Slides
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Investor & analyst presentation Q4 2025 Investor Relations, 11 February 2026
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Strong results for Q4 and FY2025, delivering on strategic priorities • Good finish to the year with a net profit of 410m, resulting in a full-year return on equity of 8.7% • Solid commercial momentum driving profitable growth: − Continued high new mortgage production of 2.5bn and 21% market share over Q4 − Strong increase in client assets of c.7bn in Q4 • Q4 NII benefited from elevated Treasury result, full-year 2025 NII in line with guidance at 6.3bn • Focus on right-sizing cost base with cost savings continuing at pace and 30% of FTE reductions for 2028 already realised by YE2025; Full-year 2025 costs ended at lower end of guidance at 5.4bn 1) • Credit quality remained solid, net impairment charges of 70m resulting in a CoR of 11bps in Q4 , mainly due to individual provisions across different sectors • Attractive capital return: Additional 500m distribution of which 250m dividend and 250m share buyback 2) and final dividend of 0.70 per share proposed • Significant RWA reduction led to an increase of CET1 ratio to 15.4% at YE2025 3) 21) Excluding incidentals of 84m and restructuring costs of 99m, including HAL costs of 135m. 2) Pending regulatory approval. 3) Additional distribution of 500m deducted from capital
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Good progress for all client units in 2025 • Growth in Net New Assets, supported by addition of HAL assets and good market performance, led to strong increase in client assets • New Ghent (BE) branch targeting entrepreneurs and families Wealth Management Corporate Banking Personal & Business Banking • Mortgage growth of over 8bn in 2025 with 19% market share • Client deposits inflow of c.4bn, mainly in savings and current accounts • New10 reached 1bn in SME financing to >10,000 entrepreneurs • Ample capital headroom for profitable growth following SRT • Higher fees in Clearing and Global Markets • Growth in transition sectors including defence 3 Mortgages, €bn, CAGR% 156 164 2024 2025 NIBC 2028 >190+5-6% 239 2024 HAL 2025 HAL 2028 283 >335 +8-10% Client assets, €bn & CAGR % RWA allocation CB 1) 2024 2025 2028 58% c.51% c.50% 1) Excluding Clearing Grow profitably
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c.30% of total FTE reductions ’24-’28 realised as of YE2025 • In Q4 a further FTE reduction of 580 realised, bringing total reductions in 2025 to 1,500 • Strong reduction in external FTEs from tighter controls on hiring • Internal FTEs broadly stable due to internalisation of externals and some business growth from launch of neobank BUUT • Of the 900m cost savings to be realised by 2028, c.160m achieved by YE2025, mainly from commercial optimisation and streamlining IT landscape 4 Right-size cost base -217 1,259 -580-702 25,645 25,342 Q4 2024 -67 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FTEs FTE reduction HAL HAL FTE development and FTE reductions, #
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Significant RWA reduction in Q4 5 Optimise capital allocation Q3 2025 P&BB CB 0.2 WM 0.3 GF Q4 2025 143.1 135.4 4.2 0.8 1.5 1.2 Q3 2025 RWA optimisation Portfolio optimisation Active portfolio management Other Q4 2025 143.1 135.4 • RWAs in Q4 declined by 7.7bn, mainly realised at the Corporate Bank • RWA optimisation of over 4bn includes partial re- introduction of SME support factor and data quality improvements, of which c.3bn at CB • Portfolio optimisation of 0.8bn, mainly from accelerated wind-down of ABF international • Active portfolio management resulted in an SRT of a large corporate portfolio, providing 1.5bn RWA relief for future profitable growth • Part of RWA reduction in Q4 is seasonal, mainly at Clearing and Global Markets (c.1bn) RWA development, €bn 1) 1) Other includes business and asset quality developments, Market Risk and Operational Risk
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Attractive capital return 6 Optimise capital allocation • Final dividend of 0.70 p.s. proposed, together with interim dividend of 0.54 p.s. equals 50% pay-out of net profit 1) • Additional distributions of 500m, consisting of 250m cash dividend and a 250m share buyback programme (pending regulatory approval) • 2025 pay-out ratio is 87% • Distribution ambition for ’26-’28 is to pay-out up to 100% of net profit 1) 500 500 500 500 570 888 250 94% 2021 78% 2022 69% 1.307 2023 50% 1.125 2024 87% 1.025 2025 Pay-out ratio Cash dividends Additional dividend Share buyback 1) After deduction of AT1 coupon payments and minority interests Distributions and pay-out ratio, €bn
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Q4 2025 financials>>
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80 90 100 110 2019 2020 2021 2022 2022 2023 2024 2025 2025 2026e 2027e Eurozone Netherlands Strong Dutch economy continues to support commercial performance 1) House prices increases expected to continue Index, GDP (Q4 2019=100) Unemployment low, with record high employment Strong fiscal position to support the economy Debt to GDP-ratios of Q4 2025 60% 64% 68% 72% 76% 0% 2% 4% 6% 8% 10% 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Unemployment rate (lhs) Employment rate (rhs) 42% 0% 40% 80% 120% 160% Italy France Spain Germany Netherlands Economy expected to continue outperforming EU 50 125 200 100 150 200 250 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e Houses sold (lhs, #'000) House price index (rhs, 2020=100) 8 1) Sources: Statistics Netherlands (CBS) and Group Economics for forecasts (GDP: as of 21 January 2026, housing market: as of 12 January 2026). House price estimates +3.0% for 2026 and +4.0% for 2027, transaction estimates -1.0% for 2026 and -4.0% for 2027. Debt to GDP-ratios based on latest quarterly government finance statistics (Eurostat)
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• Strong commercial momentum led to c.2bn core NNA 1) at Wealth Management in Q4 • Total client assets grew by 18% to 283bn at YE2025 • Around 4bn conversion into mandated and advisory offerings and Private Markets during 2025 following targeted actions Good commercial momentum in client deposits and client assets • Total client deposits increased by 8.3bn in Q4 to c.258bn, mainly at Wealth Management and Personal & Business Banking • Targeted offerings at Wealth Management and increased savings in face of economic uncertainty led to strong deposit growth +1.9bn NNA NNA excluding Custody, Q4 283bn Client assets WM YE2025 +4.1bn Conversion DPM & Advisory vs 2024 +2.1bn Current accounts to 93.3bn +6.1bn Demand deposits to 132.bn Q4 Client deposits growth, € Client assets key performance, € 9 +0.1bn Time deposits to 32.7bn 1) Excluding custody
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10 Increase in net interest income from strong Treasury result 1) Including 26m of positive incidentals in Q4, of which 16m in Commercial NII and 10m in Residual NII 2) In both client asset and liability NII, no NII from loans to professional counterparties and deposits is taken into account 760 762 760 758 689 691 708 712 104 Q1 2025 84 Q2 2025 102 Q3 2025 118 Q4 2025 1,553 1,537 1,570 1,588 241 242 246 247 225 229 246 250 Q1 2025 Q2 2025 Q3 2025 Q4 2025 466 471 492 497 1.26% 1.26% 1.24% 1.23% 1.22% 1.21% 1.15% 1.14% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Assets Liabilities Margin development 2)Average volumes, €bnCommercial NII, €m Assets Liabilities Other Commercial NII Assets Liabilities • Total NII increased 85m in Q4 to 1,665m and FY2025 ended in line with guidance at 6,335m 1) • Commercial NII supported by strong growth in mortgages and client deposits • Margin pressure on mortgages continued, while margins on corporate loans improved • Increase in other commercial NII includes an incidental provision release of 16m • Residual NII in Q4 increased by 66m, mainly due to strong Treasury result 1)
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Record fee income driven by good performance in WM and CB 11 • Fee income increased by 2% Q-o-Q and 14% compared to same period last year from inclusion HAL • Lower fees in P&BB reflect seasonal higher transactions in the summer and lower fee payment expenses in Q3 • Wealth Management fees supported by good market performance and a successful structured product campaign • Higher Corporate Banking fees reflecting increased market activity at Clearing and advisory fees at Global Markets • Other income remained subdued impacted by equity participation revaluations and economic hedges in Treasury 72 79 119 28 22 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Fee and commission income 1), €m Other income, €m 158 158 157 177 163 161 165 160 216 230 188 191 181 173 185 500 507 492 561 572 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Personal & Business Banking Wealth Management Corporate Banking 1) Total fee and commission income includes Group Functions
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Strong cost management, FY2025 at lower end of guidance 1,378 118 Q4 2024 1,297 Q1 2025 1,274 Q2 2025 1,265 65 Q3 2025 1,310 135 71 Q4 2025 Underlying expenses Regulatory levies HAL • Underlying expenses up 4% in Q4, mainly related to non-recurring and seasonal costs (c.40m) • FY2025 costs including HAL ended at lower end of the guidance at 5.4bn 1) • Restructuring costs in Q4 ended at c.60m as some reorganisations were brought forward • For 2026-2028 c.300m restructuring provisions expected Underlying expenses, regulatory levies and HAL 1), €m 12 1) Excluding restructuring costs (Q1 2025: 8m, Q2 2025: 14m, Q3 2025: 17m, Q4 2025: 59m) and incidentals (Q4 2024: 118m, Q2 2025: 29m, Q3 2025: 55m)
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Cost of Risk of 1 basis point for FY2025 with solid credit quality Loans Q4 2025 Q3 2025 Coverage ratio Q4 2025 Q3 2025 Mortgages 1,952 1,939 2.7% 2.8% Corporate loans 3,309 3,211 24.8% 23.8% Consumer loans 152 214 40.1% 43.7% Total 1) 5,417 5,370 17.3% 17.0% Impaired ratio (stage 3) 2.1% 2.0% • Credit quality remained strong with a stage 3 ratio of 2.1% and stage 3 coverage ratio of 17.3% • After quarters of limited net impairments, Q4 impairments were 70m • Impairments largely related to individual corporate loans files across different sectors, partly offset by releases in management overlays • 2025 Cost of Risk of 1 basis point in line with guidance and well below the through-the-cycle CoR of 10-15bps • Expect CoR towards 2028 to increase to lower end of TTC CoR Stage 3 loans and coverage ratio, €m Impairments, €m 9 5 -6 -47 70 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 13 1) Total includes other loans and advances customers
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Robust capital position supporting additional distributions 14 Q3 2025 0.3% Net profit 0.8% RWA reduction 0.4% Additional distributions 0.1% Other Q4 2025 14.8% 15.4% • CET1 ratio increased to 15.4%, mainly from strong RWA reduction this quarter • CET1 ratio well above regulatory requirement of 11.2%; as of 1/1/2026 requirement increases to 11.4% • Total payout 2025 of c.1.8bn equals an 87% payout ratio • Impact of closing NIBC acquisition (c.80bps) expected in H2 2026 1) CET1 ratio 1) Other includes dividend reserve
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Outlook 2026 -2028 & Wrap-up>>
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0.7% 0.8% 0.9% 1.0% 1.1% 1.2% 1.3% 1.4% | 2026 | 2027 | 2028 | No changes to outlook 2026 given at CMD in November 16 Commercial NII guidance for 2026 c.6.4bn 1) • Liability NII positively impacted versus 2025 from full-year HAL, slightly improving deposit margins and volume growth in deposits • Asset NII slightly lower versus 2025 from margin pressure on mortgages, partly offset by volume growth • Other commercial NII expected at 350-400m p.a. Cost guidance for 2026 c.5.6bn 2) • Increase versus FY2025, mainly related to full year HAL inclusion Liability margin trajectory 1) 2028 financial targets Return on equity >12% Income >€10bn CET1 ratio >13.75% Capital allocation Corporate Bank 3) c.50% Cost/income ratio <55% 1) Excluding residual NII (0-200m p.a.) and NIBC (c.0.3bn based on H1 2025 NIBC reported figures). 2) Excluding NIBC (pre-synergies costs c.0.2bn p.a. based on H1 2025 reported NIBC figures). 3) Excluding Clearing Forward curve end January 2026 Forward curve end October 2025
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Wrap-up 17 • Clear delivery and strong momentum across key strategic priorities: grow profitably, right-size cost base and optimise capital allocation • Solid commercial momentum with growth in core products • Good cost management with c.30% of FTE reductions and c.160m of cost savings realised in 2025 • Significant step in optimising capital allocation with almost 8bn RWA reduction • Continued commitment to disciplined capital returns with pay-out ratio of 87% of net profit
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Appendix>>
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Solid results for Q4 and FY2025 €m Q4 2025 Q3 2025 FY2025 ABN AMRO of which HAL Net interest income 1,665 1,580 5% 6,335 64 Commercial NII 6,248 n.a. Residual NII 87 n.a. Net fee and commission income 572 561 2% 2,132 108 Other operating income 22 28 -21% 249 7 Operating income 2,259 2,169 4% 8,716 179 Operating expenses 1,575 1,409 12% 5,610 136 - Underlying expenses 1) 1,310 1,265 4% 5,147 Operating result 683 761 -10% 3,106 43 Impairment charges 70 -49 20 1 Income tax expenses 204 192 6% 834 15 Profit 410 617 -33% 2,252 29 Risk Weighted Assets (end of period, bn) 135.4 143.1 -7.7 Client loans (end of period, bn) 246.6 246.7 -0.1 Client deposits (end of period, bn) 258.5 250.2 8.3 191) Underlying excludes restructuring costs, incidentals and regulatory levies. For details, see slide on costs
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Robust Dutch economy expected to continue outperforming Eurozone 1) Dutch economy export-dependent 2) Dutch bankruptcies remain low 2) Spending positive, confidence improving 2) 3) 201) Group Economics forecasts as of 21 January 2026. 2) Source: Statistics Netherlands (CBS). 3) Consumer spending % change yoy. Consumer confidence seasonally adjusted (eop). PMI Nevi NL Manufacturing PMI (eop) expansion >0 and contraction <0 - 500 1,000 1,500 2,000 2,500 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 # per quarter businesses & institutions 37% 23% 23% 8.5% 5% 3% 0% 20% 40% 60% 80% 100% EU (other) Germany Other (non-EU) France US China -70 -35 0 35 70 -20% -10% 0% 10% 20% 2020 2021 2022 2023 2024 2025 Consumer spending (lhs) Consumer confidence (rhs) PMI index (rhs) 2025 2026e 2027e GDP (% yoy) Netherlands 1.9% 1.2% 1.4% Eurozone 1.5% 0.9% 1.4% Inflation (indexed % yoy) Netherlands 3.0% 2.3% 2.3% Eurozone 2.1% 1.7% 2.0% Unemployment rate (%) Netherlands 3.9% 4.2% 4.3% Eurozone 6.4% 6.4% 6.2% Share of Dutch exports per destination, %
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Sensitivity of replicating portfolio interest income 21 3-month Euribor forward curves Replicating income trajectory, €m delta vs. Q4 2025 • Sensitivity of replicating portfolio income shown on a quarterly basis versus Q4 2025 using constant volumes • Replicating income trajectory impacted from steepening of forward curve • Replicating portfolio income is based on constant volumes -50 0 50 100 150 200 250 | 2026 | 2027 | 2028 | Forward curve end January 2026 Forward curve end October 2025 | 2026 | 2027 | 2028 | 1.6% 1.8% 2.0% 2.2% 2.4% 2.6%
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Disclaimer 22 For the purposes of this disclaimer ABN AMRO Bank N.V. and its consolidated subsidiaries are referred to as "ABN AMRO“. This document (the “Presentation”) has been prepared by ABN AMRO. For purposes of this notice, the Presentation shall include any document that follows and relates to any oral briefings by ABN AMRO and any question-and-answer session that follows such briefings. The Presentation is informative in nature and is solely intended to provide financial and general information about ABN AMRO following the publication of its most recent financial figures. This Presentation has been prepared with care and must be read in connection with the relevant Financial Documents (latest Quarterly Report and Annual Financial Statements, "Financial Documents"). In case of any difference between the Financial Documents and this Presentation the Financial Documents are leading. The Presentation does not constitute an offer of securities or a solicitation to make such an offer, and may not be used for such purposes, in any jurisdiction (including the member states of the European Union and the United States) nor does it constitute investment advice or an investment recommendation in respect of any financial instrument. Any securities referred to in the Presentation have not been and will not be registered under the US Securities Act of 1933. The information in the Presentation is, unless expressly stated otherwise, not intended for residents of the United States or any "U.S. person" (as defined in Regulation S of the US Securities Act 1933). No reliance may be placed on the information contained in the Presentation. No representation or warranty, express or implied, is given by or on behalf of ABN AMRO, or any of its directors or employees as to the accuracy or completeness of the information contained in the Presentation. ABN AMRO accepts no liability for any loss arising, directly or indirectly, from the use of such information. Nothing contained herein shall form the basis of any commitment whatsoever. ABN AMRO has included in this Presentation, and from time to time may make certain statements in its public statements that may constitute “forward-looking statements”. This includes, without limitation, such statements that include the words ‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘should’, ‘intend’, ‘plan’, ‘probability’, ‘risk’, ‘Value-at-Risk (“VaR”)’, ‘target’, ‘goal’, ‘objective’, ‘will’, ‘endeavour’, ‘outlook’, 'optimistic', 'prospects' and similar expressions or variations on such expressions. In particular, the Presentation may include forward-looking statements relating but not limited to ABN AMRO’s potential exposures to various types of operational, credit and market risk. Such statements are subject to uncertainties. Forward-looking statements are not historical facts and represent only ABN AMRO's current views and assumptions on future events, many of which, by their nature, are inherently uncertain and beyond our control. Factors that could cause actual results to differ materially from those anticipated by forward-looking statements include, but are not limited to, (macro)-economic, demographic and political conditions and risks, actions taken and policies applied by governments and their agencies, financial regulators and private organisations (including credit rating agencies), market conditions and turbulence in financial and other markets, and the success of ABN AMRO in managing the risks involved in the foregoing. Any forward-looking statements made by ABN AMRO are current views as at the date they are made. Subject to statutory obligations, ABN AMRO does not intend to publicly update or revise forward-looking statements to reflect events or circumstances after the date the statements were made, and ABN AMRO assumes no obligation to do so.
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Website Questions www.abnamro.com/ir investorrelations@nl.abnamro.com