Sharenet Sites 
Sharenet Sites
Further Trading Statement
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
('Nedbank Group' or 'Nedbank' or the 'group')
FURTHER TRADING STATEMENT
Shareholders are referred to the announcement released on SENS on 17 December 2025,
relating to the conclusion of the disposal of the group's shareholding in Ecobank Transnational
Incorporated ('ETI') ('Disposal') and resultant initial trading statement.
As a result of the Disposal and in terms of IFRS accounting standards, the cumulative foreign
exchange and fair value losses relating to the equity accounting treatment of the group's interest
in ETI over time, previously recognised via other comprehensive income ('OCI'), had to be
recycled to profit or loss in the 2025 reporting period. Shareholders were advised that basic
earnings per share ('EPS') for the 12 months ended 31 December 2025 ('FY25'), would decrease
by at least 20% from the 3 610 cents reported in the 12 months ended 31 December 2024
('FY24').
Nedbank Group now has a greater degree of certainty with regards to the expected EPS range
for FY25 as noted in the table below:
FY24 FY25 low FY25 high
Basic EPS (cents) 3 610 1 625 1 733
Year on year ('YoY') change (55%) (52%)
The recycling of the cumulative foreign exchange and fair value losses recognised via OCI is
specifically excluded from headline earnings and therefore has no impact on headline earnings
per share ('HEPS') and diluted HEPS. The recycling of the cumulative foreign exchange and fair
value losses recognised via OCI also has no impact on the net asset value ('NAV') per share.
In addition, following a slightly stronger finish to the year than expected, the group discloses the
following estimated ranges for HEPS, diluted HEPS, NAV per share and return on equity ('ROE'):
FY24 FY25 low FY25 high
HEPS (cents) 3 631 3 667 3 740
YoY change +1% +3%
Diluted HEPS (cents) 3 538 3 538 3 680
YoY change 0% +4%
NAV per share (cents) 24 039 24 760 25 241
YoY change +3% +5%
ROE 15.8% 15.3% 15.5%
Nedbank Group's results for FY25 are currently expected to be released on SENS on Tuesday,
3 March 2026.
The financial information on which this further trading statement is based has not been reviewed
or reported on by the group's joint auditors.
Sandton
26 February 2026
Enquiries
Nedbank Group Investor Relations:
Email: NedgroupIR@nedbank.co.za
Alfred Visagie (Head: Investor Relations)
Email: Alfredv@nedbank.co.za
Sponsor to Nedbank Group in South Africa:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Debt Sponsor to Nedbank Limited:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 26-02-2026 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
