Australia and New Zealand Banking Group Limited 2025 Annual Report Contents Overview Our 2025 reporting suite 1 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 Our 2025 reporting suite Annual Report structure 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. 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 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 2025 United Kingdom Disclosure and Transparency Rules Submission (when released) anz.com/results 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. 1 Overview Operating environment Governance Performance overview Remuneration report Directors’ report Financial report Glossary Our operating environment 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 pandemic- dominated 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 production- intensive 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. 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 only marginally this year and Asia remains the fastest growing region. 2 Australia and New Zealand Banking Group Limited 2025 Annual Report Global 3.2 3.2 1.8 1.7 1.9 3.4 5.1 4.8 4.6 3.5 3.3 3.4 1.8 2.5 2.4 0.3 2.6 2.8 US China (Mainland) New Zealand Australia Asia (ex-Mainland China & India) 2025f 2026f 2027f Source: Bloomberg, Macrobond, IMF, ANZ Research as at October 2025 f = forecast GDP growth US Euro area UK New Zealand Japan Australia 1.75 3.75 3.75 3.25 3.50 3.35 3.60 2.25 3.00 1.00 0.50 2025f 2026f 2027* Source: Bloomberg, ANZ Research as at October 2025 * ANZ Research forecasts are to end of year, except 2027, which is to June 2027. f = forecast Monetary policy rates Australian household balance sheet Source: ABS, Bloomberg, Macrobond, ANZ Research 90 92 94 96 98 00 02 04 06 14 18 20 22 24 26 16 08 10 12 AUD, tm 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Total household liabilities Current financial assets (total assets less property and super) China trade shares Source: GAC, Bloomberg, Macrobond, ANZ Research 00 02 04 06 08 10 12 14 16 24 26 18 20 22 % 8 9 10 11 12 13 14 15 16 17 Total trade: ASEAN Total trade: EU Total trade: US 3 Overview Operating environment Governance Performance overview Remuneration report Directors’ report Financial report Glossary