAR) Accountability and who report to the CEO, referred to as Disclosed Executives.

1.2 Key Management Personnel (KMP) detail

1.1 Disclosed Executive

and Non-Executive Director changes

The KMP whose remuneration is disclosed in this year’s report are:

2025 NEDs – Current

changes	2025 NEDs – Current
There were several changes to our KMP during the 2025 year: • Jane Halton retired as a Non-Executive Director (NED) on 31 March 2025. • Alison Gerry commenced as a NED on 9 May 2025. • Shayne Elliot concluded as CEO and Executive Director on 11 May 2025. • Nuno Matos commenced as CEO and Executive Director on 12 May 2025. • Antony Strong concluded as Group Executive, Strategy & Transformation 1 July 2025. • Maile Carnegie concluded as Group Executive, Australia Retail on 1 July 2025, with Bruce Rush appointed as Acting Group Executive, Australia Retail & CEO Suncorp Bank from 2 July 2025. Subsequently Pedro Rodeia appointed Group Executive, Australia Retail from 17 November 2025. • Gerard Florian concluded as Group Executive, Technology & Group Services on 4 August 2025, with Michael Bullock appointed as Acting Group Executive, Technology & Group Services from 5 August 2025. Subsequently Donald Patra appointed Group Chief Information Ofcer from 24 November 2025. • Stephen White appointed as Group Executive Operations from 29 October 2025. • Kevin Corbally will step down from the role of Chief Risk Ofcer (CRO), and be appointed Managing Director, Capital Management Institutional. He will continue to serve as CRO until the commencement of Christine Palmer, appointed Group CRO from 1 December 2025.	P O’Sullivan Chairman
	J Cincota Director (ANZBGL NED only)
	A Gerry Director from 9 May 2025
	R Gibb Director
	G Hodges Director (ANZBGL NED only)
	H Kramer Director
	C O’Reilly Director
	J Smith Director
	S St John Director
	2025 NEDs – Former
	J Halton Former Director – retired 31 March 2025
	2025 CEO and Disclosed Executives – Current
	N Matos CEO and Executive Director from 12 May 2025
	M Bullock Acting Group Executive, Technology & Group Services from 5 August 2025
	E Clements Group Executive, Talent & Culture (GE T&C)
	K Corbally Chief Risk Ofcer (CRO)
	F Faruqui Chief Financial Ofcer (CFO)
	C Morgan Group Executive, Australia Commercial
	B Rush Acting Group Executive, Australia Retail & CEO Suncorp Bank from 2 July 2025
	A Watson Group Executive and CEO, New Zealand
	M Whelan Group Executive, Institutional
	2025 CEO and Disclosed Executives – Former
	S Elliot Former CEO and Executive Director – concluded in role 11 May 2025 and ceased employment 30 September 2025
	M Carnegie Former Group Executive, Australia Retail – concluded in role 1 July 2025 and ceased employment 1 August 2025
	G Florian Former Group Executive, Technology & Group Services – concluded in role 4 August 2025 and ceasing employment 7 November 2025
	A Strong Former Group Executive, Strategy & Transformation – concluded in role and ceased employment 1 July 2025
	See section 1.1 regarding changes to KMP announced in 2025, efective for 2026.

There were several changes to our KMP during the 2025 year:

Jane Halton retired as a Non-Executive Director (NED) on 31 March 2025.
Alison Gerry commenced as a NED on 9 May 2025.
Shayne Elliott concluded as CEO and Executive Director on 11 May 2025.
Nuno Matos commenced as CEO and Executive Director on 12 May 2025.
Antony Strong concluded as Group Executive, Strategy & Transformation 1 July 2025.

No additional changes to KMP to those announced since the end of 2025 up to the date of signing the Directors’ Report.

ANZ Group Holdings Limited (ANZGHL) replaced Australia and New Zealand Banking Group Limited (ANZBGL) as the listed entity on 3 January 2023 under a scheme of arrangement approved by shareholders at the AGM on 15 December 2022.

Remuneration Remuneration reportreport

Operating Operating environmentenvironment

Directors’ Directors’ reportreport

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GovernanceGovernance

GlossaryGlossary

GovernanceGovernanceGovernance

2. Remuneration governance

2.1 First strike and shareholder feedback

2.2 The People & Culture Committee

2.1 First strike and shareholder feedback

At the AGM in 2024, ANZ recorded a ‘first strike’ against our Remuneration Report. The Chairman and the Chair of the People & Culture Committee met with many of our shareholders over the course of 2025, to better understand the key drivers behind their voting decisions.

Feedback from some shareholders that in their view reflected that 2024 remuneration outcomes were misaligned, particularly given issues raised by APRA and ASIC, as outlined in the Chairman’s 2024 message.

Importantly, 2024 outcomes were determined based on information known at that time. The Board highlighted that reviews were ongoing, and full accountability would be established once these had been concluded. In light of the findings from independent reviews completed in 2025 and in accordance with CPS 511, the Board deliberated on the degree of accountability for each executive when determining 2025 variable remuneration outcomes. In addition, the Board considered the combined impact of remuneration outcomes over 2024 and 2025.

Given the above, the Board has sought to enhance transparency in the 2025 Remuneration Report, particularly regarding the Board’s decision-making for 2025 of variable remuneration outcomes and how risk management and nonfinancial considerations were factored into those decisions.

The Board are appreciative of the candid feedback from shareholders and have endeavoured to incorporate that into the decision-making for 2025.

2.2 The People & Culture Committee

2.2.1 Role of the People & Culture Committee

The Board is ultimately responsible for and oversees ANZ Group’s Performance and Remuneration Framework and its effective application throughout the ANZ Group. The People & Culture Committee’s role is to assist the Board in its oversight of the

effective operation of the Performance and Remuneration Framework and other Talent & Culture (T&C) matters. It has been delegated authority to act as the remuneration committee for ANZBGL.

During the year the People & Culture Committee met on six occasions and reviewed and approved, or made recommendations to the Board on matters including:

remuneration for the CEO and other key executives broader than those disclosed in the Remuneration Report in accordance with ANZ’s Board level Performance and Remuneration Policies, and fees for the NEDs;
matters related to Performance and Remuneration Framework compliance with APRA’s Prudential Standard CPS 511 Remuneration ;
annual objectives setting, reporting and assessment of the ANZ Group Scorecard and annual variable remuneration spend;
performance and reward outcomes for key senior executives, including the consideration of material events that have either occurred or came to light during the year;
the release, further deferral or application of malus of deferred remuneration or clawback;
key senior executive appointments and terminations;
the review of ANZ’s Board level Performance and Remuneration Policies, and the Accountability & Consequence Framework (A&CF);
building capabilities required to deliver on our strategy;
succession plans for key senior executives; and
culture, diversity and inclusion, employee engagement, and how we work.

More details about the role of the People & Culture Committee, including its Charter, can be found on our website. Go to anz.com > Our company > Strong governance framework > ANZ People & Culture Committee Charter

2.2.2 Link between remuneration and risk

The People & Culture Committee has a strong focus on the relationship between business performance, risk management and remuneration, aligned with our business strategy. The chairs of the Risk and Audit Committees and the full Board (ANZGHL and ANZBGL) are in attendance for specific People & Culture Committee meetings. A joint meeting of the People & Culture, Risk and Audit Committees was held to review:

material risk, conduct and audit events that either occurred or came to light in 2025;
2025 performance and variable remuneration recommendations at both the Group, CEO and Disclosed Executive level.

To further strengthen the link between remuneration and risk:

the Board had three NEDs, in addition to the Chairman, in 2025 who served on both the People & Culture Committee and the Risk Committee;
the People & Culture Committee has free and unfettered access to risk and financial control personnel, noting that the CRO and CFO attend People & Culture Committee meetings for specific agenda items;
the CRO together with GE T&C and Group General Manager Internal Audit (GGM IA) provides an independent report to the People & Culture Committee on the most material risk, conduct and audit events as relevant to help inform considerations of performance and remuneration, and accountability and consequences at the Group, Divisional and individual level;
the CRO also provides an independent report to assist the Board in their assessment of performance and remuneration outcomes for the CEO and Disclosed Executives;
the chairs of the Risk and Audit Committees are asked to provide input to ensure appropriate consideration of all relevant risk and internal audit issues;
the ANZ Group Scorecard and Divisional Scorecards include a Risk Modifier, a key element that forms an integral part of each framework’s assessment and directly impacts the overall outcomes; and
the LTVR restricted rights pre grant and pre vest assessments undertaken by the Board are primarily based on non-financial risk outcomes.

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2.2.3 Conflicts of interest

To help mitigate potential conflicts of interest:

management are not in attendance when their own performance or remuneration is being discussed by the People & Culture Committee or Board;
the CRO’s remuneration arrangements differ to other Disclosed Executives to preserve the independence of the role;
the Enterprise Accountability Group (EAG) also has processes in place to help mitigate conflicts of interest as outlined in section 7; and
the People & Culture Committee seeks input from a number of sources to inform their consideration of performance and remuneration outcomes for the CEO and Disclosed Executives including:
independent reports from Risk, Finance, Talent and Culture, and Internal Audit;
material risk, conduct and audit event data provided by the CRO; and
input from both the Audit Committee and the Risk Committee of the Board.

2.2.4 External advisors provided information but not recommendations

The People & Culture Committee can engage independent external advisors as needed.

Throughout the year, the People & Culture Committee and management received information from the following external advisors: Ashurst, Deloitte, EY, PayIQ Executive Pay and PricewaterhouseCoopers. This information related to market data, market practices, analysis and modelling, legislative requirements

and the interpretation of governance and regulatory requirements.

During the year, ANZ did not receive any remuneration recommendations from external advisors about the remuneration of KMP.

ANZ employs in-house remuneration professionals who provide

recommendations to the People & Culture Committee and the Board. The Board made its decisions independently, using the information provided and with careful regard to ANZ’s key strategic priorities, ambition and values, risk appetite, and the ANZ Group Performance and Remuneration Framework, ANZ’s Board level Performance and Remuneration Policies and ANZ’s Reward Principles

3. Executive performance and remuneration approach

3.1 Summary of approach

3.2 Alignment of remuneration and risk

3.1 Summary of approach

The following overview highlights how the executive performance and remuneration framework supports ANZ’s ambition and strategy and is aligned to shareholder interests.

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ANZ’s ambition and strategy [1]
Is underpinned by our Performance and Remuneration Policies which include our Reward Principles:
Attract, motivate Reward our people for Focus on how things are Fair and simple
and keep great doing the right thing having achieved as much as what to understand
people regard to our customers is achieved
and shareholders
With remuneration delivered to our CEO and Disclosed Executives through:
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With remuneration delivered to our CEO and Disclosed Executives through: Fixed remuneration (FR) Performance linked variable remuneration Short Term Variable Remuneration (STVR) Long Term Variable Remuneration (LTVR) Linked to shareholder interests through:

Substantial shareholding requirements, see Section 8.3 – around 80% of variable remuneration at maximum opportunity is deferred into ANZ equity and 75% for the CRO to ensure alignment with shareholder interests and to ensure focus on long-term value creation
Significant variable remuneration deferral up to 5 and 6 years in ANZ equity
Significant weighting to the LTVR component, i.e. around 60% of variable remuneration, which includes Relative and Absolute Total Shareholder Return (TSR) hurdles
Consideration of the shareholder experience in respect of the share price and dividend in determining individual outcomes
See the ‘Our ambition and strategy’ section of the Annual Report.

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3.2 Alignment of remuneration and risk

Alignment of remuneration and risk

Variable remuneration for the CEO and Disclosed Executives is aligned to risk management through:

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Assessing behaviours Determining variable Weighting the Emphasising risk in the Reinforcing the
based on ANZ’s values remuneration measurement of determination and importance of risk
and risk/compliance outcomes with risk as a remuneration vesting of LTVR culture in driving
standards including modifier – impacting outcomes toward the restricted rights sustainable long-term
the FAR outcomes at both a longer-term with a (Section 5.4.2) performance in the
Group Scorecard and significant proportion LTVR design
individual level at risk
Providing material Ensuring risk Determining Strengthening risk Prohibiting the hedging
weight to non-financial measures are accountability [1] consequences with of unvested equity
metrics, particularly risk, considered over a and applying clawback (Section 5.5)
in line with APRA long-time horizon of consequences
requirements up to 5 and 6 years where appropriate
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Variable remuneration can be adjusted downwards, including to zero, allowing the Board to hold executives accountable, individually or collectively, for the longer-term impacts of their decisions and actions.

The term ‘accountability’ is used in the broader sense – i.e. taken to mean that the CEO/Disclosed Executives are ultimately responsible for the effective management of risk and the performance of the bank, and therefore should bear appropriate consequences for the impacts of the matters. As used in this report, the term should not be taken to mean accountability under FAR, unless otherwise stated. Where referring to FAR accountability, the term ‘Accountability’ will be capitalised.

4. Five-year performance

4.1 Five-year ANZ financial performance summary 4.2 Historical performance and remuneration outcomes

4.1 Five-year ANZ financial performance summary

When determining variable remuneration outcomes for the CEO, Disclosed Executives and employees, a range of different financial indicators are considered. The Group uses cash profit as a measure of performance for the Group’s ongoing business activities, as this provides a basis to assess Group and Divisional performance against earlier periods and against peer institutions.

The adjustments made in arriving at cash profit are included in statutory profit which is subject to audit. Although cash profit is not audited, the external auditor has informed the Audit Committee that, with the exception of the new cash profit adjustment in 2025 in respect of the amortisation of acquired intangible assets recognised in 2025 as part of the Suncorp Bank acquisition, the cash profit adjustments have been determined on a consistent basis across each period presented.

2025 statutory profit is down 10% compared to the prior financial year, while cash profit is down 14%, with both measures impacted by significant items during the year.

During 2024 the Group commenced a $2 billion share buy-back to return surplus capital to its shareholders, which up to 30 September 2025 has resulted in the Group returning $1,175m of capital to shareholders via the acquisition of 39.5 million shares on the market. As announced on 13 October 2025, the remaining share-buy back has now been ceased.

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ANZ’s financial performance[1] , including cash profit[2] , over the last five years.

ANZ’s fnancial performance1, including cash proft2, over the last	fve years.
	2021	2022	2023	2024	2025
Statutory proft atributable to ordinary shareholders ($m)	6,162	7,119	7,106	6,535	5,891
Cash proft ($m, unaudited)	6,181	6,496	7,413	6,725	5,787
Cash proft - continuing operations ($m, unaudited)	6,198	6,515	7,413	6,725	5,787
Cash proft before provisions and tax - continuing operations	8,396	8,968	10,766	10,068	9,019
($m, unaudited)
Return on equity - cash (%) - continuing operations (unaudited)	9.9	10.4	11.0	9.7	8.1
Basic earnings per share - cash - continuing operations	216.5	228.8	247.3	224.3	194.7
(cents, unaudited)

The Group completed the divestment of its Aligned Dealer Group business, its Onepath Pensions and Investment business, and life insurance business across the 2020 and 2019 financial years. The financial results of these divested businesses were treated as discontinued operations in 2022 and 2021. The Group ceased reporting discontinued and continuing operations from completion in 2022. On 1 October 2023, the Group adopted AASB 17 Insurance Contracts (AASB 17), applied AASB 17 effective 1 October 2022 and restated prior period comparative information. 2. Cash profit excludes non-core items included in statutory profit. The net after tax gain adjusted from statutory profit to arrive at cash profit was $104m for 2025, made up of several items. It is provided to assist readers understand the results of the core business activities of the Group.

4.2 Historical performance and remuneration outcomes

The table below shows the link between financial performance and variable remuneration outcomes[1] over the past five years, noting that risk and other factors have also impacted outcomes.

	2021	2022	2023	2024	2025
Current CEO STVR outcome (% of maximum opportunity)	-	-	-	-	0%
Former CEO STVR2outcome (% of maximum opportunity)	53%	74%	96%	52%	0%
Disclosed Executive STVR3outcome (average % of	60%	78%	89%	60%	10%
maximum opportunity4)
Disclosed Executive STVR3outcome (range % of maximum	46% - 66%	71% - 96%	80% - 100%	40% - 71%	0% - 64%
opportunity4)
LTVR/VR PR vesting outcome (% vested)	43.3%	51.6%	n/a	0%	25%
Share price5at 30 September ($)	28.15	22.8	25.66	30.48	33.21
Total dividend (cents per share)	142	146	175	166	166
Total shareholder return (12 month %)	70.7	-14	20	27	15.1

In prior year Remuneration Reports, STVR outcome was provided as a % of target. 2. Previously referred to as AVR pre-2022 for the former CEO. 3. Previously referred to as VR pre-2022 for Disclosed Executives. 4. Pre 2022, % of maximum opportunity applied to the full VR due to the combined VR structure for Disclosed Executives in those years. 5. On 1 October 2020, opening share price was $17.21.

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5. Executive performance and remuneration framework

5.1 Remuneration structure

5.2 Remuneration mix

5.4 LTVR remuneration detail

5.5 Board discretion
5.3 STVR remuneration detail

5.1 Remuneration structure

There are two core components of remuneration at ANZ – fixed remuneration and at risk variable remuneration.

In structuring remuneration, the Board aims to find the right balance between fixed and variable remuneration (at risk), the way it is delivered (cash versus deferred remuneration) and appropriate deferral time frames (the short, medium and long-term).

The Board sets and reviews annually the CEO and Disclosed Executives’ FR based on financial services market relativities and reflecting each executive’s responsibilities, performance, qualifications and experience. FR is delivered as cash and superannuation contributions.

The CEO and Disclosed Executives’ variable remuneration is comprised of STVR and LTVR, consistent with external market practice. Information relating to variable remuneration delivery is detailed in sections 5.3 and 5.4.

5.2 Remuneration mix

The CEO and Disclosed Executives[1] have an aligned remuneration mix of 30% FR, 30% STVR and 40% LTVR at maximum/full opportunity, and structure, with the exception of longer deferral for the CEO in line with APRA’s deferral[2] requirements.

CEO

Remuneration mix – CEO ($m)

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Minimum opportunity
2.500 2.500
Maximum/full opportunity
8.375 (44% cash, 56% equity) 2.500 +1.200 +1.300 +1.688 +1.688
30% 30% 40%
FR STVR cash STVR deferred shares LTVR PR LTVR RR
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Disclosed Executives

The dollar amounts in the below example are for illustrative purposes only, and are based on the FR value of $1.25m.

Remuneration mix – Disclosed Executives[1] ($m)

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Minimum opportunity
1.250 1.250
Maximum/full opportunity
4.188 (45% cash, 55% equity) 1.250 +0.625 +0.625 +0.844 +0.844
30% 30% 40%
FR STVR cash STVR deferred shares LTVR PR LTVR RR
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Excluding CRO and acting Group Executive roles. 2. At target performance, 63% of variable remuneration for the CEO and Disclosed Executives, and 56% of variable remuneration for the CRO is deferred for at least four years from the date the Board approved the variable remuneration in October, and the date shareholders approve the CEO’s LTVR, noting that this complies with the FAR minimum deferral requirement of 60% for the CEO and 40% for Disclosed Executives.

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Chief Risk Officer

To preserve the independence of the role and to minimise any conflicts of interest in carrying out the risk control function across the organisation, the CRO’s remuneration arrangements differ to other Disclosed Executives.

While the STVR opportunity of 100% of FR is the same as the CEO and Disclosed Executives, the LTVR opportunity is different, i.e. 100% of FR instead of 135% of FR, reflecting the delivery of LTVR as 100% restricted rights instead of 50% performance rights and 50% restricted rights. Maximum variable remuneration opportunity is 200% of FR for the CRO. The CRO’s remuneration mix at maximum opportunity is 33.3% FR/33.3% STVR/33.3% LTVR.

Acting Group Executive, Australia Retail and CEO Suncorp Bank

Due to the acting nature of B Rush’s appointment, and that his role is classified as a FAR Accountable Person for Suncorp Bank, his remuneration arrangements differ to other Disclosed Executives. For the time spent in this acting role, his FR is set at $1.15 million per annum from 2 July 2025. His STVR maximum opportunity is set at 125% of FR and LTVR at 100% of FR at full opportunity. His remuneration mix at maximum opportunity is therefore 31% FR/38% STVR/31% LTVR. To ensure compliance with FAR and CPS 511 deferral requirements, his STVR will be delivered as 50% cash and 50% shares deferred over years 2 to 3, with his LTVR delivered as 100% restricted rights deferred over years 4 and 5.

Acting Group Executive, Technology & Group Services

Due to the acting nature of M Bullock’s appointment, his remuneration arrangements differ to other Disclosed Executives. For the time spent in this acting role, his FR is set at $1 million per annum from 5 August 2025. His Variable Remuneration (VR) maximum opportunity is set at 210% of FR at full opportunity. His remuneration mix at maximum opportunity is therefore 32% FR/68% VR. To ensure compliance with FAR and CPS 511 deferral requirements, his VR will be delivered as 60% cash and 40% shares deferred over years 4 and 5.

5.3 STVR remuneration detail

In 2024, the People & Culture Committee recommended and the Board approved, changes to the ANZ Group Scorecard and performance approach for financial year 2025 onward. The intention was to provide a greater focus on fewer, more meaningful objectives that would drive sustainable long-term performance, and to provide a more transparent link between performance and remuneration outcomes. This approach is also consistent with shareholder feedback.

Key changes arising from this review included:

reduction in the number of objectives and indicators;
provision of weighting for each objective rather than at the category level only;
introduction of threshold/target/stretch targets for each indicator;
increase in the performance assessment weighting for Group performance for frontline Disclosed Executives, from 25% to 40%, to recognise the increase in Group-wide priorities, excluding the Group Executive and CEO, New Zealand; and
increase in the weighting of financial measures from 40% to 50% in the Group and Divisional Scorecards.

Key features of the STVR are detailed in the table below:

STVR element	Detail
Objective	To align with the achievement of stretching performance objectives that support our business strategy
	and drive long-term sustainable outcomes for shareholders, with material weight provided to non-
	fnancial measures in accordance with Prudential Standard_CPS 511 Remuneration_.
Maximum opportunity	100% of FR.
Eligibility	CEO and Disclosed Executives.
Link to performance	Based on Group and individual performance.
ANZ Group Scorecard	At the start of each year, the ANZ Group Scorecard is agreed upon by the Board and is designed to be
	stretching. For the CEO, STVR is assessed on ‘What’ assessment (ANZ Group Scorecard) x ‘How’ Modifer.
Divisional Scorecards	At the start of each year, stretching performance objectives are set for Disclosed Executives through
	Divisional Scorecards, aligned with the ANZ Group Scorecard. For Disclosed Executives, STVR is
	assessed on ‘What’ assessment (ANZ Group Scorecard and Divisional Scorecards) x ‘How’ Modifer. The
	weighting to Divisional Scorecards varies from 50% to 75% for Disclosed Executives.
Scorecard weightings	The ANZ Group Scorecard weighting for Disclosed Executives varies based on role focus. To reinforce
	the importance of collective accountability and contribution to Group outcomes, for 2025 the Group
	weightings increased from 25% to 40% for frontline Disclosed Executives (excluding Group Executive &
	CEO, New Zealand). The CRO retained a 25% weighting to reinforce independence of the role:
	• 50% weighting for enablement Disclosed Executives: CFO, Group Executive Strategy & Transformation,
	GE T&C, and Group Executive Technology & Group Services;
	• 40% weighting for frontline Disclosed Executives: Group Executive Australia Retail, Group Executive
	Australia Commercial, and Group Executive Institutional;
	• 25% weighting for CRO, and Group Executive & CEO New Zealand.

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STVR element	Detail	Detail	Detail	Detail
Delivery vehicles and security issued	50% cash, 50% deferred shares (DS). The number of deferred shares to be granted is calculated based on the volume weighted average price (VWAP) of the shares traded on the ASX in the fve trading days leading up to and including 1 October, i.e. in line with the beginning of the fnancial year. Allocations prior to the 2022 fnancial year were based on the VWAP in the fve trading days leading up to and including the date of grant. In some cases, we may grant deferred share rights to executives instead of deferred shares. Each deferred share right entitles the holder to one ordinary share.
Performance period	One	year.
2025 ANZ Group Scorecard performance measures and Risk Modifer			Weight Objective	Key Performance Indicator
	Financial	1	35% Deliver strong fnancial outcomes;focused on high quality growth and returns	Cash NPAT (v Plan) $m
				Cash ROE (Internal Expected Loss (IEL) basis v Plan)
		2	15% Drive productivity;leverage AI, our geographic network and how we partner, to drive transformational change across the bank	Productivity (based on FY24 baseline)
	Strategic	3	10% Deliver value from the Suncorp Bank acquisition; manage Suncorp Bank well, growing high value Suncorp customer deposits and deliver the benefts of integration as planned	Suncorp Bank Funds under Management (Deposits)
				Integration cost net of synergies
		4	10% Grow the number of active ANZ Plus customers and launch new products and features;by executing our roadmap, deepening engagement, and scaling the migration of existing customers	Number of active ANZ Plus customers
				Percentage of ANZ Plus customers engaged with a Financial Wellbeing (FWB) feature
				Number of ANZ transact and save customers migrated to ANZ Plus
		5	15% Improve core platform resilience: a) Deliver Key NFR Transformation Initiatives	Complete the implementation of all 16 risk themes in I.AM Amplifed
				Deliver a clear and well progressed plan for fully sustainably embedding the I.AM Amplifed transformation
				Identify and map ANZ’s critical operations (as defned under CPS 230) with all dependencies, tolerance setings and Business continuity plans defned in Operational Resilience Management (ORM) ready to operate
			5% b) Launch and progress the implementation of the Modern Banking Platform Core in NZ	Successfully launch Term Deposits on Modern Banking Platform (MBP) to Personal customers in the live production environment
		6	10% Strengthen our reputation;enhancing our employee value proposition and our social license to operate	Improved Inclusion Index
				Deliver Environmental ESG targets as planned
			Key Consideration
	Risk	1	Demonstrable progress and on track to achieve ‘Sound’ risk culture rating
		2	Continue to enhance our approach to managing fnancial and non-fnancial risk management including critical data management
		3	Continue to strengthen our reputation and confdence with the community and regulators

Delivery1and deferral period	Year 2 Year 3 Year 1		DS 25% DS 25% Cash 50%
Downward adjustment including malus and clawback	Subject to the Board’s ongoing discretion to apply in-year adjustments, malus and clawback – considered by the Board before any scheduled release of deferred remuneration.

If the CEO receives above target STVR, the amount above target will be delivered as 40% cash and 60% DS (20% year 4, 20% year 5, 20% year 6) to ensure compliance with the minimum deferral requirements with respect to FAR and APRA’s Prudential Standard CPS 511 Remuneration .

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5.3.1 Performance assessment of STVR

The following provides a summary of the performance assessment approach for the CEO and Disclosed Executives in respect of assessment of performance against scorecards.

Compliance with the FAR is the gateway that requires the Accountable Person to meet their obligations in line with their Accountability Statement under the FAR.
The ‘What’ assessment comprises the outcome of the ANZ Group Scorecard and Divisional Scorecard. Each Scorecard is subject to a Risk Modifier[1] as detailed below.
The ‘How’ Modifier is used to adjust the ‘What’ assessment outcome. It considers a macro view of the individual’s approach to risk, demonstration of ANZ behaviours, and their contribution to building a successful ExCo team.

See below for further detail on the performance assessment approach of STVR.

Note for the CRO, Risk is incorporated in the Scorecard rather than as a separate Modifier.

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‘What’ assessment
Overall
FAR ANZ Group Scorecard Divisional Scorecard ‘How’ Performance
Compliance assessment % assessment % Modifier % Assessment %
Gateway
Weighting Weighting Key Inputs: Key Inputs:
CEO: 100% CEO: n/a • Risk Standards • Informs STVR
CRO, GE NZ: 25% CRO, GE NZ: 75% Assessment outcome
Frontline DEs: 40% Frontline DEs: 60% • Behaviours
Enablement DEs: 50% Enablement DEs: 50%
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CEO performance

The CEO’s STVR is assessed against the ANZ Group Scorecard, adjusted by the ‘How’ Modifier, which takes into consideration the CEO’s leadership of ANZ’s values and behaviours and ANZ’s risk and compliance standards. The weighting to financial performance for the CEO is around 50% in 2025 noting that the CEO’s STVR is not formulaic.

At the end of the financial year, the People & Culture Committee reviews and recommends to the Board for approval the CEO’s overall performance taking into consideration:

i. Performance against the ANZ Group Scorecard
ii. 'How' Modifier which includes:
a. Risk Standards Assessment
i. Control function reports from the CRO on risk management, CFO on financial performance, GE T&C on talent and culture matters and GGM IA on internal audit matters
ii. Material risk, audit and conduct events that have either occurred or come to light during the year
b. Behaviours

iii. Input from the Chairman

iv. Compliance with FAR obligations
v. Input from both the Audit Committee and the Risk Committee of the Board

Disclosed Executive performance

At the end of the financial year, the People & Culture Committee recommends to the Board for approval the performance of each Disclosed Executive[1] against:

i. the ANZ Group Scorecard – 25% to 50% weighting
ii. their Divisional Scorecard – 50% to 75% weighting
iii. 'How' Modifier as detailed for the CEO
iv. Compliance with FAR obligations
v. Input from both the Audit Committee and the Risk Committee of the Board

Similar to the ANZ Group Scorecard, the Divisional Scorecards include the key Scorecard categories of Financial and Strategic, with Risk acting as a Modifier.[2] The weighting of each element varies to reflect the responsibilities of each individual’s role. The Financial element weightings range from 25% to 50%.

Performance arrangements for the CRO are addressed additionally by the Risk Committee. Performance arrangements for the Group Executive & CEO New Zealand are determined and approved by the ANZ NZ HR Committee/ANZ NZ Board in consultation with and endorsed by the People & Culture Committee/Board, consistent with their respective regulatory obligations. 2. Except for the CRO who has a percentage weighting assigned to risk measures.

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5.4 LTVR remuneration detail

The LTVR has two components – LTVR performance rights and LTVR restricted rights. The weighting of LTVR at full opportunity is 50:50 for the CEO and Disclosed Executives with the exception of the CRO and Acting Group Executive, Australia Retail and CEO Suncorp Bank, whose allocations are 100% LTVR restricted rights. The Acting Group Executive, Technology & Group Services is not eligible to receive LTVR.

Having a risk-based focus reflects the intent of APRA’s Prudential Standard CPS 511 Remuneration in ensuring remuneration arrangements appropriately incentivise individuals to prudently manage risks. The performance conditions are designed to ensure there is focus on both material risk events and building a strong risk culture over the longer term.

The award of restricted rights ensures that LTVR provides material weight to non-financial measures (as required under CPS 511 Remuneration ), as well as supporting long-term alignment with shareholders.

The following tables detail features of the LTVR performance rights and LTVR restricted rights. This is the LTVR approach that applied to the 2025 LTVR award granted in November 2024.

5.4.1 LTVR performance rights (PR) – CEO and Disclosed Executives excluding the CRO[1]

LTVR PR element	Detail
Objective	To align with the achievement of stretching performance objectives that support our business strategy and drive long-term sustainable outcomes for shareholders, with material weight provided to non- fnancial measures in accordance with Prudential Standard_CPS 511 Remuneration_.
Full opportunity	CEO and Disclosed Executives (excluding the CRO1) 67.5% of FR.
Eligibility	CEO and Disclosed Executives excluding the CRO.1
Link to performance	Relative and Absolute Total Shareholder Returns outcomes.
Delivery vehicle and security issued	Performance rights – each performance right is a right to acquire one ordinary ANZ share at nil cost subject to meeting of performance conditions.
Performance period	Four years from 1 October 2024 to 30 September 2028.
Performance measures	The performance rights are subject to two performance hurdles: • 75% weighting – Relative Total Shareholder Return (RTSR) measures ANZ’s share price movement, dividends paid, and any return on capital compared with the RTSR performance over the performance period of a comparator group of companies comprising select fnancial services companies as detailed below. • 25% weighting – Compound annual growth rate of Absolute Total Shareholder Return (ATSR) equalling or exceeding ANZ’s weighted average cost of capital (WACC). The ATSR hurdle is an internal hurdle focused on ANZ achieving or exceeding a threshold level of growth being the WACC over the performance period. Value is created for shareholders when the ATSR exceeds ANZ’s WACC. The Board will review and approve any changes to the WACC on a quarterly basis throughout the performance period, based on the output from the Capital Asset Pricing Model (CAPM) methodology, which takes into consideration the risk-free bond rate, the market risk premium and the beta – i.e. the volatility of ANZ’s historical share price relative to the market.
Performance hurdles	RTSR
	If ANZ’s TSR when compared to the TSR of the constituents of the comparator group: The percentage of performance rights which will vest is:
	Does not reach the 50thpercentile 0%
	Reaches or exceeds the 50thpercentile 50%, plus 2% for every one percentile increase above the 50thpercentile up to the 75thpercentile
	Reaches or exceeds the 75thpercentile 100%
	ATSR
	If the ATSR of ANZ: The percentage of performance rights which will vest is:
	Does not reach the threshold2 0%
	Reaches the threshold 50%
	Exceeds the threshold but does not reach 150% of threshold Progressive pro-rata vesting between 50% and 100%, on a straight line basis
	Reaches or exceeds 150% of threshold 100%

Also excluding acting Group Executives. 2. Based on the WACC at the start of the performance period, the ATSR threshold was 9.75% and the full vesting level was based on an ATSR of 14.63%; this may be subject to change based on the WACC over the performance period unless the Board exercises discretion to set it otherwise.

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Holding period	The holding period commences the day afer the end of the four-year performance period, and fnishes on the 4th, 5thor 6thanniversary of grants.	The holding period commences the day afer the end of the four-year performance period, and fnishes on the 4th, 5thor 6thanniversary of grants.	The holding period commences the day afer the end of the four-year performance period, and fnishes on the 4th, 5thor 6thanniversary of grants.
Deferral period	The deferral period is the sum of the four-year performance period and the applicable holding period. ~2 yr HP ~1 yr HP 4-year Performance Period Deferral period = 4-year Performance Period + Holding Period (HP) Year 4CEO: 33% / DE: 50% Year 5CEO: 33% / DE: 50% Year 6CEO 34%
		~1 yr HP	r HP
	4-year Performance Period Year 4CEO: 33% / DE: 50% Year 5CEO: 33% / DE: 50% Year 6CEO 34%	~2 y


Exercise period	Performance rights can only be exercised at the end of the relevant deferral period when the rights vest and become exercisable. There is a two-year exercise period which commences at the end of the relevant deferral period.
Downward adjustment including malus and clawback	Subject to the Board’s ongoing discretion to apply malus and clawback – considered by the Board before any scheduled release of deferred remuneration.
Comparator companies	When considering an appropriate cohort of peers for benchmarking RTSR performance, the Board take into consideration organisations with a similar scope of activities, common geographical focus, broadly comparable risk compliance and regulatory profles, and relative stability and transparency across market cycles. The Select Financial Services (SFS) comparator group3is made up of: Bank of Queensland Limited; Bendigo and Adelaide Bank Limited; Commonwealth Bank of Australia Limited; Macquarie Group Limited; National Australia Bank Limited; Standard Chartered PLC; and Westpac Banking Corporation.
Dividends	A dividend equivalent payment is made in respect of performance rights that vest. These are accrued from the beginning of the holding period to the end of the relevant deferral period. For example, performance rights with a fve-year deferral period will have dividends accrued for approximately a one-year period.
Grant value and calculation of number of rights	The number of performance rights before any consideration of the pre grant assessment outcome is calculated as follows: CEO and Disclosed Executives (excluding the CRO and acting Group Executives): FR x 67.5% / fve-day VWAP4= estimated number of performance rights granted
Satisfying vesting	On vesting, the Board may determine to setle the relevant LTVR performance rights with a cash equivalent payment, rather than with shares.

As previously disclosed in the 2024 Remuneration Report, in July 2023 the Board approved the removal of Suncorp Group Limited from the comparator group, post the Suncorp Bank acquisition. This change applied to both prior awards currently on foot and future LTVR awards of performance rights from financial year 2025. 4. The value the Board uses to determine the number of performance rights to be allocated to the CEO and Disclosed Executives is the face value of ANZGHL shares traded on the ASX in the five trading days leading up to and including 1 October, i.e. the beginning of the financial year and the LTVR performance period.

5.4.2 LTVR restricted rights (RR) – CEO and Disclosed Executives[1]

LTVR RR element	Detail
Objective	To align with the achievement of stretching performance objectives that support our business strategy
	and drive long-term sustainable outcomes for shareholders, with material weight provided to non-
	fnancial measures in accordance with Prudential Standard_CPS 511 Remuneration_.
Full opportunity	CEO and Disclosed Executives1(excluding CRO and Acting Group Executive, Australia Retail and CEO
	Suncorp Bank) 67.5% of FR, CRO and Acting Group Executive, Australia Retail and CEO Suncorp Bank
	100% of FR.
Eligibility	CEO and Disclosed Executives.1
Link to performance	Subject to both a pre grant and pre vest assessment based on risk-based measures.
Delivery vehicle and	Restricted rights – each restricted right is a right to acquire one ordinary ANZ share at nil cost subject to
security issued	meeting of applicable performance conditions.

Excluding Acting Group Executive, Technology & Group Services.

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Performance period Four years from 1 October 2024 to 30 September 2028. Pre grant assessment Determines whether any reduction should be made to LTVR restricted rights grant value. Based on whether ANZ has met in the prior financial year and plans to meet over the four-year performance period, the following prudential minimums:

Step 1	Step 2	Step 3
Assess Prudential soundness	Assess risk measures	Apply Board discretion
• Nil award if ANZ does not	• Consideration of any	• Board to determine whether any
meet capital ratio and	Material Risk Outcomes2	reduction should be made to LTVR
liquidity prudential	from executive actions or	restricted rights outcome based on
minimums.	inactions which are	consideration of a range of factors,
	expected to/or have	including:
	resulted in signifcant	– the outcomes from steps 1 and 2;
	impacts.	– the impact, if any, of the issue/s on
	• Consideration of any signifcant adverse change	ANZ’s reputation/standing in the market;
	inAPRA’s Active Supervisionlevel.	– whether the issue was specifc to ANZ, the banking industry or the
	• Consideration ofRisk	broader market;
	Culture(additional measure for pre vest) that examines whether or not ANZ has maintained (or made progress towards) a sound risk culture, considering both executive actions or	– any impacts already applied (e.g. regarding downward adjustment mechanisms, pre grant assessment impact to LTVR restricted rights); – whether any impact should be made on an individual or collective basis.
	inactions.

Pre vest assessment

The assessments are not intended to be formulaic given the circumstances requiring the application of Board discretion will typically be different or unique, however a Board decision making framework is in place to guide the Board in applying discretion. Determines whether the LTVR restricted rights amount granted should vest in full and is based on outcomes over the four-year performance period. The pre vest assessment also takes into consideration any adjustments already applied for the same event/outcomes in either the current or prior years, i.e. adjustments to STVR and LTVR, malus and clawback, to ensure the overall impact is fair and proportionate to the severity of the outcome.

Step 1	Step 2	Step 3
Assess Prudential soundness	Assess risk measures	Apply Board discretion
• Nil award if ANZ does not	• Consideration of any	• Board to determine whether any
meet capital ratio and	Material Risk Outcomes2	reduction should be made to LTVR
liquidity prudential	from executive actions or	restricted rights outcome based on
minimums.	inactions which are	consideration of a range of factors,
	expected to/or have	including:
	resulted in signifcant	– the outcomes from steps 1 and 2;
	impacts.	– the impact, if any, of the issue/s on
	• Consideration of any signifcant adverse change	ANZ’s reputation/standing in the market;
	inAPRA’s Active Supervisionlevel.	– whether the issue was specifc to ANZ, the banking industry or the
	• Consideration ofRisk	broader market;
	Culture(additional measure for pre vest) that examines whether or not ANZ has maintained (or made progress towards) a sound risk culture, considering both executive	– any impacts already applied (e.g. regarding downward adjustment mechanisms, pre grant assessment impact to LTVR restricted rights); – whether any impact should be made on an individual or collective basis.
	actions or inactions.

Considers all risk types including capital adequacy risk, liquidity and funding risk, credit risk, market risk, climate risk, non-financial risk and strategic risk.

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Holding period	The holding period commences the day afer the end of the four-year performance period, and fnishes on the 4th, 5thor 6thanniversary of grants.	The holding period commences the day afer the end of the four-year performance period, and fnishes on the 4th, 5thor 6thanniversary of grants.	The holding period commences the day afer the end of the four-year performance period, and fnishes on the 4th, 5thor 6thanniversary of grants.
Deferral period	The deferral period is the sum of the four-year performance period and the applicable holding period. ~2 yr HP ~1 yr HP 4-year Performance Period Deferral period = 4-year Performance Period + Holding Period (HP) Year 4CEO: 33% / DE: 50% Year 5CEO: 33% / DE: 50% Year 6CEO 34%
		~1 yr HP	r HP
	4-year Performance Period Year 4CEO: 33% / DE: 50% Year 5CEO: 33% / DE: 50% Year 6CEO 34%	~2 y


Exercise period	Restricted rights can only be exercised at the end of the relevant deferral period when the rights vest and become exercisable. There is a two-year exercise period which commences at the end of the relevant deferral period.
Downward adjustment including malus and clawback	Subject to the Board’s ongoing discretion to apply malus and clawback – considered by the Board before any scheduled release of deferred remuneration.
Dividends	A dividend equivalent payment is made in respect of restricted rights that vest. These are accrued from the beginning of the deferral period to the end of the relevant deferral period. For example, restricted rights with a fve-year deferral period will have dividends accrued for approximately a fve-year period.
Grant value and calculation of number of rights	The number of restricted rights before any consideration of the outcome from the pre grant assessment is calculated as follows: CEO and Disclosed Executives (excluding CRO): FR x 67.5%/fve-day VWAP3= estimated number of restricted rights granted CRO: FR x 100% fve-day VWAP3= estimated number of restricted rights granted
Material risk outcomes process	The consideration of material risk outcomes is a key process that forms part of our broader Accountability and Consequence Framework (A&CF) (Section 7), and is a comprehensive botom-up process designed to ensure that all relevant events are surfaced and considered appropriately. Key steps include: • Risk, conduct and audit events are reported in ANZ’s Compliance & Operational Risk System. • Divisional Accountability Groups review serious risk, conduct and audit events, and provide recommendations regarding accountability and consequences, where appropriate. • Enterprise Accountability Group (EAG) reviews recommendations of the Divisional Accountability Groups and makes fnal determination (with some exceptions where local Board approval is required or for material risk takers and other non-administrative direct reports to the CEO, where Board approval is required). • People & Culture Commitee reviews the most serious risk, conduct and audit events as part of independent report from CRO, and determines impacts at the Group, Division and individual level for the CEO and ExCo.
Satisfying vesting	On vesting, the Board may determine to setle the relevant LTVR restricted rights with a cash equivalent payment, rather than with shares.

The value the Board uses to determine the number of restricted rights to be allocated to the CEO and Disclosed Executives is the face value of ANZGHL shares traded on the ASX in the five trading days leading up to and including 1 October (beginning of the financial year and LTVR performance period).

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5.5 Board discretion

Variable remuneration is ‘at risk’ remuneration and can range from zero to maximum opportunity. At the end of the financial year, the Board[1] approves variable remuneration recommendations for the CEO and each Disclosed Executive following lengthy and detailed discussions and assessment, supported by comprehensive analysis of performance from a number of sources.

Board discretion is applied when determining all CEO and Disclosed Executive variable remuneration outcomes including:

the outcomes of the ANZ Group and Divisional Scorecards;
STVR and LTVR outcomes for each financial year;
LTVR vesting outcomes (including pre vest assessment); and
downward adjustment of variable remuneration as part of consequence management, in accordance with applicable law and any terms and conditions provided (see below).

Downward adjustment of variable remuneration

The Board may choose to exercise the following options or a combination of these at any time, but will always consider their use, if any of the circumstances specified by Prudential Standard CPS 511 Remuneration occur.

In year adjustment is the primary adjustment mechanism under ANZ’s A&CF; further deferral/freezing, malus and/or clawback will be considered if not able to proportionally impact in year adjustment.
In year adjustment, further deferral/freezing and malus are applicable to all employees, while clawback is limited to select employees (primarily the CEO, Disclosed Executives and senior employees in jurisdictions where clawback regulations apply).

2. Further deferral/freezing

1. In year adjustment

The most common type of Delays the decision to pay/ downward adjustment, which allocate variable remuneration, reduces the amount of or further defers the vesting of variable remuneration an deferred remuneration or employee may have otherwise freezes vested/unexercised been awarded for that year. shares and rights. This would typically only be considered where an investigation is pending/underway.

3. Malus

Is an adjustment to reduce the value of all or part of deferred remuneration before it has vested. Malus is used in cases of more serious performance or behaviour issues. Any and all variable remuneration we award or grant to an employee is subject to ANZ’s on-going and absolute discretion to apply malus and adjust variable remuneration downward (including to zero) at any time before the relevant variable remuneration vests.

4. Clawback

Is the recovery of variable remuneration that has already vested or been paid (up to two years from vesting/payment or a longer period as determined by Board discretion, policy or applicable law). This would typically only be considered if the other types of downward adjustment/other consequences are considered inadequate given the severity of the situation.

Before any scheduled vesting of deferred remuneration, the Board (for the CEO, Disclosed Executives and other specified roles) and/ or the Enterprise Accountability Group (EAG) (for other employees) considers whether any further deferral, malus, or clawback should be applied (Section 7).

Remuneration arrangements for the Group Executive and CEO, New Zealand are determined and approved by the ANZ NZ Board in consultation with and endorsed by the Board, consistent with their respective regulatory obligations.

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6. Executive remuneration outcomes

6.1 Short term variable remuneration (STVR)

6.2 Long term variable remuneration (LTVR)

6.3 2025 Received remuneration

6.4 2025 Statutory remuneration – CEO and Disclosed Executives

Remuneration outcomes have been presented in the following three ways:

Awarded remuneration – STVR and LTVR (Sections 6.1.2, 6.2.1 and 6.2.2)

Reflects actual cash and the deferred component of STVR awarded in the year. As non-cash components are subject to future vesting outcomes, the awarded value may be higher or lower than the future realised value.

02.

Received remuneration

(Sections 6.2.1, 6.3)

Reflects the actual remuneration received in the year, i.e. cash paid and the value of previously awarded STVR deferred shares and LTVR restricted rights/performance rights which vested in the year.

03.

Statutory remuneration

(Section 6.4)

Reflects remuneration in accordance with Australian Accounting Standards which includes FR and the amortised accounting value of equity based variable remuneration, not the actual awarded or received value in respect of the relevant financial year, i.e. includes the value of STVR and LTVR expensed in the year. This is different to remuneration received in 2025, which includes prior year awards which vested.

6.1 Short term variable remuneration (STVR)

6.1.1 ANZ Group Scorecard – 2025 outcomes

On the following pages we have outlined ANZ’s 2025 Group Scorecard and provided a summary of outcomes for each Scorecard objective to inform the overall assessment for 2025. Scorecard objectives represent the key focus of the scorecard and basis for assessing performance. Scorecard key performance indicators (KPIs) help inform the assessment of performance against the objective, along with additional quantitative and qualitative inputs as appropriate.

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2025 ANZ Group Scorecard

		Weight Objective	Key Performance Indicator (KPI) KPI result	75% 100% 125%
				Threshold Target Exceed
Financial	1	35% Deliver strong fnancial outcomes;focused on high quality growth and returns	Cash NPAT (v Plan) $m $5,787 or $6,140 adjusted1	6,572 7,302 7,667

			Cash ROE (Internal Expected Loss (IEL) basis v Plan) 7.00% or 7.49% adjusted1	8.24% 9.16% 9.62%

	2	15% Drive productivity;leverage AI, our geographic network and how we partner, to drive transformational change across the bank	Productivity (based on FY24 baseline) $343m	$343m

Strategic	3	10% Deliver value from the Suncorp Bank acquisition; manage Suncorp Bank well, growing high value Suncorp customer deposits and deliver the benefts of integration as planned	Suncorp Bank Funds under Management (Deposits) $2.64bn	$2.044bn

			Integration cost net of synergies $47.9m	$76m

	4	10% Grow the number of active ANZ Plus customers and launch new products and features;by executing our roadmap, deepening engagement, and scaling the migration of existing customers	Number of active ANZ Plus customers 863K	800K

			Percentage of ANZ Plus customers engaged with a Financial Wellbeing (FWB) feature 49.4%	38%

			Number of ANZ transact and save customers migrated to ANZ Plus 0 (adjusted approach)	500K

	5	15% Improve core platform resilience: a) Deliver Key NFR Transformation Initiatives	Complete the implementation of all 16 risk themes in I.AM Amplifed All 16 risk themes now live	n/a 16 n/a

			Deliver a clear and well progressed plan for fully sustainably embedding the I.AM Amplifed transformation Plan has been superseded by the APRA Enforceable Undertaking, and subsequent actions	n/a Plan Delivered n/a

			Identify and map ANZ’s critical operations (as defned under CPS 230) with all dependencies, tolerance setings and Business continuity plans defned in Operational Resilience Management (ORM) ready to operate CPS 230 is live	n/a 19 n/a

		5% b) Launch and progress the implementation of the Modern Banking Platform Core in NZ	Successfully launch Term Deposits on Modern Banking Platform (MBP) to Personal customers in the live production environment Target delivered

	6	10% Strengthen our reputation; enhancing our employee value proposition and our social license to operate	Improved Inclusion Index 67.3%	69.9%

			Deliver Environmental ESG targets2as planned 2 targets exceeded, 2 targets achieved	All 4 ESG targets achieved

ANZ Group Scorecard Assessment (pre-Risk Modifer)				Below target

There were several material items impacting the evaluation of 2025 financial performance which were not factored into the original Plan approved by the Board, such as large scale restructuring and ASIC imposed penalties and customer remediation. The Board considered the various relevant items and determined an adjusted value for the Scorecard assessment related to the impairment of the Panin carrying value ($285m) and the accelerated recognition of future costs attributable to the accelerated Suncorp Bank migration timelines ($68m). 2. These are a subset of ANZ’s ESG targets, which are set out in the 2025 ESG Report. The basis of measurement used for assessing achievement of the ESG targets in the Remuneration Report may differ to that used in the ESG Report.

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Risk Modifier

	Key Consideration Outcomes	Key Consideration Outcomes
	The overarching Risk Modifer assessment is focused on risk discipline ensuring good customer and regulatory outcomes. As part of the Board’s determination of the Risk Modifer outcome, the following considerations have been taken into account. Taking into consideration the below and the various NFR Maters, a signifcant risk modifer was applied.
Risk	1 Demonstrable progress and on track to achieve ‘Sound’ risk culture rating	Below standard
	2 Continue to enhance our approach to managing fnancial and non-fnancial risk management including critical data management
	3 Continue to strengthen our reputation and confdence with the community and regulators
Risk Modifer Assessment		Signifcant adjustment
Overall ANZ Group Scorecard ‘What’ Assessment (post-Risk Modifer)		30% of Maximum

Overall 2025 ANZ Group Scorecard ‘What’ Assessment

Overall Assessment

The Group Scorecard accounts for 100% of the CEO’s STVR, 25% to 50% of Disclosed Executives’ STVR and is an input into the overall employee variable remuneration pool.

In 2025, ANZ delivered mixed results across financial and strategic objectives covering customer, risk, people and reputation. Financial performance was below threshold, impacted by lower than planned revenue and higher expenses from remediation and restructuring activities, however this was partially offset by cost saving and productivity initiatives.

The Suncorp Bank acquisition exceeded synergy targets, and Suncorp Bank continued to achieve strong financial and customer outcomes. Similarly, ANZ’s Institutional and NZ businesses continued to perform strongly. While ANZ Plus customer growth was strong, surpassing targets, migration to the new platform was deferred due to the planned change in migration approach from a product focus to a single ANZ Plus front end for the benefit of all customers. Positive progress was also made on ANZ’s ESG targets and the implementation of the modern banking platform core in NZ.

However, shortcomings in ANZ’s NFR management and risk culture resulted in impacts to the customer experience, significant remediation costs, a penalty from ASIC, an additional $250m capital overlay, and ANZ entering a Court Enforceable Undertaking with APRA. As a result, ANZ’s reputation was impacted and the Board considered it appropriate to apply a significant adjustment to the overall assessment of performance via the Risk Modifier, with an overall 2025 performance outcome of 30% of maximum. The Board believes that this outcome appropriately reflects what was a challenging year for ANZ. Irrespective of the overall assessment, given the particular circumstances and challenges facing ANZ, no STVR was awarded this year to the current and former CEO and our Australian based executive leadership team.

Importantly, the journey towards a stronger, more customer focused, simplified and resilient ANZ has commenced, with clear lessons learned and a renewed focus on sustainable growth and stakeholder confidence.

6.1.2 CEOs and DEs STVR – 2025 outcomes

The STVR awarded tables show a year-on-year comparison of STVR awarded to the current and former CEOs, and current and former Disclosed Executives for the 2024 and 2025 performance periods. STVR awarded reflects actual cash and the deferred shares component of STVR awarded in respect of the relevant financial year. As non-cash components are subject to future vesting outcomes, the awarded value may be higher or lower than the future realised value.

Current CEO

While the current CEO N Matos is not accountable for the various NFR Matters due to his commencement in May 2025, the CEO proposed and the Board approved a zero STVR outcome for 2025 (0% of maximum opportunity).

Former CEO

The Board determined that an STVR outcome for S Elliott of zero (0% of maximum opportunity) was appropriate for 2025 having regard to the overall performance of the Group, and his accountability as the former CEO for the various NFR Matters.

Whilst the table below shows the 2024 STVR awarded to S Elliott as previously disclosed in the 2024 Remuneration Report, the 2024 STVR deferred shares have subsequently been subject to the application of malus (see People & Culture Committee Chair letter).

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Awarded STVR in the relevant financial year – CEOs

	Actual STVR Financial year STVR maximum opportunity $ Total STVR $ STVR cash $ STVR deferred shares $	STVR as % of
		Maximum opportunity
Current CEO
N Matos1	2025 975,000 - - -	0%

Former CEO
S Elliot1	2025 1,525,000 - - -	0%
	2024 2,500,000 1,300,000 650,000 650,000	52%

2025 STVR based on time as a CEO (N Matos, S Elliott).

Disclosed Executives

STVR outcomes for Disclosed Executives continue to differ year-on-year demonstrating the variability in performance year-on-year and the at risk nature of this element of remuneration (i.e. it is not guaranteed and may be adjusted up or down ranging from zero to a maximum opportunity).

Most Disclosed Executives received a 2025 STVR outcome of zero as a result of the various NFR Matters, with the exception of the following three individuals:

the Group Executive and CEO, New Zealand whose remuneration outcomes are determined and approved by the ANZ NZ Board in consultation with and endorsed by the Board in accordance with respective regulatory obligations; and
the two acting Disclosed Executives as the individuals are in role on an acting basis.

2025 STVR outcomes for Disclosed Executives ranged from 0% to 64% of maximum opportunity.

To ensure an overall fair and proportionate consequence for the various NFR Matters, downward Board discretion was also applied to LTVR restricted rights for select individuals as a result of the 2026 risk based pre grant assessments. Similarly, malus was applied to the calendar year 2025 and 2026 vestings of previously deferred remuneration for select executives (see section 10.1.1).

Awarded STVR in the relevant financial year – Disclosed Executives

	Actual STVR Financial year STVR maximum opportunity $ Total STVR $ STVR cash $ STVR deferred shares $	STVR as % of
		Maximum opportunity
Current Disclosed Executives
M Bullock1	2025 336,000 155,000 93,000 62,000	46%

E Clements1	2025 850,000 - - -	0%
	2024 784,000 470,400 235,200 235,200	60%
K Corbally	2025 1,300,000 - - -	0%
	2024 1,300,000 624,000 312,000 312,000	48%
F Faruqui	2025 1,275,000 - - -	0%
	2024 1,275,000 885,000 442,500 442,500	69%
C Morgan	2025 1,150,000 - - -	0%
	2024 1,135,000 650,000 325,000 325,000	57%
B Rush1	2025 359,375 228,519 114,260 114,260	64%

A Watson2	2025 1,115,606 692,131 346,066 346,066	62%
	2024 1,129,635 797,660 398,830 398,830	71%
M Whelan	2025 1,500,000 - - -	0%
	2024 1,500,000 595,000 297,500 297,500	40%

STVR based on time as a Disclosed Executive in 2024 (E Clements), 2025 (M Bullock, B Rush, M Carnegie, G Florian, A Strong). 2. Paid in NZD and converted to AUD. Year to date average exchange rate used to convert NZD to AUD as at 30 September for the relevant year.

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	Actual STVR Financial year STVR maximum opportunity $ Total STVR $ STVR cash $ STVR deferred shares $	STVR as % of
		Maximum opportunity
Former Disclosed Executives
M Carnegie1	2025 975,000 - - -	0%
	2024 1,300,000 865,000 432,500 432,500	67%
G Florian1	2025 1,060,500 - - -	0%
	2024 1,262,500 865,000 432,500 432,500	69%
A Strong1	2025 675,000 - - -	0%
	2024 850,000 580,000 290,000 290,000	68%

STVR based on time as a Disclosed Executive in 2024 (E Clements), 2025 (M Bullock, B Rush, M Carnegie, G Florian, A Strong).

6.2 Long term variable remuneration (LTVR)

The LTVR rewards for the achievement of longer term strategic objectives, drives outperformance relative to peers, and creates long-term sustained value for all stakeholders.

6.2.1 CEOs and DEs LTVR – 2025 outcomes

2025 Received LTVR

2020 performance rights granted to the former CEO and Disclosed Executives (excluding the CRO) in December 2020, reached the end of their performance period in November 2024. Based on performance against hurdles, 25% of the performance rights vested. The remaining 75% of rights lapsed and executives received no value from this proportion of the awards.

Performance rights vesting outcomes

			Over four years	Over four years
				Median TSR/	Upper quartile		Overall
				CAGR2TSR	TSR/CAGR2		performance
		First date	ANZ TSR/	threshold	TSR maximum		rights
Hurdle	Grant date1	exercisable1	CAGR2TSR	target	target	% vested	outcome
75% relative TSR Select Financial Services (SFS)	07-Dec-20	22-Nov-24	103.31%	124.57%	133.45%	0%	25% vested
comparator group							and 75%
25% absolute CAGR2TSR	07-Dec-20	22-Nov-24	19.42%	8.5%	12.75%	100%	lapsed

Grant date for the former CEO was 16 December 2020, and date first exercisable was 16 December 2024. The former CEO’s performance period was the same as the performance period for Disclosed Executives. 2. Compound Annual Growth Rate (CAGR).

2025 Awarded LTVR and pre grant assessment outcome

This section relates to 2025 LTVR awards allocated in November 2024 as part of the 2024 review process, whereas the next section (6.2.2) relates to 2026 LTVR awards to be allocated in November/December 2025 as part of the 2025 review process.

As disclosed in the 2024 Remuneration Report and informed by information available at that time, the Board determined in October 2024 that the 2025 LTVR restricted rights (50% of full LTVR opportunity), should be awarded at 90% of full opportunity to current Disclosed Executives (November 2024) and the former CEO (December 2024 post 2024 AGM) due to risk considerations.

This adjustment formed part of a holistic assessment (i.e. including consideration of risk adjustments impacting STVR), to ensure a proportionate collective impact for the NFR matters contributing to the additional capital overlay. This resulted in a total 2025 LTVR award (awarded at the start of the 2025 financial year) at 95% of full opportunity (90% of full opportunity for the CRO, whose LTVR is delivered wholly in restricted rights).

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The restricted rights component of LTVR was subject to a pre grant assessment by the Board (outcomes are summarised below), and will be subject to a pre vest assessment by the Board of non-financial measures at the end of the four-year performance period to determine whether the restricted rights should vest in full.

Restricted rights 2025 pre grant assessment (Section 5.4.2)

Step	Action	Outcome
Step 1	Assess Prudential Soundness	Met
Step 2	Assess Risk Measures	Not met
Step 3	Apply Board discretion	No adjustment
Pre grant assessment outcome		90%

The performance rights component of LTVR is subject to TSR hurdles, which will determine the level of vesting and subsequent value of performance rights at the end of the performance period.

Former CEO LTVR: 2025 LTVR was to be subject to shareholder approval at the 2024 AGM. Prior to the 2024 AGM, the former CEO forfeited his 2025 LTVR award of $3,206,250 (128.25% of FR, which would have been delivered in the form of 53% performance rights and 47% restricted rights) resulting in the withdrawal of the resolution.

Current and former Disclosed Executives' LTVR: 2025 LTVR awarded at 95% of their full opportunity (128.25% of FR, and 90% for the CRO), delivered as part performance rights and part restricted rights (except for the CRO whose LTVR was delivered wholly in restricted rights).

2025 Awarded LTVR – CEOs and Disclosed Executives

2025 Awarded LTVR – CEOs and Disclosed Executives
Actual LTVR1 LTVR full opportunity1 $ Total LTVR1 $ LTVR performance rights $ LTVR restricted rights $	Actual LTVR1	LTVR as % of
		Full opportunity
Current CEO2and Current Disclosed Executives3
E Clements 1,147,500 1,090,125 573,750 516,375		95%
K Corbally 1,300,000 1,170,000 - 1,170,000		90%
F Faruqui 1,721,250 1,635,188 860,625 774,563		95%
C Morgan 1,552,500 1,474,875 776,250 698,625		95%
A Watson4 1,525,007 1,448,756 762,503 686,253		95%
M Whelan 2,025,000 1,923,750 1,012,500 911,250		95%
Former CEO and Former Disclosed Executives
S Elliot5 3,375,000 - - -		0%
M Carnegie 1,755,000 1,667,250 877,500 789,750		95%
G Florian 1,704,375 1,619,156 852,188 766,969		95%
A Strong 1,215,000 1,154,250 607,500 546,750		95%

LTVR full opportunity based on FR at start of financial year. 2. N Matos did not receive a 2025 LTVR award, however approval will be sought from shareholders at the 2025 AGM to ‘top up’ his 2026 LTVR award in recognition of his commencement as CEO in 2025. 3. 2025 LTVR award granted in November 2024 - prior to M Bullock and B Rush becoming Disclosed Executives. 4. Awarded in NZD and converted to AUD. Year to date average exchange rate used to convert NZD to AUD as at 30 September for the relevant year. 5. S Elliott forfeited his 2025 LTVR resulting in the withdrawal of the resolution seeking shareholder approval at the 2024 AGM of the proposed grant of restricted rights and performance rights to the former CEO.

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6.2.2 CEO and DEs LTVR – 2026 outcomes

2026 Awarded LTVR and pre grant assessment outcome

Taking into account the findings of independent reviews into the NFR Root Causes and the Markets matters completed in 2025, the Board determined in October 2025 that the 2026 LTVR restricted rights (50% of full LTVR opportunity), should be awarded at 100% of full opportunity to three of the current Disclosed Executives (November 2025) and the current CEO (December 2025 post 2025 AGM). The Board also determined that two of the current Disclosed Executives will have their 2026 LTVR restricted rights impacted by the risk based pre grant assessment: the Group Executive, Institutional will be awarded zero of full restricted rights opportunity, and the Group Executive, Australia Commercial will be awarded 50% of full restricted rights opportunity. This decision was balanced against the future focused nature of this award and the need to ensure overall consequences were appropriate. Following the announcement of the CRO stepping out of a Disclosed Executive role, he is not eligible to receive 2026 LTVR. The former CEO and former Disclosed Executives are also not eligible to receive 2026 LTVR.

Restricted rights 2026 pre grant assessment (Section 5.4.2)

Step	Action	Outcome
Step 1	Assess Prudential Soundness	Met
Step 2	Assess Risk Measures	Not met
Step 3	Apply Board discretion	Assessed at individual level
Pre grant assessment outcome		0% to 100%

The performance rights component of LTVR is subject to TSR hurdles, which will determine the level of vesting and subsequent value of performance rights at the end of the performance period.

Current CEO LTVR: 2026 LTVR is subject to shareholder approval at the 2025 AGM – 2026 LTVR award of $4,691,250, delivered in the form of 50% performance rights and 50% restricted rights. 2026 LTVR includes a ‘top up’ in recognition of his commencement as CEO in 2025 (noting that N Matos did not receive a 2025 LTVR award).

Current Disclosed Executives' LTVR: 2026 LTVR awarded at between 50% and 100% of their full opportunity, delivered as part performance rights and part restricted rights.

2026 LTVR opportunity – CEOs and Disclosed Executives

		LTVR	as % of full opportunity1
	2026 LTVR restricted rights pre	LTVR restricted rights	LTVR performance rights
	grant assessment outcome	(50% of full opportunity)	(50% of full opportunity)	Total 2026 LTVR
Current CEO and Current Disclosed Executives N Matos2 100%		50%	50%	100%
M Bullock3	-	-	-	-
E Clements	100%	50%	50%	100%
K Corbally4	-	-	-	-
F Faruqui	100%	50%	50%	100%
C Morgan	50%	25%	50%	75%
B Rush5	100%	100%	-	100%
A Watson	100%	50%	50%	100%
M Whelan	0%	0%	50%	50%
Former CEO and Former Disclosed Executives
S Elliot6	-	-	-	-
M Carnegie6	-	-	-	-
G Florian6	-	-	-	-
A Strong6	-	-	-	-

LTVR full opportunity based on FR at start of financial year. 2. N Matos did not receive a 2025 LTVR award, however approval will be sought from shareholders at the 2025 AGM to ‘top up’ his 2026 LTVR award in recognition of his commencement as CEO in 2025. 3. M Bullock is not eligible to receive 2026 LTVR, in accordance with the remuneration structure for his role. 4. K Corbally is not eligible to receive 2026 LTVR, following the announcement that he will step down from the CRO role. 5. B Rush is eligible to receive 2026 LTVR, in accordance with the remuneration structure for his role (FAR Accountable Person for Suncorp Bank). 6. The former CEO and former Disclosed Executives are not eligible to receive 2026 LTVR.

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6.3 2025 Total received remuneration

This table shows the remuneration the current and former CEOs and current and former Disclosed Executives actually received in relation to the 2025 financial year as cash paid, or in the case of prior equity awards, the value which vested or lapsed/forfeited in 2025, i.e. vesting/lapse/forfeiture from November/December 2024. See section 10.1.1 for details on deferred variable remuneration which vested or lapsed/forfeited during the 2025 year.

FR adjustments were received by two current Disclosed Executives (E Clements and C Morgan) and one former Disclosed Executive (A Strong) effective 1 October 2024 to maintain or improve market positioning, approved by the Board in October 2024. There were no other adjustments to FR for Disclosed Executives in 2025.

2025 Total received remuneration – CEOs and Disclosed Executives

Received value includes the value of prior equity awards which vested in that year

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Deferred variable Deferred variable
remuneration which Actual remuneration which
Fixed Cash variable vested in Nov/Dec remuneration lapsed/forfeited in
remuneration remuneration Total cash 2024 [1 ] received [2] Nov/Dec 2024 [1,3 ]
$ $ $ $ $ $
Current CEO and Current Disclosed Executives
N Matos [4 ] 975,000 - 975,000 - 975,000 -
M Bullock [4] 160,000 93,000 253,000 - 253,000 -
E Clements [5] 850,000 - 850,000 304,580 1,154,580 -
K Corbally 1,300,000 - 1,300,000 1,564,131 2,864,131 -
F Faruqui 1,275,000 - 1,275,000 1,307,991 2,582,991 (825,688)
C Morgan [5] 1,150,000 - 1,150,000 329,760 1,479,760 -
B Rush [4] 288,397 114,260 402,656 - 402,656 -
A Watson [6] 1,115,606 346,066 1,461,672 1,058,998 2,520,670 (761,273)
M Whelan 1,500,000 - 1,500,000 1,356,173 2,856,173 (825,688)
Former CEO and Former Disclosed Executives
S Elliott 2,500,000 - 2,500,000 2,773,971 5,273,971 (3,488,272)
M Carnegie [4] 1,092,000 - 1,092,000 1,173,955 2,265,955 (930,782)
G Florian [4] 1,388,750 - 1,388,750 1,119,112 2,507,862 (844,476)
A Strong [4,5] 675,000 - 675,000 552,313 1,227,313 -
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Point in time value of previously deferred remuneration granted as deferred shares and/or rights, and is based on the one day VWAP of ANZGHL shares traded on the ASX on the date of vesting or lapsing/forfeiture multiplied by the number of deferred shares and/or rights. See section 10.1.1 for details. 2. The sum of fixed remuneration, cash STVR and deferred variable remuneration which vested during the year. 3. The lapsed/forfeited values relate to 75% of the performance rights awarded in December 2020 lapsing in November 2024 due to the performance hurdles not being met. 4. Fixed remuneration based on time as CEO (N Matos)/Disclosed Executive (M Bullock, B Rush, M Carnegie, G Florian, A Strong). 5. Fixed remuneration reflects increases applied from 1 October 2024 to maintain or improve market positioning (E Clements, C Morgan, A Strong). 6. Paid in NZD and converted to AUD. Year to date average exchange rate used to convert NZD to AUD as at 30 September for the relevant year.

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6.4 2025 Statutory remuneration – CEO and Disclosed Executives

The following table outlines the statutory remuneration disclosed in accordance with Australian Accounting Standards. While it shows the FR awarded (cash and superannuation contributions) and also the cash component of the 2025 variable remuneration award, it does not show the actual variable remuneration awarded or total received in 2025 (Sections 6.1.2, 6.2.1 and 6.2.2), nor does it reflect the application of malus applied to unvested equity as detailed in section 10.1.1. Instead, the table shows the amortised accounting value for this financial year of deferred remuneration (including prior year awards).

2025 Statutory remuneration – CEO and Disclosed Executives

Financial year	Financial year	Short–term employee benefts	Post– employment
		Cash salary1 $ Non monetary benefts2 $ Total cash incentive3 $	Super contributions4 $
Current CEO and Current Disclosed Executives
N Matos8	2025 975,000 52,228 -		-

M Bullock8	2025 151,781 8,774 93,000		8,219

E Clements8,9	2025 819,551 12,710 -		30,449
	2024 755,468 13,042 235,200		28,532
K Corbally	2025 1,270,051 10,210 -		29,949
	2024 1,271,968 10,394 312,000		28,032
F Faruqui	2025 1,245,051 24,043 -		29,949
	2024 1,246,968 15,990 442,500		28,032
C Morgan9	2025 1,119,551 22,124 -		30,449
	2024 1,106,468 33,024 325,000		28,532
B Rush8	2025 280,910 - 114,260		7,487

A Watson5,10	2025 1,056,978 18,938 346,066		60,279
	2024 1,043,345 10,870 398,830		64,667
M Whelan	2025 1,470,051 10,210 -		29,949
	2024 1,471,968 10,394 297,500		28,032
Former CEO and Former Disclosed Executives
S Elliot8,11	2025 2,462,551 21,730 -		37,449
	2024 2,471,968 10,394 650,000		28,032
M Carnegie8,12	2025 1,061,551 23,103 -		30,449
	2024 1,271,468 30,510 432,500		28,532
G Florian8,13	2025 1,333,083 19,106 -		42,638
	2024 1,234,468 21,358 432,500		28,032
A Strong8,9,14	2025 645,051 6,383 -		29,949
	2024 821,968 - 290,000		28,032

Cash salary includes any adjustments required to reflect the use of ANZ’s Lifestyle Leave Policy for the period in the KMP role. 2. Non monetary benefits generally consist of companyfunded benefits (and the associated Fringe Benefits Tax) such as car parking, taxation services and costs met by the Company in relation to relocation/accommodation. 3. The total cash incentive relates to the cash component of STVR only. The relevant amortisation of the STVR deferred components is included in share-based payments and has been amortised over the vesting period. The total STVR was approved by the ANZBGL and ANZGHL Boards in October 2025, and in addition for A Watson by the ANZ NZ Board in October 2025. 100% of the cash component of the STVR awarded for the 2024 and 2025 years vested to the executive in the applicable financial year. 4. For Australian based executives other than N Matos, the 2024 and 2025 superannuation contributions reflect the Superannuation Guarantee Contribution based on the Maximum Contribution Base. As N Matos is a holder of a long stay visa, his fixed remuneration does not include the Superannuation Guarantee Contribution, however he is able to elect voluntary superannuation contributions. A Watson participates in KiwiSaver where ANZ provides an employer superannuation contribution matching member contributions up to 4% of total gross pay. KiwiSaver employer superannuation contributions are also contributed on top of cash STVR at the time of payment. 5. For Australian based executives, long service leave accrued takes into consideration the impact of changes to the Superannuation Guarantee percentage. Year-on-year fluctuations in long service leave accrued relate to the impact of historical fixed remuneration increases on the accrual as calculated at the end of each financial year and the Superannuation Guarantee percentage. 6. As required by AASB 2 Share-based payments, the amortisation value includes a proportion of the fair value (taking into account market-related vesting conditions) of all equity that had not yet fully vested as at the commencement of the financial year. The fair value is determined at grant date and is allocated on a straight-line basis over the relevant vesting period. The amount included as remuneration neither relates to, nor indicates, the benefit (if any) that the executive may ultimately realise if the equity becomes exercisable. No terms of share-based payments have been altered or modified during the financial year. There were no cash settled share-based payments or any other form of share-based payment compensation during the financial year for the current or former CEOs or current or former Disclosed Executives.

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Note that the statutory remuneration for the former CEO and former Disclosed Executives is disclosed up to the date they ceased employment with ANZ, rather than the date they ceased in role.

Share–based payments[6]

Total amortisation value of

Total amortisation value of
Variable remuneration	Other equity allocations7 Deferred shares $ Termination benefts $ Total remuneration $
Deferred shares $ Deferred share rights $ Restricted rights $ Performance rights $

- - - -	- - 1,041,636

3,889 28,963 - -	- - 296,939

177,824 - 170,159 92,268	- - 1,327,220
258,379 - 74,331 41,931	- - 1,469,686
262,990 106,601 627,587 -	- - 2,325,328
504,806 184,609 412,784 -	- - 2,753,405
318,456 1,023 418,445 342,243	- - 2,397,846
587,723 11,970 276,254 339,842	- - 2,968,872
181,405 - 322,058 176,676	55,156 - 1,924,686
248,970 - 193,884 109,398	238,340 - 2,300,807
14,852 - 28,580 -	- - 469,034

408,520 - 370,899 310,191	- - 2,580,413
494,722 - 244,918 294,280	- - 2,559,192
290,184 - 490,988 393,757	- - 2,705,378
589,980 - 323,689 378,985	- - 3,132,323

802,902 - 1,866,081 1,492,733	- 999,208 7,682,654
983,953 - 470,353 1,050,043	- - 5,699,642
405,453 - 1,559,907 929,167	- 708,122 4,717,752
537,168 - 278,624 318,478	- - 2,921,474
396,513 - 1,494,480 924,111	- 465,331 4,675,262
519,518 - 262,636 314,818	- - 2,832,850
300,202 - 1,023,405 546,818	- 368,829 2,920,637
382,072 - 173,812 94,524	- - 1,824,263

Other equity allocations (C Morgan) relate to the employment arrangements of deferred variable remuneration forfeited and bonus opportunity forgone as a result of joining ANZ.
Remuneration based on time as a KMP in either 2024 (E Clements) or 2025 (N Matos, M Bullock, B Rush, S Elliott, M Carnegie, G Florian, A Strong). 9. 2025 fixed remuneration reflects increases applied from 1 October 2024 to maintain or improve market positioning (E Clements, C Morgan, A Strong). 10. Paid in NZD and converted to AUD. 11. 2025 remuneration for S Elliott based on time as a KMP up to date of cessation 30 September 2025 (noting that his annual FR for 2025 was $2.5m). Share-based payments include the expensing treatment on retirement for unvested deferred remuneration - unvested deferred remuneration remains subject to vesting conditions. Termination benefits reflect payment for accrued annual leave and long service leave and payment in lieu of notice in accordance with his contract, payable on cessation of employment. Year-on-year increase in total remuneration relates to the future year expensing treatment of unvested deferred remuneration brought forward for disclosure purposes only and the provision of contractual items on termination. 12. 2025 remuneration for M Carnegie based on time as a KMP up to date of cessation 1 August 2025 (noting that her annual FR for 2025 was $1.3m). Share-based payments include the expensing treatment on retirement for unvested deferred remuneration - unvested deferred remuneration remains subject to vesting conditions. Termination benefits reflect payment for accrued annual leave and long service leave and payment in lieu of notice in accordance with her contract, payable on cessation. 13. 2025 remuneration for G Florian based on time as a KMP up to date of cessation 7 November 2025 (noting that his annual FR for 2025 was $1.2625m). Share-based payments include the expensing treatment on retirement for unvested deferred remuneration - unvested deferred remuneration remains subject to vesting conditions. Termination benefits reflect payment for accrued annual leave and long service leave and payment in lieu of notice in accordance with his contract, payable on cessation of employment. 14. 2025 remuneration for A Strong based on time as a KMP up to date of cessation 1 July 2025 (noting that his annual FR for 2025 was $0.9m). Share-based payments include the expensing treatment on retirement for unvested deferred remuneration - unvested deferred remuneration remains subject to vesting conditions. Termination benefits reflect payment for accrued annual leave and long service leave and payment in lieu of notice in accordance with his contract, payable on cessation of employment.

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7. Accountability and Consequence Framework

7.1 Board considerations of consequences for material risk, audit and conduct events

7.2 Role of the Enterprise Accountability Group
7.3 Risk role models
7.4 Compliance with Prudential Standard CPS 511 Remuneration 7.5 Evolving the Accountability & Consequence Framework 7.6 Speak up culture
7.7 Application of consequences

7.1 Board considerations of consequences for material risk, audit and conduct events

Considerations regarding accountability and consequences for our most senior executives are considered and determined by the People & Culture Committee and Board, including the application of malus and clawback (Section 5.5) for the CEO and Disclosed Executives.

When determining consequences, consideration is given to the level of accountability, and the severity of the issue, including customer impacts. Consequences may include, for example, one or more of the following: counselling, formal warnings, impacts to in-year performance and remuneration outcomes or the application of malus to previously deferred remuneration and ultimately termination of employment or clawback for the most serious issues.

As part of our standard process, reports on the most material risk, audit and conduct issues are presented to the People & Culture, Risk and Audit Committees at a joint meeting. This information is considered by the Board when assessing the performance of the Group and in determining the performance and remuneration outcomes of the CEO and Disclosed Executives.

The Board has exercised its discretion in 2025 to apply malus to the unvested deferred remuneration held by the former CEO, three former Disclosed Executives and other former executives.

7.2 Role of the Enterprise Accountability Group

The Enterprise Accountability Group (EAG) is the governance mechanism for the operation of the Accountability and Consequence Framework (A&CF), and reviews accountability and consequences for employees below the CEO and ExCo/ Disclosed Executives.

The EAG is chaired by the CEO and members include the CRO, CFO and GE T&C. It operates under the delegated authority of the People & Culture Committee, and is responsible for:

supporting the Board in monitoring the implementation and ongoing effectiveness of ANZ’s A&CF;
reviewing the most material risk, conduct and audit events to determine accountability and the application of consequences, where appropriate;
providing guidance to the Divisions and considering initiatives across the Divisions to strengthen risk behaviours;
acknowledging material positive risk events and recognising risk role models, whose achievements are profiled across the organisation;
approving the release or application of downward adjustment for deferred variable remuneration (noting that for the CEO and Disclosed Executives this is approved by the Board).

The EAG has processes in place to ensure that we mitigate the risk of conflicts of interest in reviewing events and determining accountability and

consequences. For example, when undertaking accountability reviews, a recommendation regarding the review leader and scope must be approved by the CRO (or in the case of an event involving Group Risk by the CEO), to ensure the individual is capable of undertaking an impartial and unbiased review.

7.3 Risk role models

In 2025, 142 individuals were recognised by the EAG for role modelling outstanding risk behaviours through their efforts to identify, manage and mitigate the organisation’s risks and contribute to a strong risk culture. Recognition included a personalised e-mail from the CEO, local recognition events, and having their achievement profiled on our intranet and in internal newsletters.

7.4 Compliance with Prudential Standard CPS 511 Remuneration

ANZ’s A&CF is an integral part of our enterprise approach to meeting the requirements of APRA’s Prudential Standard CPS 511 Remuneration .

We introduced clawback provisions for the CEO and our Disclosed Executives effective 2022, in addition to existing downward adjustment tools such as in-year adjustment, further deferral and malus.

In 2025, we have continued to raise employee awareness with respect to accountability and consequences through

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explicit references to the A&CF (including remuneration consequences) in employee training and communications and performance and remuneration policies.

In addition, as part of our annual performance and remuneration process, we have provided People Leaders with guidance regarding appropriate (and in some cases, mandatory) remuneration consequences for conduct and performance issues, including insights from consequences applied in the previous year. These activities are part of our continued focus on consistency in the application of remuneration consequence across ANZ globally.

7.5 Evolving the Accountability & Consequence Framework

Our A&CF is designed to support our commitment that when things go wrong, we fix them and hold executives (current and former where we can), to account where appropriate. We are also focused on ensuring that we learn from root causes of events, mitigate the risk of future recurrences and continuously seek to strengthen our risk culture. We review the effectiveness of the A&CF every year and implement enhancements to further strengthen the A&CF based on regulatory and internal stakeholder input.

7.6 Speak up culture

We continue to raise employee awareness of, and promote the various ways employees can speak up and raise issues and ideas for improvement including initiatives such as:

targeted jurisdiction and businessspecific awareness sessions, designed to build trust in the process and promote speak up channels;
digital communications designed to build confidence and trust in the Whistleblower Program and process;
monitoring of responses in our employee engagement surveys.

Key risk and speak up scores, including ‘My people leader (the person I report to) demonstrates personal accountability for managing risk and sound risk behaviours (92%)‘, ‘In my team I can raise issues and concerns about risk management without fear of reprisals’ (90%), ‘In my team, it feels safe to ask questions, make mistakes, highlight problems & take social risks (85%)’ and ‘When I speak up, my ideas, opinions and concerns are heard’ (80%) remained high, in keeping with 2024, 2023 and 2022 results.[1]

7.7 Application of consequences

In 2025, there were 1,569 employee relations cases involving alleged breaches of our Code, with 567 resulting in a formal consequence or the employee leaving ANZ, up from 488 in 2024. Outcomes following investigations of breaches this year included 127 terminations, 337 warnings and 103 employees leaving ANZ.

In relation to the application of consequences to our senior leadership population (senior executives, executives and senior managers), 36 current and former employees (20 in 2024) had a consequence applied as a result of the application of our Code of Conduct Policy and/or findings of accountability for a relevant event. Consequences included warnings, impacts on performance and remuneration outcomes and dismissal.

All employees and contractors across the enterprise are required to complete mandatory learning modules. Permanent employees who fail to complete their mandatory learning requirements within 30 days of the due date are (in the absence of genuinely exceptional circumstances) ineligible for any FR increase or variable remuneration award as part of our annual Performance and Remuneration Review. In 2025, the mandatory learning course compliance rate across the enterprise was 99.86%.

Results reported are taken from the Q2 and/or Q4 employee engagement surveys, and Risk Culture Survey.

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8. Internal governance

8.1 CEO and Disclosed Executives’ contract 8.2 Hedging prohibition terms and equity treatment 8.3 CEO and Disclosed Executives’ shareholding guidelines

8.1 CEO and Disclosed Executives’ contract terms and equity treatment

The details of the contract terms and the equity treatment on termination (in accordance with the Conditions of Grant) relating to the CEO and Disclosed Executives are below. Although they are similar, they vary in some cases to suit different circumstances.

Type of contract	Permanent ongoing employment contract.
Notice on resignation	• 12 months by CEO;
	• 6 months by Disclosed Executives.1
Notice on termination	• 12 months by ANZ for CEO and Disclosed Executives.3
by ANZ2	However, ANZ may immediately terminate an individual’s employment at any time in the case of serious
	misconduct. In that case, the individual will be entitled only to payment of FR up to the date of their
	termination and their statutory entitlements.
How unvested equity is	Executives who resign or are terminated will forfeit all their unvested deferred equity – unless the Board
treated on leaving ANZ	determines otherwise.
	If an executive is terminated due to redundancy or they are classifed as a ‘good leaver’, unless the
	Board determines otherwise, then:
	• their STVR (deferred shares/share rights)4remain on foot and are released at the original vesting date;
	• their LTVR (restricted rights/performance rights)4remain on foot and are released at the original
	vesting date (to the extent that the performance hurdles are met). On an executive’s death or total
	and permanent disablement, their deferred equity vests.
	Unvested equity remains subject to malus post termination.
Change of control (applies	If a change of control or other similar event occurs, then we will test the performance conditions
to the CEO only)	applying to the CEO’s LTVR (restricted rights/performance rights). They will vest to the extent that the
	performance conditions are satisfed.

3 months for acting Group Executive roles. 2. For E Clements, K Corbally, F Faruqui, C Morgan, B Rush, M Whelan, M Carnegie, G Florian and A Strong, their contracts state that in particular circumstances they may be eligible for a retrenchment benefit in accordance with the relevant ANZ policy, as varied from time to time. For M Bullock and A Watson, notice on retrenchment is 6 weeks and compensation on retrenchment is calculated on a scale up to a maximum of 79 weeks after 25 years’ service. 3. 3 months by ANZ for M Bullock and 6 months for B Rush. 4. For grants awarded from and including 20 August 2025, where all ‘good leaver’ criteria are satisfied the employee must also agree to enter into a separation agreement with ANZ.

8.2 Hedging prohibition

All deferred equity must remain at risk until it has fully vested. Accordingly, executives and their associated persons must not enter into any schemes that specifically protect the unvested value of equity allocated. If they do so, then they would forfeit the relevant equity.

8.3 CEO and Disclosed Executives’ minimum shareholding requirement (MSR)

We expect the CEO and each Disclosed Executive to hold ANZ issued securities. The CEO and Disclosed Executives are required:

to accumulate ANZ issued securities – over a five-year period from their appointment to the value of:
200% of FR (150% of FR from 2026) for each Disclosed Executive;
200% of FR for the CEO; and
to maintain this shareholding while they are an executive of ANZ.

Executives are permitted to sell ANZ issued securities to meet taxation obligations on employee equity even if below the approved requirement. However, tax obligations for the purpose of these requirements is limited to that arising from the initial taxing point event (i.e. when the deferred shares vest or rights are exercised).

ANZ issued securities include all vested and unvested equity (excluding performance rights and from 2026 also restricted rights). Based on equity holdings as at 30 September 2025, all executives who have served five years met their holding requirements.

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9. Non-Executive Director (NED) remuneration

9.1 NED Remuneration structure

9.2 2025 Statutory remuneration – NEDS

9.1 NED Remuneration structure

The People & Culture Committee reviewed NED fees and determined not to increase fees for 2025.

The fee structure is applicable to NEDs of ANZGHL and ANZBGL, and provides a single fee covering both Boards (i.e. membership of ANZGHL and ANZBGL Boards/Committees). Currently the fee structure applies irrespective of whether NEDs serve on one or more Boards.

NEDs receive a fee for being a Director of the Board, and additional fees for either chairing, or being a member of a Board Committee. The Chairman of the Board does not receive additional fees for serving on a Board Committee.

In setting Board and Committee fees, the following are considered: general industry practice, ASX Corporate Governance Principles and Recommendations, the responsibilities and risks attached to the NED role, the time commitment expected of NEDs on Group and Company matters, and fees paid to NEDs of comparable companies.

ANZ compares NED fees to a comparator group of Australian listed companies with a similar market capitalisation, with particular focus on the major financial services institutions. This is considered an appropriate group, given similarity in size and complexity, nature of work and time commitment by NEDs.

To maintain NED independence and impartiality:

NED fees are not linked to the performance of the Group; and
NEDs are not eligible to participate in any of the Group’s variable remuneration arrangements.

The current aggregate fee pool for NEDs of $4m was approved by shareholders at the 2012 AGM. The annual total of NEDs’ fees, including superannuation contributions, is within this agreed limit.

This table shows the NED fee policy structure for 2025, which remains unchanged from 2024.

NED fee policy structure – 2025

	Chair fee	Member fee
Board1,2	$850,000	$245,000
Audit Commitee	$68,000	$34,000
Risk Commitee	$68,000	$34,000
People & Culture Commitee	$68,000	$34,000
Digital Business & Technology Commitee	$68,000	$34,000
Ethics, Environment, Social & Governance Commitee	$68,000	$34,000

Including superannuation. 2. The Chairman of the Board does not receive additional fees for serving on a Board Committee. The Chairman of the Board and NEDs do not receive a fee for serving on the Nomination and Board Operations Committee.

NED minimum shareholding requirement (MSR)

We expect our NEDs to hold ANZ issued securities. NEDs are required:

to accumulate ANZ issued securities – over a five-year period from their appointment to the value of:
100% of the NED member fee for Directors;
100% of the Chairman fee for the Chairman; and
to maintain this shareholding while they are a Director of ANZ.

Based on the ANZ share price as at 30 September 2025, all NEDs who have served five years met their holding requirement.

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9.2 2025 Statutory remuneration – NEDs

The following table outlines the statutory remuneration of NEDs[1] disclosed in accordance with Australian Accounting Standards.

In addition to the fees shown below the following NEDs were awarded fees relating to other ANZ entities:
Paul O’Sullivan awarded $97,893 in 2025 for his role as Former Chair of Norfina Limited (Suncorp Bank).
John Cincotta awarded $247,275 in 2025 ($35,743 in 2024) for his role as NED of Norfina Limited (Suncorp Bank).
Richard Gibb awarded $84,822 in 2025 for his role as Chair of Norfina Limited (Suncorp Bank).
Christine O’Reilly awarded $247,275 in 2025 ($35,743 in 2024) for her role as NED of Norfina Limited (Suncorp Bank).
Scott St John awarded NZD 385,000 in 2025 (NZD 324,342 in 2024) for his roles as Chair and NED of ANZ Bank New Zealand Limited.
Jane Halton awarded $241,890 in 2025 ($60,984 in 2024) for her role as Former Chair of Norfina Limited (Suncorp Bank).

2025 Statutory remuneration – NEDs

2025 Statutory remuneration – NEDs
	Financial year	Short-term NED benefts	Post- employment Super contributions1 $ Total remuneration3 $
		Fees1 $ Non monetary benefts2 $
Current Non-Executive Directors
P O’Sullivan	2025	820,051 -	29,949 850,000
	2024	821,968 -	28,032 850,000
J Cincota4	2025	283,051 -	29,949 313,000
	2024	177,802 184	18,253 196,239
A Gerry4	2025	102,703 -	11,169 113,872

R Gibb4	2025	351,051 -	29,949 381,000
	2024	206,291 184	18,253 224,728
G Hodges	2025	283,051 -	29,949 313,000
	2024	284,968 184	28,032 313,184
H Kramer	2025	363,347 -	29,949 393,296
	2024	328,577 184	28,032 356,793
C O'Reilly	2025	351,051 -	29,949 381,000
	2024	362,484 -	28,032 390,516
J Smith	2025	351,051 -	29,949 381,000
	2024	347,332 -	28,032 375,364
S St John4	2025	314,699 -	29,949 344,648
	2024	146,879 -	14,800 161,679
Former Non-Executive Directors
J Halton4	2025	175,534 -	14,966 190,500
	2024	358,281 -	28,032 386,313
Total of all Non-Executive Directors	2025	3,395,589 -	265,727 3,661,316
	2024	3,034,582 736	219,498 3,254,816

Year-on-year differences in fees relate to Committee membership changes and also changes to the superannuation Maximum Contribution Base. 2. Non monetary benefits generally consist of company-funded benefits (and the associated Fringe Benefits Tax) such as welcome gifts from the ANZ NZ Board. 3. Long-term benefits and share-based payments do not apply for the NEDs. 4. Remuneration based on time as a NED in either 2024 (J Cincotta, R Gibb and S St John) or 2025 (A Gerry and J Halton).

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10. Other statutory information

10.1 Equity holdings

10.3 Other transactions

10.2 Loans

10.1 Equity holdings

For the equity granted to the former CEO and Disclosed Executives in November/December 2024, all deferred shares were purchased on the market. For deferred share rights and performance rights, which vested to the former CEO and Disclosed Executives in November/December 2024, where the rights were not able to be satisfied through the reallocation of previously forfeited shares they were satisfied through the on market purchase of shares.

10.1.1 CEO and Disclosed Executives’ equity granted, vested, exercised/sold and lapsed/forfeited

The table below sets out details of deferred shares and rights that we granted to the CEO and Disclosed Executives:

during the 2025 year, relating to 2024 Performance and Remuneration Review outcomes; or
in prior years and that then vested, were exercised/sold or which lapsed/were forfeited during the 2025 year.

For the former CEO and former Disclosed Executives, this table also includes all employee equity that remained on foot at the date of cessation of employment and the application of malus.

Equity granted, vested, exercised/sold and lapsed/forfeited – CEO and Disclosed Executives

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Equity Lapsed/
fair Vested Forfeited Exercised/Sold Vested
value and
(for exercis- Unexer-
2025 able cisable
Type grants First Date as at as at
of Number only) Grant date of Value [3] Value [3] Value [3] 30 Sep 30 Sep
Name equity [1] granted [2] $ date exercisable expiry Number % $ Number % $ Number % $ 2025 [4] 2025 [5] Malus [6]
F Faruqui DS 5,241 22-Nov-21 22-Nov-24 - 5,241 100 169,477 - - - (5,241) 100 162,666 - - -
DS 12,949 1-Oct-22 22-Nov-24 - 12,949 100 418,729 - - - (12,949) 100 398,006 - - -
DS 11,844 1-Oct-23 22-Nov-24 - 11,844 100 382,997 - - - (11,844) 100 364,042 - - -
DS 7,242 30.18 1-Oct-24 22-Nov-25 - - - - - - - - - - - 7,242 -
DS 7,242 30.18 1-Oct-24 22-Nov-26 - - - - - - - - - - - 7,242 -
DSR 1,904 7-Dec-20 22-Nov-24 22-Nov-24 1,904 100 61,569 - - - (1,904) 100 61,569 - - -
RR 12,676 25.80 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 12,676 -
RR 12,676 24.39 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 12,676 -
PR 25,534 7-Dec-20 22-Nov-24 22-Nov-26 - - - (25,534) 100 (825,688) - - - - - -
PR 8,511 7-Dec-20 22-Nov-24 22-Nov-26 8,511 100 275,219 - - - (5,000) 59 153,682 3,511 - -
PR 10,564 13.32 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 10,564 -
PR 3,521 8.85 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 3,521 -
PR 10,564 12.01 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 10,564 -
PR 3,521 8.74 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 3,521 -
C Morgan DS 5,082 20-Aug-23 20-Aug-25 - 5,082 100 170,178 - - - - - - 5,082 - -
DS 4,935 1-Oct-23 22-Nov-24 - 4,935 100 159,582 - - - - - - 4,935 - -
DS 5,319 30.18 1-Oct-24 22-Nov-25 - - - - - - - - - - - 5,319 -
DS 5,319 30.18 1-Oct-24 22-Nov-26 - - - - - - - - - - - 5,319 -
RR 11,434 25.80 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 11,434 -
RR 11,434 24.39 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 11,434 -
PR 9,528 13.32 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 9,528 -
PR 3,176 8.85 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 3,176 -
PR 9,528 12.01 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 9,528 -
PR 3,176 8.74 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 3,176 -
B Rush [7]
A Watson DS 1,451 7-Dec-20 22-Nov-24 - 1,451 100 46,921 - - - - - - 1,451 - -
DS 2,085 22-Nov-21 22-Nov-23 - - - - - - - (2,085) 100 63,054 - - -
DS 4,961 22-Nov-21 22-Nov-24 - 4,961 100 160,423 - - - - - - 4,961 - -
DS 9,162 1-Oct-22 22-Nov-23 - - - - - - - (3,915) 43 118,396 5,247 - -
DS 9,162 1-Oct-22 22-Nov-24 - 9,162 100 296,270 - - - - - - 9,162 - -
DS 9,328 1-Oct-23 22-Nov-24 - 9,328 100 301,638 - - - - - - 9,328 - -
DS 6,527 30.18 1-Oct-24 22-Nov-25 - - - - - - - - - - - 6,527 -
DS 6,527 30.18 1-Oct-24 22-Nov-26 - - - - - - - - - - - 6,527 -
RR 11,231 25.80 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 11,231 -
RR 11,231 24.39 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 11,231 -
PR 23,542 7-Dec-20 22-Nov-24 22-Nov-26 - - - (23,542) 100 (761,273) - - - - - -
PR 7,847 7-Dec-20 22-Nov-24 22-Nov-26 7,847 100 253,747 - - - (7,847) 100 250,206 - - -
PR 9,359 13.32 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 9,359 -
PR 3,119 8.85 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 3,119 -
PR 9,359 12.01 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 9,359 -
PR 3,119 8.74 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 3,119 -
M Whelan DS 1,574 7-Dec-20 22-Nov-24 - 1,574 100 50,898 - - - (1,574) 100 50,188 - - -
DS 5,849 22-Nov-21 22-Nov-24 - 5,849 100 189,138 - - - (5,849) 100 186,499 - - -
DS 11,595 1-Oct-22 22-Nov-24 - 11,595 100 374,945 - - - (11,595) 100 369,714 - - -
DS 14,410 1-Oct-23 22-Nov-24 - 14,410 100 465,973 - - - (14,410) 100 459,471 - - -
DS 4,869 30.18 1-Oct-24 22-Nov-25 - - - - - - - - - - - 4,869 -
DS 4,869 30.18 1-Oct-24 22-Nov-26 - - - - - - - - - - - 4,869 -
RR 14,914 25.80 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 14,914 -
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Equity Lapsed/
fair Vested Forfeited Exercised/Sold Vested
value and
(for exercis- Unexer-
2025 able cisable
Type grants First Date as at as at
of Number only) Grant date of Value [3] Value [3] Value [3] 30 Sep 30 Sep
Name equity [1] granted [2] $ date exercisable expiry Number % $ Number % $ Number % $ 2025 [4] 2025 [5] Malus [6]
RR 14,914 24.39 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 14,914 -
PR 25,534 7-Dec-20 22-Nov-24 22-Nov-26 - - - (25,534) 100 (825,688) - - - - - -
PR 8,511 7-Dec-20 22-Nov-24 22-Nov-26 8,511 100 275,219 - - - (8,511) 100 271,378 - - -
PR 12,428 13.32 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 12,428 -
PR 4,142 8.85 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 4,142 -
PR 12,428 12.01 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 12,428 -
PR 4,142 8.74 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 4,142 -
Former CEO and Former Disclosed Executives
S Elliott [8] DS 2,710 7-Dec-20 22-Nov-24 - 2,710 100 87,633 - - - (2,710) 100 75,896 - - -
DS 7,220 22-Nov-21 22-Nov-24 - 7,220 100 233,472 - - - (7,220) 100 202,202 - - -
DS 3,610 22-Nov-21 22-Nov-25 - - - - - - - - - - - 3,610 (3,610)
DS 20,156 1-Oct-22 22-Nov-24 - 20,156 100 651,781 - - - (20,156) 100 564,485 - - -
DS 19,740 1-Oct-23 22-Nov-24 - 19,740 100 638,328 - - - (19,740) 100 552,834 - - -
DS 19,739 1-Oct-23 22-Nov-25 - - - - - - - - - - - 19,739 (19,739)
DS 3,158 1-Oct-23 22-Nov-26 - - - - - - - - - - - 3,158 (3,158)
DS 3,158 1-Oct-23 22-Nov-27 - - - - - - - - - - - 3,158 -
DS 3,158 1-Oct-23 22-Nov-28 - - - - - - - - - - - 3,158 -
DS 10,638 30.18 1-Oct-24 22-Nov-25 - - - - - - - - - - - 10,638 (10,638)
DS 10,638 30.18 1-Oct-24 22-Nov-26 - - - - - - - - - - - 10,638 (10,638)
RR 24,138 15-Dec-22 15-Dec-26 15-Dec-28 - - - - - - - - - - 24,138 (24,138)
RR 24,138 15-Dec-22 15-Dec-27 15-Dec-29 - - - - - - - - - - 24,138 -
RR 24,869 15-Dec-22 15-Dec-28 15-Dec-30 - - - - - - - - - - 24,869 -
RR 21,984 21-Dec-23 21-Dec-27 21-Dec-29 - - - - - - - - - - 21,984 -
RR 21,984 21-Dec-23 21-Dec-28 21-Dec-30 - - - - - - - - - - 21,984 -
RR 22,651 21-Dec-23 21-Dec-29 21-Dec-31 - - - - - - - - - - 22,651 -
PR 119,481 16-Dec-20 16-Dec-24 16-Dec-26 - - - (119,481) 100 (3,488,272) - - - - - -
PR 39,827 16-Dec-20 16-Dec-24 16-Dec-26 39,827 100 1,162,757 - - - (39,827) 100 1,115,387 - - -
PR 94,765 16-Dec-21 16-Dec-25 16-Dec-27 - - - - - - - - - - 94,765 (94,765)
PR 31,588 16-Dec-21 16-Dec-25 16-Dec-27 - - - - - - - - - - 31,588 (31,588)
PR 18,103 15-Dec-22 15-Dec-26 15-Dec-28 - - - - - - - - - - 18,103 (18,103)
PR 6,034 15-Dec-22 15-Dec-26 15-Dec-28 - - - - - - - - - - 6,034 (6,034)
PR 18,103 15-Dec-22 15-Dec-27 15-Dec-29 - - - - - - - - - - 18,103 -
PR 6,034 15-Dec-22 15-Dec-27 15-Dec-29 - - - - - - - - - - 6,034 -
PR 18,652 15-Dec-22 15-Dec-28 15-Dec-30 - - - - - - - - - - 18,652 -
PR 6,217 15-Dec-22 15-Dec-28 15-Dec-30 - - - - - - - - - - 6,217 -
PR 16,488 21-Dec-23 21-Dec-27 21-Dec-29 - - - - - - - - - - 16,488 -
PR 5,496 21-Dec-23 21-Dec-27 21-Dec-29 - - - - - - - - - - 5,496 -
PR 16,488 21-Dec-23 21-Dec-28 21-Dec-30 - - - - - - - - - - 16,488 -
PR 5,496 21-Dec-23 21-Dec-28 21-Dec-30 - - - - - - - - - - 5,496 -
PR 16,988 21-Dec-23 21-Dec-29 21-Dec-31 - - - - - - - - - - 16,988 -
PR 5,662 21-Dec-23 21-Dec-29 21-Dec-31 - - - - - - - - - - 5,662 -
M DS 1,980 22-Nov-19 22-Nov-23 - - - - - - - (1,980) 100 59,554 - - -
Carnegie [8]
DS 116 7-Dec-20 22-Nov-22 - - - - - - - (116) 100 3,489 - - -
DS 3,549 7-Dec-20 22-Nov-23 - - - - - - - (3,549) 100 106,747 - - -
DS 1,774 7-Dec-20 22-Nov-24 - 1,774 100 57,365 - - - (1,774) 100 53,358 - - -
DS 8,220 22-Nov-21 22-Nov-22 - - - - - - - (8,220) 100 247,241 - - -
DS 6,165 22-Nov-21 22-Nov-23 - - - - - - - (6,165) 100 185,431 - - -
DS 4,110 22-Nov-21 22-Nov-24 - 4,110 100 132,904 - - - (4,110) 100 123,621 - - -
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Equity Lapsed/
fair Vested Forfeited Exercised/Sold Vested
value and
(for exercis- Unexer-
2025 able cisable
Type grants First Date as at as at
of Number only) Grant date of Value [3] Value [3] Value [3] 30 Sep 30 Sep
Name equity [1] granted [2] $ date exercisable expiry Number % $ Number % $ Number % $ 2025 [4] 2025 [5] Malus [6]
DS 2,055 22-Nov-21 22-Nov-25 - - - - - - - - - - - 2,055 (2,055)
DS 9,970 1-Oct-22 22-Nov-23 - - - - - - - (9,970) 100 299,878 - - -
DS 9,969 1-Oct-22 22-Nov-24 - 9,969 100 322,366 - - - (9,969) 100 299,848 - - -
DS 10,857 1-Oct-23 22-Nov-24 - 10,857 100 351,081 - - - (10,857) 100 326,557 - - -
DS 10,856 1-Oct-23 22-Nov-25 - - - - - - - - - - - 10,856 (10,856)
DS 7,079 30.18 1-Oct-24 22-Nov-25 - - - - - - - - - - - 7,079 (7,079)
DS 7,078 30.18 1-Oct-24 22-Nov-26 - - - - - - - - - - - 7,078 (7,078)
RR 18,286 22-Nov-22 22-Nov-26 22-Feb-27 - - - - - - - - - - 18,286 (18,286)
RR 18,286 22-Nov-22 22-Nov-27 22-Feb-28 - - - - - - - - - - 18,286 -
RR 17,321 22-Nov-23 22-Nov-27 22-Feb-28 - - - - - - - - - - 17,321 -
RR 17,321 22-Nov-23 22-Nov-28 22-Feb-29 - - - - - - - - - - 17,321 -
RR 12,925 25.80 22-Nov-24 22-Nov-28 22-Feb-29 - - - - - - - - - - 12,925 -
RR 12,925 24.39 22-Nov-24 22-Nov-29 22-Feb-30 - - - - - - - - - - 12,925 -
PR 28,784 7-Dec-20 22-Nov-24 1-Nov-25 - - - (28,784) 100 (930,782) - - - - - -
PR 9,594 7-Dec-20 22-Nov-24 1-Nov-25 9,594 100 310,239 - - - - - - 9,594 - -
PR 31,759 22-Nov-21 22-Nov-25 22-Feb-26 - - - - - - - - - - 31,759 (31,759)
PR 10,586 22-Nov-21 22-Nov-25 22-Feb-26 - - - - - - - - - - 10,586 (10,586)
PR 13,715 22-Nov-22 22-Nov-26 22-Feb-27 - - - - - - - - - - 13,715 -
PR 4,571 22-Nov-22 22-Nov-26 22-Feb-27 - - - - - - - - - - 4,571 -
PR 13,715 22-Nov-22 22-Nov-27 22-Feb-28 - - - - - - - - - - 13,715 -
PR 4,571 22-Nov-22 22-Nov-27 22-Feb-28 - - - - - - - - - - 4,571 -
PR 12,991 22-Nov-23 22-Nov-27 22-Feb-28 - - - - - - - - - - 12,991 -
PR 4,330 22-Nov-23 22-Nov-27 22-Feb-28 - - - - - - - - - - 4,330 -
PR 12,991 22-Nov-23 22-Nov-28 22-Feb-29 - - - - - - - - - - 12,991 -
PR 4,330 22-Nov-23 22-Nov-28 22-Feb-29 - - - - - - - - - - 4,330 -
PR 10,771 13.32 22-Nov-24 22-Nov-28 22-Feb-29 - - - - - - - - - - 10,771 -
PR 3,590 8.85 22-Nov-24 22-Nov-28 22-Feb-29 - - - - - - - - - - 3,590 -
PR 10,771 12.01 22-Nov-24 22-Nov-29 22-Feb-30 - - - - - - - - - - 10,771 -
PR 3,590 8.74 22-Nov-24 22-Nov-29 22-Feb-30 - - - - - - - - - - 3,590 -
G Florian [8] DS 1,609 7-Dec-20 22-Nov-24 - 1,609 100 52,030 - - - (1,609) 100 46,744 - - -
DS 4,884 22-Nov-21 22-Nov-24 - 4,884 100 157,933 - - - (4,884) 100 141,888 - - -
DS 2,442 22-Nov-21 22-Nov-25 - - - - - - - - - - - 2,442 -
DS 9,590 1-Oct-22 22-Nov-24 - 9,590 100 310,110 - - - (9,590) 100 278,604 - - -
DS 9,820 1-Oct-23 22-Nov-24 - 9,820 100 317,547 - - - (9,817) 100 285,199 3 - -
DS 9,820 1-Oct-23 22-Nov-25 - - - - - - - - - - - 9,820 -
DS 7,079 30.18 1-Oct-24 22-Nov-25 - - - - - - - - - - - 7,079 (7,079)
DS 7,078 30.18 1-Oct-24 22-Nov-26 - - - - - - - - - - - 7,078 -
RR 16,823 22-Nov-22 22-Nov-26 22-Nov-28 - - - - - - - - - - 16,823 -
RR 16,823 22-Nov-22 22-Nov-27 22-Nov-29 - - - - - - - - - - 16,823 -
RR 16,821 22-Nov-23 22-Nov-27 22-Nov-29 - - - - - - - - - - 16,821 -
RR 16,821 22-Nov-23 22-Nov-28 22-Nov-30 - - - - - - - - - - 16,821 -
RR 12,552 25.80 22-Nov-24 22-Nov-28 22-Nov-30 - - - - - - - - - - 12,552 -
RR 12,552 24.39 22-Nov-24 22-Nov-29 22-Nov-31 - - - - - - - - - - 12,552 -
PR 26,115 7-Dec-20 22-Nov-24 22-Nov-26 - - - (26,115) 100 (844,476) - - - - - -
PR 8,705 7-Dec-20 22-Nov-24 22-Nov-26 8,705 100 281,492 - - - (8,705) 100 257,234 - - -
PR 37,743 22-Nov-21 22-Nov-25 22-Nov-27 - - - - - - - - - - 37,743 -
PR 12,581 22-Nov-21 22-Nov-25 22-Nov-27 - - - - - - - - - - 12,581 -
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GlossaryGlossary

Type of equity1 Number granted2 Equity fair value (for 2025 grants only) $ Grant date First date exercisable Date of expiry Name	Vested	Lapsed/ Forfeited Exercised/Sold
	Number % Value3 $	Number % Value3 $ Number % Value3 $
PR 12,617 22-Nov-22 22-Nov-26 22-Nov-28 PR 4,205 22-Nov-22 22-Nov-26 22-Nov-28 PR 12,617 22-Nov-22 22-Nov-27 22-Nov-29 PR 4,205 22-Nov-22 22-Nov-27 22-Nov-29 PR 12,616 22-Nov-23 22-Nov-27 22-Nov-29 PR 4,205 22-Nov-23 22-Nov-27 22-Nov-29 PR 12,616 22-Nov-23 22-Nov-28 22-Nov-30 PR 4,205 22-Nov-23 22-Nov-28 22-Nov-30 PR 10,460 13.32 22-Nov-24 22-Nov-28 22-Nov-30 PR 3,486 8.85 22-Nov-24 22-Nov-28 22-Nov-30 PR 10,460 12.01 22-Nov-24 22-Nov-29 22-Nov-31 PR 3,486 8.74 22-Nov-24 22-Nov-29 22-Nov-31	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - 12,617 - - - - - - - - 4,205 - - - - - - - - 12,617 - - - - - - - - 4,205 - - - - - - - - 12,616 - - - - - - - - 4,205 - - - - - - - - 12,616 - - - - - - - - 4,205 - - - - - - - - 10,460 - - - - - - - - 3,486 - - - - - - - - 10,460 - - - - - - - - 3,486 -
A Strong8 DS 4,187 22-Nov-21 22-Nov-24 - DS 6,132 22-Nov-22 22-Nov-24 - DS 6,132 22-Nov-22 22-Nov-25 - DS 6,761 1-Oct-23 22-Nov-24 - DS 6,760 1-Oct-23 22-Nov-25 - DS 4,746 30.18 1-Oct-24 22-Nov-25 - DS 4,746 30.18 1-Oct-24 22-Nov-26 - RR 10,972 22-Nov-22 22-Nov-26 22-Feb-27 RR 10,972 22-Nov-22 22-Nov-27 22-Feb-28 RR 11,325 22-Nov-23 22-Nov-27 22-Feb-28 RR 11,325 22-Nov-23 22-Nov-28 22-Feb-29 RR 8,948 25.80 22-Nov-24 22-Nov-28 22-Feb-29 RR 8,948 24.39 22-Nov-24 22-Nov-29 22-Feb-30 PR 8,229 22-Nov-22 22-Nov-26 22-Feb-27 PR 2,743 22-Nov-22 22-Nov-26 22-Feb-27 PR 8,229 22-Nov-22 22-Nov-27 22-Feb-28 PR 2,743 22-Nov-22 22-Nov-27 22-Feb-28 PR 8,494 22-Nov-23 22-Nov-27 22-Feb-28 PR 2,831 22-Nov-23 22-Nov-27 22-Feb-28 PR 8,494 22-Nov-23 22-Nov-28 22-Feb-29 PR 2,831 22-Nov-23 22-Nov-28 22-Feb-29 PR 7,457 13.32 22-Nov-24 22-Nov-28 22-Feb-29 PR 2,485 8.85 22-Nov-24 22-Nov-28 22-Feb-29 PR 7,457 12.01 22-Nov-24 22-Nov-29 22-Feb-30 PR 2,485 8.74 22-Nov-24 22-Nov-29 22-Feb-30	4,187 100 135,394 6,132 100 198,289 - - - 6,761 100 218,629 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - (4,187) 100 117,260 - - - - - - (6,132) 100 171,732 - - - - - - - - - - 6,132 - - - - (6,761) 100 189,347 - - - - - - - - - - 6,760 - - - - - - - - 4,746 (4,746) - - - - - - - 4,746 - - - - - - - - 10,972 - - - - - - - - 10,972 - - - - - - - - 11,325 - - - - - - - - 11,325 - - - - - - - - 8,948 - - - - - - - - 8,948 - - - - - - - - 8,229 - - - - - - - - 2,743 - - - - - - - - 8,229 - - - - - - - - 2,743 - - - - - - - - 8,494 - - - - - - - - 2,831 - - - - - - - - 8,494 - - - - - - - - 2,831 - - - - - - - - 7,457 - - - - - - - - 2,485 - - - - - - - - 7,457 - - - - - - - - 2,485 -
1.Types of equity: Deferred shares (DS), deferred share rights (DSR), restricted rights (RR) and performance rights (PR).2.For the purpose of the five highest paid executive disclosures, Executives are defined as Disclosed Executives or other members of the ExCo. For the 2025 financial year the five highest paid executives include five Disclosed Executives. Rights granted to Disclosed Executives as remuneration in 2025 are included in the table. No rights have been granted to the CEO, Disclosed Executives or the five highest paid executives since the end of 2025 up to the Directors’ Report sign-off date.3.The point in time value of deferred shares and or rights is based on the one day VWAP of ANZGHL shares traded on the ASX on the date of vesting, lapsing/forfeiture or exercising/sale/ transfer out of trust, multiplied by the number of deferred shares and/ or rights. The exercise price for all rights is $0.00. No terms or conditions of grant of the share-based payment transactions have been altered or modified during the reporting period.4.The number vested and exercisable is the number of shares, and/or rights that remain vested as at 30 September 2025 (or the date ceased as a KMP). No shares and/or rights were vested and unexercisable.5.Performance rights granted in prior years (by grant date) that remained unexerciseable at 30 September 2025 (or date ceased as a KMP) include: (see table on the right).6.Malus reflects the downward adjustment of unvested deferred variable remuneration.7.Equity transactions disclosed from date commenced as a KMP. There were no		Nov-21 Nov-22 Nov-23 Nov-24
		N Matos - - - - M Bullock - - - - E Clements - - 21,316 18,778 K Corbally - - - - F Faruqui 54,006 36,572 33,976 28,170 C Morgan - 18,421 30,244 25,408 B Rush - - - - A Watson 51,117 32,442 30,098 24,956 M Whelan 60,266 42,716 39,970 33,140 S Elliott 126,353 73,143 66,618 - M Carnegie 42,345 36,572 34,642 28,722 G Florian 50,324 33,644 33,642 27,892 A Strong - 21,944 22,650 19,884

Types of equity: Deferred shares (DS), deferred share rights (DSR), restricted rights (RR) and performance rights (PR). 2. For the purpose of the five highest paid executive disclosures, Executives are defined as Disclosed Executives or other members of the ExCo. For the 2025 financial year the five highest paid executives include five Disclosed Executives. Rights granted to Disclosed Executives as remuneration in 2025 are included in the table. No rights have been granted to the CEO, Disclosed Executives or the five highest paid executives since the end of 2025 up to the Directors’ Report sign-off date. 3. The point in time value of deferred shares and or rights is based on the one day VWAP of ANZGHL shares traded on the ASX on the date of vesting, lapsing/forfeiture or exercising/sale/ transfer out of trust, multiplied by the number of deferred shares and/ or rights. The exercise price for all rights is $0.00. No terms or conditions of grant of the share-based payment transactions have been altered or modified during the reporting period. 4. The number vested and exercisable is the number of shares, and/or rights that remain vested as at 30 September 2025 (or the date ceased as a KMP). No shares and/or rights were vested and unexercisable. 5. Performance rights granted in prior years (by grant date) that remained unexerciseable at 30 September 2025 (or date ceased as a KMP) include: (see table on the right). 6. Malus reflects the downward adjustment of unvested deferred variable remuneration. 7. Equity transactions disclosed from date commenced as a KMP. There were no disclosable transactions for N Matos, M Bullock or B Rush. 8. Equity transactions disclosed up to date ceased as a KMP.

Performance rights historically granted to S Elliott were approved by shareholders at the relevant ANZ AGMs in accordance with ASX Listing Rule 10.14.

6888 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report

10.1.2 NED, CEO and Disclosed Executives’ equity holdings

The table below sets out details of equity held directly, indirectly or beneficially by each NED, the current and former CEOs and the current and former Disclosed Executives, including their related parties.

Equity holdings – NED, CEO and Disclosed Executives

10.1.2 NED, CEO and Disclosed Executives’ equity holdings The table below sets out details of equity held directly, indirectly or benefcially by each NED, the current and former CEOs and the current and former Disclosed Executives, including their related parties. Equity holdings – NED, CEO and Disclosed Executives	10.1.2 NED, CEO and Disclosed Executives’ equity holdings The table below sets out details of equity held directly, indirectly or benefcially by each NED, the current and former CEOs and the current and former Disclosed Executives, including their related parties. Equity holdings – NED, CEO and Disclosed Executives
Name Type of equity Opening balance at 1 Oct 2024 Granted during the year as remuneration1 Received during the year on exercise of options or rights Resulting from any other changes during the year2 Closing balance at 30 Sep 20253,4
Current Non-Executive Directors
P O’Sullivan	Ordinary shares 4,350 - - - 4,350
	Capital notes 7 9,250 - - - 9,250
J Cincota
A Gerry5
R Gibb	Ordinary shares 1,032 - - 1,000 2,032
	Capital notes 7 194 - - 146 340
	Capital notes 8 196 - - 145 341
G Hodges	Ordinary shares 184,401 - - - 184,401
H Kramer	Ordinary shares 5,828 - - 1,765 7,593
C O'Reilly	Ordinary shares 6,400 - - - 6,400
J Smith	Ordinary shares 2,779 - - - 2,779
S St John	Ordinary shares 3,000 - - 500 3,500
Former Non-Executive Directors
J Halton6 Ordinary shares 10,058 - - - 10,058
Current CEO and Current Disclosed Executives
N Matos5
M Bullock5	Employee Share Ofer 85 - - - 85
	Deferred share rights 18,013 - - - 18,013
E Clements	Deferred shares 30,081 7,855 - - 37,936
	Ordinary shares 2,560 - - 1,942 4,502
	Restricted rights 21,318 16,902 - - 38,220
	Performance rights 21,316 18,778 - - 40,094
K Corbally	Deferred shares 43,194 10,212 - (28,252) 25,154
	Ordinary shares - - 20,118 (19,395) 723
	Capital notes 6 1,400 - - - 1,400
	Deferred share rights 42,948 - (20,118) - 22,830
	Restricted rights 105,504 38,296 - - 143,800
F Faruqui	Deferred shares 44,497 14,484 - (30,034) 28,947
	Ordinary shares 130,152 - 1,545 (44,848) 86,849
	Deferred share rights 1,904 - (1,904) - -
	Restricted rights 70,548 25,352 - - 95,900
	Performance rights 158,599 28,170 (5,000) (25,534) 156,235
C Morgan	Deferred shares 23,058 10,638 - - 33,696
	Ordinary shares 1,222 - - 1,629 2,851
	Restricted rights 48,666 22,868 - - 71,534
	Performance rights 48,665 25,408 - - 74,073
B Rush5	Deferred shares 2,225 - - - 2,225
	Ordinary shares 63 - - - 63
	Restricted rights 23,566 - - - 23,566

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Name	Type of equity Opening balance at 1 Oct 2024 Granted during the year as remuneration1 Received during the year on exercise of options or rights Resulting from any other changes during the year2 Closing balance at 30 Sep 20253,4
A Watson	Deferred shares 47,957 13,054 - (6,000) 55,011
	Ordinary shares 37,179 - 7,847 (11,168) 33,858
	Restricted rights 62,542 22,462 - - 85,004
	Performance rights 145,046 24,956 (7,847) (23,542) 138,613
M Whelan	Deferred shares 50,761 9,738 - (33,428) 27,071
	Ordinary shares 5,376 - 8,511 (11,785) 2,102
	Restricted rights 82,688 29,828 - - 112,516
	Performance rights 176,997 33,140 (8,511) (25,534) 176,092
Former CEO and Former Disclosed Executives
S Elliot6	Deferred shares 82,649 21,276 - (49,826) 54,099
	Ordinary shares 540,288 - - (202,058) 338,230
	Restricted rights 139,764 - - - 139,764
	Performance rights 425,422 - (39,827) (119,481) 266,114
M Carnegie6	Deferred shares 69,621 14,157 - (56,710) 27,068
	Ordinary shares 45,878 - - 60,933 106,811
	Restricted rights 71,214 25,850 - - 97,064
	Performance rights 151,937 28,722 - (28,784) 151,875
G Florian6	Deferred shares 38,165 14,157 - (25,900) 26,422
	Ordinary shares 30,117 - - (29,358) 759
	Restricted rights 67,288 25,104 - - 92,392
	Performance rights 152,430 27,892 (8,705) (26,115) 145,502
A Strong6	Deferred shares 29,972 9,492 - (17,080) 22,384
	Ordinary shares 2,338 - - (828) 1,510
	Restricted rights 44,594 17,896 - - 62,490
	Performance rights 44,594 19,884 - - 64,478

Details of options/rights granted as remuneration during 2025 are provided in the previous table. 2. Shares resulting from any other changes during the year include the net result of any shares purchased (including under the ANZ Share Purchase Plan), forfeited, sold or acquired under the Dividend Reinvestment Plan. 3. The following shares (included in the holdings above) were held on behalf of the NEDs, CEO and Disclosed Executives (i.e., indirect beneficially held shares) as at 30 September 2025 (or the date ceased as a KMP): P O'Sullivan - 0, J Cincotta - 0, A Gerry - 0, R Gibb - 2,713, G Hodges - 45,584, H Kramer - 7,593, C O'Reilly - 0, J Smith - 0, S St John - 3,500, J Halton - 0, N Matos - 0, M Bullock - 85, E Clements - 37,936, K Corbally - 26,554, F Faruqui - 28,947, C Morgan - 33,696, B Rush - 2,225, A Watson - 55,011, M Whelan - 27,071, S Elliott - 390,774, M Carnegie - 27,068, G Florian - 26,422, A Strong - 22,384. 4. As at 30 September 2025 (or the date ceased as a KMP) zero options/rights were vested and unexerciseable and zero rights were vested and exercisable except for the following: F Faruqui - 3,511, M Carnegie - 9,594. 5. Commencing balance is based on holdings as at the date of commencement as a KMP. 6. Concluding balance is based on holdings as at the date ceased as a KMP.

7090 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report

10.2 Loans

10.2.1 Overview

When we lend to NEDs, the CEO or Disclosed Executives, we do so in the ordinary course of business and on normal commercial terms and conditions that are no more favourable than those given to other employees or customers – this includes the term of the loan, the security required and the interest rate. Details of the terms and conditions of lending products can be found on anz.com. No amounts have been written off during the period, or individual assessed allowance for expected credit losses raised in respect of these balances.

Total loans to NEDs, the CEO and Disclosed Executives, including their related parties at 30 September 2025 (including those with balances less than $100,000) was $22,800,086 (2024: $14,063,818) with interest paid of $812,868 (2024: $1,077,834) during the period.

10.2.2 NED, CEO and Disclosed Executives’ loan transactions

The table below sets out details of loans outstanding to NEDs, the CEO and Disclosed Executives including their related parties, if – at any time during the year – the individual’s aggregate loan balance exceeded $100,000.

Loan transactions – NED, CEO and Disclosed Executives

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Interest paid and
Opening balance Closing balance at payable in the Highest balance in
at 1 Oct 2024¹ 30 Sep 2025 reporting period² the reporting period
Names $ $ $ $
Current Non–Executive Directors
G Hodges 1,246,738 1,139,656 45,606 1,938,447
H Kramer 3,532,890 3,466,670 205,452 3,688,312
S St John 1,145,916 1,099,692 69,607 1,155,224
Current Disclosed Executives
E Clements [3] 16,032 11,373,577 283,581 11,572,994
M Whelan 1,495,365 1,447,730 91,519 1,554,342
Former CEO and Former Disclosed Executives
S Elliott [4] 1,968,205 25,144 26,624 2,020,985
G Florian [4] 2,223,982 1,806,854 9,894 2,247,722
A Strong [4] 2,406,222 2,391,512 80,392 2,446,711
Total 14,035,350 22,750,835 812,675 26,624,737
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Opening balances have been adjusted for new and leaving KMP. 2. Actual interest paid after considering offset accounts. The loan balance is shown gross, however the interest paid takes into account the impact of offset amounts. 3. Includes the business loan of a related party. 4. Closing balance is as at the date ceased in a KMP role.

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10.3 Other transactions

Other transactions with NEDs, the CEO and Disclosed Executives, and their related parties included deposits and guarantees. Other transactions – NED, CEO and Disclosed Executives

Other transactions – NED, CEO and Disclosed Executives
	Opening balance at	Closing balance at
	1 Oct 20241	30 Sep 20252,3
	$	$
Total KMP deposits	26,045,876	30,947,056
Total KMP guarantees received	-	253,463

Opening balance is at 1 October 2024 or the date of commencement as a KMP if part way through the year and it has been adjusted to take into account timing variances. 2. Closing balance is at 30 September 2025 or at the date ceased in a KMP role if part way through the year. 3. Interest received on deposits for 2025 was $757,649 (2024: $854,222).

Other transactions with KMP and their related parties included amounts paid to the Group in respect of bank fees and charges. The Group has reimbursed KMP for the costs incurred for security and secretarial services associated with the performance of their duties. These transactions are conducted on normal commercial terms and conditions are no more favourable than those given to other employees or customers.

72 Australia and New Zealand Banking Group Limited 2025 Annual Report

Directors’ report

The Directors’ Report for the financial year ended 30 September 2025 has been prepared in accordance with the requirements of the Corporations Act 2001 . The information below forms part of this Directors’ Report:

Principal activities on page 6;
Operating and financial review on pages 18 to 31;
Dividends on page 31;
Information on the Directors on pages 8 to 11;
Remuneration report on pages 32 to 71.

Significant changes in state of affairs

There have been no significant changes in the Group’s state of affairs.

Events since the end of the financial year

There have been no significant events from 30 September 2025 to the date of signing this report.

Participation in political party activities

We aim to assist the democratic process in Australia by attending, hosting, and participating in paid events hosted by the major federal political parties. For the year ended 30 September 2025, we contributed $117,762 to participate in political activities hosted by the Australian Labor Party, the Liberal Party of Australia and the National Party of Australia. These activities included speeches, political functions and conferences, and policy dialogue forums.

We disclose these contributions to the Australian Electoral Commission (AEC), noting the AEC’s reporting year is a different period to the Group’s financial year.

Modern slavery reporting

The Group is subject to the Australian Commonwealth’s Modern Slavery Act 2018 and United Kingdom’s Modern Slavery Act 2015 .

Our annual Modern Slavery and Human Trafficking Statements cover the actions we have taken to identify, assess and manage modern slavery risks in our operations and supply chain.

Our Modern Slavery and Human Trafficking Statements are available at anz.com/esgreport.

Environmental regulation

We recognise the expectations of our stakeholders – customers, shareholders, staff, regulators and the community – to operate in a way that mitigates our environmental impact.

In Australia, we meet the requirements of the National Greenhouse and Energy Reporting Act 2007 (Cth) , which imposes reporting obligations where energy production, usage or greenhouse gas emissions trigger specified thresholds.

We do not believe that our operations are subject to any particular and significant environmental regulation under a law of the Commonwealth of Australia or of an Australian State or Territory. We may become subject to environmental regulation as a result of our lending activities in the ordinary course of business and have developed policies, which are reviewed on a regular basis, to help identify and manage such environmental matters and regulations.

Further details of our environmental performance, including progress against our targets and management of ESG material issues are available in the ESG Report, ESG Data and Frameworks Pack, and Climate Report available at anz.com/esgreport.

Climate-related disclosures

Voluntary climate reports have been prepared for the Group, including ANZBGL, in accordance with the Task Force on Climate-related Financial Disclosures recommendations since 2017. The 2025 Climate Report is available at anz.com/esgreport.

ANZBGL has current obligations in relation to mandatory publication of climaterelated disclosures under the New Zealand Financial Markets Conduct Act 2013 (FMCA) as a Climate Reporting Entity (CRE).

For the financial year ended 30 September 2025, ANZBGL is relying on the exemption in clause 6 of the Financial Markets Conduct (Climate-related Disclosures – Australia and New Zealand Banking Group Limited) Exemption Notice 2024. The effect of relying on this exemption is that ANZBGL is not required to comply with the climate reporting obligations (including preparation and lodgement of climate statements) and the record-keeping obligations imposed under Part 7A of the FMCA for the financial year ended 30 September 2025.

ANZ Bank New Zealand is also a CRE. It publishes an annual climate statement for itself and its subsidiaries in accordance with Part 7A of the FMCA. These can be accessed at anz.co.nz/about-us/ corporate-responsibility/environment/. The climate statement for the reporting period ended 30 September 2025 will be published no later than 31 January 2026.

Directors’ report

Operating environment

Performance overview

Remuneration report

Financial

Overview

Governance

Glossary

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External auditor

The Group’s external auditor is KPMG. The Group appointed Peat, Marwick, Mitchell & Co (predecessor to KPMG) in 1969.

The Board Audit Committee conducts a formal annual performance assessment of the external auditor, including whether to commence an external tender for the audit. The Board Audit Committee considered relevant factors including tenure, audit quality, local and international capability and experience, and independence. The Board Audit Committee also considered KPMG’s extensive knowledge and history as auditor of Suncorp Bank. The Board Audit Committee resolved to reappoint KPMG for the 30 September 2025 financial year audit. KPMG regularly rotates the Group Lead Audit Engagement Partner and the Engagement Quality Control Review Partner with the most recent rotation being for the financial years ended 30 September 2023 and 30 September 2020, respectively.

Non-audit services

Our Stakeholder Engagement Model for Relationship with the External Auditor (the Policy), which incorporates requirements of the Corporations Act 2001 and industry best practice, prevents the external auditor from providing services that are perceived to be in conflict with the role of the external auditor or breach independence requirements. This includes consulting advice and sub-contracting of operational activities normally undertaken by management, and engagements where the external auditor may ultimately be required to express an opinion on their own work.

Specifically, the Policy:

limits the scope of non-audit services that may be provided;
requires that audit, audit-related and permitted non-audit services be considered in light of independence requirements and for any potential conflicts of interest before they are approved by the Audit Committee, or approved by the Chair of the Audit Committee (or delegate) and notified to the Audit Committee; and
requires pre-approval before the external auditor can commence any engagement for the Group.

Further details about the Policy can be found in ANZGHL’s Corporate Governance Statement.

The external auditor has confirmed to the Audit Committee that it has:

implemented procedures to ensure it complies with independence rules in applicable jurisdictions; and
complied with applicable policies and regulations in those jurisdictions regarding the provision of non-audit services, and the Policy.

The Audit Committee has reviewed the non-audit services provided by the external auditor during the 2025 financial year, and has confirmed that the provision of these services is consistent with the Policy, compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 and did not compromise the auditor independence requirements of the Corporations Act 2001 .

This has been formally advised by the Audit Committee to the Board of Directors. The categories of non-audit services supplied to the Group during the year ended 30 September 2025 by the external auditor, KPMG, or by another person or firm on KPMG’s behalf, and the amounts paid or payable (including GST) by the Group are as follows:

Non-audit services	Amount paid/ payable $’000’s
	2025 2024
Methodology, procedural, operational and administrative reviews	264 180
Total	264 180

Further details on the compensation paid to KPMG are provided in Note 32 Auditor Fees to the financial statements including details of audit-related services provided during the year of $7.95 million (2024: $6.79 million).

For the reasons set out above, the Directors are satisfied that the provision of non-audit services by the external auditor during the year ended 30 September 2025 is compatible with the general standard of independence for external auditors imposed by the Corporations Act 2001 and did not compromise the auditor independence requirements of the Corporations Act 2001 .

Directors’ and Officers’ Indemnity

ANZBGL’s Constitution (Rule 9.1) permits ANZBGL to:

Indemnify any officer or employee of ANZBGL or any of its related bodies corporate, or its auditor, against liabilities (so far as may be permitted under applicable law) incurred as such an officer, employee or auditor to a person (other than ANZBGL or a related body corporate), including liabilities incurred as a result of appointment or nomination by ANZBGL or related body corporate as a trustee or as an officer or employee of another corporation; and
Make payments in respect of legal costs incurred by an officer or employee or auditor in defending an action for a liability incurred as such an officer, employee or auditor, or in resisting or responding to actions taken by a government agency, a duly constituted Royal Commission or other official inquiry, a liquidator, administrator, trustee in bankruptcy or other authorised official.

Our policy is that our employees should be protected from any liability they incur as a result of acting in the course of their employment, subject to appropriate conditions.

Under the policy, we will indemnify employees and former employees against any liability they incur to any third party as a result of acting in good faith in the course of their employment and this extends to liability incurred as a result of their appointment/nomination by or at the request of the ANZ Group as an officer or employee of another corporation or body or as a trustee.

74 Australia and New Zealand Banking Group Limited 2025 Annual Report

The indemnity is subject to applicable law and certain exceptions.

ANZBGL has entered into Indemnity Deeds with each of its Directors, with certain secretaries and former Directors of ANZBGL, and with certain employees and other individuals who act as directors or officers of related bodies corporate or of another company, to indemnify them against liabilities and legal costs of the kind mentioned in ANZBGL’s Constitution.

During the financial year, we have paid premiums for insurance for the benefit of the Directors and employees of the Group. In accordance with common commercial practice, the insurance prohibits disclosure of the nature of the liability insured against and the amount of the premium.

Key management personnel and employee share and option plans

Rounding of amounts

ANZBGL is a company of the kind referred to in Australian Securities and Investments Commission Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 dated 24 March 2016 and, in accordance with that Instrument, amounts in the consolidated financial statements and this Directors’ Report have been rounded to the nearest million dollars unless specifically stated otherwise.

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

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Paul O’Sullivan Chairman

Nuno A Matos Managing Director

7 November 2025

The Remuneration Report contains details of Non-Executive Directors (NEDs), the Chief Executive Officer (CEO) and Disclosed Executives’ equity holdings and options/rights issued during the 2025 financial year.

Note 29 Employee Share and Option Plans in the 2025 Financial Report contains details of the 2025 financial year and as at the date of signing the Directors’ Report:

Options/rights issued over shares granted to employees;
Shares issued as a result of the exercise of options/rights granted to employees; and

Lead Auditor’s Independence Declaration

The Lead Auditors Independence Declaration given under section 307C of the Corporations Act 2001 is set out below and forms part of the Directors’ Report for the year ended 30 September 2025.

To: the Directors of Australia and New Zealand Banking Group Limited

I declare that, to the best of my knowledge and belief, in relation to the audit of Australia and New Zealand Banking Group Limited for the financial year ended 30 September 2025, there have been:

No contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
No contraventions of any applicable code of professional conduct in relation to the audit.
Other details about share options/ rights issued, including any rights to participate in any share issues.

The names of all persons who currently hold options/rights are entered in the register kept by ANZGHL pursuant to section 170 of the Corporations Act 2001 . This register may be inspected free of charge.

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KPMG

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Maria Trinci
Partner
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7 November 2025

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.

Financial report

Operating environment

Directors’ report

Performance overview

Remuneration report

Overview

Governance

Glossary

Financial report

Contents
Consolidated Financial Statements
Income Statement	76
Statement of Comprehensive Income	77
Balance Sheet	78
Cash Flow Statement	79
Statement of Changes in Equity	80

Financial instrument disclosures

Notes to the Consolidated Financial Statements

Employee and related

party transactions

Notes to the Consolidated		Financial instrument disclosures		Employee and related
Financial Statements		17. Financial risk management	133	party transactions
Basis of preparation 1. About our Financial Statements	82	18. Fair value of fnancial assets and fnancial liabilities 20. Ofseting	154 161	28. Superannuation and post- employment beneft obligations 29. Employee share and option plans	184 186
Financial performance 2. Net interest income	85	Non-fnancial assets 20. Goodwill and other		30. Related party disclosures Other disclosures	192
3. Other operating income	86	intangible assets	163	31. Commitments,
4. Operating expenses 5. Income tax	88 90	Non-fnancial liabilities		contingent liabilities and contingent assets	195
6. Dividends	93	21. Other provisions	167	32. Auditor fees	198
7. Segment reporting	94	Equity		33. Suncorp Bank acquisition	199
Financial assets and other trading assets		22. Shareholders’ equity 23. Capital management	169 172	34. Events since the end of the fnancial year	200
8. Cash and cash equivalents 9. Trading assets 10. Derivative fnancial instruments 11. Investment securities	98 99 100 112	Consolidation and presentation 24. Controlled entities 25. Investments in associates	175 177	Consolidated entity disclosure statement Directors’ declaration	201 204
12. Net loans and advances 13. Allowance for expected credit losses	114 115	26. Structured entities 27. Assets pledged, collateral accepted, and fnancial assets transferred	179 182	Independent auditor’s report	205
Financial liabilities
14. Deposits and other borrowings	125
15. Payables and other liabilities	126
16. Debt issuances	127

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Income Statement

Income Statement
Consolidated 2025 2024 For the year ended 30 September Note $m $m	The Company 2025 2024 $m $m
Interest income1 63,959 60,678 Interest expense (46,056) (44,641)	50,309 49,868 (38,727) (38,622)
Net interest income 2 17,903 16,037 Other operating income 3 4,245 4,484	11,582 11,246 5,452 9,791
Operating income 22,148 20,521 Operating expenses 4 (12,866) (10,669)	17,034 21,037 (10,081) (8,777)
Profit before credit impairment and income tax 9,282 9,852 Credit impairment (charge)/release 13 (435) (406)	6,953 12,260 (428) (126)
Profit before income tax 8,847 9,446 Income tax expense 5 (2,771) (2,816)	6,525 12,134 (1,486) (1,879)
Profit for theyear 6,076 6,630	5,039 10,255
Comprising: Profit attributable to shareholders of the Company 6,035 6,595 Profit attributable to non-controlling interests 41 35	5,039 10,255 - -

Includes interest income calculated using the effective interest method on financial assets measured at amortised cost or fair value through other comprehensive income of $59,066 million (2024: $55,717 million) in the Group and $44,346 million (2024: $43,743 million) in the Company.

The notes appearing on pages 82 to 200 form an integral part of these financial statements.

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Operating Operating OverviewOverview environmentenvironment

Directors’ Directors’ reportreport

Performance Performance overviewoverview

Remuneration Remuneration reportreport

GovernanceGovernance

Statement of Comprehensive Income

	Consolidated	Consolidated	The Company
	2025	2024	2025	2024
For the year ended 30 September	$m	$m	$m	$m
Profit for the year	6,076	6,630	5,039	10,255
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Investment securities - equity securities at FVOCI	(137)	148	(137)	145
Other reserve movements1	(59)	(17)	(39)	(6)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve	(602)	(930)	208	(399)
Cash flow hedge reserve	843	2,069	723	1,888
Other reserve movements	508	(774)	455	(763)
Income tax attributable to the above items	(327)	(402)	(296)	(344)
Share of associates’ other comprehensive income2	12	(23)	-	-
Total comprehensive income for the year	6,314	6,701	5,953	10,776
Comprising total comprehensive income attributable to:
Shareholders of the Company	6,308	6,676	5,953	10,776
Non-controlling interests1	6	25	-	-

The Group includes foreign currency translation differences attributable to non-controlling interests of -$35 million (2024: $10 million).
The Group’s share of associates’ other comprehensive income, that may be reclassified subsequently to profit or loss in the Group, includes:

	2025 $m	2024 $m
FVOCI reserve gain/(loss)	18	(10)
Defined benefits gain/(loss)	(6)	(13)
Total	12	(23)

The notes appearing on pages 82 to 200 form an integral part of these financial statements.

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Balance Sheet

Balance Sheet
		Consolidated		The Company
		2025	2024	2025	2024
As at 30 September	Note	$m	$m	$m	$m
Assets
Cash and cash equivalents	8	155,209	150,965	145,060	137,288
Settlement balances owed to ANZ		23,394	5,484	22,030	5,019
Collateral paid		9,831	10,090	8,552	8,797
Trading assets	9	48,248	45,755	40,608	38,427
Derivative financial instruments	10	47,480	54,370	50,531	57,627
Investment securities	11	165,540	140,262	136,585	113,966
Net loans and advances	12	829,986	804,032	612,855	588,998
Regulatory deposits		541	665	245	222
Due from controlled entities		-	-	24,390	24,315
Shares in controlled entities	24	-	-	24,488	24,316
Investments in associates	25	1,140	1,415	-	-
Current tax assets		25	19	24	19
Deferred tax assets	5	3,327	3,302	2,953	2,750
Goodwill and other intangible assets	20	5,762	5,421	999	995
Premises and equipment		2,283	2,388	1,693	1,807
Other assets		4,905	5,417	3,456	3,645
Total assets		1,297,671	1,229,585	1,074,469	1,008,191
Liabilities
Settlement balances owed by ANZ		31,144	16,188	27,189	11,317
Collateral received		7,428	6,583	6,579	6,061
Deposits and other borrowings	14	956,401	905,166	751,573	703,870
Derivative financial instruments	10	43,902	55,254	47,769	57,467
Due to controlled entities		-	-	27,055	25,660
Current tax liabilities		537	360	172	59
Deferred tax liabilities	5	226	64	183	61
Payables and other liabilities	15	15,147	18,594	12,153	14,474
Employee entitlements		688	644	488	457
Other provisions	21	2,479	1,584	1,959	1,319
Debt issuances	16	169,274	156,388	133,491	122,950
Total liabilities		1,227,226	1,160,825	1,008,611	943,695
Net assets		70,445	68,760	65,858	64,496
Shareholders' equity
Ordinary share capital	22	27,053	27,065	26,976	26,988
Reserves	22	(1,379)	(1,678)	(735)	(1,676)
Retained earnings	22	44,032	42,602	39,617	39,184
Share capital and reserves attributable to shareholders of the Company		69,706	67,989	65,858	64,496
Non-controlling interests	22	739	771	-	-
Total shareholders' equity		70,445	68,760	65,858	64,496

The notes appearing on pages 82 to 200 form an integral part of these financial statements.

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Remuneration Remuneration reportreport

Cash Flow Statement

Cash Flow Statement
	Consolidated		The Company
	2025	2024	2025	2024
For the year ended 30 September	$m	$m	$m	$m
Profit for the year	6,076	6,630	5,039	10,255
Adjustments to reconcile to net cash provided by/(used in) operating activities:
Allowance for expected credit losses	435	406	428	126
Impairment of investment in associates	285	-	-	-
Depreciation and amortisation	1,100	944	750	749
Goodwill and other intangible assets impairments	71	9	70	9
Net derivatives/foreign exchange adjustment	3,868	3,244	3,972	1,876
(Gain)/Loss on sale from divestments	-	21	-	-
Other non-cash movements	10	(19)	104	111
Net (increase)/decrease in operating assets:
Collateral paid	579	(1,968)	603	(1,581)
Trading assets	(20,740)	(3,204)	(19,217)	(4,355)
Net loans and advances	(29,236)	(33,546)	(20,605)	(30,642)
Net intra-group loans and advances	-	-	1,665	(1,204)
Other assets	26	(268)	(477)	(343)
Net increase/(decrease) in operating liabilities:
Deposits and other borrowings	50,130	43,060	39,097	41,140
Settlement balances owed by ANZ	15,331	(2,905)	16,056	(5,127)
Collateral received	595	(3,368)	234	(2,922)
Other liabilities	(2,502)	2,010	(1,670)	1,347
Total adjustments	19,952	4,416	21,010	(816)
Net cashprovided by/(used in)operatingactivities1	26,028	11,046	26,049	9,439
Cash flows from investing activities
Acquisition of Suncorp Bank, net of cash acquired	-	(4,914)	-	(6,247)
Investment securities assets:
Purchases	(83,292)	(84,777)	(71,410)	(77,131)
Proceeds from sale or maturity	59,746	47,542	51,074	42,662
Proceeds from divestments, net of cash disposed	-	686	-	-
Net movement in shares in controlled entities	-	-	(163)	(21)
Net investments in other assets	(453)	(604)	(470)	(486)
Net cashprovided by/(used in) investingactivities	(23,999)	(42,067)	(20,969)	(41,223)
Cash flows from financing activities
Deposits and other borrowings (repaid)/drawn down	(1,429)	(1,014)	-	-
Debt issuances:2
Issue proceeds	45,938	50,604	37,241	46,870
Redemptions	(38,584)	(25,367)	(31,346)	(21,886)
Dividends paid	(4,665)	(5,252)	(4,627)	(5,220)
On-market purchase of treasury shares	(126)	(126)	(126)	(126)
Repayment of lease liabilities	(377)	(342)	(305)	(271)
Capital return	-	(2,000)	-	(2,000)
ANZ Bank New Zealand Perpetual Preference Shares	-	252	-	-
Net cashprovided by/(used in)financingactivities	757	16,755	837	17,367
Net increase/(decrease) in Cash and cash equivalents	2,786	(14,266)	5,917	(14,417)
Cash and cash equivalents at beginning of year	150,965	168,154	137,288	154,408
Effects of exchange rate changes on Cash and cash equivalents	1,458	(2,923)	1,855	(2,703)
Cash and cash equivalents at end ofyear	155,209	150,965	145,060	137,288

Net cash provided by/(used in) operating activities for the Group includes interest received of $64,001 million (2024: $59,657 million), interest paid of $46,965 million (2024: $43,537 million) and income taxes paid of $3,080 million (2024: $2,925 million). Net cash provided by/(used in) operating activities for the Company includes interest received of $50,320 million (2024: $49,705 million), interest paid of $39,189 million (2024: $38,351 million) and income taxes paid of $2,053 million (2024: $2,084 million).
Non-cash movements on Debt issuances include a loss of $5,542 million (2024: $711 million gain) from unrealised movements primarily due to fair value hedging adjustments and foreign exchange losses for the Group, and include a loss of $4,647 million (2024: $246 million gain) from unrealised movements primarily due to fair value hedging and foreign exchange losses for the Company.

The notes appearing on pages 82 to 200 form an integral part of these financial statements.

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Statement of Changes in Equity

Ordinary share capital Reserves Retained earnings Consolidated $m $m $m	Share capital and reserves attributable to shareholders of the Company Non- controlling interests Total shareholders’ equity $m $m $m
As at 1 October 2023 29,082 (1,796) 41,277	68,563 522 69,085
Profit or loss for the year - - 6,595 Other comprehensive income for the year - 101 (20)	6,595 35 6,630 81 (10) 71
Total comprehensive income for the year - 101 6,575 Transactions with equity holders in their capacity as equity holders: Dividends paid - - (5,267) Other equity movements: Employee share and option plans (17) 23 4 ANZ Bank New Zealand Perpetual Preference Shares1 - - (4) Capital return (2,000) - - Other items - (6) 17	6,676 25 6,701 (5,267) (32) (5,299) 10 - 10 (4) 256 252 (2,000) - (2,000) 11 - 11
As at 30 September 2024 27,065 (1,678) 42,602	67,989 771 68,760
Profit or loss for the year - - 6,035 Other comprehensive income for the year - 296 (23)	6,035 41 6,076
	273 (35) 238
Total comprehensive income for the year - 296 6,012 Transactions with equity holders in their capacity as equity holders: Dividends paid - - (4,580) Other equity movements: Employee share and option plans (12) (1) 2 Other items - 4 (4)	6,308 6 6,314



	(4,580) (38) (4,618)

	(11) - (11)
	- - -
As at 30 September 2025 27,053 (1,379) 44,032	69,706 739 70,445

Perpetual preference shares issued by ANZ Bank New Zealand, a member of the Group, are considered non-controlling interests to the Group. Refer to Note 22 Shareholders’ equity for further details.

The notes appearing on pages 82 to 200 form an integral part of these financial statements.

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Remuneration Remuneration

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Statement of Changes in Equity (continued)

Ordinary share capital Reserves The Company $m $m	Retained earnings Total shareholders’ equity $m $m
As at 1 October 2023 29,005 (2,222)	34,195 60,978
Profit for the year - - Other comprehensive income for the year - 527	10,255 10,255 (6) 521
Total comprehensive income for the year - 527 Transactions with equity holders in their capacity as equity holders: Dividends paid - - Other equity movements: Employee share and option plans (17) 23 Capital return (2,000) - Other items - (4)	10,249 10,776 (5,267) (5,267) 4 10 - (2,000) 3 (1)
As at 30 September 2024 26,988 (1,676)	39,184 64,496
Profit for the year - - Other comprehensive income for the year - 942	5,039 5,039
	(28) 914
Total comprehensive income for the year - 942 Transactions with equity holders in their capacity as equity holders: Dividends paid - - Other equity movements: Employee share and option plans (12) (1)	5,011 5,953



	(4,580) (4,580)
	-
	2 (11)
As at 30 September 2025 26,976 (735)	39,617 65,858

The notes appearing on pages 82 to 200 form an integral part of these financial statements.

Notes to the Financial Statements

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Notes to the Consolidated Financial Statements

1. About our financial statements

General information

These are the consolidated financial statements for ANZBGL (the Company) and its controlled entities (together, the Group or Consolidated Entity) for the year ended 30 September 2025. The Company is a publicly listed company incorporated and domiciled in Australia with debt listed on securities exchanges. The Company is a subsidiary of ANZGHL and is regulated by APRA as an Authorised Deposit-taking Institution (ADI). The address of the Company’s registered office and its principal place of business is ANZ Centre, 833 Collins Street, Docklands, Victoria, Australia 3008. The Group provides banking and financial services to individuals and business customers and operates in and across 29 markets.

On 7 November 2025, the Directors resolved to authorise the issue of these financial statements. Information in the financial statements is included only to the extent we consider it material and relevant to the understanding of the financial statements. A disclosure is considered material and relevant if, for example:

the amount is significant in size (quantitative factor);
the information is significant by nature (qualitative factor);
the user cannot understand the Group’s results without the specific disclosure (qualitative factor);
the information is critical to a user’s understanding of the impact of significant changes in the Group’s business during the period - for example, business acquisitions or disposals (qualitative factor);
the information relates to an aspect of the Group’s operations that is important to its future performance (qualitative factor); and
the information is required under legislative requirements of the Corporations Act 2001 , the Banking Act 1959 (Cth) or by the Group’s principal regulators, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

This section of the financial statements:

outlines the basis upon which the Group’s financial statements have been prepared; and
discusses any new accounting standards or regulations that directly impact the financial statements.

Basis of preparation

This financial report is a general purpose (Tier 1) financial report prepared by a ‘for profit’ entity, in accordance with Australian Accounting Standards (AASs) and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), the Corporations Act 2001 , and International Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB).

We present the financial statements of the Group in Australian dollars, which is the Company’s functional and presentation currency. We measure the financial statements of each entity in the Group using the currency of the primary economic environment in which that entity operates (the functional currency). We have rounded values to the nearest million dollars ($m), unless otherwise stated, as permitted under the ASIC Corporations (Rounding in Financial/Directors Report) Instrument 2016/191 .

Certain comparative amounts have been restated to conform with the basis of preparation in the current year.

Basis of measurement and presentation

The financial information has been prepared on a historical cost basis - except the following assets and liabilities which we have stated at their fair value:

derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;
financial instruments held for trading;
financial assets and financial liabilities designated at fair value through profit or loss (FVTPL); and
financial assets at fair value through other comprehensive income (FVOCI).

In accordance with AASB 119 Employee Benefits we have measured defined benefit obligations using the Projected Unit Credit Method.

Basis of consolidation

The consolidated financial statements of the Group comprise the financial statements of the Company and all its subsidiaries. An entity, including a structured entity, is considered a subsidiary of the Group when we determine that the Company has control over the entity. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. We assess power by examining existing rights that give the Company the current ability to direct the relevant activities of the entity. We have eliminated, on consolidation, the effect of all transactions between entities in the Group.

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1. About our financial statements (continued)

Foreign currency translation

Transactions and balances

Foreign currency transactions are translated into the relevant functional currency at the exchange rate prevailing at the date of the transaction. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the relevant spot rate. Any foreign currency translation gains or losses that arise are included in profit or loss in the period they arise.

We measure translation differences on non-monetary items classified as FVTPL and report them as part of the fair value gain or loss on these items. For non-monetary items classified as investment securities measured at FVOCI, translation differences are included in other comprehensive income.

Financial statements of foreign operations that have a functional currency that is not Australian dollars

The financial statements of our foreign operations are translated into Australian dollars for consolidation into the Group financial statements using the following method:

Foreign currency item	Exchange rate used
Assets and liabilities	The reporting date rate
Equity	The initial investment date rate
Income and expenses	The average rate for the period – but for a significant transaction if we believe the average rate is not reasonable,
	then we use the rate at the date of the transaction

Exchange differences arising from the translation of financial statements of foreign operations are recognised in the foreign currency translation reserve in equity. When we dispose of a foreign operation, the cumulative exchange differences are transferred to profit or loss.

Fiduciary activities

The Group provides fiduciary services to third parties including custody, nominee and trustee services. This involves the Group holding assets on behalf of third parties and making decisions regarding the purchase and sale of financial instruments. If the Group is not the beneficial owner or does not control the assets, then we do not recognise these transactions in these financial statements, except when required by accounting standards or another legislative requirement.

Key judgements and estimates

In the process of applying the Group’s accounting policies, management has made a number of judgements and applied estimates and assumptions about past and future events. Further information on the key judgements and estimates that we consider material to the financial statements are contained within each relevant note to the financial statements.

The global economy continues to face challenges reflecting the impacts of global uncertainties from continuing trade and geopolitical tensions, and impacts from climate change, which contribute to an elevated level of estimation uncertainty involved in the preparation of these financial statements.

The Group is exposed to climate risk either directly through its operations or indirectly, for example, through lending to customers. Climate risk may also be a driver of other risks within our risk management framework. Our most material climate risks arise from lending to business and retail customers, which contribute to credit risk.

The Group has made various accounting estimates in this Financial Report based on forecasts of economic conditions which reflect expectations and assumptions at 30 September 2025 about future events considered reasonable in the circumstances. Thus, there is a considerable degree of judgement involved in preparing these estimates. Actual economic conditions are likely to be different from those forecast since anticipated events frequently do not occur as expected, and the effect of these differences may significantly impact accounting estimates included in these financial statements. The significant accounting estimates impacted by these forecasts and associated uncertainties are predominantly related to expected credit losses and recoverable amounts of non-financial assets including investments in associates.

The impact of these uncertainties on each of these accounting estimates is discussed in the relevant notes in this Financial Report, along with assumptions and judgements made in relation to other key estimates. Readers should consider these disclosures in light of the inherent uncertainties described above.

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Notes to the consolidated financial statements (continued)

1. About our financial statements (continued)

Accounting standards adopted in the period

Accounting policies have been consistently applied to all periods presented, unless otherwise noted.

Lease Liability in a Sale and Leaseback

AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback amended AASB 16 Leases and specifies the accounting for variable lease payments by seller-lessees in sale and leaseback transactions. The amendment was effective from 1 October 2024 and did not have a material impact on the Group.

Accounting standards not early adopted

A number of new standards, amendments to standards and interpretations have been published but are not mandatory for the financial statements for the year ended 30 September 2025 and have not been applied by the Group in preparing these financial statements. Further details of these are set out below.

AASB 18 Presentation and Disclosure in Financial Statements

In June 2024, the AASB issued AASB 18 Presentation and Disclosure in Financial Statements (AASB 18) which updates and replaces requirements for the presentation and disclosure of information in financial statements. AASB 18 introduces new defined subtotals to be presented in the consolidated Income Statement, disclosure of management-defined performance measures and requirements for grouping of information. This standard will be effective for the financial year beginning 1 October 2027. We are currently assessing the impact of adopting this standard.

Classification and measurement amendments to AASB 9 Financial Instruments

In July 2024, the AASB issued AASB 2024-2 Amendments to Australian Accounting Standards - Classification and Measurement of Financial Instruments which amends requirements related to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics of financial assets with environmental, social and corporate governance and similar features. The amendments will be effective for the financial year beginning 1 October 2026. We are currently assessing the impact of adopting this standard.

Nature-dependent electricity contracts

In February 2025, the AASB issued AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity which enhances guidance on the application of the ‘own-use’ exemption on nature dependent power purchase agreements (PPAs) and hedge accounting requirements for PPAs that are classified as derivative financial instruments. The amendments also introduce new disclosure requirements for certain PPAs. The amendments will be effective for the financial year beginning 1 October 2026. We are currently assessing the impact of adopting these amendments.

Related pronouncement of the AASB

AASB Sustainability Reporting Standards

In September 2024, the AASB published two sustainability standards: AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information , a voluntary standard for general sustainability-related financial disclosures, and AASB S2 Climate-related Disclosures (AASB S2), a mandatory standard that requires disclosure of climate-related financial risks and opportunities that could reasonably be expected to affect the Group’s cash flows, access to finance or cost of capital over the short, medium or long term. AASB S2 will be effective for the Group for the financial year beginning 1 October 2025.

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2. Net interest income

2.Net interest income
	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Interest income by type of financial asset
Financial assets at amortised cost	53,121	51,178	39,516	39,777
Investment securities at FVOCI	5,945	4,539	4,830	3,966
Trading assets	1,923	2,217	1,622	1,954
Financial assets at FVTPL	2,970	2,744	3,015	2,821
External interest income	63,959	60,678	48,983	48,518
Controlled entities' income	-	-	1,326	1,350
Interest income	63,959	60,678	50,309	49,868
Interest expense by type of financial liability
Financial liabilities at amortised cost	(42,982)	(41,472)	(34,290)	(34,130)
Securities sold short	(397)	(649)	(359)	(615)
Financial liabilities at FVTPL	(2,226)	(2,131)	(2,161)	(1,977)
External interest expense	(45,605)	(44,252)	(36,810)	(36,722)
Controlled entities' expense	-	-	(1,471)	(1,511)
Interest expense	(45,605)	(44,252)	(38,281)	(38,233)
Major bank levy	(451)	(389)	(446)	(389)
Net interest income	17,903	16,037	11,582	11,246

Recognition and measurement

Net interest income

Interest income and expense

We recognise interest income and expense in net interest income for all financial instruments, including those classified as held for trading, assets measured at FVOCI, and assets and liabilities designated at FVTPL. We use the effective interest rate method to calculate the amortised cost of assets held at amortised cost and to recognise interest income on financial assets measured at amortised cost and FVOCI. The effective interest rate is the rate that discounts the stream of estimated future cash receipts or payments over the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset or liability. For assets subject to prepayment, we determine their expected life on the basis of historical behaviour of the particular asset portfolio taking into account contractual obligations and prepayment experience.

We recognise fees and costs, which form an integral part of the financial instrument (for example loan origination fees and costs), using the effective interest rate method. These are presented as part of interest income or expense depending on whether the underlying financial instrument is a financial asset or financial liability.

Major Bank Levy

The Major Bank Levy Act 2017 (levy or major bank levy) applies a rate of 0.06% to certain liabilities of ANZBGL. The levy represents a finance cost, and it is presented as interest expense in the Income Statement.

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Notes to the consolidated financial statements (continued)

3. Other operating income

3. Other operating income
	Consolidated 2025 2024 $m $m	The Company 2025 2024 $m $m
Fee and commission income Lending fees1 Non-lending fees Commissions Funds management income	436 420 2,283 2,272 63 75 251 241	389 394 1,501 1,551 37 48 29 14
External fee and commission income Controlled entities' income	3,033 3,008 - -	1,956 2,007 189 192
Fee and commission income Fee and commission expense	3,033 3,008 (1,145) (1,044)	2,145 2,199 (605) (555)
Net fee and commission income	1,888 1,964	1,540 1,644
Other income Net foreign exchange earnings and other financial instruments income2 Net income from insurance business Share of associates' profit/(loss) Release of foreign currency translation reserve on dissolution of entities Loss on disposal of investment in AmBank PT Panin impairment Dividends received from controlled entities Other	2,348 2,166 95 122 106 134 15 22 - (21) (285) - - - 78 97	1,751 1,941 - - - - 15 - - - - - 2,016 6,104 130 102
Other income	2,357 2,520	3,912 8,147
Other operatingincome	4,245 4,484	5,452 9,791

Excludes fees treated as part of the effective yield calculation in Interest income.
Includes fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges entered into to manage interest rate and foreign exchange risk, ineffective portions of cash flow hedges, and fair value movements in financial assets and liabilities at FVTPL.

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3. Other operating income (continued)

Recognition and measurement

Other operating income

Fee and commission revenue

We recognise fee and commission revenue arising from contracts with customers (a) over time when the performance obligation is satisfied across more than one reporting period, or (b) at a point in time when the performance obligation is satisfied immediately or is satisfied within one reporting period.

lending fees exclude fees treated as part of the effective yield calculation of interest income. Lending fees include certain guarantee and commitment fees where the loan or guarantee is not likely to be drawn upon, and other fees charged for providing customers a distinct good or service that are recognised separately from the underlying lending product.
non-lending fees include fees associated with deposit and credit card accounts, interchange fees and fees charged for specific customer transactions such as international transaction fees. Where the Group provides multiple goods or services to a customer under the same contract, the Group allocates the transaction price of the contract to distinct performance obligations based on the relative stand-alone selling price of each performance obligation. Revenue is recognised as each performance obligation is satisfied.
commissions represent fees from third parties where we act as an agent by arranging a third party (such as an insurance provider) to provide goods and services to a customer. In such cases, we are not primarily responsible for providing the underlying good or service to the customer. If the Group collects funds on behalf of a third party when acting as an agent, we only recognise the net commission retained as revenue. When the commission is variable based on factors outside our control (such as a trail commission), revenue is only recognised if it is highly probable that a significant reversal of the variable amount will not be required in future periods.
funds management income represents fees earned from customers for providing financial advice and asset management services. Revenue is recognised either at the point the financial advice is provided or over the period in which the asset management services are delivered. Performance fees associated with funds management activities are only recognised when it becomes highly probable the performance hurdle will be achieved.

Net foreign exchange earnings and other financial instruments income

We recognise the following as net foreign exchange earnings and other financial instruments income:

exchange rate differences arising on the settlement of monetary items and translation differences on monetary items translated at rates different to those at which they were initially recognised or included in a previous financial report;
fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges that we use to manage interest rate and foreign exchange risk on funding instruments;
the ineffective portions of fair value hedges, cash flow hedges and net investment hedges;
immediately upon sale or repayment of a hedged item, the unamortised fair value adjustments to items designated as fair value hedges and amounts accumulated in equity related to designated cash flow hedges;
fair value movements on financial assets and financial liabilities at FVTPL or held for trading;
amounts released from the FVOCI reserve when a debt instrument classified as FVOCI is sold; and
the gain or loss on derecognition of financial assets or liabilities measured at amortised cost .

Gain or loss on disposal of non-financial assets

The gain or loss on the disposal of assets is the difference between the carrying value of the asset and the proceeds of disposal net of costs. This is recognised in Other income in the year in which control of the asset transfers to the buyer.

Share of associates’ profit/(loss)

The equity method is applied to accounting for associates. Under the equity method, our share of the after tax results of associates is included in the Income Statement and the Statement of Comprehensive Income.

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Notes to the consolidated financial statements (continued)

4. Operating expenses

4. Operating expenses
	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Personnel
Salaries and related costs	5,955	5,475	4,017	3,938
Superannuation costs	505	443	393	368
Equity-settled share-based payments	121	139	108	124
Other	133	83	89	53
Personnel	6,714	6,140	4,607	4,483
Premises
Rent	87	74	56	52
Depreciation	458	436	327	332
Other	191	178	135	123
Premises	736	688	518	507
Technology
Depreciation and amortisation	496	501	422	416
Subscription licences and outsourced services	1,331	1,155	866	782
Other	393	238	236	174
Technology	2,220	1,894	1,524	1,372
Restructuring	764	235	544	190
Other
Advertising and public relations	216	200	164	158
Professional fees	957	766	841	716
Freight, stationery, postage and communication	179	170	125	126
Card processing fees	87	107	83	103
Amortisation and impairment of other intangible assets1	144	7	-	-
Non-lending losses, frauds and forgeries2	383	83	360	56
Other	466	379	1,315	1,066
Other	2,432	1,712	2,888	2,225
Operating expenses	12,866	10,669	10,081	8,777

Includes $143 million amortisation of acquired intangible assets recognised as part of the acquisition accounting relating to the Suncorp Bank acquisition during 2025 (2024: nil) for the Group.
Includes $240 million of ASIC penalties during 2025 (2024: nil) for the Group and the Company.

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4. Operating expenses (continued)

Recognition and measurement

Operating expenses

Operating expenses are recognised as services are provided to the Group, over the period in which an asset is consumed, or once a liability is created.

Salaries and related costs - annual leave, long service leave and other employee benefits

Wages and salaries, annual leave and other employee entitlements expected to be paid or settled within twelve months of employees rendering service are measured at their nominal amounts using remuneration rates that the Group expects to pay when the liabilities are settled.

We accrue employee entitlements relating to long service leave using an actuarial calculation. It includes assumptions regarding staff departures, leave utilisation and future salary increases. The result is then discounted using market yields at the reporting date. The market yields are determined from a blended rate of high quality corporate bonds with terms to maturity that closely match the estimated future cash outflows.

If we expect to pay short term cash bonuses, then a liability is recognised when the Group has a present legal or constructive obligation to pay this amount (as a result of past service provided by the employee) and the obligation can be reliably measured.

Personnel expenses also include share-based payments which may be cash or equity settled. We calculate the fair value of equity settled remuneration at grant date, which is then amortised over the vesting period, with a corresponding increase in share capital or the share option reserve as applicable. When we estimate the fair value, we take into account market vesting conditions, such as share price performance conditions. We take non-market vesting conditions, such as service conditions, into account by adjusting the number of equity instruments included in the expense.

After the grant of an equity-based award, the amount we recognise as an expense is reversed when non-market vesting conditions are not met, for example an employee fails to satisfy the minimum service period specified in the award due to resignation, termination or notice of dismissal for serious misconduct. However, we do not reverse the expense if the award does not vest due to the failure to meet a marketbased performance condition.

Further information on share-based payment schemes operated by the Group during the current and prior year is included in Note 29 Employee share and option plans.

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Notes to the consolidated financial statements (continued)

5. Income tax

Income tax expense

Reconciliation of the prima facie income tax expense on pre-tax profit with the income tax expense recognised in profit or loss:

	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Profit before income tax	8,847	9,446	6,525	12,134
Prima facie income tax expense at 30%	2,654	2,834	1,958	3,640
Tax effect of permanent differences:
Share of associates' (profit)/loss	(32)	(41)	-	-
Interest on convertible instruments	105	124	105	124
Overseas tax rate differential	(159)	(156)	(85)	(93)
Provision for foreign tax on dividend repatriation	33	36	29	33
Non-deductible ASIC penalties	72	-	72	-
PT Panin impairment	86	-	-	-
Rebatable and non-assessable dividends	-	-	(605)	(1,831)
Other	18	(1)	8	(8)
Subtotal	2,777	2,796	1,482	1,865
Income tax (over)/under provided in previous years	(6)	20	4	14
Income tax expense	2,771	2,816	1,486	1,879
Current tax expense	3,154	3,063	1,695	1,956
Adjustments recognised in the current year in relation to the current tax of prior years	(6)	20	4	14
Deferred tax expense/(income) relating to the origination and reversal of temporary differences	(377)	(267)	(213)	(91)
Income tax expense	2,771	2,816	1,486	1,879
Australia	1,299	1,481	1,082	1,476
Overseas	1,472	1,335	404	403
Income tax expense	2,771	2,816	1,486	1,879
Effective tax rate	31.3%	29.8%	22.8%	15.5%

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5. Income tax (continued)

Deferred tax assets and liabilities

	Consolidated		The Company
	2025	20241	2025	20241
	$m	$m	$m	$m
Deferred tax assets balances comprise temporary differences attributable to:
Amounts recognised in the Income Statement:
Collectively assessed allowances for expected credit losses	1,249	1,216	952	898
Individually assessed allowances for expected credit losses	114	86	84	60
Provision for employee entitlements	316	309	236	234
Other provisions	403	282	317	214
Software	1,105	1,014	969	894
Lease liabilities	492	523	390	416
Other	241	206	188	165
Total	3,920	3,636	3,136	2,881
Amounts recognised directly in Other Comprehensive Income:
Foreign currency translation reserve	36	15	-	-
Cash flow hedge reserve	-	217	-	217
FVOCI reserve	232	245	232	243
Other reserves	9	2	7	1
Total	277	479	239	461
Total deferred tax assets (before set-off)	4,197	4,115	3,375	3,342
Set-off of deferred tax balances pursuant to set-off provisions	(870)	(813)	(422)	(592)
Net deferred tax assets	3,327	3,302	2,953	2,750
	2025	2024	2025	2024
	$m	$m	$m	$m
Deferred tax liabilities balances comprise temporary differences attributable to:
Amounts recognised in the Income Statement:
Intangible assets	163	-	-	-
Provision for foreign tax on dividend repatriation	113	112	64	61
Right-of-use assets	420	446	334	352
Other	182	222	74	182
Total	878	780	472	595
Amounts recognised directly in Other Comprehensive Income:
Cash flow hedge reserve	65	32	2	1
FVOCI reserve	102	15	91	13
Defined benefit obligations	50	42	39	36
Other reserves	1	8	1	8
Total	218	97	133	58
Total deferred tax liabilities (before set-off)	1,096	877	605	653
Set-off of deferred tax balances pursuant to set-off provisions	(870)	(813)	(422)	(592)
Net deferred tax liabilities	226	64	183	61

Comparative information have been restated to conform with the basis of preparation in the current year to better reflect the nature of the underlying balances.

Australia and New Zealand Banking Group Limited 2025 Annual Report 9292 Australia and New Zealand Banking Group Limited 2025 Annual ReportAustralia and New Zealand Banking Group Limited 2025 Annual Report

Notes to the consolidated financial statements (continued)

5. Income tax (continued)

Tax consolidation

The Company and all its wholly owned Australian resident entities are part of a tax-consolidated group under Australian taxation law. ANZGHL is the head entity of the tax-consolidated group. We recognise each of the following in the separate financial statements of members of the tax consolidated group on a ‘group allocation’ basis: tax expense/income, and deferred tax liabilities/assets that arise from temporary differences for members of the taxconsolidated group. ANZGHL (as head entity of the tax-consolidated group) recognises current tax liabilities and assets of the tax-consolidated group.

Under a tax funding arrangement between the entities in the tax-consolidated group, amounts are recognised as payable to or receivable by each member of the tax-consolidated group in relation to the tax contribution amounts paid or payable between members of the tax-consolidated group and the head entity ANZGHL.

Members of the tax-consolidated group have also entered into a tax sharing agreement that provides for the allocation of income tax liabilities between the entities were the head entity to default on its income tax payment obligations .

Unrecognised deferred tax assets and liabilities

Unrecognised deferred tax assets related to unused realised tax losses (on revenue account) total $2 million (2024: $10 million) for the Group and $1 million (2024: nil) for the Company.

Unrecognised deferred tax liabilities related to additional potential foreign tax costs (assuming all retained earnings in offshore branches and subsidiaries are repatriated) total $263 million (2024: $251 million) for the Group and $29 million (2024: $27 million) for the Company.

Recognition and measurement

Income tax expense

Income tax expense comprises both current and deferred taxes and is based on the accounting profit adjusted for differences in the accounting and tax treatments of income and expenses (that is, taxable income). We recognise tax expense in profit or loss except when the tax relates to items recognised directly in equity and other comprehensive income, in which case we recognise the tax directly in equity or other comprehensive income respectively.

Current tax expense

Current tax is the tax we expect to pay on taxable income for the year, based on tax rates (and tax laws) which are enacted at the reporting date. We recognise current tax as a liability (or asset) to the extent that it is unpaid (or refundable).

Deferred tax assets and liabilities

We account for deferred tax using the balance sheet method. Deferred tax arises because the accounting income is not always the same as the taxable income. This creates temporary differences, which usually reverse over time. Until they reverse, we recognise a deferred tax asset, or liability, on the balance sheet. We measure deferred taxes at the tax rates that we expect will apply to the period(s) when the asset is realised, or the liability settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the reporting date.

We offset current and deferred tax assets and liabilities only to the extent that:

they relate to income taxes imposed by the same taxation authority;
there is a legal right and intention to settle on a net basis; and
it is allowed under the tax law of the relevant jurisdiction.

The Group does not recognise or disclose any deferred taxes arising from tax law enacted or substantively enacted in the jurisdictions in which the Group operates to implement the Pillar Two Model Rules published by The Organisation for Economic Co-Operation and Development.

Key judgements and estimates

Judgement is required in determining provisions held in respect of uncertain tax positions. The Group estimates its tax liabilities based on its understanding of the relevant law in each of the countries in which it operates and seeks independent advice where appropriate.

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6. Dividends

Ordinary share dividends

Dividends determined by the Company’s Board are recognised with a corresponding reduction of retained earnings on the dividend payment date. Accordingly, the final dividend proposed for the current financial year is paid in the following financial year.

Dividends	Amount Total dividend per share $m
Financial Year 2024 2023 final dividend paid to ANZ BH Pty Ltd 2024 interim dividend paid to ANZ BH Pty Ltd	92 cents 2,771 83 cents 2,496
Dividends paid during the year ended 30 September 2024	5,267
Financial Year 2025 2024 final dividend paid to ANZ BH Pty Ltd 2025 interim dividend paid to ANZ BH Pty Ltd
	82 cents 2,472
	70 cents 2,108
Dividends paid during the year ended 30 September 2025	4,580
Dividends proposed and to be paid after year-end Payment date	Amount Total dividend per share $m
2025 final dividend 19 December 2025	82 cents 2,476

Restrictions on the payment of dividends

APRA’s written approval is required before paying dividends on the ordinary shares of the Company if:

the aggregate dividends exceed the Company’s after tax earnings (in calculating those after tax earnings, we take into account any payments we made on senior capital instruments) in the financial year to which they relate; or
the Group’s Common Equity Tier 1 capital ratio falls within capital range buffers specified by APRA.

If the Company fails to pay a dividend or distribution on its ANZ Capital Notes or ANZ Capital Securities on the scheduled payment date, it may (subject to a number of exceptions) be restricted from resolving to pay or paying any dividend on the Company’s ordinary shares.

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Notes to the consolidated financial statements (continued)

7. Segment reporting

Description of segments

The Group’s operating segments are presented on a basis that is consistent with the information provided internally to the Chief Executive Officer (CEO), who is the chief operating decision maker. This reflects the way the Group’s businesses are managed, rather than the legal structure of the Group.

We measure the performance of operating segments on a cash profit basis. To calculate cash profit, we exclude items from profit after tax attributable to shareholders. The adjustments include impacts of economic hedges and revenue and expense hedges which represent timing differences that will reverse through earnings in the future. A number of intangible assets were recognised as part of the Suncorp Bank acquisition accounting and the amortisation of these intangible assets is treated as a cash profit adjustment from 2025. Transactions between divisions across segments within the Group are conducted on an arm’s-length basis and where relevant disclosed as part of the income and expenses of these segments.

The reportable segments are divisions engaged in providing either different products or services or similar products and services in different geographical areas. They are as follows:

Australia Retail

The Australia Retail division provides a full range of banking services to Australian consumers. This includes Home Loans, Deposits, Credit Cards and Personal Loans. Products and services are provided via the branch network, home loan specialists, contact centres, a variety of self-service channels (digital and internet banking, website, ATMs and phone banking) and third-party brokers.

Australia Commercial

The Australia Commercial division provides a full range of banking products and financial services, including asset financing, across the following customer segments: SME Banking (small business owners and medium commercial customers), and Diversified & Specialist Businesses (large commercial customers, and high net worth individuals and family groups).

Institutional

The Institutional division services global institutional and corporate customers, and governments across Australia, New Zealand and International (including Papua New Guinea (PNG)) via the following business units:

Transaction Banking provides customers with working capital and liquidity solutions including documentary trade, supply chain financing, commodity financing as well as cash management solutions, deposits, payments and clearing.
Corporate Finance provides customers with loan products, loan syndication, specialised loan structuring and execution, project and export finance, debt structuring and acquisition finance, and sustainable finance solutions.
Markets provides customers with risk management services in foreign exchange, interest rates, credit, commodities, and debt capital markets in addition to managing the Group's interest rate exposure and liquidity position.

New Zealand

The New Zealand division comprises the following business units:

Personal provides a full range of banking and wealth management services to consumer and private banking customers. We deliver our services via our internet and app-based digital solutions and a network of branches, mortgage specialists, private bankers and contact centres.
Business & Agri provides a full range of banking services through our digital, branch and contact centre channels, and traditional relationship banking and sophisticated financial solutions through dedicated managers. These cover privately owned small and medium enterprises, and the agricultural business segment.

Suncorp Bank

The Suncorp Bank division provides banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in Australia.

Pacific

The Pacific division provides products and services to retail and commercial customers (including multi-nationals) and to governments located in the Pacific region, excluding PNG which forms part of the Institutional division.

Group Centre

Group Centre division provides support to the operating divisions, including technology, property, risk management, financial management, treasury, strategy, marketing, human resources, corporate affairs, and shareholder functions. It also includes minority investments in Asia.

Financial Financial Notes to the Financial Statements

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7. Segment reporting (continued)

Operating segments

Consolidated

	Australia	Australia		New	Suncorp		Group	Group
	Retail	Commercial	Institutional	Zealand	Bank	Pacific	Centre	Total
Year ended 30 September 2025	$m	$m	$m	$m	$m	$m	$m	$m
Net interest income	5,246	3,180	4,154	3,239	1,640	108	336	17,903
Net fee and commission income	513	275	677	383	53	12	(25)	1,888
Other income1,2	113	31	1,981	2	13	77	(147)	2,070
Operating income1,2	5,872	3,486	6,812	3,624	1,706	197	164	21,861
Operating expenses3	(4,015)	(1,520)	(3,081)	(1,407)	(1,073)	(144)	(1,483)	(12,723)
Cash profit/(loss) before credit impairment and income tax	1,857	1,966	3,731	2,217	633	53	(1,319)	9,138
Credit impairment (charge)/release	(289)	(102)	(31)	19	(36)	4	-	(435)
Cash profit/(loss) before income tax	1,568	1,864	3,700	2,236	597	57	(1,319)	8,703
Income tax (expense)/benefit1,2,3	(520)	(562)	(1,092)	(627)	(179)	(12)	261	(2,731)
Non-controlling interests	-	-	-	-	-	(2)	(39)	(41)
Cashprofit/(loss)	1,048	1,302	2,608	1,609	418	43	(1,097)	5,931
Economic hedges1								128
Revenue and expense hedges2								76
Amortisation of acquired intangibles3								(100)
Profit attributable to shareholders of the Company								6,035
Includes non-cash items:
Share of associates’ profit/(loss)	-	-	-	-	-	-	106	106
Depreciation and amortisation4	(46)	(8)	(176)	(99)	(69)	(9)	(550)	(1,100)
Investment in associates impairment	-	-	-	-	-	-	(285)	(285)
Software impairment	(6)	-	-	-	-	-	(64)	(70)
Equity-settled share-based payment expenses	(8)	(5)	(74)	(3)	(2)	(1)	(28)	(121)
Credit impairment (charge)/release	(289)	(102)	(31)	19	(36)	4	-	(435)
	Australia Retail	Australia Commercial	Institutional	New Zealand	Suncorp Bank3	Pacific	Group Centre	Group Total
Financial position	$m	$m	$m	$m	$m	$m	$m	$m
Goodwill	100	-	1,193	1,526	1,346	-	-	4,165
Investments in associates	-	-	-	-	-	-	1,140	1,140
Total external assets	351,601	67,524	632,279	126,104	89,369	3,354	27,440	1,297,671
Total external liabilities	190,522	123,936	502,702	120,644	82,791	3,858	202,773	1,227,226

The cash profit adjustment for economic hedges applies to the Institutional, New Zealand, Suncorp Bank and Group Centre divisions with $178 million gain recognised in Other operating income and $50 million expense recognised in Income tax expense.
The cash profit adjustment for revenue and expense hedges applies to the Group Centre division with $109 million gain recognised in Other operating income and $33 million expense recognised in Income tax expense.
The cash profit adjustment for amortisation of acquired intangibles applies to the Suncorp Bank division with $143 million loss recognised in Operating expenses and $43 million in Income tax benefit.
Group total depreciation and amortisation includes $143 million of amortisation of acquired intangibles recognised as a cash profit adjustment and applies to the Suncorp Bank division.

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Notes to the consolidated financial statements (continued)

7. Segment reporting (continued)

Operating segments

Consolidated

	Australia	Australia		New	Suncorp		Group	Group
	Retail	Commercial	Institutional	Zealand	Bank	Pacific	Centre	Total
Year ended 30 September 2024	$m	$m	$m	$m	$m	$m	$m	$m
Net interest income	5,223	3,164	3,741	3,143	251	123	392	16,037
Net fee and commission income	531	300	740	399	6	14	(26)	1,964
Other income1,2	133	42	2,408	-	-	77	122	2,782
Operating income1,2	5,887	3,506	6,889	3,542	257	214	488	20,783
Operating expenses	(3,516)	(1,507)	(2,875)	(1,376)	(188)	(138)	(1,069)	(10,669)
Cash profit/(loss) before credit impairment and income tax	2,371	1,999	4,014	2,166	69	76	(581)	10,114
Credit impairment (charge)/release	(71)	(80)	10	(28)	(243)	8	(2)	(406)
Cash profit/(loss) before income tax	2,300	1,919	4,024	2,138	(174)	84	(583)	9,708
Income tax (expense)/benefit1,2	(693)	(577)	(1,166)	(602)	52	(22)	120	(2,888)
Non-controlling interests	-	-	-	-	-	(2)	(33)	(35)
Cashprofit/(loss)	1,607	1,342	2,858	1,536	(122)	60	(496)	6,785
Economic hedges1								(264)
Revenue and expense hedges2								74
Amortisation of acquired intangibles								-
Profit after tax attributable to shareholders								6,595
Includes non-cash items:
Share of associates’ profit/(loss)	-	-	-	-	-	-	134	134
Depreciation and amortisation	(56)	(6)	(171)	(107)	(46)	(9)	(550)	(945)
Equity-settled share-based payment expenses	(6)	(5)	(97)	(5)	-	(1)	(25)	(139)
Credit impairment (charge)/release	(71)	(80)	10	(28)	(243)	8	(2)	(406)
	Australia Retail	Australia Commercial	Institutional	New Zealand	Suncorp Bank3	Pacific	Group Centre	Group Total
Financial position	$m	$m	$m	$m	$m	$m	$m	$m
Goodwill	100	-	1,245	1,596	1,402	-	-	4,343
Investments in associates	-	-	-	-	-	-	1,415	1,415
Total external assets	335,356	65,456	574,998	127,032	87,185	3,162	36,396	1,229,585
Total external liabilities	180,801	122,029	460,053	120,203	81,610	3,686	192,443	1,160,825

The cash profit adjustment for economic hedges applies to the Institutional, New Zealand, Suncorp Bank and Group Centre divisions with $368 million loss recognised in Other operating income and $104 million benefit recognised in Income tax expense.
The cash profit adjustment for revenue and expense hedges applies to the Group Centre division with $106 million gain recognised in Other operating income and $32 million expense recognised in Income tax expense.
Assets acquired and liabilities assumed are disclosed on a provisional basis. Refer to Note 33 Suncorp Bank acquisition for more information.

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7. Segment reporting (continued)

Segment income b y products and services

The primary sources of our external income across all divisions are interest income and other operating income, which includes net fee and commission income, net foreign exchange earnings and other financial instruments income. The Australia Retail, Australia Commercial, New Zealand, Suncorp Bank, and Pacific divisions derive income from products and services in retail and commercial banking. The Institutional division derives its income from institutional products and market services. No single customer amounts to greater than 10% of the Group’s income.

Geographical information

The reportable segments operate across three geographical regions as follows:

Australia Retail division - Australia
Australia Commercial division - Australia
Institutional division - all three geographical regions
New Zealand division - New Zealand
Suncorp Bank division - Australia
Pacific division – Rest of World
Group Centre division - all three geographical regions

The Rest of World geography includes Asia, Pacific, Europe and the Americas.

The following table sets out total operating income earned and assets to be recovered in more than one year based on the geographical regions in which the Group operates.

	Australia New Zealand Rest of World Total
	2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Total operating income Assets to be recovered in more than one year1	14,180 12,794 4,893 4,400 3,075 3,327 22,148 20,521 524,001 498,091 123,343 121,455 36,347 25,444 683,691 644,990

Represents Net loans and advances based on the contractual maturity.

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Notes to the consolidated financial statements (continued)

Financial assets and other trading assets

Outlined below is a description of how we classify and measure financial assets relevant to Note 8 to 13.

Classification and measurement

Financial assets - general

There are three measurement classifications for financial assets under AASB 9 Financial Instruments (AASB 9): amortised cost, FVTPL and FVOCI. Financial assets are classified into these measurement classifications on the basis of two criteria:

the business model within which the financial asset is managed; and
the contractual cash flow characteristics of the financial asset (specifically whether the contractual cash flows represent solely payments of principal and interest).

The resultant financial asset classifications are as follows:

Amortised cost: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a business model whose objective is to collect their cash flows;
FVOCI: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a business model whose objective is to collect their cash flows or to sell the assets; and
FVTPL: Any other financial assets not falling into the categories above are measured at FVTPL.

Fair value option for financial assets

A financial asset may be irrevocably designated on initial recognition:

at FVTPL when the designation eliminates or significantly reduces an accounting mismatch that would otherwise arise; or
at FVOCI for investments in equity securities, where that instrument is neither held for trading nor contingent consideration recognised by an acquirer in a business combination.

8. Cash and cash equivalents

Cash and cash equivalents comprise coins, notes, money at call, reverse repurchase agreements of less than 3 months, balances held with central banks and other banks, and other cash equivalents that are readily convertible to known amounts of cash with insignificant risk of changes in value.

	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Coins, notes and cash at bank	1,203	1,196	824	843
Reverse repurchase agreements	56,428	44,125	54,773	41,307
Balances with central banks1	92,436	101,124	85,711	91,709
Balances with other banks and other cash equivalents1	5,142	4,520	3,752	3,429
Cash and cash equivalents	155,209	150,965	145,060	137,288

Comparative information have been restated to conform with the basis of preparation in the current year to better reflect the nature of the underlying cash and cash equivalents.

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9. Trading assets


		23 6,399

	34,809		35,276

Government debt securities and notes Corporate and financial institution securities Commodities Equityand Other securities		34,809 35,276 28,601 28,796 4,353 4,057 3,086 3,365 9,076 6,399 8,911 6,243 10 23 10 23
Total		48,248 45,755 40,608 38,427

Recognition and measurement

Trading assets are financial instruments or other assets we either:

Acquire principally for the purpose of selling in the short-term; or
Hold as part of a portfolio we manage for short-term profit making.

Trading assets include commodity inventories measured at fair value less cost to sell in accordance with the broker trader exemption under AASB 102 Inventories .

We recognise purchases and sales of trading assets on trade date:

Initially, we measure them at fair value; and
Subsequently, we measure them in the Balance Sheet at their fair value with any change in fair value recognised in profit or loss.

Assets disclosed as Trading assets are subject to the general classification and measurement policy for Financial Assets outlined at the commencement of the Group’s financial assets disclosures on page 98.

Key judgements and estimates

Judgement is required when applying the valuation techniques used to determine the fair value of trading assets not valued using quoted market prices. Refer to Note 18 Fair value of financial assets and financial liabilities for further details.

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Notes to the consolidated financial statements (continued)

10. Derivative financial instruments

10. Derivative financial instruments
Consolidated Assets 2025 Fair value $m Derivative financial instruments - held for trading 47,242 Derivative financial instruments - designated in hedging relationships 238 Derivative financial instruments 47,480 The Company Assets 2025 Fair value $m Derivative financial instruments - held for trading 50,418 Derivative financial instruments - designated in hedging relationships 113 Derivative financial instruments 50,531	Liabilities Assets Liabilities 2025 2024 2024 $m $m $m
	(43,564) 53,889 (54,798) (338) 481 (456)
	(43,902) 54,370 (55,254)
	Liabilities Assets Liabilities 2025 2024 2024 $m $m $m
	(47,607) 57,370 (57,257) (162) 257 (210)
	(47,769) 57,627 (57,467)

Features

Derivative financial instruments are contracts:

Whose value is derived from an underlying price index (or other variable) defined in the contract - sometimes the value is derived from more than one variable;
That require little or no initial net investment; and
That are settled at a future date.

Movements in the price of the underlying variables, which cause the value of the contract to fluctuate, are reflected in the fair value of the derivative.

Purpose

The Group’s derivative financial instruments have been categorised as follows:

Trading	Derivatives held in order to:
	• meet customer needs for managing their own risks.
	• manage risks in the Group that are not in a designated hedge accounting relationship (some elements of balance
	sheet management).
	• undertake market making and positioning activities to generate profits from short-term fluctuations in prices or margins.
Designated in Hedging	Derivatives designated into hedge accounting relationships in order to minimise profit or loss volatility by matching
Relationships	movements in underlying positions relating to:

hedges of the Group’s exposures to interest rate risk and currency risk.
hedges of other exposures relating to non-trading positions.

Types

The Group offers or uses four different types of derivative financial instruments:

Forwards	A contract documenting the rate of interest, or the currency exchange rate, to be paid or received on a notional principal
	amount at a future date.
Futures	An exchange traded contract in which the parties agree to buy or sell an asset in the future for a price agreed on the
	transaction date, with a net settlement in cash paid on the future date without physical delivery of the asset.
Swaps	A contract in which two parties exchange one series of cash flows for another.
Options	A contract in which the buyer of the contract has the right - but not the obligation - to buy (known as a ‘call option’) or to
	sell (known as a ‘put option’) an asset or instrument at a set price on a future date. The seller has the corresponding
	obligation to fulfil the transaction to sell or buy the asset or instrument if the buyer exercises the option.

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10. Derivative financial instruments (continued)

Risks managed

The Group offers and uses the instruments described above to manage fluctuations in the following:

Foreign Exchange	Currencies at current or determined rates of exchange.
Interest Rate	Fixed or variable interest rates applying to money lent, deposited or borrowed.
Commodity	Soft commodities (that is, agricultural products such as wheat, coffee, cocoa and sugar) and hard commodities (that
	is, mined products such as gold, oil and gas).
Credit	Risk of default by customers or third parties.

The Group uses a number of central clearing counterparties and exchanges to settle derivative transactions. Different arrangements for posting of collateral exist with these exchanges:

some transactions are subject to clearing arrangements which result in separate recognition of collateral assets and liabilities, with the carrying values of the associated derivative assets and liabilities held at their fair value.
other transactions, are legally settled by the payment or receipt of collateral which reduces the carrying values of the related derivative instruments by the amount paid or received.

Derivative financial instruments – held for trading

The majority of the Group’s derivative financial instruments are held for trading. The fair value of derivative financial instruments held for trading is:

Consolidated Assets 2025 Fair value $m Interest rate contracts Forward rate agreements 51 Futures contracts 65 Swap agreements 9,390 Options 1,071 Total 10,577 Foreign exchange contracts Spot and forward contracts 14,183 Swap agreements 18,673 Options 739 Total 33,595 Commodity and other contracts 3,052 Credit default swaps 18 Derivative financial instruments - held for trading1 47,242	Liabilities Assets Liabilities 2025 2024 2024 $m $m $m
	(12) 1 (1) (123) 80 (109) (9,993) 8,258 (9,527) (1,077) 1,263 (1,371)
	(11,205) 9,602 (11,008)
	(13,592) 20,008 (21,445) (13,819) 21,961 (19,612) (962) 779 (835)
	(28,373) 42,748 (41,892)
	(3,974) 1,537 (1,896) (12) 2 (2)
	(43,564) 53,889 (54,798)

Includes derivatives held for balance sheet management which are not designated into accounting hedge relationships.

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Notes to the consolidated financial statements (continued)

10. Derivative financial instruments (continued)

Derivative financial instruments – held for trading (continued)

The majority of the Company’s derivative financial instruments are held for trading. The fair value of derivative financial instruments held for trading is:

The Company Assets 2025 Fair Value $m	Liabilities Assets Liabilities 2025 2024 2024 $m $m $m
Interest rate contracts Forward rate agreements 55 Futures contracts 61 Swap agreements 12,003 Options 1,069	(16) 1 (1) (33) 75 (40) (12,713) 10,063 (11,329) (1,076) 1,261 (1,371)
Total 13,188	(13,838) 11,400 (12,741)
Foreign exchange contracts Spot and forward contracts 13,574 Swap agreements 19,807 Options 736	(13,208) 19,396 (20,141) (15,543) 24,224 (21,611) (960) 772 (829)
Total 34,117	(29,711) 44,392 (42,581)
Commodity and other contracts 3,057 Credit default swaps 56	(4,010) 1,537 (1,896) (48) 41 (39)
Derivative financial instruments - held for trading1 50,418	(47,607) 57,370 (57,257)

Includes derivatives held for balance sheet management which are not designated into accounting hedge relationships.

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10. Derivative financial instruments (continued)

Derivative financial instruments – designated in hedging relationships

Under the accounting policy choice provided by AASB 9, the Group has continued to apply the hedge accounting requirements of AASB 139 Financial Instruments: Recognition and Measurement (AASB 139).

There are three types of hedge accounting relationships the Group utilises:

	Fair value hedge	Cash flow hedge	Net investment hedge
Objective of this	To hedge our exposure to changes to	To hedge our exposure to variability in	To hedge our exposure to exchange
hedging arrangement	the fair value of a recognised asset or	cash flows of a recognised asset or	rate differences arising from the
	liability or unrecognised firm	liability, a firm commitment or a highly	translation of our foreign operations
	commitment caused by interest rate or	probable forecast transaction caused	from their functional currency to
	foreign currency movements.	by interest rate, foreign currency and	Australian dollars.
		other price movements.
Recognition of	The following are recognised in profit or	We recognise the effective portion of	We recognise the effective portion of
effective hedge	loss at the same time:	changes in the fair value of derivatives	changes in the fair value of the hedging
portion	• all changes in the fair value of the underlying item relating to the	designated as a cash flow hedge in the cash flow hedge reserve.	instrument in the foreign currency translation reserve (FCTR).
	hedged risk; and
	• the change in the fair value of the
	derivatives.
Recognition of	Recognised immediately in Other operating income.
ineffective hedge
portion
If a hedging	When we recognise the hedged item in	Only when we recognise the hedged	The amount we defer in the foreign
instrument expires, or	profit or loss, we recognise the related	item in profit or loss is the amount	currency translation reserve remains in
is sold, terminated, or	unamortised fair value hedge	previously deferred in the cash flow	equity and is transferred to profit or
exercised; or no	adjustment in profit or loss. This may	hedge reserve transferred to profit	loss only when we dispose of, or
longer qualifies for	occur over time if the hedged item is	or loss.	partially dispose of, the foreign
hedge accounting	amortised to profit or loss as part of the		operation.
	effective yield over the period to
	maturity.
Hedged item sold or	We recognise the unamortised fair	Amounts accumulated in equity are	The gain or loss, or applicable
repaid	value hedge adjustment immediately in	transferred immediately to profit or	proportion, we have recognised in
	profit or loss.	loss.	equity is transferred to profit or loss on
			disposal or partial disposal of a foreign
			operation.

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Notes to the consolidated financial statements (continued)

10. Derivative financial instruments (continued)

Derivative financial instruments – designated in hedging relationships (continued)

The fair value of derivative financial instruments designated in hedging relationships is:

Consolidated	2025 2024
	Nominal amount Assets Liabilities Nominal amount Assets Liabilities $m $m $m $m $m $m
Fair value hedges Foreign exchange spot and forward contracts Interest rate swap agreements Interest rate futures contracts Cash flow hedges Interest rate swap agreements Foreign exchange swap agreements Foreign exchange spot and forward contracts Net investment hedges Foreign exchange spot and forward contracts	599 - (1) 571 14 - 192,596 46 (273) 175,849 226 (253) 599 1 (1) 3,151 11 - 133,923 136 (62) 154,968 200 (196) 705 52 - 654 26 (7) 177 3 (1) 81 4 - - - - 92 - -
Derivative financial instruments - designated in hedging relationships	328,599 238 (338) 335,366 481 (456)

The Company	2025 2024
	Nominal amount Assets Liabilities Nominal amount Assets Liabilities $m $m $m $m $m $m
Fair value hedges Foreign exchange spot and forward contracts Interest rate swap agreements Interest rate futures contracts Cash flow hedges Interest rate swap agreements Foreign exchange swap agreements Foreign exchange spot and forward contracts Net investment hedges Foreign exchange spot and forward contracts	599 - (1) 571 14 - 158,334 33 (143) 144,667 198 (134) 599 1 (1) 3,151 11 - 95,734 24 (16) 92,998 4 (69) 705 52 - 654 26 (7) 177 3 (1) 81 4 - - - - - - -
Derivative financial instruments - designated in hedging relationships	256,148 113 (162) 242,122 257 (210)

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10. Derivative financial instruments (continued)

Derivative financial instruments – designated in hedging relationships (continued)

The maturity profile of the nominal amounts of our hedging instruments held is:

Consolidated Average Less than 3 months Nominal amount Rate $m	3 to 12 months 1 to 5 years After 5 years Total $m $m $m $m
As at 30 September 2025 Fair value hedges Interest rate Interest rate 2.89% 7,619 Foreign exchange HKD/AUD FX rate 5.14 599 Cash flow hedges Interest rate Interest rate 3.22% 11,883 Foreign exchange1 AUD/USD FX rate 0.74 66 USD/EUR FX rate 0.91 Net investment hedges Foreign exchange NZD/AUD FX rate - -

	20,388 94,000 71,188 193,195
	- - - 599

	42,949 78,576 515 133,923
	111 - 705 882

	- - - -
As at 30 September 2024 Fair value hedges Interest rate Interest rate 2.94% 10,202 Foreign exchange HKD/AUD FX rate 5.26 571 Cash flow hedges Interest rate Interest rate 3.11% 20,417 Foreign exchange1 AUD/USD FX rate 0.74 20 USD/EUR FX rate 0.91 Net investment hedges Foreign exchange NZD/AUD FX rate 1.09 -	17,387 86,096 65,315 179,000 - - - 571 42,091 91,589 871 154,968 61 - 654 735 92 - - 92

Hedges of foreign exchange risk cover multiple currency pairs. The table reflects the larger currency pairs only.

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Notes to the consolidated financial statements (continued)

10. Derivative financial instruments (continued)

Derivative financial instruments – designated in hedging relationships (continued)

The Company Average Less than 3 months Nominal amount Rate $m	3 to 12 months 1 to 5 years After 5 years Total $m $m $m $m
As at 30 September 2025 Fair value hedges Interest rate Interest rate 2.88% 7,619 Foreign exchange HKD/AUD FX rate 5.14 599 Cash flow hedges Interest rate Interest rate 3.01% 5,449 Foreign exchange1 AUD/USD FX rate 0.74 66 USD/EUR FX rate 0.91 Net investment hedges Foreign exchange NZD/AUD FX rate - -

	17,741 69,868 63,705 158,933
	- - - 599

	29,828 59,963 494 95,734
	111 - 705 882

	- - - -
As at 30 September 2024 Fair value hedges Interest rate Interest rate 3.01% 9,860 Foreign exchange HKD/AUD FX rate 5.26 571 Cash flow hedges Interest rate Interest rate 2.55% 8,580 Foreign exchange1 AUD/USD FX rate 0.74 20 USD/EUR FX rate 0.91 Net investment hedges Foreign exchange NZD/AUD FX rate - -	14,596 65,270 58,092 147,818 - - - 571 16,580 67,080 758 92,998 61 - 654 735 - - - -

Hedges of foreign exchange risk cover multiple currency pairs. The table reflects the larger currency pairs only.

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10. Derivative financial instruments (continued)

Derivative financial instruments – designated in hedging relationships (continued)

The impacts of ineffectiveness from our designated hedge relationships by type of hedge relationship and type of risk being hedged are:

Consolidated As at 30 September 2025	Ineffectiveness Amount reclassified from the cash flow hedge reserve or FCTR to profit or loss4 Change in value of hedging instrument2 Change in value of hedged item Hedge ineffectiveness recognised in profit or loss3 $m $m $m $m
Fair value hedges1 Interest rate Foreign exchange Cash flow hedges1 Interest rate Foreign exchange Net investment hedges1 Foreign exchange
	(151) 170 19 -
	(28) 28 - -

	856 (852) 4 (6)
	4 (4) - (7)

	23 (23) - -
As at 30 September 2024
Fair value hedges1 Interest rate Foreign exchange Cash flow hedges1 Interest rate Foreign exchange Net investment hedges1 Foreign exchange	(2,922) 2,928 6 - 36 (36) - - 2,175 (2,074) 101 (2) (3) 3 - - 9 (9) - -

The Company As at 30 September 2025	Ineffectiveness Amount reclassified from the cash flow hedge reserve or FCTR to profit or loss4 Change in value of hedging instrument2 Change in value of hedged item Hedge ineffectiveness recognised in profit or loss3 $m $m $m $m
Fair value hedges1 Interest rate Foreign exchange Cash flow hedges1 Interest rate Foreign exchange Net investment hedges1 Foreign exchange
	109 (95) 14 -
	(28) 28 - -

	735 (731) 4 (5)
	4 (4) - (7)

	- - - -
As at 30 September 2024
Fair value hedges1 Interest rate Foreign exchange Cash flow hedges1 Interest rate Foreign exchange Net investment hedges1 Foreign exchange	(2,811) 2,817 6 - 36 (36) - - 1,994 (1,894) 100 (2) (3) 3 - - - - - -

All hedging instruments are classified as derivative financial instruments.
Changes in value of hedging instruments is before any adjustments for Settle to Market clearing arrangements.
Recognised in Other operating income.
Recognised in Net interest income and Other operating income.

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Notes to the consolidated financial statements (continued)

10. Derivative financial instruments (continued)

Derivative financial instruments – designated in hedging relationships (continued)

The hedged items in relation to the Group’s fair value hedges are:

Balance sheet Consolidated presentation Hedged risk	Carrying amount Assets Liabilities $m $m	Accumulated fair value hedge adjustments on the hedged item
		Assets Liabilities $m $m
As at 30 September 2025 Fixed rate loans and advances Net loans and advances Interest rate Fixed rate deposits and other borrowings Deposits and other borrowings Interest rate Fixed rate debt issuance Debt issuances Interest rate Fixed rate investment securities at FVOCI1Investment securities Interest rate Equity securities at FVOCI1 Investment securities Foreign exchange
	982 -	(25) -
	- (2,267)	- 6
	- (71,300)	- 1,068
	113,397 -	973 -
	599 -	71 -
Total	114,978 (73,567)	1,019 1,074
As at 30 September 2024 Fixed rate loans and advances Net loans and advances Interest rate Fixed rate debt issuance Debt issuances Interest rate Fixed rate investment securities at FVOCI1Investment securities Interest rate Equity securities at FVOCI1 Investment securities Foreign exchange	1,546 - - (73,805) 97,838 - 571 -	(30) - - 1,284 625 - 43 -
Total	99,955 (73,805)	638 1,284

The carrying amount of debt and equity instruments at FVOCI does not include the fair value hedge adjustment. The fair value hedge adjustment is included in other comprehensive income.

The cumulative amount of fair value hedge adjustments relating to ceased hedge relationships remaining on the Balance Sheet is nil (2024: $3 million).

The hedged items in relation to the Company’s fair value hedges are:

Balance sheet The Company presentation Hedged risk	Carrying amount Assets Liabilities $m $m	Accumulated fair value hedge adjustments on the hedged item
		Assets Liabilities $m $m
As at 30 September 2025 Fixed rate loans and advances Net loans and advances Interest rate Fixed rate deposits and other borrowings Deposits and other borrowings Interest rate Fixed rate debt issuance Debt issuances Interest rate Fixed rate investment securities at FVOCI1Investment securities Interest rate Equity securities at FVOCI1 Investment securities Foreign exchange
	982 -	(25) -
	- (2,267)	- 6
	- (58,131)	- 786
	93,143 -	548 -
	599 -	71 -
Total	94,724 (60,398)	594 792
As at 30 September 2024 Fixed rate loans and advances Net loans and advances Interest rate Fixed rate debt issuance Debt issuances Interest rate Fixed rate investment securities at FVOCI1Investment securities Interest rate Equity securities at FVOCI1 Investment securities Foreign exchange	1,546 - - (60,258) 81,276 - 571 -	(30) - - 904 538 - 43 -
Total	83,393 (60,258)	551 904

The carrying amount of debt and equity instruments at FVOCI does not include the fair value hedge adjustment. The fair value hedge adjustment is included in other comprehensive income.

The cumulative amount of fair value hedge adjustments relating to ceased hedge relationships remaining on the Balance Sheet is $nil million (2024: $3 million).

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10. Derivative financial instruments (continued)

Derivative financial instruments – designated in hedging relationships (continued)

The hedged items in relation to the Group’s cash flow and net investment hedges are:

Consolidated Hedged risk	Cash flow hedge reserve Continuing hedges Discontinued hedges $m $m	Foreign currency translation reserve
		Continuing hedges Discontinued hedges $m $m
As at 30 September 2025 Cash flow hedges Floating rate loans and advances Interest rate Floating rate customer deposits Interest rate Foreign currency debt issuances Foreign exchange Highly probable forecast transactions Foreign exchange Net investment hedges Foreign operations Foreign exchange

	407 15	- -
	(187) 4	- -
	(8) -	- -
	2 -	- -

	- -	42 23
As at 30 September 2024 Cash flow hedges Floating rate loans and advances Interest rate Floating rate customer deposits Interest rate Foreign currency debt issuances Foreign exchange Highly probable forecast transactions Foreign exchange Net investment hedges Foreign operations Foreign exchange	(575) - (31) - (7) - 4 - - -	- - - - - - - - 22 20
The Company Hedged risk	Cash flow hedge reserve Continuing hedges Discontinued hedges $m $m	Foreign currency translation reserve
		Continuing hedges Discontinued hedges $m $m
As at 30 September 2025 Cash flow hedges Floating rate loans and advances Interest rate Floating rate customer deposits Interest rate Foreign currency debt issuances Foreign exchange Highly probable forecast transactions Foreign exchange Net investment hedges Foreign operations Foreign exchange

	(23) (1)	- -
	30 5	- -
	(8) -	- -
	2 -	- -

	- -	- -
As at 30 September 2024 Cash flow hedges Floating rate loans and advances Interest rate Floating rate customer deposits Interest rate Foreign currency debt issuances Foreign exchange Highly probable forecast transactions Foreign exchange Net investment hedges Foreign operations Foreign exchange	(820) - 105 - (7) - 4 - - -	- - - - - - - - - -

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Notes to the consolidated financial statements (continued)

10. Derivative financial instruments (continued)

Derivative financial instruments – designated in hedging relationships (continued)

The table below details the reconciliation of the Group’s cash flow hedge reserve by risk type:

		Foreign
	Interest rate	currency	Total
Consolidated	$m	$m	$m
Balance at 1 October 2023	(1,871)	(1)	(1,872)
Fair value gains/(losses)	2,074	(3)	2,071
Transferred to profit or loss	(2)	-	(2)
Income taxes and others	(620)	1	(619)
Balance at 30 September 2024	(419)	(3)	(422)
Fair value gains/(losses)	852	4	856
Transferred to profit or loss	(6)	(7)	(13)
Income taxes and others	(252)	1	(251)
Balance at 30 September 2025	175	(5)	170

Hedges of net investments in a foreign operation resulted in a $23 million increase in FCTR during the year (2024: $9 million increase).

The table below details the reconciliation of the Company’s cash flow hedge reserve by risk type:

The table below details the reconciliation of the Company’s cash flow hedge reserve by risk type:
		Foreign
	Interest rate	currency	Total
The Company	$m	$m	$m
Balance at 1 October 2023	(1,823)	(1)	(1,824)
Fair value gains/(losses)	1,894	(3)	1,891
Transferred to profit or loss	(2)	-	(2)
Income taxes and others	(569)	1	(568)
Balance at 30 September 2024	(500)	(3)	(503)
Fair value gains/(losses)	731	4	735
Transferred to profit or loss	(5)	(7)	(12)
Income taxes and others	(218)	1	(217)
Balance at 30 September 2025	8	(5)	3

Hedges of net investments in a foreign operation resulted in nil impact in FCTR during the year (2024: $nil).

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10. Derivative financial instruments (continued)

Recognition and measurement

Recognition
Initially and at each reporting date, we recognise all derivatives at fair value. If the fair value of a derivative is
positive, then we carry it as an asset, but if its value is negative, then we carry it as a liability.
Valuation adjustments are integral in determining the fair value of derivatives. This includes:
•
a credit valuation adjustment (CVA) to reflect the counterparty risk and/or event of default; and
•
a funding valuation adjustment (FVA) to account for funding costs and benefits in the derivatives
portfolio.
Derecognition of
assets and liabilities
We remove derivative assets from our Balance Sheet when the contracts expire or we have transferred
substantially all the risks and rewards of ownership. We remove derivative liabilities from our Balance Sheet
when the Group’s contractual obligations are discharged, cancelled or expired.
With respect to derivatives cleared through a central clearing counterparty or exchange, derivative assets or
liabilities may be derecognised in accordance with the principle above when collateral is settled, depending
on the legal arrangements in place for each instrument.
Impact on the
Income Statement
The recognition of gains or losses on derivative financial instruments depends on whether the derivative is
held for trading or is designated in a hedge accounting relationship. For derivative financial instruments held
for trading, gains or losses from changes in the fair value are recognised in profit or loss.
For an instrument designated in a hedge accounting relationship, the recognition of gains or losses depends
on the nature of the item being hedged. Refer to the table on page 103 for details of the recognition
approach applied for each type of hedge accounting relationship.
Sources of hedge accounting ineffectiveness may arise from differences in the interest rate reference rate,
margins, or rate set differences and differences in discounting between the hedged items and the hedging
instruments.
Hedge effectiveness
To qualify for hedge accounting under AASB 139_,_a hedge relationship is expected to be highly effective. A
hedge relationship is highly effective only if the following conditions are met:
•
the hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows
attributable to the hedged risk during the period for which the hedge is designated (prospective
effectiveness); and
•
the actual results of the hedge are within the range of 80-125% (retrospective effectiveness).
The Group monitors hedge effectiveness on a regular basis but at a minimum at each reporting date.

Key judgements and estimates

Judgement is required when we select the valuation techniques used to determine the fair value of derivatives, particularly the selection of valuation inputs that are not readily observable, and the application of valuation adjustments to certain derivatives. Refer to Note 18 Fair value of financial assets and financial liabilities for further details.

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Notes to the consolidated financial statements (continued)

11. Investment securities

Investment securities measured at FVOCI Debt securities Equity securities Investment securities measured at amortised cost Debt securities Investment securities measured at FVTPL Debt securities Total 2025 148,829 3,495 12,261 955	2025 3,495 12,261	148,829 955	Consolidated The Company 2025 2024 2025 2024 $m $m $m $m 2024 127,139 3,354 8,704 1,065 Government securities Corporate and financial institution securities Other securities Equity securities
			156,373 131,944 128,972 107,388 955 1,065 950 1,060 7,520 7,091 5,971 5,356 692 162 692 162
			165,540 140,262 136,585 113,966

The maturity profile of investment securities is as follows:

Consolidated	Less than 3	3 to 12			No
	months	months	1 to 5 years	After 5 years	maturity	Total
As at 30 September 2025	$m	$m	$m	$m	$m	$m
Government securities	10,402	17,206	66,723	54,498	-	148,829
Corporate and financial institution securities	235	1,824	9,956	246	-	12,261
Other securities	572	389	985	1,549	-	3,495
Equitysecurities	-	-	-	-	955	955
Total	11,209	19,419	77,664	56,293	955	165,540
As at 30 September 2024
Government securities	9,824	11,048	52,228	54,039	-	127,139
Corporate and financial institution securities	485	1,326	6,565	328	-	8,704
Other securities	490	386	578	1,900	-	3,354
Equitysecurities	-	-	-	-	1,065	1,065
Total	10,799	12,760	59,371	56,267	1,065	140,262

During the year, the Group recognised a net gain of $28 million (2024: $8 million) in Other operating income from the recycling of gains/losses previously recognised in Other comprehensive income in respect of debt securities at FVOCI.

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11. Investment securities (continued)

The Company	Less than 3	3 to 12			No
	months	months	1 to 5 years	After 5 years	maturity	Total
As at 30 September 2025	$m	$m	$m	$m	$m	$m
Government securities	9,482	15,546	51,301	46,466	-	122,795
Corporate and financial institution securities	235	1,327	7,549	246	-	9,357
Other securities	571	389	985	1,538	-	3,483
Equity securities	-	-	-	-	950	950
Total	10,288	17,262	59,835	48,250	950	136,585
As at 30 September 2024
Government securities	9,213	8,454	38,158	46,719	-	102,544
Corporate and financial institution securities	484	976	5,249	328	-	7,037
Other securities	490	386	578	1,871	-	3,325
Equity securities	-	-	-	-	1,060	1,060
Total	10,187	9,816	43,985	48,918	1,060	113,966

During the year, the Group recognised a net gain of $16 million (2024: $8 million) in Other operating income from the recycling of gains/losses previously recognised in Other comprehensive income in respect of debt securities at FVOCI.

Recognition and measurement

Investment securities are those financial assets in security form (that is, transferable debt or equity instruments) that are not held for trading purposes. By way of exception, bills of exchange (a form of security/transferable instrument) which are used to facilitate the Group’s customer lending activities are classified as Loans and advances (rather than Investment securities) to better reflect the substance of the arrangement.

Equity investments not held for trading purposes may be designated at FVOCI on an instrument-by-instrument basis. If this election is made, gains or losses are not reclassified from Other comprehensive income to profit or loss on disposal of the investment. However, gains or losses may be reclassified within equity.

Assets disclosed as Investment securities are subject to the general classification and measurement policy for financial assets outlined at the commencement of the Group’s financial asset disclosures on page 98. Additionally, expected credit losses associated with Investment securities - debt securities at amortised cost and Investment securities - debt securities at FVOCI are recognised and measured in accordance with the accounting policy outlined in Note 13 Allowance for expected credit losses. For Investment securities - debt securities at FVOCI, the allowance for Expected Credit Loss (ECL) is recognised in the FVOCI reserve in equity with a corresponding charge to profit or loss.

Key judgements and estimates

Judgement is required when we select valuation techniques used to determine the fair value of assets not valued using quoted market prices, particularly the selection of valuation inputs that are not readily observable. Refer to Note 18 Fair value of financial assets and financial liabilities for further details.

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Notes to the consolidated financial statements (continued)

12. Net loans and advances

The following table provides details of Net loans and advances:

	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Overdrafts	6,019	6,109	4,665	4,701
Credit cards	6,205	6,713	5,125	5,571
Commercial bills	3,739	4,401	3,739	4,401
Term loans – housing	503,997	484,554	341,805	324,883
Term loans – non-housing	309,086	301,284	256,681	248,498
Other	955	924	965	845
Subtotal	830,001	803,985	612,980	588,899
Unearned income1	(641)	(515)	(599)	(489)
Capitalised brokerage and other origination costs1	4,500	4,237	3,426	3,303
Gross loans and advances	833,860	807,707	615,807	591,713
Allowance for expected credit losses (refer to Note 13)	(3,874)	(3,675)	(2,952)	(2,715)
Net loans and advances	829,986	804,032	612,855	588,998
Residual contractual maturity:
Within one year	146,295	159,042	123,248	133,701
More than one year	683,691	644,990	489,607	455,297
Net loans and advances	829,986	804,032	612,855	588,998
Carried on Balance Sheet at:
Amortised cost	799,588	779,246	583,639	564,559
Fair value through profit or loss	30,398	24,786	29,216	24,439
Net loans and advances	829,986	804,032	612,855	588,998

Amortised over the expected life of the loan.

Recognition and measurement

Loans and advances are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are facilities the Group provides directly to customers or through third party channels.

Loans and advances are initially recognised at fair value plus transaction costs directly attributable to the issue of the loan or advance, which are primarily brokerage and other origination costs which we amortise over the estimated life of the loan. Subsequently, we then measure loans and advances at amortised cost using the effective interest rate method, net of any allowance for ECL, or at fair value when they are specifically designated on initial recognition as FVTPL, are classified as held for sale or when held for trading. Refer to Note 18 Fair value of financial assets and financial liabilities for further details.

We classify contracts to lease assets and hire purchase agreements as finance leases if they transfer substantially all the risks and rewards of ownership of the asset to the customer or an unrelated third party. We include these facilities in ‘Other’ in the table above.

The Group enters into transactions in which it transfers financial assets that are recognised on its Balance Sheet. When the Group retains substantially all of the risks and rewards of the transferred assets, the transferred assets remain on the Group’s Balance Sheet, however if substantially all the risks and rewards are transferred, the Group derecognises the asset. If the risks and rewards are partially retained and control over the asset is lost, the Group derecognises the asset. If control over the asset is not lost, the Group continues to recognise the asset to the extent of its continuing involvement.

We separately recognise the rights and obligations retained, or created, in the transfer of assets as appropriate.

Assets disclosed as Net loans and advances are subject to the general classification and measurement policy for financial assets outlined on page 98. Additionally, expected credit losses associated with loans and advances at amortised cost are recognised and measured in accordance with the accounting policy outlined in Note 13 Allowance for expected credit losses.

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13. Allowance for expected credit losses

	2025 2024
	Collectively assessed $m Individually assessed $m Total $m Collectively assessed $m Individually assessed $m Total $m
Net loans and advances at amortised cost Off-balance sheet commitments Investment securities - debt securities at amortised cost	3,512 362 3,874 3,372 303 3,675 833 37 870 841 5 846 34 - 34 34 - 34
Total	4,379 399 4,778 4,247 308 4,555
Other comprehensive income Investment securities - debt securities at FVOCI1	13 - 13 20 - 20

The Company	2025 2024
	Collectively assessed $m Individually assessed $m Total $m Collectively assessed $m Individually assessed $m Total $m
Net loans and advances at amortised cost Off-balance sheet commitments Investment securities - debt securities at amortised cost	2,687 265 2,952 2,495 220 2,715 682 33 715 691 2 693 3 - 3 1 - 1
Total	3,372 298 3,670 3,187 222 3,409
Other comprehensive income Investment securities - debt securities at FVOCI1	9 - 9 14 - 14

For FVOCI assets, the allowance for ECL does not alter the carrying amount which remains at fair value. Instead, the allowance for ECL is recognised in Other comprehensive income with a corresponding charge to profit or loss.

The following tables present the movement in the allowance for ECL for the year.

Net loans and advances - at amortised cost

Allowance for ECL is included in Net loans and advances.

Allowance for ECL is included in Net loans and advances.
Consolidated	Stage 1 $m Stage 2 $m	Stage 3 Collectively assessed $m Individually assessed $m Total $m
As at 1 October 2023 Transfer between stages New and increased provisions (net of releases)1 Write-backs Bad debts written off (excluding recoveries) Foreign currencytranslation and other movements2	1,227 1,624 155 (181) (89) 218 - - - - (17) (8)	329 366 3,546 (57) 83 - 168 379 676 - (177) (177) - (316) (316) 3 (32) (54)
As at 30 September 2024	1,276 1,653	443 303 3,675
Transfer between stages New and increased provisions (net of releases) Write-backs Bad debts written off (excluding recoveries) Foreign currencytranslation and other movements2	170 (173)	(106) 109 -
	(116) 91	270 447 692
	- -	- (137) (137)
	- -	- (346) (346)
	3 (13)	14 (14) (10)
As at 30 September 2025	1,333 1,558	621 362 3,874

Includes Suncorp Bank acquisition related collectively assessed allowance for ECL. Under accounting standards, these were initially recognised as Stage 1, and where relevant moving to Stage 2 after the date of acquisition, all presented within New and increased provisions (net of releases).
Other movements include the impacts of discount unwind on individually assessed allowance for ECL.

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Notes to the consolidated financial statements (continued)

13. Allowance for expected credit losses (continued)

13. Allowance for expected credit losses (continued)
The Company Stage 1 $m Stage 2 $m As at 1 October 2023 1,026 1,239 Transfer between stages 115 (140) New and increased provisions (net of releases)1 (121) 51 Write-backs - - Bad debts written off (excluding recoveries) - - Foreign currency translation and other movements2 (14) - As at 30 September 2024 1,006 1,150 Transfer between stages 99 (101) New and increased provisions (net of releases) (47) 82 Write-backs - - Bad debts written off (excluding recoveries) - - Foreign currency translation and other movements2 11 (1) As at 30 September 2025 1,069 1,130	Stage 3 Collectively assessed $m Individually assessed $m Total $m
	251 279 2,795 (48) 73 - 137 294 361 - (132) (132) - (274) (274) (1) (20) (35)
	339 220 2,715
	(91) 93 -
	240 341 616
	- (76) (76)
	- (296) (296)
	- (17) (7)
	488 265 2,952

Includes Suncorp Bank acquisition related collectively assessed allowance for ECL. Under accounting standards, these were initially recognised as Stage 1, and where relevant moving to Stage 2 after the date of acquisition, all presented within New and increased provisions (net of releases).
Other movements include the impacts of discount unwind on individually assessed allowance for ECL or the impact of divestments completed during the year.

Off-balance sheet commitments - undrawn and contingent facilities

Allowance for ECL is included in Other provisions.

Allowance for ECL is included in Other provisions.
Consolidated	Stage 3 Stage 1 $m Stage 2 $m Collectively assessed $m Individually assessed $m Total $m
As at 1 October 2023 Transfer between stages New and increased provisions (net of releases) Write-backs Foreign currency translation	630 162 25 10 827 18 (17) (1) - - 26 13 1 3 43 - - - (7) (7) (16) (2) 2 (1) (17)
As at 30 September 2024	658 156 27 5 846
Transfer between stages New and increased provisions (net of releases) Write-backs Foreign currency translation	18 (18) (3) 3 -
	(43) 25 6 31 19
	- - - (3) (3)
	10 (3) - 1 8
As at 30 September 2025	643 160 30 37 870

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13. Allowance for expected credit losses (continued)

13. Allowance for expected credit losses (continued)
The Company Stage 1 $m Stage 2 $m As at 1 October 2023 550 121 Transfer between stages 15 (13 New and increased provisions (net of releases) 23 (11 Write-backs - - Foreign currency translation and other movements (15) (1 As at 30 September 2024 573 96 Transfer between stages 13 (14 New and increased provisions (net of releases) (36) 12 Write-backs - - Foreign currency translation 13 1 As at 30 September 2025 563 95	Stage 3 Collectively assessed $m Individually assessed $m Total $m
	21 5 697 ) (2) - - ) 3 - 15 - (3) (3) ) - - (16)
	22 2 693
	) (2) 3 -
	3 29 8
	- (2) (2)
	1 1 16
	24 33 715

Investment securities - debt securities at amortised cost

Allowance for ECL is included in Investment securities.

Allowance for ECL is included in Investment securities.
Consolidated	Stage 3 Stage 1 $m Stage 2 $m Collectively assessed $m Individually assessed $m Total $m
As at 30 September 2024 As at 30 September 2025	34 - - - 34
	34 - - - 34

The Company	Stage 3 Stage 1 $m Stage 2 $m Collectively assessed $m Individually assessed $m Total $m
As at 30 September 2024 As at 30 September 2025	1 - - - 1
	3 - - - 3

Investment securities - debt securities at FVOCI

As FVOCI assets are measured at fair value, there is no separate allowance for ECL. Instead, the allowance for ECL is recognised in Other comprehensive income with a corresponding charge to profit or loss.

comprehensive income with a corresponding charge to profit or loss.
Consolidated	Stage 3 Stage 1 $m Stage 2 $m Collectively assessed $m Individually assessed $m Total $m
As at 30 September 2024 As at 30 September 2025	20 - - - 20
	13 - - - 13

The Company	Stage 3 Stage 1 $m Stage 2 $m Collectively assessed $m Individually assessed $m Total $m
As at 30 September 2024 As at 30 September 2025	14 - - - 14
	9 - - - 9

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Notes to the consolidated financial statements (continued)

13. Allowance for expected credit losses (continued)

Credit impairment charge - Income Statement

Credit impairment charge/(release) analysis

Credit impairment charge/(release) analysis
	Consolidated The Company 2025 2024 2025 2024 $m $m $m $m
New and increased provisions (net of releases)1,2 - Collectively assessed - Individually assessed Write-backs3 Recoveries of amounts previously written-off	114 262 155 11 590 465 466 367 (140) (184) (78) (135) (129) (137) (115) (117)
Total credit impairment charge	435 406 428 126

Includes the impact of transfers between collectively assessed and individually assessed.
New and increased provisions (net of releases) includes:

2. New and increased provisions (net of releases) includes:
		Conso	lidated			Company
	20	25	20	24	20	25	20	24
	Collectively assessed $m	Individually assessed $m	Collectively assessed $m	Individually assessed $m	Collectively assessed $m	Individually assessed $m	Collectively assessed $m	Individually assessed $m
Net loans and advances at amortised cost Off-balance sheet commitments Investment securities - debt securities at amortised cost Investment securities - debt securities at FVOCI Other financial asset	136 (15) - (7) -	556 34 - - -	214 40 3 5 -	462 3 - - -	182 (24) 2 (5) -	434 32 - - -	(6) 15 (1) 3 -	367 - - - -
Total	114	590	262	465	155	466	11	367

Consists of write-backs in Net loans and advances at amortised cost of $137 million (2024: $177 million) for the Group and $76 million (2024: $132 million) for the Company, and Off-balance sheet commitments of $3 million (2024: $7 million) for the Group and $2 million (2024: $3 million) for the Company.

The contractual amount outstanding on financial assets that were written off during the year and that are still subject to enforcement activity is $134 million (2024: $136 million) for the Group and $116 million (2024: $116 million) for the Company.

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13. Allowance for expected credit losses (continued)

Recognition and measurement

Expected credit loss model

The measurement of expected credit losses reflects an unbiased, probability weighted prediction which evaluates a range of scenarios and takes into account the time value of money, past events, current conditions and forecasts of future economic conditions.

Expected credit losses are either measured over 12 months or the expected lifetime of the financial asset, depending on credit deterioration since origination, according to the following three-stage approach:

Stage 1: At the origination of a financial asset, and where there has not been a Significant Increase in Credit Risk (SICR) since origination, an allowance for ECL is recognised reflecting the expected credit losses resulting from default events that are possible within the next 12 months from the reporting date. For instruments with a remaining maturity of less than 12 months, expected credit losses are estimated based on default events that are possible over the remaining time to maturity.
Stage 2: Where there has been a SICR since origination, an allowance for ECL is recognised reflecting expected credit losses resulting from all possible default events over the expected life of a financial instrument. If credit risk were to improve in a subsequent period such that the increase in credit risk since origination is no longer considered significant, the exposure returns to a Stage 1 classification with ECL measured accordingly.
Stage 3: Where there is objective evidence of impairment, an allowance equivalent to lifetime ECL is recognised.

Expected credit losses are estimated on a collective basis for exposures in Stage 1 and Stage 2, and on either a collective or individual basis when transferred to Stage 3.

For financial assets that are credit-impaired on initial recognition, lifetime ECL are incorporated into the calculation of the effective interest rate on initial recognition. Consequently, these assets do not carry an expected credit loss allowance on initial recognition. The amount recognised as a provision for credit losses after initial recognition is equal to the change in the lifetime expected credit loss since initial recognition.

Measurement of expected credit loss

ECL is calculated as the product of the following credit risk factors at a facility level, discounted to incorporate the time value of money:

Probability of default (PD) - the estimate of the likelihood that a borrower will default over a given period;
Exposure at default (EAD) - the expected balance sheet exposure at default taking into account repayments of principal and interest, expected additional drawdowns and accrued interest; and
Loss given default (LGD) - the expected loss in the event of the borrower defaulting, expressed as a percentage of the facility's EAD, taking into account direct and indirect recovery costs.

These credit risk factors are adjusted for current and forward-looking information through the use of macroeconomic variables.

Expected life

When estimating ECL for exposures in Stage 2 and 3, the Group considers the expected lifetime over which it is exposed to credit risk.

For non-retail portfolios, the Group uses the maximum contractual period as the expected lifetime for non-revolving credit facilities. For nonretail revolving credit facilities, such as corporate lines of credit, the expected life reflects the Group’s contractual right to withdraw a facility as part of a contractually agreed annual review, after taking into account the applicable notice period.

For retail portfolios, the expected lifetime is determined using a behavioural term, taking into account expected prepayment behaviour and events that give rise to substantial modifications.

Definition of default, credit impaired and write-offs

The definition of default used in measuring ECL is aligned to the definition used for internal credit risk management purposes across all portfolios. This definition is also in line with the regulatory definition of default. Default occurs when there are indicators that a debtor is unlikely to fully satisfy contractual credit obligations to the Group, or the exposure is 90 days past due.

Financial assets, including those that are well secured, are considered credit impaired for financial reporting purposes when they default.

When there is no realistic probability of recovery, loans are written off against the related impairment allowance on completion of the Group’s internal processes and when all reasonably expected recoveries have been collected. In subsequent periods, any recoveries of amounts previously written-off are recorded as a release to the credit impairment charge in the Income Statement.

Modified financial assets

If the contractual terms of a financial asset are modified or an existing financial asset is replaced with a new one for either credit or commercial reasons, an assessment is made to determine if the changes to the terms of the existing financial asset are considered substantial. This assessment considers both changes in cash flows arising from the modified terms as well as changes in the overall instrument risk profile; for example, changes in the principal (credit limit), term, or type of underlying collateral. Where a modification is considered non-substantial, the existing financial asset is not derecognised and its date of origination continues to be used to determine SICR. Where a modification is considered substantial, the existing financial asset is derecognised and a new financial asset is recognised at its fair value on the modification date, which also becomes the date of origination used to determine SICR for this new asset.

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Notes to the consolidated financial statements (continued)

13. Allowance for expected credit losses (continued)

Recognition and measurement (continued)(continued)

Significant increase in credit risk

Stage 2 assets are those that have experienced a SICR since origination. In determining what constitutes a SICR, the Group considers both qualitative and quantitative information:

i. Internal credit rating grade
For the majority of portfolios, the primary indicator of a SICR is a significant deterioration in the internal credit rating grade of a facility since origination and is measured by the application of thresholds.

For non-retail portfolios, a SICR is determined by comparing the Customer Credit Rating (CCR) applicable to a facility at reporting date to the CCR at origination of that facility. A CCR is assigned to each borrower which reflects the PD of the borrower and incorporates both borrower and non-borrower specific information, including forward-looking information. CCRs are subject to review at least annually or more frequently when an event occurs which could affect the credit risk of the customer.

For retail portfolios, a SICR is determined, depending on the type of facility, by either comparing the scenario weighted lifetime PD at the reporting date to that at origination, or by reference to customer behavioural score thresholds. The scenario weighted lifetime probability of default may increase significantly if:

there has been a deterioration in the economic outlook, or an increase in economic uncertainty; or
there has been a deterioration in the customer’s overall credit position, or ability to manage their credit obligations.
ii. Backstop criteria

The Group uses 30 days past due arrears as a backstop criterion for both non-retail and retail portfolios. For retail portfolios only, facilities are required to demonstrate three to six months of good payment behaviour prior to being allocated back to Stage 1.

Forward-looking information

Forward-looking information is incorporated into both our assessment of whether a financial asset has experienced a SICR since origination and in our estimate of ECL. In applying forward-looking information for estimating ECL, the Group considers four probability-weighted forecast economic scenarios as follows:

i. Base case scenario

The base case scenario is the Group’s view of future macroeconomic conditions. It reflects the same basis of assumptions used by management for strategic planning and budgeting, and also informs the Group Internal Capital Adequacy Assessment Process which is the process the Group applies in strategic and capital planning over a 3-year time horizon;

ii. Upside scenario

The upside scenario is fixed by reference to average economic cycle conditions (not economic conditions prevailing at balance date) and is based on a combination of more optimistic economic events and uncertainty over long term horizons; and

iii. Downside and iv. Severe downside scenario

The downside and severe scenarios assume an economic downturn, both domestically and globally. Forecast macroeconomic variables for such scenarios are developed internally, reflecting plausible scenarios unfolding over a 5-year period given current economic conditions. These assumptions have been revised in 2025, reflecting a sharp rise in inflation, declining asset prices, and increases to unemployment. The impacts to underlying macroeconomic variables are deeper in the case of the severe scenario.

The four scenarios are described in terms of macroeconomic variables used in the PD, LGD and EAD models (collectively the ECL models) depending on the lending portfolio and country of the borrower. Examples of the macroeconomic variables include unemployment rates, Gross Domestic Product (GDP) growth rates, residential property price indices, commercial property price indices and consumer price indices.

Probability weighting of each scenario is determined by management considering the risks and uncertainties surrounding the base case economic scenario, as well as specific portfolio considerations where required. The Group Asset and Liability Committee (GALCO) is responsible for reviewing and approving the base case economic scenario and the Credit and Market Risk Committee (CMRC) approves the probability weights applied to each scenario.

Where applicable, temporary adjustments may be made to account for situations where known or expected risks have not been adequately addressed in the modelling process.

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13. Allowance for expected credit losses (continued)

Key judgements and estimates

Collectively assessed allowance for expected credit losses

In estimating collectively assessed ECL, the Group makes judgements and assumptions in relation to:

the selection of an estimation technique or modelling methodology; and
the selection of inputs for those models, and the interdependencies between those inputs.
The following table summarises the key judgements and assumptions in relation to the model inputs and the interdependencies between those inputs, and highlights significant changes during the current period.

The judgements and associated assumptions have been made within the context of the uncertainty as to how various factors might impact the global economy and reflect historical experience and other factors that are considered to be relevant, including expectations of future events that are believed to be reasonable under the circumstances. The Group’s ECL estimates are inherently uncertain and, as a result, actual results may differ from these estimates.

		Considerations for the year ended
Judgement/Assumption	Description	30 September 2025
Determining when a SICR	In the measurement of ECL, judgement is involved in	The determination of SICR was consistent with prior
has occurred or reversed	determining whether there has been a SICR since	period.
	initial recognition of a loan, which would result in it
	moving from Stage 1 to Stage 2. This is a key area of
	judgement since transition from Stage 1 to Stage 2
	increases the ECL from an allowance based on the PD
	in the next 12 months, to an allowance for lifetime
	ECL. Subsequent decreases in credit risk resulting in
	transition from Stage 2 to Stage 1 may similarly result
	in significant changes in the ECL allowance.
	The setting of precise SICR trigger points requires
	judgement which may have a material impact upon
	the size of the ECL allowance. The Group monitors the
	effectiveness of SICR criteria on an ongoing basis.
Measuring both 12-	The PD, LGD and EAD factors used in determining	The PD, LGD and EAD models are subject to the
month and lifetime	ECL are point-in-time measures reflecting the relevant	Group’s model risk policy that stipulates periodic
expected credit losses	forward-looking information determined by	model monitoring and re-validation, and defines
	management. Judgement is involved in determining	approval procedures and authorities according to
	which forward-looking information is relevant for	model materiality.
	particular lending portfolios and for determining each portfolio’s point-in-time sensitivity.	There were no material changes to the policy.
	In addition, judgement is required where behavioural
	characteristics are applied in estimating the lifetime of
	a facility which is used in measuring ECL.
Base case economic	The Group derives a forward-looking ‘base case’	There have been no changes to the types of forward-
forecast	economic scenario which reflects ANZ Economics’	looking variables (key economic drivers) used as
	view of future macroeconomic conditions.	model inputs.
		The base case assumptions have been updated to
		reflect a stabilisation in inflation in both Australia and
		New Zealand. Near-term growth forecasts have been
		reduced, reflecting the impacts of global uncertainty.
		A return to average GDP growth rates is forecast in
		Australia for 2026. In New Zealand, weaker GDP
		growth momentum pushes the return to average out
		to 2027. Further interest rate cuts in both economies
		are expected to contribute to a recovery in consumer
		spending. The level of unemployment is elevated in
		New Zealand but projected to fall, whereas it remains
		relatively low in Australia.

The expected outcomes of key economic drivers for the base case scenario at 30 September 2025 are described below under the heading “Base case economic forecast assumptions”.

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Notes to the consolidated financial statements (continued)

13. Allowance for expected credit losses (continued)

Key judgements and estimates (continued) (continued)

Considerations for the year ended 30 September 2025

		Considerations for the year ended
Judgement/Assumption	Description	30 September 2025
Probability weighting of	Probability weighting of each economic scenario is	Probability weightings in Australia, New Zealand and
each economic scenario	determined by management considering the risks and	Rest of World remain unchanged from the prior
(base case, upside,	uncertainties surrounding the base case economic	period, reflecting our assessment of the continuing
downside and severe	scenario at each measurement date.	downside risks in local and global economies, and
downside scenarios)	The assigned probability weightings in Australia, New	uncertainties related to foreign policies.
	Zealand and Rest of World are subject to a high	The probability weightings for current and prior
	degree of inherent uncertainty and therefore the	periods are as detailed in the section below under the
	actual outcomes may be significantly different to	heading ‘Probability weightings’.
	those projected.
Management temporary	Management temporary adjustments to the ECL	Management have continued to apply adjustments to
adjustments	allowance are used in circumstances where it is	accommodate risks associated with higher inflation
	judged that our existing inputs, assumptions and	and interest rates experienced over the last few years.
	model techniques do not capture all the risk factors	Management overlays have been made for risks
	relevant to our lending portfolios. Emerging local or	particular to home loans, credit cards and commercial
	global macroeconomic, microeconomic or political	lending in Australia, and for mortgages and
	events, and natural disasters that are not incorporated	commercial lending in New Zealand. The total amount
	into our current parameters, risk ratings, or forward-	of adjustments has decreased from the prior period
	looking information are examples of such	as anticipated risks are now represented in the
	circumstances.	portfolio credit profiles.

Management have continued to apply adjustments to accommodate risks associated with higher inflation and interest rates experienced over the last few years. Management overlays have been made for risks particular to home loans, credit cards and commercial lending in Australia, and for mortgages and commercial lending in New Zealand. The total amount of adjustments has decreased from the prior period as anticipated risks are now represented in the portfolio credit profiles.

Management has considered and concluded no temporary adjustment is required at 30 September 2025 to the ECL in relation to climate or weather related events during the period.

Base case economic forecast assumptions

Continuing uncertainties described above increase the risk of the economic forecast resulting in an understatement or overstatement of the ECL balance.

The economic drivers of the base case economic forecasts, reflective of ANZ Economics’ view of future macroeconomic conditions used at 30 September 2025 are set out below. For the years following the near-term forecasts below, the ECL models apply simplified assumptions for the economic conditions to calculate lifetime loss.

Forecast calendar year
2025
2026
2027
Australia
GDP (annual % change)
1.8
2.4
2.4
Unemployment rate (annual average)
4.2
4.3
4.0
Residential property prices (annual % change)
5.0
5.8
4.8
Consumer price index (annual average % change)
2.5
2.6
2.4
New Zealand
GDP (annual % change)
0.9
2.4
2.7
Unemployment rate (annual average)
5.2
4.8
4.3
Residential property prices (annual % change)
2.5
5.0
4.5
Consumer price index (annual average % change)
2.7
1.9
2.0
Rest of World
GDP (annual % change)
1.5
1.9
2.0
Consumer price index (annual average % change)
3.0
2.4
2.0

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13. Allowance for expected credit losses (continued)

Key judgements and estimates (continued)(continued)

Probability weightings

Probability weightings for each scenario are determined by management considering the risks and uncertainties surrounding the base case economic scenario including the uncertainties described above.

The assigned probability weightings in Australia, New Zealand and Rest of World are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these weightings in each geography to provide estimates of the possible loss outcomes and taking into account short- and long-term inter-relationships within the Group’s credit portfolios. The average weightings applied across the Group are set out below:

	Consolidated	Consolidated	The	Company
	2025	2024	2025	2024
Base	46%	46%	45%	45%
Upside	1%	1%	0%	0%
Downside	40%	40%	42%	42%
Severe downside	13%	13%	13%	13%

ECL - Sensitivity analysis

Given current economic uncertainties and the judgement applied to factors used in determining the expected default of borrowers in future periods, expected credit losses reported by the Group should be considered as a best estimate within a range of possible estimates.

The table below illustrates the sensitivity of collectively assessed ECL to key factors used in determining it as at 30 September 2025:

	Consolidated	Consolidated	The	Company
	ECL	Impact	ECL	Impact
	$m	$m	$m	$m
If 1% of Stage 1 facilities were included in Stage 2	4,428	49	3,414	42
If 1% of Stage 2 facilities were included in Stage 1	4,373	(6)	3,368	(4)
100% upside scenario	1,550	(2,829)	1,186	(2,186)
100% base scenario	1,997	(2,382)	1,525	(1,847)
100% downside scenario	4,458	79	3,361	(11)
100% severe downside scenario	9,913	5,534	7,582	4,210

Individually assessed allowance for expected credit losses

In estimating individually assessed ECL, the Group makes judgements and assumptions in relation to expected repayments, the realisable value of collateral, business prospects for the customer, competing claims and the likely cost and duration of the work-out process. Judgements and assumptions in respect of these matters have been updated to reflect amongst other things, the uncertainties described above.

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Notes to the consolidated financial statements (continued)

Financial liabilities

Outlined below is a description of how we classify and measure financial liabilities relevant to Note 14 to 16.

Classification and measurement

Financial liabilities

Financial liabilities are measured at amortised cost, or FVTPL when they are held for trading. Additionally, financial liabilities can be designated at FVTPL where:

the designation eliminates or significantly reduces an accounting mismatch which would otherwise arise;
a group of financial liabilities are managed and their performance are evaluated on a fair value basis, in accordance with a documented risk management strategy; or
the financial liability contains one or more embedded derivatives unless:
a) the embedded derivative does not significantly modify the cash flows that otherwise would be required by the contract; or
b) the embedded derivative is closely related to the host financial liability.

Where financial liabilities are designated as measured at fair value, gains or losses relating to changes in the entity’s own credit risk are included in Other comprehensive income, except where doing so would create or enlarge an accounting mismatch in profit or loss.

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14. Deposits and other borrowings

Certificates of deposit

==> picture [165 x 104] intentionally omitted <==

----- Start of picture text -----

49.616 45,761
111,802
268,818
61,336
2025
419,068
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----- Start of picture text -----

47,776 42,206
98,550
273,516
60,104
2024
383,014
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Term deposits On demand and short term deposits Deposits not bearing interest Deposits from banks & securities sold under repurchase agreements Commercial paper and other borrowings

	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Certificates of deposit	45,761	42,206	40,386	35,434
Term deposits	268,818	273,516	198,052	199,943
On demand and short term deposits	419,068	383,014	319,973	288,228
Deposits not bearing interest	61,336	60,104	42,085	41,386
Deposits from banks & securities sold under repurchase agreements	111,802	98,550	106,861	94,513
Commercial paper and other borrowings	49,616	47,776	44,216	44,366
Deposits and other borrowings1	956,401	905,166	751,573	703,870
Residual contractual maturity:
Within one year	944,664	894,658	745,129	699,192
More than one year	11,737	10,508	6,444	4,678
Deposits and other borrowings	956,401	905,166	751,573	703,870
Carried on Balance Sheet at:
Amortised cost	898,713	862,165	700,582	662,910
Fair value through profit or loss	57,688	43,001	50,991	40,960
Deposits and other borrowings	956,401	905,166	751,573	703,870

Customer deposits balance of $749,222 million (2024: $716,634 million) for the Group and $560,110 million (2024: $529,557 million) for the Company includes Term deposits, On demand and short term deposits and Deposits not bearing interest.

Recognition and measurement

For deposits and other borrowings that:

are not designated at FVTPL on initial recognition, we measure them at amortised cost and recognise their interest expense using the effective interest rate method; and
are managed on a fair value basis, reduce or eliminate an accounting mismatch or contain an embedded derivative, we designate them as measured at FVTPL.

Refer to Note 18 Fair value of financial assets and financial liabilities for further details.

For deposits and other borrowings designated at fair value we recognise the amount of fair value gain or loss attributable to changes in the Group’s own credit risk in other comprehensive income in retained earnings. Any remaining amount of fair value gain or loss we recognise directly in profit or loss. Once we have recognised an amount in other comprehensive income, we do not later reclassify it to profit or loss.

Securities sold under repurchase agreements represent a liability to repurchase the financial assets that remain on our balance sheet since the risks and rewards of ownership remain with the Group. Over the life of the repurchase agreement, we recognise the difference between the sale price and the repurchase price and charge it to interest expense in profit or loss.

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Notes to the consolidated financial statements (continued)

15. Payables and other liabilities

15. Payables and other liabilities
	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Payables and accruals	6,246	7,243	4,679	4,989
Liabilities at fair value	3,960	6,023	3,775	5,677
Lease liabilities	1,723	1,784	1,352	1,402
Trail commission liabilities	2,106	2,055	1,715	1,606
Other liabilities	1,112	1,489	632	800
Payables and other liabilities	15,147	18,594	12,153	14,474

Recognition and measurement

The Group recognises liabilities when there is a present obligation to transfer economic resources as a result of past events.

Below is the measurement basis for each item classified as other liabilities:

Payables, accruals and other liabilities are measured at the contractual amount payable or the best estimate of consideration required to settle the payable.
Liabilities at fair value relate to securities sold short, which we classify as held for trading and measure at FVTPL based on quoted prices in active markets.
Lease liabilities are initially measured at the present value of the future lease payments using the Group’s incremental borrowing rate at the lease commencement date. The carrying amount is then subsequently adjusted to reflect the interest on the lease liability, lease payments that have been made and any lease reassessments or modifications.
Trail commission liabilities are measured based on the present value of expected future trail commission payments taking into consideration average behavioural loan life and outstanding balances of broker originated loans.

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16. Debt issuances

The Group, primarily via ANZBGL and some of its banking subsidiaries (including ANZ Bank New Zealand and Norfina Limited (Suncorp Bank)), uses a variety of funding programmes to issue senior debt (including covered bonds and securitisations) and subordinated debt. The difference between senior debt and subordinated debt is that, in a winding up of an issuer, holders of senior debt of that issuer rank in priority to holders of subordinated debt of that issuer. Subordinated debt will be repaid by the relevant issuer only after the repayment of claims of its depositors and other creditors (including the senior debt holders) of that issuer.

debt holders) of that issuer.
	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Senior debt	106,782	94,152	83,768	72,183
Covered bonds	12,985	18,931	8,433	13,853
Securitisation	5,396	3,640	-	-
Total unsubordinated debt	125,163	116,723	92,201	86,036
Subordinated debt
- ANZBGL Additional Tier 1 capital	7,452	8,277	7,479	8,330
- ANZBGL Tier 2 capital	33,811	28,584	33,811	28,584
- Other subordinated debt securities	2,848	2,804	-	-
Total subordinated debt	44,111	39,665	41,290	36,914
Total debt issued	169,274	156,388	133,491	122,950
_Residual contractual maturity1: _
Within one year	43,080	35,107	36,053	28,751
More than one year	123,905	119,090	95,918	92,751
No maturitydate (instruments inperpetuity)	2,289	2,191	1,520	1,448
Total debt issued	169,274	156,388	133,491	122,950
Carried on Balance Sheet at:
Amortised cost	166,504	154,572	129,703	120,155
Fair value throughprofit or loss	2,770	1,816	3,788	2,795
Total debt issued	169,274	156,388	133,491	122,950

Based on the final maturity date or, in the case of Additional Tier 1 capital securities, the mandatory conversion date (if any).

Total debt issued by currency

The table below shows the Group’s issued debt by currency of issue, which broadly represents the debt holders’ base location.

		Consolidated		The Company
		2025	2024	2025	2024
		$m	$m	$m	$m
USD	United States dollars	49,563	45,512	42,455	37,381
EUR	Euro	27,751	26,325	21,687	20,911
AUD	Australian dollars	76,329	69,420	55,333	51,234
NZD	New Zealand dollars	1,675	1,074	62	65
JPY	Japanese yen	2,603	2,609	2,603	2,609
GBP	Pounds sterling	8,940	8,543	8,940	8,543
HKD	Hong Kong dollars	949	1,403	949	1,403
Other	Chineseyuan, Singapore dollars and Swiss francs	1,464	1,502	1,462	804
Total	debt issued	169,274	156,388	133,491	122,950

Subordinated debt

Subordinated debt is primarily issued externally by the Group out of its banking subsidiaries ANZBGL and ANZ Bank New Zealand. ANZ Holdings (New Zealand) Limited has also issued a perpetual subordinated debt security. The externally issued subordinated debt constitutes subordinated debt of both the Group and the relevant issuer.

At 30 September 2025, all subordinated debt issued by ANZBGL qualifies as regulatory capital for ANZBGL. Depending on their terms and conditions, the subordinated debt instruments issued by ANZBGL are classified as either Additional Tier 1 (AT1) capital for ANZBGL (in the case of the ANZ Capital Notes (ANZ CN) and ANZ Capital Securities (ANZ CS)) or Tier 2 capital for ANZBGL (in the case of the term subordinated notes) for APRA’s capital adequacy purposes. Subordinated debt issued by ANZ Holdings (New Zealand) Limited or ANZ Bank New Zealand does not constitute regulatory capital for the Group for APRA’s capital adequacy purposes.

Subordinated debt issued by ANZ Bank New Zealand will constitute tier 2 capital for ANZ Bank New Zealand for the purposes of the Reserve Bank of New Zealand’s (RBNZ) capital requirements. Subordinated debt issued by ANZ Holdings (New Zealand) Limited does not constitute regulatory capital for the RBNZ’s capital adequacy purposes.

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Notes to the consolidated financial statements (continued)

16. Debt issuances (continued)

AT1 capital

All outstanding AT1 capital instruments issued by ANZBGL are Basel III fully compliant instruments (refer to Note 23 Capital management for further information about Basel III) for APRA’s capital adequacy purposes. Each of the ANZ CN and ANZ CS rank equally with each other.

Distributions on the AT1 capital instruments are non-cumulative and subject to the issuer’s absolute discretion and certain payment conditions (including regulatory requirements). Distributions on ANZ CNs are franked in line with the franking applied to ANZGHL’s ordinary shares.

Where specified, the AT1 capital instruments provide the issuer with an early redemption or conversion option on a specified date and in certain other circumstances (such as a tax or regulatory event). This redemption option is subject to APRA’s prior written approval.

Each of the AT1 capital instruments will immediately convert into a variable number of ANZGHL’s ordinary shares (based on the average market price of the shares immediately prior to conversion less a 1% discount, subject to a maximum conversion number of ANZGHL’s ordinary shares) if:

ANZBGL’s Common Equity Tier 1 capital ratios are equal to or less than 5.125% - known as a Common Equity Capital Trigger Event; or
APRA notifies ANZBGL that, without the conversion or write-off of certain securities or a public sector injection of capital (or equivalent support), it considers that ANZBGL would become non-viable – known as a Non-Viability Trigger Event.

Where specified, AT1 capital instruments mandatorily convert into a variable number of ANZGHL’s ordinary shares (based on the average market price of the shares immediately prior to conversion less a 1% discount):

on a specified mandatory conversion date; or
on an earlier date under certain circumstances as set out in the terms.

However, this mandatory conversion is deferred for a specified period if certain conversion tests are not met.

If the AT1 capital securities convert, and the holders receive ANZGHL ordinary shares, then:

the AT1 capital securities are transferred by the holders to ANZGHL for their face value;
ANZBGL shall redeem the securities and simultaneously issue ordinary shares to its parent ANZ BH Pty Ltd (based on ANZBGL’s share price calculated by reference to its consolidated net assets, subject to a maximum conversion number); and
ANZ BH Pty Ltd will issue shares to ANZGHL (based on ANZ BH Pty Ltd’s share price calculated by reference to its consolidated net assets, subject to a maximum conversion number).

Preference shares issued by ANZ Bank New Zealand will constitute AT1 capital for ANZ Bank New Zealand for the purposes of the RBNZ’s capital requirements, however they will not constitute AT1 capital for the Group as the terms of the preference shares do not satisfy APRA’s capital requirements. Externally issued preference shares are included within non-controlling interests in Note 22 Shareholders’ equity.

In accordance with its consultation paper, APRA has confirmed that its phase out of AT1 capital instruments will commence in January 2027. Refer to Note 23 Capital Management for more details on APRA’s AT1 consultation.

The tables below show key details of the ANZBGL’s AT1 capital instruments on issue at 30 September in both the current and prior years:

			Consolidated		The Company
			2025	2024	2025	2024
			$m	$m	$m	$m
ANZBGL's	Additional Tier 1 capital (perpetual subordinated securities)1
ANZ Capital Notes
AUD	931m	ANZ CN52	-	931	-	931
AUD	1,500m	ANZ CN6	1,492	1,490	1,492	1,490
AUD	1,310m	ANZ CN7	1,301	1,300	1,301	1,300
AUD	1,500m	ANZ CN8	1,487	1,485	1,485	1,483
AUD	1,700m	ANZ CN9	1,683	1,680	1,681	1,678
ANZ Capital Securities
USD	1,000m	ANZ Capital Securities	1,489	1,391	1,520	1,448
Total ANZBGL Additional Tier 1 capital3			7,452	8,277	7,479	8,330

Carrying values are net of issuance costs.
All of the ANZ CN5 were redeemed on 20 March 2025.
This forms part of ANZBGL’s qualifying AT1 capital. Refer to Note 23 Capital management for further details.

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16. Debt issuances (continued)

ANZ Capital Notes

ANZ Capital Notes
ANZ CN5	ANZ CN6 ANZ CN7
Issuer ANZBGL	ANZBGL ANZBGL
Issue date 28 September 2017	8 July 2021 24 March 2022
Issue amount $931 million	$1,500 million $1,310 million
Face value per note $100	$100 $100
Distribution frequency Quarterly in arrears	Quarterly in arrears Quarterly in arrears
Distribution rate Floating rate: (90 day Bank Bill rate+3.8%)x(1-Australian corporate tax rate)	Floating rate: (90 day Bank Bill rate+3.0%)x(1-Australian corporate tax rate) Floating rate: (90 day Bank Bill rate+2.7%)x(1-Australian corporate tax rate)
Issuer’s early redemption or conversion option 20 March 20251	20 March 2028 20 March 2029
Mandatory conversion date 20 March 20272	20 September 2030 20 September 2031
Common Equity Capital Trigger Event Yes	Yes Yes
Non-Viability Trigger Event Yes	Yes Yes
Carrying value (net of issue costs) Nil (2024: $931 million)	$1,492 million $1,301 million (2024: $1,490 million) (2024: $1,300 million)
ANZ CN8 Issuer ANZBGL Issue date 24 March 2023 Issue amount $1,500 million Face value per note $100 Distribution frequency Quarterly in arrears Distribution rate Floating rate: (90 day Bank Bill rate+2.75%)x(1-Australian corporate tax rate) Issuer’s early redemption or conversion option 20 March 2030 Mandatory conversion date 20 September 2032 Common Equity Capital Trigger Event Yes Non-Viability Trigger Event Yes Carrying value (net of issue costs) $1,487 million (2024: $1,485 million)	ANZ CN9
	ANZBGL
	20 March 2024
	$1,700 million
	$100
	Quarterly in arrears
	Floating rate: (90 day Bank Bill rate+2.9%)x(1-Australian corporate tax rate)
	20 March 2031
	20 September 2033
	Yes
	Yes
	$1,683 million (2024: $1,680 million)

All of the ANZ CN5 were redeemed on 20 March 2025.
The mandatory conversion date is no longer applicable as all of ANZ CN5 have been redeemed.

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Notes to the consolidated financial statements (continued)

16. Debt issuances (continued)

ANZ Capital Securities

Issuer	ANZBGL, acting through its London branch
Issue date	15 June 2016
Issue amount	USD 1,000 million
Face value	Minimum denomination of USD 200,000 and an integral multiple of USD 1,000 above that
Interest frequency	Semi-annually in arrears
Interest rate	Fixed at 6.75% p.a. until 15 June 2026. Reset on 15 June 2026 and each 5 year anniversary
	to a floating rate: 5 year USD mid-market swap rate + 5.168%
Issuer’s early redemption option	15 June 2026 and each 5 year anniversary
Common Equity Capital Trigger Event	Yes
Non-Viability Trigger Event	Yes
Carrying value (net of issue costs)	$1,489 million (2024: $1,391 million)

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16. Debt issuances (continued)

Tier 2 capital

Convertible term subordinated notes issued by ANZBGL are Basel III fully compliant instruments for APRA’s capital adequacy purposes. If a Non-Viability Trigger Event occurs, each of the convertible term subordinated notes will immediately convert into ANZGHL ordinary shares (based on the average market price of the ANZGHL shares immediately prior to conversion less a 1% discount, subject to a maximum conversion number).

If the Tier 2 capital securities convert, and the holders receive ANZGHL ordinary shares, then ANZBGL shall issue ordinary shares to its parent ANZ BH Pty Ltd (based on ANZBGL’s share price calculated by reference to its consolidated net assets, subject to a maximum conversion number) and ANZ BH Pty Ltd will issue shares to ANZGHL (calculated on the same basis).

The table below shows the Tier 2 capital subordinated debt issued by ANZBGL at 30 September in the current and prior year:

					Consolidated	Consolidated	The Company	The Company
			Next optional call date –	Interest	2025	2024	2025	2024
Currency	Face value	Maturity	subject to APRA’s prior approval	rate	$m	$m	$m	$m
ANZBGL Tier 2 capital (term subordinated notes)
JPY	20,000m	2026	N/A	Fixed	204	203	204	203
USD	1,500m	2026	N/A	Fixed	2,238	2,089	2,238	2,089
AUD	225m	2032	2027	Fixed	225	224	225	224
EUR	1,000m	2029	2024	Fixed	-	1,600	-	1,600
AUD	265m	2039	N/A	Fixed	189	189	189	189
USD	1,250m	2030	2025	Fixed	-	1,764	-	1,764
AUD	1,250m	2031	2026	Floating	1,250	1,250	1,250	1,250
USD	1,500m	2035	2030	Fixed	1,971	1,845	1,971	1,845
AUD	330m	2040	N/A	Fixed	223	225	223	225
AUD	195m	2040	N/A	Fixed	130	131	130	131
EUR	750m	2031	2026	Fixed	1,314	1,154	1,314	1,154
GBP	500m	2031	2026	Fixed	986	904	986	904
AUD	1,450m	2032	2027	Fixed	1,445	1,440	1,445	1,440
AUD	300m	2032	2027	Floating	300	290	300	290
JPY	59,400m	2032	2027	Fixed	598	597	598	597
SGD	600m	2032	2027	Fixed	726	684	726	684
AUD	900m	2034	2029	Fixed	905	907	905	907
USD	1,250m	2032	N/A	Fixed	1,880	1,817	1,880	1,817
EUR	1,000m	2033	2028	Fixed	1,807	1,642	1,807	1,642
AUD	1,000m	2038	2033	Fixed	1,005	1,007	1,005	1,007
AUD	275m	2033	2028	Fixed	275	275	275	275
AUD	875m	2033	2028	Floating	875	867	875	867
AUD	1,435m	2034	2029	Floating	1,435	1,415	1,435	1,415
AUD	850m	2034	2029	Fixed	813	850	813	850
USD	1,000m	2034	2029	Fixed	1,538	1,478	1,538	1,478
AUD	1,900m	2039	2034	Fixed	1,936	1,947	1,936	1,947
USD	1,250m	2035	2034	Fixed	1,843	1,790	1,843	1,790
SGD	600m	2034	2029	Fixed	736	-	736	-
AUD	500m	2035	2030	Fixed	508	-	508	-
AUD	1,250m	2035	2030	Floating	1,246	-	1,246	-
EUR	1,000m	2035	2030	Fixed	1,779	-	1,779	-
USD	1,250m	2036	2035	Fixed	1,937	-	1,937	-
AUD	750m	2040	2035	Fixed	752	-	752	-
AUD	750m	2045	N/A	Fixed	742	-	742	-
Total ANZBGL Tier 2 capital1,2					33,811	28,584	33,811	28,584

Carrying values are net of issuance costs, and, where applicable, include fair value hedge accounting adjustments.
This forms part of ANZBGL’s qualifying Tier 2 capital. Refer to Note 23 Capital management for further details.

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Notes to the consolidated financial statements (continued)

16. Debt issuances (continued)

Other subordinated debt securities

The term subordinated notes issued by ANZ Bank New Zealand constitute tier 2 capital under RBNZ requirements. However, they do not (among other things) contain a Non-Viability Trigger Event and therefore do not meet APRA’s requirements for Tier 2 capital instruments in order to qualify as regulatory capital for the Group.

ANZ Holdings (New Zealand) Limited externally issued $800 million perpetual subordinated notes in 2024, however, they do not constitute tier 2 capital for either APRA’s or RBNZ’s capital adequacy purposes.

					Consolidated		The Company
				Interest	2025	2024	2025	2024
Currency	Face value	Maturity	Next optional call date1	rate	$m	$m	$m	$m
Perpetual	subordinated notes issued by ANZ Holdings (New Zealand)			Limited2
AUD	800m	Perpetual	2030	Floating	800	800	-	-
Term subordinated notes		issued by ANZ Bank New Zealand Limited
NZD	600m	2031	2026	Fixed	526	549	-	-
USD	500m	2032	2027	Fixed	746	708	-	-
USD	500m	2034	2029	Fixed	776	747	-	-
Other subordinated debt3					2,848	2,804	-	-

Subject to APRA’s or RBNZ’s prior approval (as applicable).
The perpetual subordinated notes were issued by ANZ Holdings (New Zealand) Limited on 18 September 2024 with the proceeds invested in perpetual preference shares issued internally by ANZ Bank New Zealand (which constitute additional tier 1 capital for ANZ Bank New Zealand for the purposes of RBNZ’s capital requirements but not for the purposes of APRA’s capital requirements).
ANZ Bank New Zealand externally issued NZD 550 million of perpetual preference shares on 18 July 2022 and NZD 275 million of perpetual preference shares on 19 March 2024. These perpetual preference shares constitute AT1 capital for ANZ Bank New Zealand for the purposes of RBNZ’s capital requirements but not for the purposes of APRA’s capital requirements. These preference shares are included within non-controlling interests in Note 22 Shareholders’ equity.

Recognition and measurement

Debt issuances are initially recognised at fair value and are subsequently measured at amortised cost, except where designated at FVTPL. Interest expense on debt issuances is recognised using the effective interest rate method. Where the Group enters into a fair value hedge accounting relationship, the fair value attributable to the hedged risk is reflected in adjustments to the carrying value of the debt.

Subordinated debt with capital-based conversion features (i.e. Common Equity Capital Trigger Events or Non-Viability Trigger Events) are considered to contain embedded derivatives that we account for separately at FVTPL. The embedded derivatives arise because the number of shares issued on conversion following any of those trigger events is subject to the maximum conversion number, however they have no significant value as of the reporting date given the remote nature of those trigger events .

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17. Financial risk management

Risk management framework and model

Introduction

The use of financial instruments is fundamental to the Group’s businesses of providing banking and other financial services to our customers. The associated financial risks (primarily credit, market, and liquidity risks) are a significant portion of the Group’s key material risks.

We disclose details of all key material risks impacting the Group, and further information on the Group’s risk management activities, in the Governance and Risk Management sections of this Annual Report.

This note details the Group’s financial risk management policies, processes and quantitative disclosures in relation to the key financial risks.

Keymaterial financial risks		Keysections applicable to this risk
Credit risk	•	Credit risk overview, management and control responsibilities
The risk of financial loss resulting from:	•	Maximum exposure to credit risk
• a counterparty failing to fulfil its obligations; or	•	Credit quality
• a decrease in credit quality of a counterparty resulting in a financial	•	Concentrations of credit risk
loss.	•	Collateral management
Credit risk incorporates the risks associated with us lending to
customers who could be impacted by climate change, changes to
laws, regulations, or other policies adopted by governments or
regulatory authorities. Climate change impacts include both physical
risks (climate- or weather-related events) and transition risks resulting
from the adjustment to a low-emissions economy. Transition risks
include resultant changes to laws, regulations and policies noted
above.

Market risk	•	Market risk overview, management and control responsibilities
The risk to the Group’s earnings arising from:	•	Measurement of market risk
• changes in interest rates, foreign exchange rates, credit spreads,	•	Traded and non-traded market risk
volatility and correlations; or	•	Equity securities designated at FVOCI
• fluctuations in bond, commodity or equity prices.	•	Foreign currency risk – structural exposure
Liquidity and funding risk	•	Liquidity risk overview, management and control responsibilities
The risk that the Group is unable to meet payment obligations as they	•	Key areas of measurement for liquidity risk
fall due, including:	•	Liquidity risk outcomes
• repaying depositors or maturing wholesale debt; or	•	Residual contractual maturity analysis of the Group’s liabilities
• the Group having insufficient capacity to fund increases in assets.

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Overview

An overview of our risk management framework

This overview is provided to aid the users of the financial statements in understanding the context of the financial disclosures required under AASB 7 Financial Instruments: Disclosures . It should be read in conjunction with the Governance and Risk Management sections of this Annual Report.

The Board is responsible for establishing and overseeing the Group’s Risk Management Framework (RMF). The Board has delegated authority to the Board Risk Committee (BRC) to develop and monitor compliance with the Group’s risk management policies. The BRC reports regularly to the Board on its activities.

The Board approves the strategic objectives of the Group including:

the Risk Appetite Statement (RAS), which sets out the Board’s expectations regarding the degree of risk that the Group is prepared to accept in pursuit of its strategic objectives and business plan; and
the Risk Management Strategy (RMS), which describes the Group’s strategy for managing risks and the key elements of the RMF that give effect to this strategy. This includes a description of each material risk, and an overview of how the RMF addresses each risk, with reference to the relevant policies, standards and procedures. It also includes information on how the Group identifies, measures, evaluates, monitors, reports and controls or mitigates material risks.

The Group, through its training and management standards and procedures, aims to maintain a disciplined and robust control environment in which all employees understand their roles and obligations. At ANZ, risk is everyone’s responsibility.

The Group has an independent risk management function, headed by the Chief Risk Officer who:

is responsible for overseeing the risk profile and the risk management framework;
can effectively challenge activities and decisions that materially affect the Group’s risk profile; and
has an independent reporting line to the BRC to enable the appropriate escalation of issues of concern.

The Internal Audit Function reports directly to the Board Audit Committee (BAC). Internal Audit provides:

an independent evaluation of the Group’s RMF annually that seeks to ensure compliance with, and the effectiveness of, the risk management framework;
facilitation of a comprehensive review every three years that seeks to ensure the appropriateness, effectiveness and adequacy of the risk management framework; and
recommendations to improve the framework and/or work practices to strengthen the effectiveness of day-to-day operations.

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17. Financial risk management (continued)

Credit risk

Credit risk overview, management and control responsibilities

Granting credit facilities to customers is one of the Group’s major sources of income. As this activity is also a principal risk, the Group dedicates considerable resources to its management. The Group assumes credit risk in a wide range of lending and other activities in diverse markets and in many jurisdictions. Credit risks arise from traditional lending to customers as well as from interbank, treasury, trade finance and capital markets activities around the world.

Our credit risk management framework ensures we apply a consistent approach across the Group when we measure, monitor and manage the credit risk appetite set by the Board. The Board is assisted and advised by the BRC in discharging its duty to oversee credit risk. The BRC:

assists the Board in setting the credit risk appetite and credit strategies; and
approves credit transactions beyond the discretion of executive management.

We quantify credit risk through an internal credit rating system (masterscales) to ensure consistency across exposure types and to provide a consistent framework for reporting and analysis. The system uses models and other tools to measure the following for customer exposures:

Probability of Default (PD)	Expressed by a Customer Credit Rating (CCR), reflecting the Group’s assessment of a customer’s ability to
	service and repay debt.
Exposure at Default (EAD)	The expected balance sheet exposure at default taking into account repayments of principal and interest,
	expected additional drawdowns and accrued interest at the time of default.
Loss Given Default (LGD)	Expressed by a Security Indicator (SI) ranging from A to G. The SI is calculated by reference to the
	percentage of loan covered by security which the Group can realise if a customer defaults. The A-G scale
	is supplemented by a range of other SIs which cover factors such as cash cover and sovereign backing.
	For retail and some small business lending, we group exposures into large homogenous pools – and the
	LGD is assigned at the pool level.

Our specialist credit risk teams develop and validate the Group’s PD and LGD rating models. The outputs from these models drive our day-to-day credit risk management decisions including origination, pricing, approval levels, regulatory capital adequacy, economic capital allocation, and credit provisioning.

All customers with whom the Group has a credit relationship are assigned a CCR at origination via either of the following assessment approaches:

Large and more complex lending	Retail and some small business lending
Rating models provide a consistent and structured assessment, with	Automated assessment of credit applications using a combination of
judgement required around the use of out-of-model factors. We	scoring (application and behavioural), policy rules and external credit
handle credit approval on a dual approval basis, jointly with the	reporting information. If the application does not meet the automated
business writer and an independent credit officer.	assessment criteria, then it is subject to manual assessment.

We use the Group’s internal CCRs to manage the credit quality of financial assets. To enable wider comparisons, the Group’s CCRs are mapped to external rating agency scales as follows:

Credit Quality			Moody’s	S&P Global
Description	Internal CCR	ANZ Customer Requirements	Ratings	Ratings
Strong	CCR 0+ to 4-	Demonstrated superior stability in their operating and financial	Aaa - Baa3	AAA - BBB-
		performance over the long-term, and whose earnings capacity
		is not significantly vulnerable to foreseeable events.
Satisfactory	CCR 5+ to 6-	Demonstrated sound operational and financial stability over the	Ba1 - B1	BB+- B+
		medium to long-term, even though some may be susceptible to
		cyclical trends or variability in earnings.
Weak	CCR 7+ to 8=	Demonstrated some operational and financial instability, with	B2 - Caa	B- CCC
		variability and uncertainty in profitability and liquidity projected to
		continue over the short and possibly medium term.
Defaulted	CCR 8- to 10	When doubt arises as to the collectability of a credit facility, the	N/A	N/A
		financial instrument (or ‘the facility’) is classified as defaulted.

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Credit risk (continued)

Maximum exposure to credit risk

For financial assets recognised on the Balance Sheet, the maximum exposure to credit risk is the carrying amount. In certain circumstances there may be differences between the carrying amounts reported on the Balance Sheet and the amounts reported in the tables below. Principally, these differences arise in respect of financial assets that are subject to risks other than credit risk, such as equity instruments which are primarily subject to market risk, or bank notes and coins.

For undrawn facilities, this maximum exposure to credit risk is the full amount of the committed facilities. For contingent exposures, the maximum exposure to credit risk is the maximum amount the Group would have to pay if the instrument is called upon.

The table below shows our maximum exposure to credit risk of on-balance sheet and off-balance sheet positions before taking account of any collateral held or other credit enhancements.

Consolidated	Reported Excluded1 Maximum exposure to credit risk
	2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m
On-balance sheet positions Net loans and advances Other financial assets: Cash and cash equivalents Settlement balances owed to ANZ Collateral paid Trading assets Derivative financial instruments Investment securities - debt securities at amortised cost - debt securities at FVOCI - equity securities at FVOCI - debt securities at FVTPL Regulatory deposits Other financial assets2	829,986 804,032 - 829,986 804,032 155,209 150,965 1,203 1,196 154,006 149,769 23,394 5,484 23,394 5,484 - - 9,831 10,090 - - 9,831 10,090 48,248 45,755 9,076 6,399 39,172 39,356 47,480 54,370 - - 47,480 54,370 7,520 7,091 - - 7,520 7,091 156,373 131,944 - - 156,373 131,944 955 1,065 955 1,065 - - 692 162 - - 692 162 541 665 - - 541 665 4,042 4,547 - - 4,042 4,547
Total other financial assets	454,285 412,138 34,628 14,144 419,657 397,994
Subtotal	1,284,271 1,216,170 34,628 14,144 1,249,643 1,202,026
Off-balance sheet positions Undrawn and contingent facilities3,4	241,224 233,054 - - 241,224 233,054
Total	1,525,495 1,449,224 34,628 14,144 1,490,867 1,435,080

Coins, notes and cash at bank within Cash and cash equivalents; trade dated assets within Settlement balances owed to ANZ; precious metal exposures and carbon credits within Trading assets; and equity securities within Investment securities were excluded as they do not have credit risk exposure.
Other financial assets mainly comprise accrued interest and acceptances.
Undrawn and contingent facilities include guarantees, letters of credit and performance-related contingencies, net of collectively assessed and individually assessed allowance for ECL.
2024 was restated to exclude commitments that can be unconditionally cancelled at any time without notice as they are not subject to ECL.

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17. Financial risk management (continued)

Credit risk (continued)

Credit risk (continued)
The Company	Reported Excluded1 Maximum exposure to credit risk
	2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m
On-balance sheet positions Net loans and advances Other financial assets: Cash and cash equivalents Settlement balances owed to ANZ Collateral paid Trading assets Derivative financial instruments Investment securities - debt securities at amortised cost - debt securities at FVOCI - equity securities at FVOCI - debt securities at FVTPL Regulatory deposits Due from controlled entities Other financial assets2	612,855 588,998 - - 612,855 588,998 145,060 137,288 824 843 144,236 136,445 22,030 5,019 22,030 5,019 - - 8,552 8,797 - - 8,552 8,797 40,608 38,427 8,911 6,243 31,697 32,184 50,531 57,627 - - 50,531 57,627 5,971 5,356 - - 5,971 5,356 128,972 107,388 - - 128,972 107,388 950 1,060 950 1,060 - - 692 162 - - 692 162 245 222 - - 245 222 24,390 24,315 - - 24,390 24,315 2,895 3,090 - - 2,895 3,090
Total other financial assets	430,896 388,751 32,715 13,165 398,181 375,586
Subtotal	1,043,751 977,749 32,715 13,165 1,011,036 964,584
Off-balance sheet positions Undrawn and contingent facilities3	201,252 194,343 - - 201,252 194,343
Total	1,245,003 1,172,092 32,715 13,165 1,212,288 1,158,927

Coins, notes and cash at bank within Cash and cash equivalents; trade dated assets within Settlement balances owed to ANZ; precious metal exposures, and carbon credits within Trading assets; and equity securities within Investment securities were excluded as they do not have credit risk exposure.
Other financial assets mainly comprise accrued interest and acceptances.
Undrawn and contingent facilities include guarantees, letters of credit and performance-related contingencies, net of collectively assessed and individually assessed allowance for ECL.
2024 was restated to exclude commitments that can be unconditionally cancelled at any time without notice as they are not subject to ECL.

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Credit risk (continued)

Credit quality

An analysis of the Group’s credit risk exposure is presented in the following tables based on the Group’s internal credit quality rating by stage without taking account of the effects of any collateral or other credit enhancements:

Net loans and advances

Net loans and advances
Stage 1 Consolidated $m	Stage 3 Stage 2 Collectively assessed Individually assessed Total $m $m $m $m
As at 30 September 2025 Strong 515,360 Satisfactory 193,577 Weak 17,922 Defaulted -
	12,698 - - 528,058
	36,906 - - 230,483
	14,787 - - 32,709
	- 6,955 1,018 7,973
Gross loans and advances at amortised cost 726,859 Allowance for ECL (1,333)	64,391 6,955 1,018 799,223
	(1,558) (621) (362) (3,874)
Net loans and advances at amortised cost 725,526	62,833 6,334 656 795,349
Coverage ratio 0.18%	2.42% 8.93% 35.56% 0.48%
Loans and advances at FVTPL Loans and advances purchased credit impaired1 Unearned income Capitalised brokerage and other origination costs	30,398
	380
	(641)
	4,500
Net carrying amount	829,986
As at 30 September 2024 Strong 485,243 Satisfactory 188,825 Weak 15,538 Defaulted -	17,072 - - 502,315 46,940 - - 235,765 18,222 - - 33,760 - 5,976 832 6,808
Gross loans and advances at amortised cost 689,606 Allowance for ECL (1,276)	82,234 5,976 832 778,648 (1,653) (443) (303) (3,675)
Net loans and advances at amortised cost 688,330	80,581 5,533 529 774,973
Coverage ratio 0.19%	2.01% 7.41% 36.42% 0.47%
Loans and advances at FVTPL Loans and advances purchased credit impaired1 Unearned income Capitalised brokerage and other origination costs	24,786 551 (515) 4,237
Net carrying amount	804,032

Represents Stage 3 exposures from Suncorp Bank at the date of acquisition recognised net of allowance for ECL.

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17. Financial risk management (continued)

Credit risk (continued)

Net loans and advances

Net loans and advances
Stage 1 The Company $m	Stage 3 Stage 2 Collectively assessed Individually assessed Total $m $m $m $m
As at 30 September 2025 Strong 389,749 Satisfactory 127,996 Weak 13,035 Defaulted -
	10,607 - - 400,356
	26,591 - - 154,587
	9,972 - - 23,007
	- 5,219 595 5,814
Gross loans and advances at amortised cost 530,780 Allowance for ECL (1,069)	47,170 5,219 595 583,764
	(1,130) (488) (265) (2,952)
Net loans and advances at amortised cost 529,711	46,040 4,731 330 580,812
Coverage ratio 0.20%	2.40% 9.35% 44.54% 0.51%
Loans and advances at FVTPL Unearned income Capitalised brokerage and other origination costs	29,216
	(599)
	3,426
Net carrying amount	612,855
As at 30 September 2024 Strong 366,329 Satisfactory 121,820 Weak 11,433 Defaulted -	14,061 - - 380,390 33,813 - - 155,633 11,945 - - 23,378 - 4,574 485 5,059
Gross loans and advances at amortised cost 499,582 Allowance for ECL (1,006)	59,819 4,574 485 564,460 (1,150) (339) (220) (2,715)
Net loans and advances at amortised cost 498,576	58,669 4,235 265 561,745
Coverage ratio 0.20%	1.92% 7.41% 45.36% 0.48%
Loans and advances at FVTPL Unearned income Capitalised brokerage and other origination costs	24,439 (489) 3,303
Net carrying amount	588,998

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Credit risk (continued)

Off-balance sheet commitments - undrawn and contingent facilities

Off-balance sheet commitments - undrawn and contingent facilities
Stage 1 Stage 2 $m $m Consolidated	Stage 3 Collectively assessed Individually assessed Total $m $m $m
As at 30 September 2025 Strong 208,112 1,422 Satisfactory 27,128 3,287 Weak 691 1,225 Defaulted - -
	- - 209,534
	- - 30,415
	- - 1,916
	142 87 229
Gross undrawn and contingent facilities subject to ECL 235,931 5,934 Allowance for ECL included in Other provisions (refer to Note 21) (643) (160)	142 87 242,094
	(30) (37) (870)
Net undrawn and contingent facilities subject to ECL 235,288 5,774	112 50 241,224
Coverage ratio 0.27% 2.70%	21.13% 42.53% 0.36%
As at 30 September 2024 Strong 200,720 1,497 Satisfactory 26,496 3,249 Weak 880 931 Defaulted - -	- - 202,217 - - 29,745 - - 1,811 101 26 127
Gross undrawn and contingent facilities subject to ECL 228,096 5,677 Allowance for ECL included in Other provisions (refer to Note 21) (658) (156)	101 26 233,900 (27) (5) (846)
Net undrawn and contingent facilities subject to ECL 227,438 5,521	74 21 233,054
Coverage ratio 0.29% 2.75%	26.73% 19.23% 0.36%

Stage 1 Stage 2 The Company $m $m	Stage 3 Collectively assessed Individually assessed Total $m $m $m
As at 30 September 2025 Strong 175,480 1,212 Satisfactory 21,768 2,169 Weak 543 619 Defaulted - -
	- - 176,692
	- - 23,937
	- - 1,162
	110 66 176
Gross undrawn and contingent facilities subject to ECL 197,791 4,000 Allowance for ECL included in Other provisions (refer to Note 21) (563) (95)	110 66 201,967
	(24) (33) (715)
Net undrawn and contingent facilities subject to ECL 197,228 3,905	86 33 201,252
Coverage ratio 0.28% 2.38%	21.82% 50.00% 0.35%
As at 30 September 2024 Strong 169,168 1,317 Satisfactory 21,053 2,225 Weak 668 522 Defaulted - -	- - 170,485 - - 23,278 - - 1,190 66 17 83
Gross undrawn and contingent facilities subject to ECL 190,889 4,064 Allowance for ECL included in Other provisions (refer to Note 21) (573) (96)	66 17 195,036 (22) (2) (693)
Net undrawn and contingent facilities subject to ECL 190,316 3,968	44 15 194,343
Coverage ratio 0.30% 2.36%	33.33% 11.76% 0.36%

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17. Financial risk management (continued)

Credit risk (continued)

Investment securities - debt securities at amortised cost

Investment securities - debt securities at amortised cost
Stage 1 Consolidated $m	Stage 3 Stage 2 Collectively assessed Individually assessed Total $m $m $m $m
As at 30 September 2025 Strong 5,937 Satisfactory 193 Weak 1,424
	- - - 5,937
	- - - 193
	- - - 1,424
Gross investment securities - debt securities at amortised cost 7,554 Allowance for ECL (34)	- - - 7,554
	- - - (34)
Net investment securities - debt securities at amortised cost 7,520	- - - 7,520
Coverage ratio 0.45%	- - - 0.45%
As at 30 September 2024 Strong 5,535 Satisfactory 72 Weak 1,518	- - - 5,535 - - - 72 - - - 1,518
Gross investment securities - debt securities at amortised cost 7,125 Allowance for ECL (34)	- - - 7,125 - - - (34)
Net investment securities - debt securities at amortised cost 7,091	- - - 7,091
Coverage ratio 0.48%	- - - 0.48%

Stage 1 Stage 2 The Company $m $m	Stage 3 Collectively assessed Individually assessed Total $m $m $m
As at 30 September 2025 Strong 5,776 Satisfactory 153 Weak 45
	- - - 5,776
	- - - 153
	- - - 45
Gross investment securities - debt securities at amortised cost 5,974 Allowance for ECL (3)	- - - 5,974
	- - - (3)
Net investment securities - debt securities at amortised cost 5,971	- - - 5,971
Coverage ratio 0.05% -	- - 0.05%
As at 30 September 2024 Strong 5,273 Satisfactory 41 Weak 43	- - - 5,273 - - - 41 - - - 43
Gross investment securities - debt securities at amortised cost 5,357 Allowance for ECL (1)	- - - 5,357 - - - (1)
Net investment securities - debt securities at amortised cost 5,356	- - - 5,356
Coverage ratio 0.02%	- - - 0.02%

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Credit risk (continued)

Investment securities - debt securities at FVOCI

Investment securities - debt securities at FVOCI
Stage 1 Consolidated $m	Stage 2 $m	Stage 3 Collectively assessed Individually assessed Total $m $m $m
As at 30 September 2025 Strong 156,373
	-	- - 156,373
Investment securities - debt securities at FVOCI 156,373 Allowance for ECL recognised in Other comprehensive income (13)	-	- - 156,373
	-	- - (13)
Coverage ratio 0.01%	-	- - 0.01%
As at 30 September 2024 Strong 131,944	-	- - 131,944
Investment securities - debt securities at FVOCI 131,944 Allowance for ECL recognised in Other comprehensive income (20)	- -	- - 131,944 - - (20)
Coverage ratio 0.02%	-	- - 0.02%
Stage 1 Stage 2 The Company $m $m As at 30 September 2025 Strong 128,972 - Satisfactory - - Investment securities - debt securities at FVOCI 128,972 - Allowance for ECL recognised in Other comprehensive income (9) - Coverage ratio 0.01% - As at 30 September 2024 Strong 107,388 - Satisfactory - - Investment securities - debt securities at FVOCI 107,388 - Allowance for ECL recognised in Other comprehensive income (14) - Coverage ratio 0.01% -		Stage 3 Collectively assessed Individually assessed Total $m $m $m

		- - 128,972
		- - -
		- - 128,972
		- - (9)
		- - 0.01%
		- - 107,388 - - -
		- - 107,388 - - (14)
		- - 0.01%

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17. Financial risk management (continued)

Credit risk (continued)

Other financial assets

Other financial assets
	Consolidated The Company 2025 2024 2025 2024 $m $m $m $m
Strong Satisfactory1 Weak	234,025 250,471 242,327 255,180 21,170 7,954 20,673 7,474 569 534 238 188
Total carrying amount	255,764 258,959 263,238 262,842

Includes Investment Securities - debt securities at FVTPL of $692 million (2024: $162 million) for the Group and $692 million (2024: $162 million) for the Company.

Concentrations of credit risk

Credit risk becomes concentrated when a number of customers are engaged in similar activities, have similar economic characteristics, or have similar activities within the same geographic region – therefore, they may be similarly affected by changes in economic or other conditions. The Group monitors its credit portfolio to manage risk concentration and rebalance the portfolio. The Group also applies single customer counterparty limits to protect against unacceptably large exposures to one single customer.

Composition of financial instruments that give rise to credit risk by industry group are presented below:

Consolidated	Loans Other financial Off-balance sheet credit related and advances assets commitments Total
	2025 20241 2025 20241 2025 20242 2025 2024 $m $m $m $m $m $m $m $m
Agriculture, forestry, fishing and mining Business services Construction Electricity, gas and water supply Entertainment, leisure and tourism Financial, investment and insurance Government and official institutions Manufacturing Personal lending Property services Retail trade Transport and storage Wholesale trade Other	41,326 41,510 785 827 13,517 13,442 55,628 55,779 7,845 7,992 227 210 5,968 5,326 14,040 13,528 6,508 6,248 46 47 6,657 7,449 13,211 13,744 11,590 8,370 876 853 11,192 9,959 23,658 19,182 13,750 14,142 91 134 3,829 3,401 17,670 17,677 86,293 82,561 265,023 261,692 51,424 50,236 402,740 394,489 2,436 4,303 143,039 125,591 1,173 1,152 146,648 131,046 26,053 29,067 1,573 995 23,205 24,172 50,831 54,234 510,894 492,042 1,449 1,649 67,961 62,513 580,304 556,204 69,285 63,667 1,452 960 19,513 19,429 90,250 84,056 11,480 11,164 71 129 6,418 6,698 17,969 17,991 11,644 10,998 790 728 8,736 7,841 21,170 19,567 12,706 13,736 1,107 903 11,439 10,795 25,252 25,434 18,191 18,185 3,162 3,310 11,062 11,487 32,415 32,982
Gross total Allowance for ECL	830,001 803,985 419,691 398,028 242,094 233,900 1,491,7861,435,913 (3,874) (3,675) (34) (34) (870) (846) (4,778) (4,555)
Subtotal	826,127 800,310 419,657 397,994 241,224 233,054 1,487,0081,431,358
Unearned income Capitalised brokerage and other origination costs	(641) (515) - - - - (641) (515) 4,500 4,237 - - - - 4,500 4,237
Maximum exposure to credit risk	829,986 804,032 419,657 397,994 241,224 233,054 1,490,8671,435,080

Comparative information have been restated to conform with the basis of preparation in the current year to better reflect the nature of the underlying balances.
2024 was restated to exclude commitments that can be unconditionally cancelled at any time without notice as they are not subject to ECL.

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Credit risk (continued)

Composition of financial instruments that give rise to credit risk by industry group are presented below:

The Company	Loans Other financial Off-balance sheet credit related and advances assets commitments Total
	2025 20241 2025 20241 2025 20242 2025 2024 $m $m $m $m $m $m $m $m
Agriculture, forestry, fishing and mining Business services Construction Electricity, gas and water supply Entertainment, leisure and tourism Financial, investment and insurance Government and official institutions Manufacturing Personal lending Property services Retail trade Transport and storage Wholesale trade Other	23,024 22,415 734 764 11,579 11,632 35,337 34,811 6,958 7,093 208 201 5,334 4,810 12,500 12,104 5,100 4,678 39 39 5,636 6,115 10,775 10,832 10,452 7,780 563 639 9,551 8,818 20,566 17,237 11,876 11,813 77 106 3,367 3,050 15,320 14,969 82,798 79,505 274,403 266,738 49,879 48,679 407,080 394,922 2,430 4,274 113,973 100,134 565 394 116,968 104,802 22,709 25,274 1,486 922 20,599 22,000 44,794 48,196 347,395 330,984 813 901 45,321 41,208 393,529 373,093 53,790 48,737 1,286 799 17,568 17,236 72,644 66,772 9,713 9,262 63 106 5,546 5,956 15,322 15,324 10,525 9,930 765 661 7,781 7,071 19,071 17,662 10,850 11,676 1,054 866 9,836 9,358 21,740 21,900 15,360 15,478 2,721 2,711 9,405 8,709 27,486 26,898
Gross total Allowance for ECL	612,980 588,899 398,185 375,587 201,967 195,036 1,213,1321,159,522 (2,952) (2,715) (3) (1) (715) (693) (3,670) (3,409)
Subtotal	610,028 586,184 398,182 375,586 201,252 194,343 1,209,4621,156,113
Unearned income Capitalised brokerage and other origination costs	(599) (489) - - - - (599) (489) 3,426 3,303 - - - - 3,426 3,303
Maximum exposure to credit risk	612,855 588,998 398,182 375,586 201,252 194,343 1,212,2891,158,927

Comparative information have been restated to conform with the basis of preparation in the current year to better reflect the nature of the underlying balances.
2024 was restated to exclude commitments that can be unconditionally cancelled at any time without notice as they are not subject to ECL.

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17. Financial risk management (continued)

Credit risk (continued)

Collateral management

We use collateral for on and off-balance sheet exposures to mitigate credit risk if a counterparty cannot meet its repayment obligations. Where there is sufficient collateral, an expected credit loss is not recognised. This is largely the case for certain lending products, such as margin loans and reverse repurchase agreements that are secured by the securities purchased using the lending. For some products, the collateral provided by customers is fundamental to the product’s structuring, so it is not strictly the secondary source of repayment - for example, lending secured by trade receivables is typically repaid by the collection of those receivables. During the period there was no change in our collateral policies.

The nature of collateral or security held for the relevant classes of financial assets is as follows:

Net loans and advances

Net loans and advances
Loans - housing and	Housing loans are secured by mortgage(s) over property and additional security may take the form of
personal	guarantees and deposits.
	Personal lending (including credit cards and overdrafts) is predominantly unsecured. If we take security, then it
	is restricted to eligible vehicles, motor homes and other assets.
Loans - business	Business loans may be secured, partially secured or unsecured. Typically, we take security by way of a
	mortgage over property and/or a charge over the business or other assets.
	If appropriate, we may take other security to mitigate the credit risk, such as guarantees, standby letters of
	credit or derivative protection.
Other financial assets
Trading assets, Investment	For trading assets, we do not seek collateral directly from the issuer or counterparty. However, the collateral
securities, Derivatives and	may be implicit in the terms of the instrument (for example, with an asset-backed security). The terms of debt
Other financial assets	securities may include collateralisation.
	For derivatives we will have large individual exposures to single name counterparties such as central clearing
	houses, financial institutions, and other institutional clients. Open derivative positions with these counterparties
	are aggregated and cash collateral (or other forms of eligible collateral) is exchanged daily through the
	respective Credit Support Annex agreements. The collateral is provided by the counterparty when their position
	is out of the money (or provided to the counterparty by the Group when our position is out of the money).
	Credit risk will remain where the full amount of the derivative exposure is not covered by any collateral.
Off-balance sheet positions
Undrawn and contingent	Collateral for off-balance sheet positions is mainly held against undrawn facilities, and they are typically
facilities	performance bonds or guarantees. Undrawn facilities that are secured include housing loans secured by
	mortgages over residential property and business lending secured by commercial real estate and/or charges
	over business assets.

The table below shows the estimated value of collateral we hold and the net unsecured portion of credit exposures:

Consolidated	Maximum exposure to credit risk Total value of collateral1 Unsecured portion of credit exposure
	2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m
Net loans and advances Other financial assets Off-balance sheet positions	829,986 804,032 698,418 667,130 131,568 136,902 419,657 397,994 67,960 51,732 351,697 346,262 241,224 233,054 87,629 80,258 153,595 152,796
Total	1,490,867 1,435,080 854,007 799,120 636,860 635,960

The Company	Maximum exposure to credit risk Total value of collateral1 Unsecured portion of credit exposure	Maximum exposure to credit risk Total value of collateral1 Unsecured portion of credit exposure
	2025 2024 2025 $m $m $m	2024 2025 2024 $m $m $m
Net loans and advances Other financial assets Off-balance sheet positions	612,855 588,998 493,566 398,182 375,586 61,133 201,252 194,343 60,363	463,804 119,289 125,194 46,950 337,049 328,636 52,804 140,889 141,539
Total	1,212,289 1,158,927 615,062	563,558 597,227 595,369

In estimating the value of collateral for housing loans, customers are assumed to be meeting their insurance obligations for the properties over which the mortgages are secured.

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Market risk

Market risk overview, management and control responsibilities

Market risk stems from the Group’s trading and balance sheet management activities and the impact of changes and correlations between interest rates, foreign exchange rates, credit spreads, commodities, equities and the volatility within these asset classes.

Within overall strategies and policies established by the BRC, business units and risk management have joint responsibility for the control of market risk at the Group level. The Market Risk team (a specialist risk management unit independent of the business) allocates market risk limits at various levels and monitors and reports on them daily. This detailed framework allocates individual limits to manage and control exposures using risk factors and profit and loss limits.

Management, measurement and reporting of market risk is undertaken in two broad categories :

Traded Market Risk Non-Traded Market Risk

Risk of loss from changes in the value of financial instruments due to movements in price factors for both physical and derivative trading positions. Principal risk categories monitored are:

Currency risk – potential loss arising from changes in foreign exchange rates or their implied volatilities.
Interest rate risk – potential loss from changes in market interest rates or their implied volatilities.

Risk of loss associated with the management of non-traded interest rate risk, liquidity risk and foreign exchange exposures. This includes interest rate risk in the banking book. This risk of loss arises from adverse changes in the overall and relative level of interest rates for different tenors, differences in the actual versus expected net interest margin, and the potential valuation risk associated with embedded options in financial instruments and bank products.

Credit spread risk – potential loss arising from a movement in margin or spread relative to a benchmark.
Commodity risk – potential loss arising from changes in commodity prices or their implied volatilities.
Equity risk – potential loss arising from changes in equity prices.

Measurement of market risk

We primarily manage and control market risk using Value at Risk (VaR), sensitivity analysis and stress testing.

VaR measures the Group’s possible daily loss based on historical market movements. The Group’s VaR approach for both traded and non-traded risk is historical simulation. We use historical changes in market rates, prices and volatilities over a 500 business day window using a one-day holding period. Back testing is used to ensure our VaR models remain accurate.

The Group measures VaR at a 99% confidence interval which means there is a 99% chance that a loss will not exceed the VaR for the relevant holding period.

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17. Financial risk management (continued)

Market risk (continued)

Traded and non-traded market risk

Traded market risk

The table below shows the traded market risk VaR on a diversified basis by risk categories :

Consolidated	Total Group 2025 2024 As at As at $m $m 1.7 3.2 3.9 6.5 2.9 5.7 8.9 3.3 - - (8.6) (10.0)	Total Group (excl. Suncorp Bank) 2025 2024
		As at High for year Low for year Average for year As at High for year Low for year Average for year $m $m $m $m $m $m $m $m
Traded value at risk 99% confidence Foreign exchange Interest rate Credit Commodities Equity Diversification benefit1		1.9 8.9 1.7 3.4 3.2 11.5 2.2 5.0 3.8 8.5 3.8 5.5 6.4 19.2 4.8 8.7 2.9 8.2 1.8 4.1 5.7 8.1 4.2 6.7 8.9 11.3 2.3 6.3 3.3 5.0 1.8 2.9 - - - - - - - - (8.8) n/a n/a (9.6) (9.9) n/a n/a (10.2)
Total VaR	8.8 8.7	8.7 13.5 6.8 9.7 8.7 22.5 8.0 13.1

The Company	2025 2024
	As at High for year Low for year Average for year As at High for year Low for year Average for year $m $m $m $m $m $m $m $m
Traded value at risk 99% confidence Foreign exchange Interest rate Credit Commodity Equity Diversification benefit1	1.8 9.1 1.8 3.1 3.4 7.7 1.9 4.4 4.0 7.4 3.8 5.3 5.6 18.4 4.7 8.5 3.0 8.1 1.6 3.9 5.5 7.9 4.2 6.4 9.2 11.5 2.1 6.0 2.6 5.0 1.6 2.5 - - - - - - - - (9.6) n/a n/a (9.1) (9.0) n/a n/a (9.2)
Total VaR	8.4 13.5 6.3 9.2 8.1 24.6 6.7 12.6

The diversification benefit reflects risks that offset across categories. The high and low VaR figures reported for each factor did not necessarily occur on the same day as the high and low VaR reported for the Group as a whole. Consequently, a diversification benefit for high and low would not be meaningful and is therefore omitted from the table.

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Market risk (continued)

Non-traded market risk

Balance sheet risk management

The principal objectives of balance sheet risk management are to maintain acceptable levels of interest rate and liquidity risk to mitigate the negative impact of movements in interest rates on the earnings and market value of the Group’s banking book, while ensuring the Group maintains sufficient liquidity to meet its obligations as they fall due.

Interest rate risk management

Non-traded interest rate risk relates to the potential adverse impact of changes in market interest rates on the Group’s future Net interest income. This risk arises from two principal sources, namely mismatches between the repricing dates of interest bearing assets and liabilities; and the investment of capital and other non-interest bearing liabilities and assets. Interest rate risk is reported using VaR and scenario analysis (based on the impact of a 1% rate shock). The table below shows VaR figures for non-traded interest rate risk for the combined Group as well as Australia, New Zealand and Rest of World geographies which are calculated separately.

Consolidated	Total Group 2025 2024 As at As at $m $m	Total Group (excl. Suncorp Bank) 2025 2024
		As at High for year Low for year Average for year As at High for year Low for year Average for year $m $m $m $m $m $m $m $m
Non-traded value at risk 99% Australia New Zealand Rest of World Diversification benefit1		99.3 99.3 84.4 91.8 97.7 97.7 70.8 78.9 23.6 25.5 20.6 23.1 27.4 28.2 24.3 25.9 29.7 37.7 22.3 31.5 32.9 39.5 29.0 34.8 (51.0) n/a n/a (48.8) (63.0) n/a n/a (46.9)
	98.8 96.8 23.6 27.4 29.7 32.9 (51.4) (62.2)
Total VaR	100.7 94.9	101.6 101.8 94.6 97.6 95.0 99.5 81.3 92.7
The Company		2025 2024
		As at High for year Low for year Average for year As at High for year Low for year Average for year $m $m $m $m $m $m $m $m
Non-traded value at risk 99% Australia New Zealand Rest of World Diversification benefit1		99.3 99.3 84.4 91.8 97.7 97.7 70.8 78.9 - 0.1 - - 0.0 0.1 0.0 0.0 29.1 38.5 22.4 31.9 33.5 39.7 31.1 36.6 (32.3) n/a n/a (30.0) (37.8) n/a n/a (31.8)
Total VaR		96.1 99.7 89.6 93.7 93.4 93.4 74.2 83.7

The diversification benefit reflects risks that offset across categories. The high and low VaR figures reported for each factor did not necessarily occur on the same day as the high and low VaR reported for the Group as a whole. Consequently, a diversification benefit for high and low would not be meaningful and is therefore omitted from the table.

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17. Financial risk management (continued)

Market risk (continued)

We undertake scenario analysis to stress test the impact of extreme events on the Group’s market risk exposures (excluding Suncorp Bank). We model a 1% overnight parallel positive shift in the yield curve to determine the potential impact on our Net interest income over the next 12 months. This is a standard risk measure which assumes the parallel shift is reflected in all wholesale and customer rates.

The table below shows the outcome of this risk measure for the current and previous financial years, expressed as a percentage of reported Net interest income.

income.
	Consolidated		The Company
	2025	2024	2025	2024
Impact of 1% rate shock on the next 12 months' net interest income
As at period end	1.52%	0.68%	1.48%	0.38%
Maximum exposure	1.58%	1.20%	1.53%	1.06%
Minimum exposure	1.09%	0.27%	0.89%	0.09%
Average exposure (in absolute terms)	1.33%	0.78%	1.17%	0.61%

Equity securities designated at FVOCI

Our investment securities contain equity investment holdings which predominantly comprise Bank of Tianjin and other unlisted equities. The market risk impact on these equity investments is not captured by the Group’s VaR processes for traded and non-traded market risks. Therefore, the Group regularly reviews the valuations of the investments within the portfolio and assesses whether the investments are appropriately measured based on the recognition and measurement policies set out in Note 11 Investment securities.

Foreign currency risk – structural exposures

Our investment of capital in foreign operations - for example, branches, subsidiaries or associates with functional currencies other than the Australian Dollar - exposes the Group to the risk of changes in foreign exchange rates. Variations in the value of these foreign operations arising as a result of exchange differences are reflected in the foreign currency translation reserve in equity. Where considered appropriate, the Group enters into hedges of the foreign exchange exposures from its foreign operations.

Similarly, the Group may enter into economic hedges against larger foreign exchange denominated revenue streams (primarily New Zealand Dollar, US Dollar and US Dollar correlated). The primary objective of hedging is to ensure that, if practical, the effect of changes in foreign exchange rates on the consolidated capital ratios are minimised.

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Liquidity and funding risk

Liquidity risk overview, management and control responsibilities

Liquidity risk is the risk that the Group is either:

unable to meet its payment obligations (including repaying depositors or maturing wholesale debt) when they fall due; or
does not have the appropriate amount, tenor and composition of funding and liquidity to fund increases in its assets.

Management of liquidity and funding risks are overseen by GALCO. The Group’s liquidity and funding risks are governed by a set of Board-approved principles and include:

maintaining the ability to meet all payment obligations in the immediate term;
ensuring that the Group maintains Board-approved ‘survival horizons’ under a range of idiosyncratic, and general market, liquidity stress scenarios, at a country and Group-wide level, to meet cash flow obligations over the short to medium term;
maintaining strength in the Group’s balance sheet structure to ensure long term resilience in the liquidity and funding risk profile;
ensuring the liquidity management framework is compatible with local regulatory requirements;
preparing daily liquidity reports and scenario analysis to quantify the Group’s positions;
targeting a diversified funding base to avoid undue concentrations by investor type, maturity, market source and currency;
holding a portfolio of high-quality liquid assets to protect against adverse funding conditions and to support day-to-day operations; and
establishing detailed contingency plans to cover different liquidity crisis events.

The Group operates under a non-operating holding company structure whereby:

ANZBGL operates its own liquidity and funding program, governance frameworks and reporting regime reflecting its ADI operations;
ANZGHL (parent entity) has no material liquidity risk given the structure and nature of the balance sheet; and
ANZ Non-Bank Group is not expected to have separate funding arrangements and will rely on ANZGHL for funding.

A separate liquidity policy has been established for ANZGHL and ANZBGL Group to reflect the differing nature of liquidity risk inherent in each business model. ANZGHL will ensure that the parent entity and ANZ Non-Bank Group holds sufficient cash reserves to meet operating and financing requirements.

Key areas of measurement for liquidity risk

Scenario modelling of funding sources

Group’s liquidity risk appetite is defined by a range of regulatory and internal liquidity metrics mandated by the ANZBGL Board. The metrics cover a range of scenarios of varying duration and level of severity.

The objective of this framework is to:

Provide protection against shorter term extreme market dislocation and stress.
Maintain structural strength in the balance sheet by ensuring that an appropriate amount of longer-term assets are funded with longer-term funding.
Ensure that no undue timing concentrations exist in the Group’s funding profile.

Key components of this framework include the Liquidity Coverage Ratio (LCR), which is a severe short term liquidity stress scenario, the Net Stable Funding Ratio (NSFR), a longer-term structural liquidity measure (both of which are mandated by banking regulators including APRA), and internally-developed liquidity scenarios for stress-testing purposes.

Liquid assets

Group holds a portfolio of high quality (unencumbered) liquid assets to protect Group’s liquidity position in a severely stressed environment and to meet regulatory requirements. High quality liquid assets comprise three categories consistent with Basel III LCR requirements:

Highest-quality liquid assets - cash and highest credit quality government, central bank or public sector securities eligible for repurchase with central banks to provide same-day liquidity.
High-quality liquid assets - high credit quality government, central bank or public sector securities, high quality corporate debt securities and highquality covered bonds eligible for repurchase with central banks to provide same-day liquidity.
Alternative liquid assets (ALA) - eligible securities listed by RBNZ.

Group monitors and manages the size and composition of its liquid assets portfolio on an ongoing basis in line with regulatory requirements and the risk appetite set by the ANZBGL Board.

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17. Financial risk management (continued)

Liquidity and funding risk (continued)

Liquidity risk outcomes[1]

Liquidity Coverage Ratio - ANZBGL’s Liquidity Coverage Ratio (LCR) averaged 132% for 2025, (2024: 133%) and above the regulatory minimum of 100%.

Net Stable Funding Ratio - ANZBGL’s Net Stable Funding Ratio (NSFR) as at 30 September 2025 was 115% (2024: 116%), above the regulatory minimum of 100%.

This information is not within the scope of the external audit of the Group Financial Report by the Group’s external auditor, KPMG. The Liquidity Coverage Ratio and Net Stable Funding Ratio are non-IFRS disclosures and are disclosed as part of the Group's APS 330 Public Disclosure and disclosed in APRA Reporting Form ARF 210 Liquidity which will be subject to specific procedures in accordance with Prudential Standard APS 310 Audit and Related Matters .

Liquidity crisis contingency planning

Group maintains APRA-endorsed liquidity crisis contingency plans for analysing and responding to a liquidity threatening event at a country and Groupwide level. Key liquidity contingency crisis planning requirements and guidelines include:

Ongoing business management Early signs/mild stress Severe stress • establish crisis/severity levels • monitoring and review • activate contingency funding plans • liquidity limits • management actions not requiring • management actions for altering asset and liability business rationalisation behaviour
early warning indicators
Assigned responsibility for internal and external communications and the appropriate timing to communicate.

Since the precise nature of any stress event cannot be known in advance, we design the plans to be flexible to the nature and severity of the stress event with multiple variables able to be accommodated in any plan .

Group funding

The Group monitors the composition and stability of its funding so that it remains within the Group’s funding risk appetite. This approach ensures that an appropriate proportion of the Group’s assets are funded by stable funding sources, including customer deposits; longer-dated wholesale funding (with a remaining term exceeding one year); and equity.

Funding plans prepared Considerations in preparing funding plans

3 year strategic plan prepared annually
annual funding plan as part of the Group’s planning process
forecasting in light of actual results as a calibration to the annual plan
customer balance sheet growth
changes in wholesale funding including: targeted funding volumes; markets; investors; tenors; and currencies for senior, secured, subordinated, hybrid transactions and market conditions
liquidity stress testing

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Notes to the consolidated financial statements (continued)

17. Financial risk management (continued)

Liquidity and funding risk (continued)

Residual contractual maturity analysis of the group’s liabilities

The tables below provide residual contractual maturity analysis of financial liabilities as at 30 September within relevant maturity groupings. All outstanding debt issuance and subordinated debt is profiled on the earliest date on which the Group may be required to pay. All at-call liabilities are reported in the ‘Less than 3 months’ category unless there is a longer minimum notice period. The amounts represent principal and interest cash flows and therefore may differ from equivalent amounts reported on Balance Sheet.

It should be noted that this is not how the Group manages its liquidity risk. The management of this risk is detailed on page 150.

	Less than	3 to 12	1 to 5	After
	3 months	months	years	5 years	Total
Consolidated	$m	$m	$m	$m	$m
As at 30 September 2025
Settlement balances owed by ANZ	31,144	-	-	-	31,144
Collateral received	7,428	-	-	-	7,428
Deposits and other borrowings	793,371	157,254	12,472	174	963,271
Liability for acceptances	222	-	-	-	222
Debt issuances1	9,987	43,588	115,444	23,013	192,032
Derivative liabilities (excluding those held for balance sheet management)2	40,814				40,814
Lease liabilities	104	275	876	960	2,215
Derivative assets and liabilities (balance sheet management)3
- Funding:
Receive leg	(49,005)	(71,961)	(89,534)	(16,260)	(226,760)
Pay leg	49,288	70,441	87,590	15,939	223,258
- Other balance sheet management:
Receive leg	(148,344)	(38,507)	(42,114)	(22,286)	(251,251)
Pay leg	146,126	36,191	39,138	21,043	242,498
As at 30 September 2024
Settlement balances owed by ANZ	16,188	-	-	-	16,188
Collateral received	6,583	-	-	-	6,583
Deposits and other borrowings	744,041	158,247	11,040	199	913,527
Liability for acceptances	425	-	-	-	425
Debt issuances1	8,327	36,858	112,728	20,384	178,297
Derivative liabilities (excluding those held for balance sheet management)2	47,622	-	-	-	47,622
Lease liabilities	105	313	917	947	2,282
Derivative assets and liabilities (balance sheet management)3
- Funding:
Receive leg	(66,248)	(60,183)	(83,371)	(14,359)	(224,161)
Pay leg	66,981	60,260	84,472	14,661	226,374
- Other balance sheet management:
Receive leg	(189,769)	(42,388)	(36,763)	(21,831)	(290,751)
Pay leg	185,946	40,718	33,393	19,266	279,323

Callable wholesale debt instruments have been included at their next call date. Balance includes subordinated debt instruments that may be settled in cash or in equity, at the option of the Group and subordinated debt issued by ANZ New Zealand which constitutes Tier 2 capital under RBNZ requirements but does not qualify as the APRA Tier 2 requirements.
The full mark-to-market after any adjustments for Settle to Market of derivative liabilities (excluding those held for balance sheet management) is included in the ‘Less than 3 months’ category.
Includes derivatives designated into hedging relationships of $338 million (2024: $456 million) and $2,750 million (2024: $7,176 million) categorised as held for trading but form part of the Group’s balance sheet managed activities.

At 30 September 2025, $193,177 million (2024: $184,890 million) of the Group’s undrawn facilities and $48,917 million (2024: $49,010 million) of its issued guarantees mature in less than 1 year, based on the earliest date on which the Group may be required to pay.

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17. Financial risk management (continued)

Liquidity and funding risk (continued)

Liquidity and funding risk (continued)
	Less than	3 to 12	1 to 5	After
	3 months	months	years	5 years	Total
The Company	$m	$m	$m	$m	$m
As at 30 September 2025
Settlement balances owed by ANZ	27,189	-	-	-	27,189
Collateral received	6,579	-	-	-	6,579
Deposits and other borrowings	629,810	119,311	6,777	170	756,068
Liability for acceptances	191	-	-	-	191
Debt issuances1	8,670	34,992	87,918	20,973	152,553
Derivative liabilities (excluding those held for balance sheet management)2	44,833				44,833
Lease liabilities	82	210	656	793	1,741
Derivative assets and liabilities (balance sheet management)3
- Funding:
Receive leg	(45,806)	(62,809)	(71,426)	(15,446)	(195,487)
Pay leg	46,086	61,848	70,843	15,166	193,943
- Other balance sheet management:
Receive leg	(138,769)	(33,681)	(34,322)	(20,873)	(227,645)
Pay leg	136,414	31,317	31,279	19,587	218,597
As at 30 September 2024
Settlement balances owed by ANZ	11,317	-	-	-	11,317
Collateral received	6,061	-	-	-	6,061
Deposits and other borrowings	589,605	114,499	4,813	197	709,114
Liability for acceptances	329	-	-	-	329
Debt issuances1	6,780	30,135	86,529	17,705	141,149
Derivative liabilities (excluding those held for balance sheet management)2	52,979	-	-	-	52,979
Lease liabilities	84	249	685	768	1,786
Derivative assets and liabilities (balance sheet management)3
- Funding:
Receive leg	(63,238)	(52,317)	(65,194)	(12,371)	(193,120)
Pay leg	63,728	52,291	66,280	12,677	194,976
- Other balance sheet management:
Receive leg	(185,273)	(36,714)	(29,311)	(20,391)	(271,689)
Pay leg	181,397	35,094	26,075	17,776	260,342

Callable wholesale debt instruments have been included at their next call date. Balance includes subordinated debt instruments that may be settled in cash or in equity, at the option of the Company.
The full mark-to-market after any adjustments for Settle to Market of derivative liabilities (excluding those held for balance sheet management) is included in the ‘Less than 3 months’ category.
Includes derivatives designated into hedging relationships of $162 million (2024: $210 million) and $2,774 million (2024: $4,278 million) categorised as held for trading but form part of the Company’s balance sheet managed activities.

At 30 September 2025, $156,745 million (2024: $149,577 million) of the Company’s undrawn facilities and $45,221 million (2024: $45,459 million) of its issued guarantees mature in less than 1 year, based on the earliest date on which the Company may be required to pay.

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Notes to the consolidated financial statements (continued)

18. Fair value of financial assets and financial liabilities

Classification of financial assets and financial liabilities

The Group recognises and measures financial instruments at either fair value or amortised cost, with a significant number of financial instruments on the Balance Sheet at fair value.

Fair value is the best estimate of the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

The following table sets out the classification of financial assets and liabilities according to their measurement bases together with their carrying amounts as recognised on the Balance Sheet.

as recognised on the Balance Sheet.
Consolidated Note	2025 2024
	At amortised cost At fair value Total At amortised cost At fair value Total $m $m $m $m $m $m
Financial assets Cash and cash equivalents 8 Settlement balances owed to ANZ Collateral paid Trading assets 9 Derivative financial instruments 10 Investment securities 11 Net loans and advances 12 Regulatory deposits Other financial assets	105,965 49,244 155,209 113,710 37,255 150,965 23,394 - 23,394 5,484 - 5,484 9,831 - 9,831 10,090 - 10,090 - 48,248 48,248 - 45,755 45,755 - 47,480 47,480 - 54,370 54,370 7,520 158,020 165,540 7,091 133,171 140,262 799,588 30,398 829,986 779,246 24,786 804,032 541 - 541 665 - 665 4,042 - 4,042 4,547 - 4,547
Total	950,881 333,390 1,284,271 920,833 295,337 1,216,170
Financial liabilities Settlement balances owed by ANZ Collateral received Deposits and other borrowings 14 Derivative financial instruments 10 Payables and other liabilities 15 Debt issuances 16	31,144 - 31,144 16,188 - 16,188 7,428 - 7,428 6,583 - 6,583 898,713 57,688 956,401 862,165 43,001 905,166 - 43,902 43,902 - 55,254 55,254 11,187 3,960 15,147 12,571 6,023 18,594 166,504 2,770 169,274 154,572 1,816 156,388
Total	1,114,976 108,320 1,223,296 1,052,079 106,094 1,158,173

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18. Fair value of financial assets and financial liabilities ( continued)

Classification of financial assets and financial liabilities (continued)

The Company Note	2025 2024
	At amortised cost At fair value Total At amortised cost At fair value Total $m $m $m $m $m $m
Financial assets Cash and cash equivalents 8 Settlement balances owed to ANZ Collateral paid Trading assets 9 Derivative financial instruments 10 Investment securities 11 Net loans and advances 12 Regulatory deposits Due from controlled entities Other financial assets	96,920 48,140 145,060 100,892 36,396 137,288 22,030 - 22,030 5,019 - 5,019 8,552 - 8,552 8,797 - 8,797 - 40,608 40,608 - 38,427 38,427 - 50,531 50,531 - 57,627 57,627 5,971 130,614 136,585 5,356 108,610 113,966 583,639 29,216 612,855 564,559 24,439 588,998 245 - 245 222 - 222 22,443 1,947 24,390 21,864 2,451 24,315 2,895 - 2,895 3,090 - 3,090
Total	742,695 301,056 1,043,751 709,799 267,950 977,749
Financial liabilities Settlement balances owed by ANZ Collateral received Deposits and other borrowings 14 Derivative financial instruments 10 Due to controlled entities Payables and other liabilities 15 Debt issuances 16	27,189 - 27,189 11,317 - 11,317 6,579 - 6,579 6,061 - 6,061 700,582 50,991 751,573 662,910 40,960 703,870 - 47,769 47,769 - 57,467 57,467 26,731 324 27,055 25,560 100 25,660 8,378 3,775 12,153 8,797 5,677 14,474 129,703 3,788 133,491 120,155 2,795 122,950
Total	899,162 106,647 1,005,809 834,800 106,999 941,799

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Notes to the consolidated financial statements (continued)

18. Fair value of financial assets and financial liabilities (continued)

Financial assets and financial liabilities measured at fair value

The fair valuation of financial assets and financial liabilities is generally determined at the individual instrument level.

If the Group holds offsetting risk positions, then the portfolio exception in AASB 13 Fair Value Measurement (AASB 13) is used to measure the fair value of such groups of financial assets and financial liabilities. The Group measures the portfolio based on the price that would be received to sell a net long position (an asset) for a particular risk exposure, or to transfer a net short position (a liability) for a particular risk exposure.

Fair value designation

The Group designates certain loans and advances, deposits and other borrowings and debt issuances as FVTPL:

where they contain separable embedded derivatives and are managed on a fair value basis, the total fair value movements are recognised in profit or loss in the same period as the movement on any associated hedging instruments; or
in order to eliminate an accounting mismatch which would arise if the assets or liabilities were otherwise carried at amortised cost. This mismatch arises due to measuring the derivative financial instruments (used to mitigate interest rate risk of these assets or liabilities) at FVTPL.

The Group’s approach ensures that it recognises the fair value movements on the assets or liabilities in profit or loss in the same period as the movement on the associated derivatives.

The Group may also designate certain loans and advances, deposits and other borrowings and debt issuances as FVTPL where they are managed on a fair value basis to align the measurement with how the financial instruments are managed.

Fair value approach and valuation techniques

The Group uses valuation techniques to estimate the fair value of assets and liabilities for recognition, measurement and disclosure purposes where no quoted price in an active market for that asset or liability exists. This includes the following:

Asset or liability	Fair value approach
Financial instruments classified as:	Discounted cash flow techniques are used whereby contractual future cash flows of the instrument are
- Derivative financial assets and	discounted using wholesale market interest rates, or market borrowing rates for debt or loans with
financial liabilities (including trading	similar maturities or yield curves appropriate for the remaining term to maturity.
and non-trading)
- Repurchase agreements < 90 days
- Net loans and advances
- Deposits and other borrowings
- Debt issuances
Other financial instruments held for	Valuation techniques are used that incorporate observable market inputs for financial instruments with
trading:	similar credit risk, maturity and yield characteristics.
- Securities sold short	Equity securities where an active market does not exist are measured using comparable company
- Debt and equity securities	valuation multiples (such as price-to-book ratios).
Financial instruments classified as:	Valuation techniques use comparable multiples (such as price-to-book ratios) or discounted cashflow
- Investment securities – debt or equity	(DCF) techniques incorporating, to the extent possible, observable inputs from instruments with similar characteristics.

There were no significant changes to valuation approaches during the current or prior periods.

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18. Fair value of financial assets and financial liabilities (continued)

Fair value hierarchy

The Group categorises assets and liabilities carried at fair value into a fair value hierarchy in accordance with AASB 13 based on the observability of inputs used to measure the fair value:

Level 1 - valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - valuations using inputs other than quoted prices included within Level 1 that are observable for a similar asset or liability, either directly or indirectly; and
Level 3 - valuations where significant unobservable inputs are used to measure the fair value of the asset or liability.

There were no significant changes to levelling approaches during the current or prior periods. The following table presents assets and liabilities carried at fair value in accordance with the fair value hierarchy:

fair value in accordance with the fair value hierarchy:
Consolidated	Fair value measurements
	Quoted price in active markets (Level 1) Using observable inputs (Level 2) Using unobservable inputs (Level 3) Total 2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Assets Cash and cash equivalents (measured at fair value) Trading assets1 Derivative financial instruments1 Investment securities1 Net loans and advances	- - 49,244 37,255 - - 49,244 37,255 30,508 31,507 17,720 14,233 20 15 48,248 45,755 115 131 47,343 54,214 22 25 47,480 54,370 121,790 111,060 35,287 21,055 943 1,056 158,020 133,171 - - 30,310 24,429 88 357 30,398 24,786
Total	152,413 142,698 179,904 151,186 1,073 1,453 333,390 295,337
Liabilities Deposits and other borrowings (designated at fair value) Derivative financial instruments1 Payables and other liabilities Debt issuances (designated at fair value)	- - 57,688 43,001 - - 57,688 43,001 469 393 43,419 54,846 14 15 43,902 55,254 3,517 5,804 443 219 - - 3,960 6,023 - - 2,770 1,816 - - 2,770 1,816
Total	3,986 6,197 104,320 99,882 14 15 108,320 106,094

During 2025, $6,621 million of assets were transferred from Level 1 to Level 2 (2024: $1,119 million transferred from Level 1 to Level 2) and $868 million of assets were transferred from Level 2 to Level 1 (2024: $4,913 million transferred from Level 2 to Level 1) and $49 million of assets were transferred from Level 3 to Level 2 (2024: $0 million transferred from Level 3 to Level 2) for the Group due to a change in the observability of market price and/or valuation inputs. There were no other material transfers between Level 1, Level 2 and Level 3 during the year. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred.

The Company	Fair value measurements
	Quoted price in active markets (Level 1) Using observable inputs (Level 2) Using unobservable inputs (Level 3) Total 2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Assets Cash and cash equivalents (measured at fair value) Trading assets1 Derivative financial instruments1 Investment securities1 Net loans and advances Due from controlled entities	- - 48,140 36,396 - - 48,140 36,396 25,768 27,048 14,820 11,364 20 15 40,608 38,427 112 126 50,399 57,477 20 24 50,531 57,627 101,450 90,608 28,226 16,951 938 1,051 130,614 108,610 - - 29,128 24,082 88 357 29,216 24,439 19 246 1,928 2,205 - 1,947 2,451
Total	127,349 118,028 172,641 148,475 1,066 1,447 301,056 267,950
Liabilities Deposits and other borrowings (designated at fair value) Derivative financial instruments1 Payables and other liabilities Debt issuances (designated at fair value) Due to controlled entities	- - 50,991 40,960 - - 50,991 40,960 379 324 47,376 57,131 14 12 47,769 57,467 3,334 5,473 441 204 - - 3,775 5,677 - - 3,788 2,795 - - 3,788 2,795 - - 324 100 - - 324 100
Total	3,713 5,797 102,920 101,190 14 12 106,647 106,999

During 2025, $4,964 million of assets were transferred from Level 1 to Level 2 (2024: $1,119 million transferred from Level 1 to Level 2) and $751 million of assets were transferred from Level 2 to Level 1 (2024: $2,622 million transferred from Level 2 to Level 1) and $49 million of assets were transferred from Level 3 to Level 2 (2024: $0 million transferred from Level 3 to Level 2) for the Company due to a change in the observability of market price and/or valuation inputs. There were no other material transfers between Level 1, Level 2 and Level 3 during the year. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred.

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Notes to the consolidated financial statements (continued)

18. Fair value of financial assets and financial liabilities (continued)

Fair value measurement incorporating unobservable market data

Level 3 fair value measurements

Level 3 financial instruments are a net asset of $1,059 million (2024: $1,438 million) for the Group and $1,052 million (2024: $1,435 million) for the Company. The assets and liabilities which incorporate significant unobservable inputs are:

equity and debt securities for which there is no active market or traded prices cannot be observed;
loans and advances measured at fair value for which there is no observable market data; and
derivatives referencing market rates that cannot be observed primarily due to lack of market activity.

Level 3 transfers

During the year $49 million of assets were transferred from Level 3 to Level 2 due to a change in the observability of market valuations inputs for the Group or the Company (2024: no material transfers into or out of Level 3).

The material Level 3 financial instruments as at 30 September 2025 are listed as below:

i) Investment securities - equity holdings classified as FVOCI

Bank of Tianjin (BoT)

The Group holds an investment in the Bank of Tianjin. The investment is valued based on comparative price-to-book (P/B) multiples (a P/B multiple is the ratio of the market value of equity to the book value of equity). The extent of judgement applied in determining the appropriate multiple and comparator group from which the multiple is derived resulted in the Level 3 classification. As at 30 September 2025, the BoT equity holding balance was $843 million (2024: $958 million). The decrease in the BoT fair valuation was due to a change in the P/B multiple and book value used in the valuation and foreign currency translation impacts over the year.

Other equity investments

The Group holds $100 million (2024: $98 million) and the Company holds $95 million (2024: $93 million) of unlisted equities classified as FVOCI, for which there are no active markets or traded prices available, resulting in a Level 3 classification. The decrease in unlisted equity holdings balance was mainly due to a downward revaluation of the equity instruments as well as disposals during the year.

ii) Net loans and advances - classified as FVTPL

Syndicated loans

The Group holds $88 million (2024: $357 million) of syndicated loans for sale which are measured at FVTPL, for which there is no observable market data available. The decrease in the Level 3 loan balances was mainly due to scheduled repayments, a transfer of assets from Level 3 to Level 2 due to a change in the observability of market valuation inputs, as well as foreign currency translation impacts.

Sensitivity to Level 3 data inputs

When we make assumptions due to significant inputs to a valuation not being directly observable (Level 3 inputs), then changing these assumptions changes the Group’s estimate of the instrument’s fair value. Favourable and unfavourable changes are determined by changing the primary unobservable parameters used to derive the fair valuation.

Investment securities - equity holdings

The valuations of the equity investments are sensitive to variations in selected unobservable inputs, with valuation techniques used including P/B multiples and DCF. If for example, a 10% increase or decrease to the primary input into the valuations were to occur (such as the P/B multiple), it would result in a $94 million (2024: $106 million) increase or decrease in the fair value of the portfolio, which would be recognised in shareholders’ equity in the Group ($94 million for the Company (2024: $105 million)), with no impact to net profit or loss.

Net loans and advances

Syndicated loan valuations are sensitive to credit spreads in determining their fair valuation. For those syndicated loans which are primarily investment grade loans, an increase or decrease in credit spreads would have an immaterial impact on net profit or net assets of the Group. For the remaining syndicated loans, the Group may, where deemed necessary, utilise Credit Risk Insurance to mitigate the credit risks associated with those loans. The effect of this means an increase or decrease in credit spreads would also result in an immaterial impact to the net profit or net assets of the Group.

Other

The remaining Level 3 balance is immaterial and changes in inputs have a minimal impact on net profit and net assets of the Group.

Deferred fair value gains and losses

Where fair value is determined using unobservable inputs significant to the fair value of a financial instrument, the Group does not immediately recognise the difference between the transaction price and the amount determined based on the valuation technique (day one gain or loss) in profit or loss. After initial recognition, the Group recognises the deferred amount in profit or loss on a straight-line basis over the life of the transaction or until all inputs become observable. Day one gains and losses which have been deferred are not material.

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18. Fair value of financial assets and financial liabilities (continued)

Financial assets and financial liabilities not measured at fair value

The financial assets and financial liabilities listed below are carried at amortised cost on the Group’s Balance Sheet. While this is the value at which we expect the assets will be realised and the liabilities settled, the Group provides an estimate of the fair value of the financial assets and financial liabilities at balance date in the table below.

Fair values of financial assets and liabilities carried at amortised cost not included in the table below approximate their carrying values. These financial assets and liabilities are either short term in nature or are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period.

At amortised cost 2025 2024 Consolidated $m $m	Categorised into fair value hierarchy Quoted price in active markets (Level 1) Using observable inputs (Level 2) Using unobservable inputs (Level 3) Total fair value 2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Financial assets Investment securities 7,520 7,091 Net loans and advances 799,588 779,246	- - 7,523 7,078 - - 7,523 7,078 - - 12,167 17,693 788,001 761,657 800,168 779,350
Total 807,108 786,337	- - 19,690 24,771 788,001 761,657 807,691 786,428
Financial liabilities Deposits and other borrowings 898,713 862,165 Debt issuances 166,504 154,572	- - 898,984 862,368 - - 898,984 862,368 30,546 32,244 137,715 123,667 - - 168,261 155,911
Total 1,065,217 1,016,737	30,546 32,244 1,036,699 986,035 - - 1,067,2451,018,279

At amortised cost 2025 2024 The Company $m $m	Categorised into fair value hierarchy Quoted price in active markets Using observable inputs Using unobservable inputs (Level 1) (Level 2) (Level 3) Total fair value 2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Financial assets Investment securities 5,971 5,356 Net loans and advances 583,639 564,559	- - 5,974 5,355 - - 5,974 5,355 - - 11,617 17,335 572,044 547,021 583,661 564,356
Total 589,610 569,915	- - 17,591 22,690 572,044 547,021 589,635 569,711
Financial liabilities Deposits and other borrowings 700,582 662,910 Debt issuances 129,703 120,155	- - 700,668 662,965 - - 700,668 662,965 27,316 29,758 103,740 91,466 - - 131,056 121,224
Total 830,285 783,065	27,316 29,758 804,408 754,431 - - 831,724 784,189

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Notes to the consolidated financial statements (continued)

18. Fair value of financial assets and financial liabilities (continued)

Financial assets and financial liabilities not measured at fair value (continued)

The following table sets out the Group’s basis of estimating the fair values of financial assets and liabilities carried at amortised cost where the carrying value is not typically a reasonable approximation of fair value .

Financial asset and liability	Fair value approach
Investment securities - debt securities at	Calculated based on quoted market prices or observable inputs as applicable. If quoted market prices are
amortised cost	not available, we use a discounted cash flow model using a yield curve appropriate for the remaining term
	to maturity of the debt instrument. The fair value reflects adjustments to credit spreads applicable for that
	instrument.
Net loans and advances to banks	Discounted cash flows using prevailing market rates for loans with similar credit quality.
Net loans and advances to customers	Present value of future cash flows, discounted using a curve that incorporates changes in wholesale market
	rates, the Group’s cost of wholesale funding and the customer margin, as appropriate.
Deposit liability without a specified	The amount payable on demand at the reporting date. We do not adjust the fair value for any value we
maturity or at call	expect the Group to derive from retaining the deposit for a future period.
Interest bearing fixed maturity deposits	Market borrowing rates of interest for debt with a similar maturity are used to discount contractual cash
and other borrowings and acceptances	flows to derive the fair value.
with quoted market rates
Debt issuances	Calculated based on quoted market prices or observable inputs as applicable. If quoted market prices are
	not available, we use a discounted cash flow model using a yield curve appropriate for the remaining term
	to maturity of the debt instrument. The fair value reflects adjustments to credit spreads applicable to the
	Group for that instrument.

Key judgements and estimates

A significant portion of financial instruments are carried on the Balance Sheet at fair value. The Group therefore regularly evaluates the key valuation assumptions used in the determination of the fair valuation of financial instruments incorporated within the financial statements, as this can involve a high degree of judgement and estimation in determining the carrying values at the balance sheet date.

In determining the fair valuation of financial instruments, the Group has considered the impact of related economic and market conditions on fair value measurement assumptions and the appropriateness of valuation inputs in these estimates, notably valuation adjustments, as well as the impact of these matters on the classification of financial instruments in the fair value hierarchy.

Most of the valuation models the Group uses employ only observable market data as inputs. For certain financial instruments, we may use data that is not readily observable in current markets. If we use unobservable market data, then we need to exercise more judgement to determine fair value depending on the significance of the unobservable input to the overall valuation. Generally, we derive unobservable inputs from other relevant market data and compare them to observed transaction prices where available. When establishing the fair value of a financial instrument using a valuation technique, the Group also considers any required valuation adjustments in determining the fair value. We may apply adjustments (such as CVAs and FVAs – refer to Note 10 Derivative financial instruments) to reflect the Group’s assessment of factors that market participants would consider in determining fair value of a particular financial instrument.

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19. Offsetting

We offset financial assets and financial liabilities on the Balance Sheet (in accordance with AASB 132 Financial Instruments: Presentation ) when there is:

a current legally enforceable right to set off the recognised amounts in all circumstances; and
an intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability simultaneously.

The following table identifies financial assets and financial liabilities which have not been offset but are subject to enforceable master netting agreements (or similar arrangements) and the related amounts not offset in the Balance Sheet. We have not taken into account the effect of over-collateralisation.

Total amounts recognised in the Balance Sheet Amounts not subject to master netting agreement or similar Consolidated $m $m	Amount subject to master netting agreement or similar
	Total Financial instruments4 Financial collateral (received)/ pledged4 Net amount $m $m $m $m
As at 30 September 2025
Derivative financial assets1 47,480 (1,886)	45,594 (29,164) (12,710) 3,720
Reverse repurchase, securities borrowing and similar agreements2


- at amortised cost 7,184 (351)	6,833 (58) (6,775) -
- at fair value through profit or loss 74,634 (10,802)	63,832 (2,442) (61,314) 76
Total financial assets 129,298 (13,039)	116,259 (31,664) (80,799) 3,796
Derivative financial liabilities1 (43,902) 1,732	(42,170) 29,164 5,979 (7,027)
Repurchase, securities lending and similar agreements3


- at amortised cost (3,885) 2,803	(1,082) 58 1,024 -
- at fair value through profit or loss (52,254) 5,856	(46,398) 2,442 43,955 (1)
Total financial liabilities (100,041) 10,391	(89,650) 31,664 50,958 (7,028)
As at 30 September 2024 Derivative financial assets1 54,370 (3,534) Reverse repurchase, securities borrowing and similar agreements2 - at amortised cost 6,870 (1,258) - at fair value through profit or loss 57,032 (12,183)	50,836 (38,192) (7,702) 4,942 5,612 - (5,606) 6 44,849 (1,957) (42,830) 62
Total financial assets 118,272 (16,975)	101,297 (40,149) (56,138) 5,010
Derivative financial liabilities1 (55,254) 2,881 Repurchase, securities lending and similar agreements3 - at amortised cost (4,675) 2,168 - at fair value through profit or loss (39,640) 14,185	(52,373) 38,192 6,244 (7,937) (2,507) - 2,507 - (25,455) 1,957 23,484 (14)
Total financial liabilities (99,569) 19,234	(80,335) 40,149 32,235 (7,951)

Derivative assets and liabilities recognised in the Balance Sheet reflect the impact of certain central clearing collateral arrangements, whereby collateral that qualifies as legal settlement has reduced the carrying value of those associated derivative balances.
Reverse repurchase agreements:
with less than 90 days to maturity are presented in the Balance Sheet within Cash and cash equivalents; or
with 90 days or more to maturity are presented in the Balance Sheet within Net loans and advances.
Repurchase agreements are presented on the Balance Sheet within Deposits and other borrowings.
The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure of the relevant financial assets or liabilities, and any over-collateralisation is excluded from the tables.

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Notes to the consolidated financial statements (continued)

19. Offsetting (continued)

Total amounts recognised in the Balance Sheet Amounts not subject to master netting agreement or similar The Company $m $m	Amount subject to master netting agreement or similar
	Total Financial instruments4 Financial collateral (received)/ pledged4 Net amount $m $m $m $m
As at 30 September 2025
Derivative financial assets1 50,531 (1,048)	49,483 (34,485) (11,953) 3,045
Reverse repurchase, securities borrowing and similar agreements2


- at amortised cost 6,633 -	6,633 (58) (6,575) -
- at fair value through profit or loss 72,686 (9,198)	63,488 (2,098) (61,314) 76
Total financial assets 129,850 (10,246)	119,604 (36,641) (79,842) 3,121
Derivative financial liabilities1 (47,769) 1,060	(46,709) 34,485 5,944 (6,280)
Repurchase, securities lending and similar agreements3


- at amortised cost (2,619) 2,561	(58) 58 - -
- at fair value through profit or loss (49,216) 4,248	(44,968) 2,098 42,869 (1)
Total financial liabilities (99,604) 7,869	(91,735) 36,641 48,813 (6,281)
As at 30 September 2024 Derivative financial assets1 57,627 (2,527) Reverse repurchase, securities borrowing and similar agreements2 - at amortised cost 4,911 (600) - at fair value through profit or loss 56,173 (11,596)	55,100 (43,360) (7,258) 4,482 4,311 - (4,307) 4 44,577 (1,685) (42,830) 62
Total financial assets 118,711 (14,723)	103,988 (45,045) (54,395) 4,548
Derivative financial liabilities1 (57,467) 1,594 Repurchase, securities lending and similar agreements3 - at amortised cost (2,103) 2,103 - at fair value through profit or loss (38,903) 14,099	(55,873) 43,360 5,577 (6,936) - - - - (24,804) 1,685 23,106 (13)
Total financial liabilities (98,473) 17,796	(80,677) 45,045 28,683 (6,949)

Derivative assets and liabilities recognised in the Balance Sheet reflect the impact of certain central clearing collateral arrangements, whereby collateral that qualifies as legal settlement has reduced the carrying value of those associated derivative balances.
Reverse repurchase agreements:
with less than 90 days to maturity are presented in the Balance Sheet within Cash and cash equivalents; or
with 90 days or more to maturity are presented in the Balance Sheet within Net loans and advances.
Repurchase agreements are presented on the Balance Sheet within Deposits and other borrowings.
The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure of the relevant financial assets or liabilities, and any over collateralisation is excluded from the tables.

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20. Goodwill and other intangible assets

Consolidated	Goodwill1 Software Other Intangibles Total
	2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Balance at start of year Additions2 Amortisation expense3 Impairment expense Foreign currency exchange difference	4,343 2,978 1,015 913 63 70 5,421 3,961 (56) 1,402 396 430 685 - 1,025 1,832 - - (344) (319) (143) - (487) (319) - - (70) (9) (1) (7) (71) (16) (122) (37) (1) - (3) - (126) (37)
Balance at end of year	4,165 4,343 996 1,015 601 63 5,762 5,421
Cost4 Accumulated amortisation	4,165 4,343 8,326 7,975 760 69 13,251 12,387 n/a n/a (7,330) (6,960) (159) (6) (7,489) (6,966)
Carrying amount	4,165 4,343 996 1,015 601 63 5,762 5,421

The Company	Goodwill1 Software Other Intangibles Total
	2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Balance at start of year Additions Amortisation expense Impairment expense Foreign currency exchange difference	62 62 933 873 - - 995 935 - - 386 343 - - 386 343 - - (311) (274) - - (311) (274) - - (70) (9) - - (70) (9) - - (1) - - - (1) -
Balance at end of year	62 62 937 933 - - 999 995
Cost4 Accumulated amortisation	62 62 7,985 7,630 6 6 8,053 7,698 n/a n/a (7,048) (6,697) (6) (6) (7,054) (6,703)
Carrying amount	62 62 937 933 - - 999 995

Goodwill excludes notional goodwill in equity accounted investments.
The Group acquired Suncorp Bank during 2024 and provisionally accounted for the acquisition with the provisional goodwill balance of $1,402 million. The Group completed its purchase price allocation for the Suncorp Bank acquisition during 2025 and recognised a decrease to goodwill of $56 million and an increase to other intangibles of $685 million. Comparative information was not restated.
2024 includes $36 million of accelerated amortisation expense from Suncorp Bank on alignment to the Group’s software capitalisation policy.
Includes impact of foreign currency translation differences.

Impairment testing for cash generating units containing goodwill

Goodwill acquired in a business combination is tested for impairment annually and whenever there are indicators of potential impairment. Goodwill is allocated at the date of acquisition to the cash generating unit (CGU) or group of CGUs that are expected to benefit from the synergies of the related business combination.

Goodwill is considered to be impaired if the carrying amount of the relevant CGU exceeds its recoverable amount. We estimate the recoverable amount of each CGU to which goodwill is allocated using a fair value less costs of disposal (FVLCOD) approach, with a value-in-use (VIU) assessment performed where the FVLCOD is less than the carrying amount.

Goodwill is allocated to the following CGUs based on the lowest level at which goodwill is monitored .

Goodwill is allocated to the following CGUs based on the lowest level at which goodwill is monitored	.
	2025	2024
Cashgeneratingunits:	$m	$m
Australia Retail	100	100
Institutional	1,193	1,245
New Zealand	1,526	1,596
Suncorp Bank	1,346	1,402

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Notes to the consolidated financial statements (continued)

20. Goodwill and other intangible assets (continued)

We estimate the FVLCOD of each CGU to which goodwill is allocated by applying observable price earnings multiples of comparable companies to the estimated future maintainable earnings of each CGU. A deduction is then made for estimated costs of disposal. The valuation is considered to be level 3 in the fair value hierarchy due to unobservable inputs used in the valuation.

Management’s approach and the key assumptions used in determining FVLCOD are as follows:

Key assumption	Approach to determining the value (or values) for each key assumption
Future maintainable earnings	Future maintainable earnings for each CGU is estimated as the sum of:
	• The Group’s 2026 financial plan for each CGU; and
	• An allocation of the central costs recorded outside of the CGUs to which goodwill is allocated.
	Where relevant, adjustments are made to the Group’s financial plan to reflect the long-term expectations for items
	such as expected credit losses.
Price/Earnings (P/E) multiple	P/E multiples applicable to each CGU have been derived from a comparator group of publicly traded companies,
	and include a 30% control premium, discussed below.
	In the case of the New Zealand and Institutional CGUs, management has made downwards adjustments to P/E
	multiples to address specific factors relevant to those CGUs.
	A control premium has been applied which recognises the increased consideration a potential acquirer would be
	willing to pay in order to gain sufficient ownership to achieve control over the relevant activities of the CGU. For each
	CGU, the control premium has been estimated as 30% of the comparator group P/E multiple based on historical
	transactions.
Costs of disposal	Costs of disposal have been estimated as 2% of the fair value of the CGU based on those observed from historical
	and recent transactions.

Our impairment testing did not result in the impairment of goodwill as at 30 September 2025.

The FVLCOD estimates for each CGU are sensitive to assumptions about P/E multiples, future maintainable earnings and control premium (30%). However, each CGU would continue to show a surplus in recoverable amount over carrying amount even where other reasonably possible alternative estimates were used.

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20. Goodwill and other intangible assets (continued)

Recognition and measurement

The table below details how we recognise and measure different intangible assets:

Goodwill
Software
Other Intangibles
Definition
Excess amount the Group has
paid in acquiring a business
over the fair value of the
identifiable assets acquired
and liabilities assumed.
Purchased software owned by the Group is
capitalised.
Internal and external costs incurred in
building software and computer systems
costing greater than $20 million are
capitalised as assets. Those less than $20
million are expensed in the year in which the
costs are incurred.
Costs incurred in planning or evaluating
software proposals or in maintaining
systems after implementation are
not capitalised.
Management fee rights arising
from acquisition of funds
management business, core
deposit intangibles arising from
Suncorp Bank acquisition, and
other intangible assets arising from
contractual rights.
Carrying value
Cost less any accumulated
impairment losses.
Allocated to the CGU to which
the acquisition relates.
Initially, measured at cost or if acquired in a
business combination at the acquisition date
fair value.
Subsequently, carried at cost less
accumulated amortisation and impairment
losses.
Initially, measured at fair value at
acquisition.
Subsequently, carried at cost less
accumulated amortisation and
impairment losses.
Useful life
Indefinite.
Goodwill is reviewed for
impairment at least annually or
when there is an indication of
impairment.
Except for major core infrastructure,
amortised over periods between
2-5 years; however major core infrastructure
may be amortised over 7 years subject to
approval by the Audit Committee.
Purchased software is amortised over 2
years unless it is considered integral to other
assets with a longer useful life.
Management fee rights with an
indefinite life are reviewed for
impairment at least annually or
when there is an indication of
impairment.
Core deposits are amortised over
the expected life of 6 years.
Other intangible assets are
amortised over 3 years.
Depreciation
method
Not applicable.
Straight-line method.
Not applicable to indefinite life
intangible assets. Straight-line
method for assets with a finite life.

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Notes to the consolidated financial statements (continued)

20. Goodwill and other intangible assets (continued)

Key judgements and estimates

Management judgement is used to assess the recoverable value of goodwill and other intangible assets, and the useful economic life of an asset, or whether an asset has an indefinite life. We reassess the recoverability of the carrying value at each reporting date.

Goodwill

A number of key judgements are required in the determination of whether or not a goodwill balance is impaired including:

the level at which goodwill is allocated – consistent with prior periods the CGUs to which goodwill is allocated are the Group’s revenue generating segments that benefit from relevant historical business combinations generating goodwill.
determination of the carrying amount of each CGU which includes an allocation, on a reasonable and consistent basis, of corporate assets and liabilities that are not directly attributable to the CGUs to which goodwill is allocated.
assessment of the recoverable amount of each CGU including:
selection of the model used to determine the fair value – the Group has used the market multiple approach to estimate the fair value; and
selection of the key assumptions in respect of future maintainable earnings, the P/E multiple applied, including selection of an appropriate comparator group and determination of an appropriate control premium, and costs of disposal as described above.

Software and other intangible assets

At each reporting date, software and other intangible assets are assessed for indicators of impairment and, where such indicators are identified, an impairment test is performed. In the event that an asset’s carrying amount is determined to be greater than its recoverable amount, the carrying amount of the asset is written down immediately. Those assets not yet ready for use are tested for impairment annually.

In addition, the expected useful lives of intangible assets are assessed at each reporting date. The assessment requires management judgement, and in relation to our software assets, a number of factors can influence the expected useful lives. These factors include changes to business strategy, significant divestments and the pace of technological change.

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21. Other provisions

21. Other provisions
	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
ECL allowance on undrawn and contingent facilities1	870	846	715	693
Customer remediation	363	394	267	333
Restructuring costs	620	80	462	70
Non-lending losses, frauds and forgeries	451	90	366	77
Other	175	174	149	146
Total other provisions	2,479	1,584	1,959	1,319

Refer to Note 13 Allowance for expected credit losses for movement analysis.

Customer remediation Consolidated $m	Restructuring costs Non-lending losses, frauds and forgeries Other $m $m $m
Balance at 1 October 2024 394 New and increased provisions made during the year 291 Provisions used during the year (288) Unused amounts reversed during the year (34)	80 90 174
	653 402 58
	(83) (37) (31)
	(30) (4) (26)
Balance at 30 September 2025 363	620 451 175

Customer remediation The Company $m	Restructuring costs Non-lending losses, frauds and forgeries Other $m $m $m
Balance at 1 October 2024 333 New and increased provisions made during the year 240 Provisions used during the year (274) Unused amounts reversed during the year (32)	70 77 146
	493 290 53
	(72) (1) (26)
	(29) - (24)
Balance at 30 September 2025 267	462 366 149

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Notes to the consolidated financial statements (continued)

21. Other provisions (continued)

Customer remediation

Customer remediation includes provisions for expected refunds to customers, remediation project costs and related customer and regulatory claims, penalties and litigation costs and outcomes.

Restructuring costs

Provisions for restructuring costs arise from activities related to changes in the scope of business undertaken by the Group or the manner in which that business is undertaken and include employee termination benefits. Costs relating to on-going activities are not provided for and are expensed as incurred.

Non-lending losses, frauds and forgeries

Non-lending losses include losses arising from certain legal actions and losses arising from forgeries, frauds and the correction of operational issues. The amounts recognised are the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties that surround the events and circumstances that affect the provision.

Other

Other provisions comprise various other provisions including workers compensation, make-good provisions associated with leased premises, warranties and indemnities provided in connection with various disposals of businesses and assets.

Recognition and measurement

The Group recognises provisions when there is a present obligation arising from a past event, an outflow of economic resources is probable, and the amount of the provision can be measured reliably.

The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the timing and amount of the obligation. Where a provision is measured using the estimated cash flows required to settle the present obligation, its carrying amount is the present value of those cash flows .

Key judgements and estimates

The Group holds provisions for various obligations including customer remediation, restructuring costs, non-lending losses, frauds and forgeries and litigation related claims. These provisions involve judgements regarding the timing and outcome of future events, including estimates of expenditure required to satisfy such obligations. Where relevant, expert legal advice has been obtained and, in light of such advice, provisions and/or disclosures as deemed appropriate have been made.

In relation to customer remediation, determining the amount of the provisions, which represent management’s best estimate of the cost of settling the identified matters, requires the exercise of significant judgement. It will often be necessary to form a view on a number of different assumptions, including the number of impacted customers, the average refund per customer, the associated remediation project costs, and the implications of regulatory exposures and customer claims having regard to their specific facts and circumstances. There is a heightened level of estimation uncertainty where the customer remediation provision relates to a legal proceeding or matter. The appropriateness of the underlying assumptions is reviewed on a regular basis against actual experience and other relevant evidence including expert legal advice, and adjustments are made to the provisions where appropriate.

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22. Shareholders’ equity

Shareholders' equity

Shareholders' equity
	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Ordinary share capital	27,053	27,065	26,976	26,988
Reserves
Foreign currency translation reserve1	(941)	(360)	(134)	(341)
Share option reserve	104	105	104	105
FVOCI reserve	(690)	(979)	(708)	(937)
Cash flow hedge reserve	170	(422)	3	(503)
Transactions with non-controllinginterests reserve	(22)	(22)	-	-
Total reserves	(1,379)	(1,678)	(735)	(1,676)
Retained earnings	44,032	42,602	39,617	39,184
Share capital and reserves attributable to shareholders of the Company	69,706	67,989	65,858	64,496
Non-controllinginterests	739	771	-	-
Total shareholders’ equity	70,445	68,760	65,858	64,496

As a result of the closure of a number of international entities, the associated foreign currency translation reserve was recycled from Other comprehensive income to profit or loss, resulting in $15m gain recognised in Other operating income in 2025 (2024: $22 million gain).

Ordinary share capital

The table below details the movement in ordinary shares and share capital for the year .

Consolidated	2025 2024
	Number of shares $m Number of shares $m
Balance at start of the year Employee share and option plans Capital return	3,003,366,782 27,065 3,003,366,782 29,082 - (12) - (17) - - - (2,000)
Balance at end of year	3,003,366,782 27,053 3,003,366,782 27,065
The Company	2025 2024
	Number of shares $m Number of shares $m
Balance at start of the year Employee share and option plans Capital return	3,003,366,782 26,988 3,003,366,782 29,005 - (12) - (17) - - - (2,000)
Balance at end of year	3,003,366,782 26,976 3,003,366,782 26,988

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Notes to the consolidated financial statements (continued)

22. Shareholders’ equity (continued)

Non-controlling interests

Non-controlling interests
Consolidated	Profit attributable to non-controlling interests Equity attributable to non-controlling interests Dividend paid to non-controlling interests
	2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m
ANZ Bank New Zealand PPS1 Other	39 32 725 758 38 32 2 3 14 13 - -
Total	41 35 739 771 38 32

ANZ Bank New Zealand issued $256 million of perpetual preference shares in 2024 that are considered non-controlling interests to the Group.

ANZ Bank New Zealand Preference Shares

Perpetual Preference Shares (PPS) externally issued by ANZ Bank New Zealand Limited (ANZ Bank New Zealand), a member of the Group, are considered non-controlling interests of the Group.

The key terms of the PPS are as follows:

PPS dividends

Holders of PPS are entitled to receive dividends that are discretionary, non-cumulative and subject to conditions. If a PPS dividend is not paid, there are certain restrictions on the ability of ANZ Bank New Zealand to pay a dividend on its ordinary shares. Holders of the PPS have no other rights participate in the profits or property of ANZ Bank New Zealand.

Redemption features

Holders of PPS have no right to require that the PPS be redeemed. ANZ Bank New Zealand may, at its option, redeem all of the PPS on an optional redemption date (being each scheduled quarterly dividend payment date from the first optional redemption date), or at any time following the occurrence of a tax event or regulatory event, subject to prior written approval of RBNZ and certain other conditions being met.

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22. Shareholders’ equity (continued)

Recognition and measurement

Ordinary shares	Ordinary shares have no par value. They entitle holders to receive dividends, or proceeds available
	on winding up of the Company, in proportion to the number of fully paid ordinary shares held. They
	are recognised at the amount paid per ordinary share net of directly attributable costs. Every holder
	of fully paid ordinary shares present at a meeting of the Company in person, or by proxy, is entitled
	to:

on a show of hands, one vote; and
on a poll, one vote, for each share held.

Reserves:

Foreign currency translation reserve
Includes differences arising on translation of assets and liabilities into Australian dollars when the
functional currency of a foreign operation (including subsidiaries and branches) is not Australian
dollars. In this reserve, we reflect any offsetting gains or losses on hedging these exposures,
together with any tax effect.
Cash flow hedge reserve
Includes fair value gains and losses associated with the effective portion of designated cash flow
hedging instruments together with any tax effect.
FVOCI reserve
Includes changes in the fair value of certain debt securities and equity securities included within
Investment Securities together with any tax effect.
In respect of debt securities classified as measured at FVOCI, the FVOCI reserve records
accumulated changes in fair value arising subsequent to initial recognition, except for those relating
to allowance for ECL, interest income and foreign currency exchange gains and losses which are
recognised in profit or loss. As debt securities at FVOCI are recorded at fair value, the balance of
the FVOCI reserve is net of the ECL allowance associated with such assets. When a debt security
measured at FVOCI is derecognised, the cumulative gain or loss recognised in the FVOCI reserve in
respect of that security is reclassified to profit or loss and presented in other operating income.
In respect of the equity securities classified as measured at FVOCI, the FVOCI reserve records
accumulated changes in fair value arising subsequent to initial recognition (including any related
foreign exchange gains or losses). When an equity security measured at FVOCI is derecognised,
the cumulative gain or loss recognised in the FVOCI reserve in respect of that security is not
recycled to profit or loss.
Share option reserve
Includes amounts which arise on the recognition of share-based compensation expense.
Transactions with non-controlling
interests reserve
Includes the impact of transactions with non-controlling shareholders in their capacity as
shareholders.
Non-controlling interests
Share in the net assets of controlled entities attributable to equity interests which the Group does
not own directly or indirectly.

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Notes to the consolidated financial statements (continued)

23. Capital management

Capital management framework

The Group’s capital management framework includes managing capital at Level 1 and Level 2.

The Group’s framework includes managing to Board approved risk appetite settings and maintaining all regulatory requirements. APRA requirements at Level 1 and Level 2 include the Group operating at or above APRAs expectation for Domestic Systematically Important Banks (D-SIBs) following the implementation of APRA’s Capital Reform.

All requirements were satisfied as at 30 September 2025.

Capital management strategy

The Group’s capital management strategy aims to protect the interests of depositors, creditors and shareholders. We achieve this through an Internal Capital Adequacy Assessment Process (ICAAP) whereby the Group conducts detailed strategic and capital planning over a 3-year time horizon. The process involves:

forecasting economic variables, financial performance of divisions and the financial impact of new strategic initiatives to be implemented during the planning period;
performing stress tests under different economic scenarios to determine the level of additional capital (stress capital buffer) needed to absorb losses that may be experienced under an economic downturn;
reviewing capital position and targets against the Group’s risk profile; and
developing a capital plan, taking into account capital ratio targets, ECM requirements, current and future capital issuances requirements and options around capital products, timing and markets to execute the capital plan under differing market and economic conditions.

The capital plan is approved by the Board and updated as required. The Board and senior management are provided with regular updates of the Group’s capital position. Any material actions required to ensure ongoing prudent capital management are submitted to the Board for approval. Throughout the year, the Group maintained compliance with all the regulatory requirements related to Capital Adequacy in the jurisdictions in which it operates.

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23. Capital management (continued)

Regulatory environment

Australia

As the ANZ Bank Group is an ADI in Australia, it is primarily regulated by APRA under the Banking Act 1959 (Cth) . ANZ Bank Group must comply with APRA’s minimum regulatory capital requirements, including prudential capital ratios and regulatory capital buffers at specific reporting levels that APRA sets and which are consistent with the global Basel III capital framework. This is the common framework for determining the appropriate level of bank regulatory capital as set by the Basel Committee on Banking Supervision. APRA minimum requirements are summarised below:

Regulatory capital definition

Common Equity Tier 1 (CET1) Capital	Tier 1 Capital	Tier 2 Capital	Total Capital
Shareholders’ equity adjusted for specific	CET1 capital plus certain securities	Subordinated debt instruments which	Tier 1 plus Tier 2 capital.
items.	with complying loss absorbing	have a minimum term of 5 years at issue
	characteristics known as Additional	date.
	Tier 1 Capital.
APRA Minimum Regulatory Capital Requirements
CET1 Ratio	Tier 1 Ratio	Total Capital Ratio
CET1 capital divided by total risk weighted	Tier 1 capital divided by total risk	Total capital divided by total risk
assets which includes a prudential capital ratio	weighted assets which includes a	weighted assets which includes a
of at least 4.5% and 10.25% inclusive of	prudential capital ratio of at least	prudential capital ratio of at least 8.0%
regulatory buffers.	6.0% and 11.75% inclusive of	and 16.75% inclusive of regulatory
	regulatory buffers.	buffers (including an additional 3% of
		additional TLAC for D-SIBs). Refer below
		for details.
Reporting Levels
Level 1	Level 2	Level 3
The ADI on a stand-alone basis (that is	The consolidated Group less certain	A conglomerate ANZGHL Group at the widest level.
ANZBGL and specified subsidiaries which are	subsidiaries and associates that are
consolidated to form the ADI’s Extended	excluded under prudential standards.
Licensed Entity).

As at 30 September 2025, APRA requires the ADI to hold additional CET1 regulatory buffers as follows:

a capital conservation buffer (CCB) of 4.75% which is inclusive of the additional 1% surcharge for D-SIBs. APRA has determined that ANZ is a D-SIB.
a countercyclical capital buffer which is set on a jurisdictional basis. The requirement is currently set at 1% for Australia.

Additionally in December 2021, APRA announced final Total Loss Absorbing Capacity (TLAC) requirements that require all D-SIBs, including the ANZ Bank Group, to increase its minimum total capital ratio requirement by 3% of RWA from January 2024, and a further 1.5% of RWA by January 2026 (total increase of 4.5%, resulting in a Total Capital ratio requirement inclusive of regulatory buffers of 18.25% from January 2026). APRA expects this to be predominantly met by Tier 2 capital, with an equivalent decrease in other senior funding. The Group is on track to meet these requirements as at reporting date.

In December 2024, APRA confirmed that it will phase out the use of AT1 capital instruments to simplify and improve the effectiveness of bank capital in a crisis. In July 2025, APRA subsequently released a consultation paper on related technical amendments to its bank prudential framework to effect the removal of AT1 capital instruments and address impacts stemming from their removal. The changes are scheduled to come into effect from January 2027 with the main change being replacing the current requirement for 1.5% of AT1 with 0.25% of CET1 capital and 1.25% of Tier 2 capital. APRA intends to finalise amendments to its framework before the end of 2025.

Insurance and funds management

As required by APRA’s Prudential Standards, insurance and funds management activities are:

de-consolidated for the purposes of calculating capital adequacy; and
excluded from the risk-based capital adequacy framework.

We deduct the investment in these controlled entities 100% from CET1 capital, and if we include any profits from these activities in the ANZ Bank Group’s results, then we exclude them from the determination of CET1 capital to the extent they have not been remitted.

Outside Australia

In addition to APRA, the Group’s branch operations and major banking subsidiary operations are also overseen by local regulators such as the Reserve Bank of New Zealand, the US Federal Reserve, the UK Prudential Regulation Authority, the Monetary Authority of Singapore, the Hong Kong Monetary Authority and the China Banking and Insurance Regulatory Commission. They may impose minimum capital levels on operations in their individual jurisdictions.

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Notes to the consolidated financial statements (continued)

23. Capital management (continued)

ANZ Bank Group[1]

The following table provides details of ANZ Bank Group’s capital adequacy ratios at 30 September:

	Consolidated
	2025	2024
	$m	$m
Qualifying capital
Tier 1
Shareholders' equity and non-controlling interests	70,445	68,760
Prudential adjustments to shareholders' equity	(436)	(721)
Gross Common Equity Tier 1 capital	70,009	68,039
Deductions	(14,825)	(13,570)
Common Equity Tier 1 capital	55,184	54,469
Additional Tier 1 capital2	7,357	8,207
Tier 1 capital	62,541	62,676
Tier 2 capital3	33,810	29,189
Totalqualifyingcapital	96,351	91,865
Capital adequacy ratios (Level 2)
Common Equity Tier 1	12.0%	12.2%
Tier 1	13.6%	14.0%
Tier 2	7.4%	6.5%
Total capital ratio	21.0%	20.6%
Risk weighted assets	458,547	446,582

This information is not within the scope of the external audit of the Group Financial Report by the Group’s external auditor, KPMG. The information presented in this table is a regulatory requirement disclosed in Part A of ARF 110 Capital Adequacy which will be subject to audit in accordance with Prudential Standard APS 310 Audit and Related Matters .
This includes Additional Tier 1 capital of $7,452 million (2024: $8,277 million) (refer to Note 16 Debt issuances) and a regulatory adjustments and deductions of -$95 million (2024: -$70 million).
This includes Tier 2 capital of $33,811 million (2024: 28,584 million) (refer to Note 16 Debt issuances), a general reserve for impairment of financial assets of $1,710 million (2024: $1,711 million) and regulatory adjustments and deductions of -$1,711 million (2024: -$1,107 million).

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24. Controlled entities

24. Controlled entities
	Incorporated in	Nature of Business
The ultimate parent of the Group is ANZ Group Holdings Limited	Australia	Holding Company
The Group holds 100% of the voting interests in all controlled entities, unless noted otherwise.
The material controlled entities of the Group are:
Australia and New Zealand Banking Group Limited	Australia	Banking
SBGH Limited	Australia	Holding Company
Norfina Limited	Australia	Banking
SME Management Pty Limited	Australia	Banking
Norfina Covered Bond Trust	Australia	Finance
ANZ Bank (Vietnam) Limited1	Vietnam	Banking
ANZ Funds Pty. Ltd.	Australia	Holding Company
ANZ Bank (Kiribati) Limited1(75% ownership)	Kiribati	Banking
ANZ Bank (Samoa) Limited1	Samoa	Banking
ANZ Bank (Vanuatu) Limited2	Vanuatu	Banking
ANZ Holdings (New Zealand) Limited1	New Zealand	Holding Company
ANZ Bank New Zealand Limited1	New Zealand	Banking
ANZ Investment Services (New Zealand) Limited1	New Zealand	Funds Management
ANZ New Zealand (Int’l) Limited1	New Zealand	Finance
ANZ New Zealand Investments Holdings Limited1	New Zealand	Holding Company
ANZ New Zealand Investments Limited1	New Zealand	Funds Management
ANZNZ Covered Bond Trust1,3	New Zealand	Finance
ANZ International Private Limited1	Singapore	Holding Company
ANZcover Insurance Private Ltd1	Singapore	Captive-Insurance
ANZ Lenders Mortgage Insurance Pty. Limited	Australia	Mortgage Insurance
ANZ Residential Covered Bond Trust3	Australia	Finance
Australia and New Zealand Bank (China) Company Limited1	China	Banking
Australia and New Zealand Banking Group (PNG) Limited1	Papua New Guinea	Banking
Institutional Securitisation Services Limited	Australia	Securitisation Manager
PT Bank ANZ Indonesia1(99% ownership)	Indonesia	Banking

Audited by overseas KPMG firms — either as part of the Group audit, or for standalone financial statements as required.
Audited by Law Partners.
Not owned by the Group. Control exists as the Group retains substantially all the risks and rewards of the operations.

Changes to material controlled entities

Citizens Bancorp and ANZ Guam Inc. were officially deregistered on 14 May 2025.

Significant restrictions

Controlled entities that are subject to prudential regulation may be required to maintain minimum capital or other regulatory requirements which may, from time to time, limit the entity’s ability to transfer assets, pay dividends or make other capital distributions to the parent entity or to other entities in the Group. The Group manages such restrictions within our risk management framework, as outlined in Note 17 Financial risk management and our capital management strategy, as outlined in Note 23 Capital management.

As at 30 September 2025, restrictions on the ability of an entity within the Group to transfer assets, pay dividends or make other capital distributions to other entities in the Group were not material to the liquidity or capital management of the Group.

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Notes to the consolidated financial statements (continued)

24. Controlled entities (continued)

Recognition and measurement

The Group’s subsidiaries are those entities it controls through:

being exposed to, or having rights to, variable returns from the entity; and
being able to affect those returns through its power over the entity.

The Group assesses whether it has power over those entities by examining the Group’s existing rights to direct the relevant activities of the entity.

If the Group sells or acquires subsidiaries during the year, it includes their operating results in the Group results up to the date of disposal or from the date of acquisition. When the Group’s control ceases, it derecognises the assets and liabilities of the subsidiary, any related noncontrolling interest and other components of equity.

If the Group’s ownership interest in a subsidiary changes in a way that does not result in a loss of control, then the Group accounts for that as a transaction with equity holders in their capacity as equity holders.

All transactions between Group entities are eliminated on consolidation.

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25. Investment in associates

Significant associates of the Group are:

Significant associates of the Group are:
Name of entity Principal activity	Ordinary share interest Carrying amount $m
	2025 2024 2025 2024
PT Bank Pan Indonesia Tbk (PT Panin) Consumer and business bank	39% 39% 1,140 1,415
Total carrying value of associates1	1,140 1,415

Includes the impact of foreign currency translation recognised in the foreign currency translation reserve.

Financial information on significant associates

Summarised financial information of PT Panin is presented in the table below. The summarised financial information is based on the associates’ IFRS financial information and may require the use of unaudited financial information as PT Panin has a 31 December financial year end.

Principal place of business and country of incorporation	PT Bank Pan Indonesia Tbk
	Indonesia 2025 2024 $m $m
Summarised results Operating income	1,080 1,062
Profit/(Loss) for the year Other comprehensive income/(loss)	283 218 76 (41)
Total comprehensive income/(loss) Less: Total comprehensive (income)/loss attributable to non–controllinginterests	359 177 (10) (19)
Total comprehensive income/(loss) attributable to owners of associate	349 158
Summarised financial position Total assets1 Total liabilities1	19,708 20,616 16,697 16,078
Total net assets1 Less: Non-controlling interests of associate	3,011 4,538 (336) (353)
Net assets attributable to owners of associate	2,675 4,185
Reconciliation to carrying amount of Group's interest in associate Carrying amount at the beginning of the year Group's share of total comprehensive income/(loss) Dividends received from associate Foreign currency translation reserve adjustments Impairment charges2	1,415 1,440 118 42 (37) - (71) (67) (285) -
Carryingamount at the end of theyear	1,140 1,415
Market value of Group's investment in associate3	917 1,448

Includes market value adjustments (including goodwill) the Group made at the time of acquisition (and adjustments for any differences in accounting policies).
The Group recorded an impairment charge of $285 million in other operating income based on impairment assessments performed during 2025.
Market value is based on a price per share at reporting date and does not include any adjustments for the size of our holding.

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Notes to the consolidated financial statements (continued)

25. Investment in associates (continued)

Impairment assessment

The Group assesses the carrying value of its investment in associates for impairment indicators.

During the year, the Group identified an indicator of impairment as neither the market value of the investment in PT Panin (based on share price) nor the value-in-use (VIU) calculation supported the carrying value of the investment. Accordingly, the Group recorded an impairment charge of $285 million to bring the carrying value of the investment to its recoverable amount based on the outcome of the VIU calculation. The impairment is recognised in the Group Centre division.

Recognition and measurement

An associate is an entity for which the Group has significant influence over its operating and financial policies but which it does not control. The Group accounts for associates using the equity method. Its investments in associates are carried at cost plus the post-acquisition share of changes in the associate’s net assets less accumulated impairments. Dividends the Group receives from associates are recognised as a reduction in the carrying amount of the investment. The Group includes goodwill recognised by the associate in the carrying amount of the investment. It does not individually test the goodwill incorporated in the associates carrying amount for impairment.

At least at each reporting date, the Group reviews investments in associates for any indication of impairment. If an indication of impairment exists, then the Group determines the recoverable amount of the associate using the higher of:

the associate’s fair value less cost of disposal; and
its VIU.

We use a discounted cash flow methodology, and when applicable, other methodologies (such as capitalisation of earnings methodology), to determine the recoverable amount when determining a VIU.

Key judgements and estimates

Significant management judgment is required to determine the key assumptions underpinning the VIU calculation for PT Panin.

Factors that may change in subsequent periods and lead to potential future impairments, or reversals of prior impairments, include changes in forecast earnings levels in the near and medium term and/or changes in the long-term growth forecasts, changes to required levels of regulatory capital and the post-tax discount rate arising from changes in the risk premium or risk-free rates.

The key assumptions used in the VIU calculation are outlined below:

The key assumptions used in the VIU calculation are outlined below:
As at 30 September 2025	PT Panin
Post-tax discount rate	13.7%
Terminal growth rate	5.1%
Expected earnings growth (compound annual growth rate – 5 years)	7.7%
Common Equity Tier 1 ratio (5-year average)	12.8%

The VIU calculations are sensitive to changes in the underlying assumptions with reasonably possible changes in key assumptions having a positive or negative impact on the VIU outcome, and as such the recoverable amount of the investment.

A change in the September 2025 post-tax discount rate by +/- 50bps would impact the VIU outcome for PT Panin by $(62 million)/$55 million;
A change in the September 2025 terminal growth rate by +/- 25bps would impact the VIU outcome for PT Panin by $32 million/($20 million).

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26. Structured entities

A Structured Entity (SE) is an entity that has been designed such that voting or similar rights are not the dominant factor in determining who controls the entity. SEs are generally established with restrictions on their ongoing activities in order to achieve narrow and well-defined objectives.

SEs are classified as subsidiaries and consolidated when control exists. If the Group does not control an SE, then it is not consolidated. This note provides information on both consolidated and unconsolidated SEs.

The Group’s involvement with SEs is as follows:

Type	Details
Securitisation	The Group establishes SEs to securitise customer loans and advances that it has originated, in order to diversify
	sources of funding for liquidity management. Securitisation programs include customer loans and advances
	assigned to bankruptcy remote SEs to provide either security for obligations payable on notes issued by the SEs
	to external investors or create assets held by the Group eligible for repurchase agreements with applicable central
	banks.
	The Group retains control over these SEs and therefore they are consolidated. Refer to Note 27 Assets pledged,
	collateral accepted, and financial assets transferred for further details.
	The Group also establishes SEs on behalf of customers to securitise their loans or receivables. The Group may
	manage these securitisation vehicles or provide liquidity or other support. Additionally, the Group may acquire
	interests in securitisation vehicles set up by third parties through holding securities issued by such entities. In
	limited circumstances where control exists, the Group consolidates the SE.
Covered bond issuances	Certain loans and advances have been assigned to bankruptcy remote SEs to provide security for issuances of
	debt securities by the Group. The Group retains control over these SEs and therefore they are consolidated. Refer
	to Note 27 Assets pledged, collateral accepted, and financial assets transferred for further details.
Structured finance arrangements	The Group is involved with SEs established:
	• in connection with structured lending transactions to facilitate debt syndication and/or to ring-fence collateral;
	and
	• to own assets that are leased to customers in structured leasing transactions.
	The Group may manage the SE, hold minor amounts of the SE’s capital, or provide risk management products
	(derivatives) to the SE. In most instances, the Group does not control these SEs. In limited circumstances where
	control exists, the Group consolidates the SE.
Funds management activities	The Group is the scheme manager for a number of Managed Investment Schemes (MIS) in New Zealand. These
	MIS are financed through the issue of units to investors and the Group considers them to be SEs. The Group’s
	interests in these MIS are limited to receiving fees for services or providing risk management products
	(derivatives). These interests do not create significant exposures that would allow the Group to control the funds.
	Therefore, these MIS are not consolidated.

Consolidated structured entities

Financial or other support provided to consolidated structured entities

The Group provides financial support to consolidated SEs as outlined below.

Securitisation and covered bond	The Group provides lending facilities, derivatives and commitments to these SEs and/or holds debt instruments
issuances	they have issued.
Structured finance arrangements	The assets held by these SEs are normally pledged as collateral for financing provided. Certain consolidated SEs
	are financed entirely by the Group while others are financed by syndicated loan facilities in which the Group is a
	participant. The financing provided by the Group includes lending facilities where the Group’s exposure is limited to
	the amount of the loan and any undrawn amount. Additionally, the Group has provided Letters of Support to these
	consolidated SEs confirming that the Group will not demand repayment of the financing provided for the ensuing
	12-month period.

The Group did not provide any non-contractual support to consolidated SEs during the year (2024: nil). Other than as disclosed above, the Group does not have any current intention to provide financial or other support to consolidated SEs.

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Notes to the consolidated financial statements (continued)

26. Structured entities (continued)

Unconsolidated structured entities

Group’s interest in unconsolidated structured entities

An ‘interest’ in an unconsolidated SE is any form of contractual or non-contractual involvement with an SE that exposes the Group to variability of returns from the performance of that SE. These interests include, but are not limited to: holdings of debt or equity securities; derivatives that pass-on risks specific to the performance of the SE, lending, loan commitments, financial guarantees, and fees from funds management activities.

For the purpose of disclosing interests in unconsolidated SEs:

no disclosure is made if the Group’s involvement is not more than a passive interest - for example: when the Group’s involvement constitutes a typical customer-supplier relationship. On this basis, exposures to unconsolidated SEs that arise from lending, trading and investing activities are not considered disclosable interests - unless the design of the structured entity allows the Group to participate in decisions about the relevant activities (being those that significantly affect the entity’s returns).
‘interests’ do not include derivatives intended to expose the Group to market-risk (rather than performance risk specific to the SE) or derivatives through which the Group creates, rather than absorbs, variability of the unconsolidated SE (such as purchase of credit protection under a credit default swap).

The table below sets out the Group’s interests in unconsolidated SEs together with the maximum exposure to loss that could arise from those interests:

	Securitisation Structured finance Total
	2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m
On-balance sheet interests Investment securities Gross loans and advances	1,438 1,819 - - 1,438 1,819 12,008 11,447 48 23 12,056 11,470
Total on-balance sheet	13,446 13,266 48 23 13,494 13,289
Off-balance sheet interests Commitments (facilities undrawn) Guarantees	2,335 2,279 - - 2,335 2,279 50 50 - - 50 50
Total off-balance sheet	2,385 2,329 - - 2,385 2,329
Maximum exposure to loss	15,831 15,595 48 23 15,879 15,618

In addition to the interests above, the Group earned funds management fees from unconsolidated investment funds of $188 million (2024: $184 million) during the year.

The Group’s maximum exposure to loss represents the maximum amount of loss that the Group could incur as a result of its involvement with unconsolidated SEs if loss events were to take place - regardless of the probability of occurrence. This does not in any way represent the actual losses expected to be incurred. Furthermore, the maximum exposure to loss is stated gross of the effects of hedging and collateral arrangements entered into to mitigate the Group’s exposure to loss.

The maximum exposure to loss has been determined as:

the carrying amount of Investment securities measured at amortised cost; and
the carrying amount plus the undrawn amount of any committed loans and advances.

The size of unconsolidated SEs is indicated by total assets which vary by SE with the largest single SE having a value of approximately $4.8 billion.

The Group did not provide any non-contractual support to unconsolidated SEs during the year (2024: nil) nor does it have any current intention to provide financial or other support to unconsolidated SEs.

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26. Structured entities (continued)

Key judgements and estimates

Significant judgement is required in assessing whether the Group has control over Structured Entities. Judgement is required to determine the existence of:

power over the relevant activities (being those that significantly affect the entity’s returns);
exposure to variable returns of the entity; and
the ability to use its power over the entity to affect the Group’s returns.

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Notes to the consolidated financial statements (continued)

27. Assets pledged, collateral accepted, and financial assets transferred

Amounts presented as collateral paid and received in the Balance Sheet relate to derivative liabilities and derivative assets respectively. The terms and conditions of those collateral agreements are included in the standard Credit Support Annex that forms part of the International Swaps and Derivatives Association Master Agreement under which most of the Group’s derivatives are executed. The following disclosures exclude these balances.

In the normal course of business the Group enters into transactions where it pledges or transfers financial assets directly to third parties or to SEs. These transfers may result in the Group fully, or partially, derecognising those financial assets - depending on the Group’s exposure to the risks and rewards or control over the transferred assets. If the Group retains substantially all of the risks and rewards of a transferred asset, the transfer does not qualify for derecognition and the asset remains on the Group’s balance sheet in its entirety, with a corresponding liability recognised for proceeds from the transfer.

Securitisations

Net loans and advances include residential mortgages securitised under the Group’s securitisation programs which are assigned to bankruptcy remote SEs to provide security for obligations payable on the notes issued by the SEs. The holders of the issued notes have full recourse to the pool of residential mortgages which have been securitised and the Group cannot otherwise pledge or dispose of the transferred assets. In some instances, the Group is also the holder of the securitised notes issued by the SEs.

In addition, the Group is entitled to any residual income of the SEs and sometimes enters into derivatives with the SEs. The Group retains the risks and rewards of the residential mortgages and continues to recognise the mortgages as financial assets and recognises an associated liability for the externally issued notes. The securitised notes issued externally are included within debt issuances.

The Group is exposed to variable returns from its involvement with these securitisation SEs and has the ability to affect those returns through its power over the SEs activities. The SEs are therefore consolidated by the Group.

Covered bonds

The Group operates various global covered bond programs to raise funding in its primary markets. Net loans and advances include residential mortgages assigned to bankruptcy remote SEs associated with these covered bond programs. In respect of each program, a covered bond guarantor has guaranteed payments of interest and principal pursuant to a guarantee which is secured over its assets, including these residential mortgages. Substantially all of the assets of each covered bond guarantor consist of that covered bond guarantor’s equitable interests in mortgage loans secured by residential real estate.

The covered bond holders have dual recourse to the issuer and the cover pool of assets. The issuer cannot otherwise pledge or dispose of the transferred assets, however, subject to legal arrangements it may repurchase and substitute assets as long as the required cover is maintained.

The Group is required to maintain the cover pool at a level sufficient to cover the bond obligations. In addition, the Group is entitled to any residual income of the covered bond SEs (after all payments to the covered bond holders and external parties) and enters into derivatives with the SEs. The Group retains the majority of the risks and rewards of the residential mortgages and continues to recognise the mortgages as financial assets and recognises an associated liability for the externally issued covered bonds. The covered bonds issued externally are included within debt issuances.

The Group is exposed to variable returns from its involvement with the covered bond SEs and has the ability to affect those returns through its power over the SEs activities. The SEs are therefore consolidated by the Group.

Repurchase agreements

Assets are charged or transferred as collateral to secure liabilities under repurchase agreements.

Where the Group sells securities subject to repurchase agreements and retains substantially all the risks and rewards of ownership, then those assets do not qualify for derecognition. An associated liability is recognised in deposits and other borrowings for the consideration received from the counterparty.

Structured finance arrangements

The Group arranges funding for certain customer transactions through structured leasing. These transactions are recognised on the Group’s Balance Sheet as lease receivables or loans. At times, other financial institutions participate in the funding of these arrangements. This participation involves a proportionate transfer of the rights to the assets recognised by the Group. The participating banks have limited recourse to the leased assets and related proceeds. Where the Group continues to be exposed to substantially all of the risks and rewards of the transferred assets through a derivative or other continuing involvement, the Group does not derecognise the lease receivable or loan. Instead, the Group recognises an associated liability representing its obligations to the participating financial institutions.

The tables below set out the balances of assets transferred or pledged that do not qualify for derecognition, along with the associated liabilities.

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27. Assets pledged, collateral accepted, and financial assets transferred (continued)

Consolidated	Securitisations2,3 Covered bonds Repurchase agreements Structured finance arrangements
	2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Carrying amount of assets transferred1 Carrying amount of associated liabilities	5,470 3,730 32,510 34,235 57,574 45,709 3 15 5,396 3,640 12,985 18,931 56,139 44,315 3 15

In addition to the assets noted in the above table, there were other carrying amount of assets pledged amounting to $7,199m (2024: $6,339m). This principally related to those pledged to central banks as security for liabilities.
Does not include transfers to internal structured entities where there are no external investors.
The securitisation noteholders have recourse only to the pool of residential mortgages which have been securitised. The carrying value of securitised assets and the associated liabilities approximates their fair value.

The Company	Securitisations2,3 Covered bonds Repurchase agreements Structured finance arrangements
	2025 2024 2025 2024 2025 2024 2025 2024 $m $m $m $m $m $m $m $m
Carrying amount of assets transferred1 Carrying amount of associated liabilities	2,005 714 21,013 21,027 52,822 41,384 - - 2,005 714 21,013 21,027 51,835 41,006 - -

In addition to the assets noted in the above table, there were other carrying amount of assets pledged amounting to $7,047m (2024: $6,203m). This principally related to those pledged to central banks as security for liabilities
Does not include transfers to internal structured entities where there are no external investors.
The securitisation noteholders have recourse only to the pool of residential mortgages which have been securitised. The carrying value of securitised assets and the associated liabilities approximates their fair value.

Collateral accepted as security for assets

The Group has received collateral associated with various financial transactions. Under certain arrangements the Group has the right to sell, or to repledge, the collateral received. These arrangements are governed by standard industry agreements.

The fair value of collateral we have received and that which we have sold or repledged is as follows:

	Consolidated	Consolidated	The Company	The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Fair value of assets which can be sold or repledged	88,193	68,145	86,006	65,329
Fair value of assets sold or repledged	45,311	39,699	43,764	39,058

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Notes to the consolidated financial statements (continued)

28. Superannuation and post-employment benefit obligations

Set out below is a summary of amounts recognised in the Balance Sheet in respect of the defined benefit superannuation schemes :

	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Defined benefit obligation and scheme assets
Present value of funded defined benefit obligations	(917)	(998)	(810)	(873)
Fair value of scheme assets	1,101	1,150	956	1,003
Net defined benefit asset	184	152	146	130
As represented in the Balance Sheet
Net liabilities arising from defined benefit obligations included in Payables and other liabilities	(4)	(4)	(4)	(4)
Net assets arising from defined benefit obligations included in Other assets	188	156	150	134
Net defined benefit asset	184	152	146	130
Weighted average duration of the benefit payments reflected in the defined benefit obligation (years)	10.7	11.3	10.9	10.9

As at the most recent reporting dates of the schemes, the aggregate surplus of net market value of assets over the value of accrued benefits on a funding basis was $123 million (2024: $71 million surplus). In 2025, the Group made defined benefit contributions totaling $2 million (2024: $2 million). It expects to make contributions of approximately $2 million next financial year.

Governance of the schemes and funding of the defined benefit sections

The main defined benefit superannuation schemes in which the Group participates operate under trust law and are managed and administered on behalf of the members in accordance with the terms of the relevant trust deed and rules and all relevant legislation. These schemes have corporate trustees, which are wholly owned subsidiaries of the Group. The trustees are the legal owners of the assets, which are held separately from the assets of the Group, and are responsible for setting investment policy and agreeing funding requirements with the employer through the triennial actuarial valuation process.

The Group has defined benefit arrangements in Australia, Japan, New Zealand, Philippines, Taiwan and United Kingdom. The defined benefit section of the ANZ Australian Staff Superannuation Scheme, the ANZ UK Staff Pension Scheme and the ANZ National Retirement Scheme in New Zealand are the three largest plans. They have been closed to new members since 1987, 2004 and 1991 respectively. None of the schemes had a material deficit, or surplus, at the last funding valuation. The Group has no present liability under any of the schemes’ trust deeds to fund a deficit (measured on a funding basis). A contingent liability of the Group may arise if any of the schemes were wound up.

On 24 June 2024, the trustees of the ANZ UK Staff Pension Scheme (Scheme) executed a GBP 455 million bulk annuity insurance policy. The insurance policy was purchased using the existing assets of the Scheme. The transaction secured an insurance asset that fully matches pension liabilities of the Scheme and is therefore measured at an amount that matches the insured scheme liabilities. The Group retains ultimate responsibility for the benefits provided to the Scheme members. In accordance with AASB 119 Employee Benefits, the impact of this transaction was to record a remeasurement loss of GBP 15 million in other comprehensive income.

Recognition and measurement

Defined benefit superannuation schemes

The Group operates a small number of defined benefit schemes. Independent actuaries calculate the liability and expenses related to providing benefits to employees under each defined benefit scheme. They use the Projected Unit Credit Method to value the liabilities. The Balance Sheet includes:

a defined benefit liability if the obligation is greater than the fair value of the scheme’s assets; and
an asset (capped to its recoverable amount) if the fair value of the scheme’s assets is greater than the obligation.

In each reporting period, the movements in the net defined benefit liability/asset are recognised as follows:

the net movement relating to the current period’s service cost, net interest on the defined benefit liability, past service costs and other costs (such as the effects of any curtailments and settlements) as operating expenses;
remeasurements of the net defined benefit liability/asset (which comprise actuarial gains and losses and return on scheme assets, excluding interest income included in net interest) directly in retained earnings through other comprehensive income; and
contributions of the Group directly against the net defined benefit position.

Defined contribution superannuation schemes

The Group operates a number of defined contribution schemes. It also contributes (according to local law, in the various countries in which it operates) to Government and other plans that have the characteristics of defined contribution plans. The Group’s contributions to these schemes are recognised as personnel expenses when they are incurred .

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28. Superannuation and post-employment benefit obligations (continued)

Key judgements and estimates

The main assumptions we use in valuing defined benefit obligations are listed in the table below. A change to any assumptions, or applying different assumptions, could have an effect on the Statement of Other Comprehensive Income and Balance Sheet .

Sensitivity analysis
change in significant
assumptions
Increase/(decrease) in
defined benefit obligation
2025
$m
2024
$m
Consolidated
2025
2024
Discount rate (% p.a.)
1.3-5.65
1.5-5.35
0.5% increase
(45)
(45)
Future salary increases (% p.a.)
2.0-3.0
2.0-3.7
Future pension indexation
In payment (% p.a.)/In deferment (% p.a.)
2.0-3.0/2.5
2.3-3.3/2.8
0.5% increase
35
36
Life expectancy at age 60 for current pensioners
1 year increase
35
34
– Males (years)
26.4-27.7
26.3-28.4
– Females (years)
29.3-30.1
29.3-30.3
Sensitivity analysis
change in significant
assumptions
Increase/(decrease) in
defined benefit obligation
2025
$m
2024
$m
The Company
2025
2024
Discount rate (% p.a.)
5.1-5.65
5.0-5.35
0.5% increase
(41)
(39)
Future salary increases (% p.a.)
3.05
3.5
Future pension indexation
In payment (% p.a.)/In deferment (% p.a.)
2.6-3.0/2.5
2.6-3.3/2.8
0.5% increase
31
30
Life expectancy at age 60 for current pensioners
1 year increase
31
30
– Males (years)
26.4-27.7
26.3-28.4
– Females (years)
29.3-29.8
29.3-30.3

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Notes to the consolidated financial statements (continued)

29. Employee share and option plans

The Group operates a number of employee share and option schemes under the ANZ Employee Share Acquisition Plan and the ANZ Share Option Plan which are operated by the Company. These are Group share-based payment arrangements under which shares in ANZGHL (ANZ shares) are allocated or granted to employees of the Group.

ANZ Employee Share Acquisition Plan

ANZ Employee Share Acquisition Plan schemes that operated during 2025 and 2024 were the Deferred Share Plan and the Variable Pay to Shares (VPS) Offer. The ANZ Incentive Plan (ANZIP) (the variable remuneration plan operating across the Group) has Short Term Variable Remuneration or Variable Remuneration delivered under the Deferred Share Plan or ANZ Share Option Plan for eligible employees.

Deferred Share Plan

i) ANZ Incentive Plan (ANZIP) – Short Term Variable Remuneration (STVR) and Variable Remuneration (VR) – deferred shares

Award Type STVR (deferred shares) STVR/VR historical (deferred shares)	VR (deferred shares) VR historical (deferred shares)
Eligibility Chief Executive Officer (CEO), Group Executive Committee (ExCo) and Group General Manager Internal Audit (GGM IA)1.	All other employees (excluding select roles in the United Kingdom (UK)/China/Hong Kong (HK)2) in countries where deferred shares may be granted instead of deferred share rights.
Financial Year (FY) of grant 2024 and 2023 Performance and Remuneration Review (PRR): granted in FY25 & FY24 Historical grants: on foot during FY25 & FY24	Grants from 1 Oct 2023 including 2024 PRR: granted in FY25 & FY24 2023 PRR: granted in FY24 Historical grants: on foot during FY25 & FY24
Grant approach 50% of the CEO, ExCo and GGM IA’s Short Term Variable Remuneration (STVR) deferred as shares. 50% of the CEO’s STVR, 25% of ExCo’s Variable Remuneration (VR) (except for the Chief Risk Officer (CRO)), and 33% of the CRO and GGM IA’s VR, deferred as shares.	If VR is at or exceeds AUD 125,000, then 40% of total VR amount is deferred as shares. If VR is at or exceeds AUD 100,000, then 60% of total VR amount is deferred as shares.
Conditions Deferred over years two and three, where year 1 includes the performance period (i.e., 1 October to 30 September). Granted in late November.	Deferred over a minimum of four years (including the performance period), vesting no faster than on a pro-rata basis and only after two years (i.e., 33% year two, 33% year three, 34% year four). Deferred over years two, three and four, where year 1 includes the performance period. Granted in late November.
Allocation value Deferred shares granted based on the Volume Weighted Average Price (VWAP) of ANZ shares traded on the ASX in the five trading days leading up to and including 1 October. Deferred shares granted based on the VWAP of ANZ shares traded on the ASX in the five trading days leading up to and including the date of grant.

All ANZGHL/ANZBGL Financial Accountability Regime (FAR) Accountable Executives.
Specific deferral arrangements also exist under ANZIP for roles defined as specific country level Material Risk Takers (MRTs), in line with local regulatory requirements.

ii) Exceptional circumstances	ii) Exceptional circumstances
Remuneration	In exceptional circumstances, we grant deferred shares to certain employees when they start with the Group to
forgone	compensate them for remuneration they have forgone from their previous employer. The vesting period generally
	aligns with the remaining vesting period of the remuneration they have forgone, and therefore varies between grants.
Retention	We may grant deferred shares to high performing employees who are regarded as a significant retention risk to the
	Group.

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29. Employee share and option plans (continued)

iii) Further information

iii) Further information
Cessation	Unless the Board1decides otherwise, employees forfeit their unvested deferred shares if they resign or are dismissed
	for serious misconduct. The deferred shares may be held in trust beyond the deferral period.
Dividends	Dividends are reinvested in the Dividend Reinvestment Plan.
Instrument	Deferred share rights may be granted instead of deferred shares in some countries as locally appropriate (see deferred
	share rights Section).
Expensing value (fair	We expense the fair value of deferred shares on a straight-line basis over the relevant vesting period and we recognise
value)	the expense as a share-based compensation expense with a corresponding increase in equity. Deferred shares are
	expensed based on the one-day VWAP at the date of grant.
2025 and 2024 grants	During the 2025 year, we granted 1,441,744 deferred shares (2024: 2,863,800) with a weighted average allocation
	value of $31.99 (2024: $24.45).
Downward adjustment	Deferred shares remain at risk and the Board has the discretion to adjust the number of deferred shares downwards,
	including to zero at any time before the vesting date (malus), and limited to select employees2, recovery post vesting
	(i.e., clawback). The Group’s downward adjustment provisions are detailed in Section 5.5 of the 2025 Remuneration
	Report.
	Board discretion was exercised to apply malus to 144,946 deferred shares in 2025 (2024: to 4,138 deferred shares).

References to ‘the Board’ throughout this note means the Boards of ANZGHL and ANZBGL.
Clawback applies to the CEO, ExCo and GGM IA (for awards granted in the 2023, 2024 and 2025 financial years), and to select senior employees in jurisdictions where clawback regulations apply .

Variable Pay to Shares (VPS) Offer

Eligibility, grant	VPS provides employees in Australia the opportunity to receive up to $1,000 worth of ANZ shares with concessional
approach and	tax treatment (where criteria are met). All ANZ shares are held by a custodian or nominee appointed by the Trustee on
conditions	the Trustee’s behalf and are restricted for 3 years. During this time employees benefit from dividend payments which
	are reinvested through the Dividend Reinvestment Plan (DRP) and have voting entitlements. After the restriction period
	has been reached the shares can sold or transferred.
Allocation value	Granted based on the VWAP of ANZ shares traded on the ASX in the five trading days leading up to and including the
	date of grant.
Expensing value	Expensed based on the one-day VWAP at the date of grant.
(fair value)
2025 and 2024 grants	During the 2025 year, we granted 48,084 shares on 22 November 2024 (2024: 51,619) at an issue price of $32.36
	(2024: $24.20).

Expensing of the ANZ Employee Share Acquisition Plan

Expensing value	The fair value of shares we granted during 2025 under the Deferred Share Plan and VPS Offer, measured as at the
(fair value)	date of grant of the shares, is $47.8 million (2024: $71.4 million) based on 1,489,828 shares
	(2024: 2,915,419) with a weighted average VWAP of $32.06 (2024: $24.48).

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Notes to the consolidated financial statements (continued)

29. Employee share and option plans (continued)

ANZ Share Option Plan

ANZ Share Option Plan
Allocation	We may grant selected employees options/rights which entitle them to acquire fully paid ordinary ANZ shares at a fixed price at the time the options/rights vest. Voting and dividend rights will be attached to the ordinary shares allocated on exercise of the options/rights. Each option/right entitles the holder to one ordinary share subject to the terms and conditions imposed on grant. Exercise price of options, determined in accordance with the rules of the plan, is generally based on the VWAP of the shares traded on the ASX in the week leading up to and including the date of grant. For rights, the exercise price is nil.
Rules	Prior to the exercise of the option/right, if ANZ changes its share capital due to a bonus share issue, pro-rata new share issue or reorganisation, the following adjustments are required: • Issue of bonus shares - When the holder exercises their option, they are also entitled to be issued the number of bonus shares they would have been entitled to had they held the underlying shares at the time of the bonus issue; • Pro-rata share offer - We will adjust the exercise price of the option in the manner set out in the ASX Listing Rules; and • Reorganisation - In respect of rights, if there is a bonus issue or reorganisation of ANZ’s share capital, then the Board may adjust the number of rights or the number of underlying shares so that there is no advantage or disadvantage to the holder. Holders otherwise have no other entitlements to participate: • in any new issue of ANZ securities before they exercise their options/rights; or • in a share issue of a body corporate other than ANZ (such as a subsidiary). Any portion of the award which vests may, at the Boards discretion, be satisfied by a cash equivalent payment rather than shares.
Expensing value (fair value)	We expense the fair value of options/rights on a straight-line basis over the relevant vesting period and we recognise the expense as a share-based compensation expense with a corresponding increase in equity. Factors considered in determining the fair value include: the market performance conditions, share price volatility, life of the instrument, dividend yield, and share price at grant date.
Satisfying vesting	Any portion of the award of options/rights (that have met the applicable time and performance conditions) may be satisfied by a cash equivalent payment rather than shares at Board discretion. In financial year 2025, all deferred share rights were satisfied through a share allocation, other than 96,757 deferred share rights (2024: 95,968) for which a cash payment was made. 2020 performance rights (PR), granted in December 2020, reached the end of their performance period in November 2024. Based on performance against hurdles, 25% of the PR vested. The remaining 75% of rights lapsed and executives received no value from this proportion of the awards. 100% of the PR granted in late 2019 (2019 PR award) were lapsed, as the performance hurdles were not met when tested in November 2023 – the end of theperformanceperiod.
Cessation	The provisions that apply if the employee’s employment ends are in Section 8.1 of the 2025 Remuneration Report.
Downward adjustment	As per Deferred Share Plan.

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29. Employee share and option plans (continued)

Option plans that operated during 2025 and 2024

i) Long Term Variable Remuneration (LTVR) and Variable Remuneration (VR) - restricted rights (RR), performance rights (PR), and deferred share rights (DSR)

rights (DSR)
Award Type	LTVR (RR & PR)	LTVR / VR historical (PR)	ANZIP VR (DSR)		ANZIP historical VR (DSR)
Eligibility	CEO, ExCo and GGM IA1	CEO and ExCo1	All other employees (excluding select roles in the
			UK/China/HK2) in countries where DSR may be granted
			instead of deferred shares
FY of grant	2024 and 2023 PRR: granted in	Historical grants: on foot during	Grants from 1 Oct 2023		2023 PRR: granted in FY24
	FY25 & FY24	FY25 & FY24	including 2024 PRR:		Historical grants: on foot
			granted in FY25 & FY24		during FY25 & FY24
Grant approach	50% of the CEO and ExCo’s	100% of the CEO’s LTVR and	If VR is at or exceeds		If VR is at or exceeds AUD
	(except for the CRO) LTVR was	50% of ExCo’s VR (except for	AUD 125,000, then 40%		100,000, then 60% of total
	received as RR and 50% as PR.	the CRO who received 50% VR	of total VR amount is		VR amount is deferred.
	100% of the CRO and GGM	as DSR instead) was received	deferred.
	IA’s LTVR was received as RR.	as PR.
Conditions	RR and PR provide a right to	Awarded at the end of the year	DSR provide a right to		DSR provide a right to
	acquire one ordinary ANZ share	subject to shareholder approval	acquire one ordinary		acquire one ordinary ANZ
	at nil cost – subject to time and	at AGM for CEO award.	ANZ share at nil cost		share at nil cost after a
	performance conditions.	PR performance condition	after a specified vesting		specified vesting period.
	Awarded subject to:	tested (relative and absolute	period.		Deferred over years two,
	• RR: pre grant assessment	TSR hurdles) at the end of four-	Deferred over a		three and four, where year 1
	(risk-based measures)	year performance period.	minimum of four years		includes the performance
	• RR and PR: shareholder approval at Annual General Meeting (AGM) for CEO award Performance condition tested at end of four-year performance period:	The four-year performance period commenced on 22 November to 21 November four years later. The deferral period is four years. Further details are provided in Section 5.2.3a of the 2021	(including the performance period), vesting no faster than on a pro-rata basis and only after two years (i.e., 33% year two, 33% year three, 34% year four).		period.
	• RR: pre vest assessment	Remuneration Report.
	(risk-based measures)
	• PR: relative and absolute
	Total Shareholder Return
	(TSR) hurdles
	Deferral period3= four-year
	performance period
	(commencing 1 October) +
	holding period (which
	commences the day after end
	of performance period and
	finishes on the 4th, 5thor 6th
	anniversary of grants (CEO only
	for year 6).
	Further details provided in
	Section 5.4 of the 2025
	Remuneration Report.
Allocation value	Face value of ANZ shares traded on the ASX in the five trading		The fair value at the date	of grant is used to determine
	days leading up to and including	1 October (beginning of the	the number of DSR to be	allocated and is also used for
	financial year).		expensing purposes. The	fair value is adjusted for the
			absence of dividends during		the vesting period.

All ANZGHL/ANZBGL FAR Accountable Executives.
Specific deferral arrangements also exist under ANZIP for roles defined as specific country level MRTs, in line with local regulatory requirements.
A dividend equivalent payment (DEP) is paid in cash at the end of the relevant deferral period, but is only made to the extent that all or part of the underlying rights meet the relevant performance condition and vest to the individual. Dividend equivalents accrue over the full deferral period for RR, and only during the holding period for PR.

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Notes to the consolidated financial statements (continued)

29. Employee share and option plans (continued)

Award Type	LTVR (RR & PR) LTVR / VR historical (PR) ANZIP VR (DSR) ANZIP historical VR (DSR)
Allocation timing	LTVR awarded around late November/December (subject to shareholder approval for CEO). Granted in late November. Start of FY End of FY
2025 grants	During 2025, we granted 253,852 RR and 206,950 PR (2024: 376,821 RR and 313,156 PR). During 2025, we granted 1,485,960 DSR (no performance hurdles) (2024: 3,588,912).
Downward adjustment	Board discretion was exercised to apply malus to 42,424 RR and 209,743 PR in 2025 (2024: to nil RR and nil PR). Board discretion was exercised to apply malus to 35,802 deferred share rights in 2025 (2024: nil).

ii) Exceptional circumstances

Remuneration forgone

As per Deferred Share Plan in countries where DSR may be granted instead of deferred shares.

Retention

Options, deferred share rights, restricted rights and performance rights on issue

As at 7 November 2025, there were 456 holders of 4,666,946 DSR on issue, 13 holders of 993,664 RR on issue and 11 holders of 1,306,402 PR on issue.

Options/rights movements

This table shows the options/rights over unissued ANZ shares and their related weighted average (WA) exercise prices as at the beginning and end of 2025 and the movements during 2025:

	Opening balance 1 Oct 2024	Granted	Forfeited1	Expired	Exercised	Closing balance 30 Sep2025
Number of options/rights WA exercise price WA closing share price WA remaining contractual life WA exercise price of all exercisable options/rights outstanding Outstanding number of exercisable options/rights	8,351,100	1,946,762	(503,804)	0	(2,806,021)	6,988,037
	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
						$30.27
						1.9 years
						$0.00
						140,580

Refers to any circumstance where equity can be forfeited (for example on cessation, downward adjustment or performance conditions not met).

This table shows the options/rights over unissued ANZ shares and their related weighted average exercise prices as at the beginning and end of 2024 and the movements during 2024:

and the movements during 2024:
	Opening balance 1 Oct 2023	Granted	Forfeited1	Expired	Exercised Closing balance 30 Sep2024
Number of options/rights WA exercise price WA closing share price WA remaining contractual life WA exercise price of all exercisable options/rights outstanding Outstanding number of exercisable options/rights	6,719,516 $0.00	4,278,889 $0.00	(632,985) $0.00	0 $0.00	(2,014,320) 8,351,100 $0.00 $0.00 $27.34 1.8 years $0.00 118,965

Refers to any circumstance where equity can be forfeited (for example on cessation, downward adjustment or performance conditions not met).

All of the shares issued as a result of the exercise of options/rights during 2025 and 2024, were issued at a nil exercise price.

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29. Employee share and option plans (continued)

As at the date of the signing of the Directors’ Report on 7 November 2025:

no options/rights over ordinary shares have been granted since the end of 2025; and
no shares have been issued as a result of the exercise of options/rights since the end of 2025.

Fair value assumptions

When determining the fair value, we apply the standard market techniques for valuation, including Monte Carlo and/or Black Scholes pricing models. We do so in accordance with the requirements of AASB 2 Share-based Payments . The models take into account early exercise of vested equity, nontransferability and internal/external performance hurdles (if any).

The table below shows the significant assumptions we used as inputs into our fair value calculation of instruments granted during the period. We present the values as weighted averages, but the specific values we use for each allocation are the ones we use for the fair value calculation.

		2025	2024
	Deferred share rights	Restricted rights	Performance rights Deferred share rights Restricted rights Performance rights
Exercise price ($) Share closing price at grant date ($) Expected volatility of ANZ share price (%)1 Equity term (years) Vesting period (years) Expected life (years) Expected dividend yield (%) Risk free interest rate (%) Fair value ($)	0.00	0.00	0.00 0.00 0.00 0.00 32.26 24.38 24.60 24.66 17.5 19.98 20.0 20.0 6.5 2.1 6.6 6.6 4.5 2.0 4.6 4.6 4.5 2.0 4.6 4.6 5.8 6.5 6.5 6.5 4.13 4.18 4.05 4.03 11.70 21.44 18.44 10.32
	32.28	32.29
	17.5	17.5
	2.1	6.5
	2.0	4.5
	2.0	4.5
	5.7	5.7
	4.04	4.12
	28.86	25.15

Expected volatility represents a measure of the amount by which ANZ’s share price is expected to fluctuate over the life of the rights. The measure of volatility used in the model is the annualised standard deviation of the continuously compounded rates of return on the historical share price over a defined period of time preceding the date of grant. This historical average annualised volatility is then used to estimate a reasonable expected volatility over the expected life of the rights.

Satisfying equity awards

All shares underpinning equity awards may be purchased on market, reallocated or be newly issued shares, or a combination.

The equity we purchased on market during 2025 (either under the ANZ Employee Share Acquisition Plan and the ANZ Share Option Plan, or to satisfy options or rights) for all employees amounted to 3,982,873 shares at an average price of $31.64 per share (2024: 5,211,778 shares at an average price of $24.17 per share).

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Notes to the consolidated financial statements (continued)

30. Related party disclosures

Key Management Personnel compensation

Key Management Personnel (KMP) are Directors of ANZBGL (whether executive directors or otherwise), and those personnel with a key responsibility for the strategic direction and management of the Group (i.e., members of the Group Executive Committee (ExCo)) who have Financial Accountability Regime (FAR) accountability and who report to the CEO. KMP compensation included within total personnel expenses in Note 4 Operating expenses is as follows:

	Consolidated
	2025	20241
	$'000	$'000
Short-term benefits	18,070	20,017
Post-employment benefits	633	572
Other long-term benefits	147	280
Termination benefits	2,541	-
Share-based payments	17,335	11,199
Total	38,726	32,068

Includes former disclosed KMP until the end of their employment.

Key Management Personnel loan transactions

Loans made to KMP are made in the ordinary course of business and on normal commercial terms and conditions that are no more favourable than those given to other employees or customers, including the term of the loan, security required and the interest rate. No amounts have been written off during the period, or individual provisions raised in respect of these balances. Details of the terms and conditions of lending products can be found on anz.com. The aggregate balance of loans (including credit card balances) made, guaranteed or secured, and undrawn facilities to KMP including their related parties, were as follows:

Consolidated 2025 2024 $'000 $'000	The Company 2025 2024 $'000 $'000
Loans advanced1 22,800 14,064 Undrawn facilities1 2,220 2,203 Interest charged2 813 1,078	21,694 12,906 2,116 1,995 743 778

Balances are as at balance date (for KMP in office at balance date) or at the date of cessation of former KMP. Comparative balances have been adjusted for balances relating to new KMP, or KMP who departed in the prior year.
Interest charged is for all KMP’s during the period.

Key Management Personnel holdings of ANZ securities

KMP, including their related parties, held the Company’s subordinated debt and shares, share rights and options over shares in ANZGHL directly, indirectly or beneficially as shown below :

or beneficially as shown below:
	Consolidated
	2025	2024
	Number	Number
Shares, options and rights1	3,355,638	3,600,849
Subordinated debt1	11,331	11,040

Balances are as at balance date (for KMP in office at balance date) or at the date of cessation of former KMP. Comparative balances have been adjusted for balances relating to new KMP, or KMP who departed in the prior year.

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OverviewOverviewOverview

30. Related party disclosures (continued)

Other transactions of Key Management Personnel and their related parties

The aggregate of deposits of KMP and their related parties with the Group were $31 million (2024: $26 million) and with the Company were $27 million (2024: $23 million).

Other transactions with KMP and their related parties include amounts paid to the Group in respect of investment management service fees, brokerage and bank fees and charges. The Group has reimbursed KMP for the costs incurred for security and secretarial services associated with the performance of their duties. These transactions are conducted on normal commercial terms and conditions no more favourable than those given to other employees or customers. Gifts were provided to KMP, including on their retirement, amounting to $9,005 during the year (2024: $7,005).

Associates

We disclose significant associates in Note 25 Investments in associates. During the course of the financial year, transactions conducted with all associates were on terms equivalent to those made on an arm’s length basis.

	Consolidated	Consolidated	The Company
	2025	2024	2025	2024
	$'000	$'000	$'000	$'000
Amounts receivable from associates	14	19	-	-
Amounts payable to associates	1,197	1,064	-	-
Interest revenue from associates	-	-	-	-
Interest expense to associates	55	76	-	-
Other revenue from associates	-	-	-	-
Other expenses paid to associates	2,404	2,933	-	-
Dividend income from associates	36,741	13,771	-	-
Undrawn facilities1	914	962	-	-

Comparatives have been amended to include unutilised limits from credit cards.

There have been no material guarantees given or received. No amounts receivable from associates have been written-off during the period, nor individual provisions raised in respect of these balances.

Subsidiaries

We disclose material controlled entities in Note 24 Controlled entities. During the financial year, subsidiaries conducted transactions with each other and with associates on terms equivalent to those on an arm’s length basis. As at 30 September 2025, we consider all outstanding amounts on these transactions to be fully collectible.

Other intragroup transactions include providing management and administrative services, staff training, data processing and technology facilities, transfer of tax losses, and the leasing of premises and equipment. The Company also issued letters of comfort and guarantees in respect of certain subsidiaries in the normal course of business.

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Notes to the consolidated financial statements (continued)

30. Related party disclosures (continued)

Related entities

Transactions with related entities include leasing arrangements, funding activities, deposits and tax funding arrangements.

These transactions are conducted on terms equivalent to those on an arm’s length basis. As at 30 September 2025, we consider all outstanding amounts on these transactions to be fully recoverable.

The following balances with related ANZ Group entities were outstanding at 30 September:

	2025	2024
	$m	$m
Amounts due from ultimate controlling entity	-	36
Amounts due from other related entities	630	755
Amounts due to ultimate controlling entity	3	10
Amount due to parent entity	-	47
Amounts due to other related entities	311	315
Deposits from ultimate controlling entity	1,029	1,258
Deposits from other related entities	135	165
Undrawn facilities for other related entities	122	105

The following transactions occurred with related ANZ Group entities:

The following transactions occurred with related ANZ Group entities:
	2025	2024
	$m	$m
Dividend paid to parent entity	4,580	5,267
Capital return to parent entity	-	2,039
Interest paid to ultimate controlling entity	44	28
Interest paid to other related entities	54	45
Other expenses paid to other related entities	19	7
Interest received from other related entities	62	64
Other revenue received from other related entities	27	34

In addition, ANZBGL has right-of-use assets of $498 million (2024: $536 million) and lease liabilities of $618 million (2024: $672 million) with ANZ Group Services Pty Ltd at 30 September 2025. For the year ended 30 September 2025, the associated depreciation on the right-of-use assets was $37 million (2024: $43 million) and interest paid on the lease liabilities was $36 million (2024: $29 million) (the interest paid on lease liabilities has been included in the table above within interest paid to other related entities).

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31. Commitments, contingent liabilities and contingent assets

Credit related commitments and contingencies

Credit related commitments and contingencies
	Consolidated		The Company
	2025	2024	2025	2024
	$m	$m	$m	$m
Contract amount of:
Undrawn facilities1	193,177	184,890	156,746	149,577
Guarantees and letters of credit	21,514	22,509	19,367	19,515
Performance related contingencies	27,403	26,501	25,854	25,944
Total	242,094	233,900	201,967	195,036

2024 was restated to exclude commitments that can be unconditionally cancelled at any time without notice to align to current period presentation

Undrawn facilities

The majority of undrawn facilities are subject to customers maintaining specific credit and other requirements or conditions. Many of these facilities are expected to be only partially used, and others may never be used at all. As such, the total of the nominal principal amounts is not necessarily representative of future liquidity risks or future cash requirements. Based on the earliest date on which the Group may be required to pay, the full amount of undrawn facilities for the Group mature within 12 months.

Guarantees, letters of credit and performance related contingencies

Guarantees, letters of credit and performance related contingencies relate to transactions that the Group has entered into as principal.

Letters of credit involve the Group issuing letters of credit guaranteeing payment in favour of an exporter. They are secured against an underlying shipment of goods or backed by a confirmatory letter of credit from another bank.

Performance-related contingencies are liabilities that oblige the Group to make payments to a third party if the customer fails to fulfil its non-monetary obligations under the contract.

To reflect the risks associated with these transactions, we apply the same credit origination, portfolio management and collateral requirements that we apply to loans. The contract amount represents the maximum potential amount that we could lose if the counterparty fails to meet its financial obligations. As the facilities may expire without being drawn upon, the notional amounts do not necessarily reflect future cash requirements. Based on the earliest date on which the Group may be required to pay, the full amount of guarantees and letters of credit and performance-related contingencies for the Group mature within 12 months.

Contingent liabilities and contingent assets

There are outstanding court proceedings, claims and possible claims for and against the Group. Where relevant, expert legal advice has been obtained and, in the light of such advice, provisions (refer to Note 21 Other provisions) and/or disclosures as deemed appropriate have been made. In some instances we have not disclosed the estimated financial impact of the individual items either because it is not practicable to do so or because such disclosure may prejudice the interests of the Group.

A description of the contingent liabilities and contingent assets as at 30 September 2025 is set out below.

Contingent liabilities

Regulatory and customer exposures

The Group regularly engages with its domestic and international regulators and other statutory and supervisory bodies. The nature of these regulatory interactions can be wide ranging and include regulatory investigations, surveillance and reviews, reportable situations, formal and informal inquiries and regulatory supervisory activities in Australia, New Zealand and globally. The Group also receives notices and requests for information from its regulators and other bodies from time to time as part of both industry-wide and Group-specific reviews and makes disclosures to its regulators at its own instigation.

There has been a recent increase in the number of matters on which the Group has engaged with its regulators. Recent interactions relate to matters including:

markets transactions and data reporting;
the ASIC Matters Resolution Program within Australia Retail, which covers a range of areas, specifically: ANZ’s Online Saver product, hardship processes, deceased estates, breach reporting, event management, customer remediation and complaints;
anti-money laundering and counter-terrorism financing obligations, processes and procedures;
Common Reporting Standard and Foreign Account Tax Compliance Act obligations, processes and reporting; and
non-financial risk (NFR) management practices including the application of interest and fees on certain products and the financial accountability regime.

The possible exposures associated with the Group’s regulatory interactions may include civil enforcement actions, criminal proceedings, fines and penalties, imposition of capital or liquidity requirements, customer remediation, the requirement to conduct independent reviews, sanctions or the exercise of other regulatory powers.

There may also be exposures to customers, third parties and shareholders which are additional to any regulatory exposures. These could include class actions or claims for compensation or other remedies.

The outcomes and total costs associated with these possible regulatory, customer and other exposures remain uncertain.

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Notes to the consolidated financial statements (continued)

31. Commitments, contingent liabilities and contingent assets (continued)

Contingent liabilities (continued)

Non-financial risk management enforceable undertaking

On 3 April 2025, the Group announced it had entered into a court enforceable undertaking (CEU) with APRA for matters relating to NFR management practices and risk culture across the Group and accepted an additional operational risk capital overlay of $250 million.

The CEU followed ongoing conversations between the Group and APRA regarding APRA’s concerns about the Group’s NFR management practices and risk culture. It also followed the emergence of issues in ANZBGL’s Global Markets business which led to APRA in August 2024 expressing its concerns about the Group’s NFR uplift program of work.

As part of the CEU agreed with APRA, the Group appointed an independent reviewer to conduct an enterprise-wide independent review to identify the root causes and behavioural drivers of shortcomings in ANZ’s NFR management practices and NFR culture. On 30 September 2025, ANZ submitted its Root Cause Remediation Plan (RCRP) to APRA as required by the CEU. ANZ has appointed Promontory to provide independent assurance of its progress against the RCRP.

The CEU provides that upon any breach of the terms of the CEU, APRA may take regulatory action as it considers appropriate in the circumstances, including action under section 18A of the Banking Act 1959 (Cth) .

ASIC settlement on Australian Markets and Retail matters

In September 2025, the Company entered into an agreement with the Australian Securities and Investments Commission (ASIC) to resolve five matters within its Australian Markets and Australia Retail businesses that were the subject of separate regulatory investigations. Under the agreement, which requires Federal Court approval, the Company is subject to the following penalties:

$85 million for the Company’s role as duration manager in the execution of a 2023 issuance of 10-year Treasury Bonds by the Australian Office of Financial Management (AOFM);
$40 million for submitting inaccurate monthly secondary bond turnover data to the AOFM over almost a two-year period, making a false or misleading annual attestation to the AOFM in relation to that data and failing to lodge a report with ASIC in respect of those inaccuracies;
$40 million for its failure to pay acquisition bonus interest on certain Online Saver accounts and displaying inaccurate rates;
$40 million for breaching its obligations in relation to its handling of customer hardship notices; and
$35 million relating to breaches of its obligations concerning deceased estates.

A provision has been recognised for expected costs associated with these matters as at 30 September 2025. While the penalties expressed above have been submitted to the Court by the Company and ASIC on an agreed basis, the Court must satisfy itself that the submitted penalty is appropriate. The Court has power to order the agreed penalty or a different penalty.

South African rate action

In February 2017, the South African Competition Commission commenced proceedings against local and international banks including the Company alleging breaches of the cartel provisions of the South African Competition Act in respect of trading in the South African rand. The potential civil penalty or other financial impact is uncertain.

Onepath superannuation litigation

In December 2020, a class action was brought against OnePath Custodians, OnePath Life and the Company alleging that OnePath Custodians breached its obligations under superannuation legislation, and its duties as trustee, in respect of superannuation investments and fees. The claim also alleges that the Company was involved in some of OnePath Custodians’ investment breaches. An agreement to settle the claim was reached in October 2024. The Company will contribute $14 million to the settlement, which is covered by existing provisions held at 30 September 2025. The settlement is without admission of liability and remains subject to court approval.

New Zealand loan information litigation

In September 2021, a representative proceeding was brought against ANZ Bank New Zealand Limited, alleging breaches of disclosure requirements under consumer credit legislation in respect of variation letters sent to certain loan customers. ANZ Bank New Zealand Limited is defending the allegations.

Security recovery actions

Various claims have been made or are anticipated, arising from security recovery actions taken to resolve impaired assets. These claims will be defended.

Warranties, indemnities and performance management fees

The Group has provided warranties, indemnities and other commitments in favour of the seller/purchaser and other persons in connection with various acquisitions/disposals of businesses and assets and other transactions, covering a range of matters and risks. It is exposed to claims under those warranties, indemnities and commitments, some of which are currently active. The outcomes and total costs associated with these exposures remain uncertain.

The Group has entered an arrangement to pay performance management fees to external fund managers in the event predetermined performance criteria are satisfied in relation to certain Group investments. The satisfaction of the performance criteria and associated performance management fee remains uncertain.

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31. Commitments, contingent liabilities and contingent assets (continued)

Contingent liabilities (continued)

Clearing and settlement obligations

Certain group companies have a commitment to comply with rules governing various clearing and settlement arrangements which could result in a credit risk exposure and loss if another member institution fails to settle its payment clearing activities. The Group’s potential exposure arising from these arrangements is unquantifiable in advance.

Certain group companies hold memberships of central clearing houses, including ASX Clear (Futures), London Clearing House (LCH) SwapClear, Korea Exchange (KRX), Hong Kong Exchange (HKEX), the Clearing Corporation of India, Taiwan Futures Exchange and the Shanghai Clearing House. These memberships allow the relevant group company to centrally clear derivative instruments in line with cross-border regulatory requirements. Common to all of these memberships is the requirement for the relevant group company to make default fund contributions. In the event of a default by another member, the relevant group company could potentially be required to commit additional default fund contributions which are unquantifiable in advance.

Parent entity guarantees

Certain group companies have issued letters of comfort and guarantees in respect of certain subsidiaries in the normal course of business. Under these letters and guarantees, the issuing entity undertakes to ensure that those subsidiaries continue to meet their financial obligations, subject to certain conditions including that the subsidiary remains a controlled entity.

Contingent assets

National Housing Bank

The Company is pursuing recovery of the proceeds of certain disputed cheques which were credited to the account of a former Grindlays customer in the early 1990s.

The disputed cheques were drawn on the National Housing Bank (NHB) in India. Proceedings between Grindlays and NHB concerning the proceeds of the cheques were resolved in early 2002.

Recovery is now being pursued from the estate of the Grindlays customer who received the cheque proceeds. Any amounts recovered are to be shared between the Company and NHB.

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Notes to the consolidated financial statements (continued)

32. Auditor fees

32. Auditor fees
	Consolidated		The Company
	2025	2024	2025	2024
	$’000	$’000	$’000	$’000
KPMG Australia
Audit or review of financial reports	14,923	11,016	12,304	10,486
Audit-related services1	5,643	4,597	4,533	4,528
Non-audit services2	168	27	168	27
Total3	20,734	15,640	17,005	15,041
Overseas related practices of KPMG Australia
Audit or review of financial reports	6,163	5,930	2,223	2,058
Audit-related services1	2,303	2,191	1,022	809
Non-audit services2	96	153	-	-
Total	8,562	8,274	3,245	2,867
Total auditor fees4	29,296	23,914	20,250	17,908

Group audit-related services comprise prudential and regulatory services of $5.29 million (2024: $4.16 million), comfort letters $0.64 million (2024: $0.72 million) and other services $2.02 million (2024: $1.91 million). Company audit-related services comprise prudential and regulatory services of $3.94 million (2024: $3.76 million), comfort letters $0.59 million (2024: $0.68 million) and other services $1.03 million (2024: $0.90 million).
The nature of non-audit services for the Group includes methodology, procedural/operational and administrative reviews. Further details are provided in the Directors’ Report.
Inclusive of goods and services tax.
Total auditor fees do not include fees paid to other audit firms where KPMG is in a joint audit arrangement or not the auditor for the Group amounting to $0.76 million (2024: $0.80 million). Total auditor fees do not include fees paid to other audit firms where KPMG is in a joint audit arrangement or not the auditor for the Company amounting to $0.49 million (2024: $0.56 million).

The Group’s Policy allows KPMG Australia or any of its related practices to provide assurance and other audit-related services that, while outside the scope of the statutory audit, are consistent with the role of an external auditor. These include regulatory and prudential reviews requested by regulators such as APRA. Any other services that are not audit or audit-related services are non-audit services. The Policy allows certain non-audit services to be provided where the service would not contravene auditor independence requirements. KPMG Australia or any of its related practices may not provide services that are perceived to be in conflict with the role of the external auditor or breach auditor independence. These include consulting advice and subcontracting of operational activities normally undertaken by management, and engagements where the external auditor may ultimately be required to express an opinion on its own work.

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33. Suncorp Bank acquisition

On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Norfina Limited (formerly known as Suncorp-Metway Limited, and trading as Suncorp Bank).

During 2025, the Group completed its purchase price allocation (PPA), to identify and measure the assets acquired and liabilities assumed at acquisition date. The significant adjustments to provisionally determined balances arising from the PPA exercise included the recognition of core deposit and brand intangible assets, fair value adjustments to gross loans and advances to reflect changes in interest rates and credit since loan origination, provisions for contingent liabilities and related indemnities and related deferred tax balances with a corresponding decrease to goodwill of $56 million. The final goodwill balance of $1,346 million is attributable to the assembled workforce and expected synergies arising from the economies of scale from the integration and consolidation of platforms and funding benefits. It will not be deductible for tax purposes.

The core deposit intangible was valued at $633 million under a discounted cash flow approach using a multi-period excess earnings model to calculate the present value of the funding costs savings obtained, comparing the difference between the cost of existing core deposits and the cost of alternative sources of funding over the expected life of the core deposit base. The discount rates used were calculated using the cost of capital plus a risk premium. The value of the core deposit intangible asset is influenced by its estimated lifespan and by fluctuations in the estimated costs of alternative funding options. The asset will be amortised over its expected life of 6 years.

The table below sets out the PPA adjustments recognised in respect of the 31 July 2024 acquisition balance sheet. Prior periods have not been restated.

	Provisional	Adjustments	Final
Assets acquired and liabilities assumed as at acquisition date	$m	$m	$m
Assets
Cash and cash equivalents	1,333	-	1,333
Collateral paid	80	-	80
Trading assets	2,307	-	2,307
Derivative financial instruments	310	-	310
Investment securities	9,920	-	9,920
Gross loans and advances	69,745	(198)	69,547
Deferred tax assets	48	(48)	-
Intangible assets	103	685	788
Other assets	431	11	442
Total assets	84,277	450	84,727
Liabilities
Collateral received	48	-	48
Deposits and other borrowings	62,438	(1)	62,437
Derivative financial instruments	279	-	279
Deferred tax liabilities	-	269	269
Payables and other liabilities	731	(6)	725
Provisions	89	142	231
Debt issuances	15,847	(10)	15,837
Total liabilities	79,432	394	79,826
Net assets acquired	4,845	56	4,901
Cash consideration paid1	6,247	-	6,247
Goodwill	1,402	(56)	1,346

The cash consideration of $6,247 million includes payment for Suncorp Bank’s Tier 2 notes ($606 million) and Capital Notes ($564 million).

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Notes to the consolidated financial statements (continued)

33. Suncorp Bank acquisition (continued)

Recognition and measurement

Business combinations are accounted for using the acquisition method of accounting. The cost of acquisition is measured at the fair value of the transferred consideration, including where relevant, any contingent consideration. Acquisition-related costs are expensed when incurred. Identifiable assets and liabilities, along with contingent consideration, are valued at their fair values on the acquisition date. Goodwill is calculated as the excess of the consideration over the net of identifiable assets and liabilities. The acquired business operations are included in our financial statements from the acquisition date.

34. Events since the end of the financial year

Other than matters outlined in the Financial Report, there have been no significant events from 30 September 2025 to the date of signing this report.

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Consolidated Entity Disclosure Statement

Basis of preparation

This Consolidated Entity Disclosure Statement has been prepared in accordance with subsection 295(3A) of the Corporations Act 2001 . The entities listed in the statement are for Australia and New Zealand Banking Group Limited and all its controlled entities as at 30 September 2025 in accordance with AASB 10 Consolidated Financial Statements .

			% of Share
		Place Formed or	Capital	Tax Residency (Australia
Entity Name	Entity Type	Incorporated	Held	or Foreign Jurisdiction)
ANZ Finance American Samoa, Inc	Body Corporate	American Samoa	100%	American Samoa
1835 Funding Pty Limited	Body Corporate	Australia	100%	Australia
ACN 008 647 185 Pty Ltd1	Body Corporate	Australia	100%	Australia
ANZ Capital No. 1 Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Commodity Trading Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Fiduciary Services Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Funds Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Global Services and Operations Pty Limited	Body Corporate	Australia	100%	Australia
ANZ ILP Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ International Private Limited	Body Corporate	Singapore	100%	Australia
ANZ Leasing (BWC Financing) Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Lenders Mortgage Insurance Pty Limited	Body Corporate	Australia	100%	Australia
ANZ Nominees Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Properties (Australia) Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Residential Covered Bond Trust	Trust	Australia	N/A	Australia
ANZ Rewards No. 2 Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Securities (Holdings) Pty Ltd	Body Corporate	Australia	100%	Australia
ANZ Securities Limited	Body Corporate	Australia	100%	Australia
ANZ Wealth Australia Pty Ltd	Body Corporate	Australia	100%	Australia
ANZEST Pty Ltd	Body Corporate	Australia	100%	Australia
APOLLO Series 2008-1R Trust	Trust	Australia	N/A	Australia
APOLLO Series 2017-1 Trust	Trust	Australia	N/A	Australia
APOLLO Series 2017-2 Trust	Trust	Australia	N/A	Australia
APOLLO Series 2018-1 Trust	Trust	Australia	N/A	Australia
APOLLO Series 2022-1 Trust	Trust	Australia	N/A	Australia
APOLLO Series 2023-1 Trust	Trust	Australia	N/A	Australia
APOLLO Series 2024-1 Trust	Trust	Australia	N/A	Australia
APOLLO Series 2025-1 Trust	Trust	Australia	N/A	Australia
APOLLO Warehouse Trust No. 2	Trust	Australia	N/A	Australia
Australia and New Zealand Banking Group Limited	Body Corporate	Australia	100%	Australia
Esanda Finance Corporation Pty Ltd	Body Corporate	Australia	100%	Australia
Institutional Securitisation Services Limited	Body Corporate	Australia	100%	Australia
Kingfisher Trust 2008-1	Trust	Australia	N/A	Australia
Kingfisher Trust 2016-1	Trust	Australia	N/A	Australia
Kingfisher Trust 2019-1	Trust	Australia	N/A	Australia
Kingfisher Trust 2025-1	Trust	Australia	N/A	Australia
Norfina Advances Corporation Pty Ltd	Body Corporate	Australia	100%	Australia
Norfina Covered Bond Trust	Trust	Australia	N/A	Australia
Norfina Limited	Body Corporate	Australia	100%	Australia
Postbank Equity Trust	Trust	Australia	N/A	Australia
SBGH Limited	Body Corporate	Australia	100%	Australia
Shout for Good Pty Ltd	Body Corporate	Australia	100%	Australia
SME Management Pty Limited	Body Corporate	Australia	100%	Australia

ACN 008 647 185 Pty Ltd is trustee of Postbank Equity Trust.

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Notes to the consolidated financial statements (continued)

Consolidated Entity Disclosure Statement (continued)

			% of Share
		Place Formed or	Capital	Tax Residency (Australia
Entity Name	Entity Type	Incorporated	Held	or Foreign Jurisdiction)
Votraint No. 1103 Pty Limited	Body Corporate	Australia	100%	Australia
Australia and New Zealand Bank (China) Company Limited	Body Corporate	China	100%	China
ANZ Pacific Operations Pte Ltd	Body Corporate	Fiji	100%	Fiji
ANZ Europe, S.A.	Body Corporate	France	100%	France
ANZ Capital Private Limited	Body Corporate	India	100%	India
ANZ Operations And Technology Private Limited	Body Corporate	India	100%	India
ANZ Support Services India Private Limited	Body Corporate	India	100%	India
PT Bank ANZ Indonesia	Body Corporate	Indonesia	99%	Indonesia
ANZ Securities (Japan), Ltd	Body Corporate	Japan	100%	Japan
ANZ Bank (Kiribati) Limited	Body Corporate	Kiribati	75%	Kiribati
ANZ Bank New Zealand Limited	Body Corporate	New Zealand	100%	New Zealand
ANZ Custodial Services New Zealand Limited	Body Corporate	New Zealand	100%	New Zealand
ANZ Holdings (New Zealand) Limited	Body Corporate	New Zealand	100%	New Zealand
ANZ Investment Services (New Zealand) Limited	Body Corporate	New Zealand	100%	New Zealand
ANZ National Staff Superannuation Limited	Body Corporate	New Zealand	100%	New Zealand
ANZ New Zealand (Int'l) Limited	Body Corporate	New Zealand	100%	New Zealand
ANZ New Zealand Investments Holdings Limited	Body Corporate	New Zealand	100%	New Zealand
ANZ New Zealand Investments Limited	Body Corporate	New Zealand	100%	New Zealand
ANZNZ Covered Bond Trust	Trust	New Zealand	N/A	New Zealand
Arawata Assets Limited	Body Corporate	New Zealand	100%	New Zealand
Endeavour Finance Limited	Body Corporate	New Zealand	100%	New Zealand
Kingfisher NZ Trust 2008-1	Trust	New Zealand	N/A	New Zealand
OneAnswer Nominees Limited	Body Corporate	New Zealand	100%	New Zealand
8 and 9 Chester Limited	Body Corporate	Papua New Guinea	100%	Papua New Guinea
Australia and New Zealand Banking Group (PNG) Limited	Body Corporate	Papua New Guinea	100%	Papua New Guinea
ANZ Global Services And Operations (Manila) Inc	Body Corporate	Philippines	100%	Philippines
ANZ Bank (Samoa) Limited	Body Corporate	Samoa	100%	Samoa
ANZcover Insurance Private Ltd	Body Corporate	Singapore	100%	Singapore
ANZ (Thai) Public Company Limited (in Liquidation)	Body Corporate	Thailand	100%	Thailand
ANZ Pensions (UK) Limited	Body Corporate	United Kingdom	100%	United Kingdom
ANZ Securities, Inc.	Body Corporate	United States	100%	United States
ANZ Bank (Vanuatu) Limited1	Body Corporate	Vanuatu	100%	N/A
La Serigne Limited1	Body Corporate	Vanuatu	100%	N/A
Whitehall Investments Ltd1	Body Corporate	Vanuatu	100%	N/A
ANZ Bank (Vietnam) Limited	Body Corporate	Vietnam	100%	Vietnam

Vanuatu does not have a corporate tax regime and therefore the concept of tax residency does not apply.

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Consolidated Entity Disclosure Statement (continued)

Key concepts

Determination of tax residency

In determining tax residency, the consolidated entity has applied the following interpretations:

Australian tax residency

“Australian resident” has the meaning provided in the Income Tax Assessment Act 1997 (ITAA). In applying that definition, the consolidated entity has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5 and Practical Compliance Guideline PCG 2018-009 .

Foreign tax residency

Where an entity is shown as being resident in a foreign jurisdiction, this is taken to mean a resident for the purposes of the law of the foreign jurisdiction relating to foreign income tax, within the meaning of the ITAA.

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Directors’ Declaration

The Directors of Australia and New Zealand Banking Group Limited declare that:

a) In the Directors’ opinion:
i) the financial statements and notes of the Company and the Consolidated Entity are in accordance with the Corporations Act 2001 , including:
- A. section 296, that they comply with the Australian Accounting Standards and any further requirements of the Corporations Regulations 2001 ; and
- B. section 297, that they give a true and fair view of the financial position of the Company and the Consolidated Entity as at 30 September 2025 and of their performance for the year ended on that date; and
ii) the Consolidated Entity Disclosure Statement required by section 295(3A) of the Corporations Act 2001 and included on pages 201 to 203 of the financial report is true and correct; and
iii) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
b) The notes to the financial statements of the Company and the Consolidated Entity include a statement that the financial statements and notes of the Company and the Consolidated Entity comply with International Financial Reporting Standards; and
c) The Directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of the Directors.

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Paul D O’Sullivan Chairman

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Nuno A Matos Managing Director

7 November 2025

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To the shareholders of Australia and New Zealand Banking Group Limited

Report on the audit of the Financial Report

Opinion

We have audited the consolidated Financial Report of Australia and New Zealand Banking Group Limited (the Group Financial Report). We have also audited the Financial Report of Australia and New Zealand Banking Group Limited (the Company Financial Report).

In our opinion, each of the accompanying Group Financial Report and Company Financial Report gives a true and fair view, including of the Group’s and of the Company’s financial position as at 30 September 2025 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001 , in compliance with Australian Accounting and the Corporations Regulations 2001 .

The respective Financial Reports of the Group and Company comprise:

Balance Sheets as at 30 September 2025
Income Statements, Statements of Comprehensive Income, Statements of Changes in Equity, and Cash Flow Statements for the year then ended
Consolidated entity disclosure statement and accompanying basis of preparation as at 30 September 2025
Notes, including material accounting policies
Directors’ Declaration

The Group consists of Australia and New Zealand Banking Group Limited (the Company) and the entities it controlled at the year-end or from time to time during the financial year.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards and International Standards on Auditing . We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report.

We are independent of the Group and Company in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Key Audit Matters

The Key Audit Matters we identified for the Group and Company are:

Allowance for expected credit losses
Subjective and complex valuation of certain financial instruments held at fair value
IT systems and controls.

The Key Audit Matters of the Group are:

Carrying value of investment in PT Bank Pan Indonesia (PT Panin)
Acquisition accounting finalisation for the purchase of Suncorp Bank

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period.

These matters were addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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Independent auditor’s report (continued)

Key Audit Matters (continued)

Allowance for expected credit losses (Group $4,778m; Company $4,778m) Refer to Note 13 to the Financial Report.

The Key Audit Matter

Allowance for expected credit losses (ECL) is a Key Audit Matter due to the significance of the loans and advances balances to the Group’s financial statements and the inherent complexity of the Group and Company’s expected credit loss models (ECL models) used to measure ECL allowances. These models are reliant on data and estimates including probability weighted economic scenarios and other key assumptions such as defining a significant increase in credit risk (SICR).

AASB 9 Financial Instruments requires the Group and Company to measure ECL on a forward-looking basis reflecting a range of economic conditions. Temporary adjustments are made by the Group and Company to address known ECL model limitations or emerging trends in the loan portfolios. We exercise significant judgement in challenging the economic scenarios and the judgmental temporary adjustments the Group and Company applies.

Additional subjectivity and judgement is applied in the Group and Company’s modelling due to the heightened uncertainty associated with the impact of the economic outlook and its impact on customers, increasing our audit effort thereon.

How the matter was addressed in our audit

Working with our credit and economic specialists, our audit procedures included assessing the Group’s accounting policies against the requirements of the accounting standard. Additionally, our procedures included testing the Group’s key controls in relation to:

The ECL model governance, monitoring and validation processes which involved assessment of model performance;
The assessment and approval of the forward-looking macroeconomic assumptions and scenario weightings through challenge applied by the Group’s internal governance processes;
Reconciliation of the data used in the ECL calculation process to gross balances recorded within the general ledger as well as source systems;
Customer credit rating (CCR), a key input into the SICR assumption for wholesale loans (non-retail loans). This covered elements such as: approval of new lending facilities against the Group’s lending policies, monitoring of counterparty credit quality against the Group’s exposure criteria for internal factors specific to the counterparty or external macroeconomic factors, and accuracy and timeliness of CCR and security indicator (SI) assessments against lending policies and regulatory requirements;
IT system controls which record retail loans lending arrears and group exposures into delinquency buckets, and which re-calculate individual allowances.

We tested relevant General Information Technology Controls (GITCs) in relation to the key IT applications used by the Group in measuring ECL allowances as detailed in the IT Systems and Controls Key Audit Matter below.

In addition to controls testing, our procedures included:

Obtaining an understanding of the Group’s processes to determine ECL allowances, evaluating the ECL model methodologies against established market practices and criteria in the accounting standards. Critically evaluating and challenging ECL model methodology enhancements implemented during the financial year;
Reperforming a sample of credit assessments for wholesale loans controlled by the Group’s workout and recovery team assessed as higher risk or impaired, and a sample of other loans, focusing on larger exposures assessed by the Group as showing signs of deterioration, or in areas of current and emerging risk;
For each loan sampled, we challenged the Group’s assessment of CCR and SI using the customer’s financial position, the valuation of security, and, where relevant, the risk of stranded assets, to inform our overall assessment of loan recoverability and the impact on the credit allowance. To do this, we used the information on the Group’s loan file, portfolio and industry reviews, external rating and publications and, we enquired regarding the facts and circumstances of the case with the Relationship Manager;
Exercising our judgement, our procedures included using our understanding of relevant industries and the macroeconomic environment and comparing data and assumptions used by the Group in recoverability assessments to externally sourced evidence, such as, external credit ratings, publicly available audited financial statements and comparable external valuations of collateral held. Where relevant, we assessed the forecast timing of future cash flows in the context of underlying valuations and approved business plans and challenged key assumptions in the valuations;
Recalculated the Customer Behaviour Scorecard (CBS), which is a key input into the SICR assumption for retail loans, for a sample of loans;
Assessing the accuracy of the Group’s ECL model estimates by re-performing, the calculation of the ECL allowance for all modelled ECL using our independently derived calculation tools and comparing this to the amount recorded by the Group;
Challenging the Group’s forward-looking macroeconomic assumptions and scenarios incorporated in the Group’s ECL models. We compared the Group’s forecast GDP, unemployment rates, CPI and property price indices to relevant publicly available macroeconomic information, and considered other known variables and information obtained through our other procedures to identify contradictory indicators;
Testing the implementation of the Group’s SICR methodology by re-performing the staging calculation for all loans taking into consideration movements in the CCR from loan origination and comparing our result to actual staging applied on an individual account level in the Group’s ECL model;
Assessing the accuracy of the data used in the ECL models by checking a sample of data fields, such as, account balance, CBS and CCR to relevant source systems;
Challenging key assumptions used by the Group in their temporary adjustments. This included:
Assessing temporary adjustments against the Group’s ECL model and data deficiencies identified in the Group’s model validation processes, particularly in light of the significant volatility in economic scenarios;
Assessing the completeness of temporary adjustments by checking the consistency of risks we identified in the loan portfolios against the Group’s assessment;
Assessing certain temporary adjustments identified by the Group against internal and external information;
Assessing the appropriateness of management’s release of certain key temporary adjustments, including the rationale and supporting evidence;
o Recalculating a sample of temporary adjustments.
Assessing the appropriateness of the Group’s disclosures in the Financial Report, using our understanding obtained from our testing and against the requirements of the accounting standards.

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Key Audit Matters (continued)

Subjective and complex valuation of certain financial instruments held at fair value: Group

Fair value of level 3 asset positions $1,343m
Fair value of level 3 liability positions $14m
Fair value of level 2 asset positions $1,608m*
Fair value of level 2 liability positions $4,259m*

Company

Fair value of level 3 asset positions $1,190m
Fair value of level 3 liability positions $14m
Fair value of level 2 asset positions $1,343m*
Fair value of level 2 liability positions $4,259m*
This KAM relates to our audit procedures for structured notes, derivatives (mainly cancellable swaps and FX options) and fair value adjustments (credit valuation adjustment and funding valuation adjustment) within the level 2 population, that are valued using more complex valuation models.

Refer to Note 18 to the Group and Company Financial Reports.

The Key Audit Matter

The fair value of the Group and Company’s Level 3 and certain Level 2 (Level 2) financial instruments is determined by the Group and Company’s application of valuation techniques which often involve the exercise of judgement and the use of assumptions and estimates.

The valuation of Level 3 and Level 2 financial instruments held at fair value is a Key Audit Matter due to:

The high degree of estimation uncertainty and potentially significant range of reasonable outcomes associated with the valuation of financial instruments classified as Level 3 where significant pricing inputs used in the valuation methodology and models are not observable.
The complexity and subjectivity associated with the Group and Company’s valuation models for certain Level 2 derivatives and structured notes leading to an increase in estimation uncertainty.

These factors increased the level of judgement applied by us and our audit effort thereon.

In addressing this Key Audit Matter, we involved our valuation specialists to supplement our senior team members who understand the methods, assumptions and data relevant to the Group and Company’s valuation of financial instruments.

How the matter was addressed in our audit

Our audit procedures in addressing this Key Audit Matter included:

Assessing the population of financial instruments held at fair value by the Group and Company to identify portfolios with a higher risk of misstatement arising from significant judgements over valuation either due to unobservable inputs or complex/subjective models;
Testing the design and operating effectiveness of key controls relating specifically to these financial instruments, including those in relation to:
independent price verification (IPV), including completeness of portfolios and valuation inputs subject to IPV;
model validation at inception and periodically, including assessment of model limitation and assumptions;
review, approval and challenge of daily profit and loss by a control function;
collateral management process, including review and approval of margin reconciliations with clearing houses; and
review and approval of fair value adjustments (FVAs), including exit price and portfolio level adjustments.
In relation to the subjective valuation of certain Level 2 and Level 3 financial instruments, with our valuation specialists:
Assessing the reasonableness of key inputs and assumptions using comparable data in the market and available alternatives;
Comparing the Group and Company’s valuation methodology to industry practice and the criteria in the accounting standards; and
Independently revaluing a selection of financial instruments and FVAs of the Group and Company. This involved sourcing independent inputs from comparable data in the market and available alternatives. We challenged and assessed differences against the Group and Company’s valuations.
Assessing the appropriateness of the Group and Company’s disclosures in the Financial Report using our understanding obtained from our testing and against the requirements of the accounting standards.

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Independent auditor’s report (continued)

Key Audit Matters (continued)

Carrying value of investments in PT Bank Pan Indonesia (PT Panin) ($1,140m)

Refer to Note 25 to the Group Financial Report.

The Key Audit Matter

The carrying value of the Group’s investment in PT Panin is a Key Audit Matter due to:

Indicators of impairment identified in the Group’s impairment assessment of non-lending assets under both the Fair Value Less Costs of Disposal (FVLCOD) and the Value in Use (VIU) method at times throughout the year and at 30 September 2025;
Historical and current volatility in the market price of the PT Panin shares;
Judgement required in evaluating key forward-looking assumptions such as: Forecast earnings, Terminal growth rates and Discount rates.
Recorded impairment charge of $285m for PT Panin.

The presence of these conditions necessitated increased judgement by us to assess the Group’s valuation methods and associated investment value determined by the Group.

We involved our valuation specialists to supplement our senior team members in assessing this Key Audit Matter.

How the matter was addressed in our audit

Working with our valuation specialists, our procedures included:

Evaluating the appropriateness of the recoverable amount methods applied by the Group against the requirements of the accounting standards;
Independently evaluating FVLCOD method and assessing the market liquidity of the share price at the reporting date, in light of the historical volatility in the market price;
Independently evaluating the valuation derived from the VIU method used by the Group. This included:
Assessing the integrity of the model used, including the accuracy of the underlying calculation formulas;
Assessing the Group’s key assumptions used in the model by comparing to external observable metrics, historical experience, our knowledge of the market and current market practice;
Independently developing a discount rate range considered comparable using publicly available market data for comparable entities, adjusted for factors specific to the investment and the market and industry it operates in;
Comparing the forecast earnings contained in the model to the approved PT Panin financial plan, released financial results and against available market data;
Assessing the accuracy of previous forecasts to inform our evaluation of current forecasts incorporated in the model;
Considering the sensitivity of the model by varying key assumptions within a reasonable possible range. We did this to identify those assumptions at higher risk of bias or inconsistency in application and to focus our further procedures.
Recalculation of the impairment charge against disclosed amounts.
Assessing the Group’s disclosures in the Financial Report using our understanding obtained from our testing and against the requirements of the accounting standards.

IT systems and controls

The Key Audit Matter

The Group’s businesses utilise many complex, interdependent Information Technology (IT) systems to process and record a high volume of transactions. The controls over access, changes to and operation of relevant IT systems are key to the recording of financial information and the preparation of a financial report which provides a true and fair view of the Group and Company’s financial position and performance.

The IT systems and controls, as they impact the financial recording and reporting of the Group and Company’s transactions, is a Key Audit Matter as our audit approach could significantly differ depending on the effective operation of these Group and Company IT controls. We work with our IT specialists in this regard.

How the matter was addressed in our audit

Our testing focused on the technology control environments for key IT applications (systems) used in processing significant financial transactions and recording balances in the general ledgers, and the automated controls embedded within these systems which link the technology-enabled business processes. Working with our IT specialists our audit procedures included:

Assessing the governance and higher-level controls across the relevant IT environments, including policy design, policy review and awareness, and IT risk and cyber security management practices;
Testing the design and operating effectiveness of the Group’s key controls with respect to:
Access Control: user access management, including how users are on-boarded, monitored, and removed on a timely basis from key IT applications and infrastructure. We also tested controls for managing privileged roles and functions across relevant IT applications and the underlying infrastructure;
IT system change control: change management for systems relevant to financial reporting, including authorisation of changes prior to development, testing and approvals prior to migration into the production environment of key IT applications. We assessed appropriateness of users with access to release changes to IT application production environments against their job roles;
IT operations: access to and monitoring of system batch job schedules;
Design and operating effectiveness testing of key automated business process controls including those relating to enforcing segregation of duties to avoid conflicts from inappropriate role combinations within IT applications. We tested key controls over:
System configurations to perform calculations and mappings of financial transactions, identification of transactions requiring approval and automated reconciliation controls (both between systems and intra-system); and
Data integrity of key system reporting used in our audit procedures and the Group’s financial reporting.

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Key Audit Matters (continued)

Acquisition accounting finalisation for the purchase of Suncorp Bank (Goodwill: $1,346m)

Refer to Note 33 to the Group Financial Report.

The Key Audit Matter

On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Suncorp Bank for a total cash consideration of $6.2bn. A provisional valuation was undertaken in relation to assets acquired and liabilities assumed at acquisition date in the prior reporting period and the Group updated this in the current year. Consequently, goodwill associated with the acquisition was adjusted.

The finalisation of acquisition accounting for the purchase of Suncorp Bank is a Key Audit Matter due to:

The size of acquisition and its pervasive impact on the Financial Report. Consequently, it was a significant part of our audit.
Significant judgement required by the Group and effort for us, in gathering persuasive audit evidence regarding the Group’s determination of the fair value of identifiable intangible assets, including core deposit intangible, and other assets acquired and liabilities assumed, in particular loans and advances, deposits and borrowings. The Group engaged an external expert to determine the fair value of identifiable intangible assets and loans and advances.

We involved our valuation specialists to supplement our senior audit team members in assessing this Key Audit Matter.

How the matter was addressed in our audit

Our procedures included:

We evaluated the Group’s acquisition accounting approach against accounting standard requirements and industry practice;
We assessed the Group’s external expert report and assessed the objectivity, competence and scope of the Group’s expert;
Working with our valuation specialists, we evaluated the valuation methodology used to determine the fair value of core deposit intangible, considering accounting standards requirements and observed industry practices;
Working with our valuation specialists, we challenged the significant judgements made by the Group’s experts in determining the fair value of core deposit intangible and checked the integrity of the model used including mathematical accuracy of underlying calculations. This also included challenging the key assumptions applied: identification of core deposits, attrition rate, cost savings, discount rate;
Working with our valuation specialists, we assessed the fair value of material assets acquired and liabilities assumed. This included independently recalculating the fair value of loans and advances, deposits and borrowings and comparing to the fair value determined by the Group. We utilized professional judgment and independently established the assumptions used in the recalculation of the fair value;
We recalculated the goodwill balance recognised as a result of the acquisition and compared it to the goodwill amount recorded by the Group.

We assessed the adequacy of disclosures in the financial report using our understanding obtained from our testing and against the requirements of the accounting standard.

Other information

Other Information is financial and non-financial information in Australia and New Zealand Banking Group Limited’s annual report which is provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information.

Our opinions on the Financial Reports does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion.

In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report.

Responsibilities of the Directors for the Financial Report

The Directors are responsible for:

preparing the Financial Report in accordance with the Corporations Act 2001 , including giving a true and fair view of the financial position and performance of the Group and Company, and in compliance with Australian Accounting Standards and the Corporations Regulations 2001
implementing necessary internal control to enable the preparation of a Financial Report in accordance with the Corporations Act 2001 , including giving a true and fair view of the financial position and performance of the Group and Company, and that is free from material misstatement, whether due to fraud or error
assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the Financial Report

Our objective is:

to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and
to issue an Auditor’s Report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards and International Standards on Auditing will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report.

A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our Auditor’s Report.

These responsibilities also apply to our audits performed in accordance with International Standards on Auditing .

Report on the Remuneration Report

Opinion

In our opinion, the Remuneration Report of Australia and New Zealand Banking Group Limited for the year ended 30 September 2025, complies with Section 300A of the Corporations Act 2001 and is prepared, in all material respects, in accordance with the accompanying basis of preparation to the Remuneration Report.

Directors’ responsibilities

The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with Section 300A of the Corporations Act 2001 and the accompanying basis of preparation to the Remuneration Report.

Our responsibilities

We have audited the Remuneration Report included in pages 32 to 71 of the Directors’ report for the year ended 30 September 2025.

Our responsibility is to express an opinion as to whether the Remuneration Report complies in all material respects with Section 300A of the Corporations Act 2001, based on our audit conducted in accordance with Australian Auditing Standards .

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KPMG

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Maria Trinci Partner Melbourne 7 November 2025

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Glossary

AASs means Australian Accounting Standards.

AASB means Australian Accounting Standards Board. The term ‘AASB’ is commonly used when identifying AASs issued by the AASB. In doing so, the term is used together with the AAS number.

ADI means Authorised Deposit-taking Institution as defined by APRA.

ANZ Bank Group means ANZ BH Pty Ltd and each of its subsidiaries, including ANZBGL and ANZ Bank New Zealand Limited.

ANZ Bank New Zealand means ANZ Bank New Zealand Limited.

ANZBGL means Australia and New Zealand Banking Group Limited.

ANZBGL Group means ANZBGL and each of its subsidiaries. ANZEST means ANZ Employee Share Trust.

ANZ Group means the ANZGHL Group.

ANZGHL means ANZ Group Holdings Limited.

ANZGHL Group means ANZGHL and each of its subsidiaries, including ANZ BH Pty Ltd, ANZ Group Services Pty Ltd and ANZ NBH Pty Ltd.

ANZ Non-Bank Group means ANZ NBH Pty Ltd and each of its subsidiaries, including the Group’s beneficial interests in the 1835i trusts and non-controlling interests in the ANZ Worldline Payment Solutions joint venture, and ANZ Group Services Pty Ltd.

ANZ Research – Economics is a business unit within ANZ, which conducts analysis of key economic inputs and developments and assessment of the potential impacts on the local, regional and global economies.

economic hedging impacts and similar accounting items that represent timing differences that will reverse through earnings in the future; and
accounting reclassifications between individual line items that do not impact reported results, such as credit risk on impaired derivatives.

Cash profit is not a measure of cash flow or profit determined on a cash accounting basis.

Collectively assessed allowance for expected credit loss

represents the Expected Credit Loss (ECL), which incorporates forwardlooking information and does not require an actual loss event to have occurred for a credit loss provision to be recognised.

Company means Australia and New Zealand Banking Group Limited.

Covered bonds are bonds issued by an ADI to external investors secured against a pool of the ADI’s assets (the cover pool) assigned to a bankruptcy remote special purpose entity. The primary assets forming the cover pool are mortgage loans. The mortgages remain on the issuer’s balance sheet. The covered bond holders have dual recourse to the issuer and the cover pool assets. The mortgages included in the cover pool cannot be otherwise pledged or disposed of but may be repurchased and substituted in order to maintain the credit quality of the pool. The Group issues covered bonds as part of its funding activities.

Credit risk is the risk of financial loss resulting from the failure of the Group’s customers and counterparties to honour or perform fully the terms of a loan or contract.

ANZ Share means a fully paid ordinary share in the capital of ANZ.

APRA means Australian Prudential Regulation Authority.

APS means ADI Prudential Standard.

ASX means Australian Securities Exchange.

AT1 means Additional Tier 1 capital.

Basel Harmonisation ratios are the Group’s interpretation of Basel Calculation of RWA for credit risk regulations (effective 1 Jan 2023) documented in the Basel Framework and the ‘Australian Banking Association Basel 3.1 Capital Comparison Study’ (Mar 2023). This definition is for measures from March 2023 onwards.

BCBS means Basel Committee on Banking Supervision.

Board means ANZBGL Board of Directors.

Cash profit is an additional measure of profit which is prepared on a basis other than in accordance with accounting standards. Cash profit represents the Group’s preferred measure of the result of the core business activities of the Group, enabling readers to assess Group and Divisional performance against prior periods and against peer institutions. To calculate cash profit, the Group excludes non-core items from statutory profit as noted below. These items are calculated consistently period on period so as not to discriminate between positive and negative adjustments.

Gains and losses are adjusted where they are significant, or have the potential to be significant in any one period, and fall into one of three categories:

gains or losses included in earnings arising from changes in tax, legal or accounting legislation or other non-core items not associated with the core operations of the Group such as amortisation of intangible assets recognised in a business combination;

Credit risk weighted assets (CRWA) represent assets which are weighted for credit risk according to a set formula as prescribed in APS 112/113.

Customer deposits represent term deposits, other deposits bearing interest, deposits not bearing interest and borrowing corporations’ debt excluding securitisation deposits.

Customer remediation includes provisions for expected refunds to customers, remediation project costs and related customer and regulatory claims, penalties and litigation costs and outcomes.

Derivative credit valuation adjustment - Over the life of a derivative instrument, the Group uses a model to adjust fair value to take into account the impact of counterparty credit quality. The methodology calculates the present value of expected losses over the life of the financial instrument as a function of probability of default, loss given default, expected credit risk exposure at default and an asset correlation factor. Impaired derivatives are also subject to a CVA.

Expected credit loss (ECL) The determination of the ECL is dependent on credit deterioration since origination, according to the following three-stage approach:

Stage 1: At the origination of a financial asset, and subsequently where there has not been a Significant Increase in Credit Risk (SICR) since origination, an allowance for ECL is recognised reflecting the expected credit losses resulting from default events that are possible within the next 12 months from the reporting date. For instruments with a remaining maturity of less than 12 months, expected credit losses are estimated based on default events that are possible over the remaining time to maturity.

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Stage 2: Where there has been a SICR since origination, an allowance for ECL is recognised reflecting expected credit losses resulting from all possible default events over the expected life of a financial instrument. If credit risk were to improve in a subsequent period such that the increase in credit risk since origination is no longer considered significant, the exposure returns to a Stage 1 classification with ECL measured accordingly.
Stage 3: Where there is objective evidence of impairment, an allowance equivalent to lifetime ECL is recognised.

Fair value is an amount at which an asset or liability could be exchanged between knowledgeable and willing parties in an arm’s length transaction.

Gross loans and advances (GLA) is made up of loans and advances, capitalised brokerage and other origination costs less unearned income.

Group means Australia and New Zealand Banking Group Limited and its subsidiaries.

IFRS means International Financial Reporting Standards.

Impaired assets are those financial assets where doubt exists as to whether the full contractual amount will be received in a timely manner, or where concessional terms have been provided because of the financial difficulties of the customer.

Individually assessed allowance for expected credit losses is assessed on a case-by-case basis for all individually managed impaired assets taking into consideration factors such as the realisable value of security (or other credit mitigants), the likely return available upon liquidation or bankruptcy, legal uncertainties, estimated costs involved in recovery, the market price of the exposure in secondary markets and the amount and timing of expected receipts and recoveries.

Interest rate risk in the banking book (IRRBB) relates to the potential adverse impact of changes in market interest rates on the Group’s future net interest income. The risk generally arises from:

Repricing and yield curve risk - the risk to earnings or market value as a result of changes in the overall level of interest rates and/or the relativity of these rates across the yield curve;

Net Stable Funding Ratio (NSFR) is 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 offbalance sheet activities. ADIs must maintain an NSFR of at least 100%.

Net tangible assets equal share capital and reserves attributable to shareholders of the Company less goodwill and other intangible assets.

NZX means New Zealand’s Exchange.

RBA means Reserve Bank of Australia, Australia’s central bank.

RBNZ means Reserve Bank of New Zealand, New Zealand’s central bank.

Regulatory deposits are mandatory reserve deposits lodged with local central banks in accordance with statutory requirements.

Return on average assets is the profit attributable to shareholders of the Company, divided by average total assets.

Return on average ordinary shareholders’ equity is the profit attributable to shareholders of the Company, divided by average ordinary shareholders’ equity.

Return on average tangible equity is the profit attributable to shareholders of the Company, divided by average ordinary shareholders’ equity less average goodwill and other intangible assets.

Risk weighted assets (RWA) are risk weighted according to each asset’s inherent potential for default and what the likely losses would be in the case of default. In the case of non-asset backed risks (i.e. market and operational risk), RWA is determined by multiplying the capital requirements for those risks by 12.5.

Settlement balances owed to/by ANZ represent financial assets and/or liabilities which are in the course of being settled. These may include trade dated assets and liabilities, vostro accounts and securities settlement accounts.

Basis risk - the risk to earnings or market value arising from volatility in the interest margin applicable to banking book items; and
Optionality risk - the risk to earnings or market value arising from the existence of stand-alone or embedded options in banking book items.

Level 1 in the context of APRA supervision, Australia and New Zealand Banking Group Limited consolidated with certain approved subsidiaries.

Level 2 in the context of APRA supervision, means consolidated ANZ Bank Group, excluding insurance and funds management entities, commercial non-financial entities and certain securitisation vehicles.

Level 3 in the context of APRA supervision, means ANZ Group, the conglomerate group at the widest level.

Net interest margin is net interest income as a percentage of average interest earning assets.

Net loans and advances represent gross loans and advances less allowance for expected credit losses.

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shareholder.anz.com

Dated 7 November 2025

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Principal risks and uncertainties faced by Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZBGL”) and its subsidiaries ((ANZBGL together with its subsidiaries, the “Group”) (DTR 4.1.8 R (2)) (“Principal Risk and Uncertainties”)

Introduction

The Group’s activities are subject to risks and uncertainties that can materially and adversely impact its business, business model, operations, results of operations, reputation, prospects, liquidity, capital resources, financial performance and financial condition (together, the “ Group’s Position ”). These risks and uncertainties may be financial or non-financial and may result from external factors over which the Group may have little or no control. The risks and uncertainties described below are not the only ones that the Group may face. Additional risks and uncertainties that the Group is unaware of, or that the Group currently does not consider material, may also become important factors that affect it. If any of the specified or unspecified risks and uncertainties actually occur (individually or collectively), the Group’s Position may be materially and adversely affected, with the result that the trading price or value of the Group's equity or debt securities could decline and investors could lose all or part of their investment.

Risks related to the Group's business activities and industry

1. Changes in political and economic conditions, particularly in Australia, New Zealand, the Asia Pacific region, the United Kingdom (“UK”), Europe and the United States (the “Relevant Jurisdictions”), may adversely affect the Group’s Position

The Group’s financial performance is influenced by the political, economic and financial conditions in the countries and regions in which the Group, its customers and its counterparties carry on business. The Group can give no assurance as to the likely future conditions in the economies of the Relevant Jurisdictions where the Group has its main operations or other jurisdictions in which the Group operates or obtains funding.

The political, economic and financial conditions in the Relevant Jurisdictions may be impacted by a range of factors including, but not limited to, domestic and international economic events, the stability of the banking system and any related implications for funding and capital markets, other changes in financial markets, global supply chain developments, political developments, pandemics and natural disasters.

Instability in political conditions may result in uncertainty, declines in market liquidity and increases in volatility in global financial markets and may adversely impact economic activity in the Relevant Jurisdictions, which could in turn adversely affect the Group’s Position. Recent examples include the conflict in Ukraine and conflicts in the Middle East – including the possibility of these expanding into a wider regional conflict, the implementation of economic security-related legislation, sanctions and trade restrictions in various markets, and heightened tensions between the United States and other economies, including China.

Although the Group does not operate in and does not currently have any material direct exposure to Israel, Gaza, Iran, Lebanon, Russia or Ukraine, any prolonged market volatility or economic uncertainty as a result of the ongoing instability in these areas could adversely affect the Group’s Position. Tensions between the United States and China, including with respect to the status of Taiwan, also have the potential to adversely impact the markets in which the Group operates and the Group’s Position. These geopolitical issues have led to the implementation of trade restrictions, including increased tariffs and retaliatory trade restrictions imposed by the United States and other jurisdictions, the final scale of which remains uncertain, and which have led to significant volatility in financial markets and economic uncertainty. Further, economic security-related legislation in many markets, including enhanced inbound and outbound investment screening mechanisms, anticoercion instruments, sanctions (including on Russia’s two largest oil producers), export controls and security-related industrial policy has been introduced. Each of these has had, and is likely to

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continue to have, a negative impact on general economic conditions including gross domestic product, business and consumer confidence and consumer discretionary spending which, in turn, may have a negative impact on the Group’s Position.

Inflationary pressure persists in many economies, including in the Relevant Jurisdictions. Demand for goods and services, geopolitical tensions and past and potential future tariffs, and global economic challenges, such as supply chain issues, weather conditions in agricultural regions, high energy prices, high food prices and tight labour markets, have contributed to increased inflation compared to relatively recent historical levels, which has increased the cost of living and reduced disposable income for consumers. Persistent inflation may exacerbate market volatility, slow economic growth and increase unemployment, each of which may cause further declines in business and investor confidence and increase the risk of customer defaults, which could adversely affect the Group’s Position.

China is one of Australia’s and New Zealand’s major trading partners and a significant driver of commodity demand and prices in many of the markets in which the Group and its customers operate. Any heightening of geopolitical tensions and the occurrence of events that adversely affect China’s economic growth and Australia’s and New Zealand’s economic relationship with China, including the implementation of additional tariffs and other protectionist or economic security-related trade policies by the United States or other countries, including sanctions, each as described above, could adversely affect Australian or New Zealand economic activity and, as a result, could adversely affect the Group’s Position. Furthermore, in recent periods, the growth of the Chinese economy has slowed and is forecast to continue to slow, reflecting subdued domestic consumption, property sector softening and exports challenged by increasingly protectionist trade policy. If there were a broad-based and sustained economic slowdown in China, the health of the Chinese financial system may be adversely impacted, which could have negative effects on the global financial system and economy. This could result in an economic downturn, counterparties defaulting on their obligations, countries introducing capital controls, and could adversely affect the Group’s Position. Refer to risk factor 3 “ Changes in the real estate markets in Australia, New Zealand or other markets where the Group does business may adversely affect the Group’s Position ”.

Global commercial real estate markets have been weak for some years. A global liquidity constraint could compound the effects of weakening fundamentals on valuations and refinance risk in commercial real estate markets. Negative developments in commercial real estate markets could lead to increased credit losses from business insolvencies, increased financial stress and defaults from higher leveraged borrowers, which could adversely affect the Group’s Position. Refer to risk factor 3 “ Changes in the real estate markets in Australia, New Zealand or other markets where the Group does business may adversely affect the Group’s Position ”.

If economic conditions deteriorate in the Relevant Jurisdictions, asset values in housing, commercial or rural property markets could decline, unemployment could rise, and corporate and personal incomes could decline. Deterioration in global markets, including equity, property, currency and other asset markets, may impact the Group’s customers and the security the Group holds against loans and other credit exposures. This may impact the Group’s ability to recover loans and other credit exposures. In addition, the failure of another bank or financial institution, whether as a result of a deterioration in economic conditions or otherwise, could result in instability in the financial banking system, which could result in disruptions to markets or changes to capital and other regulatory requirements applicable to the Group and affect the Group’s Position. Should any of these occur, the Group’s Position could be adversely affected. Refer to risk factor 9 “ Credit risk may adversely affect the Group’s Position ”.

2. Competition in the markets in which the Group operates may adversely affect the Group’s Position

The markets in which the Group operates are highly competitive. Competition is expected to continue to increase. Competitors include other banks (both traditional and online), foreign/offshore financial service providers who expand in Australia and/or New Zealand, new non-bank entrants

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and smaller providers. Examples of factors that may affect competition and negatively impact the Group’s Position include:

entities that the Group competes with, including those outside of Australia and New Zealand, could be subject to lower levels of regulation and regulatory activity. This could allow them to offer more competitive products and services, because those lower levels of regulation may give them a lower cost base and/or the ability to attract employees that the Group would otherwise seek to employ;
digital technologies and business models are changing customer behaviour and the competitive environment. Competitors are increasingly utilising new technologies, including artificial intelligence (“ AI ”), and disrupting existing business models in the financial services sector and an inadequate adoption of AI or other new technologies within the Group’s business processes or customer offerings could pose a strategic disadvantage to the Group relative to its competitors;
companies from outside of the financial services sector are directly competing with the Group by offering products and services traditionally provided by banks. This includes new entrants obtaining banking licenses and partnering with existing competitors, private credit funds, insurance companies, mutual funds, hedge funds, securities brokerage firms, financial technology companies, digital platforms and large global technology companies. Some of these competitors may be subject to different, and in some cases, less stringent legal, regulatory and supervisory requirements, whether due to size, jurisdiction, entity type or other factors, which may place the Group at a relative competitive disadvantage;
consumers and businesses may choose to transact using, or to invest or store value in, new forms of domestic or international currency (such as cryptocurrencies, which are largely unregulated, regulated stablecoins or central bank digital currencies) in relation to which the Group may choose not, or may not be able, to provide financial services, competitively. A new form of currency could change how financial intermediation and markets operate and, with that, may adversely impact the competitive and commercial position of the Group; and
the Australian and New Zealand Governments may consider implementing policies that further increase competition in the banking market. For example:
The Council of Financial Regulators (“ CFR” ) has conducted a review into the challenges faced by small and medium-sized banks that considered the role these banks play in competition in the market. As part of this review, the CFR made recommendations for the Australian Government and suggested actions to be taken by regulators (including the Reserve Bank of Australia ( “RBA” ), the Australian Prudential Regulation Authority (“ APRA ”), the Australian Securities and Investments Commission (“ ASIC ”) and the Australian Competition and Consumer Commission (“ ACCC ”) to improve competition in the small and medium-sized banking sector. These included measures designed to lower the cost of funding, increase access to more efficient capital, speed up APRA’s licensing processes and more explicitly recognise proportionality. It also included a recommendation to modernise the Financial Claims Scheme (“ FCS ”), an Australian Government scheme that provides protection for deposits of up to A$250,000 per account holder per bank. The CFR considered the potential merits of pre-funding the FCS through ex-ante industry levies (which could include a levy on the Group) but did not make a recommendation in support of such levies. If the Australian Government chooses to implement some or all of the recommendations, this could have the effect of increasing the ability of some of the Group’s competitors to compete with the Group.
In August 2024, legislation to establish action initiation within the Consumer Data Right (“ CDR ”) passed the Australian Parliament. The legislation establishes a framework under which the Minister can declare an action that can be initiated under the CDR. CDR consumers could then direct accredited persons, such as the Group’s competitors to instruct a declared action on their behalf. No action has yet been declared in respect of banks. If such an action were declared, competitors could offer services to the Group’s customers, such as the initiation of payments using the Group’s platforms, that would weaken the relationship between the Group and those customers.

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In March 2025, New Zealand’s Customer and Product Data Act 2025 (" CPD Act ") came into force. The CPD Act establishes a New Zealand Consumer Data Right (“ NZ CDR ”). The NZ CDR enables customers to securely share data that is held about them with trusted third parties, improving customers' ability to compare and switch products. The regulations to designate the banking sector under the CPD Act were made in October 2025, which means ANZ Bank New Zealand Limited’s open banking systems will need to meet the new requirements by 1 December 2025. The CPD Act is expected to enable third parties to access customer data held by ANZ Bank New Zealand Limited and offer services to those customers, such as the initiation of payments from transactional accounts, which could weaken the relationship between ANZ Bank New Zealand Limited and its customers and reduce customers’ use of the Group’s services.
In August 2024, the New Zealand Commerce Commission (the “ Commerce Commission ”) published its recommendation to the Minister of Commerce and Consumer Affairs to designate the interbank payment network under the Retail Payment System Act 2022. If the interbank payment network is designated this will enable the Commerce Commission to use its regulatory powers to further promote competition and innovation in the retail payment system. No decision by the Minister on designation has yet been announced.
In August 2024, the Commerce Commission published its final report on its market study into competition for personal banking services in the New Zealand retail banking sector. The final report included 14 recommendations that aim to support new entry and expansion, to reduce the regulatory barriers to competition and empower consumers to get better prices and services. The New Zealand Government accepted all 14 recommendations, and the Commerce Commission is monitoring industry progress on implementing the recommendations.
The New Zealand Parliament's Finance and Expenditure Committee has undertaken an inquiry into banking competition and issued a final report in August 2025. The final report contains 19 recommendations to New Zealand Government agencies, financial regulators, and financial entities, including retail banks, intended to improve competition in the banking sector. The New Zealand Government has yet to respond to the recommendations. Therefore, any changes to be made as a result of the report and the related impact on the Group is uncertain.
The Reserve Bank of New Zealand (“ RBNZ ”) is undertaking a range of initiatives to support and improve competition in the banking sector, including conducting a review of key capital settings. The outcome of the review could impact ANZ New Zealand Group’s capital requirements in the future. The RBNZ intends to make any final decisions by the end of 2025. Refer to risk factor 15 “ Regulatory changes or a failure to comply with laws, regulations or policies may adversely affect the Group’s Position ”.

While these recommendations, policy initiatives or regulatory measures may result in the implementation of regulations designed to increase competition in the banking market, the impact of these recommendations, policy initiatives or regulatory measures on the Group remains unclear.

The impact on the Group of an increase in competitive market conditions or a technological change that puts the Group’s business platforms at a competitive disadvantage, especially in the Group’s main markets and products, could lead to a material reduction in the Group’s market share, customers and margins and adversely affect the Group’s Position. Increased competition for deposits may increase the Group’s cost of funding. If the Group is not able to successfully compete for deposits, the Group may be forced to rely on less stable and/or more expensive forms of funding, or to reduce lending. This may adversely affect the Group’s Position. Geopolitical and economic disruptions could have a significant impact on competition and profitability in the financial services sector due to funding cost and credit provision increases, changes in interest rates, insufficient liquidity, implementation of business continuity plans, changes to business strategies and regulatory safe harbours. A low-growth environment may lead to heightened competitive intensity and margin compression.

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3. Changes in the real estate markets in Australia, New Zealand or other markets where the Group does business may adversely affect the Group’s Position

Residential and commercial property lending, together with real estate development and investment property finance, are important businesses of the Group. Major sub-segments within the Group’s lending portfolio include:

residential housing loans (owner occupier and investment); and
commercial real estate loans (investment and development).

While Australian residential property prices have generally remained resilient to date, the scale and pace of interest rate rises have resulted in commercial property prices declining in Australia and in some segments the full extent of such property price declines may not have yet been evidenced in softening market demand and valuations.

Despite recent reductions in the cash rate in Australia, higher interest rates since May 2022 and rising costs of living have continued to place pressure on household balance sheets, which has impacted and is likely to continue to impact demand for residential and commercial property. Residential property-related delinquencies in ANZBGL’s Australian home loan portfolio have become more elevated over this period, particularly since their most recent low point in December 2022. This upward trend reflects the cumulative impact of rate increases, cost of living pressures and rising hardship rates since 2022. In New Zealand, despite the decrease in interest rates as a result of the RBNZ decreasing the official cash rate, residential mortgage delinquencies in ANZ Bank New Zealand Limited’s home loan portfolio continued to increase over the year to June 2025, due to the higher costs of living and rising unemployment rates. Although increased compared to the prior period, over recent months there has however been a slight improvement in ANZ Bank New Zealand’s mortgage delinquencies with decreases observed from July to September 2025 in New Zealand.

High interest rates may affect debt serviceability, increase loan defaults by the Group’s borrowers, place pressure on loan covenants and reduce demand for commercial and residential property and the Group’s associated lending products in Australia. To address inflation levels, interest rates may be maintained at higher levels for an extended period. Any future interest rate rises, or persistently high interest rates could also lead to increased credit losses from business insolvencies, increased mortgage stress and defaults, and a potential downturn in the Australian economy. This may in turn impact the ability of tenants to pay rent and in turn decrease the quality of real estate earnings of the Group’s borrowers.

For commercial property, interest rate increases, asset price inflation and yield compression may cause declines in interest coverage ratios and asset values. While valuation degradation is not uniform across all commercial real estate sectors, some institutional and private investor clients may see their real estate investment portfolios diminish in value as a result of changes in the real estate market. This could potentially lead to a weakening in their risk profile and a reduction in their willingness and/or ability to repay related loan facilities owed to the Group. Further, the COVID-19 pandemic triggered an ongoing change in the demand and supply dynamics in the office sector as certain flexible working arrangements have continued, which may impact tenancy demand, reduce rental growth, increase incentives provided by owners to tenants, and soften investor demand, yield expectations and value, particularly for secondary grade assets with weaker environmental, social and governance (“ ESG ”) (specifically energy efficiency) credentials, given tenants are being more discerning in a less competitive market.

In Australia, valuations have been lagging market sentiment, however there is evidence that yields are stabilising following recent RBA rate cuts. Valuations for secondary grade assets in more challenged locations where vacancy rates remain elevated may still be susceptible to a decline. Further, secondary grade assets may be more susceptible to a decline in prices particularly if investors have overlooked weaker fundamentals during a more favourable economic outlook and interest rate environment. Each of these factors may result in increased refinance risk and require equity contributions from borrowers towards debt reduction and/or a restructuring of facilities.

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Refinance risk may also increase if there are liquidity constraints in the banking sector. In Australia, the non-bank debt market remains an available source of funding. Non-bank financiers have supported the pre-development land and property development sector in recent years, so the number of new projects starting may decline given higher cost of funding or if non-bank financiers begin to withdraw support from weaker sponsors. There is also potential for contagion risk where the financial stability of a corporate entity or developer could be jeopardised by challenges within the nonbank/private credit sector. If such contagion risk eventuates, this could lead to an increase in loan defaults.

Construction risk issues, including supply chain constraints and a rapid rise in material costs, compounded by labour shortages and increased labour costs, may impact contractor profitability, cash flow, liquidity and financial stability. This in turn may impact delivery risk associated with commercial and larger residential development projects (including the development of land and apartments), the feasibility of such developments and underlying land values in the short to medium term.

In New Zealand, residential property prices and commercial property sales and construction activity have seen a period of prolonged weakness since late 2021 and early 2022. The residential property market has seen more sales volume during 2025 however this has been offset by an increase in new listings, with housing inventory being the highest it has been for almost a decade. As a result, the residential housing market in New Zealand has experienced no price growth during the 2025 calendar year to date and could end 2025 with a lower median price than at the beginning of the year. The commercial property sector remains relatively stable, although reduced market confidence and liquidity continue to constrain sales and construction activity. A sustained “flight to quality” remains evident among both tenants and purchasers. The industrial sector continues to outperform other asset classes. While development feasibility remains challenging due to reduced buyer demand and construction costs, there are emerging signs of renewed activity in this sector. Each of the factors outlined above may adversely affect the Group’s Position.

4. Sovereign risk events may destabilise global financial markets and may adversely affect the Group’s Position

Sovereign risk is the risk that governments will default on their debt obligations and be unable to refinance their debts as and when they fall due, thereby destabilising parts of their economies. Sovereign risk may adversely impact the Group directly, through adversely impacting the value of the Group’s assets, or indirectly, through destabilising global financial markets, thereby adversely impacting the Group’s Position. Sovereign risk exists in many economies, including the Relevant Jurisdictions. If a sovereign defaults, it could impact other markets and countries, the consequences of which may be similar to or worse than those experienced during the global financial crisis and subsequent sovereign debt crises.

5. Market risk events may adversely affect the Group’s Position

Market risk is the risk of loss arising from adverse changes in interest rates, currency exchange rates, credit spreads, or from fluctuations in bond, commodity or equity prices. For purposes of financial risk management, the Group differentiates between traded and non-traded market risks. Traded market risks principally arise from the Group’s trading operations in interest rates, foreign exchange, commodities and securities. The non-traded market risk is predominantly interest rate risk in the banking book. Other non-traded market risks include transactional and structural foreign exchange risk arising from capital investments in offshore operations and non-traded equity risk. Losses arising from the occurrence of such market risk events may adversely affect the Group’s Position.

6. Changes in exchange rates may adversely affect the Group’s Position

The Group conducts business in several different currencies. Accordingly, its businesses may be affected by movements in currency exchange rates. The Group’s annual and interim reports are

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prepared and stated in Australian dollars. Any change in the value of the Australian dollar against other currencies in which the Group earns revenues (particularly the New Zealand dollar and the U.S. dollar) or holds capital or issues capital instruments, may adversely affect the Group’s reported earnings and/or capital ratios. The Group currently hedges to partially mitigate the impact of currency changes. There is no assurance that the Group’s hedges will be sufficient or effective, and any change in the value of the Australian dollar against other currencies in which the Group earns its revenue, or holds capital, may have an adverse impact on the Group’s Position.

Pandemics and other public health crises may adversely affect the Group’s Position

The effects of a pandemic or other public health crisis may impact the Group’s Position and the domestic and global economy, as was the case with the COVID-19 pandemic. Further, variants with respect to diseases may develop that impact the Group’s customers and businesses and could lead to government action, which could adversely impact the Group’s Position. Additionally, supply chain disruption and mobility constraints resulting from pandemics or public health crises could result in a decline in the Group’s profit margins and could impact customers’ cash flows, capital, liquidity and financing needs. Political and economic conditions following such events may cause reduced demand for the Group’s products and services, an increase in loan and other credit defaults, bad debts, and impairments and an increase in the cost of the Group’s operations. If any of these occur, the Group’s Position could be adversely affected.

Acquisitions and divestments may adversely affect the Group’s Position

The Group regularly examines a range of corporate opportunities, including acquisitions and divestments, to determine whether those opportunities will enhance the Group’s strategic position and financial performance. This includes the completed acquisition of Suncorp Bank, to which the risks below apply.

Integration (or separation) of an acquired (or divested) business can be complex and costly. It sometimes includes combining (or separating) accounting and data processing systems, technology platforms and management controls, as well as managing relationships and contracts with employees, customers, regulators, counterparties, suppliers and other business partners. The loss of key relationships and personnel from an acquisition or divestment could have an adverse effect on the Group’s Position.

There is no assurance that any due diligence undertaken in respect of an acquisition was conclusive, and that post-acquisition all material issues and risks in respect of any such acquisition have been identified and avoided or mitigated. Therefore, there is a risk that issues or matters may arise that may adversely impact the Group post-acquisition. There is also no assurance that any acquisition (or divestment) will have the anticipated positive results around synergies, cost or cost savings, time to integrate (or separate) and overall performance, as the underlying assumptions for the acquisition (or divestment) may not prove to be accurate or achievable. Any acquisition (or divestment) may also impact the Group’s credit ratings, cost of funds and access to further funding, which could in turn adversely affect the Group’s funding and liquidity positions.

Integration (or separation) efforts could create inconsistencies in standards, controls, procedures and policies, as well as diverting management attention and resources. There is a risk of counterparties making claims in respect of completed or uncompleted transactions against the Group that could adversely affect the Group’s Position. All or any of these factors could adversely affect the Group’s ability to conduct its business successfully and impact the Group’s operations or results. There is no assurance that employees, customers, counterparties, suppliers and other business partners of newly acquired (or retained) businesses will remain post-acquisition (or postdivestment). Further, there is a risk that completion of an agreed transaction may not occur whether in the form originally agreed between the parties or at all, including due to failure of the Group or the counterparty to satisfy completion conditions or because other completion conditions such as regulatory, shareholder or other approvals are not satisfied. Should any of these integration or separation risks occur, this could adversely affect the Group’s Position.

9. Credit risk may adversely affect the Group’s Position

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If for any reason any announced acquisition or divestment is not completed, the Group’s ongoing business may be adversely impacted and the Group may be subject to a number of risks. These risks include:

financial markets may react negatively, resulting in negative impacts on the Group’s securities and other adverse impacts;
the Group may experience negative reactions from its customers, vendors, employees and wider stakeholders;
the Group may have incurred expenses and may be required to pay certain costs relating to the acquisition or divestment, whether or not it is completed, such as legal, accounting, investment banking, and other professional and administrative fees; and
matters relating to the acquisition or divestment may require substantial commitments of time and resources by the Group, which could otherwise have been devoted to other beneficial opportunities.

Risks related to the Group’s financial situation

The Group is exposed to the risks resulting from or associated with extending credit, including incurring credit-related losses that can occur as a result of a counterparty being unable or unwilling to honour its contractual obligations. Credit losses can and have resulted in financial services organisations realising significant losses and, in some cases, failing altogether.

The risk of credit-related losses continues to be impacted by conditions relating to elevated interest rates, persistent inflation, global supply chain disruptions and heightened political tensions, particularly those referred to in risk factor 1 “ Changes in political and economic conditions, particularly in Australia, New Zealand, the Asia Pacific region, the United Kingdom (“UK”), Europe and the United States (the “Relevant Jurisdictions”), may adversely affect the Group’s Position ”. The risk of credit-related losses remains heightened due to the factors described above and may further increase as a result of less favourable conditions, whether generally or in a specific industry sector or geographic region, which could cause customers or counterparties to fail to meet their obligations. These conditions include, but are not limited to, weakened confidence in the stability of the banking system generally or particular financial institutions that may impact the Group, its customers or counterparties, high levels of unemployment, economic slowdown and inflationary conditions, a prolonged period of elevated interest rates, and a reduction in the value of assets the Group holds as collateral or the market value of the counterparty instruments and obligations it holds.

Some of the Group’s customers and counterparties with exposures to these sectors may be particularly vulnerable including:

industries with significant exposure to continued elevated interest rates;
industries reliant on consumer discretionary spending;
industries that are exposed to fuel supply shortages and rising costs including aviation, road transport, shipping and agriculture;
participants in energy or commodity markets that are exposed to rising margin requirements under derivatives that arise due to price volatility;
mining operations that are exposed to a sustained fall in commodity prices due to supply or demand fluctuation;
industries at risk of sanctions, tariffs, geopolitical tensions or trade disputes (these include technology, agriculture, manufacturing and shipping, resources and extractive industries, communications and financial institutions);

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industries exposed to declining global growth, excessive over-supply and disruption to global supply chains. These include but are not limited to the retail, wholesale, automotive, manufacturing and packaging industries;
the commercial property sector (including construction and contractors), was exposed to a rapid rise in interest rates, impacting serviceability and placing downward pressure on valuations. Despite recent interest rate reductions in Australia and New Zealand, impacts on valuations are likely to be varied and may take some time to flow through. For more information see risk factor 3 “ Changes in the real estate markets in Australia, New Zealand or other markets where the Group does business may adversely affect the Group’s Position ”;
industries facing labour supply shortages and which are reliant on access to both skilled and unskilled migrant workers, including tourism and hospitality, technology, agriculture, retail, health, construction and services;
customers and industries exposed to disruption from physical climate risk (e.g., bushfires, floods, storms and drought) and transition risk (e.g., carbon reduction requirements and resulting changes in demand for liquidity or goods and services). Losses may be exacerbated if insurance becomes unavailable or unaffordable. For more information on climate-related risks, see risk factor 21 “Impact of future weather events, nature loss, human rights, geological events, plant, animal and human diseases, and other extrinsic events may adversely affect the Group’s Position” ;
industries exposed to the volatility in exchange rates and foreign exchange markets generally;
industries exposed to regulatory change and compliance costs;
industries with greater exposure to technological disruption, including the increasing adoption and deployment of generative AI and quantum computing; and
banks and financial services companies, which may experience pressure on liquidity due to the impacts of economic slowdown, continued elevated interest rates and the flow on impacts to asset values, which could result in the deterioration of credit ratings, the need for restructuring and recapitalisation and loss of confidence in financial institutions.

The Group is also subject to the risk that its rights against third parties may not be enforceable in certain circumstances, which may result in credit losses. Should material credit losses occur to the Group’s credit exposures, this may adversely affect the Group’s Position.

Credit risk may also arise from certain derivative, clearing and settlement contracts that the Group enters into, and from the Group’s dealings with, and holdings of, debt securities issued by other banks, financial institutions, companies, governments and government bodies where the financial position of such entities is affected by economic conditions or global financial markets.

In addition, in assessing whether to extend credit or enter into other transactions with customers and/or counterparties, the Group relies on information provided by or on behalf of customers and counterparties, including financial statements and other financial information. The Group may also rely on representations of customers and independent consultants as to the accuracy and completeness of that information. The Group’s financial performance could be negatively impacted to the extent that it relies on information that is incomplete, inaccurate or materially misleading.

Credit risk may also arise in cases where a customer does not comply with specific conditions linked to the extension of credit to it. For example, where a customer does not have or maintain a sufficient amount of property insurance cover in connection with a mortgage loan, this may negatively affect the value of the Group’s security and the amount which may be recoverable by the Group if the security is required to be enforced in circumstances where the property has been damaged or destroyed by an event that would otherwise be ordinarily insurable.

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The Group holds provisions for credit impairment that are determined based on current information and subjective and complex judgements of the impairment within the Group’s lending portfolio. If the information upon which the assessment is made is inaccurate or the Group fails to analyse the information correctly, the provisions made for credit impairment may be insufficient, which may adversely affect the Group’s Position.

10. Challenges in managing the Group’s capital base could give rise to greater volatility in capital ratios, which may adversely affect the Group’s Position

The Group’s capital base is critical to the management of its businesses and access to funding. Prudential regulators of the Group include, but are not limited to, APRA, the RBNZ and regulators in the United States, the UK and the countries in the Asia Pacific region. The Group is required to maintain adequate regulatory capital by its primary regulator APRA and the RBNZ for ANZ Bank New Zealand Limited and its subsidiaries (the “ ANZ New Zealand Group ”).

Under current regulatory requirements, risk-weighted assets and expected loan losses increase as a counterparty’s risk grade worsens. These regulatory capital requirements are likely to compound the impact of any reduction in capital resulting from lower profits in times of stress. As a result, greater volatility in capital ratios may arise and may require the Group to raise additional capital. There is no certainty that any additional capital required would be available or could be raised on reasonable terms.

The Group’s capital ratios may be affected by a number of factors including (i) lower earnings (including lower dividends from its deconsolidated subsidiaries such as those in the insurance business as well as from its investment in associates), (ii) asset growth, (iii) changes in the value of the Australian dollar against other currencies in which the Group operates (particularly the New Zealand dollar and U.S. dollar) that impact risk weighted assets (“ RWA ”) or the foreign currency translation reserve, (iv) changes in business strategy (including acquisitions, divestments and investments or an increase in capital intensive businesses) and (v) changes in regulatory requirements .

For more information on recent prudential regulation changes that have impacted, or that may impact the Group, see risk factor 15 “Regulatory changes or a failure to comply with laws, regulations or policies may adversely affect the Group’s Position” . An inability of the Group to maintain its regulatory capital may adversely affect the Group’s Position.

11.

The Group’s credit ratings could change and adversely affect the Group’s ability to raise capital and wholesale funding and constrain the volume of new lending, which may adversely affect the Group’s Position

The Group’s credit ratings have a significant impact on its access to, and cost of, capital and wholesale funding. The Group’s credit ratings may also be important to customers or counterparties evaluating the Group’s products and services. Credit ratings and rating outlooks may be withdrawn, qualified, revised or suspended by credit rating agencies at any time. The methodologies used by ratings agencies to determine credit ratings and rating outlooks may be revised in response to legal or regulatory changes, market developments or for any other reason.

The Group’s credit ratings or rating outlooks could be negatively affected by a change in the credit ratings or rating outlooks of the Commonwealth of Australia or New Zealand, the occurrence of one or more of the other risks identified in this section, a change in ratings methodologies or other events. As a result, downgrades in the Group’s credit ratings or rating outlooks could occur that do not reflect changes in the general economic conditions or the Group’s financial condition. The ratings of individual securities (including, but not limited to, certain Tier 1 capital and Tier 2 capital securities and covered bonds) issued by the Group (and other banks globally) could be impacted by changes in the regulatory requirements for those instruments as well as the ratings methodologies used by rating agencies.

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Any downgrade or potential downgrade to the Group’s credit ratings or ratings outlooks may reduce access to capital and wholesale debt markets and could lead to an increase in funding costs, constrain the volume of new lending able to be extended and affect the willingness of counterparties to transact with the Group, which may adversely affect the Group’s Position. Credit ratings are not a recommendation by the relevant rating agency to invest in securities offered by the Group.

12. Liquidity and funding risk events may adversely affect the Group’s Position

Liquidity and funding risk is the risk that the Group is unable to meet its payment obligations as they fall due (including repaying depositors and wholesale creditors) or that the Group has insufficient capacity to fund increases in assets. Liquidity and funding risk is inherent in banking operations due to the timing mismatch between cash inflows and cash outflows.

Deterioration and volatility in market conditions and a decline in investor confidence in the Group may materially impact the Group’s ability to replace maturing liabilities and access funding in a timely and cost-effective manner, which may adversely impact the Group’s Position. Advances in technology allow customers to withdraw funds deposited with the Group faster and may accelerate the risks associated with on-demand liabilities, such as transactional and savings deposits.

The Group raises funding from a variety of sources, including customer deposits and wholesale funding in domestic and offshore markets to meet its funding requirements and to maintain or grow its business. Developments in major markets can adversely affect liquidity in global capital markets. For example, in times of liquidity stress, if there is damage to market confidence in the Group or if funding from domestic or offshore markets is not available or is constrained, the Group’s ability to access sources of funding and liquidity may be constrained and the Group will be exposed to liquidity and funding risk.

Reduced liquidity could lead to an increase in the cost of the Group’s borrowings, constrain the volume of new lending and adversely affect the Group’s ability to fulfill depositor withdrawal demands and its payment obligations, which may adversely affect the Group’s Position.

13. Changes in the valuation of some of the Group’s assets and liabilities may adversely affect the Group’s earnings and equity and the Group’s Position

The Group applies accounting standards, which require that various financial instruments, including derivative instruments, assets and liabilities classified as fair value through other comprehensive income, assets and liabilities classified as fair value through profit or loss, and certain other assets and liabilities (as per Note 18 of the consolidated financial statements for the Financial Year ended 30 September 2025 as set out in the Group’s 2025 Annual Report ( “2025 Financial Statements” )) are measured at fair value with changes in fair value recognised in earnings or equity.

Generally, to measure the fair value of these instruments, the Group relies on quoted market prices, present value estimates or other valuation techniques that incorporate the impact of factors that a market participant would take into account when pricing the asset or liability. Certain other assets, including some unlisted equity investments, are valued using discounted cash flow techniques or other valuation techniques as outlined in the consolidated financial statements of the Group. The fair value of these instruments is impacted by changes in market prices or valuation inputs that may adversely affect the Group’s earnings and/or equity.

The Group may be exposed to a reduction in the value of non-lending related assets as a result of impairments that are recognised in earnings. The Group must test at least annually the recoverability of goodwill balances and intangible assets with indefinite useful lives or not yet available for use and other non-lending related assets including premises and equipment (including right-of-use assets arising from leases), investment in associates, capitalised software and other intangible assets where there are indicators of impairment.

To assess the recoverability of goodwill balances, the Group uses a multiple of earnings calculation. Changes in the assumptions upon which the calculation is based, together with changes in earnings,

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may materially impact this assessment, resulting in the potential write-off of a part or all the goodwill balances.

In respect of other non-lending related assets, if an asset is no longer in use or the cash flows generated by the asset do not support the carrying value, impairment charges may be recorded. This, in conjunction with the other potential changes above, could impact the Group’s Position.

14. Changes to accounting policies may adversely affect the Group’s Position

The accounting policies that the Group applies are fundamental to how it records and reports its financial position and results of operations. Management exercises judgement in selecting and applying many of these accounting policies. This is so that the Group complies with the applicable accounting standards or interpretations and reflects the most appropriate manner in which to record and report on the Group’s financial position and results of operations. These accounting policies may be applied inaccurately, resulting in a misstatement of the Group’s financial position. The application of new or revised accounting standards or interpretations may also adversely affect the Group’s Position. The Group discloses the impact of new accounting standards that are effective for the first time in any reporting period, in the notes to the consolidated financial statements for that period. In some cases, management must select an accounting policy from two or more alternatives, any of which would comply with the relevant accounting standard or interpretation and be reasonable under the circumstances yet might result in reporting materially different outcomes than would have been reported under the alternative.

Legal and regulatory risk

15. Regulatory changes or a failure to comply with laws, regulations or policies may adversely affect the Group’s Position

The Group’s businesses and operations are highly regulated. The Group is subject to laws, regulations, and policies, including industry self-regulation, in the Relevant Jurisdictions (“ Regulations ”). Regulations may be affected by a variety of factors, including recommendations made by inquiries conducted by the Australian Government or other regulators. Regulations continue to change, including with little or no notice, and are generally increasing in scope, scale, complexity, cost and speed of required compliance. Changes to Regulations and any associated increases in compliance costs may affect the profitability of the Group, change the level of competition that the Group faces or affect the ability of the Group to conduct one or more elements of its business. In addition, regulators are coming under increased pressure to take enforcement actions against entities that are not compliant with Regulations. The increasing complexity of Regulations and increased propensity for sanctions and more severe financial penalties for breaches could adversely affect the Group’s results and reputation.

Regulations can and do affect the operating environment of, and impose significant compliance costs on, the Group. A failure by the Group to comply with Regulations or manage regulatory change could result in regulatory investigations, litigation, legal or regulatory sanctions, public criticism, financial or reputational loss, restrictions on the Group’s ability to do business, fines or other enforcement or administrative actions or penalties. Any of these may adversely affect the Group’s Position.

Recent significant regulatory actions include:

In April 2025, ANZBGL entered into a Court Enforceable Undertaking (“ CEU ”) with APRA in relation to deficiencies in non-financial risk management practices and risk culture across the Group.
On 15 September 2025, ANZBGL announced that it had entered into an agreement with ASIC to resolve five matters within its Australian ‘Markets’ and ‘Australia Retail’ businesses that were the subject of separate regulatory investigations (the “ Settlement Agreement ”). Under the Settlement Agreement, which requires Australian Federal Court approval, ANZBGL is subject to penalties totalling A$240 million.

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The CEU and the Settlement Agreement increase the regulatory scrutiny of the Group and introduce heightened risks to the Group in the event of non-compliance, including potential financial or reputational consequences. Failure to meet ANZBGL’s obligations under the CEU or the Settlement Agreement and any resulting penalties (as ordered by the Federal Court of Australia) may potentially adversely affect the Group’s Position.

Themes of recent Regulations include, but are not limited to, the prudential position of financial institutions, increasing transparency regarding automated decision-making and AI use, the protection of customers, regulatory enforcement and the protection and use of information. Set out below are examples of recent or potential regulatory changes that could affect the Group’s Position.

Prudential regulation

Changes to prudential regulation can increase the level of regulatory capital that the Group is required to maintain, restrict the Group’s flexibility, require it to incur substantial costs and/or impact the profitability of one or more of its business lines, any of which may adversely affect the Group’s Position.

Recent prudential regulation changes that have impacted, or that may impact the Group’s Position, include:

Financial resilience: APRA implemented its new bank capital framework for ADIs on 1 January 2023 that seeks to align Australian standards with the international agreed Basel 3 requirements. In December 2024, APRA published final standards for APS 110 Capital adequacy and APS 116 Capital Adequacy Market Risk, both effective 1 January 2025. Other key regulatory changes include APS 330 Public Disclosures effective 1 January 2025; APS 210 Liquidity, effective 1 July 2025; and APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book, effective 1 October 2025. APRA continues to consult and finalise revisions to APS 210 Liquidity, CPS 220 Risk Management (embedding climate risk), CPS 510 Governance, removing additional Tier 1 (“ AT1 ”) capital from its prudential framework, and CPS 520 Fit and Proper. APRA are also developing the first system wide risk stress test to understand interconnections across the financial system. The stress test is anticipated to take place in the second half of calendar year 2025 and may lead to regulatory changes. Given the number of items that are yet to be finalised by APRA, the aggregate outcome from all changes to APRA’s prudential standards relating to their review of ADIs ‘unquestionably strong’ capital framework remains uncertain.
Operational resilience: See risk factor 25 “ Non-financial risk events may adversely affect the Group’s position ” for further information about CPS 230 Operational Risk Management.
Resolution planning: Prudential Standard CPS 900 Resolution Planning (“CPS 900”) became effective on 1 January 2024. CPS 900 requires certain entities, including significant financial institutions, to develop a resolution plan in cooperation with APRA, so the entity can be resolved by APRA in an orderly manner where the entity is unable to, or is likely to be unable to, meet its obligations or suspends, or is likely to suspend, payments.
Loss absorbing capacity: On 2 December 2021, APRA finalised its loss-absorbing capacity requirements for Australian Domestic Systemically Important Bank (“ D-SIBs ”) including ANZBGL, requiring an increase to their minimum total capital requirement by 4.5% of RWA by January 2026. Excluding the capital requirement changes from APRA’s approach to AT1 paper (refer below), total Tier 2 ratio will increase to 6.5%. APRA expects the requirement to be satisfied predominantly with additional Tier 2 capital with an equivalent decrease in senior funding. The amount of the additional total capital requirement will be based on the Group’s actual RWA as of January 2026.

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In December 2024, APRA confirmed that it will phase out the use of AT1 capital instruments to simplify and improve the effectiveness of bank capital in a crisis. In July 2025, APRA released a consultation paper on related technical amendments to its bank prudential framework to effect the removal of AT1 capital instruments, and address impacts stemming from their removal. As set out in the consultation paper, large, internationally active banks, such as the Group, which have received APRA approval to use the Internal Ratings-based Approach to credit risk capital requirements (“Advanced” banks) will be able to:
Replace the current requirements for 1.5% of AT1 capital with 0.25% of Common Equity Tier 1 (“ CET1 ”) capital and 1.25% of Tier 2 capital;
Increase the minimum CET1 capital requirement from 4.5% to 6%, but remove the Advanced portion of the capital conservation buffer of 1.25%;
Keep the total capital minimum, inclusive of APRA buffers, unchanged at 18.25% (including total loss-absorbing capacity (“ TLAC ”) requirements); and
Increase the Tier 2 requirements (inclusive of TLAC requirements) from 6.5% to 7.75%.

In addition, APRA’s consultation paper proposed replacing references to Tier 1 capital with CET1 capital in relation to exposure limits including: the leverage ratio, APS222 intragroup exposures, APS221 large exposures and Trans-Tasman funding arrangements. The proposed changes would reduce the Group’s capacity to fund exposures under the above metrics, however, the impact to the Group will depend on existing capacity under these metrics. Also, APRA’s consultation mentioned that ADIs who are impacted by the changes to APS222 intragroup exposures, APS221 large exposures or Trans-Tasman funding arrangements should contact their supervisor to discuss potential adjustments.

Submissions in relation to APRA’s consultation paper were due in September 2025, and APRA has indicated that it intends to finalise changes to prudential standards before the end of the 2025 calendar year, with the updated framework to come into effect from 1 January 2027.It is currently uncertain what impact this change may have on the Group. The impacts could include, but are not limited to, impacts on the Group’s cost of funding and/or credit rating impacts on subordinated debt.

RBNZ revisions to capital requirements: In 2019, the RBNZ decided to revise the capital adequacy requirements that apply to New Zealand locally incorporated registered banks. Implementation of the revised requirements has been underway since 2021, requiring a material increase in capital to be held by the ANZ New Zealand Group. Further required increases were expected to be implemented incrementally to July 2028 but may not proceed as the RBNZ is conducting a review of their key capital requirements for banks. In its consultation paper published in August 2025, the RBNZ proposed introducing lower and more granular standardised risk weights for certain types of lending and removing AT1 capital from the capital framework. The RBNZ also outlined two potential options for the capital requirements for the New Zealand systemically important banks, including ANZ Bank New Zealand Limited.
Option 1 proposes a minimum CET1 capital ratio requirement of 14% and a minimum total capital ratio requirement of 17%.
Option 2 proposes a minimum CET1 capital ratio requirement of 12%, a minimum total capital ratio requirement of 15% and a Loss Absorbing Capacity (“LAC”) requirement, of which the form has not yet been considered, of 6%. Under Option 2 all tier 2 and LAC instruments would be required to be issued to ANZBGL.

The RBNZ expects both options to result in lower average funding costs than the 2019 capital decisions once fully implemented. The RBNZ has announced that it intends to make any final decisions by the end of 2025. The impact of the review on ANZ New Zealand Group and the Group is uncertain.

NZ contingent capital instrument: ANZ Bank New Zealand Limited has one remaining contingent capital instrument that was issued before the RBNZ’s 2019 capital review decisions took effect. Contingent capital Additional Tier 1 instruments issued before 2021 (“ Contingent

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AT1 Instruments ”) progressively lose eligible RBNZ regulatory capital treatment over the transition period to 1 July 2028. The maximum eligible regulatory capital value of Contingent AT1 Instruments is the total outstanding value at 30 September 2021 (“ Contingent AT1 Base ”) reduced by 12.5% of the Contingent AT1 Base on 1 January of each year from 2022 to 2028, with no Contingent AT1 Instruments eligible from 1 July 2028.

Other Australian regulation

Other recent developments relating to Australian regulation that have impacted, or that may impact the Group in the future include:

Climate-related disclosure: Legislation has been passed in Australia to introduce mandatory reporting requirements for large to medium sized companies which are captured within the thresholds. ANZGHL and its subsidiaries including the Group will be required to prepare climate-related disclosures for each annual reporting period commencing 1 October 2025. The legislation requires entities to disclose climate-related risks and opportunities, scenario analysis, a climate-related transition plan, and scope 1, 2 and 3 emissions amongst other disclosures. Scope 3 emissions are only required for the annual reporting period starting 1 October 2026. Assurance requirements will be phased in. A limited, modified liability framework applies for up to three years. ANZGHL and its subsidiaries, including the Group, could face increased costs associated with reporting and compliance with the legislation as well as potential additional scrutiny concerning its climate-related disclosures.
Privacy: In November 2024, the Australian Parliament passed the Privacy and Other Legislation Amendment Act 2024. This Act implements the first tranche of reforms proposed in the Privacy Act 1988 review final report (including regarding enforcement and increasing automated decision-making transparency) with further substantive reforms to be the subject of further targeted consultation. These changes could impact how the Group uses individuals’ information and the mechanisms (including new civil penalties) available to enforce privacy obligations. This is in the context of increasingly active enforcement action for claims of serious or repeated interferences with privacy by the Australian Information Commissioner in the Federal Court of Australia.
Cyber Security: In November 2024, the Australian Parliament passed legislation to amend cyber security laws and make changes to the Security of Critical Infrastructure Act 2018. The changes include a ransomware reporting obligation for businesses and strengthened consequence management powers for the Minister for Cyber Security. Separately, the Australian Government has passed legislation to establish an accreditation scheme for entities providing digital identity services and is consulting on associated rules and standards. Implementation of the legislation could result in increased costs for the Group and may give rise to regulatory enforcement proceedings, for example, if the Group wishes to become a provider of digital identity services or to use digital identities as a part of its onboarding process for customers, which may, in turn, adversely affect the Group’s Position.
Physical banking: In February 2025, the Australian Government announced it had ‘secured commitments from the banks’ to ensure regional banking services remain available and that it will continue work to ensure regions have access to fit-for-purpose, sustainable banking services over the long term. The Australian Government has also consulted on mandating providers of essential goods and services (excluding small businesses) to accept cash payments where in person payment is offered. Implementation of the mandate would likely require supporting cash-in-transit measures which could result in increased costs to the Group. Separately, the ACCC has granted interim authorisation to the Australian Banking Association (“ ABA ”), its member banks, and other relevant industry participants to discuss and develop arrangements to maintain the physical distribution of cash throughout the Australian economy and to implement certain business continuity measures. The authorisation applications by the ABA followed concerns expressed by the major supplier of cash-in-transit services in Australia, Armaguard, that the industry is not sustainable in its

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current form given the declining use of cash. Disruptions to cash-in-transit services could have a material impact on the Group’s ability to provide cash to customers. Measures concerning cash-in-transit (which could include business continuity measures) could result in increased costs to the Group.

Financial Accountability Regime: ANZGHL, ANZBGL, Norfina Limited (“ Suncorp Bank ”), ANZ Lenders Mortgage Insurance Pty Ltd and ANZ Staff Superannuation (Australia) Pty Ltd are accountable entities regulated by the Financial Accountability Regime (the “ FAR ”). Under the FAR, accountable entities, their significant related entities, and certain individuals, including senior executives and directors, are subject to or impacted by heightened accountability obligations. Potential risks to the Group as a result of the FAR include the risk of penalties and the risk to the Group’s ability to attract and retain directors and senior executives.
Payments: In November 2024, the Australian Government released its Cheques Transition Plan, which sets out the Australian Government’s expectations of industry for the winding down of Australia’s cheques system in 2029. In October 2024, the Australian Government announced that it was prepared to ban surcharging on debit card transactions from 1 January 2026, subject to consultation by the RBA and sufficient steps being taken to ensure both small businesses and consumers could benefit from lower costs. In July 2025 the RBA commenced consultation on proposals to ban surcharging and reduce interchange fees charged by card issuing banks to merchant acquiring banks. If implemented, the changes to interchange fees would have an adverse financial impact on the Group.
Compensation Scheme of Last Resort (CSLR): In August 2025, the Australian Government Treasury consulted on the options available to the Minister for Financial Services for addressing a A$47.3 million excess to the A$20 million cap for the financial advice sub-sector for the CSLR’s 2025-26 levy period (1 July 2025 to 30 June 2026). Under the CSLR, four financial services sub-sectors (financial advice, credit providers, credit intermediaries and securities dealers) must each contribute an annual levy of up to a $20m cap calculated by reference to the claims made on the CSLR for each sub-sector. The Minister’s options for dealing with the excess include the imposition of a ‘special levy’ on one or more financial services sub-sectors. Should the Minister for Financial Services impose a special levy, this could have an adverse financial impact on the Group.
Tax reform: In August 2025, the Productivity Commission recommended lowering the headline corporate tax rate from 30% to 20% for businesses with turnover under A$1 billion and introducing a new net cashflow tax of 5% on company profits. As the net cashflow tax would exclude interest payments, the Productivity Commission is considering different approaches to tax financial services. The Commission suggested that a simple option may be to increase the corporate tax rate. It is possible the Productivity Commission could make recommendations that adversely affect the Group’s tax obligations.
Work from home: The Victorian Government has consulted on proposed laws to give certain employees a right to work from home at least two days per week. If implemented, this could limit the Group’s flexibility in managing its workforce.
Mandatory merger control legislation: Changes to Australia’s competition laws will require more of the Group’s future transactions to be notified to the ACCC on a mandatory basis with effect from 1 January 2026. These changes will require the Group to update processes and could increase costs and cause delays for the Group for future transactions.
Financial crime: Refer to risk factor 17 “ Significant fines and sanctions in the event of breaches of law or regulation relating to anti-money laundering, counter-terrorism financing, sanctions and scams may adversely affect the Group’s Position ” for information on recent regulatory developments relating to anti-money laundering, counter-terrorism financing, scams and sanctions.

Other New Zealand regulation

The New Zealand Government and regulatory authorities have also proposed and implemented

16.

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significant legislative and regulatory changes for New Zealand financial institutions.

The Deposit Takers Act 2023 (“Deposit Takers Act”) is expected to be fully implemented by 1 December 2028, except in relation to a new standard relating to crisis preparedness. The RBNZ is undertaking a multi-year work program to develop policies, standards and regulations to support the implementation of the Deposit Takers Act. The Deposit Takers Act introduced the Depositor Compensation Scheme which commenced in July 2025 and protects up to NZ$100,000 of eligible deposits per depositor, per institution, in the event of a deposit taker failure.

The New Zealand Government has introduced the NZ CDR regime. ANZ Bank New Zealand Limited (and the three other major New Zealand banks) will need to meet the new requirements from 1 December 2025. Refer to risk factor 2 “Competition in the markets in which the Group operates may adversely affect the Group’s Position”.

Such changes may adversely affect the ANZ New Zealand Group, potentially impacting its corporate structures, businesses, strategies, capital, liquidity, funding and profitability, cost structures, and the cost of and access to credit for its customers and the wider economy. This in turn may adversely affect the Group’s Position.

Litigation and contingent liabilities may adversely affect the Group’s Position

From time to time, the Group may be subject to material litigation, regulatory actions, legal or arbitration proceedings and other contingent liabilities that may adversely affect the Group’s Position.

The Group had contingent liabilities as at 30 September 2025 in respect of the matters outlined in Note 31 of the 2025 Financial Statements. Note 31 includes, among other things, the following matters:

regulatory and customer exposures;
South African rate action;
ASIC settlement on Australian Markets and Retail matters (defined as the “Settlement Agreement”, refer to risk factor 15 “Regulatory changes or a failure to comply with laws, regulations or policies may adversely affect the Group’s Position” for further detail);
Non-financial risk management court enforceable undertaking (defined as the “CEU”, refer to risk factor 15 “Regulatory changes or a failure to comply with laws, regulations or policies may adversely affect the Group’s Position” for further detail);
OnePath superannuation litigation;
New Zealand loan information litigation;
security recovery actions; and
warranties, indemnities and performance management fees.

There has been a recent increase in the number of matters on which the Group has engaged with its regulators. Recent interactions relate to matters including:

markets transactions and data reporting. As part of the Settlement Agreement referred to

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above, ANZBGL has resolved five separate ASIC investigations, including investigations into the execution by ANZBGL of a 2023 issuance of 10-year Treasury Bonds by the Australian Office of Financial Management (“ AOFM ”) and errors in ANZBGL’s reporting of secondary bond market turnover data to the AOFM;

the ASIC Matters Resolution Program within Australia Retail, which covers a range of areas, specifically: ANZBGL’s Online Saver product, hardship processes, deceased estates, breach reporting, event management, customer remediation and complaints;
Common Reporting Standard and Foreign Account Tax Compliance Act obligations, processes and reporting;
anti-money laundering and counter-terrorism financing obligations, processes and procedures. For example, in recent periods, Australian Transaction Reports and Analysis Centre (“ AUSTRAC ”) has conducted reviews and made inquiries with ANZBGL and Suncorp Bank. A number of potential non-compliance instances identified by AUSTRAC have been subject to ongoing uplift programs with regular reporting to AUSTRAC. The Group continues to self-identify and report AML/CTF (anti-money laundering and counter-terrorism financing) compliance issues to AUSTRAC, and provides updates to AUSTRAC on remediation activities on a regular basis; and
non-financial risk management practices including the application of interest and fees on certain products and the financial accountability regime.

The outcomes and total costs associated with these possible regulatory, customer and other exposures remain uncertain.

There is however a risk that contingent liabilities may be larger than anticipated or that additional litigation, regulatory actions, legal or arbitration proceedings or other contingent liabilities may arise.

17. Significant fines and sanctions in the event of breaches of law or regulation relating to antimoney laundering, counter-terrorism financing, sanctions and scams may adversely affect the Group’s Position

Laws and regulations relating to anti-money laundering, counter-terrorism financing, sanctions and scams have increased in complexity in recent years. Regulatory reforms and extended sanctions and enforcement actions taken domestically and internationally continues to be a focus of the Group.

Anti-money Laundering and Counter-Terrorism Financing (“AML/CTF”)

The Australian AML/CTF regulator, AUSTRAC, uses its regulatory tools and powers to ensure reporting entities understand and comply with their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 ( “Australian AML/CTF Act” ) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) . A reporting entity is a legal entity that provides at least one ‘designated service’ to a customer, such as opening a bank account. To date, AUSTRAC has taken two civil penalty actions resulting in fines against other major domestic banks and required them to remediate identified deficiencies. Additionally, AUSTRAC has used enforceable undertakings and infringement

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notices where reporting entities have failed to comply with the law.

In November 2024, the Australian Parliament passed legislation to amend the Australian AML/CTF Act, resulting in changes to legal requirements including those relating to AML/CTF programs, risk assessments, customer due diligence, reporting of suspicious matters reports, transaction threshold reports and value transfers (currently known as International Funds Transfer Instructions). In August 2025, final AML/CTF Rules were made by the Australian Parliament. Absent transitional relief, most of these reforms will come into effect on 31 March 2026 for current reporting entities, including those in the Group. Full compliance with these reforms is expected to involve complex technology upgrades to reporting entities’ due diligence and reporting systems, as well as related policies and procedures, and is expected to be a multi-year process. As a result, AUSTRAC has acknowledged the industry-wide timing challenge presented by the current timeline and, in addition to engaging with industry regarding staged implementation, has indicated that it does not expect immediate compliance, but does expect reporting entities to continue to show sustained progress towards implementation. To align to AUSTRAC expectations and address the updated obligations under the final AML/CTF legal requirements, the Group will develop an implementation plan and make changes to its AML/CTF program. The impact of the changes to the Group’s AML/CTF program on the Group is uncertain and may adversely affect the Group’s Position.

The New Zealand Government has also undertaken a review of its Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“ NZ AML/CFT Act ”). Regulations were introduced in three tranches. The first of the three tranches of regulations was introduced in July 2023 (consisting of largely definitional changes and clarifications). The second tranche of regulations came into force in June 2024, making changes to various existing obligations (including customer due diligence, enhanced due diligence, and ongoing due diligence requirements) and introducing new obligations (including a specific recordkeeping obligation in relation to prescribed transaction reporting). The third tranche of regulations came into force in June 2025 and introduced further obligations for customer risk rating. Further reform will be delivered through amendments to the primary NZ AML/CFT Act through three workstreams. The first workstream includes notable changes to enhanced customer due diligence, customer screening and address verification requirements. The second workstream will introduce a levy on reporting entities and consolidate the AML/CFT supervisor model from three supervisors into one. The third workstream will bring additional changes, including bringing proliferation financing into the regime. Although there is no clear view of the outcome of the reforms at this stage, the reform process could lead to new regulatory requirements being imposed on the Group, which may adversely affect the Group’s Position.

The RBNZ has also stated that its appetite for taking formal enforcement action for breaches of New Zealand’s AML/CFT legislation has increased. The propensity for other regulators (including in Asia and the Pacific) to take action for non-compliance with AML/CTF laws has also increased, which may adversely affect the Group’s Position.

• Sanctions

The external sanctions and export control landscape continues to evolve in complexity, with regulatory expectations increasing and enforcement for non-compliance a focus of many regulators. The imposition of sanctions targeting individuals and entities, including those involved in evasion networks operating globally, by regulators since the beginning of the Russia-Ukraine conflict in February 2022 continues. In October 2025, the EU, US, and UK have all imposed new and expanded sanctions on Russia, with a strong focus on the energy sector. While the US and UK have targeted two of Russia’s largest oil companies, imposing full blocking sanctions and designations; the EU’s 19th sanctions package instead imposes a comprehensive ban on Russian liquified natural gas, expanding export and import controls on key goods and technologies, and introducing new restrictions on services (including AI and quantum computing), financial messaging systems, and crypto-assets. Recent regulatory developments have broadened the scope of secondary sanctions to include financial

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institutions that provide material support or facilitate significant transactions involving sanctioned entities or jurisdictions, including Russia . Institutions engaging in such activities may face exposure to restrictive measures, including loss of access to key financial systems, asset freezes, or other penalties under applicable sanctions regimes. The Group is working to determine and assess the impact of these sanctions’ measures. Companies continue to assess their risk appetite regarding direct and indirect business activity involving Russia or Russian-owned or controlled entities, with secondary sanctions risk a consideration. This may result in companies adjusting the types of business services they provide and in certain circumstances ceasing to provide business services.

In September 2025, the United Nations reimposed sanctions on Iran under the Joint Comprehensive Plan of Action’s “snapback” mechanism, following a formal determination by France, Germany, and the UK that Iran was in non-compliance with its nuclear commitments. These, together with existing sanctions by the United States, form a comprehensive sanctions and diplomatic strategy aimed at denying Iran access to nuclear weapons, curbing its regional influence, and driving its oil exports to zero. In addition, the number of sanctions against Iranian shipping networks, third party facilitators and relevant individuals, and companies continues to rise. The Group maintains a comprehensive prohibition against dealings involving Iran.

Although previously there was an element of co-ordination between Australia, the United States, Europe, and other key partners, with sanctions linked to foreign policy objectives, nuances between the different regimes and specific restrictions are evidenced. As an example, the United States (“ US ”), European Union (“ EU ”), and UK have recently taken notable steps to ease sanctions on the Syrian Arab Republic, signalling a significant shift in international policy, whilst Australia is yet to make any announcements in this regard. Organisations continue to assess and take appropriate steps to manage the risks associated with the differences in sanctions policies between global allies.

• Scams

Scams continue to be pervasive and evolve quickly within financial services and other sectors. In February 2025, the Australian Government’s Scams Prevention Framework (“ SPF ”) received Royal Assent, establishing new obligations for banks, telecommunications providers and digital platforms. It sets expectations about how organisations govern, prevent, detect, report, disrupt and respond to scams. The Australian Government expects to publish industry codes and guidelines underpinning the SPF. ANZBGL will be in a better position to assess specific impacts once these are published.

Close monitoring of the different levels and types of financial crimes continues across the Group. The risk of non-compliance remains high given the scale and complexity of the Group and the multiple reforms underway. Emerging technologies, such as those provided by virtual asset service providers (e.g., digital currency exchanges and wallet providers) as well as increasingly complex remittance arrangements via fintechs and other disruptors, may limit the Group’s ability to track the movement of funds, develop relevant transaction monitoring, and meet reporting obligations. The complexity of the Group’s technology, and the increasing frequency of changes to systems that play a role in AML/CTF and sanctions compliance puts the Group at risk of failing to identify an impact on the systems and controls in place. A failure to operate a robust program to report the movement of funds, combat money laundering, terrorism financing, scams and other serious crimes may have serious financial, legal and reputational consequences for the Group and its employees.

Consequences of the Group not meeting regulatory expectations relating to AML/CTF, sanctions and scams can include fines, criminal and civil penalties, civil claims, reputational harm and limitations on doing business in certain jurisdictions. These consequences, individually or collectively, may adversely affect the Group’s Position. The Group’s foreign operations may place the Group under increased scrutiny from regulatory authorities and subject the Group to increased compliance costs.

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Refer to risk factor 15 “Regulatory changes or a failure to comply with laws, regulations or policies may adversely affect the Group’s Position” for further discussions of risks associated with failure to comply with laws, regulations and regulatory expectations.

Changes in monetary policies may adversely affect the Group’s Position

Central monetary authorities (including the RBA, the RBNZ, the United States Federal Reserve, the European Central Bank, the Bank of England and monetary authorities in the Asian jurisdictions in which the Group operates) set official interest rates or take other measures to affect the demand for money and credit in their relevant jurisdictions. In some jurisdictions, currency policy is used to influence general business conditions and the demand for money and credit. These measures and policies can significantly affect the Group’s cost of funds for lending and investing and the return that the Group will earn on those loans and investments. These factors impact the Group’s net interest margin and can affect the value of financial instruments it holds, such as debt securities and hedging instruments. The measures and policies of the central monetary authorities can also affect the Group’s borrowers, potentially increasing the risk that they may fail to repay loans. Changes in interest rates and monetary policy are difficult to predict and may adversely affect the Group’s Position. Refer to risk factor 3 “Changes in the real estate markets in Australia, New Zealand or other markets where the Group does business may adversely affect the Group’s Position ” and risk factor 9 “ Credit risk may adversely affect the Group’s Position ”.

19. Ongoing significant compliance costs with respect to the evolving and extensive Automatic Exchange of Information (“AEoI”) obligations imposed by global customer tax transparency regimes may adversely affect the Group’s Position

There continues to be mandatory and substantial changes to, and increasing regulatory focus on, compliance by all global Financial Institutions (“ FIs ”), including FIs within the Group, with global customer tax transparency regimes, under the Foreign Account Tax Compliance Act (“ FATCA ”), the Organisation for Economic Co-operation and Development’s (“ OECD’s ”) Common Reporting Standard (“ CRS ”) and similar anti-tax avoidance regimes. This includes global regulatory movement to enforcement and penalty activities and increasing regulatory implementation of additional compliance framework requirements, compliance assessment requirements, questionnaires, onsite financial institution audits, evidentiary requirements, detailed rules and frameworks to close down circumventions and deter, detect and penalise non-compliance. The ongoing OECD government level peer reviews and U.S. Internal Revenue Service and regulatory FI compliance review/audit requirements increase scrutiny and therefore unplanned workload of FIs globally. Each country of CRS adoption is being pushed by the OECD to ensure its penalty regime is sufficient to deter and penalise non-compliance.

As the Group is an in-scope FI operating in a globally interlinked operating environment, the highly complex and rigid nature of the obligations under each country’s varied implementation of these regimes present heightened operational and compliance risks for the Group. As international regulatory compliance frameworks mature and regulators shift focus to enforcement (which may include financial penalties and other more general tax risk framework implications), this may result in significant penalty provision requirements and reputational damage in the event of failures. Accordingly, compliance with global customer tax transparency regimes is a key area of focus and major cost for the Group.

Under FATCA and other relevant U.S. Treasury Regulations, the Group could be subject to:

a 30% withholding tax on certain amounts (including amounts payable to customers), and be required to provide certain information to upstream payers, as well as other adverse consequences, if the ongoing detailed obligations are not adequately met; and
broader compliance issues, significant withholding exposure, competitive disadvantage and other operational impacts if the FATCA Intergovernmental Agreements between the United States and the applicable jurisdictions in which the Group operates cease to be in effect.

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Under the CRS, the Group:

faces challenges in developing countries where the Group has operations, such as the Pacific region. The local regulators in these countries are generally assisted by a ‘partner’ country. The introduction of standards and evidentiary requirements continue to be challenging to implement and adhere to;
must deal with substantial ongoing country specific variations in local law and regulatory implementation, with significant broader ‘justified trust’ ramifications and penalties for noncollection or failed reporting in respect of prescribed customer information;
is under increasingly stringent regulatory scrutiny and measures as regulators turn their focus to the effectiveness of FI implementation. This tightening of regulatory focus, at a varying pace in each country, can lead to significant negative experiences for affected customers (including unilateral account blocking and closure, and potential direct customer penalties), which may adversely affect the Group’s Position and if not similarly implemented by other FIs, may present a significant competitive disadvantage and loss of business;
faces poor customer outcomes with customers who may feel aggrieved as a result of blocking and closure impacts including increased potential exposure to legal and third-party liability, particularly where the Group has not communicated the regulatory issue clearly to a customer or has blocked or closed the account incorrectly (for example, due to a data or process error);
continues to deal with the substantial implementation challenges associated with the complex requirements relating to intermediaries, which may also increase the risk of regulatory ramifications; and
is faced with regulatory change on the horizon related to the OECD’s Crypto-Asset Reporting Framework and amended Common Reporting Standard across the majority of jurisdictions in which the Group operates. Various start dates will apply across jurisdictions due to nonuniform implementation timeframes.

The scale and complexity of the Group, which includes Suncorp Bank and ANZ New Zealand Group, means that the risk of non-compliance with FATCA, CRS and other tax reporting regimes remains high. There have been recent interactions with the Australian Taxation Office, New Zealand Inland Revenue and other local regulators on CRS and FATCA obligations, processes and reporting (as applicable). The loss of key resources and critical subject matter expertise, combined with the challenge of finding qualified replacements, increases the risk of non-compliance with these obligations. A failure to successfully operate the implemented processes or to identify and implement all obligations could lead to legal, financial and reputational consequences for the Group and its employees. Consequences include fines, criminal and civil penalties, civil claims, remediation, rectification of systems and processes, reputational harm, competitive disadvantage, loss of business and constraints on doing business.

External factors, such as natural disasters, the continuing effects of ongoing geopolitical events, have resulted in challenges for staff, including unplanned staff absences, access to systems, tools and information, and impacted the delivery of the Group’s regulatory obligations on requisite timeframes, including mandatory FATCA and CRS regulatory reporting, customer follow-up strategies, resolution and action of regulatory recommendations, as well as continuous improvement activities required to achieve the zero rate of error expected by regulators. The Group’s global taxation obligations in relation to the enterprise’s own tax lodgements and payments may similarly be impacted. Initial leniency from global regulators continues to be tightened or withdrawn due to the regulatory expectation for FIs to adapt to the ongoing challenges presented by external factors, thus heightening the risk of regulatory scrutiny, associated penalties and reputational ramifications resulting from any deficiencies or delays in meeting regulatory obligations.

These consequences, individually or collectively, may adversely affect the Group’s Position.

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20. Unexpected changes to the Group’s license to operate in any jurisdiction may adversely affect the Group’s Position

The Group is licensed to operate in various jurisdictions. Unexpected changes in the conditions of the licenses to operate by governments, administrations or regulatory agencies that prohibit or restrict the Group from trading in a manner that was previously permitted may adversely affect the Group’s Position.

Environmental, social and governance risks

21. Impact of future weather events, nature loss, human rights, geological events, plant, animal and human diseases, and other extrinsic events may adversely affect the Group’s Position

The Group and its customers are exposed to ESG risks, including from weather events (including natural disasters), geological events (such as volcanic or seismic activity or tsunamis), nature loss (including as a result of species extinction or decline, or ecosystem degradation), plant, animal and human diseases or pandemics such as COVID-19 and human rights risks. Each of these may have a significant impact on the Group’s operations and its customers.

Climate-related physical risks are increasing, which is observed through increases in the average global temperature and the impacts of more regular extreme weather events. Weather events may include severe storms, bushfires, cyclones and floods. Longer-term changes in climate patterns may include rising sea levels and changes in temperature and precipitation (including drought). The impact of these events may be widespread including through second order impacts. For example, the economic impacts of a drought may extend beyond primary producers to other customers of the Group, including suppliers to the agricultural sector, and to those who reside in, and operate businesses within, affected communities. As a result, the Group may be exposed to weather events directly, and through the impact of these events on its customers (refer to risk factor 22 “ Risks associated with lending to customers that could be directly or indirectly impacted by climate risk may adversely affect the Group’s Position ”).

Nature is an emerging risk that the Group is seeking to understand further. Nature risks can arise from lending to customers with material impacts or dependencies on nature. These risks can also arise from legal and regulatory changes, which may impact the Group directly or indirectly through the Group’s customers. Failure to manage these risks may lead to financial and non-financial risks and may adversely affect the Group’s Position.

Human rights risks relate to the safety and security of the Group’s people, labour rights, modern slavery, privacy, corruption and bribery, environmental protection and land access and rights. The Group uses risk-based due diligence to identify human rights risks and impacts associated with its business relationships. Failure to manage these risks may adversely affect the Group’s Position.

Laws and regulations relating to climate change, nature, human rights, or other ESG risks, as well as the perspectives of shareholders, employees and stakeholders, may affect whether and on what terms and conditions the Group engages in certain activities or offers certain products. Depending on their frequency and severity, these risks may interrupt or restrict the provision of services such as the Group branch or business centres or other Group services. They may also adversely affect the Group’s financial condition or collateral position in relation to credit facilities extended to customers, which in turn may adversely affect the Group’s Position.

22. Risks associated with lending to customers that could be directly or indirectly impacted by climate risk may adversely affect the Group’s Position

The Group’s most material climate risks arise from lending to business and retail customers. Customers may be affected directly by physical and transition risks. These include the effect of extreme weather events on a customer’s business or property, including impacts to the cost, availability and adequacy of insurance coverage, changes to the regulatory and policy environment in which the customer operates, disruption from new technology and changes in demand towards

23.

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lower carbon products and services. Climate risks may indirectly affect a customer by impacting its supply chain.

Climate risks may affect the ability of customers to repay debt, result in an increased probability of default, result in ‘stranded assets’, and/or impact the amount the Group is able to recover due to the value or liquidity of collateral held as security being impaired. Recent extreme weather events in Australia, such as Tropical Cyclone Alfred and flooding in Queensland and New South Wales in 2025, have affected customers.

Risks associated with climate change are subject to increasing regulatory, political and societal focus.

Further integrating and embedding climate risk into the Group’s risk management framework and adapting the Group’s operations and business strategy to seek to address the risks and opportunities posed by climate change, could have a significant impact on the Group.

- Risk management, internal control, non financial and reputational risk

Conduct risk events may adversely affect the Group’s Position

Conduct risk is the risk of loss or damage arising from the failure of the Group, its employees or agents to appropriately consider the interests of consumers, the integrity of the financial markets, and the expectations of the community in conducting the Group’s business activities.

Conduct risks include:

the provision of unsuitable or inappropriate advice to customers;
the representation of, or disclosure about, a product or service which is inaccurate, or does not provide adequate information about risks and benefits to customers;
a failure to deliver product features and benefits in accordance with terms, disclosures, recommendations and advice;
a failure to identify, manage and where appropriate avoid actual, potential and perceived conflicts of interest. The Group has procedures and controls in place to manage the Group’s client interests, any misuse of confidential and inside information to the advantage of the Group, and any conflict between Group employee personal interests and the Group’s interests, clients and suppliers;
inadequate management of complaints or remediation processes;
a failure to respect and comply with duties to customers in financial hardship; and
unauthorised trading activities in financial markets, in breach of the Group’s policies and standards.

There has been continuing regulatory and community focus on conduct risk, including in Australia and New Zealand. Divergent and uncertain economic conditions mean customers remain under financial pressure, with the higher cost-of-living and reduction in disposable income continuing to influence affordability. This may continue to impact both the ability to lend to customers and/or the extent to which forbearance may need to be offered to those already struggling. In order to effectively manage heightened conduct risk in the current economic climate, the Group will need to continue to monitor the number of customers that may fall into financial difficulty and therefore require enhanced support. As this occurs, it is likely to have the greatest impact on customers in challenging financial circumstances. This is an evolving situation and remains a priority for regulators. The Group will need to continue to address the demand for forbearance and provide appropriate tailored solutions to address complex customer needs to help mitigate the risk of customer harm. In response to economic challenges, regulators are intensifying their scrutiny of financial institutions to ensure conduct risk is being well managed through adherence to ethical standards and protection of consumers. This regulatory focus includes more prescriptive guidelines and more rigorous enforcement actions. This could lead to increased compliance costs and potential liability in cases

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of non-compliance, potentially affecting the Group’s Position.

The Conduct of Financial Institutions (“ CoFI ”) regime, introduced through the Financial Markets (Conduct of Institutions) Amendment Act 2022, aims to ensure that financial institutions in New Zealand treat consumers fairly. Effective from 31 March 2025, the CoFI regime mandates that these institutions obtain a market services licence, implement a fair conduct programme, and comply with the fair conduct principle, which emphasises fairness in all consumer interactions. ANZ Bank New Zealand Limited has implemented changes to comply with these requirements, which may result in increased compliance costs, operational changes, and enhanced oversight. In March 2025, the New Zealand Government introduced the Financial Markets Conduct Amendment Bill to the New Zealand Parliament which, if passed, will (among other things) alter the minimum requirements for a financial institution’s fair conduct programme under the CoFI regime. Any changes to the CoFI regime are expected to commence in 2026 at the earliest. The impact of the CoFI regime on ANZ Bank New Zealand Limited remains uncertain, but it could lead to increased compliance costs and potential liability in cases of non-compliance, potentially affecting the Group’s Position.

Where a conduct risk event occurs, ANZBGL has a centralised team responsible for customer remediation programs, including addressing conduct issues identified in ANZBGL reviews. Similarly, ANZ Bank New Zealand Limited has a separate centralised customer remediation team. Conduct risk events may not only negatively impact customers and market integrity, but may expose the Group to regulatory actions, restrictions or conditions on banking licenses and reputational consequences that may adversely affect the Group’s Position. Remediation programs may not be implemented appropriately or may lead to further remediation work being required, resulting in litigation, regulatory action and increasing cost to the Group, which may adversely affect the Group’s Position. For further discussion of the increasing regulatory focus on conduct risk, see risk factor 15 “ Regulatory changes or a failure to comply with laws, regulations or policies may adversely affect the Group’s Position ” and risk factor 16 “ Litigation and contingent liabilities may adversely affect the Group’s Position ”.

24. Reputational risk events as well as operational failures and regulatory compliance failures may give rise to reputational risk, which may undermine the trust of stakeholders, erode the Group’s brand and adversely affect the Group’s Position

The Group’s reputation is a valuable asset and a key contributor to the support that it receives from the community in respect of its business initiatives and its ability to raise funding or capital. Reputational risk may arise as a result of an external event or the Group’s actual or perceived actions and practices, which include operational and regulatory compliance failures. The occurrence of such events may adversely affect perceptions about the Group held by the public (including the Group’s customers), shareholders, investors, regulators and rating agencies. The impact of a risk event on the Group’s reputation may exceed any direct cost of the risk event itself and may adversely impact the Group’s Position.

The Group may suffer reputational damage where one of its practices fails to meet community expectations. Community expectations are continually changing and evolving. If expectations exceed the standard required to comply with applicable law, the Group may incur reputational damage even where it has met its legal obligations. A divergence between community expectations and the Group’s practices could arise in a number of ways including in relation to its product and services disclosure practices, pricing policies and use of data. The Group’s reputation may be adversely affected by community perception of the broader financial services industry, particularly in an environment of elevated interest rates. Reputational damage may arise from the Group’s failure to effectively manage risks, enforcement or supervisory action by regulators, adverse findings from regulatory reviews and failure or perceived failure to adequately respond to community, environmental and ethical issues. From time to time the Group may be subjected to heightened public scrutiny and potential reputational damage as a result of the actions of activist shareholders. Areas which have attracted investor activism in Australia primarily relate to environmental and social issues and include concerns about the actions of the Group itself or parties that the Group finances.

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Operational and regulatory compliance failures or perceived failures may give rise to reputational risk. Such operational and regulatory compliance failures include, but are not limited to:

failures related to fulfilment of identification of obligations;
failures related to new product development;
failures related to ongoing product monitoring activities;
failures related to suitability requirements when products are sold outside of the target market;
failure to comply with disclosure obligations;
failure to properly manage risk (e.g., credit, market, operational or compliance);
market manipulation or anti-competitive behaviour;
inappropriate crisis management/response to a crisis event;
inappropriate handling of customer complaints;
inappropriate third party arrangements;
privacy breaches; and
unexpected risks.

Damage to the Group’s reputation may have wide-ranging impacts, including adverse effects on the Group’s profitability, capacity and cost of funding, increased regulatory scrutiny, regulatory enforcement actions, additional legal risks and limiting the availability of new business opportunities. The Group’s ability to attract and retain customers could also be adversely affected if the Group’s reputation is damaged, which may adversely affect the Group’s Position.

25. Non-financial risk events may adversely affect the Group’s Position

Non-financial risk is the risk of loss and/or non-compliance (including failure to act in accordance with laws, regulations, industry standards and codes, and internal policies) resulting from inadequate or failed internal processes, people, system and/or data, or from external events. This includes operational risk, financial crime risk, compliance and conduct risk, resilience risk and the risk of reputational loss but excludes strategic risk.

Non-financial risk categories under the Group’s risk taxonomy include:

financial crime risk (the risk of facilitating financial crime including non-compliance with Group’s policies, or regulatory expectations), it includes the following non-financial risk themes:
financial crime (the risk of facilitating money laundering, terrorism financing, sanctions evasion, or bribery and corruption events. See risk factor 17 “Significant fines and sanctions in the event of breaches of law or regulation relating to anti-money laundering, counterterrorism financing, sanctions and scams may adversely affect the Group’s Position”;
internal fraud (fraud / theft attempted or perpetrated by an internal party (or parties) (i.e., a Group employee or contingent worker, including instances where an employee is acting in collusion with external parties));
external fraud (fraud attempted or perpetrated without the deliberate involvement of a Group employee or contingent worker);
compliance and conduct risk (the risks of legal or regulatory actions, material financial loss, or loss of reputation caused by failure of the Group to comply with laws, regulations, prudential standards, licences, codes or policies; and appropriately manage customer interests and market integrity); it includes the non-financial risk themes of conduct and regulatory risk. See risk factor 23 “Conduct risk events may adversely affect the Group’s Position”;
resilience risk (the risk of material adverse impacts of operational disruption events on the Group, its customers, and the financial system); it includes the following non-financial risk themes:

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operational resilience (the risk of failure to comply with the Group’s policies and standards for operational resilience);
data (the risk of failing to appropriately collect, use, manage, maintain, and dispose of data, including all types of data, for example, customer data, employee data, and the Group’s proprietary data). See risk factor 30 “Data management risks may adversely affect the Group’s Position”;
third-party (the risk of failing to manage third party relationships and risks appropriately. For example, not taking reasonable steps to identify and mitigate operational risks introduced into the organisation from the use of third-party products/ services);
technology (the risk associated with the outage of systems, including hardware, software and networks). See risk factor 28 “Disruption of information technology systems or failure to successfully implement new technology systems could significantly interrupt the Group’s business, which may adversely affect the Group’s Position”;
information security including cyber (the risk of information security incidents, including the loss and theft of data/information; this covers all types of data, (e.g., customer, employee, and the Group’s proprietary data), and includes the failure to comply with rules concerning information security). See risk factor 29 “Risks associated with information security, including cyber-attacks, may adversely affect the Group’s Position”;
operational risk (the risk of loss resulting from inadequate or failed internal processes, people, systems, or from external events. This includes the following non-financial risk themes:
model (the potential for adverse consequences from model errors based on the design, development, use and/or report of a model to inform business decisions). See risk factor 32 “Modelling risks may adversely affect the Group’s Position”;
physical security (the risk of damage to the Group’s physical assets);
• transaction processing and execution (failure to process, manage and execute transactions and other processes correctly and appropriately);
people (the risk of breaching employment legislation, mismanaging employee relations and failing to ensure a safe working environment);
legal (the risk of execution errors in legal procedures and processes);
• statutory reporting and tax (the risk of failing to meet statutory reporting and tax filing/reporting requirements); and
change execution (the risk that change initiatives may fail to deliver intended outcomes due to breakdowns in planning, delivery, stakeholder engagement, and adoption. This risk is linked to the Group’s strategic priorities);

APRA Prudential Standard CPS 230 Operational Risk Management (“CPS 230”) has been applicable from 1 July 2025 and sets out minimum standards for managing operational risk, including updated requirements for business continuity planning and service provider risk management. While the Group is compliant in all material respects with the requirements of CPS 230, it identified that further work was required to ensure the practices are effectively embedded and continuously matured.

Loss from risk events may adversely affect the Group’s Position. Such losses can include fines, penalties, imposts (including capital imposts), loss or theft of funds or assets, legal costs, customer compensation, loss of shareholder value, reputation loss, loss of life or injury to people, and loss of property and information.

Pursuant to APRA and the RBNZ requirements, the Group and ANZ New Zealand Group must maintain “operational risk capital” reserves in the event future operational events occur.

As the Group increases the adoption of AI, which includes technologies such as machine learning through predictive analytics, process automation and decision generation to support its customers and business processes, the Group may become more exposed to associated AI risks, such as inaccurate decisions or unintended consequences that are inconsistent with the Group’s policies or values. These could have adverse financial and non-financial impacts on the Group. See risk factor 33 “ Use of AI may adversely affect the Group’s Position ” for further information.

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26. The Group’s risk management framework may fail to manage all existing risks appropriately or detect new and emerging risks fast enough, which could adversely affect the Group’s Position

Risk management is an important part of the Group’s activities. It includes the identification, measurement, monitoring and mitigation of the Group’s risk and reporting on the Group’s risk profile and effectiveness of identified controls. Effectiveness of the Group’s risk management framework is not fully assured. This includes effectiveness in relation to existing risks and new and emerging risks that the Group may not anticipate or identify in a timely manner and for which its controls may not be effective. Failure to manage risks effectively could adversely impact the Group’s reputation or compliance with regulatory obligations.

The Group believes that having the right risk culture supports the Group in building a better organisation that effectively manages risk, safeguards the interests of its customers and delivers on its purpose and strategy. The Group has an explicit approach to the assessment of its risk culture that supports the Board in forming a view of the Group’s risk culture maturity and identifying actions to be taken to attain the Board’s target state. Risk culture is regularly measured and monitored with an objective to ensure the target risk culture is sustained. The risk culture maturity/target established by the Board is ‘Sound’. The Group’s risk culture has been assessed as ‘Needs Improvement’ in 2025. Regulatory concerns around the Group’s Markets business and non-financial risk management (refer risk factor 16 “Litigation and contingent liabilities may adversely affect the Group’s Position” ) have contributed to this re-assessment.

The Group seeks to continuously improve its risk management frameworks. It has implemented, and regularly reviews, its risk management policies and allocates additional resources across the Group to manage and mitigate risks. Such efforts may not insulate the Group from exposure to risks or give full assurance that the Group’s risk management framework will be effective. A failure in the Group’s risk management processes or governance could result in the Group suffering unexpected losses and reputational damage, and failing to comply with regulatory obligations, which could adversely affect the Group’s Position.

27. Human capital risk, which relates to the inability to attract, develop, motivate and retain the Group’s people to meet current and future business needs, could result in poor financial and customer outcomes and reduce the ability of the Group to deliver against customer and other stakeholders’ expectations

Key executives, employees and directors play an integral role in the operation of the Group's business and its pursuit of its strategic objectives. The unexpected departure of an individual in a key role or the Group's failure to recruit, develop and retain an appropriately skilled and qualified person into these roles particularly in areas such as digital, technology, risk or compliance, could have an adverse effect on the Group’s Position.

The Group has announced plans to reduce its workforce and engagements with consultants and other third parties as part of its efforts to streamline operations and reduce costs. Workforce reductions can disrupt business continuity, result in the loss of institutional knowledge, and expose the Group to potential legal claims, regulatory scrutiny, or reputational harm. If the Group is unable to effectively manage the transition and retain the necessary skills within its organisation, its operational performance and long-term growth prospects could be adversely affected.

28. Disruption of information technology systems or failure to successfully implement new technology systems could significantly interrupt the Group’s business, which may adversely affect the Group’s Position

The Group’s day-to-day operations and its service offerings (including digital banking) are highly dependent on information technology (“ IT ”) systems including systems maintained/provided by third parties. In a digital world, customer’s expectations of “always on” “24/7” banking services necessitates highly available and resilient IT systems. Disruption of IT systems that support critical operations may result in the Group failing to meet its compliance obligations and customers’ banking needs. Disruption of IT systems can be unpredictable and can arise from numerous sources, not all

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of which are fully within the Group’s control. These include, among others, operational or execution failures or deficiencies by third parties and third parties that maintain/provide IT systems to the Group; accidental system or technological failure; electrical or telecommunication outages; and failures of computer servers or infrastructure.

The Group has an ongoing obligation to maintain its IT systems and to identify, assess and respond to risk exposures associated with these systems, including IT asset lifecycle, IT asset project delivery, technology resilience, technology security, use of third parties, data retention and restoration and business rules and automation. Inadequate responses to these risk exposures could lead to unstable or insecure systems, which could adversely impact customers, increase the Group’s costs, and result in non-compliance with regulatory requirements, any of which may adversely affect the Group’s Position.

The Group has incident response, disaster recovery and business continuity measures in place designed to ensure that critical IT systems will continue to operate during both short-term and prolonged disruption events for all businesses across the Group’s network, including ANZ Bank New Zealand Limited and international branches, which rely on the Group to provide a number of IT systems. The ever-changing external threat environment necessitates that these capabilities must cater for profound and complex events. A failure of the Group’s systems may affect the Group’s network, which may in turn, adversely affect the Group’s Position.

The Group continues to implement and integrate new IT systems and capabilities, most notably cloud, data, AI and automation technologies, into the existing technology landscape to ensure that the Group’s technology environment is cost-effective and can support evolving customer requirements. Inadequate implementation and integration of these systems and capabilities, or improper operation and management, including of their vendors and the supply chain, may adversely affect the Group’s Position.

This risk factor should be read in conjunction with risk factor 29 “ Risks associated with information security, including cyber-attacks, may adversely affect the Group’s Position ” as information security breaches and cyber-attacks have the potential to result in the disruption of IT systems.

29. Risks associated with information security, including cyber-attacks, may adversely affect the Group’s Position

The digital world is constantly evolving, with both positive innovation and new threats. As a result, the Group recognises that the risk of a cyber event or data loss remains a significant concern for its businesses. Cyber threats continue to increase in sophistication, persistence, scale, frequency and impact. Threats include but are not limited to business email compromise, ransomware, distributed denial of service, data breaches, third-party exposures, software vulnerabilities, AI weaponisation, geopolitically motivated cyber espionage and destructive attacks. Cyber-attacks have the potential to cause financial system instability and could result in serious disruption to customer banking services or compromise customer data privacy. As both the scale and complexity of such attacks are increasing, there is always a risk that countermeasures and layers of defence to adequately mitigate risks may not be sufficient and that sensitive information may be inadvertently exposed.

The Group has noted increased external occurrences of ransomware and third-party data breaches, ongoing volatility in the global political landscape and the security implications of wide-spread adoption of AI. Although AI has potential to support significant service advances for customers, it also has potential to assist, enable and enhance existing methods for criminals to perpetrate fraud, scams, and cyber threats against the Group and its customers, and poses increased risks to cybersecurity, including risks of denial of service, the criminal use of deepfakes, and more sophisticated social engineering attacks. Further, inadvertent disclosure or misuse of client data in the datasets or algorithms may lead to reputational risk. See risk factor 33 “ Use of AI may adversely affect the Group’s Position ” for further information.

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Intense public response to cyber-attacks has led to increased political focus with the potential for future significant increases in penalties for privacy breaches. Should the Group be the target of such an attack, then in addition to the risks discussed above, there is a risk of reputational damage in light of the public response to such an attack and/or penalties imposed by a regulator, which may materially adversely affect the Group’s operations. The regulatory landscape is also evolving with additional local and international regulator focus on information security, including the release of the 2023-2030 Australian Cyber Security Strategy, similar work undertaken by the New Zealand Government and subsequent discussions, consultation and implementation on legislative reforms.

A focus on information security is key to protecting the confidentiality, integrity or availability of systems and data. The Group as part of its global banking operations handles and stores a considerable amount of personal and confidential information about its customers and its own internal processes, across the multiple geographies in which the Group operates. This information is processed and stored on both internal and third-party hosted environments. As such, weaknesses in key security policies or controls operated by the Group or third parties engaged by the Group could result in the loss of data or other personal or sensitive information and adversely affect the Group’s business by resulting in financial losses (including costs relating to notifying and compensating customers), regulatory investigations, sanctions or reputational harm, thus affecting the Group’s Position.

30. Data management risks may adversely affect the Group’s Position

Data management refers to a set of processes and procedures used to manage data, such as operational, customer, employee and the Group’s proprietary data throughout its lifecycle. It involves the development, execution and oversight of plans, policies and practices that deliver, control, protect and enhance the value of the Group’s data.

Data management risk is the risk of failing to achieve these objectives. It arises when data is not appropriately captured, produced or used – potentially undermining data quality, integrity, and compliance. Deficiencies in data management may include:

Data that is inaccurate, unavailable, or not fit for purpose;
Poor execution of data ownership accountabilities;
Loss of data integrity across the lifecycle;
Lack of clarity in data meaning due to insufficient articulation, classification, or categorisation;
• Inadequate controls for critical data, or failure to meet data quality and lineage requirements; and
Delays in detecting and responding to data quality issues.

These deficiencies can lead to ineffective risk management, inaccurate risk reporting and less robust decision making. In addition, failure to comply with data management obligations, including regulatory requirements, may expose the Group to financial losses, regulatory action or reputational damage, and materialise into other risks with poor data quality as the root cause.

31. Privacy risks may adversely affect the Group’s Position

Banking is a customer-facing industry. Trust in the Group’s ability to properly manage customer information is a foundational component of its business, and the collection, use, and disclosure of personal information is key to the performance of its core products and services. Failure to comply with applicable privacy laws and regulations may materially and adversely affect the Group’s Position, either through reputational impact, regulatory action and/or litigation.

32. Modelling risks may adversely affect the Group’s Position

The Group relies on a number of models for material business decision making including but not limited to lending decisions, calculating capital requirements, provision levels, customer compensation payments and stressing exposures. If the models prove to be inadequately designed, implemented, used or maintained or if they are based on incorrect assumptions or inputs, this may adversely impact the Group’s Position.

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33. Use of AI may adversely affect the Group’s Position

AI refers to the development of systems capable of performing tasks that typically require human intelligence, such as learning, reasoning, and decision making. It is increasingly being leveraged to drive innovation and efficiency across the Group’s business processes. Adopting AI is also important in delivering the Group’s strategy and maintaining competitiveness.

However, as AI becomes more integrated into the Group and as the regulatory landscape relating to AI continues to rapidly evolve, inadequate management and governance of responsible AI use, whether by the Group or by third parties, may lead to significant operational risks. AI risk encompasses the potential harms, unintended consequences, or failures that may arise from the design, development, deployment, or misuse of AI systems. AI risk is multi-dimensional, simultaneously affecting operational efficiency, customer outcomes, legal and regulatory standing and bank reputation. Key risks linked to AI adoption include, but are not limited to:

Inaccurate or opaque AI outputs that may lead to poor or unexplainable decisions;
Amplification of biases, potentially resulting in discriminatory or unfair outcomes;
Over-reliance on a limited number of AI vendors, increasing operational vulnerability; and
Loss of confidentiality, availability or integrity of data.

Malicious actors may exploit AI systems or use AI-enabled tools to initiate cyber threats or fraud attempts against the Group (including phishing, deepfakes, adversarial manipulation and synthetic identity fraud), which are more sophisticated and more challenging to defend against than conventional attacks.

If not adequately addressed, AI adoption risks and external AI threats could lead to customer detriment, operational disruption, legal or regulatory consequences, reputational damage and financial loss, any of which may adversely affect the Group’s Position.

Responsibility statement of the Directors of Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (ANZBGL) in accordance with Rule 4.1.12 (3)(b) of the Disclosure and Transparency Rules of the United Kingdom Financial Conduct Authority

The Directors of ANZBGL confirm to the best of their knowledge that ANZBGL’s 2025 Annual Financial Report (as defined on page 1 of this DTR Annual Financial Report submission) includes:

(i) a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as a whole; together with
(ii) a description of the principal risks and uncertainties faced by the Group.

Signed in accordance with a resolution of the Directors.

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Paul D O’Sullivan Chairman

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Nuno A Matos Managing Director

7 November 2025

AI assistant

Australia and New Zealand Banking Group Ltd. — Annual Report 2025

10425_rns_2025-11-20_09c1c563-3dc7-4b8d-899e-e27b6c7ca1e5.pdf

20 November 2025

Simon Pordage Company Secretary

DISCLOSURE AND TRANSPARENCY RULES – ANNUAL FINANCIAL REPORT SUBMISSION

Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (“ANZBGL”) together with its subsidiaries (“ANZBGL Group” or the “Group”) – Annual Financial Report submission under the Disclosure and Transparency Rules (“DTR”) of the United Kingdom Financial Conduct Authority

Australia and New Zealand Banking Group Limited

Contents

Overview

Operating environment

Our 2025 reporting suite

Annual Report structure

ANZ Group Holdings Limited ABN 16 659 510 791

Disclaimer & important notices

Forward-looking statements

Economic outlook

Monetary policy rates

Our strategy is focused on the four strategic pillars:

Customer first

Simplicity

Resilience

Delivering on this vision

Measuring success under ANZ 2030 Strategy

Delivering value

About our business

Our Business Model

Australia Retail

Australia Commercial

Institutional

Suncorp Bank

New Zealand

Pacific

Group Centre

40 years in Germany

Our international presence and profit composition by geography[1]

Rest of the world

Directors

Paul O’Sullivan

Relevant former directorships held in last three years include

Relevant other directorships

Nuno Matos

Relevant other directorships

John Cincotta

Relevant other directorships

Alison Gerry

Relevant other directorships

Richard Gibb

Relevant other directorships

Graham Hodges

Relevant other directorships

Holly Kramer

Relevant other directorships

Christine O’Reilly

Relevant other directorships

Relevant former directorships

held in last three years include

Jeff Smith

Relevant other directorships

Scott St John

Relevant other directorships

Relevant former directorships held in last three years include

Risk management

Our Risk Management Framework (RMF)

Board of Directors

Executive Committee

Key Management Committees

Our risk culture

External Environment

Geopolitics

Scams

Technological Disruptions and Change

Material risks

Risk type

Climate risk

Description

Managing the risk

Financial crime risk

Performance overview

Group profit results

Australia and New Zealand Banking Group Ltd. Annual Report 2025