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HSBC Holdings — Annual Results 2025 Fixed Income Investor Presentation (company IR deck)
HSBC Holdings (HSBC) · 53 slides · Filed Oct 21, 2026
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Slide 1 — HSBC Holdings plc 4Q25 results
Annual Report and Accounts 2025 Two iconic banks. One bright future. HSBC Holdings plc 4Q25 results Fixed Income Investor Presentation
Slide 2 — Results &
Results & strategy
Slide 3 — Our three strategic priorities – progressing at pace and with discipline
2 Balance sheet & issuance Appendix Results and strategy Our ambition: To be the most trusted bank globally, putting customers at the heart of everything we do Be simple and agile Drive customer- centricity Deliver focused sustainable growth Built on four strong businesses: UK HK Corporate and Institutional Banking (CIB) International Wealth and Premier Banking (IWPB) Three strategic priorities: Our three strategic priorities – progressing at pace and with discipline
Slide 4 — Strategic Priority 1: Be simple and agile
3 Balance sheet & issuance Appendix Results and strategy Strategic Priority 1: Be simple and agile Simplifying the Group to unlock HSBC’s growth potential Cost reallocation: $1.5bn raised to $1.8bn Aligned organisation structure to our strategy Two home markets and two globally connected businesses. All four built on our core strengths All four businesses growing, delivering mid-teens or better ROTE1 Leadership: Agility. Accountability. Speed. Group OpCo streamlined from 18 to 12 members c.60% of revenues now with single line of accountability at OpCo c.15%2 net reduction in MD positions (from de-duplication) Organisational simplification saves (immaterial revenue impact): $1.5bn to be taken to bottom line $1.2bn annualised savings actioned – remaining savings ($0.3bn) to be actioned in 1H26 - 6 months ahead of plan $0.6bn realised in 2025 P&L vs $0.3bn guided3 c.4.4k net reduction in FTE (ex Tech) in 2025; invested in Tech FTEs which were up by c.1.8k >50 end-to-end process simplification initiatives, partly enabled by Gen AI, across onboarding/KYC, data access, credit workflows, fraud detection, contact centres… 1,1654 non-strategic apps demised in 2025 – c.36% of reduction for 2025-28 Streamlining and upgrading our operating model ON TRACK DONE AHEAD DONE ON TRACK Of which $0.7bn: Completed or announced exits (associated revenue c.$1bn), including 11 exits announced in 2025 Of which $0.6bn: In active execution including strategic reviews $0.3bn reported-basis cost synergies* across HSBC and Hang Seng Bank following the Hang Seng Bank privatisation – to be reinvested for growth Cost reallocation away from non-strategic businesses : $1.5bn * In line with UK reporting standards Figures throughout this presentation may be subject to rounding adjustments and therefore may not sum precisely to totals given in charts, tables or commentary denotes a measure shown on a reported FX basis.
Slide 5 — Strategic Priority 2: Drive customer-centricity
4 Balance sheet & issuance Appendix Results and strategy Strategic Priority 2: Drive customer-centricity Four businesses built on customer trust HSBC NPS score increased from 6 to 15 (maintain #1 ranking)1 Hang Seng Bank RB&W NPS score increased from -6 to 0 (#2 vs. #4 in 2024)1 1.1m new-to-bank customers in 2025, totalling >7m customers2 +11% YoY Premier customer growth, totalling 1m customers2 HSBC NPS score increased from 15 to 21 (#9 vs. #11 in 2024)3 first direct NPS score increased from 45 to 47 (#2 vs. #2 in 2024)3 UK Business Banking lending increased 13% YoY4 c.60k new Premier customers (c.+70% YoY)5, totalling >1m Premier customers #1 Trade Bank for 9 consecutive years, based on 13k corporates surveyed6 #1 Payments Bank, in products, services, & technology, based on 30k corporates surveyed7 Best Bank for Global Corporate FX, based on 700+ corporate users of FX services8 Top 4 in foreign issuance of USD DCM9 $80bn Net New Invested Assets10, +$16bn YoY Double-digit growth in Invested Assets in mainland China, India, Singapore and the UAE11 Most trusted bank by wealth clients in Singapore12 Launched our new Premier proposition in India, UAE and Malaysia in 2025, following HK, UK and Singapore launches in 2024 HK CIB UK IWPB
Slide 6 — 5
5 Balance sheet & issuance Appendix Results and strategy Strategic Priority 3: Investing to deliver focused sustainable growth Hong Kong: Continuing to invest to consolidate our market position in a high growth market Hang Seng Bank privatisation enables us to: Scale capabilities and drive growth across both banks for all existing and new customers Deliver reported-basis revenue and cost synergies of $0.5bn* by 2028, making the privatisation more accretive than a share buyback Unlock additional revenue and cost upside, with management ambition of additional $0.4bn #1 Consolidating market position in Hong Kong Leading cross- border wealth hub by 20291 A dynamic economy supported by trade and investment flows HK Super connector between mainland China and the rest of the world * In line with UK reporting standards; incl. $0.3bn of cost synergies
Slide 7 — Future technologies
6 Balance sheet & issuance Appendix Results and strategy Future technologies Investing in innovation and culture to navigate a fast-changing world Gen AI transformation End-to-end process re- engineering End-to-end process simplification inc. onboarding / KYC, fraud prevention and detection, credit applications, contact centre transformation… Enhance customer experience >50% CRM engagement enabled by Banker Assist4, augmenting c.1400 customer facing colleagues to deliver faster and better customer service 1000+ RMs leveraging Wealth AI platform to deliver tailored customer insights at scale Empower colleagues c.85% employees enabled with Gen AI productivity tool3 31k engineers empowered with AI-enabled coding assistant Digital Assets Tokenised assets Tokenised deposits and frictionless payments rolled out in the UK, HK, Singapore and Luxembourg, with further markets expected in 2026 >$1bn in Gold Token traded value2 – one of the largest tokenised gold products in the world by AUM HSBC Orion HSBC Orion digital asset platform has secured the UK Government’s Digital Gilt Mandate (DIGIT) HKSAR’s HKD10bn digital green bond – the largest digital bond globally1
Slide 8 — $862bn
7 Balance sheet & issuance Appendix Results and strategy A diversified and capital-generative business $21.1bn Profit attributable to ordinary shareholders Organic capital generation Highly liquid; well funded $862bn Total HQLA 55% Loan / deposit ratio Strong capital 32.9% MREL ratio 14.9% CET1 ratio Prudent approach to credit risk 90% Proportion of personal loan book secured 76% Proportion of gross customer loans classified as ‘Strong’ or ‘Good’ credit quality 17.2% RoTE (ex notable items) (13.3% reported) Hong Kong business UK business CIB business IWPB business Corporate Centre1 $71.0bn 2025: $68bn revenue / $71bn excl. notable items 2
Slide 9 — $71.0bn
8 Balance sheet & issuance Appendix Results and strategy Strong performance in 2025 Income statement, $bn 2024 2025 Δ, $ Δ, % Revenue excl. notable items 67.6 71.0 3.4 5% PBT excl. notable items 34.2 36.6 2.4 7% Revenue 66.0 68.3 2.3 3% ECL (3.4) (3.9) (0.5) (14)% Costs (33.1) (36.4) (3.3) (10)% Associates 2.9 1.9 (1.0) (34)% PBT 32.4 29.9 (2.5) (8)% Balance sheet 2024 2025 Δ, $ Δ, % Customer loans, $bn 970.8 988.4 17.6 2% Customer deposits, $bn 1,719.2 1,786.8 67.6 4% CET1 ratio, % 14.9% 14.9% - * Revenue and PBT exclude notable items, see slide 41 † Growth of $78bn includes held-for-sale balances of $16bn for 4Q25 and $6bn for 4Q24, which are not included in the $1,787bn absolute value quoted ‡ Excluding notable items. Based on updated methodology, see 2025 Annual Report and Accounts page 93 Performance highlights Revenue* $71.0bn +5% YoY PBT* $36.6bn +7% YoY Deposits $1,787bn +$78bn YoY† RoTE‡ 17.2% +1.6ppts YoY
Slide 10 — Four growing, high-returning businesses
9 Balance sheet & issuance Appendix Results and strategy Four growing, high-returning businesses * See slide 42 for reconciliation of reported revenue to revenue excluding notable items † See 2025 Annual Report and Accounts pages 93 and 94 for reconciliation of RoTE to RoTE excluding notable items All four businesses growing in revenue and deposits, all delivering mid-teens or better RoTE 35.5% RoTE excl. notable items†, % 22.9% 16.2% 19.0% 543 | +37 Deposits (growth YoY), $bn 364 | +11 598 | +10 281 | +9 15.0 15.9 12.3 12.9 26.8 27.6 13.8 14.6 2024 2025 HK UK CIB IWPB Corporate Centre 67.6 71.0 +5% Revenue excl. notable items*, $bn
Slide 11 — Completed the privatisation of Hang Seng Bank, sooner than anticipated
10 Balance sheet & issuance Appendix Results and strategy Completed the privatisation of Hang Seng Bank, sooner than anticipated 2025 minority interest P&L $0.4bn upside $0.5bn synergy Revenue and cost benefits* Asset quality improvement Growth opportunity $0.8bn $13.7bn Purchase price $(3.8)bn Disallowed minority capital $9.9bn Net purchase consideration 1 2 CET1 impact of the transaction lower than purchase price More accretive than a share buyback from the recognition of the minority interest P&L and expected synergies Management ambition to generate benefits of $0.9bn by YE28, of which $0.5bn is classified as expected synergies in line with UK reporting standards given the inherent uncertainty 3 Additional upside expected from asset quality improvement, further investments into Hang Seng Bank and market growth Equivalent to buying back ~4% of HSBC shares† Value of the privatisation to shareholders: o/w $0.3bn costs * In line with UK reporting standards, expected synergies are haircut for uncertainty. Expect synergies of $0.5bn, post haircut, to be achieved by YE28, including $0.3bn cost synergies which we intend to re-invest into priority areas. Gross benefits of $0.9bn, approximately half relates to revenue. Expect to recognise $0.6bn material notable item (restructuring charges). See slide 35 † Share buyback equivalent at the point of announcement (9 Oct 2025)
Slide 12 — Banking NII: FY26 guidance of at least $45bn
11 Balance sheet & issuance Appendix Results and strategy Banking NII: FY26 guidance of at least $45bn 10.9 10.9 10.8 11.0 11.7 0.0 0.1 4Q24 1Q25 2Q25 3Q25 4Q25 11.1 10.9 10.8 11.0 11.7 FY25 Banking NII of $44.1bn +$0.7bn Banking NII QoQ, of which: ~$0.1bn specific items positively impacting 4Q25 which we do not expect to repeat ~$0.4bn in Hong Kong including from higher HIBOR Expect FY26 Banking NII of at least $45bn, including: Deposit growth Structural hedge Forward rates below 4Q average and exit rate Banking NII, $bn The chart above is presented on a constant currency basis. See 2025 Annual Report and Accounts page 70 for Banking NII reconciliation Notable items Argentina
Slide 13 — Banking NII drivers
12 Balance sheet & issuance Appendix Results and strategy Banking NII drivers Structural hedge reinvestment $bn Balance Average yield Notional balance 593 — 2026 ~110 ~2.7% — 2027 ~110 ~3.4% — 2028 ~100 ~3.7% Structural hedge balance, $bn $m USD (1,184) HKD (606) GBP (499) EUR (129) Other (971) Total (3,389) Banking NII – year 1 sensitivity to a (100)bps down-shock* The structural hedge is $593bn with an average life remaining around 3.1 years Maturing structural hedge assets are replaced at prevailing rates Time deposits as a % of Hong Kong customer deposits† 39 4Q24 39 1Q25 35 2Q25 36 3Q25 36 4Q25 * Assumptions include a static balance sheet, no management actions and a 50% pass-through – see pages 164 – 165 of 2025 Annual Report and Accounts for further detail † Relates to Hong Kong (entity) 478 529 593 2Q22 4Q23 4Q24 4Q25 ~320
Slide 14 — The world’s wholesale transaction bank
13 Balance sheet & issuance Appendix Results and strategy The world’s wholesale transaction bank 4Q24 1Q25 2Q25 3Q25 4Q25 FX Securities Services GPS (Payments) GTS (Trade) 2.6 2.9 2.8 2.6 2.6 +1% Fee and other income, $bn +6% Securities Services, reflecting higher market valuations and new client wins +3% GPS, driven by new client mandates and payment volumes, in particular international payments +1% FX, reflecting strong client flow and high levels of volatility (5)% GTS, reflecting strong 4Q24; with continued growth in volumes and strong engagement with clients (5)% +3% +6% +1% vs. 4Q24
Slide 15 — Wealth: strong, broad-based growth showing strategic focus
14 Balance sheet & issuance Appendix Results and strategy Wealth: strong, broad-based growth showing strategic focus 4Q24 1Q25 2Q25 3Q25 4Q25 Investment Distribution Private Banking Insurance Asset Management 1.8 2.3 2.3 2.7 2.1 +20% Fee and other income, $bn vs. 4Q24 +14% +49% +8% +14% * We intend to report based on an updated definition of Wealth balances and Net New Money, starting from 1Q26, see slides 38 to 40 for definition and reported numbers based on new definition Invested Assets, Net New Invested Assets, Wealth balances, Net New Money and Insurance manufacturing CSM balance are all on a reported FX basis $14.6bn 4Q25 Insurance manufacturing CSM balance 4Q24: $12.1bn $7bn (Asia: $(3)bn) 4Q25 Net New Invested Assets $1,535bn (Asia: $773bn) 4Q25 Invested Assets +19% YoY (Asia: +20%) $1,563bn (Asia: $1,055bn) 4Q25 Wealth balances +15% YoY (Asia: +16%) $26bn (Asia: $19bn) 4Q25 Net New Money Existing disclosures Updated disclosures*
Slide 16 — $475bn
15 Balance sheet & issuance Appendix Results and strategy 81.4% 8.6% 5.6% Mortgages Other secured personal lending Credit cards 4.4% Other 90% secured1 Gross customer lending Personal loan book, $bn $475bn 16.5% 16.1% 16.7% 19.1% 3.7% 4.8% 3.9% 4.8% 3.7% 10.7% Manufacturing Wholesale and retail trade Real estate & construction Administrative and support services Professional activities Transportation and storage Publishing, audiovisual, and broadcasting Electricity, gas, steam and air conditioning supply Other* Non-bank financial institutions Wholesale loan book, $bn $525bn Retail mortgage average LTVs (portfolio, indexed FY25) UK: 55% New lending: 69% HK: 60% New lending: 70% * ‘Other’ comprises 12 individual sectors, none of which are greater than 3% of total wholesale loans and advances to customers
Slide 17 — Credit: FY25 credit charge (39)bps
16 Balance sheet & issuance Appendix Results and strategy Credit: FY25 credit charge (39)bps $(0.9)bn 4Q25 ECL charge Immaterial ECL from HK CRE (see slide 29) (39)bps FY25 ECL charge, within our guidance of ~(40)bps FY26 guidance of ~(40)bps* 4Q24 1Q25 2Q25 3Q25 4Q25 (1.4) (0.9) (1.1) (1.0) (0.9) (57)bps (38)bps (44)bps (40)bps (36)bps Annualised ECL charge as a % of gross loans and advances* * As a percentage of average gross loans and advances, including held-for-sale loan balances ECL charge, $bn
Slide 18 — Asset quality
17 Balance sheet & issuance Appendix Results and strategy Asset quality 53% 52% 55% 55% 21% 22% 21% 22% 21% 21% 20% 19% 3%2% 2022 3%2% 2023 2%2% 2024 2%2% 2025 936 950 940 999 Gross loans to customers by credit quality classification trend, $bn Wholesale loans classified as Strong or Good credit quality are equivalent to an investment grade rating from an external credit rating agency Satisfactory Impaired Sub-standard Stage 3 loans to customers* Reported ECL (charge) / release 19.6 19.4 22.7 24.7 2.1 2.0 2.4 2.5 2022 2023 2024 2025 Stage 3 loans as a % of gross loans and advances to customers, % Stage 3 loans, $bn * Including loans purchased or originated credit impaired Good Strong (3.6) (3.4) (3.4) (3.9) (35) (33) (36) (39) 2022 2023 2024 2025 ECL as a % of average gross loans and advances, bps ECL (charge) / release, $bn
Slide 19 — Costs: delivered 3% FY25 cost guidance, accelerated simplification savings
18 Balance sheet & issuance Appendix Results and strategy Costs: delivered 3% FY25 cost guidance, accelerated simplification savings Delivered 3% target basis cost growth in FY25 Actions taken to realise ~$1.2bn annualised simplification savings on an accelerated timeline (previously ~$1.0bn by YE25) ~$0.6bn simplification savings realised in the FY25 P&L (originally guided to ~$0.3bn at 4Q24 results) FY26 cost guidance of ~1% growth, on a target basis* Target basis costs, $bn Expected realisation of P&L savings, $bn FY25 realised FY26 expected FY27 expected ~0.6 ~1.3 ~1.5 32.5 33.5 FY24 FY25 +3% $1.0bn Restructuring charges (cumulative) ~$1.8bn * FY26 target cost baseline is $(33.5)bn
Slide 20 — Targets
19 Balance sheet & issuance Appendix Results and strategy Targets Our targets and expectations reflect our current outlook for the global macroeconomic environment and market-dependent factors, such as market-implied interest rates (as of end-January 2026) and rates of foreign exchange, as well as customer behaviour and activity levels Rising to 5% YoY growth by 2028, excluding notable items Revenue 17% or better, excluding notable items, each year RoTE 50% of EPS, excluding material notable items and related impacts Dividends 2026, 2027 and 2028 targets
Slide 21 — Guidance
20 Balance sheet & issuance Appendix Results and strategy Guidance ~1% growth, on a target basis3 Costs ~(40)bps2 ECL charge 14-14.5% target range4 CET1 ratio 2026 guidance at least $45bn1 Banking NII Simplification Hang Seng privatisation $0.5bn revenue and cost synergies, to be achieved by YE28 $0.4bn potential further upside, to be achieved by YE28 Revenue and cost benefits ~$1.8bn costs to be re-allocated to priority growth areas in the medium term* Including $0.3bn cost synergies in Asia from HSB privatisation, to be achieved by YE28 Re-allocation ~$0.6bn material notable item, by FY28 Restructuring costs ~$1.5bn savings from re-organisation to be delivered by YE26 Savings Our targets and expectations reflect our current outlook for the global macroeconomic environment and market-dependent factors, such as market-implied interest rates (as of end-January 2026) and rates of foreign exchange, as well as customer behaviour and activity levels. The medium term is defined as 3-5 years from 1 January 2026 or when target was announced (*)
Slide 22 — Balance
21 Balance sheet, capital and issuance
Slide 23 — Capital: strong organic capital generation during the quarter
22 Balance sheet & issuance Appendix Results and strategy c.80bps regulatory profit in 4Q25 4Q25 change in RWAs includes operational risk RWA increase of c.$12bn driven by higher average income c.20bps strategic initiatives mainly driven by French life insurance disposal Events after the balance sheet date* Hang Seng Bank privatisation had a net (110)bps CET1% impact in January 2026†, which includes 10bps release of incremental hedging-related market risk RWAs (see slide 27) Capital: strong organic capital generation during the quarter +0.8 +0.2 3Q25 Regulatory profits2 Dividend Strategic initiatives Change in RWAs FX translation differences Other 4Q25 14.5 (0.4) (0.2) +0.0 14.9 +0.0 127.8 878.8 0.5 CET1, $bn RWAs, $bn 1.1 0.2 6.5 (3.5) 10.4 CET1 ratio, %1 132.6 888.6 0.9 (1.5) * See slide 43 for a list of market participation impacts in relation to upcoming exits † As at 31 December 2025
Slide 24 — FY25 capital position versus requirements
23 Balance sheet & issuance Appendix Results and strategy FY25 capital position versus requirements Regulatory capital as a % of RWAs, vs. requirements CET1 ratio as a % of RWAs, vs. requirements 14.9% CET1 ratio 4.5% 1.4% 2.5% 2.0% 0.7% 11.1% Pillar 1 Pillar 2A CCB GSIB CCyB Buffer to MDA hurdle $34bn (3.8ppts) CET1 capital requirements1 Combined buffer of 5.2% CET1 ratio to be managed within our medium-term target range of 14-14.5% Pillar 2A set at 2.5% of RWAs, of which 1.4% must be met by CET1 capital The distributable reserves of HSBC Holdings plc were $46bn having increased by $18bn in 2025 primarily due to profits and the cancellation of $17bn of share premium and capital redemption reserves, offset by $21bn of shareholder distributions and AT1 coupons. 14.9% 17.3% 20.5% 11.1% 13.1% 15.7% CET1 Tier 1 Total capital Fully loaded regulatory capital Requirement2
Slide 25 — MREL position
24 Balance sheet & issuance Appendix Results and strategy MREL position * Capital or TLAC requirements relating to other Group entities ^ Effective 1 January 2026 32.9% 28.4% Own funds and eligible liabilities SoTP requirement 4.5ppts ($40bn) Position versus requirement as a % of Group RWAs 4.5ppts / $40bn buffer to current requirement The Group’s binding MREL requirement is currently the aggregation of each resolution group’s local regulatory requirements and other Group entities’ capital requirements, otherwise known as the ‘sum of the parts’ (or ‘SoTP’) The Group is subject to the higher of a number of requirements, the SoTP is currently the highest. The others are: – 18% of RWAs plus CET1 buffers (23.2% of RWAs) – 6.75% of leverage exposure plus CET1 buffers (equivalent to 27.0% of RWAs) – Twice the sum of the Pillar 1 and Pillar 2A requirements, plus CET1 buffers (26.3% of RWAs)^ 8.9% 10.5% 2.4% 1.4% 5.2% European Resolution Group Asia Resolution Group US Resolution Group Others* CET1 buffers Composition of the SoTP requirement1 28.4%
Slide 26 — 2026 issuance plan
25 Balance sheet & issuance Appendix Results and strategy 2026 issuance plan ~$1bn ~$20bn Expect certain subsidiaries to issue modest senior / secured debt in local markets ~$4bn Planned gross issuance 2026 calls and maturities $1.0bn $12.8bn 2025 gross issuance $4.0bn Including $1.5bn linked to liability management $25.7bn Including $6.5bn of pre-funding conducted in 4Q $4.1bn HoldCo senior Tier 2 AT1 OpCo HSBC USA: $1.3bn senior unsecured HBUK: €0.8bn covered bond Highlights: - $2.3bn
Slide 27 — Portfolio instruments
26 Balance sheet & issuance Appendix Results and strategy Portfolio instruments Maturity profile1 $bn-equivalent Outstanding instruments by currency (notional) 14% 16% 7% 58% 5% EUR GBP SGD USD AUD 0% Other $37.4bn HoldCo senior Subordinated notes Additional Tier 1 19% 7% 69% EUR GBP 2% JPY 2% Other USD 1% AUD $114.2bn 10% 8% 75% 7% EUR GBP SGD USD 12.8 0.9 2.4 2026 21.0 3.1 3.0 2027 14.1 2.8 3.8 2028 11.8 4.6 4.0 2029 18.2 1.0 4.1 2030 16.1 27.1 20.7 20.4 23.3 Senior (HSBC Holdings) Subordinated notes (HSBC Group) AT1 (HSBC Holdings) $21.8bn
Slide 28 — Customer deposits & loans: strong and growing deposit franchise, +$78bn YoY*
27 Balance sheet & issuance Appendix Results and strategy Customer deposits & loans: strong and growing deposit franchise, +$78bn YoY* 37 4Q24 HK 11 UK 10 CIB 9 IWPB 0 Corporate Centre 4Q25 1,719 1,787 +4% HK: capital and wealth inflows into Hong Kong UK: franchise growth including HSBC Innovation Banking CIB: strong GPS client demand and new mandate wins IWPB: Private Bank and Premier flows Deposits, $bn +4%, +5% incl. held-for-sale balances* 3Q25 4Q25 1,737 7 11 1,787 24 8 Loans, $bn 18 4Q24 (6) HK UK 7 CIB 6 IWPB (8) Corporate Centre 4Q25 971 988 +2%† 3Q25 4Q25 983 (1) 1 988 (0) 5 HK: customer repayments and muted credit demand UK: growth in mortgages and targeted sectors in Commercial Banking CIB: mainly in Asia; increase in GTS with contribution from TradePay IWPB: US mortgage sale in the quarter (0) (0) * Including $16bn held-for-sale balances for 4Q25 and $6bn for 4Q24 † +2% YoY incl. held-for-sale balances of $2bn for 4Q25 and $1bn for 4Q24
Slide 29 — Funding and liquidity
28 Balance sheet & issuance Appendix Results and strategy Funding and liquidity $1,787bn $988bn Customer deposits Customer loans $798bn funding surplus loan to deposit ratio 55% Year-on-year customer deposit growth* 5% $1,719bn $1,787bn 2024 2025 Total HQLA^ $0.9tn $1,787bn $862bn Customer deposits HQLA1 0.5x customer deposit coverage * Including $16bn held-for-sale balances for 4Q25 and $6bn for 4Q24 which are not included in the $1,787bn absolute value quoted ^ Total HQLA in sites, includes $165bn of HQLA excluded for computation of the Group LCR but included in local entity liquidity ratios
Slide 30 — Appendix
29 Appendix
Slide 31 — MREL / TLAC position
30 Balance sheet & issuance Appendix Results and strategy MREL / TLAC position HSBC Group1 US Resolution Group Europe Resolution Group (Including HSBC Holdings)1 Asian Resolution Group Requirement The greater of: 18% of RWAs 6.75% of leverage exposure 2 x (P1 + P2A)^ Sum-of-the-parts* Firm specific requirement, subject to TLAC floor of the greater of: 18% of RWAs 6.75% of leverage exposure The greater of: 18% of RWAs 6.75% of leverage exposure 2 x (P1 + P2A) TLAC2: the greater of: 18% of RWAs 9% of average assets Long-Term Debt: the greater of: 6% of RWAs 3.5% of average assets MREL / TLAC position Total TLAC: $121bn Of which: non-regulatory capital: $31bn Total MREL / TLAC: $117bn Of which: non-regulatory capital: $68bn Total TLAC: $24bn Of which: non-regulatory capital (long-term debt): $10bn Total MREL / TLAC: $292bn Of which: non-regulatory capital: $109bn * The sum-of-the-parts calculation also includes capital requirements or TLAC requirements relating to other Group entities ^ Effective 1 January 2026 Balance sheet RWAs: $380bn Leverage exposure: $1,385bn RWAs: $328bn Leverage exposure: $1,163bn RWAs: $110bn Average assets: $238bn RWAs: $889bn Leverage exposure: $2,877bn
Slide 32 — Approach to issuance
31 Balance sheet & issuance Appendix Results and strategy Approach to issuance HSBC Holdings plc External Investors External equity, AT1, T2 & ‘bail-in’ senior Subsidiaries Internal provision of equity, AT1, Tier 2 and MREL/TLAC by downstreaming Since 2015, HSBC Holdings has been the Group’s issuing entity for external AT1, Tier 2 and MREL / TLAC-eligible senior Issuance executed with consideration to our maturity profile Proceeds of external debt issued by HSBC Holdings is predominantly used to acquire internal capital and MREL/TLAC instruments issued by its subsidiaries HSBC Holdings does not generally provide funding to subsidiaries for day-to-day liquidity needs HSBC Holdings retains proceeds and dividends for its own liquidity and capital management (we seek to manage within a target operating range of $19-$24bn) HSBC will continue to issue senior and secured debt from certain subsidiaries to meet local funding and liquidity requirements. This debt is not intended to constitute MREL/TLAC External legacy capital instruments issued by subsidiaries are not eligible as MREL/TLAC HSBC Holdings plc Internal capital and MREL/TLAC External debt issued by subsidiaries
Slide 33 — 2025 Capital walk
32 Balance sheet & issuance Appendix Results and strategy 2025 Capital walk +3.3 +0.1 +0.1 FY24 Regulatory profits1 Dividend Share buy-back Strategic initiatives Change in RWAs FX translation differences Other FY25 14.9 (1.8) (1.1) (0.2) (0.4) 14.9 CET1 ratio, %
Slide 34 — Hang Seng Bank: financial summary
33 Balance sheet & issuance Appendix Results and strategy Hang Seng Bank: financial summary Reported results, $m 1H24 2H24 1H25 2H25 FY23 FY24 FY25 Revenue 2,595 2,654 2,648 2,689 5,210 5,249 5,336 ECL (192) (420) (623) (409) (798) (612) (1,032) Costs (964) (985) (971) (1,030) (1,869) (1,949) (2,001) Associates 6 (1) (14) 8 25 5 (6) Profit before tax 1,446 1,247 1,039 1,258 2,568 2,693 2,297 Customer loans 108,794 105,475 102,340 101,148 110,134 105,475 101,148 Customer deposits 149,556 159,223 162,070 161,549 147,358 159,223 161,549
Slide 35 — Indicative capital impact of Hang Seng Bank privatisation
34 Balance sheet & issuance Appendix Results and strategy Indicative capital impact of Hang Seng Bank privatisation $bn 4Q25 Indicative day one impact: $bn CET1 ratio % Total equity (per balance sheet) 205.7 (13.7) Non-controlling interests (NCI) (7.4) +7.0 Total shareholders’ equity 198.2 (6.7) Additional Tier 1 (20.7) — Total ordinary shareholders’ equity (’NAV’) 177.5 (6.7) Allowable NCI in CET1 3.3 (3.2) Other NAV to CET1 adjustments (7.8) — CET1 before regulatory adjustments 173.0 (9.9) Threshold deductions – CET1 (13.8) (1.0) Other regulatory adjustments to CET1 capital (26.6) — Regulatory adjustments (40.4) (1.0) Indicative day one impact - CET1 / CET1 ratio 132.6 (10.9) (1.20)%† The privatisation of Hang Seng Bank in January 2026 had a day one impact of c.(120)bps on Group CET1* comprising the impact of: Purchase consideration of $13.7bn Derecognition of $7.0bn of balance sheet NCI relating to Hang Seng Bank Deduction of $3.2bn of allowable NCI Threshold deductions impacts on CET1 capital and RWAs arising from the above The above was partly offset by a release of ~10bps of incremental hedging-related market risk RWAs, giving a net CET1 impact of c.(110)bps No goodwill arises on completion of the privatisation The TNAV impact is $6.7bn * Illustrative, based on CET1 capital ratio as at 31 December 2025 † Includes +3bps impact of the $(2.5)bn RWA reduction from the day-one threshold deduction adjustment
Slide 36 — 35
35 Balance sheet & issuance Appendix Results and strategy Hang Seng Bank privatisation related expectations Pre-tax by YE28, $bn Revenue and cost benefits* 0.9 — Revenue and cost synergies 0.5 — Potential further upside 0.4 Restructuring costs (material notable item) (0.6) Asset quality improvement Growth opportunity Further investments into Hang Seng Bank and market growth Value of the privatisation to shareholders = + + * $0.9bn gross benefits are expected to be split broadly equally between revenue and cost
Slide 37 — Hong Kong commercial real estate
36 Balance sheet & issuance Appendix Results and strategy Hong Kong commercial real estate Excluding exposure to mainland China borrowers Increase in ECL allowances in 2025 due to negative credit migration and pressure on collateral values Negative credit migration mainly driven by the secured portfolio, which accounts for 57% of the total portfolio, though the pace of migration slowed in the 4th quarter Repayments of highest quality loans that are rated Strong Unsecured exposures are typically granted to strong, listed Hong Kong developers which are commonly members of conglomerate groups with diverse cashflows Largely stable, with limited Credit impaired levels and 89% rated Strong or Good $8.7bn rated Sub-standard or Credit impaired: $2.4bn Sub-standard (immaterial balance LTV >70%) $6.3bn Credit impaired (of which $1.9bn LTV >70%), against which we have an ECL allowance of $(0.9)bn FY24 FY25 FY24 FY25 Strong 4.5 3.3 2.6 1.7 Good 9.8 8.2 4.4 3.4 Satisfactory 10.7 10.4 5.1 4.6 Sub-standard 3.7 2.4 2.2 1.7 — Of which: >70% LTV 0.1 0.0 0.1 — Credit impaired 4.6 6.3 2.6 3.5 — Of which: >70% LTV 1.2 1.9 0.7 1.1 Total 33.2 30.6 16.8 15.0 Memo items: ECL charge (0.1) (0.7) (0.1) (0.4) ECL allowance (0.4) (1.1) (0.2) (0.7) — Of which: credit impaired (0.3) (0.9) (0.1) (0.6) Average LTV sub-standard 46% 42% 49% 42% Average LTV credit impaired 58% 71% 60% 74% % portfolio secured* 54% 57% 61% 63% Loans and advances to customers by credit quality, $bn * Based on total limits, including off balance sheet commitments, of $42.8bn (FY24: $49.2bn) Of which Hang Seng Bank
Slide 38 — Mainland China exposure
37 Balance sheet & issuance Appendix Results and strategy Mainland China exposure 36 8 4Q23 38 7 4Q24 4Q25 45 45 46 6 40 Gross customer loans, $bn Customer deposits, $bn Wholesale Personal Balances booked in mainland China 56 63 69 4Q23 4Q24 4Q25 * Wholesale drawn risk exposure of $161.2bn includes on balance sheet lending as well as issued off balance sheet exposures, excludes unutilised commitments and MSS financing. 62% is booked onshore Wholesale exposure analysis, $bn Wholesale exposure by counterparty type and credit quality, $bn 4Q23 4Q24 4Q25 NBFI 1.2 0.9 1.0 Banks 31.0 30.7 34.8 Sovereign & public sector 37.1 34.8 34.4 Corporates 91.7 91.3 91.0 Total 161.0 157.7 161.2 NBFI Banks Sovereign & public sector Corporates Total Strong 0.2 33.6 34.3 37.6 105.7 Good 0.7 1.1 0.1 25.3 27.2 Satisfactory 0.1 0.2 — 24.6 24.9 Sub-standard — — — 1.5 1.5 Credit impaired — — — 2.0 2.0 Total 1.0 34.8 34.4 91.0 161.2 Mainland China drawn risk exposure is defined as lending booked in mainland China and wholesale lending booked offshore where the ultimate parent and beneficial owner is in mainland China
Slide 39 — Wealth metrics (1/3)
38 Balance sheet & issuance Appendix Results and strategy Wealth metrics (1/3) To better describe the relationship we have with our customers by focusing on their total wealth, which includes both deposits and investment products, we provide updated disclosures: Wealth balances, to replace Invested Assets from 1Q26 Net New Money, to replace Net New Invested Assets from 1Q26 Changes to existing disclosures are driven by: Removing balances relating to Asset Management third-party distribution activities Adding deposit balances from Premier and Private Bank clients 580 608 490 580 608 465 490 465 Private Bank invested assets Retail invested assets AM third-party distribution 1,535 1,563 Private Bank invested assets Retail invested assets Wealth deposits (Premier and Private Bank) Existing definition: Invested Assets and Net New Invested Assets New definition: Wealth balances and Net New Money Illustration based on FY25 wealth balances, $bn Removed: AM third-party distribution Added: Wealth deposits (Premier and Private Bank) See 2025 Annual Report and Accounts page 82 for further details
Slide 40 — Wealth metrics (2/3)
39 Balance sheet & issuance Appendix Results and strategy Wealth metrics (2/3) Existing Wealth metrics Invested Assets evolution, $bn Invested Assets, $bn 645 779 773 648 741 762 4Q24 3Q25 4Q25 Asia Rest of Group 1,293 1,520 1,535 +19% 41 125 37 39 4Q24 NNIA Market impact FX and other 4Q25 1,293 80 1,535 +$242bn Asia Rest of Group
Slide 41 — Wealth metrics (3/3)
40 Balance sheet & issuance Appendix Results and strategy Wealth metrics (3/3) Revised Wealth metrics to replace existing metrics from 1Q26 Wealth balances evolution, $bn Wealth balances, $bn 907 1,038 1,055 452 499 508 4Q24 3Q25 4Q25 Asia Rest of Group 1,359 1,537 1,563 +15% 91 27 72 4Q24 14 Net New Money* Market impact FX and other 4Q25 1,359 86 1,563 +$204bn Asia Rest of Group Based on our previous definition Wealth balances were $2,143bn (4Q24: $1,848bn) * Of which NNIA were $46bn and net new deposits were $40bn
Slide 42 — Notable items
41 Balance sheet & issuance Appendix Results and strategy Notable items $bn 4Q24 4Q25 FY24 FY25 Constant currency PBT 2.3 6.8 32.4 29.9 Less: notable items (5.1) (1.8) (1.8) (6.7) — Disposals, wind-down, acquisitions and related costs (5.0) (1.5) (1.5) (2.1) — Restructuring and other related costs (0.1) (0.3) (0.0) (1.0) — Legal provisions — (0.0) — (1.4) — Early redemption of legacy securities 0.0 — (0.2) — — BoCom dilution and impairment losses — — — (2.1) Constant currency PBT, excl. notable items 7.4 8.6 34.2 36.6 Disposals related notable items in 4Q25 primarily driven by French home and other loans; disposals related notable items in 4Q24 primarily driven by Argentina
Slide 43 — Revenue — supplementary information
42 Balance sheet & issuance Appendix Results and strategy Revenue — supplementary information 2025 reported revenue to revenue excluding notable items $m HK UK CIB IWPB Corporate Centre Total Reported revenue 15,878 12,938 27,637 14,520 (2,699) 68,274 Notable items — — 9 73 2,664 2,746 Constant currency revenue, excl. notable items 15,878 12,938 27,646 14,593 (35) 71,020 2024 reported revenue to revenue excluding notable items $m HK UK CIB IWPB Corporate Centre Total Reported revenue 15,034 11,954 26,819 13,976 (1,929) 65,854 Currency translation 13 388 (47) (159) (40) 155 Constant currency revenue 15,047 12,342 26,772 13,817 (1,969) 66,009 Notable items — — 14 (26) 1,594 1,582 Constant currency revenue, excl. notable items 15,047 12,342 26,786 13,791 (375) 67,591
Slide 44 — Strategic transactions material notable items (where disclosed)
43 Balance sheet & issuance Appendix Results and strategy Strategic transactions material notable items (where disclosed) Timing Malta* $(0.4)bn fee and other income — 1H26 UK life insurance† $(0.2)bn fee and other income — 1Q26 South Africa† $(0.1)bn fee and other income — 2H262 Germany custody business $0.1bn fee and other income — 20263 Sri Lanka retail banking Immaterial gain on disposal — 1H26 German fund administration Immaterial gain on disposal — 2H26 Hang Seng Bank privatisation related restructuring costs $(0.6)bn costs — by YE28 In relation to market participation, other impacts may be incurred in addition to those listed above (e.g. transaction costs). Impacts are estimates as of 31 December 2025, which may change at completion. Details on this slide are included in the 2025 Annual Report and Accounts pages 329 to 331 * The transaction did not meet the criteria for held for sale in the fourth quarter of 2025 and remains subject to regulatory approvals † No incremental impact on CET1 capital as a result of UK life insurance and South Africa transactions. See Note 1 on slide 50
Slide 45 — Exits: 11 announced in 2025, four completed to date
44 Balance sheet & issuance Appendix Results and strategy Exits: 11 announced in 2025, four completed to date Bahrain retail banking 1Q25 UK life insurance Germany custody business German fund administration Stake in Grupo Galicia French home and other loans Uruguay Bangladesh retail banking ECM and M&A in US, UK & Europe Bahrain retail banking 2Q25 Malta Sri Lanka retail banking UK life insurance Germany custody business German fund administration Stake in Grupo Galicia ECM and M&A in US, UK & Europe Uruguay Bangladesh retail banking ECM and M&A in US, UK & Europe Bahrain retail banking 3Q25 Malta Sri Lanka retail banking UK life insurance Germany custody business German fund administration Stake in Grupo Galicia French home and other loans Uruguay Bangladesh retail banking ECM and M&A in US, UK & Europe Bahrain retail banking 4Q25 French home and other loans Exits announced in 2025 Exits announced in the quarter Exits announced in prior quarters in 2025 Completed Retail activities in Australia, Indonesia, Egypt and insurance manufacturing business in Singapore are under strategic review UK life insurance sale completed on 30 Jan 2026 In 2025, we also completed the sales of our French life insurance business and our German private banking business, which were announced in 2024
Slide 46 — Total shareholders’ equity to CET1 capital
45 Balance sheet & issuance Appendix Results and strategy 3,303 Allowable NCI in CET1 (750) 205,666 198,225 177,509 172,987 132,593 Employee benefit Share purchase† Total equity (7,441) CET1 capital Non-controlling interests Total shareholders’ equity Regulatory adjustments (20,716) Additional Tier 1 Total ordinary shareholders’ equity (7,842) Foreseeable dividend (40,394) 767 Adjustment of insurance / SPE’s CET1 before regulatory adjustments Total shareholders’ equity to CET1 capital 4Q25 total equity to CET1 capital (reported FX), $m Total equity to CET1 capital walk (reported FX), $m Total equity (per balance sheet) Non-controlling interests* Total shareholders’ equity Additional Tier 1 Total ordinary shareholders’ equity (’NAV’) Foreseeable dividend Adjustment for insurance / SPE’s Allowable NCI in CET1* Contingent purchase of own shares for employee benefit† Prudential valuation adjustment Intangible assets Deferred tax asset deduction Cash flow hedge adjustment Excess of expected loss Own credit spread and debt valuation adjustment Defined benefit pension fund assets Direct and indirect holdings of CET1 instruments Other regulatory adjustments to CET1 capital Threshold deductions Regulatory adjustments CET1 capital 2Q25 199,869 (7,315) 192,554 (20,716) 171,838 (5,034) 606 3,576 — (1,337) (13,511) (3,326) (368) (3,475) 1,008 (5,957) (40) (45) (14,116) (41,167) 129,819 3Q25 198,688 (7,258) 191,430 (20,716) 170,714 (6,328) 740 3,386 — (1,268) (13,549) (3,078) 206 (3,460) 1,579 (6,025) (40) (43) (15,069) (40,747) 127,765 4Q25 205,666 (7,441) 198,225 (20,716) 177,509 (7,842) 767 3,303 (750) (1,348) (13,626) (3,076) (450) (3,593) 1,725 (6,167) (40) (40) (13,779) (40,394) 132,593 CET1 before regulatory adjustments 170,986 168,512 172,987 * 4Q25 non-controlling interests include $7,001m of Hang Seng Bank accounting NCI, of which $3,247m is allowable NCI in CET1 and $3,754m is non-allowable † Includes a CET1 regulatory deduction of 9bps due to contingent purchase of our own shares for employee benefits
Slide 47 — Credit ratings for main issuing entities
46 Balance sheet & issuance Appendix Results and strategy Credit ratings for main issuing entities Long term senior ratings as at 24 February 2026 S&P Moody’s Fitch Rating Outlook Rating Outlook Rating Outlook HSBC Holdings plc A- STABLE A3 STABLE A+ STABLE The Hongkong and Shanghai Banking Corporation Ltd AA- STABLE Aa3 STABLE AA- STABLE HSBC Bank plc A+ STABLE A1 STABLE AA- STABLE HSBC UK Bank plc A+ STABLE A1 STABLE AA- STABLE HSBC Continental Europe (formerly HSBC France) A+ STABLE Aa3 STABLE AA- STABLE HSBC Bank USA NA A+ STABLE Aa3 STABLE AA- STABLE
Slide 48 — Simplified structure chart
47 Balance sheet & issuance Appendix Results and strategy Simplified structure chart Holding company Intermediate holding company Operating company Associate Resolution entity HSBC Holdings plc Americas HSBC Mexico, S.A. HSBC North America Holdings Inc. HSBC Securities (USA), Inc. 99.9% HSBC USA, Inc. HSBC Bank USA, N.A. UK & Europe HSBC Private Bank (Suisse) SA HSBC Continental Europe 99.9% HSBC UK Bank plc HSBC Bank plc HSBC Bank Malta plc 70.0% Asia The Hongkong & Shanghai Banking Corporation Ltd Bank of Commun- ications Co., Ltd HSBC Bank (Taiwan) Ltd Hang Seng Bank (China) Ltd HSBC Bank (China) Company Ltd HSBC Bank Malaysia Berhad HSBC Bank Australia Ltd 16.0% Hang Seng Bank Ltd PT Bank HSBC Indonesia 98.9% HSBC Bank (Singapore) Ltd HSBC Asia Holdings Ltd MENAT HSBC Bank Middle East Ltd 94.5% Saudi Awwal Bank HSBC Bank Egypt SAE 31% HSBC Bank A.S. (Türkiye)
Slide 49 — Glossary
48 Balance sheet & issuance Appendix Results and strategy Glossary AIEA Average interest earning assets APAC Asia Pacific AT1 Additional Tier 1 Banking NII Banking net interest income is an alternative performance measure, and is defined as Group net interest income after deducting: (1) the internal cost to fund trading and fair value net assets for which associated revenue is reported in ‘Net income from financial instruments held for trading or managed on a fair value basis’, also referred to as ‘trading and fair value income’. These funding costs reflect proxy overnight or term interest rates as applied by internal funds transfer pricing; (2) the funding cost of foreign exchange swaps in Markets Treasury, where an offsetting income or loss is recorded in trading and fair value income. These instruments are used to manage foreign currency deployment and funding in our entities; (3) third-party net interest income in our insurance business BoCom Bank of Communications Co. Limited, an associate of HSBC Bps Basis points. One basis point is equal to one-hundredth of a percentage point CASA Current accounts and savings accounts CET1 Common Equity Tier 1 CIB Corporate and Institutional Banking CCB Capital Conservation Buffer CCyB Countercyclical Capital Buffer Corporate Centre Corporate Centre primarily comprises the financial impact of certain acquisitions and disposals, and the share of profit, dilution and impairment loss impacts from interests in our associates and joint ventures. It also includes Central Treasury, stewardship costs and consolidation adjustments CRE Commercial Real Estate CSM Contractual Service Margin, a component of the carrying amount of a group of insurance contract assets or liabilities which represents the unearned profit which the Group will recognise as it provides insurance contract services under the insurance contracts in the Group CSM release The systematic recognition of the unearned profit of insurance contracts in revenue over the period that services are provided DPS Dividend per share ECL Expected credit losses. In the income statement, ECL is recorded as a change in expected credit losses and other credit impairment charges. In the balance sheet, ECL is recorded as an allowance for financial instruments to which only the impairment requirements in IFRS 9 are applied ECM Equity capital markets EPS Earnings per share FVOCI Fair value through other comprehensive income GPS Global Payments Solutions Group HSBC Holdings plc and its subsidiary undertakings GTS Global Trade Solutions HBAP The Hongkong and Shanghai Banking Corporation Limited, our principal operating entity in Asia HIBOR Hong Kong Interbank Offered Rate HoldCo Holding Company HQLA High-quality liquid assets HSBC Group HSBC Holdings plc and its subsidiary undertakings IFRS International Financial Reporting Standard IWPB International Wealth and Premier Banking LCR Liquidity coverage ratio LTV Loan-to-value ratio Markets Treasury Execution arm of HSBC's Treasury function, responsible for cash and liquidity management, funding, and management of structural interest rate risk of the Group MENAT Middle East and North Africa, including Türkiye MREL Minimum requirement for own funds and eligible liabilities MSS Markets and Securities Services M&A Mergers and acquisitions NBFI Non-bank financial institution New business CSM Insurance new business contractual service margin NII Net interest income NIM Net interest margin n.m. Not meaningful NNIA Net new invested assets NRFB Non ring-fenced bank in Europe and the UK OCI Other Comprehensive Income OpCo Operating Company P1 Pillar 1 P2A Pillar 2A PAOS Profit attributable to ordinary shareholders PBT Profit before tax Ppt Percentage points SoTP The ‘sum-of-the-parts’, used in reference to the Group’s minimum requirement for own funds and eligible liabilities. Specifically, this refers to the total requirement building from the sum of the requirements of each of its component parts. TLAC Total Loss Absorbing Capacity UK RFB HSBC UK Bank plc (HSBC UK), the UK ring-fenced bank, established July 2018 as part of ring fenced bank legislation RoTE Return on average tangible equity RWA Risk-weighted asset TNAV Tangible net asset value TMD Time deposits Wholesale Transaction Banking Comprises the following products in our CIB, Hong Kong and UK businesses: Global Trade Solutions, Global Payments Solutions, Global Foreign Exchange and Securities Services
Slide 50 — Footnotes
49 Balance sheet & issuance Appendix Results and strategy Footnotes Results and strategy Slide 3: Strategic priority 1 1. RoTE excl. notable items 2. Reduction from October 2024 to December 2025 3. Guidance disclosed in February 2025 at 4Q24 results 4. Gross application demise Slide 4: Strategic priority 2 1. Scores pertain to our Retail Banking and Wealth business only; refers to Strategic NPS (sNPS) 2. HSBC only – excludes Hang Seng Bank; Excl. PayMe 3. Refers to Strategic NPS (sNPS) scores 4. Excl. Covid loan run-off; c.1% growth incl. Covid loan 5. NTB and upgrades 6. 13k clients surveyed by Euromoney in 2025 7. 30k clients surveyed by Euromoney in 2025 in services, products and technology 8. Coalition Greenwich Voice of Client – 2025 Global Foreign Exchange Study; joint winners with JPMorgan 9. Bloomberg – US corporate bonds – Foreign issue 10. Global Wealth NNIA incl. AM 3rd party distribution 11. Includes AM 3rd party 12. WealthLens Singapore 2025 study by AFFLUENTIAL on HNWI and UHWNI Slide 5: Strategic priority 3 1. Source: BCG Global Wealth Report 2025 Slide 6: Future technologies 1. In HKD, RMB, USD and EUR tranches 2. Over 19 months since launch 3. As at 9 February 2026, based on staff members and contractors with access permissions 4. Based on daily engagement and interaction with CRM platform; engagement of users with Banker Assist is 51% since October 2025; 60% over last 30 days (Jan-Feb 2026) Slide 7: A diversified and capital-generative business 1. Corporate Centre revenues were $(35)m excluding notable items 2. Total HQLA in sites, includes $165bn of HQLA excluded for computation of the Group LCR but included in local entity liquidity ratios Slide 20: Guidance 1. Based on our current expectations for policy rates 2. As a percentage of average gross loans and advances, including held-for-sale loan balances. Our medium-term planning range is (30) to (40)bps 3. Our target basis costs exclude notable items and include the impact of simplification-related saves associated with our announced reorganisation 4. Over the medium term Balance sheet & issuance Slide 22: Capital 1. Ratio movements include the impact of threshold deductions 2. Regulatory profits exclude the impact of strategic initiatives Slide 23: FY25 capital position versus requirements 1. Excludes Pillar 2B requirements. The sum of the requirements may not precisely add to the CET1 capital requirements % of RWAs due to the rounding differences 2. Excludes Pillar 2B requirements Slide 24: MREL position 1. See the section ‘Resolution structure’ on page 30 of the 31 December 2025 Pillar 3 disclosures document for more detail of our resolution entities and groups. Slide 26: Portfolio instruments 1. To next call date if callable; otherwise to maturity Appendix Slide 30: MREL / TLAC position 1. From 30 June 2025, the regulatory valuation of Tier 2 capital and TLAC includes the associated accrued interest. 2. The TLAC requirements for our US business are calculated based on the greater of 1) a specified minimum percentage of risk weighted assets, including a buffer of 2.5% of risk weighted assets, and 2) a specified minimum percentage of average total consolidated assets (based on the U.S. tier 1 leverage ratio)
Slide 51 — Footnotes
50 Balance sheet & issuance Appendix Results and strategy Footnotes Appendix, continued Slide 32: 2025 Capital walk 1. Regulatory profits exclude the impact of strategic initiatives Slide 43: Strategic transactions material notable items 1. UK life insurance: recycling of foreign currency translation reserves losses, no incremental impact on CET1 capital South Africa: recycling of foreign currency translation reserves and other reserves losses, no incremental impact on CET1 capital 2. South Africa: transaction is expected to complete in 1Q26, upon subsequent wind-down of the entity, expected in the second half of 2026, cumulative foreign currency translation reserves and other reserves will recycle to the income statement 3. Germany custody business: the sale will be completed in a phased manner, starting in 1Q26. Completion of the transaction depends on the timing for completion of all client transfers
Slide 52 — Disclaimer
51 Balance sheet & issuance Appendix Results and strategy Disclaimer Important notice The information, statements and opinions set out in this presentation and accompanying discussion (this “Presentation”) are for informational and reference purposes only and do not constitute a public offer for the purposes of any applicable law or an offer to sell or solicitation of any offer to purchase any securities or other financial instruments or any advice or recommendation in respect of such securities or other financial instruments. This Presentation, which does not purport to be comprehensive nor render any form of legal, tax, investment, accounting, financial or other advice, has been provided by HSBC Holdings plc (together with its consolidated subsidiaries, the “Group”) and has not been independently verified by any person. You should consult your own advisers as to legal, tax investment, accounting, financial or other related matters concerning any investment in any securities. No responsibility, liability or obligation (whether in tort, contract or otherwise) is accepted by the Group or any member of the Group or any of their affiliates or any of its or their officers, employees, agents or advisers (each an “Identified Person”) as to or in relation to this Presentation (including the accuracy, completeness or sufficiency thereof) or any other written or oral information made available or any errors contained therein or omissions therefrom, and any such liability is expressly disclaimed. No representations or warranties, express or implied, are given by any Identified Person as to, and no reliance should be placed on, the accuracy or completeness of any information contained in this Presentation, any other written or oral information provided in connection therewith or any data which such information generates. No Identified Person undertakes, or is under any obligation, to provide the recipient with access to any additional information, to update, revise or supplement this Presentation or any additional information or to remedy any inaccuracies in or omissions from this Presentation or any additional information. Past performance is not necessarily indicative of future results. Differences between past performance and actual results may be material and adverse. Forward-looking statements This Presentation may contain projections, estimates, forecasts, ambitions, targets, commitments, opinions, prospects, results, returns and forward-looking statements with respect to the financial condition, results of operations, capital position, environmental, social and governance (‘ESG’)- related matters , strategy and business of the Group which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “plan”, “estimate”, “seek”, “intend”, “target”, “believe”, "potential" and "reasonably possible" or the negatives thereof or other variations thereon or comparable terminology (together, “forward-looking statements”), including the strategic priorities and any financial, investment and capital targets and any ESG ambitions, targets and commitments described herein. Any such forward-looking statements are not a reliable indicator of future performance, as they may involve significant stated or implied assumptions and subjective judgements which may or may not prove to be correct. There can be no assurance that any of the matters set out in forward-looking statements are attainable, will actually occur or will be realised or are complete or accurate. The assumptions and judgments may prove to be incorrect and involve known and unknown risks, uncertainties, contingencies and other important factors, many of which are outside the control of the Group. Actual achievements, results, performance or other future events or conditions may differ materially from those stated, implied and/or reflected in any forward- looking statements due to a variety of risks, uncertainties and other factors (including, without limitation, those which are referable to general market or economic conditions, regulatory and government policy changes, continued volatility in trade and tariff policies, increased volatility in interest rates and inflation levels and other macroeconomic risks, geopolitical tensions such as the Russia-Ukraine war, further conflict in the Middle East or elsewhere, specific economic developments, such as the uncertain performance of the commercial real estate sector in mainland China and Hong Kong, or the efficacy of the Group’s actions in managing and mitigating ESG-related risks, and in progressing towards the Group’s ESG ambitions, targets and commitments. Any such forward-looking statements are based on the beliefs, expectations and opinions of the Group at the date the statements are made, and the Group does not assume, and hereby disclaims, any obligation or duty to update, revise or supplement them if circumstances or management’s beliefs, expectations or opinions should change. For these reasons, recipients should not place reliance on, and are cautioned about relying on, any forward-looking statements. No representations or warranties, expressed or implied, are given by or on behalf of the Group as to the achievement or reasonableness of any projections, estimates, forecasts, ambitions, targets, commitments, prospects or returns contained herein. Additional detailed information concerning important factors, including but not limited to ESG-related factors, that could cause actual results to differ materially from this Presentation is available in our Annual Report and Accounts for the fiscal year ended 31 December 2025, which we expect to file with the Securities and Exchange Commission (the “SEC”) on Form 20-F on or around 26 February 2026 (the "2025 Form 20-F"). Alternative Performance Measures This Presentation contains non-IFRS measures used by management internally that constitute alternative performance measures under European Securities and Markets Authority guidance and non-GAAP financial measures defined in and presented in accordance with SEC rules and regulations (“Alternative Performance Measures”). The primary Alternative Performance Measures we use are presented on a “constant currency” basis which is computed by adjusting comparative period reported results for the effects of foreign currency translation differences, which distort period-on-period comparisons. Reconciliations between Alternative Performance Measures and the most directly comparable measures under IFRS are provided in our 2025 Form 20-F which, when filed with the SEC, will be available at www.hsbc.com. Information in this Presentation was prepared as at 25 February 2026.