ANZ (ANZ) Investor Update summary

Strategic Context and Market Overview

• The Australian 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, who now write 74% of new mortgages.

• 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.

• The business holds strong positions in institutional and New Zealand banking but underperforms in Australian retail and commercial segments.

• Leadership team refreshed with local and global talent to drive cultural and operational transformation.

Strategic Pillars and Priorities to 2030

• Four strategic pillars: Customer First, Simplicity, Resilience, and Delivering Value, enabled by people, culture, and technology.

• Five immediate priorities: leadership and culture reset, Suncorp Bank integration, ANZ Plus rollout, organizational simplification, and 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 to be completed by June 2027, targeting $500 million in annualized cost synergies, mostly realized by FY29.

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

• Productivity program targets $800 million in gross cost savings by FY26, including 3,500 role reductions and 1,000 contractor exits.

• Exiting non-core activities and stopping non-strategic projects to improve productivity.

• Comprehensive non-financial risk remediation plan underway, with a three-year timeline and direct CEO accountability.