ANZ Group (ANZ) Investor Update summary

Strategic Context and Market Positioning

• The five-year strategy (ANZ 2030) focuses on customer preference, simplicity, resilience, and value creation, supported by a diversified model and global footprint.

• Australia and New Zealand banking markets are highly competitive, with strong returns on equity, high reliance on net interest income, and a growing role for mortgage brokers.

• Australia offers growth opportunities due to a large, growing population, stable economy, and strong governance, with bank asset quality and credit ratings outperforming global peers.

• ANZ holds leading positions in New Zealand and institutional banking, but Australia retail and commercial divisions have underperformed.

Strategic Pillars and Immediate Priorities

• The strategy is built on four pillars: Customer First, Simplicity, Resilience, and Delivering Value, enabled by people, culture, and technology.

• Immediate priorities include embedding a new leadership team, integrating Suncorp Bank, accelerating ANZ Plus digital rollout, reducing duplication, and enhancing non-financial risk management.

• Two-phase approach: FY26–27 focuses on productivity and foundational improvements; post-FY27 aims to accelerate growth and outperform the market.

• Culture, people, and technology are key enablers for strategy execution.

Execution and Operational Initiatives

• Suncorp Bank integration targets $500 million in annual cost synergies by 2028/29, with full migration by June 2027.

• ANZ Plus digital front end to upgrade all 8 million Australian retail customers by September 2027, consolidating technology platforms for efficiency.

• Productivity program targets $800 million gross cost savings in FY26, including 3,500 role reductions and exiting non-core businesses.

• Enhanced non-financial risk management with a three-year remediation plan and direct executive oversight.

• Management emphasizes hands-on execution, reduced reliance on consultants, and focus on core banking activities.