# EDGAR Filing Document

**Accession Number:** 0000312069
**File Stem:** 0001654954-26-001080
**Filing Date:** 2026-2
**Character Count:** 276142
**Document Hash:** 34b4a531feb32cb71a5ae72643f8c290
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-26-001080.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001654954-26-001080

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260210

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARCLAYS PLC
- **CENTRAL INDEX KEY:** 0000312069
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09246
- **FILM NUMBER:** 26614694

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CHURCHILL PLACE
- **STREET 2:** CANARY WHARF
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** E14 5HP
- **BUSINESS PHONE:** 00442031340952

**MAIL ADDRESS:**
- **STREET 1:** 1 CHURCHILL PLACE
- **STREET 2:** CANARY WHARF
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** E14 5HP

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS BANK PLC
- **DATE OF NAME CHANGE:** 19850313

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS BANK LTD
- **DATE OF NAME CHANGE:** 19820607

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

 **Washington, DC 20549**

 **FORM 6-K**

 **REPORT OF FOREIGN PRIVATE ISSUER**

 **PURSUANT TO RULE 13A-16 OR 15D-16**

 **UNDER THE SECURITIES EXCHANGE ACT OF 1934**

February 10, 2026

 **Barclays PLC**

(Name of Registrant)

 **1 Churchill Place**

 **London E14 5HP**

 **England**

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F

This Report on Form 6-K is filed by Barclays PLC.

This Report comprises:

Information given to The London Stock Exchange and furnished pursuant to

General Instruction B to the General Instructions to Form 6-K.

 **SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BARCLAYS PLC <br> (Registrant)

Date: February 10, 2026

---

| |
|:---|
| By: /s/ Garth Wright<br> -------------------------------- |
| Garth Wright |
| Assistant Secretary |

---

 **Barclays PLC**

 **2025 Results Announcement**

31 December 2025

 **Table of Contents**

---

| | |
|:---|:---|
| **Results Announcement** | &nbsp;&nbsp;&nbsp; **Page** |
| Notes | 1 |
| Performance Highlights | 2 |
| Group Finance Director's Review | 6 |
| **Results by Business** |  |
| ● Barclays UK | 9 |
| ● Barclays UK Corporate Bank | 11 |
| ● Barclays Private Bank and Wealth Management | 12 |
| ● Barclays Investment Bank | 13 |
| ● Barclays US Consumer Bank | 15 |
| ● Head Office | 17 |
| Quarterly Results Summary | 18 |
| Quarterly Results by Business | 19 |
| **Performance Management** |  |
| ● Margins and Balances | 26 |
| ● Remuneration | 28 |
| **Risk Management** |  |
| ● Risk Management and Principal Risks | 30 |
| ● Credit Risk | 31 |
| ● Market Risk | 52 |
| ● Treasury and Capital Risk | 53 |
| Condensed Consolidated Financial Statements | 62 |
| Financial Statement Notes | 67 |
| Appendix: Non-IFRS Performance Measures | 71 |
| Shareholder Information | 80 |

---

BARCLAYS PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE: +44 (0) 20 7116 1000. COMPANY NO. 48839.

 **Notes**

The terms Barclays and Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis compares the twelve months ended 31 December 2025 to the corresponding twelve months of 2024 and balance sheet analysis as at 31 December 2025 with comparatives relating to 31 December 2024. The abbreviations '£m' and '£bn' represent millions and thousands of millions of Pounds Sterling respectively; the abbreviations '$m' and '$bn' represent millions and thousands of millions of US Dollars respectively; and the abbreviations '€m' and '€bn' represent millions and thousands of millions of Euros respectively.

There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to ongoing adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time.

Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the results glossary, which can be accessed at home.barclays/investor-relations.

The information in this announcement, which was approved by the Board of Directors on 9 February 2026, does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025, which contain an unmodified audit report under Section 495 of the Companies Act 2006 (which does not make any statements under Section 498 of the Companies Act 2006) will be delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.

These results will be furnished on Form 6-K to the US Securities and Exchange Commission (SEC) as soon as practicable following publication of this document. Once furnished to the SEC, a copy of the Form 6-K will be available from the SEC's website at www.sec.gov.

Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal roadshows and other ad hoc meetings. Consistent with its usual practice, Barclays expects that from time to time over the coming quarter it will meet with investors globally to discuss these results and other matters relating to the Group.

 **Non-IFRS performance measures**

Barclays' management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements as they enable the reader to identify a more consistent basis for comparing the businesses' performance between financial periods and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by Barclays' management. However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well. Refer to the appendix on pages 71 to 79 for definitions and calculations of non-IFRS performance measures included throughout this document, and reconciliations to the most directly comparable IFRS measures.

 **Forward-looking statements**

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Group. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'may', 'will', 'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve' or other words of similar meaning. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this document. Examples of forward-looking statements include, among others, statements or guidance regarding or relating to the Group's future financial position, business strategy, income levels, costs, assets and liabilities, impairment charges, provisions, capital leverage and other regulatory ratios, capital distributions (including policy on dividends and share buybacks), return on tangible equity, projected levels of growth in banking and financial markets, industry trends, any commitments and targets (including sustainability-related commitments and targets), plans and objectives for future operations, International Financial Reporting Standards ("IFRS") and other statements that are not historical or current facts. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements speak only as at the date on which they are made. Forward-looking statements may be affected by a number of factors, including, without limitation: changes in legislation, regulations, governmental and regulatory policies, expectations and actions, voluntary codes of practices and the interpretation thereof, changes in IFRS and other accounting standards, including practices with regard to the interpretation and application thereof and emerging and developing sustainability reporting standards (including emissions accounting methodologies); changes in tax laws and practice; the outcome of current and future legal proceedings and regulatory investigations; the Group's ability along with governments and other stakeholders to measure, manage and mitigate the impacts of climate change effectively or navigate inconsistencies and conflicts in the manner in which climate policy is implemented in the regions where the Group operates, including as a result of the adoption of rules and regulations taking a different or opposing position on sustainability matters, or other forms of governmental and regulatory action against sustainability policies; environmental, social and geopolitical risks and incidents and similar events beyond the Group's control; financial crime; the impact of competition in the banking and financial services industry; capital, liquidity, leverage and other regulatory rules and requirements applicable to past, current and future periods; UK, US, Eurozone and global macroeconomic and business conditions, including inflation; volatility in credit and capital markets; market related risks such as changes in interest rates and foreign exchange rates; reforms to benchmark interest rates and indices; higher or lower asset valuations; changes in credit ratings of any entity within the Group or any securities issued by it; changes in counterparty risk; changes in consumer behaviour; changes in trade policy, including the imposition of tariffs or other protectionist measures; the direct and indirect consequences of the conflicts in Ukraine and the Middle East on European and global macroeconomic conditions, political stability and financial markets; changes in US legislation and policy; developments in the UK's relationship with the European Union; the risk of cyberattacks, information or security breaches, technology failures or operational disruptions and any subsequent impact on the Group's reputation, business or operations; the use of new technology, including artificial intelligence; the Group's ability to access funding; and the success of acquisitions, disposals, joint ventures and other strategic transactions. A number of these factors are beyond the Group's control. As a result, the Group's actual financial position, results, financial and non-financial metrics or performance measures or its ability to meet commitments and targets may differ materially from the statements or guidance set forth in the Group's forward-looking statements. In setting its targets and outlook for the period 2026-2028, Barclays has made certain assumptions about the macroeconomic environment, including, without limitation, inflation, interest and unemployment rates, the different markets and competitive conditions in which Barclays operates, and its ability to grow certain businesses and achieve costs savings and other structural actions. Additional risks and factors which may impact the Group's future financial condition and performance are identified in Barclays PLC's filings with the US Securities and Exchange Commission ("SEC") (including, without limitation, Barclays PLC's Annual Report on Form 20-F for the financial year ended 31 December 2025), which are available on the SEC's website at www.sec.gov.

Subject to Barclays PLC's obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation, the UK and the US) in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 **Performance Highlights**

 ***Barclays achieved all financial guidance in 2025 including a return on tangible equity (RoTE) of 11.3%. Barclays is on track to deliver 2026 targets and is announcing new targets to 2028, including RoTE of greater than 14% in 2028 and capital distributions of greater than £15bn between 2026 and 2028***

 ***C. S. Venkatakrishnan, Group Chief Executive, commented***

 *"Barclays achieved all financial guidance in 2025. RoTE was 11.3% as all divisions delivered double-digit RoTE. We distributed £3.7bn to our shareholders, including the £1.0bn share buyback announced today, up from £3.0bn in 2024. We ended the year with a robust common equity tier 1 (CET1) ratio of 14.3% (14.0% rebased for buyback). We grew profit before tax by 13%, earnings per share (EPS) by 22% and tangible net asset value (TNAV) per share by 15% to 409p, a tenth consecutive quarter of growth.*

 *Our progress in the past two years provides a strong foundation to deliver more for our customers, clients and shareholders. As we outline in our plan for the next three years, we will invest further to improve customers' experience and deepen relationships, while harnessing new technology, including AI, to improve efficiency and build segment-leading businesses and drive further growth. Our aim is to secure sustainably higher returns through to 2028 and beyond, delivering Group RoTE of greater than 14% in 2028 and greater than £15bn of capital distributions to shareholders between 2026 and 2028."*

- Reflecting a total dividend of 8.6p (£1.2bn) and total share buybacks of £2.5bn for 2025. This includes a 5.6p (£0.8bn) full year dividend, and the intention to initiate a further share buyback of up to £1.0bn

- Taking into account the impact of the £1.0bn share buyback announced today, the CET1 ratio as of 31 December 2025 would be reduced to 14.0% (at the top end of the 13-14% target range)

 **Key financial metrics:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Income** | **Profit before tax** | **Attributable profit** | **Cost: income ratio** | **LLR** | **RoTE** | **EPS** | **TNAV per share** | **CET1 ratio** | **Total capital return** |
| **FY25** | £29.1bn | £9.1bn | £6.2bn | 61% | 52bps | 11.3% | 43.8p | 409p | 14.3% | £3.7bn |
| **Q425** | £7.1bn | £1.9bn | £1.2bn | 66% | 48bps | 8.5% | 8.6p | 409p | 14.3% | £3.7bn |

---

 **FY25 Performance highlights:**

- Barclays UK income increased 5%, reflecting higher structural hedge income and Tesco Bank NII, partially offset by the non-repeat of the £0.6bn day 1 gain from the acquisition of Tesco Bank in the prior year

- Barclays UK Corporate Bank (UKCB) income increased 16%, reflecting higher average deposit and lending balances, and higher structural hedge income

- Barclays Private Bank and Wealth Management (PBWM) income increased 5%, driven by growth in deposit, invested asset and loan balances from net new inflows and market movements

- Barclays Investment Bank (IB) income increased 11%, with growth across Global Markets and Investment Banking, supported by continued growth in more stable income streams (Financing and International Corporate Bank)

- Barclays US Consumer Bank (USCB) income increased 11%, reflecting the impact of repricing initiatives, business growth and the acquisition of General Motors co-branded cards portfolio (GM portfolio) in Q325, partially offset by the strengthening of GBP against USD

 **FY25 Performance highlights (continued):**

- Group operating costs increased 5% to £17.0bn, reflecting Tesco Bank run rate and integration costs, further investment spend, business growth and inflation, partially offset by £0.7bn of cost efficiency savings

- Litigation and conduct charges of £0.4bn (FY24: £0.2bn), included a £235m charge for motor finance redress in Q325

 **Q425 Performance highlights:**

- Group NII excluding IB and Head Office was £3.4bn, up 12% year-on-year

- Group operating costs increased 3% to £4.4bn, reflecting business growth, inflation and one-off costs, including a VAT expense in Barclays UK, partially offset by c.£0.2bn of cost efficiency savings

---

| | |
|:---|:---|
| *1*<br>| *Q424 included the day 1 impacts from the acquisition of Tesco Bank: total income gain of £556m, credit impairment charges of £209m, and profit before tax benefit of £347m.* |

---

 **Group financial targets<sup>1</sup>:**

 **2026 targets**

- Progressive increase in total capital returns versus 2025

- Share buybacks announced quarterly

- Dividends to be paid semi-annually, including planned £2bn dividend for 2026

- Group NII excluding IB and Head Office greater than £13.5bn and Barclays UK NII of £8.1bn - £8.3bn

- IB RWAs mid 50s% of Group RWAs

- Impact of regulatory change on RWAs in line with our prior guidance of c.£19-26bn

- Expect Pillar 2A capital to reduce upon implementation of Basel 3.1 and USCB IRB

 **2028 targets**

- IB RWAs of c.50% of Group RWAs

---

| | |
|:---|:---|
| *1*<br>| *Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and may be subject to change.*<br>|
| *2*<br>| *This multi-year plan is subject to supervisory and Board approvals, anticipated financial performance and our published CET1 ratio target range of 13-14%.*<br>|
| *3*<br>| *Fundamental review of the trading book (FRTB) impact mostly expected in 2027.*<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Group results** | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **31.12.25** | **31.12.24** |  | **31.12.25** | **31.12.24** |  |
|  | £m | £m | % Change | £m | £m | % Change |
| &nbsp;&nbsp;&nbsp; Barclays UK<sup>1</sup> | 8708 | 8274 | 5 | 2262 | 2615 | (13) |
| &nbsp;&nbsp;&nbsp; Barclays UK Corporate Bank | 2064 | 1780 | 16 | 539 | 458 | 18 |
| &nbsp;&nbsp;&nbsp; Barclays Private Bank and Wealth Management | 1380 | 1309 | 5 | 348 | 351 | (1) |
| &nbsp;&nbsp;&nbsp; Barclays Investment Bank | 13055 | 11805 | 11 | 2792 | 2607 | 7 |
| &nbsp;&nbsp;&nbsp; Barclays US Consumer Bank | 3681 | 3326 | 11 | 1053 | 857 | 23 |
| &nbsp;&nbsp;&nbsp; Head Office | 252 | 294 | (14) | 83 | 76 | 9 |
| **Total income** | **29140** | **26788** | **9** | **7077** | **6964** | **2** |
| Operating costs | (17040) | (16195) | (5) | (4379) | (4244) | (3) |
| UK regulatory levies | (313) | (320) | 2 | (229) | (227) | (1) |
| Litigation and conduct | (392) | (220) | (78) | (50) | (121) | 59 |
| **Total operating expenses** | **(17745)** | **(16735)** | **(6)** | **(4658)** | **(4592)** | **(1)** |
| Other net income/(expenses) | 23 | 37 | (38) | (25) |  |  |
| **Profit before impairment** | **11418** | **10090** | **13** | **2394** | **2372** | **1** |
| Credit impairment charges | (2279) | (1982) | (15) | (535) | (711) | 25 |
| **Profit before tax** | **9139** | **8108** | **13** | **1859** | **1661** | **12** |
| Tax charge | (1926) | (1752) | (10) | (388) | (448) | 13 |
| **Profit after tax** | **7213** | **6356** | **13** | **1471** | **1213** | **21** |
| Non-controlling interests | (41) | (49) | 16 | (18) | (20) | 10 |
| Other equity instrument holders | (997) | (991) | (1) | (258) | (228) | (13) |
| **Attributable profit** | **6175** | **5316** | **16** | **1195** | **965** | **24** |
| **Performance measures** |  |  |  |  |  |  |
| Return on average tangible shareholders' equity | 11.3% | 10.5% |  | 8.5% | 7.5% |  |
| Average tangible shareholders' equity (£bn) | 54.6 | 50.7 |  | 56.5 | 51.5 |  |
| Cost: income ratio | 61% | 62% |  | 66% | 66% |  |
| Loan loss rate (bps) | 52 | 46 |  | 48 | 66 |  |
| Basic earnings per ordinary share | 43.8p | 36.0p | 22 | 8.6p | 6.7p | 29 |
| Dividend per ordinary share | 8.6p | 8.4p | 2 |  |  |  |
| Share buybacks announced (£m) | 2500 | 1750 | 43 |  |  |  |
| Total payout equivalent per share | c.26.4p | c.20.4p | 30 |  |  |  |
| Basic weighted average number of shares (m) | 14112 | 14755 | (4) | 13883 | 14432 | (4) |
| Period end number of shares (m) | 13867 | 14420 | (4) |  |  |  |
| Period end tangible shareholders' equity (£bn) | 56.8 | 51.5 |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **As at 31.12.25** | **As at 31.12.24** |
| **Balance sheet and capital management<sup>2</sup>** | £bn | £bn |
| Loans and advances at amortised cost<br>| 430.0 | 414.5 |
| Loans and advances at amortised cost impairment coverage ratio | 1.2% | 1.2% |
| Total assets<br>| 1544.2 | 1518.2 |
| Deposits at amortised cost<br>| 585.6 | 560.7 |
| Tangible net asset value per share | 409p | 357p |
| Common equity tier 1 ratio | 14.3% | 13.6% |
| Common equity tier 1 capital | 51.1 | 48.6 |
| Risk weighted assets | 356.8 | 358.1 |
| UK leverage ratio | 5.1% | 5.0% |
| UK leverage exposure | 1247.3 | 1206.5 |
| **Funding and liquidity** |  |  |
| Group liquidity pool (£bn) | 337.8 | 296.9 |
| Liquidity coverage ratio<sup>3</sup> | 170.0% | 172.4% |
| Net stable funding ratio<sup>4</sup> | 135.2% | 134.9% |
| Loan: deposit ratio | 73% | 74% |

---

---

| | |
|:---|:---|
| *1* | *Q424 and FY24 included the £556m day 1 gain from the acquisition of Tesco Bank.* |
| *2* | *Refer to pages 57 to 61 for further information on how capital, RWAs and leverage are calculated.* |
| *3* | *Represents average of the last 12 spot month end ratios. In June 2025, Barclays implemented a new methodology for calculating net stress outflows related to secured financing transactions in the liquidity coverage ratio (LCR).* |
| *4* | *Represents average of the last four spot quarter end positions.* |

---

 **Group Finance Director's Review**

 **FY25 Group performance**

- Group operating costs increased 5% to £17,040m, reflecting Tesco Bank run rate and integration costs, further investment spend, business growth and inflation, partially offset by c.£700m of cost efficiency savings

 - FY25 total structural cost actions of £285m (FY24: £273m) with Q425 structural cost actions of £90m (Q424: £110m) <br>

- Litigation and conduct charges of £392m (FY24: £220m), included a £235m charge for motor finance redress in Q325

 **Group capital and leverage**

- c.170bps increase from attributable profit

- c.100bps decrease driven by shareholder distributions including the interim dividend payment of 3.0p per share paid in September 2025, the completed £2.0bn share buybacks announced with FY24 and H125 Results, and the ongoing £0.5bn share buyback announced with Q325 Results, as well as the accrual for the FY25 dividend

- c.30bps increase from other CET1 capital movements, including an increase in the fair value through other comprehensive income reserve

- c.20bps decrease as a result of a £5.2bn increase in RWAs, excluding the impact of foreign exchange movements. This was primarily driven by lending growth in the UK businesses and an increase in USCB, including the acquisition of the GM portfolio, partially offset by the disposal of the German consumer finance business and of Barclays' joint venture interest in Entercard Group AB (Entercard)

- A £1.1bn decrease in CET1 capital due to a decrease in the currency translation reserve was partially offset by a £6.5bn decrease in RWAs as a result of foreign exchange movements

 **Group funding and liquidity**

● The liquidity metrics remain above regulatory requirements,
underpinned by well-diversified sources of funding, a stable global
deposit franchise and a highly liquid balance sheet

● The liquidity pool was £337.8bn, an increase of £40.9bn
from December 2024. The increase in the liquidity pool was
primarily driven by increased wholesale funding and deposit growth
across businesses

● The average <sup>1</sup> LCR was 170.0% (December 2024:
172.4%), equivalent to a surplus of £131.2bn (December 2024:
£127.5bn)

● Total deposits increased to £585.6bn (December 2024:
£560.7bn), primarily driven by customer deposit growth in
International Corporate Bank, UKCB and deposits from commercial and
non-commercial banks

● The average <sup>2</sup> Net Stable Funding Ratio (NSFR) was
135.2% (December 2024: 134.9%), which represents a £166.3bn
surplus (December 2024: £162.9bn) above the 100% regulatory
requirement

● Wholesale funding outstanding, excluding repurchase agreements, was
£220.1bn (December 2024: £186.0bn)

● The Group issued £16.1bn equivalent of minimum requirement for
own funds and eligible liabilities (MREL) instruments from Barclays
PLC (the Parent company) as of Q425. The Group has a strong MREL
position with a ratio of 35.8%, which is in excess of the
regulatory requirement of 30.5% plus a confidential, institution
specific, Prudential Regulation Authority (PRA) buffer

---

| | |
|:---|:---|
| *1* | *Represents average of the last 12 spot month end ratios. In June 2025, Barclays implemented a new methodology for calculating net stress outflows related to secured financing transactions in the liquidity coverage ratio.* |
| *2* | *Represents average of the last four spot quarter end ratios.* |

---

 **Other matters**

● **Motor finance:** On 7 October
2025, the UK Financial Conduct Authority (FCA) began consulting on
an industry-wide compensation scheme for eligible motor finance
customers. Barclays considers it more likely than not that a
redress scheme will be implemented by the FCA. As a result,
Barclays and Clydesdale Financial Services Ltd (a subsidiary of
Barclays PLC) have recognised a provision of £325m in respect
of this matter as at 31 December 2025 (as at 31 December 2024:
£90m). Barclays has engaged with the FCA as part of its
consultation process and the FCA's Policy Statement and final
redress scheme rules are currently expected to be published in
February or March 2026. The ultimate financial impact on Barclays
could differ from the recognised provision, which represents
Barclays' best estimate of the cost of redress based on the
information currently available to Barclays

● **FCA investigations concerning financial crime systems and controls and compliance with the Money Laundering Regulations:** In July 2025, the FCA concluded civil
enforcement investigations into Barclays Bank PLC and Barclays Bank
UK PLC regarding compliance with anti-money laundering regulations
and financial crime controls. Barclays Bank PLC paid £39m to
resolve its investigation, and Barclays Bank UK PLC settled a
separate matter for £9m (including a £6m voluntary
payment to investors). These amounts were fully provided for in
Barclays H125 interim Results. The FCA acknowledged Barclays'
cooperation in both cases, which are now closed

● **Disposal of German consumer finance business:** In Q125, Barclays Bank Ireland PLC announced the
completion of the sale of its German consumer finance business to
BAWAG P.S.K., a wholly owned subsidiary of BAWAG Group AG. The sale
released c.£3.3bn of RWAs, increasing Barclays' CET1
ratio by c.10bps in Q125

● **Long-term strategic partnership for Payment Acceptance business:** On 17 April 2025,
Barclays announced it had entered into a long-term strategic
partnership with Brookfield Asset Management Ltd to grow and
transform Barclays' Payment Acceptance business, previously
referred to as the Merchant Acquiring business

● **GM portfolio acquisition:** On 22
August 2025, Barclays completed the acquisition of a US credit card
portfolio of $1.6bn receivables, in partnership with General Motors
Company. The partnership will serve to further scale
Barclays' credit card portfolio in the US and build on its
growth strategy

● **Disposal of Barclays' entire shareholding in Entercard:** On 28 August 2025, Barclays announced
the sale of its entire shareholding in its joint venture Entercard
to its joint venture partner, Swedbank AB (publ). The sale
completed in Q425 and released c.£0.9bn of RWAs, increasing
Barclays' CET1 ratio by c.4bps

● **Best Egg, Inc. (Best Egg) acquisition:** On 28 October
2025, Barclays announced an agreement for Barclays Bank Delaware to
acquire Best Egg for $800m, subject to regulatory approvals and
other conditions. Best Egg is a leading US
direct - to - consumer
personal loan origination platform focused on prime borrowers.
Completion is expected in Q226, after completion of the previously
announced sale of Barclays' American Airlines
co - branded
credit card receivables. The net estimated impact of both
transactions is expected to increase Barclays' CET1 ratio by
c.6bps in Q226

 **Anna Cross, Group Finance Director**

 **Results by Business**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Barclays UK** | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **31.12.25** | **31.12.24<sup>1</sup>** |  | **31.12.25** | **31.12.24<sup>1</sup>** |  |
| **Income statement information** | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 7653 | 6627 | 15 | 2015 | 1815 | 11 |
| Net fee, commission and other income | 1055 | 1647 | (36) | 247 | 800 | (69) |
| **Total income** | **8708** | **8274** | **5** | **2262** | **2615** | **(13)** |
| Operating costs | (4746) | (4235) | (12) | (1274) | (1170) | (9) |
| UK regulatory levies | (85) | (78) | (9) | (41) | (36) | (14) |
| Litigation and conduct | (51) | (16) |  | (14) | (9) | (56) |
| **Total operating expenses** | **(4882)** | **(4329)** | **(13)** | **(1329)** | **(1215)** | **(9)** |
| Other net income<br>|  |  |  |  |  |  |
| **Profit before impairment** | **3826** | **3945** | **(3)** | **933** | **1400** | **(33)** |
| Credit impairment charges | (413) | (365) | (13) | (74) | (283) | 74 |
| **Profit before tax** | **3413** | **3580** | **(5)** | **859** | **1117** | **(23)** |
| Attributable profit | 2443 | 2465 | (1) | 706 | 781 | (10) |
| **Performance measures** |  |  |  |  |  |  |
| Return on average allocated tangible equity | 20.7% | 23.1% |  | 23.8% | 28.0% |  |
| Average allocated tangible equity (£bn) | 11.8 | 10.7 |  | 11.9 | 11.2 |  |
| Cost: income ratio | 56% | 52% |  | 59% | 46% |  |
| Loan loss rate (bps) | 18 | 16 |  | 13 | 49 |  |
| Net interest margin | 3.63% | 3.29% |  | 3.72% | 3.53% |  |
| **Key facts** | **As at 31.12.25** | **As at 31.12.24** |  |  |  |  |
| UK mortgage balances (£bn) | 172.4 | 163.1 |  |  |  |  |
| Mortgage gross lending flow (£bn) | 34.3 | 23.9 |  |  |  |  |
| Average LTV of mortgage portfolio<sup>2</sup> | 55% | 53% |  |  |  |  |
| Average LTV of new mortgage lending<sup>2</sup> | 70% | 66% |  |  |  |  |
| Number of branches | 206 | 221 |  |  |  |  |
| Digitally active customers (m)<sup>3</sup> | 13.9 | 13.4 |  |  |  |  |
| 30 day arrears rate - total UK cards | 0.8% | 0.7% |  |  |  |  |
| 90 day arrears rate - total UK cards | 0.2% | 0.2% |  |  |  |  |
|  | **As at 31.12.25** | **As at 31.12.24** |  |  |  |  |
| **Balance sheet information** | £bn | £bn |  |  |  |  |
| Loans and advances to customers at amortised cost | 216.5 | 207.7 |  |  |  |  |
| Total assets | 299.6 | 299.8 |  |  |  |  |
| Customer deposits at amortised cost | 244.6 | 244.2 |  |  |  |  |
| Loan: deposit ratio | 94% | 92% |  |  |  |  |
| Risk weighted assets | 85.8 | 84.5 |  |  |  |  |
| Period end allocated tangible equity | 11.8 | 11.6 |  |  |  |  |

---

---

| | |
|:---|:---|
| *1*<br>| *Q424 and FY24 included the day 1 impacts from the acquisition of Tesco Bank: total income gain of £556m, credit impairment charges of £209m, and profit before tax benefit of £347m.*<br>|
| *2*<br>| *Average loan to value (LTV) of mortgages is balance weighted and reflects both residential and buy-to-let (BTL) mortgage portfolios within the Home Loans portfolio.*<br>|
| *3*<br>| *Excludes Tesco Bank.*<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of Barclays UK** | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| **Analysis of Barclays UK** | **31.12.25** | **31.12.24<sup>1</sup>** |  | **31.12.25** | **31.12.24<sup>1</sup>** |  |
| **Analysis of total income** | £m | £m | % Change | £m | £m | % Change |
| Retail Banking | 6582 | 6270 | 5 | 1702 | 2078 | (18) |
| Business Banking | 2126 | 2004 | 6 | 560 | 537 | 4 |
| **Total income** | **8708** | **8274** | **5** | **2262** | **2615** | **(13)** |
| **Analysis of credit impairment (charges)/releases** |  |  |  |  |  |  |
| Retail Banking | (374) | (394) | 5 | (72) | (279) | 74 |
| Business Banking | (39) | 29 |  | (2) | (4) | 50 |
| **Total credit impairment charges** | **(413)** | **(365)** | **(13)** | **(74)** | **(283)** | **74** |
|  | **As at 31.12.25** | **As at 31.12.24** |  |  |  |  |
| **Analysis of loans and advances to customers at amortised cost** | £bn | £bn |  |  |  |  |
| Retail Banking | 198.6 | 188.0 |  |  |  |  |
| Business Banking | 17.9 | 19.7 |  |  |  |  |
| **Total loans and advances to customers at amortised cost** | **216.5** | **207.7** |  |  |  |  |
| **Analysis of customer deposits at amortised cost** |  |  |  |  |  |  |
| Retail Banking | 192.7 | 191.4 |  |  |  |  |
| Business Banking | 51.9 | 52.8 |  |  |  |  |
| **Total customer deposits at amortised cost** | **244.6** | **244.2** |  |  |  |  |

---

 **Barclays UK delivered a RoTE of 20.7% (FY24: 23.1%¹)** supported by robust income, the integration of Tesco Bank, disciplined cost management and normalising levels of impairment underpinned by strong asset quality.

 **2025 compared to 2024**

 **Income statement**

● **Profit before tax decreased 5% to £3,413m** 

● **Total income increased 5% to £8,708m.** NII increased 15% to £7,653m, as higher
structural hedge income and the impact from Tesco Bank were
partially offset by retail deposit dynamics. Net fee, commission
and other income decreased 36% to £1,055m primarily driven by
the non-repeat of the day 1 gain from the acquisition of Tesco
Bank

● **Total operating expenses increased 13** % **to £4,882m,** driven by Tesco Bank run and
integration costs, and inflation. Ongoing efficiency savings
continue to be reinvested, to drive sustainable improvement to the
cost: income ratio

● **Credit impairment charges were £413m (FY24: £365m),** underpinned by
balance growth and stable credit performance. The UK cards 30 and
90 day arrears rates were 0.8% (Q424: 0.7%) and 0.2% (Q424: 0.2%)
respectively. The UK cards total coverage ratio decreased to 4.3%
(December 2024: 4.8%) driven by resilient customer
behaviour

 **Balance sheet**

● **Loans and advances to customers at amortised cost increased £8.8bn to £216.5bn**,
primarily driven by growth in mortgages and cards lending in Retail
Banking, partially offset by continued repayment of government
scheme lending in Business Banking

● **Customer deposits at amortised cost increased by £0.4bn to £244.6bn,** driven by an increase in Retail
Banking deposits, partially offset by a reduction in Business
Banking current accounts. The loan:deposit ratio remained broadly
stable at 94% (December 2024: 92%)

● **RWAs increased to £85.8bn (December 2024: £84.5bn)** primarily due to growth in mortgages
and cards lending in Retail Banking, partially offset by
securitisations

---

| | |
|:---|:---|
| *1*<br>| *FY24 included the day 1 impacts from the acquisition of Tesco Bank: total income gain of £556m, credit impairment charges of £209m, and profit before tax benefit of £347m.* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Barclays UK Corporate Bank** | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **31.12.25** | **31.12.24** |  | **31.12.25** | **31.12.24** |  |
| **Income statement information** | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 1480 | 1206 | 23 | 396 | 324 | 22 |
| Net fee, commission and other income | 584 | 574 | 2 | 143 | 134 | 7 |
| **Total income** | **2064** | **1780** | **16** | **539** | **458** | **18** |
| Operating costs | (989) | (935) | (6) | (272) | (250) | (9) |
| UK regulatory levies | (29) | (37) | 22 | (14) | (14) |  |
| Litigation and conduct | (39) | (1) |  |  | (1) |  |
| **Total operating expenses** | **(1057)** | **(973)** | **(9)** | **(286)** | **(265)** | **(8)** |
| Other net income |  |  |  |  |  |  |
| **Profit before impairment** | **1007** | **807** | **25** | **253** | **193** | **31** |
| Credit impairment charges | (37) | (76) | 51 | (1) | (40) | 98 |
| **Profit before tax** | **970** | **731** | **33** | **252** | **153** | **65** |
| Attributable profit | 648 | 490 | 32 | 168 | 98 | 71 |
| **Performance measures** |  |  |  |  |  |  |
| Return on average allocated tangible equity | 18.9% | 16.0% |  | 19.1% | 12.3% |  |
| Average allocated tangible equity (£bn) | 3.4 | 3.1 |  | 3.5 | 3.2 |  |
| Cost: income ratio | 51% | 55% |  | 53% | 58% |  |
| Loan loss rate (bps) | 12 | 29 |  | 1 | 62 |  |
|  | **As at 31.12.25** | **As at 31.12.24** |  |  |  |  |
| **Balance sheet information** | £bn | £bn |  |  |  |  |
| Loans and advances to customers at amortised cost | 30.0 | 25.4 |  |  |  |  |
| Deposits at amortised cost | 88.7 | 83.1 |  |  |  |  |
| Risk weighted assets | 26.5 | 23.9 |  |  |  |  |
| Period end allocated tangible equity | 3.7 | 3.3 |  |  |  |  |
|  | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **31.12.25** | **31.12.24** |  | **31.12.25** | **31.12.24** |  |
| **Analysis of total income** | £m | £m | % Change | £m | £m | % Change |
| Corporate lending | 357 | 267 | 34 | 97 | 71 | 37 |
| Transaction banking | 1707 | 1513 | 13 | 442 | 387 | 14 |
| **Total income** | **2064** | **1780** | **16** | **539** | **458** | **18** |

---

 **UKCB delivered a RoTE of 18.9% (FY24: 16.0%)**, as increased income from higher average deposit and lending balances was partially offset by continued investment and higher RWAs to support future growth ambitions.

 **2025 compared to 2024**

 **Income statement**

● **Profit before tax increased 33% to £970m** 

● **Total income increased 16% to £2,064m,** NII increased 23% to £1,480m, driven by
higher average deposit and lending balances, and higher structural
hedge income. Net fee, commission, trading and other income was
broadly stable at £584m

● **Total operating expenses increased 9% to £1,057m ,** including a litigation and
conduct charge of £39m in Q225. Operating costs increased 6%
to £989m, reflecting higher investment spend to support
business growth ambitions, with ongoing efficiency savings
offsetting inflationary headwinds

● **Credit impairment charges were £37m (FY24: £76m)**, reflecting stable
underlying credit performance and limited single name
charges

 **Balance sheet**

● **Loans and advances to customers at amortised cost increased to £30.0bn (December 2024: £25.4bn),** reflecting the strategic focus to grow
lending

● **Deposits at amortised cost increased to £88.7bn (December 2024: £83.1bn),** driven by
an inflow of balances from new and existing
clients

● **RWAs increased to £26.5bn (December 2024: £23.9bn),** reflecting
higher client lending limits and growth in lending
balances

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Private Bank and Wealth Management** | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **31.12.25** | **31.12.24** |  | **31.12.25** | **31.12.24** |  |
| **Income statement information** | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 799 | 767 | 4 | 202 | 216 | (6) |
| Net fee, commission and other income | 581 | 542 | 7 | 146 | 135 | 8 |
| **Total income** | **1380** | **1309** | **5** | **348** | **351** | **(1)** |
| Operating costs | (994) | (911) | (9) | (279) | (255) | (9) |
| UK regulatory levies | (10) | (9) | (11) | (7) | (7) |  |
| Litigation and conduct | (9) |  |  | (10) | (1) |  |
| **Total operating expenses** | **(1013)** | **(920)** | **(10)** | **(296)** | **(263)** | **(13)** |
| Other net income |  |  |  |  |  |  |
| **Profit before impairment** | **367** | **389** | **(6)** | **52** | **88** | **(41)** |
| Credit impairment releases/(charges) | 8 | (6) |  | (2) | (2) |  |
| **Profit before tax** | **375** | **383** | **(2)** | **50** | **86** | **(42)** |
| Attributable profit | 291 | 288 | 1 | 35 | 63 | (44) |
| **Performance measures** |  |  |  |  |  |  |
| Return on average allocated tangible equity | 26.3% | 28.1% |  | 12.6% | 23.9% |  |
| Average allocated tangible equity (£bn) | 1.1 | 1.0 |  | 1.1 | 1.1 |  |
| Cost: income ratio | 73% | 70% |  | 85% | 75% |  |
| Loan loss rate (bps) | (5) | 4 |  | 5 | 5 |  |
| **Key facts** | £bn<br>| £bn<br>|  | £bn<br>| £bn<br>|  |
| Net new assets under management<sup>1</sup> | 3.3 | 3.7 |  | 0.6 | 0.7 |  |
|  | **As at 31.12.25** | **As at 31.12.24** |  |  |  |  |
| **Balance sheet information** | £bn | £bn |  |  |  |  |
| Loans and advances to customers at amortised cost | 14.7 | 14.5 |  |  |  |  |
| Deposits at amortised cost | 72.0 | 69.5 |  |  |  |  |
| Risk weighted assets | 8.0 | 7.9 |  |  |  |  |
| Period end allocated tangible equity | 1.1 | 1.1 |  |  |  |  |
| Invested assets<sup>2</sup> | 140.6 | 124.6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Assets under management<sup>1</sup>* | 52.9 | 47.7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Assets under supervision<sup>1</sup>* | 87.7 | 76.9 |  |  |  |  |
| Clients assets and liabilities<sup>3</sup> | 227.6 | 208.9 |  |  |  |  |

---

 **PBWM delivered a RoTE of 26.3% (FY24: 28.1%**). The business continues to see an inflow of new client balances across deposits, lending and investments reflecting strong product offering and client engagement, as well as ongoing investment to support future growth and efficiency ambitions.

 **2025 compared to 2024**

 **Income statement**

● **Profit before tax decreased 2% to £375m** 

● **Total income increased 5% to £1,380m,** driven by growth in deposit, invested asset and
loan balances from net new inflows and market
movements

● **Total operating expenses increased 10% to £1,013m,** reflecting higher investment spend to
support business growth ambitions, with ongoing efficiency savings
offsetting inflationary headwinds

 **Balance sheet**

● **Client assets and liabilities increased £18.7bn to £227.6bn**, driven by net
new inflows of invested assets, deposits and loan balances and
market movements, partially offset by FX impact

● **RWAs were broadly stable at £8.0bn (December 2024: £7.9bn)** 

---

| | |
|:---|:---|
| *1*<br>| *Refer to page 71 for further information on net new assets under management, assets under management and assets under supervision.*<br>|
| *2*<br>| *Invested assets (held off-balance sheet) represent assets under management and supervision. Uninvested cash held under an investment mandate and reported within deposits is excluded from invested assets.*<br>|
| *3*<br>| *Client assets and liabilities refers to deposits, lending and invested assets.*<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Investment Bank** | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **31.12.25** | **31.12.24** |  | **31.12.25** | **31.12.24** |  |
| **Income statement information** | £m | £m | % Change | £m | £m | % Change |
| Net interest income | 1334 | 1031 | 29 | 356 | 284 | 25 |
| Net trading income | 7197 | 6241 | 15 | 1294 | 1262 | 3 |
| Net fee, commission and other income | 4524 | 4533 |  | 1142 | 1061 | 8 |
| **Total income** | **13055** | **11805** | **11** | **2792** | **2607** | **7** |
| Operating costs | (7927) | (7666) | (3) | (1924) | (1903) | (1) |
| UK regulatory levies | (181) | (187) | 3 | (159) | (161) | 1 |
| Litigation and conduct | (28) | (55) | 49 | (8) | (26) | 69 |
| **Total operating expenses** | **(8136)** | **(7908)** | **(3)** | **(2091)** | **(2090)** | **—** |
| Other net income<br>|  |  |  |  |  |  |
| **Profit before impairment** | **4919** | **3897** | **26** | **701** | **517** | **36** |
| Credit impairment charges<br>| (305) | (123) |  | (22) | (46) | 52 |
| **Profit before tax** | **4614** | **3774** | **22** | **679** | **471** | **44** |
| Attributable profit | 3092 | 2513 | 23 | 294 | 247 | 19 |
| **Performance measures** |  |  |  |  |  |  |
| Return on average allocated tangible equity | 10.6% | 8.5% |  | 4.0% | 3.4% |  |
| Average allocated tangible equity (£bn) | 29.1 | 29.7 |  | 29.6 | 29.3 |  |
| Income over average risk weighted assets | 6.6% | 5.8% |  | 5.5% | 5.2% |  |
| Cost: income ratio | 62% | 67% |  | 75% | 80% |  |
| Loan loss rate (bps) | 23 | 10 |  | 7 | 15 |  |
|  | **As at 31.12.25**<br>| **As at 31.12.24**<br>|  |  |  |  |
| **Balance sheet information** | £bn<br>| £bn<br>|  |  |  |  |
| Loans and advances to customers at amortised cost | 70.0 | 69.7 |  |  |  |  |
| Loans and advances to banks at amortised cost | 7.4 | 6.8 |  |  |  |  |
| Debt securities at amortised cost | 52.9 | 47.9 |  |  |  |  |
| **Loans and advances at amortised cost** | **130.3** | **124.4** |  |  |  |  |
| Trading portfolio assets | 189.5 | 166.1 |  |  |  |  |
| Derivative financial instrument assets | 251.5 | 291.6 |  |  |  |  |
| Financial assets at fair value through the income statement | 183.6 | 190.4 |  |  |  |  |
| Cash collateral and settlement balances | 121.6 | 111.1 |  |  |  |  |
| Deposits at amortised cost | 156.1 | 140.5 |  |  |  |  |
| Derivative financial instrument liabilities | 240.6 | 279.0 |  |  |  |  |
| Risk weighted assets | 196.7 | 198.8 |  |  |  |  |
| Period end allocated tangible equity | 28.9 | 29.3 |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **31.12.25** | **31.12.24** |  | **31.12.25** | **31.12.24** |  |
| **Analysis of total income** | £m | £m | % Change | £m | £m | % Change |
| &nbsp;&nbsp;&nbsp; FICC | 5429 | 4667 | 16 | 1024 | 934 | 10 |
| &nbsp;&nbsp;&nbsp; Equities | 3225 | 2875 | 12 | 703 | 604 | 16 |
| **Global Markets** | **8654** | **7542** | **15** | **1727** | **1538** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | 676 | 661 | 2 | 214 | 189 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity capital markets | 278 | 351 | (21) | 56 | 98 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt capital markets | 1510 | 1492 | 1 | 336 | 327 | 3 |
| &nbsp;&nbsp;&nbsp; Banking fees and underwriting | 2464 | 2504 | (2) | 606 | 614 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate lending | 247 | 153 | 61 | 27 | 45 | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction banking | 1690 | 1606 | 5 | 432 | 410 | 5 |
| &nbsp;&nbsp;&nbsp; International Corporate Bank | 1937 | 1759 | 10 | 459 | 455 | 1 |
| **Investment Banking** | **4401** | **4263** | **3** | **1065** | **1069** | **—** |
| **Total income** | **13055** | **11805** | **11** | **2792** | **2607** | **7** |

---

 **IB delivered a RoTE of 10.6% (FY24: 8.5%**), driven by strong performance in Global Markets and the International Corporate Bank, whilst maintaining cost and capital discipline, driving positive operating jaws and improved RWA productivity.

 **2025 compared to 2024**

 **Income statement**

- Global Markets income increased 15% to £8,654m across FICC and Equities

- Investment Banking income increased 3% to £4,401m

 **Balance sheet**

● **Loans and advances at amortised costs increased to £130.3bn (December 2024: £124.4bn)** driven by increased investment in
debt securities in treasury

● **Trading portfolio assets increased to £189.5bn (December 2024: £166.1bn)** driven by
increased trading activity to facilitate client demand in Global
Markets, partially offset by the strengthening of spot GBP against
USD

● **Financial assets at fair value through the income statement decreased to £183.6bn (December 2024: £190.4bn) as** underlying growth in financing
balances were more than offset by increased netting opportunities
and the strengthening of spot GBP against USD

● **Derivative financial instrument assets decreased to £251.5bn (December 2024: £291.6bn) and liabilities decreased to £240.6bn (December 2024: £279.0bn)** primarily driven by a reduction in mark-to-market
on FX derivatives and strengthening of spot GBP against USD,
partially offset by an increase in equity
derivatives

● **Deposits at amortised cost increased to £156.1bn (December 2024: £140.5bn)** driven by
growth in deposits across International Corporate Bank and
treasury, partially offset by the strengthening of spot GBP against
USD

● **RWAs were broadly stable at £196.7bn (December 2024: £198.8bn)** mainly driven by
business activity as we continued to support clients through a
range of environments, offset by the strengthening of spot GBP
against USD

---

| | |
|:---|:---|
| *1*<br>| *FY25 included c.£45m of fair value gains on lending and cost of hedging. FY24 included c.£85m of fair value losses on leverage finance lending.*<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **31.12.25** | **31.12.24** |  | **31.12.25** | **31.12.24** |  |
| **Barclays US Consumer Bank**<br>**Income statement information** | **£m** | **£m** | **% Change** | **£m** | **£m** | **% Change** |
| Net interest income | 2820 | 2659 | 6 | 776 | 678 | 14 |
| Net fee, commission and other income | 861 | 667 | 29 | 277 | 179 | 55 |
| **Total income** | **3681** | **3326** | **11** | **1053** | **857** | **23** |
| Operating costs | (1637) | (1612) | (2) | (427) | (433) | 1 |
| UK regulatory levies |  |  |  |  |  |  |
| Litigation and conduct | (8) | (14) | 43 | (5) |  |  |
| **Total operating expenses** | **(1645)** | **(1626)** | **(1)** | **(432)** | **(433)** | **—** |
| Other net income |  |  |  |  |  |  |
| **Profit before impairment** | **2036** | **1700** | **20** | **621** | **424** | **46** |
| Credit impairment charges<br>| (1521) | (1293) | (18) | (431) | (298) | (45) |
| **Profit before tax** | **515** | **407** | **27** | **190** | **126** | **51** |
| Attributable profit | 390 | 302 | 29 | 144 | 94 | 53 |
| **Performance measures** |  |  |  |  |  |  |
| Return on average allocated tangible equity | 11.0% | 9.1% |  | 15.8% | 11.2% |  |
| Average allocated tangible equity (£bn) | 3.5 | 3.3 |  | 3.6 | 3.4 |  |
| Cost: income ratio | 45% | 49% |  | 41% | 51% |  |
| Loan loss rate (bps) | 496 | 431 |  | 558 | 395 |  |
| Net interest margin | 11.14% | 10.65% |  | 11.63% | 10.66% |  |
| **Key facts** |  |  |  |  |  |  |
| US cards 30 day arrears rate | 3.0% | 3.0% |  |  |  |  |
| US cards 90 days arrears rate | 1.6% | 1.6% |  |  |  |  |
| US cards customer FICO score distribution<sup>1</sup> |  |  |  |  |  |  |
| <660 | 13% | 12% |  |  |  |  |
| >660 | 87% | 88% |  |  |  |  |
| End net receivables (reported) ($bn) | 36.6 | 33.1<br>|  |  |  |  |
|  | **As at 31.12.25** | **As at 31.12.24** |  |  |  |  |
| **Balance sheet information** | **£bn** | **£bn** |  |  |  |  |
| Loans and advances to customers at amortised cost | 21.1 | 20.0 |  |  |  |  |
| Deposits at amortised cost | 24.2 | 23.3 |  |  |  |  |
| Risk weighted assets | 27.4 | 26.8 |  |  |  |  |
| Period end allocated tangible equity | 3.8 | 3.7 |  |  |  |  |

---

 *1* *Reflects FICO distribution based on ending net receivables for customer credit cards.*

 **USCB delivered a RoTE of 11.0% (FY24: 9.1%)**, reflecting continued operational progress, as increased income from business growth and higher net interest margins were partially offset by higher impairment charges relating to the acquisition of the GM portfolio in August 2025 and US macroeconomic uncertainty.

 **2025 compared to 2024**

 **Income statement**

● **Profit before tax increased to £515m (FY24: £407m)** 

● The 3% appreciation of average GBP against USD adversely impacted
income and profits, and positively impacted credit impairment
charges and total operating expenses

● **Total income increased 11% to £3,681m,** driven by organic business growth, the acquisition
of the GM portfolio, increased purchase activity, and a c.£40m
one-off benefit related to partner rewards in Q425. NII increased
6% to £2,820m with a net interest margin (NIM) of 11.14%
(FY24: 10.65%), including business growth and repricing
initiatives. Net fee, commission and other income increased 29% to
£861m driven by purchases, and fee growth

● **Total operating expenses increased 1% to £1,645m,** driven by partner-related expenses and
supporting business growth, with ongoing efficiency savings
offsetting inflationary headwinds

● **Credit impairment charges were £1,521m (FY24: £1,293m**), driven by the
impact from the acquisition of the GM portfolio and elevated US
macroeconomic uncertainty. The lower charge in prior year was
influenced by the impact of credit risk management actions and
methodology enhancements. US cards 30 and 90 day arrears
rates <sup>1</sup> were 3.0% (Q424:
3.0%) and 1.6% (Q424:
1.6%) respectively. The USCB total coverage ratio decreased to
11.1% (December 2024: 11.4%) due to the acquisition of the GM
portfolio

 **Balance sheet**

● **Loans and advances to customers at amortised cost increased to £21.1bn (December 2024: £20.0bn),** reflecting the acquisition of the GM portfolio and
organic growth, partially offset by strengthening of spot GBP
against USD

● **Deposits at amortised cost increased to £24.2bn (December 2024: £23.3bn)**, with
growth in retail savings which is in line with USCB's ambition to
grow core deposits, partially offset by the strengthening of spot
GBP against USD

● **RWAs increased to £27.4bn (December 2024: £26.8bn),** reflecting the
acquisition of the GM portfolio and organic growth, partially
offset by the strengthening of spot GBP against
USD

 *1* *Including a co-branded cards portfolio classified as assets held for sale.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended** | **Year ended** | **Year ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **31.12.25** | **31.12.24** |  | **31.12.25** | **31.12.24** |  |
| **Head Office**<br>**Income statement information** | **£m** | **£m** | **% Change** | **£m** | **£m** | **% Change** |
| Net interest income | 415 | 646 | (36) | (11) | 183 |  |
| Net fee, commission and other income | (163) | (352) | 54 | 94 | (107) |  |
| **Total income** | **252** | **294** | **(14)** | **83** | **76** | **9** |
| Operating costs | (747) | (836) | 11 | (203) | (233) | 13 |
| UK regulatory levies | (8) | (9) | 11 | (8) | (9) | 11 |
| Litigation and conduct | (257) | (134) | (92) | (13) | (84) | 85 |
| **Total operating expenses** | **(1012)** | **(979)** | **(3)** | **(224)** | **(326)** | **31** |
| Other net income/(expenses)<br>| 23 | 37 | (38) | (25) |  |  |
| **Loss before impairment** | **(737)** | **(648)** | **(14)** | **(166)** | **(250)** | **34** |
| Credit impairment charges<br>| (11) | (119) | 91 | (5) | (42) | 88 |
| **Loss before tax** | **(748)** | **(767)** | **2** | **(171)** | **(292)** | **41** |
| Attributable loss | (689) | (742) | 7 | (152) | (318) | 52 |
| **Performance measures** |  |  |  |  |  |  |
| Average allocated tangible equity (£bn) | 5.7 | 2.9 |  | 6.7 | 3.4 |  |
|  | **As at 31.12.25** | **As at 31.12.24** |  |  |  |  |
| **Balance sheet information** | **£bn** | **£bn** |  |  |  |  |
| Risk weighted assets | 12.3 | 16.2 |  |  |  |  |
| Period end allocated tangible equity | 7.5 | 2.4 |  |  |  |  |

---

 **2025 compared to 2024**

 **Income statement**

● **Loss before tax was £748m (FY24: £767m)** 

● **Total income decreased to £252m (FY24: £294m),** primarily from the impact of the
disposal of the German consumer finance business in Q125 and a fair
value write-down of a legacy portfolio, partially offset by the
non-recurrence of the prior year loss on sale of the performing
Italian retail mortgage portfolio

● **Total operating expenses increased to £1,012m (FY24: £979m),** primarily driven
by higher litigation and conduct charges including the £235m
charge for motor finance redress in FY25 (FY24: £90m) and the
expense for the employee share grant announced at FY24 Results,
partially offset by the impact of the disposal of the German
consumer finance business

● **Credit impairment charges decreased to £11m (FY24: £119m),** driven by the
disposal of the German consumer finance business and non-repeat of
the prior year loss on sale of the non-performing Italian retail
mortgage portfolio

 **Balance sheet**

● **RWAs decreased to £12.3bn (December 2024: £16.2bn),** driven by the disposal of the German consumer
finance business and the disposal of Barclays' joint venture
interest in Entercard

 **Quarterly Results Summary**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Group**<br>|  |  |  |  |  |  |  |  |
|  | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Income statement information** | £m | £m | £m | £m | £m | £m | £m | £m |
| Net interest income | 3734 | 3745 | 3505 | 3517 | 3500 | 3308 | 3056 | 3072 |
| Net fee, commission and other income | 3343 | 3422 | 3682 | 4192 | 3464 | 3239 | 3268 | 3881 |
| **Total income** | **7077** | **7167** | **7187** | **7709** | **6964** | **6547** | **6324** | **6953** |
| Operating costs | (4379) | (4254) | (4149) | (4258) | (4244) | (3954) | (3999) | (3998) |
| UK regulatory levies | (229) | 12 |  | (96) | (227) | 27 |  | (120) |
| Litigation and conduct | (50) | (255) | (76) | (11) | (121) | (35) | (7) | (57) |
| **Total operating expenses** | **(4658)** | **(4497)** | **(4225)** | **(4365)** | **(4592)** | **(3962)** | **(4006)** | **(4175)** |
| Other net (expenses)/income | (25) | 39 | (9) | 18 |  | 21 | 4 | 12 |
| **Profit before impairment** | **2394** | **2709** | **2953** | **3362** | **2372** | **2606** | **2322** | **2790** |
| Credit impairment charges | (535) | (632) | (469) | (643) | (711) | (374) | (384) | (513) |
| **Profit before tax** | **1859** | **2077** | **2484** | **2719** | **1661** | **2232** | **1938** | **2277** |
| Tax charges | (388) | (365) | (552) | (621) | (448) | (412) | (427) | (465) |
| **Profit after tax** | **1471** | **1712** | **1932** | **2098** | **1213** | **1820** | **1511** | **1812** |
| Non-controlling interests | (18) |  | (21) | (2) | (20) | (3) | (23) | (3) |
| Other equity instrument holders | (258) | (255) | (252) | (232) | (228) | (253) | (251) | (259) |
| **Attributable profit** | **1195** | **1457** | **1659** | **1864** | **965** | **1564** | **1237** | **1550** |
| **Performance measures** |  |  |  |  |  |  |  |  |
| Return on average tangible shareholders' equity | 8.5% | 10.6% | 12.3% | 14.0% | 7.5% | 12.3% | 9.9% | 12.3% |
| Average tangible shareholders' equity (£bn) | 56.5 | 55.1 | 53.9 | 53.1 | 51.5 | 51.0 | 49.8 | 50.5 |
| Cost: income ratio | 66% | 63% | 59% | 57% | 66% | 61% | 63% | 60% |
| Loan loss rate (bps) | 48 | 57 | 44 | 61 | 66 | 37 | 38 | 51 |
| Basic earnings per ordinary share | 8.6p | 10.4p | 11.7p | 13.0p | 6.7p | 10.7p | 8.3p | 10.3p |
| Basic weighted average number of shares (m) | 13883 | 14045 | 14211 | 14314 | 14432 | 14648 | 14915 | 14983 |
| Period end number of shares (m) | 13867 | 13996 | 14180 | 14336 | 14420 | 14571 | 14826 | 15091 |
| Period end tangible shareholders' equity (£bn) | 56.8 | 54.9 | 54.5 | 53.4 | 51.5 | 51.1 | 50.4 | 50.6 |
| **Balance sheet and capital management<sup>1</sup>** | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Loans and advances to customers at amortised cost | 352.8 | 346.4 | 339.2 | 338.6 | 337.9 | 326.5 | 329.8 | 332.1 |
| Loans and advances to banks at amortised cost | 8.7 | 9.4 | 8.7 | 9.4 | 8.3 | 8.1 | 8.0 | 8.5 |
| Debt securities at amortised cost | 68.5 | 70.7 | 69.9 | 71.4 | 68.2 | 64.6 | 61.7 | 57.4 |
| **Loans and advances at amortised cost** | **430.0** | **426.5** | **417.8** | **419.4** | **414.5** | **399.2** | **399.5** | **397.9** |
| Loans and advances at amortised cost impairment coverage ratio | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% | 1.3% | 1.4% | 1.4% |
| Total assets | 1544.2 | 1629.2 | 1598.7 | 1593.5 | 1518.2 | 1531.1 | 1576.6 | 1577.1 |
| Deposits at amortised cost | 585.6 | 575.3 | 564.5 | 574.3 | 560.7 | 542.8 | 557.5 | 552.3 |
| Tangible net asset value per share | 409p | 392p | 384p | 372p | 357p | 351p | 340p | 335p |
| Common equity tier 1 ratio | 14.3% | 14.1% | 14.0% | 13.9% | 13.6% | 13.8% | 13.6% | 13.5% |
| Common equity tier 1 capital | 51.1 | 50.3 | 49.5 | 48.8 | 48.6 | 47.0 | 47.7 | 47.1 |
| Risk weighted assets | 356.8 | 357.4 | 353.0 | 351.3 | 358.1 | 340.4 | 351.4 | 349.6 |
| UK leverage ratio | 5.1% | 4.9% | 5.0% | 5.0% | 5.0% | 4.9% | 5.0% | 4.9% |
| UK leverage exposure | 1247.3 | 1285.3 | 1259.8 | 1252.8 | 1206.5 | 1197.4 | 1222.7 | 1226.5 |
| **Funding and liquidity** |  |  |  |  |  |  |  |  |
| Group liquidity pool (£bn) | 337.8 | 332.9 | 333.7 | 336.3 | 296.9 | 311.7 | 328.7 | 323.5 |
| Liquidity coverage ratio | 170.0% | 174.6% | 177.7% | 175.3% | 172.4% | 170.1% | 167.0% | 163.2% |
| Net stable funding ratio | 135.2% | 135.3% | 135.6% | 136.2% | 134.9% | 135.6% | 136.4% | 135.7% |
| Loan: deposit ratio | 73% | 74% | 74% | 73% | 74% | 74% | 72% | 72% |

---

 *1* *Refer to pages 57 to 61 for further information on how capital, RWAs and leverage are calculated.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays UK** |  |  |  |  |  |  |  |  |
|  | **Q425** | **Q325** | **Q225** | **Q125** | **Q424<sup>1</sup>** | **Q324** | **Q224** | **Q124** |
| **Income statement information** | £m | £m | £m | £m | £m | £m | £m | £m |
| Net interest income | 2015 | 1961 | 1855 | 1822 | 1815 | 1666 | 1597 | 1549 |
| Net fee, commission and other income | 247 | 292 | 264 | 252 | 800 | 280 | 290 | 277 |
| **Total income** | **2262** | **2253** | **2119** | **2074** | **2615** | **1946** | **1887** | **1826** |
| Operating costs | (1274) | (1189) | (1168) | (1115) | (1170) | (1017) | (1041) | (1007) |
| UK regulatory levies | (41) | (1) |  | (43) | (36) | 12 |  | (54) |
| Litigation and conduct | (14) | (8) | (27) | (2) | (9) | (1) | (4) | (2) |
| **Total operating expenses** | **(1329)** | **(1198)** | **(1195)** | **(1160)** | **(1215)** | **(1006)** | **(1045)** | **(1063)** |
| Other net income |  |  |  |  |  |  |  |  |
| **Profit before impairment** | **933** | **1055** | **924** | **914** | **1400** | **940** | **842** | **763** |
| Credit impairment charges | (74) | (102) | (79) | (158) | (283) | (16) | (8) | (58) |
| **Profit before tax** | **859** | **953** | **845** | **756** | **1117** | **924** | **834** | **705** |
| Attributable profit | 706 | 647 | 580 | 510 | 781 | 621 | 584 | 479 |
| **Balance sheet information** | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Loans and advances to customers at amortised cost | 216.5 | 213.4 | 211.2 | 209.6 | 207.7 | 199.3 | 198.7 | 200.8 |
| Customer deposits at amortised cost | 244.6 | 241.5 | 241.3 | 243.1 | 244.2 | 236.3 | 236.8 | 237.2 |
| Loan: deposit ratio | 94% | 95% | 94% | 93% | 92% | 92% | 91% | 92% |
| Risk weighted assets | 85.8 | 86.7 | 86.1 | 85.0 | 84.5 | 77.5 | 76.5 | 76.5 |
| Period end allocated tangible equity | 11.8 | 11.9 | 11.8 | 11.8 | 11.6 | 10.7 | 10.6 | 10.7 |
| **Performance measures** |  |  |  |  |  |  |  |  |
| Return on average allocated tangible equity | 23.8% | 21.8% | 19.7% | 17.4% | 28.0% | 23.4% | 22.3% | 18.5% |
| Average allocated tangible equity (£bn) | 11.9 | 11.9 | 11.8 | 11.7 | 11.2 | 10.6 | 10.5 | 10.4 |
| Cost: income ratio | 59% | 53% | 56% | 56% | 46% | 52% | 55% | 58% |
| Loan loss rate (bps) | 13 | 18 | 14 | 28 | 49 | 3 | 1 | 11 |
| Net interest margin | 3.72% | 3.68% | 3.55% | 3.55% | 3.53% | 3.34% | 3.22% | 3.09% |

---

---

| | |
|:---|:---|
| *1* | *Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total Income includes a £556m gain, and credit impairment charges includes a £209m charge.* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of Barclays UK** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424<sup>1</sup>** | **Q324** | **Q224** | **Q124** |
| **Analysis of total income** | £m | £m | £m | £m | £m | £m | £m | £m |
| Retail Banking | 1702 | 1708 | 1599 | 1573 | 2078 | 1433 | 1402 | 1357 |
| Business Banking | 560 | 545 | 520 | 501 | 537 | 513 | 485 | 469 |
| **Total income** | **2262** | **2253** | **2119** | **2074** | **2615** | **1946** | **1887** | **1826** |
| **Analysis of credit impairment (charges)/releases** |  |  |  |  |  |  |  |  |
| Retail Banking | (72) | (98) | (59) | (145) | (279) | (12) | (51) | (52) |
| Business Banking | (2) | (4) | (20) | (13) | (4) | (4) | 43 | (6) |
| **Total credit impairment charges** | **(74)** | **(102)** | **(79)** | **(158)** | **(283)** | **(16)** | **(8)** | **(58)** |
| **Analysis of loans and advances to customers at amortised cost** | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Retail Banking | 198.6 | 195.2 | 192.4 | 190.4 | 188.0 | 178.7 | 177.5 | 178.8 |
| Business Banking | 17.9 | 18.2 | 18.8 | 19.2 | 19.7 | 20.6 | 21.2 | 22.0 |
| **Total loans and advances to customers at amortised cost** | **216.5** | **213.4** | **211.2** | **209.6** | **207.7** | **199.3** | **198.7** | **200.8** |
| **Analysis of customer deposits at amortised cost** |  |  |  |  |  |  |  |  |
| Retail Banking | 192.7 | 189.3 | 189.3 | 190.8 | 191.4 | 182.9 | 183.3 | 183.4 |
| Business Banking | 51.9 | 52.2 | 52.0 | 52.3 | 52.8 | 53.4 | 53.5 | 53.8 |
| **Total customer deposits at amortised cost** | **244.6** | **241.5** | **241.3** | **243.1** | **244.2** | **236.3** | **236.8** | **237.2** |

---

---

| | |
|:---|:---|
| *1* | *Q424 includes the day 1 impacts from the acquisition of Tesco Bank: total Income includes a £556m gain, and credit impairment charges includes a £209m charge.* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays UK Corporate Bank** |  |  |  |  |  |  |  |  |
|  | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Income statement information** | £m | £m | £m | £m | £m | £m | £m | £m |
| Net interest income | 396 | 383 | 359 | 342 | 324 | 309 | 296 | 277 |
| Net fee, commission, trading and other income | 143 | 139 | 160 | 142 | 134 | 136 | 147 | 157 |
| **Total income** | **539** | **522** | **519** | **484** | **458** | **445** | **443** | **434** |
| Operating costs | (272) | (243) | (240) | (234) | (250) | (229) | (235) | (221) |
| UK regulatory levies | (14) | 9 |  | (24) | (14) | 7 |  | (30) |
| Litigation and conduct |  |  | (39) |  | (1) |  |  |  |
| **Total operating expenses** | **(286)** | **(234)** | **(279)** | **(258)** | **(265)** | **(222)** | **(235)** | **(251)** |
| Other net expenses |  |  |  |  |  |  |  |  |
| **Profit before impairment** | **253** | **288** | **240** | **226** | **193** | **223** | **208** | **183** |
| Credit impairment charges | (1) | (5) | (12) | (19) | (40) | (13) | (8) | (15) |
| **Profit before tax** | **252** | **283** | **228** | **207** | **153** | **210** | **200** | **168** |
| Attributable profit | 168 | 196 | 142 | 142 | 98 | 144 | 135 | 113 |
| **Balance sheet information** | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Loans and advances to customers at amortised cost | 30.0 | 29.0 | 27.9 | 26.7 | 25.4 | 24.8 | 25.7 | 25.7 |
| Deposits at amortised cost | 88.7 | 86.7 | 85.3 | 85.3 | 83.1 | 82.3 | 84.9 | 81.7 |
| Risk weighted assets | 26.5 | 25.2 | 25.3 | 24.2 | 23.9 | 22.1 | 21.9 | 21.4 |
| Period end allocated tangible equity | 3.7 | 3.4 | 3.5 | 3.4 | 3.3 | 3.0 | 3.0 | 3.0 |
| **Performance measures** |  |  |  |  |  |  |  |  |
| Return on average allocated tangible equity | 19.1% | 22.8% | 16.6% | 17.1% | 12.3% | 18.8% | 18.0% | 15.2% |
| Average allocated tangible equity (£bn) | 3.5 | 3.4 | 3.4 | 3.3 | 3.2 | 3.1 | 3.0 | 3.0 |
| Cost: income ratio | 53% | 45% | 54% | 53% | 58% | 50% | 53% | 58% |
| Loan loss rate (bps) | 1 | 7 | 17 | 28 | 62 | 21 | 12 | 23 |
| **Analysis of total income** | £m | £m | £m | £m | £m | £m | £m | £m |
| Corporate lending | 97 | 90 | 90 | 80 | 71 | 67 | 57 | 72 |
| Transaction banking | 442 | 432 | 429 | 404 | 387 | 378 | 386 | 362 |
| **Total income** | **539** | **522** | **519** | **484** | **458** | **445** | **443** | **434** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Private Bank and Wealth Management** |  |  |  |  |  |  |  |  |
|  | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Income statement information** | £m | £m | £m | £m | £m | £m | £m | £m |
| Net interest income | 202 | 190 | 203 | 204 | 216 | 189 | 187 | 175 |
| Net fee, commission and other income | 146 | 145 | 145 | 145 | 135 | 137 | 133 | 137 |
| **Total income** | **348** | **335** | **348** | **349** | **351** | **326** | **320** | **312** |
| Operating costs | (279) | (243) | (238) | (234) | (255) | (222) | (220) | (214) |
| UK regulatory levies | (7) | (1) |  | (2) | (7) | 1 |  | (3) |
| Litigation and conduct | (10) | 1 |  |  | (1) |  | 1 |  |
| **Total operating expenses** | **(296)** | **(243)** | **(238)** | **(236)** | **(263)** | **(221)** | **(219)** | **(217)** |
| Other net income |  |  |  |  |  |  |  |  |
| **Profit before impairment** | **52** | **92** | **110** | **113** | **88** | **105** | **101** | **95** |
| Credit impairment (charges)/releases | (2) | (1) | 2 | 9 | (2) | (7) | 3 |  |
| **Profit before tax** | **50** | **91** | **112** | **122** | **86** | **98** | **104** | **95** |
| Attributable profit | 35 | 72 | 88 | 96 | 63 | 74 | 77 | 74 |
| **Balance sheet information** | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Loans and advances to customers at amortised cost | 14.7 | 14.9 | 14.5 | 14.5 | 14.5 | 14.0 | 13.9 | 13.7 |
| Deposits at amortised cost | 72.0 | 70.6 | 66.7 | 73.1 | 69.5 | 64.8 | 64.6 | 61.9 |
| Risk weighted assets | 8.0 | 7.9 | 7.9 | 8.0 | 7.9 | 7.3 | 7.0 | 7.2 |
| Period end allocated tangible equity | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 |
| Client assets and liabilities<sup>1</sup> | 227.6 | 221.5 | 213.4 | 212.4 | 208.9 | 201.5 | 198.5 | 189.1 |
| **Performance measures** |  |  |  |  |  |  |  |  |
| Return on average allocated tangible equity | 12.6% | 26.4% | 31.9% | 34.5% | 23.9% | 29.0% | 30.8% | 28.7% |
| Average allocated tangible equity (£bn) | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 |
| Cost: income ratio | 85% | 73% | 68% | 68% | 75% | 68% | 68% | 70% |
| Loan loss rate (bps) | 5 | 3 | (5) | (25) | 5 | 19 | (9) |  |

---

 *1* *Client assets and liabilities refers to deposits, lending and invested assets.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Investment Bank** |  |  |  |  |  |  |  |  |
|  | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Income statement information** | £m | £m | £m | £m | £m | £m | £m | £m |
| Net interest income | 356 | 347 | 334 | 297 | 284 | 282 | 268 | 197 |
| Net trading income | 1294 | 1581 | 1906 | 2416 | 1262 | 1512 | 1485 | 1982 |
| Net fee, commission and other income | 1142 | 1155 | 1067 | 1160 | 1061 | 1057 | 1266 | 1149 |
| **Total income** | **2792** | **3083** | **3307** | **3873** | **2607** | **2851** | **3019** | **3328** |
| Operating costs | (1924) | (2010) | (1932) | (2061) | (1903) | (1906) | (1900) | (1957) |
| UK regulatory levies | (159) | 5 |  | (27) | (161) | 7 |  | (33) |
| Litigation and conduct | (8) | (9) | (8) | (3) | (26) | (17) | (3) | (9) |
| **Total operating expenses** | **(2091)** | **(2014)** | **(1940)** | **(2091)** | **(2090)** | **(1916)** | **(1903)** | **(1999)** |
| Other net expenses |  |  |  |  |  |  |  |  |
| **Profit before impairment** | **701** | **1069** | **1367** | **1782** | **517** | **935** | **1116** | **1329** |
| Credit impairment (charges)/releases | (22) | (144) | (67) | (72) | (46) | (43) | (44) | 10 |
| **Profit before tax** | **679** | **925** | **1300** | **1710** | **471** | **892** | **1072** | **1339** |
| Attributable profit | 294 | 723 | 876 | 1199 | 247 | 652 | 715 | 899 |
| **Balance sheet information** | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Loans and advances to customers at amortised cost | 70.0 | 68.6 | 66.8 | 68.6 | 69.7 | 64.5 | 66.6 | 64.6 |
| Loans and advances to banks at amortised cost | 7.4 | 7.5 | 7.1 | 7.4 | 6.8 | 6.7 | 6.6 | 7.6 |
| Debt securities at amortised cost | 52.9 | 53.0 | 52.4 | 53.1 | 47.9 | 44.8 | 41.7 | 40.4 |
| **Loans and advances at amortised cost** | **130.3** | **129.1** | **126.3** | **129.1** | **124.4** | **116.0** | **114.9** | **112.6** |
| Trading portfolio assets | 189.5 | 191.3 | 186.1 | 185.5 | 166.1 | 185.8 | 197.2 | 195.3 |
| Derivative financial instrument assets | 251.5 | 263.8 | 279.0 | 253.6 | 291.6 | 256.7 | 251.4 | 248.9 |
| Financial assets at fair value through the income statement | 183.6 | 222.8 | 215.2 | 209.5 | 190.4 | 210.8 | 211.7 | 225.1 |
| Cash collateral and settlement balances | 121.6 | 152.1 | 145.0 | 148.8 | 111.1 | 134.7 | 139.8 | 129.8 |
| Deposits at amortised cost | 156.1 | 152.8 | 148.7 | 148.9 | 140.5 | 139.8 | 151.3 | 151.1 |
| Derivative financial instrument liabilities | 240.6 | 252.0 | 265.1 | 245.1 | 279.0 | 249.4 | 241.8 | 241.5 |
| Risk weighted assets | 196.7 | 199.1 | 196.4 | 195.9 | 198.8 | 194.2 | 203.3 | 200.4 |
| Period end allocated tangible equity | 28.9 | 29.1 | 28.7 | 28.9 | 29.3 | 28.4 | 29.7 | 29.6 |
| **Performance measures** |  |  |  |  |  |  |  |  |
| Return on average allocated tangible equity | 4.0% | 10.1% | 12.2% | 16.2% | 3.4% | 8.8% | 9.6% | 12.0% |
| Average allocated tangible equity (£bn) | 29.6 | 28.6 | 28.7 | 29.6 | 29.3 | 29.5 | 29.9 | 30.0 |
| Income over average risk weighted assets | 5.5% | 6.3% | 6.7% | 7.7% | 5.2% | 5.7% | 5.9% | 6.5% |
| Cost: income ratio | 75% | 65% | 59% | 54% | 80% | 67% | 63% | 60% |
| Loan loss rate (bps) | 7 | 44 | 21 | 23 | 15 | 15 | 15 | (4) |
| **Analysis of total income** | £m | £m | £m | £m | £m | £m | £m | £m |
| &nbsp;&nbsp;&nbsp; FICC | 1024 | 1256 | 1450 | 1699 | 934 | 1180 | 1149 | 1404 |
| &nbsp;&nbsp;&nbsp; Equities | 703 | 689 | 870 | 963 | 604 | 692 | 696 | 883 |
| **Global Markets** | **1727** | **1945** | **2320** | **2662** | **1538** | **1872** | **1845** | **2287** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | 214 | 196 | 123 | 143 | 189 | 186 | 138 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity capital markets | 56 | 71 | 81 | 70 | 98 | 64 | 121 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt capital markets | 336 | 379 | 364 | 431 | 327 | 344 | 420 | 401 |
| &nbsp;&nbsp;&nbsp; Banking Fees and Underwriting | 606 | 646 | 568 | 644 | 614 | 594 | 679 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate lending | 27 | 68 | (4) | 156 | 45 | (21) | 87 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction banking | 432 | 424 | 423 | 411 | 410 | 406 | 408 | 382 |
| &nbsp;&nbsp;&nbsp; International Corporate Banking | 459 | 492 | 419 | 567 | 455 | 385 | 495 | 424 |
| **Investment Banking** | **1065** | **1138** | **987** | **1211** | **1069** | **979** | **1174** | **1041** |
| **Total income** | **2792** | **3083** | **3307** | **3873** | **2607** | **2851** | **3019** | **3328** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays US Consumer Bank** |  |  |  |  |  |  |  |  |
|  | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Income statement information** | £m | £m | £m | £m | £m | £m | £m | £m |
| Net interest income | 776 | 726 | 640 | 678 | 678 | 647 | 646 | 688 |
| Net fee, commission, trading and other income | 277 | 215 | 183 | 186 | 179 | 144 | 173 | 171 |
| **Total income** | **1053** | **941** | **823** | **864** | **857** | **791** | **819** | **859** |
| Operating costs | (427) | (407) | (396) | (407) | (433) | (384) | (408) | (387) |
| UK regulatory levies |  |  |  |  |  |  |  |  |
| Litigation and conduct | (5) |  |  | (3) |  | (9) | (2) | (3) |
| **Total operating expenses** | **(432)** | **(407)** | **(396)** | **(410)** | **(433)** | **(393)** | **(410)** | **(390)** |
| Other net income |  |  |  |  |  |  |  |  |
| **Profit before impairment** | **621** | **534** | **427** | **454** | **424** | **398** | **409** | **469** |
| Credit impairment charges | (431) | (379) | (312) | (399) | (298) | (276) | (309) | (410) |
| **Profit before tax** | **190** | **155** | **115** | **55** | **126** | **122** | **100** | **59** |
| Attributable profit | 144 | 118 | 87 | 41 | 94 | 89 | 75 | 44 |
| **Balance sheet information** | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Loans and advances to customers at amortised cost | 21.1 | 20.0 | 18.2 | 18.8 | 20.0 | 23.2 | 24.3 | 23.6 |
| Deposits at amortised cost | 24.2 | 23.7 | 22.5 | 23.8 | 23.3 | 19.4 | 20.0 | 20.3 |
| Risk weighted assets | 27.4 | 25.8 | 24.7 | 25.6 | 26.8 | 23.2 | 24.4 | 23.9 |
| Period end allocated tangible equity | 3.8 | 3.5 | 3.4 | 3.5 | 3.7 | 3.2 | 3.3 | 3.3 |
| **Performance measures** |  |  |  |  |  |  |  |  |
| Return on average allocated tangible equity | 15.8% | 13.5% | 10.2% | 4.5% | 11.2% | 10.9% | 9.2% | 5.3% |
| Average allocated tangible equity (£bn) | 3.6 | 3.5 | 3.4 | 3.6 | 3.4 | 3.3 | 3.3 | 3.3 |
| Cost: income ratio | 41% | 43% | 48% | 47% | 51% | 50% | 50% | 46% |
| Loan loss rate (bps)<sup>1</sup> | 558 | 505 | 456 | 562 | 395 | 411 | 438 | 610 |
| Net interest margin | 11.63% | 11.50% | 10.83% | 10.53% | 10.66% | 10.38% | 10.43% | 11.12% |

---

 *1* *LLR includes held for sale portfolios to remain consistent with the treatment of impairment.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Head Office** |  |  |  |  |  |  |  |  |
|  | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Income statement information** | £m | £m | £m | £m | £m | £m | £m | £m |
| Net interest income | (11) | 138 | 114 | 174 | 183 | 215 | 62 | 186 |
| Net fee, commission and other income | 94 | (105) | (43) | (109) | (107) | (27) | (226) | 8 |
| **Total income** | **83** | **33** | **71** | **65** | **76** | **188** | **(164)** | **194** |
| Operating costs | (203) | (162) | (175) | (207) | (233) | (197) | (195) | (211) |
| UK regulatory levies | (8) |  |  |  | (9) |  |  |  |
| Litigation and conduct | (13) | (239) | (2) | (3) | (84) | (7) | 1 | (44) |
| **Total operating expenses** | **(224)** | **(401)** | **(177)** | **(210)** | **(326)** | **(204)** | **(194)** | **(255)** |
| Other net (expenses)/income | (25) | 39 | (9) | 18 |  | 21 | 4 | 12 |
| **(Loss)/profit before impairment** | **(166)** | **(329)** | **(115)** | **(127)** | **(250)** | **5** | **(354)** | **(49)** |
| Credit impairment charges | (5) | (1) | (1) | (4) | (42) | (19) | (18) | (40) |
| **Loss before tax** | **(171)** | **(330)** | **(116)** | **(131)** | **(292)** | **(14)** | **(372)** | **(89)** |
| Attributable loss | (152) | (299) | (114) | (124) | (318) | (16) | (349) | (59) |
| **Balance sheet information** | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Risk weighted assets | 12.3 | 12.7 | 12.6 | 12.7 | 16.2 | 16.1 | 18.3 | 20.2 |
| Period end allocated tangible equity | 7.5 | 5.8 | 5.9 | 4.7 | 2.4 | 4.9 | 2.7 | 3.0 |
| **Performance measures** |  |  |  |  |  |  |  |  |
| Average allocated tangible equity (£bn) | 6.7 | 6.6 | 5.5 | 3.8 | 3.4 | 3.5 | 2.1 | 2.8 |

---

 **Performance Management**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Margins and balances** |  |  |  |  |  |  |
|  | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** |
|  | **Net interest income** | **Average customer assets** | **Net interest margin** | **Net interest income** | **Average customer assets** | **Net interest margin** |
|  | £m | £m | % | £m | £m | % |
| Barclays UK<br>| 7653<br>| 210925<br>| 3.63<br>| 6627<br>| 201152<br>| 3.29<br>|
| Barclays UK Corporate Bank<br>| 1480<br>| 26142<br>| 5.66<br>| 1206<br>| 22776<br>| 5.30<br>|
| Barclays Private Bank and Wealth Management<br>| 799 | 14827<br>| 5.39<br>| 767<br>| 13983<br>| 5.49<br>|
| Barclays US Consumer Bank<sup>1</sup><br>| 2820<br>| 25313<br>| 11.14<br>| 2659<br>| 24978<br>| 10.65<br>|
| **Group excluding IB and Head Office<sup>1</sup>**<br>| **12752**<br>| **277207**<br>| **4.60**<br>| **11259**<br>| **262889**<br>| **4.28**<br>|
| Barclays Investment Bank<br>| 1334<br>|  |  | 1031<br>|  |  |
| Head Office<br>| 415<br>|  |  | 646<br>|  |  |
| **Barclays Group Net interest income**<br>| **14501**<br>|  |  | **12936**<br>|  |  |

---

The Group excluding IB and Head Office net interest margin increased by 32bps from 4.28% in 2024 to 4.60% in 2025, due to higher structural hedge income, partially offset by retail deposit dynamics.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quarterly analysis** | **Quarterly analysis** | **Quarterly analysis** | **Quarterly analysis** |  |  |
|  | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** |
| **Net interest income** | £m | £m | £m | £m | £m |
| Barclays UK<br>| 2015<br>| 1961<br>| 1855<br>| 1822<br>| 1815<br>|
| Barclays UK Corporate Bank<br>| 396<br>| 383<br>| 359<br>| 342<br>| 324<br>|
| Barclays Private Bank and Wealth Management<br>| 202<br>| 190<br>| 203<br>| 204<br>| 216<br>|
| Barclays US Consumer Bank<br>| 776<br>| 726<br>| 640<br>| 678<br>| 678<br>|
| **Group excluding IB and Head Office**<br>| **3389**<br>| **3260**<br>| **3057**<br>| **3046**<br>| **3033**<br>|
| **Average customer assets** | £m | £m | £m | £m | £m |
| Barclays UK<br>| 214770<br>| 211384<br>| 209649<br>| 208305<br>| 204793<br>|
| Barclays UK Corporate Bank<br>| 27841<br>| 26645<br>| 25478<br>| 24605<br>| 23450<br>|
| Barclays Private Bank and Wealth Management<br>| 15105<br>| 14802<br>| 14729<br>| 14674<br>| 14381<br>|
| Barclays US Consumer Bank<sup>1</sup><br>| 26470<br>| 25037<br>| 23713<br>| 26106<br>| 25314<br>|
| **Group excluding IB and Head Office<sup>1</sup>**<br>| **284186**<br>| **277868**<br>| **273569**<br>| **273690**<br>| **267938**<br>|
| **Net interest margin** | % | % | % | % | % |
| Barclays UK<br>| 3.72<br>| 3.68<br>| 3.55<br>| 3.55<br>| 3.53<br>|
| Barclays UK Corporate Bank<br>| 5.64<br>| 5.70<br>| 5.65<br>| 5.64<br>| 5.50<br>|
| Barclays Private Bank and Wealth Management<br>| 5.31<br>| 5.09<br>| 5.53<br>| 5.64<br>| 5.98<br>|
| Barclays US Consumer Bank<br>| 11.63<br>| 11.50<br>| 10.83<br>| 10.53<br>| 10.66<br>|
| **Group excluding IB and Head Office**<br>| **4.73**<br>| **4.65**<br>| **4.48**<br>| **4.51**<br>| **4.50**<br>|

---

 *1* *Includes average customer asset balances classified as held for sale.*

 **Structural hedge**

The Group employs a structural hedge programme designed to stabilise NIM on fixed rate non-maturity balance sheet items that are behaviourally stable. As interest rates move, such balances would otherwise drive material income volatility where there is a re-pricing mismatch with floating rate assets.

The structural hedge predominantly covers non-interest-bearing current accounts and the fixed portion of instant access savings accounts as well as equity, which are invested into either floating rate customer assets or balances at central banks, creating an exposure to changes in interest rates. The structural hedge is executed via a portfolio of receive-fixed, pay variable interest rate swaps, with an amortising structure so that a small portion matures and is reinvested each month at prevailing market rates. The pay-floating leg of the interest rate swaps nets down a proportion of the receive-floating income from the customer assets, leaving a receive-fixed income stream from the structural hedge.

The purpose of the structural hedge is to smooth the Group NII through time. The floating leg of the swap will re-price immediately, whereas the fixed rate yield on the portfolio reprices gradually, as a portion of the swap portfolio matures and the roll is re-invested onto new market rates.

When interest rates are higher than our structural hedge yield, the pay-floating rate will typically be higher than our average receive-fixed rate. In this scenario, when viewed in isolation, the structural hedge will be a net drag to Group NII. When floating rates are lower than our structural hedge yield, the hedge in isolation will be a net benefit.

Since the receive-fixed swaps are booked for a specific term, an element of NII is 'locked in'. The income stabilising feature of the structural hedge provides greater net interest income certainty through the interest rate cycle.

The structural hedge is one component of a larger portfolio of interest rate risk management activities that includes non-structural hedging (e.g. pay-fixed and receive-variable flows for asset hedging), and other offsetting flows. The net risk of these positions is executed externally through interest rate swaps and managed for accounting risk (i.e. income volatility arising from the accounting mismatch of swaps at fair value through profit and loss and underlying hedged items at amortised cost) within the cash flow hedging reserve.

Overall the Group has external derivatives designated as cash flow hedges that hedge interest rate risk with a notional £114.6bn (December 2024: £105.6bn) which reflects the structural hedge notional of £236.1bn (December 2024: £232.3bn) netted with non-structural hedging positions of £121.5bn (December 2024: £126.7bn). The majority of these interest rate swaps are cleared with Central Clearing Counterparties and margined daily.

Economic risk management objectives and strategies have remained consistent. The stability of the hedgeable balances through 2025 have supported the full reinvestment of maturing hedges, increasing the notional by £4bn, and an increase in the average hedge duration from c.3 to c.3.5 years, which further increase the stability of income.

Gross structural hedge contributions were £5,923m (2024: £4,708m). Gross structural hedge contributions represent the absolute interest income earned on the fixed legs of the swaps in the structural hedge as the floating leg is offset by the base rate funding of the deposits.

 **Performance Management**

 **Remuneration**

Deferred bonuses are payable only once an employee meets certain conditions, including a specified period of future service. This creates a timing difference between the communication of the bonus pool and the charges that are recognised in the income statement which are reconciled in the table below to show the charge for performance costs. Refer to the Remuneration Report on pages 158 to 198 of the Barclays PLC Annual Report 2025 for further detail on remuneration. The table below includes the other elements of compensation and staff costs.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended 31.12.25**<br>£m | **Year ended 31.12.24**<br>£m | % Change |
| **Incentive awards granted:**<br>|  |  |  |
| Current year bonus<br>| 1422 | 1278<br>| (11)<br>|
| Deferred bonus<br>| 786 | 636<br>| (24)<br>|
| **Total incentive awards granted**<br>| **2208** | **1914**<br>| **(15)**<br>|
| **Reconciliation of incentive awards granted to income statement charge:**<br>|  |  |  |
| Less: deferred bonuses granted but not charged in current year<br>| (555) | (452)<br>| (23)<br>|
| Add: current year charges for deferred bonuses from previous years<br>| 426 | 405<br>| (5)<br>|
| Other differences between incentive awards granted and income statement charge<br>| 3 | (2)<br>| (250)<br>|
| **Income statement charge for performance costs**<br>| **2082** | **1865**<br>| **(12)**<br>|
| **Other income statement charges:**<br>|  |  |  |
| Salaries<br>| 5099 | 4994<br>| (2)<br>|
| Social security costs<br>| 863 | 754<br>| (14)<br>|
| Retirement benefits<sup>1</sup><br>| 572 | 558<br>| (3)<br>|
| Other compensation costs<br>| 637 | 587<br>| (9)<br>|
| **Total compensation costs<sup>2</sup>**<br>| **9253** | **8758**<br>| **(6)**<br>|
| **Other resourcing costs**<br>|  |  |  |
| Outsourcing<br>| 929 | 693<br>| (34)<br>|
| Redundancy and restructuring<br>| 199 | 235<br>| 15<br>|
| Temporary staff costs<br>| 70 | 61<br>| (15)<br>|
| Other<br>| 156 | 129<br>| (21)<br>|
| **Total other resourcing costs**<br>| **1354** | **1118**<br>| **(21)**<br>|
| **Total staff costs**<br>| **10607** | **9876**<br>| **(7)**<br>|
| **Group compensation costs as a % of total income**<br>| **31.8**<br>| **32.7**<br>|  |
| **Group staff costs as a % of total income** | **36.4** | **36.9** |  |

---

One of the primary considerations for performance costs are Group and business level returns, alongside other financial and non-financial measures, including strategic delivery, risk and conduct, aligning colleague, shareholder and wider stakeholder interests.

---

| | |
|:---|:---|
| *1*<br>| *Retirement benefits charge includes £382m (2024: £377m) in respect of defined contribution schemes and £190m (2024: £181m) in respect of defined benefit schemes.*<br>|
| *2*<br>| *£834m (2024: £875m) of Group compensation cost was capitalised as internally generated software and excluded from the staff cost disclosed above.*<br>|

---

Deferred bonuses have been awarded and are expected to be charged to the income statement in the years outlined in the table that follows:

 **Year in which income statement charge is expected to be taken for deferred bonuses awarded to date<sup>1</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Expected<sup>1, 2</sup>** | **Expected<sup>1, 2</sup>** |
|  | **Year ended**<br>**31.12.24**<br>£m | **Year ended**<br>**31.12.25**<br>£m | **Year ended**<br>**31.12.26**<br>£m | **2027 and**<br>**beyond**<br>£m |
| **Deferred bonuses from 2022 and earlier bonus pools**<br>| 186<br>| 80<br>| 11<br>| —<br>|
| Deferred bonuses from 2023 bonus pool<br>| 219<br>| 132 | 66<br>| 13<br>|
| Deferred bonuses from 2024 bonus pool<br>| 184<br>| 214 | 150<br>| 105<br>|
| Deferred bonuses from 2025 bonus pool<br>| —<br>| 231 | 220<br>| 251<br>|
| **Income statement charge for deferred bonuses**<br>| **589**<br>| **657**<br>| **447**<br>| **369**<br>|

---

---

| | |
|:---|:---|
| *1*<br>| *The actual amount charged depends upon whether conditions have been met and may vary compared with the above expectation.*<br>|
| *2*<br>| *Does not include the impact of grants which will be made in 2026 and beyond.*<br>|

---

 **Charging of deferred bonus profile<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| **Grant date** | **Expected payment date(s)<sup>2</sup> and percentage of the deferred bonus paid** | **Year** | **Income statement charge %**<br> **profile of 2025 onwards<sup>3</sup>,<sup>4</sup>** |
| March 2026<br>|  | 2025<br>| 33% |
|  |  | 2026<br>| 31% |
|  | March 2027 (33.3%)<br>| 2027<br>| 21% |
|  | March 2028 (33.3%)<br>| 2028<br>| 12% |
|  | March 2029 (33.3%)<br>| 2029<br>| 2% |

---

---

| | |
|:---|:---|
| *1* | *Represents a typical vesting schedule for deferred awards. Certain awards may be subject to a 3, 4, 5 or 7 year deferral in line with regulatory requirements.* |
| *2* | *Share awards may be subject to an additional holding period.* |
| *3* | *The income statement charge is based on the period over which conditions are met.* |
| *4* | *Income statement charge profile % disclosed as a percentage of the award excluding lapse.* |

---

 **Risk Management**

 **Risk management and principal risks**

The roles and responsibilities across the Group, including Risk and Compliance, in the management of risk are defined in the Enterprise Risk Management Framework (ERMF). The purpose of the ERMF is to identify the principal risks of the Group, the process by which the Group sets its appetite for these risks in its business activities, and the consequent limits which it places on related risk taking.

The ERMF identifies ten principal risks: climate risk, credit risk, market risk, treasury and capital risk, operational risk, model risk, compliance risk, financial crime risk, reputation risk and legal risk. Further detail on these principal risks and material existing and emerging risks and how such risks are managed is available in the Barclays PLC Annual Report 2025, which can be accessed at home.barclays/annualreport.

The following sections give an overview of credit risk, market risk, and treasury and capital risk for the period.

 **Credit Risk**

 **Loans and advances at amortised cost by geography**

Total loans and advances at amortised cost in the credit risk section includes loans and advances at amortised cost to banks and loans and advances at amortised cost to customers.

The table below presents a product and geographical breakdown of loans and advances at amortised cost and the impairment allowance by stage; and includes purchased or originated credit-impaired (POCI) balances. POCI balances represent a fixed pool of assets purchased at a deep discount to face value reflecting credit losses incurred from the point of origination to date of acquisition. The table also presents stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts.

The impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any excess is reported on the liabilities side of the balance sheet as a provision. For wholesale portfolios, impairment allowance on undrawn exposure is reported on the liability side of the balance sheet as a provision. .

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross exposure** | **Gross exposure** | **Gross exposure** | **Gross exposure** | **Gross exposure** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** |
|  | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** |
| **As at 31.12.25** | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| Retail mortgages | 159825 | 13757 | 1836 |  | 175418 | 15 | 16 | 60 |  | 91 |
| Retail credit cards | 14922 | 1943 | 279 | 24 | 17168 | 171 | 398 | 174 |  | 743 |
| Retail other | 9867 | 1512 | 286 | 15 | 11680 | 98 | 178 | 214 |  | 490 |
| Corporate loans<sup>1</sup> | 54182 | 6936 | 1392 |  | 62510 | 125 | 180 | 422 |  | 727 |
| **Total UK** | **238796** | **24148** | **3793** | **39** | **266776** | **409** | **772** | **870** | **—** | **2051** |
| Retail mortgages | 1829 | 72 | 131 |  | 2032 | 2 |  | 24 |  | 26 |
| Retail credit cards | 18801 | 2536 | 1776 |  | 23113 | 395 | 796 | 1395 |  | 2586 |
| Retail other | 2482 | 206 | 63 |  | 2751 | 3 | 5 | 19 |  | 27 |
| Corporate loans | 66671 | 3702 | 1767 |  | 72140 | 82 | 135 | 382 |  | 599 |
| **Total Rest of the World** | **89783** | **6516** | **3737** | **—** | **100036** | **482** | **936** | **1820** | **—** | **3238** |
| **Total loans and advances at amortised cost** | **328579** | **30664** | **7530** | **39** | **366812** | **891** | **1708** | **2690** | **—** | **5289** |
| Debt securities at amortised cost | 68126 | 371 |  |  | 68497 | 13 | 9 |  |  | 22 |
| **Total loans and advances at amortised cost including debt securities** | **396705** | **31035** | **7530** | **39** | **435309** | **904** | **1717** | **2690** | **—** | **5311** |
| Off-balance sheet loan commitments and financial guarantee contracts<sup>2</sup> | 410493 | 16473 | 812 | 5 | 427783 | 144 | 240 | 32 |  | 416 |
| **Total<sup>3,4</sup>** | **807198** | **47508** | **8342** | **44** | **863092** | **1048** | **1957** | **2722** | **—** | **5727** |
|  | **Net exposure** | **Net exposure** | **Net exposure** | **Net exposure** | **Net exposure** | **Coverage ratio** | **Coverage ratio** | **Coverage ratio** | **Coverage ratio** | **Coverage ratio** |
|  | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** |
| **As at 31.12.25**<br>| £m | £m | £m | £m | £m | % | % | % | % | % |
| Retail mortgages | 159810 | 13741 | 1776 |  | 175327 |  | 0.1 | 3.3 |  | 0.1 |
| Retail credit cards | 14751 | 1545 | 105 | 24 | 16425 | 1.1 | 20.5 | 62.4 |  | 4.3 |
| Retail other | 9769 | 1334 | 72 | 15 | 11190 | 1.0 | 11.8 | 74.8 |  | 4.2 |
| Corporate loans<sup>1</sup> | 54057 | 6756 | 970 |  | 61783 | 0.2 | 2.6 | 30.3 |  | 1.2 |
| **Total UK** | **238387** | **23376** | **2923** | **39** | **264725** | **0.2** | **3.2** | **22.9** | **—** | **0.8** |
| Retail mortgages | 1827 | 72 | 107 |  | 2006 | 0.1 |  | 18.3 |  | 1.3 |
| Retail credit cards | 18406 | 1740 | 381 |  | 20527 | 2.1 | 31.4 | 78.5 |  | 11.2 |
| Retail other | 2479 | 201 | 44 |  | 2724 | 0.1 | 2.4 | 30.2 |  | 1.0 |
| Corporate loans | 66589 | 3567 | 1385 |  | 71541 | 0.1 | 3.6 | 21.6 |  | 0.8 |
| **Total Rest of the World** | **89301** | **5580** | **1917** | **—** | **96798** | **0.5** | **14.4** | **48.7** | **—** | **3.2** |
| **Total loans and advances at amortised cost** | **327688** | **28956** | **4840** | **39** | **361523** | 0.3 | 5.6 | 35.7 |  | **1.4** |
| Debt securities at amortised cost | 68113 | 362 |  |  | 68475 |  | 2.4 |  |  |  |
| **Total loans and advances at amortised cost including debt securities** | **395801** | **29318** | **4840** | **39** | **429998** | **0.2** | **5.5** | **35.7** | **—** | **1.2** |
| Off-balance sheet loan commitments and financial guarantee contracts<sup>2</sup> | 410349 | 16233 | 780 | 5 | 427367 |  | 1.5 | 3.9 |  | 0.1 |
| **Total<sup>3,4</sup>** | **806150** | **45551** | **5620** | **44** | **857365** | **0.1** | **4.1** | **32.6** | **—** | **0.7** |

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| | |
|:---|:---|
| *1* | *Includes Business Banking, which has a gross exposure of £12.4bn and an impairment allowance of £326m. This comprises £62m impairment allowance on £9.3bn Stage 1 exposure, £50m on £2.3bn Stage 2 exposure and £214m on £0.8bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.8%.* |
| *2* | *Excludes loan commitments and financial guarantees of £22.2bn carried at fair value and includes exposure relating to financial assets classified as assets held for sale.* |
| *3* | *Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances, reverse repurchase agreements and other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £224.1bn and an impairment allowance of £150m. This comprises £18m impairment allowance on £222.4bn Stage 1 exposure, £8m on £1.6bn Stage 2 exposure and £124m on £127m Stage 3 exposure.* |
| *4* | *The annualised loan loss rate is 52bps after applying the total impairment charge of £2,279m.* |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross exposure** | **Gross exposure** | **Gross exposure** | **Gross exposure** | **Gross exposure** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** |
|  | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** |
| **As at 31.12.24** | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| Retail mortgages | 145039 | 19507 | 1793 |  | 166339 | 36 | 61 | 61 |  | 158 |
| Retail credit cards | 13497 | 2064 | 179 | 40 | 15780 | 219 | 440 | 91 |  | 750 |
| Retail other | 10606 | 1218 | 257 | 17 | 12098 | 135 | 110 | 138 |  | 383 |
| Corporate loans<sup>1</sup> | 52284 | 7266 | 2171 |  | 61721 | 133 | 196 | 420 |  | 749 |
| **Total UK** | **221426** | **30055** | **4400** | **57** | **255938** | **523** | **807** | **710** | **—** | **2040** |
| Retail mortgages | 1651 | 89 | 169 |  | 1909 | 2 | 1 | 26 |  | 29 |
| Retail credit cards | 17629 | 2953 | 1724 |  | 22306 | 334 | 807 | 1416 |  | 2557 |
| Retail other | 1844 | 155 | 121 |  | 2120 | 3 | 1 | 23 |  | 27 |
| Corporate loans | 64224 | 3901 | 945 |  | 69070 | 76 | 135 | 206 |  | 417 |
| **Total Rest of the World** | **85348** | **7098** | **2959** | **—** | **95405** | **415** | **944** | **1671** | **—** | **3030** |
| **Total loans and advances at amortised cost** | **306774** | **37153** | **7359** | **57** | **351343** | **938** | **1751** | **2381** | **—** | **5070** |
| Debt securities at amortised cost | 64988 | 3245 |  |  | 68233 | 12 | 11 |  |  | 23 |
| **Total loans and advances at amortised cost including debt securities** | **371762** | **40398** | **7359** | **57** | **419576** | **950** | **1762** | **2381** | **—** | **5093** |
| Off-balance sheet loan commitments and financial guarantee contracts<sup>2</sup> | 412255 | 18728 | 1168 | 6 | 432157 | 164 | 250 | 25 |  | 439 |
| **Total<sup>3,4</sup>** | **784017** | **59126** | **8527** | **63** | **851733** | **1114** | **2012** | **2406** | **—** | **5532** |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net exposure** | **Net exposure** | **Net exposure** | **Net exposure** | **Net exposure** | **Coverage ratio** | **Coverage ratio** | **Coverage ratio** | **Coverage ratio** | **Coverage ratio** |
|  | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** |
| **As at 31.12.24** | £m | £m | £m | £m | £m | % | % | % | % | % |
| Retail mortgages | 145003 | 19446 | 1732 |  | 166181 |  | 0.3 | 3.4 |  | 0.1 |
| Retail credit cards | 13278 | 1624 | 88 | 40 | 15030 | 1.6 | 21.3 | 50.8 |  | 4.8 |
| Retail other | 10471 | 1108 | 119 | 17 | 11715 | 1.3 | 9.0 | 53.7 |  | 3.2 |
| Corporate loans<sup>1</sup> | 52151 | 7070 | 1751 |  | 60972 | 0.3 | 2.7 | 19.3 |  | 1.2 |
| **Total UK** | **220903** | **29248** | **3690** | **57** | **253898** | **0.2** | **2.7** | **16.1** | **—** | **0.8** |
| Retail mortgages | 1649 | 88 | 143 |  | 1880 | 0.1 | 1.1 | 15.4 |  | 1.5 |
| Retail credit cards | 17295 | 2146 | 308 |  | 19749 | 1.9 | 27.3 | 82.1 |  | 11.5 |
| Retail other | 1841 | 154 | 98 |  | 2093 | 0.2 | 0.6 | 19.0 |  | 1.3 |
| Corporate loans | 64148 | 3766 | 739 |  | 68653 | 0.1 | 3.5 | 21.8 |  | 0.6 |
| **Total Rest of the World** | **84933** | **6154** | **1288** | **—** | **92375** | **0.5** | **13.3** | **56.5** | **—** | **3.2** |
| **Total loans and advances at amortised cost** | **305836** | **35402** | **4978** | **57** | **346273** | 0.3 | 4.7 | 32.4 |  | **1.4** |
| Debt securities at amortised cost | 64976 | 3234 |  |  | 68210 |  | 0.3 |  |  |  |
| **Total loans and advances at amortised cost including debt securities** | **370812** | **38636** | **4978** | **57** | **414483** | **0.3** | **4.4** | **32.4** | **—** | **1.2** |
| Off-balance sheet loan commitments and financial guarantee contracts<sup>2</sup> | 412091 | 18478 | 1143 | 6 | 431718 |  | 1.3 | 2.1 |  | 0.1 |
| **Total<sup>3,4</sup>** | **782903** | **57114** | **6121** | **63** | **846201** | **0.1** | **3.4** | **28.2** | **—** | **0.6** |

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| | |
|:---|:---|
| *1* | *Includes Business Banking, which has a gross exposure of £13.1bn and an impairment allowance of £356m. This comprises £60m impairment allowance on £8.9bn Stage 1 exposure, £60m on £2.8bn Stage 2 exposure and £236m on £1.5bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.8%.* |
| *2* | *Excludes loan commitments and financial guarantees of £16.3bn carried at fair value and includes exposure relating to financial assets classified as assets held for sale.* |
| *3* | *Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances, reverse repurchase agreements and other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £204.2bn and an impairment allowance of £156m. This comprises £19m impairment allowance on £202.7bn Stage 1 exposure, £7m on £1.3bn Stage 2 exposure and £130m on £139m Stage 3 exposure.* |
| *4* | *The annualised loan loss rate is 46bps after applying the total impairment charge of £1,982m.* |

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 **Loans and advances at amortised cost by product**

The table below presents a product breakdown by stages of loans and advances at amortised cost. Also included is a breakdown of Stage 2 past due balances.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Stage 2** | **Stage 2** | **Stage 2** | **Stage 2** |  |  |  |
| **As at 31.12.25** | **Stage 1** | **Not past due** | **<=30 days past due** | **>30 days past due** | **Total** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** |
| **Gross exposure**<br>| £m | £m | £m | £m | £m | £m | £m | £m |
| Retail mortgages<br>| 161654 | 11072 | 2033 | 724 | 13829 | 1967 |  | 177450 |
| Retail credit cards<br>| 33723 | 3832 | 317 | 330 | 4479 | 2055 | 24 | 40281 |
| Retail other<br>| 12349 | 1398 | 207 | 113 | 1718 | 349 | 15 | 14431 |
| Corporate loans<br>| 120853 | 10409 | 71 | 158 | 10638 | 3159 |  | 134650 |
| **Total** | **328579** | **26711** | **2628** | **1325** | **30664** | **7530** | **39** | **366812** |
| **Impairment allowance**<br>|  |  |  |  |  |  |  |  |
| Retail mortgages<br>| 17 | 9 | 4 | 3 | 16 | 84 |  | 117 |
| Retail credit cards<br>| 566 | 840 | 138 | 216 | 1194 | 1569 |  | 3329 |
| Retail other<br>| 101 | 126 | 28 | 29 | 183 | 233 |  | 517 |
| Corporate loans<br>| 207 | 298 | 7 | 10 | 315 | 804 |  | 1326 |
| **Total** | **891** | **1273** | **177** | **258** | **1708** | **2690** | **—** | **5289** |
| **Net exposure**<br>|  |  |  |  |  |  |  |  |
| Retail mortgages<br>| 161637 | 11063 | 2029 | 721 | 13813 | 1883 |  | 177333 |
| Retail credit cards<br>| 33157 | 2992 | 179 | 114 | 3285 | 486 | 24 | 36952 |
| Retail other<br>| 12248 | 1272 | 179 | 84 | 1535 | 116 | 15 | 13914 |
| Corporate loans<br>| 120646 | 10111 | 64 | 148 | 10323 | 2355 |  | 133324 |
| **Total** | **327688** | **25438** | **2451** | **1067** | **28956** | **4840** | **39** | **361523** |
| **Coverage ratio** | % | % | % | % | % | % | % | % |
| Retail mortgages<br>|  | 0.1 | 0.2 | 0.4 | 0.1 | 4.3 |  | 0.1 |
| Retail credit cards<br>| 1.7 | 21.9 | 43.5 | 65.5 | 26.7 | 76.4 |  | 8.3 |
| Retail other<br>| 0.8 | 9.0 | 13.5 | 25.7 | 10.7 | 66.8 |  | 3.6 |
| Corporate loans<br>| 0.2 | 2.9 | 9.9 | 6.3 | 3.0 | 25.5 |  | 1.0 |
| **Total** | **0.3** | **4.8** | **6.7** | **19.5** | **5.6** | **35.7** | **—** | **1.4** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As at 31.12.24**<br>|  |  |  |  |  |  |  |  |
| **Gross exposure** | £m | £m | £m | £m | £m | £m | £m | £m |
| Retail mortgages<br>| 146690 | 16790 | 2034 | 772 | 19596 | 1962 |  | 168248 |
| Retail credit cards<br>| 31126 | 4435 | 303 | 279 | 5017 | 1903 | 40 | 38086 |
| Retail other<br>| 12450 | 1056 | 211 | 106 | 1373 | 378 | 17 | 14218 |
| Corporate loans<br>| 116508 | 10849 | 144 | 174 | 11167 | 3116 |  | 130791 |
| **Total** | **306774** | **33130** | **2692** | **1331** | **37153** | **7359** | **57** | **351343** |
| **Impairment allowance**<br>|  |  |  |  |  |  |  |  |
| Retail mortgages<br>| 38 | 42 | 13 | 7 | 62 | 87 |  | 187 |
| Retail credit cards<br>| 553 | 959 | 122 | 166 | 1247 | 1507 |  | 3307 |
| Retail other<br>| 138 | 76 | 17 | 18 | 111 | 161 |  | 410 |
| Corporate loans<br>| 209 | 316 | 7 | 8 | 331 | 626 |  | 1166 |
| **Total** | **938** | **1393** | **159** | **199** | **1751** | **2381** | **—** | **5070** |
| **Net exposure**<br>|  |  |  |  |  |  |  |  |
| Retail mortgages<br>| 146652 | 16748 | 2021 | 765 | 19534 | 1875 |  | 168061 |
| Retail credit cards<br>| 30573 | 3476 | 181 | 113 | 3770 | 396 | 40 | 34779 |
| Retail other<br>| 12312 | 980 | 194 | 88 | 1262 | 217 | 17 | 13808 |
| Corporate loans<br>| 116299 | 10533 | 137 | 166 | 10836 | 2490 |  | 129625 |
| **Total** | **305836** | **31737** | **2533** | **1132** | **35402** | **4978** | **57** | **346273** |
| **Coverage ratio** | % | % | % | % | % | % | % | % |
| Retail mortgages<br>|  | 0.3 | 0.6 | 0.9 | 0.3 | 4.4 |  | 0.1 |
| Retail credit cards<br>| 1.8 | 21.6 | 40.3 | 59.5 | 24.9 | 79.2 |  | 8.7 |
| Retail other<br>| 1.1 | 7.2 | 8.1 | 17.0 | 8.1 | 42.6 |  | 2.9 |
| Corporate loans<br>| 0.2 | 2.9 | 4.9 | 4.6 | 3.0 | 20.1 |  | 0.9 |
| **Total** | **0.3** | **4.2** | **5.9** | **15.0** | **4.7** | **32.4** | **—** | **1.4** |

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 **Movement in gross exposures and impairment allowance including provisions for loan commitments and financial guarantees**

The following tables present a reconciliation of the opening to the closing balance of the gross exposure and impairment allowance.

Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the period. 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' includes additional drawdowns and partial repayments from existing facilities. Additionally, the below tables do not include other financial assets subject to impairment such as debt securities at amortised cost, reverse repurchase agreements and other similar secured lending, cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets.

The movements are measured over a 12-month period.

 **Loans and advances at amortised cost**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross exposure** | **ECL** | **Gross exposure** | **ECL** | **Gross exposure** | **ECL** | **Gross exposure** | **ECL** | **Gross exposure**<br>| **ECL** |
| **Retail mortgages** | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| **As at 1 January 2025** | 146690 | 38 | 19596 | 62 | 1962 | 87 |  |  | 168248 | 187 |
| Transfers from Stage 1 to Stage 2 | (8750) | (3) | 8750 | 3 |  |  |  |  |  |  |
| Transfers from Stage 2 to Stage 1 | 12686 | 26 | (12686) | (26) |  |  |  |  |  |  |
| Transfers to Stage 3 | (389) | (1) | (502) | (5) | 891 | 6 |  |  |  |  |
| Transfers from Stage 3 | 108 | 2 | 119 |  | (227) | (2) |  |  |  |  |
| Business activity in the period | 32944 | 4 | 1186 | 2 | 7 |  |  |  | 34137 | 6 |
| Refinements to models used for calculation<sup>1</sup> |  | (19) |  | (36) |  | 6 |  |  |  | (49) |
| Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes | (7660) | (26) | (683) | 25 | (113) | 30 |  |  | (8456) | 29 |
| Final repayments | (13634) | (3) | (1802) | (5) | (431) | (20) |  |  | (15867) | (28) |
| Disposals<sup>2</sup> | (341) | (1) | (149) | (4) | (104) | (5) |  |  | (594) | (10) |
| Write-offs |  |  |  |  | (18) | (18) |  |  | (18) | (18) |
| **As at 31 December 2025** | **161654** | **17** | **13829** | **16** | **1967** | **84** | **—** | **—** | **177450** | **117** |
| **Retail credit cards** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2025** | 31126 | 553 | 5017 | 1247 | 1903 | 1507 | 40 |  | 38086 | 3307 |
| Transfers from Stage 1 to Stage 2 | (1716) | (51) | 1716 | 51 |  |  |  |  |  |  |
| Transfers from Stage 2 to Stage 1 | 2220 | 444 | (2220) | (444) |  |  |  |  |  |  |
| Transfers to Stage 3 | (728) | (26) | (922) | (351) | 1650 | 377 |  |  |  |  |
| Transfers from Stage 3 | 30 | 15 | 20 | 8 | (50) | (23) |  |  |  |  |
| Business activity in the period<sup>3</sup> | 4999 | 111 | 617 | 188 | 75 | 54 |  |  | 5691 | 353 |
| Refinements to models used for calculation<sup>1</sup> |  | 57 |  | (274) |  | 1 |  |  |  | (216) |
| Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes<sup>4</sup> | (1906) | (526) | 290 | 782 | (6) | 1074 | (16) |  | (1638) | 1330 |
| Final repayments | (302) | (11) | (39) | (13) | (35) | (28) |  |  | (376) | (52) |
| Disposals<sup>2</sup> |  |  |  |  | (457) | (368) |  |  | (457) | (368) |
| Write-offs |  |  |  |  | (1025) | (1025) |  |  | (1025) | (1025) |
| **As at 31 December 2025** | **33723** | **566** | **4479** | **1194** | **2055** | **1569** | **24** | **—** | **40281** | **3329** |

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| | |
|:---|:---|
| *1* | *Refinements to models used for calculation reported within Retail mortgages include a £(49)m movement in the calculated ECL for the UK Mortgages portfolio. In Retail credit cards, this include a £(204)m movement in UK Cards and a £(12)m movement in US Cards portfolio, respectively. These reflect model enhancements made during the period. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the risks inherent in the businesses.* |
| *2* | *The £594m of gross disposals reported within Retail mortgages include £584m transfer of facilities to a non-consolidated SPV for the purpose of securitisation and £10m relates to sale of the Italian mortgage loans. The £457m of gross disposals reported within Retail credit cards relate to debt sales undertaken during the period.* |
| *3* | *Business activity in the year reported within Retail credit cards include £1.2bn related to acquisition of the GM co-branded card portfolio within USCB.* |
| *4* | *'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Retail credit cards include a gain recognised on the reassessment of purchased or originated credit-impaired (POCI) assets, where the expected credit loss on POCI assets is lower than anticipated at the time of purchase. The resulting increase in carrying value is recognised within gross exposure rather than as a negative impairment allowance.* |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost** | **Loans and advances at amortised cost** | **Loans and advances at amortised cost** | **Loans and advances at amortised cost** | **Loans and advances at amortised cost** | **Loans and advances at amortised cost** |  |  |  |  |  |
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross exposure** | **ECL** | **Gross exposure** | **ECL** | **Gross exposure** | **ECL** | **Gross exposure** | **ECL** | **Gross exposure** | **ECL** |
| **Retail other** | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| **As at 1 January 2025** | 12450 | 138 | 1373 | 111 | 378 | 161 | 17 |  | 14218 | 410 |
| Transfers from Stage 1 to Stage 2 | (733) | (12) | 733 | 12 |  |  |  |  |  |  |
| Transfers from Stage 2 to Stage 1 | 372 | 24 | (372) | (24) |  |  |  |  |  |  |
| Transfers to Stage 3 | (206) | (3) | (119) | (28) | 325 | 31 |  |  |  |  |
| Transfers from Stage 3 | 58 | 2 | 4 | 4 | (62) | (6) |  |  |  |  |
| Business activity in the period | 4683 | 37 | 494 | 58 | 37 | 34 |  |  | 5214 | 129 |
| Refinements to models used for calculation |  |  |  |  |  |  |  |  |  |  |
| Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes<sup>1</sup> | (1080) | (62) | (16) | 55 | 34 | 180 | (2) |  | (1064) | 173 |
| Final repayments | (3195) | (23) | (379) | (5) | (205) | (20) |  |  | (3779) | (48) |
| Disposals<sup>2</sup> |  |  |  |  | (43) | (32) |  |  | (43) | (32) |
| Write-offs |  |  |  |  | (115) | (115) |  |  | (115) | (115) |
| **As at 31 December 2025** | **12349** | **101** | **1718** | **183** | **349** | **233** | **15** | **—** | **14431** | **517** |
| **Corporate loans** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2025** | 116508 | 209 | 11167 | 331 | 3116 | 626 |  |  | 130791 | 1166 |
| Transfers from Stage 1 to Stage 2 | (3993) | (19) | 3993 | 19 |  |  |  |  |  |  |
| Transfers from Stage 2 to Stage 1 | 3316 | 70 | (3316) | (70) |  |  |  |  |  |  |
| Transfers to Stage 3 | (895) | (5) | (748) | (32) | 1643 | 37 |  |  |  |  |
| Transfers from Stage 3 | 441 | 18 | 459 | 14 | (900) | (32) |  |  |  |  |
| Business activity in the period<sup>3</sup> | 28142 | 49 | 1134 | 40 | 341 | 29 |  |  | 29617 | 118 |
| Refinements to models used for calculation<sup>4</sup> |  | (65) |  | (24) |  |  |  |  |  | (89) |
| Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes | 3727 | (21) | (41) | 95 | (108) | 476 |  |  | 3578 | 550 |
| Final repayments | (26236) | (28) | (2008) | (56) | (511) | (10) |  |  | (28755) | (94) |
| Disposals<sup>2</sup> | (157) | (1) | (2) | (2) | (121) | (21) |  |  | (280) | (24) |
| Write-offs |  |  |  |  | (301) | (301) |  |  | (301) | (301) |
| **As at 31 December 2025** | **120853** | **207** | **10638** | **315** | **3159** | **804** | **—** | **—** | **134650** | **1326** |

---

---

| | |
|:---|:---|
| *1* | *'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Retail other include a gain recognised on the reassessment of purchased or originated credit-impaired (POCI) assets, where the expected credit loss on POCI assets is lower than anticipated at the time of purchase. The resulting increase in carrying value is recognised within gross exposure rather than as a negative impairment allowance.* |
| *2* | *The £43m of gross disposals reported within Retail other and £280m of gross disposals reported within Corporate loans relate to debt sales undertaken during the period.* |
| *3* | *Business activity in the year reported within Corporate loans include £0.1bn related to acquisition of the GM co-branded card portfolio within USCB.* |
| *4* | *Refinements to models used for calculation reported within Corporate loans include a £(89)m movement in the calculated ECL for the UKCB and IB portfolio. These reflect model enhancements made during the period. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the risks inherent in the businesses.* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of ECL movement to impairment charge/(release) for the period** | **Reconciliation of ECL movement to impairment charge/(release) for the period** | **Reconciliation of ECL movement to impairment charge/(release) for the period** | **Reconciliation of ECL movement to impairment charge/(release) for the period** |  |  |
|  | **Stage 1** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Total** |
|  | £m | £m | £m | £m | £m |
| *Retail mortgages* | (20)<br>| (42)<br>| 20<br>| —<br>| (42) |
| *Retail credit cards* | 13 | (53) | 1455<br>| —<br>| 1415 |
| *Retail other* | (37) | 72 | 219<br>| —<br>| 254 |
| *Corporate loans* | (1) | (14) | 500<br>| —<br>| 485 |
| **ECL movements excluding disposals and write-offs<sup>1</sup>** | (45) | (37) | 2194 |  | 2112 |
| ECL movement on loan commitments and other financial guarantees | (20) | (10) | 7 |  | (23) |
| ECL movement on other financial assets | (1) | 1 | (6)<br>|  | (6) |
| ECL movement on debt securities at amortised cost | 1 | (2) |  |  | (1) |
| Recoveries and reimbursements<sup>2</sup> | 9 | (29) | (147) |  | (167) |
| ECL charge on assets held for sale<sup>3</sup> |  |  |  |  | 181 |
| Total exchange and other adjustments |  |  |  |  | 183 |
| **Total income statement charge for the period** |  |  |  |  | **2279** |

---

---

| | |
|:---|:---|
| *1* | *In 2025, gross write-offs amounted to £1,459m (2024: £1,547m) and post write-off recoveries amounted to £83m (2024: £76m). Net write-offs represent gross write-offs less post write-off recoveries and amounted to £1,376m (2024: £1,471m).* |
| *2* | *Recoveries and reimbursements include £84m (2024: £15m) for reimbursements where the Group has entered into financial guarantee contracts which provide credit protection over certain assets with third parties and cash recoveries of previously written-off amounts of £83m (2024: £76m).* |
| *3* | *ECL charge on assets held for sale relate to the charges on a co-branded card portfolio in USCB and the German consumer finance business.* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** | **Loan commitments and financial guarantees<sup>1</sup>** |
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding POCI** | **Stage 3 excluding POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross**<br> **exposure** | **ECL** | **Gross**<br> **exposure** | **ECL** | **Gross**<br> **exposure** | **ECL** | **Gross**<br> **exposure** | **ECL** | **Gross**<br> **exposure** | **ECL** |
| **Retail mortgages** | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| **As at 1 January 2025** | 11093 |  | 340 |  | 2 |  |  |  | 11435 |  |
| Net transfers between stages | 131 |  | (141) |  | 10 |  |  |  |  |  |
| Business activity in the period | 8970 |  |  |  |  |  |  |  | 8970 |  |
| Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes | (8097) |  | (44) |  | (10) |  |  |  | (8151) |  |
| Limit management and final repayments | (342) |  | (30) |  | (2) |  |  |  | (374) |  |
| **As at 31 December 2025** | **11755** | **—** | **125** | **—** | **—** | **—** | **—** | **—** | **11880** | **—** |
| **Retail credit cards** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2025** | 162471 | 53 | 2515 | 13 | 122 |  | 6 |  | 165114 | 66 |
| Net transfers between stages | (1837) | 13 | 1760 | (13) | 77 |  |  |  |  |  |
| Business activity in the period | 28148 | 18 | 341 | 3 | 1 |  |  |  | 28490 | 21 |
| Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes | (6183) | (24) | (1845) | 9 | (72) |  | (1) |  | (8101) | (15) |
| Limit management and final repayments | (13584) | (8) | (220) | (9) | (24) |  |  |  | (13828) | (17) |
| Disposals<sup>2</sup> | (5291) |  | (221) |  | (10) |  |  |  | (5522) |  |
| **As at 31 December 2025** | **163724** | **52** | **2330** | **3** | **94** | **—** | **5** | **—** | **166153** | **55** |
| **Retail other** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2025** | 8416 | 6 | 440 |  | 25 |  |  |  | 8881 | 6 |
| Net transfers between stages | (31) |  | 28 |  | 3 |  |  |  |  |  |
| Business activity in the period | 625 |  | 1 |  |  |  |  |  | 626 |  |
| Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes | (341) | (5) | 7 |  | 12 |  |  |  | (322) | (5) |
| Limit management and final repayments | (797) |  | (33) |  | (20) |  |  |  | (850) |  |
| Disposals<sup>2</sup> | (756) |  | (30) |  | (1) |  |  |  | (787) |  |
| **As at 31 December 2025** | **7116** | **1** | **413** | **—** | **19** | **—** | **—** | **—** | **7548** | **1** |
| **Corporate loans** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2025** | 230275 | 105 | 15433 | 237 | 1019 | 25 |  |  | 246727 | 367 |
| Net transfers between stages | (122) | 41 | 216 | (41) | (94) |  |  |  |  |  |
| Business activity in the period | 48961 | 28 | 2701 | 61 | 405 |  |  |  | 52067 | 89 |
| Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes | 9733 | (57) | (480) | 36 | (291) | 11 |  |  | 8962 | (10) |
| Limit management and final repayments | (60949) | (26) | (4265) | (56) | (340) | (4) |  |  | (65554) | (86) |
| **As at 31 December 2025** | **227898** | **91** | **13605** | **237** | **699** | **32** | **—** | **—** | **242202** | **360** |

---

---

| | |
|:---|:---|
| *1* | *Loan commitments reported also include exposure relating to financial assets classified as held for sale.* |
| *2* | *The gross disposals reported within Retail credit cards and Retail other relate to the German consumer finance business; sale of which was completed in Q125.* |

---

 **Management adjustments to models for impairment**

Management adjustments to impairment models are applied in order to factor in certain conditions or changes in policy that are not fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments are reviewed and incorporated into future model development where applicable.

Management adjustments are captured through "Economic uncertainty" and "Other" adjustments, and are presented by product and geography below:

 **Management adjustments to models for impairment allowance presented by product and geography**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Impairment allowance pre management adjustments<sup>1</sup>** | **Economic uncertainty adjustments** | **Other adjustments** | **Management adjustments<sup>2</sup>** | **Total impairment allowance<sup>3</sup>** | **Proportion of Management adjustments to total impairment allowance** |
|  |  | (a) | (b) | (a+b) |  |  |
| **As at 31.12.25** | £m | £m | £m | £m | £m | **%** |
| Retail mortgages<br>| 76<br>| —<br>| 15<br>| 15<br>| 91<br>| 16.5<br>|
| Retail credit cards<br>| 761 |  |  |  | 761 |  |
| Retail other<br>| 406 |  | 85 | 85 | 491 | 17.3<br>|
| Corporate loans<br>| 714 | 39 | 53 | 92 | 806 | 11.4<br>|
| **Total UK**<br>| **1957** | **39** | **153** | **192** | **2149** | **8.9** |
| Retail mortgages<br>| 25<br>| —<br>| 1<br>| 1<br>| 26<br>| 3.8<br>|
| Retail credit cards<br>| 2505 | 31 | 87 | 118 | 2623 | 4.5 |
| Retail other<br>| 27 |  |  |  | 27 | —<br>|
| Corporate loans<br>| 823 | 44 | 13 | 57 | 880 | 6.5<br>|
| **Total Rest of the World**<br>| **3380** | **75** | **101** | **176** | **3556** | **4.9** |
| **Total**<br>| **5337** | **114** | **254** | **368** | **5705** | **6.5** |
| Debt securities at amortised cost<br>| 21 | 1 |  | 1 | 22 | 4.5<br>|
| **Total including debt securities at amortised cost**<br>| **5358** | **115** | **254** | **369** | **5727** | **6.4** |
| **As at 31.12.24**<br>| £m<br>| £m<br>| £m<br>| £m<br>| £m<br>| %<br>|
| Retail mortgages<br>| 51 | 36 | 71 | 107 | 158 | 67.7 |
| Retail credit cards<br>| 787 |  | (22) | (22) | 765 | (2.9) |
| Retail other<br>| 298 |  | 90 | 90 | 388 | 23.2 |
| Corporate loans<br>| 759 | 42 | 39 | 81 | 840 | 9.6 |
| **Total UK**<br>| **1895** | **78** | **178** | **256** | **2151** | **11.9** |
| Retail mortgages<br>| 29 |  |  |  | 29 |  |
| Retail credit cards<br>| 2631 |  | (23) | (23) | 2608 | (0.9) |
| Retail other<br>| 24 |  | 4 | 4 | 28 | 14.3 |
| Corporate loans<br>| 695 |  | (2) | (2) | 693 | (0.3) |
| **Total Rest of the World**<br>| **3379** | **—** | **(21)** | **(21)** | **3358** | **(0.6)** |
| **Total**<br>| **5274** | **78** | **157** | **235** | **5509** | **4.3** |
| Debt securities at amortised cost<br>| 30 |  | (7) | (7) | 23 | (30.4) |
| **Total including debt securities at amortised cost**<br>| **5304** | **78** | **150** | **228** | **5532** | **4.1** |

---

---

| | |
|:---|:---|
| *1* | *Includes £4.3bn (December 2024: £4.7bn) of modelled ECL, £0.7bn (December 2024: £0.5bn) of individually assessed impairments, £(0.2)bn (December 2024: £(0.3)bn) of ECL from assets held for sale (co-branded card portfolio) and £0.6bn (December 2024: £0.4bn) of ECL from benchmarked exposures and debt securities.* |
| *2* | *Management adjustments related to other financial assets subject to impairment not included in the table above include cash collateral and settlement balances £1m (December 2024: £(1)m), reverse repurchase agreements £1m (December 2024: £(2)m) and financial assets at fair value through other comprehensive income £nil (December 2024: £(2)m) within the IB portfolio.* |
| *3* | *Total impairment allowance consists of ECL stock on drawn and undrawn exposures.* |

---

 **Economic uncertainty adjustments presented by stage**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **As at 31.12.25** | £m | £m | £m | £m |
| Retail mortgages<br>| —<br>| —<br>| —<br>| **—**<br>|
| Retail credit cards<br>|  |  |  | **—** |
| Retail other<br>| —<br>| —<br>| —<br>| **—**<br>|
| Corporate loans<br>| 23<br>| 10<br>| 6<br>| **39**<br>|
| **Total UK**<br>| **23** | **10** | **6** | **39** |
| Retail mortgages<br>|  |  |  | **—** |
| Retail credit cards<br>|  | 31 |  | **31** |
| Retail other<br>|  |  |  | **—** |
| Corporate loans<br>| 13 | 31 |  | **44** |
| **Total Rest of the World**<br>| **13** | **62** | **—** | **75** |
| **Total**<br>| **36**<br>| **72**<br>| **6**<br>| **114**<br>|
| Debt securities at amortised cost<br>| 1<br>| —<br>|  | **1** |
| **Total including debt securities at amortised cost**<br>| **37** | **72** | **6** | **115** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at 31.12.24** | £m | £m | £m | £m |
| Retail mortgages<br>| 7 | 18 | 11 | **36** |
| Retail credit cards<br>|  |  |  | **—** |
| Retail other<br>|  |  |  | **—** |
| Corporate loans<br>| 26 | 10 | 6 | **42** |
| **Total UK**<br>| **33** | **28** | **17** | **78** |
| Retail mortgages<br>|  |  |  | **—** |
| Retail credit cards<br>|  |  |  | **—** |
| Retail other<br>|  |  |  | **—** |
| Corporate loans<br>|  |  |  | **—** |
| **Total Rest of the World**<br>| **—** | **—** | **—** | **—** |
| **Total**<br>| **33** | **28** | **17** | **78** |
| Debt securities at amortised cost<br>|  |  |  | **—** |
| **Total including debt securities at amortised cost**<br>| **33** | **28** | **17** | **78** |

---

 **Economic uncertainty adjustments**

Economic uncertainty adjustments are captured in two ways. First, customer uncertainty: the identification of customers and clients who may be more vulnerable to economic instability; and second, model uncertainty: to capture the impact of model limitations and sensitivities to specific macroeconomic parameters, which are applied at a portfolio level.

The Group continues to monitor the elevated tariffs, trade tensions, and geopolitical risks, especially in the US. In response, an adjustment of £81m introduced during Q125 has been retained, with any resulting effects on customer behaviour yet to materialise.

 **Total economic uncertainty adjustments as at 31 December 2025 are £115m (December 2024: £78m) and include:**

 **Customer and client uncertainty provisions of £115m (December 2024: £53m):**

● **Retail mortgages (UK) £nil (December 2024: £11m):** The
prior refinancing risk adjustment was retired following the rebuild
of the UK Mortgages impairment models, which now better capture
sensitivity to interest rate and inflation
movements

● **Retail credit cards (ROW) £31m (December 2024: £nil):** This adjustment reflects elevated US macroeconomic
uncertainty, with impacts yet to materialise in consumer
behaviour

● **Corporate loans (UK) £39m (December 2024: £42m):** This adjustment reflects potential cross-default
risk on Barclays' lending in respect of clients who have
taken out Bounce Back Loans

● **Corporate loans (ROW) £44m (December 2024: £nil):** This adjustment reflects elevated US macroeconomic
uncertainty, with impacts yet to materialise in borrower
behaviour

 **Model uncertainty provisions of £nil (December 2024: £25m):**

● **Retail mortgages (UK) £nil (December 2024: £25m):** The prior
adjustment to address model over-sensitivity was retired following
the rebuild of the UK Mortgages impairment models, which now better
capture consumer responses to the macroeconomic
outlook

 **Other adjustments**

Other adjustments are operational and remain in place until incorporated into the underlying models. These adjustments result from data limitations and model performance related issues identified through model monitoring and other established governance processes.

 **Total other adjustments as at 31 December 2025 are £254m (December 2024: £150m) and include:**

● **Retail mortgages (UK) £15m (December 2024: £71m):** The reduction is
driven by the retirement of adjustments following the rebuild of
the UK Mortgages impairment models

● **Retail credit cards (UK) £nil (December 2024: £(22)m):** The prior
adjustment to address default over-prediction was retired following
model remediation in the UK Cards portfolio

● **Retail credit cards (ROW) £87m (December 2024: £(23)m):** This adjustment
reflects provisioning for the GM consumer cards portfolio acquired
during the year, while the previously held high-risk account
management (HRAM) adjustment was retired following model
remediation in USCB

● **Retail other (UK) £85m (December 2024: £90m) and Corporate loans (UK) £53m (December 2024: £39m):** These include adjustments for
definition of default (DOD) criteria under the Capital Requirements
Regulation and model monitoring outcomes, which were re-sized
during the year

● **Corporate loans (ROW) £13m (December 2024: £(2)m):** This adjustment reflects provisioning
for the GM business cards portfolio acquired during the
year

● **Debt securities £nil (December 2024: £(7)m):** The
movement is driven by the retirement of the Exposure at Default
recalibration adjustment following model remediation in the IB
portfolio

 **Measurement uncertainty**

Scenarios used to calculate the Group's ECL charge were refreshed in Q425, with the Baseline scenario reflecting the latest consensus macroeconomic forecasts available at the time of the scenario refresh. The Baseline scenario continues to reflect the rapidly changing trade policies and uncertainty around potential tariffs to be imposed by the US administration and responses by other governments. Global growth slows modestly as rising US tariffs and retaliatory measures disrupt trade flows, dampen business confidence, and weigh on investment, though domestic demand in advanced economies remains resilient. UK and US GDP growth in 2026 is expected to be 1.1% and 2.0%, respectively. Labour markets in major economies soften slightly amid increased uncertainty and slower export-orientated activity. However, the weakening is contained and does not rise significantly from current levels. UK and US quarterly unemployment rates peak at 4.9% and 4.5%, respectively. Central Banks continue to loosen monetary policy with both the Bank of England and the Federal Reserve finishing 2026 with an interest rate of 3.25%.

The Downside scenarios have been calibrated to capture an escalation of trade tensions, where tariffs imposed by the US prompt retaliation from its trading partners with adverse implications for consumer prices and investment sentiment. A sharp slowdown in immigration coupled with mass deportations disrupts the US labour market, compounding downside risks to growth. In addition, global supply chains are severely disrupted as firms delay investment, reassess production locations and hoard production inputs. Imports into the US contract sharply due to higher prices and exports fall due to retaliation. The combination of trade impact and consumer uncertainty triggers a sharp recession, not only in the US but also in the UK and Europe driven by a severe decline in exports, business sentiment and with investment and consumption plans being put on hold. The rapid fall in external demand and a retrenchment in business investment push up unemployment rates, where job losses are concentrated in trade-exposed sectors (machinery, autos, consumer durables) but also spill into services. The Federal Reserve initially holds rates steady, weighing the inflation shock against the deteriorating real economy. However, as the slowdown deepens and the labour market loosens, the Federal Reserve cuts rates swiftly to stimulate aggregate demand. The Bank of England eases monetary policy amid a disinflationary environment and looser labour markets.

In the Upside scenarios, a rise in labour force participation and higher productivity contribute to accelerated economic growth, without creating new inflationary pressures. Central banks lower interest rates stimulating private consumption and investment growth. Demand for labour increases and unemployment rates stabilise and start falling again. As geopolitical tensions ease, low inflation supports consumer purchasing power and contributes further to healthy GDP growth. The strong economic outlook and lower interest rates provide a boost to house prices growth and support bullish financial markets.

The methodology for estimating scenario weights involves simulating a range of future paths for UK and US GDP using historical data with the five scenarios mapped against the distribution of these future paths. The median is centred around the Baseline with scenarios further from the Baseline attracting a lower weighting before the five weights are normalised to total 100%. The movement in weights is driven by the combined impact of two factors: (i) improvement in GDP growth in the Baseline scenario, bringing the Baseline scenario closer to the Upside scenarios; and (ii) model improvements, which increase the Baseline weight and reduce the weights of the tail scenarios. For further details see page 43.

The Group has retained the £81m uncertainty adjustment introduced in Q125 across the US Consumer Bank and Investment Bank businesses, reflecting elevated tariffs, trade tensions, and geopolitical risks, with any resulting effects on customer behaviour yet to materialise. For further details see page 38.

The following tables show the key macroeconomic variables used in the five scenarios (5-year annual paths) and the weights applied to each scenario.

 *1* *Significant Risk Transfer (SRT) refers to risk transfer transactions used to enhance risk management capabilities.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Macroeconomic variables used in the calculation of ECL** | **Macroeconomic variables used in the calculation of ECL** | **Macroeconomic variables used in the calculation of ECL** | **Macroeconomic variables used in the calculation of ECL** | **Macroeconomic variables used in the calculation of ECL** | **Macroeconomic variables used in the calculation of ECL** |
| **As at 31.12.25**<br>| **2025** | **2026** | **2027** | **2028** | **2029** |
| **Baseline** | % | % | % | % | % |
| UK GDP<sup>1</sup><br>| 1.5 | 1.1 | 1.4 | 1.4 | 1.4 |
| UK unemployment<sup>2</sup><br>| 4.7 | 4.9 | 4.8 | 4.8 | 4.7 |
| UK HPI<sup>3</sup><br>| 1.5 | 2.9 | 2.5 | 4.3 | 3.8 |
| UK bank rate<sup>6</sup><br>| 4.2 | 3.4 | 3.4 | 3.5 | 3.6 |
| US GDP<sup>1</sup><br>| 2.1 | 2.0 | 2.0 | 2.0 | 2.0 |
| US unemployment<sup>4</sup><br>| 4.2 | 4.5 | 4.4 | 4.4 | 4.4 |
| US HPI<sup>5</sup><br>| 3.2 | 1.7 | 1.9 | 2.6 | 2.6 |
| US federal funds rate<sup>6</sup><br>| 4.2 | 3.4 | 3.3 | 3.3 | 3.5 |
| **Downside 2**<br>|  |  |  |  |  |
| UK GDP<sup>1</sup><br>| 1.5 | (2.5) | (1.2) | 2.8 | 1.1 |
| UK unemployment<sup>2</sup><br>| 4.7 | 5.8 | 7.7 | 6.9 | 5.7 |
| UK HPI<sup>3</sup><br>| 1.5 | (24.9) | (5.1) | 9.6 | 14.2 |
| UK bank rate<sup>6</sup><br>| 4.2 | 2.3 | 0.5 | 0.4 | 1.1 |
| US GDP<sup>1</sup><br>| 2.1 | (2.7) | (2.8) | 1.6 | 2.4 |
| US unemployment<sup>4</sup><br>| 4.2 | 5.7 | 8.0 | 7.9 | 5.9 |
| US HPI<sup>5</sup><br>| 3.2 | (8.2) | (1.7) | 7.2 | 7.7 |
| US federal funds rate<sup>6</sup><br>| 4.2 | 3.6 | 2.4 | 1.4 | 1.2 |
| **Downside 1**<br>|  |  |  |  |  |
| UK GDP<sup>1</sup><br>| 1.5 | (0.7) | 0.1 | 2.1 | 1.3 |
| UK unemployment<sup>2</sup><br>| 4.7 | 5.3 | 6.3 | 5.8 | 5.2 |
| UK HPI<sup>3</sup><br>| 1.5 | (11.8) | (1.3) | 6.9 | 8.9 |
| UK bank rate<sup>6</sup><br>| 4.2 | 2.9 | 2.0 | 1.9 | 2.4 |
| US GDP<sup>1</sup><br>| 2.1 | (0.3) | (0.4) | 1.8 | 2.2 |
| US unemployment<sup>4</sup><br>| 4.2 | 5.1 | 6.2 | 6.1 | 5.1 |
| US HPI<sup>5</sup><br>| 3.2 | (3.3) | 0.1 | 4.9 | 5.1 |
| US federal funds rate<sup>6</sup><br>| 4.2 | 3.6 | 2.8 | 2.4 | 2.4 |
| **Upside 2**<br>|  |  |  |  |  |
| UK GDP<sup>1</sup><br>| 1.5 | 2.7 | 3.7 | 2.9 | 2.4 |
| UK unemployment<sup>2</sup><br>| 4.7 | 4.3 | 4.0 | 3.9 | 3.8 |
| UK HPI<sup>3</sup><br>| 1.5 | 11.9 | 8.4 | 5.1 | 4.1 |
| UK bank rate<sup>6</sup><br>| 4.2 | 3.1 | 2.3 | 2.3 | 2.6 |
| US GDP<sup>1</sup><br>| 2.1 | 2.8 | 3.1 | 2.8 | 2.8 |
| US unemployment<sup>4</sup><br>| 4.2 | 3.9 | 3.7 | 3.7 | 3.7 |
| US HPI<sup>5</sup><br>| 3.2 | 6.2 | 4.7 | 4.8 | 4.9 |
| US federal funds rate<sup>6</sup><br>| 4.2 | 3.0 | 2.5 | 2.5 | 2.5 |
| **Upside 1**<br>|  |  |  |  |  |
| UK GDP<sup>1</sup><br>| 1.5 | 1.9 | 2.6 | 2.2 | 1.9 |
| UK unemployment<sup>2</sup><br>| 4.7 | 4.6 | 4.4 | 4.4 | 4.3 |
| UK HPI<sup>3</sup><br>| 1.5 | 7.4 | 5.4 | 4.7 | 3.9 |
| UK bank rate<sup>6</sup><br>| 4.2 | 3.2 | 2.8 | 2.8 | 3.1 |
| US GDP<sup>1</sup><br>| 2.1 | 2.4 | 2.6 | 2.4 | 2.4 |
| US unemployment<sup>4</sup><br>| 4.2 | 4.2 | 4.1 | 4.1 | 4.1 |
| US HPI<sup>5</sup><br>| 3.2 | 4.0 | 3.3 | 3.7 | 3.7 |
| US federal funds rate<sup>6</sup><br>| 4.2 | 3.3 | 2.8 | 2.8 | 3.0 |

---

---

| | |
|:---|:---|
| *1* | *Average Real GDP seasonally adjusted change in year.* |
| *2* | *Average UK unemployment rate 16-year+.* |
| *3* | *Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index.* |
| *4* | *Average US civilian unemployment rate 16-year+.* |
| *5* | *Change in year end US HPI = FHFA House Price Index, relative to prior year end.* |
| *6* | *Average rate.* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As at 31.12.24**<br>| **2024**<br>| **2025**<br>| **2026**<br>| **2027**<br>| **2028**<br>|
| **Baseline** | % | % | % | % | % |
| UK GDP<sup>1</sup><br>| 1.0<br>| 1.4<br>| 1.5<br>| 1.6<br>| 1.5<br>|
| UK unemployment<sup>2</sup><br>| 4.3 | 4.4 | 4.5 | 4.4 | 4.4 |
| UK HPI<sup>3</sup><br>| 2.8 | 3.3 | 1.6 | 4.5 | 3.0 |
| UK bank rate<sup>6</sup><br>| 5.1 | 4.3 | 4.0 | 4.0 | 3.8 |
| US GDP<sup>1</sup><br>| 2.7 | 2.0 | 2.0 | 2.0 | 2.0 |
| US unemployment<sup>4</sup><br>| 4.1 | 4.3 | 4.2 | 4.2 | 4.2 |
| US HPI<sup>5</sup><br>| 6.5 | 2.6 | 2.7 | 3.0 | 3.0 |
| US federal funds rate<sup>6</sup><br>| 5.1 | 4.1 | 4.0 | 3.8 | 3.8 |
| **Downside 2** |  |  |  |  |  |
| UK GDP<sup>1</sup><br>| 1.0<br>| (2.3)<br>| (1.3)<br>| 2.6<br>| 2.3<br>|
| UK unemployment<sup>2</sup><br>| 4.3<br>| 6.2<br>| 8.1<br>| 6.6<br>| 5.5<br>|
| UK HPI<sup>3</sup><br>| 2.8<br>| (24.8)<br>| (5.2)<br>| 10.0<br>| 14.6<br>|
| UK bank rate<sup>6</sup><br>| 5.1<br>| 3.5<br>| 1.7<br>| 0.6<br>| 1.1<br>|
| US GDP<sup>1</sup><br>| 2.7<br>| (1.3)<br>| (1.3)<br>| 3.3<br>| 2.9<br>|
| US unemployment<sup>4</sup><br>| 4.1<br>| 5.8<br>| 7.2<br>| 6.2<br>| 5.5<br>|
| US HPI<sup>5</sup><br>| 6.5<br>| (8.0)<br>| (0.7)<br>| 5.2<br>| 4.0<br>|
| US federal funds rate<sup>6</sup><br>| 5.1<br>| 2.5<br>| 0.6<br>| 0.8<br>| 1.5<br>|
| **Downside 1** |  |  |  |  |  |
| UK GDP<sup>1</sup><br>| 1.0<br>| (0.5)<br>| 0.1<br>| 2.1<br>| 1.9<br>|
| UK unemployment<sup>2</sup><br>| 4.3<br>| 5.3<br>| 6.3<br>| 5.5<br>| 5.0<br>|
| UK HPI<sup>3</sup><br>| 2.8<br>| (11.6)<br>| (1.8)<br>| 7.2<br>| 8.7<br>|
| UK bank rate<sup>6</sup><br>| 5.1<br>| 3.9<br>| 2.9<br>| 2.3<br>| 2.4<br>|
| US GDP<sup>1</sup><br>| 2.7<br>| 0.3<br>| 0.4<br>| 2.7<br>| 2.4<br>|
| US unemployment<sup>4</sup><br>| 4.1<br>| 5.1<br>| 5.7<br>| 5.2<br>| 4.9<br>|
| US HPI<sup>5</sup><br>| 6.5<br>| (2.7)<br>| 1.0<br>| 4.1<br>| 3.5<br>|
| US federal funds rate<sup>6</sup><br>| 5.1<br>| 3.4<br>| 2.3<br>| 2.3<br>| 2.7<br>|
| **Upside 2** |  |  |  |  |  |
| UK GDP<sup>1</sup><br>| 1.0<br>| 3.0<br>| 3.7<br>| 2.9<br>| 2.4<br>|
| UK unemployment<sup>2</sup><br>| 4.3<br>| 3.8<br>| 3.4<br>| 3.5<br>| 3.5<br>|
| UK HPI<sup>3</sup><br>| 2.8<br>| 11.9<br>| 8.4<br>| 5.1<br>| 4.1<br>|
| UK bank rate<sup>6</sup><br>| 5.1<br>| 3.9<br>| 2.9<br>| 2.8<br>| 2.8<br>|
| US GDP<sup>1</sup><br>| 2.7<br>| 2.8<br>| 3.1<br>| 2.8<br>| 2.8<br>|
| US unemployment<sup>4</sup><br>| 4.1<br>| 3.8<br>| 3.5<br>| 3.5<br>| 3.5<br>|
| US HPI<sup>5</sup><br>| 6.5<br>| 6.2<br>| 4.7<br>| 4.8<br>| 4.9<br>|
| US federal funds rate<sup>6</sup><br>| 5.1<br>| 3.7<br>| 3.3<br>| 3.1<br>| 2.8<br>|
| **Upside 1** |  |  |  |  |  |
| UK GDP<sup>1</sup><br>| 1.0<br>| 2.2<br>| 2.6<br>| 2.2<br>| 2.0<br>|
| UK unemployment<sup>2</sup><br>| 4.3<br>| 4.1<br>| 4.0<br>| 4.0<br>| 4.0<br>|
| UK HPI<sup>3</sup><br>| 2.8<br>| 7.6<br>| 4.9<br>| 4.8<br>| 3.5<br>|
| UK bank rate<sup>6</sup><br>| 5.1<br>| 4.1<br>| 3.5<br>| 3.4<br>| 3.3<br>|
| US GDP<sup>1</sup><br>| 2.7<br>| 2.4<br>| 2.6<br>| 2.4<br>| 2.4<br>|
| US unemployment<sup>4</sup><br>| 4.1<br>| 4.0<br>| 3.9<br>| 3.9<br>| 3.9<br>|
| US HPI<sup>5</sup><br>| 6.5<br>| 4.4<br>| 3.7<br>| 3.9<br>| 3.9<br>|
| US federal funds rate<sup>6</sup><br>| 5.1<br>| 4.0<br>| 3.8<br>| 3.6<br>| 3.3<br>|

---

---

| | |
|:---|:---|
| *1* | *Average Real GDP seasonally adjusted change in year.* |
| *2* | *Average UK unemployment rate 16-year+.* |
| *3* | *Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to prior year end.* |
| *4* | *Average US civilian unemployment rate 16-year+.* |
| *5* | *Change in year end US HPI = FHFA House Price Index, relative to prior year end.* |
| *6* | *Average rate.* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Scenario weighting**<br>| **Upside 2**<br>| **Upside 1**<br>| **Baseline**<br>| **Downside 1**<br>| **Downside 2**<br>|
|  | % | % | % | % | % |
| **As at 31.12.25**<br>|  |  |  |  |  |
| Scenario weighting<br>| **14.4** | **27.4** | **38.5** | **12.7** | **7.0** |
| **As at 31.12.24**<br>|  |  |  |  |  |
| Scenario weighting<br>| 17.4<br>| 26.8<br>| 32.5<br>| 14.7<br>| 8.6<br>|

---

Specific bases show the most extreme position of each variable in the context of the downside/upside scenarios, for example, the highest unemployment for downside scenarios, average unemployment for baseline scenarios and lowest unemployment for upside scenarios. GDP and HPI downside and upside scenario data represent the lowest and highest cumulative position relative to the start point in the 20 quarter period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Macroeconomic variables (specific bases)<sup>1</sup>** | **Macroeconomic variables (specific bases)<sup>1</sup>** | **Macroeconomic variables (specific bases)<sup>1</sup>** | **Macroeconomic variables (specific bases)<sup>1</sup>** | **Macroeconomic variables (specific bases)<sup>1</sup>** | **Macroeconomic variables (specific bases)<sup>1</sup>** |
|  | **Upside 2**<br>| **Upside 1**<br>| **Baseline**<br>| **Downside 1**<br>| **Downside 2**<br>|
| **As at 31.12.25** | % | % | % | % | % |
| UK GDP<sup>2</sup><br>| 14.5<br>| 10.8<br>| 1.4<br>| (0.3)<br>| (3.5)<br>|
| UK unemployment<sup>3</sup><br>| 3.8 | 4.3 | 4.8 | 6.5 | 8.1 |
| UK HPI<sup>4</sup><br>| 34.6 | 24.9 | 3.0 | (12.6) | (28.0) |
| UK bank rate<sup>3</sup><br>| 2.3 | 2.8 | 3.6 | 4.6 | 4.6 |
| US GDP<sup>2</sup><br>| 14.6 | 12.4 | 2.0 | (0.2) | (4.6) |
| US unemployment<sup>3</sup><br>| 3.7 | 4.1 | 4.4 | 6.6 | 8.8 |
| US HPI<sup>4</sup><br>| 26.2 | 19.3 | 2.4 | (1.5) | (8.1) |
| US federal funds rate<sup>3</sup><br>| 2.5 | 2.8 | 3.5 | 4.3 | 4.3 |
| **As at 31.12.24** | % | % | % | % | % |
| UK GDP<sup>2</sup><br>| 15.0<br>| 11.6<br>| 1.4<br>| 0.2<br>| (2.9)<br>|
| UK unemployment<sup>3</sup><br>| 3.4<br>| 3.9<br>| 4.4<br>| 6.5<br>| 8.4<br>|
| UK HPI<sup>4</sup><br>| 36.3<br>| 25.9<br>| 3.0<br>| (11.3)<br>| (26.8)<br>|
| UK bank rate<sup>3</sup><br>| 2.8<br>| 3.3<br>| 4.2<br>| 5.3<br>| 5.3<br>|
| US GDP<sup>2</sup><br>| 14.9<br>| 12.8<br>| 2.2<br>| 0.4<br>| (2.1)<br>|
| US unemployment<sup>3</sup><br>| 3.5<br>| 3.8<br>| 4.2<br>| 5.9<br>| 7.5<br>|
| US HPI<sup>4</sup><br>| 30.1<br>| 24.4<br>| 3.5<br>| 1.1<br>| (4.0)<br>|
| US federal funds rate<sup>3</sup><br>| 2.8<br>| 3.3<br>| 4.2<br>| 5.3<br>| 5.3<br>|

---

---

| | |
|:---|:---|
| *1* | *UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses, All Buyers Index; UK HPI (31.12.25) = Halifax HPI Meth2 All Houses, All Buyers index; US GDP = Real GDP growth seasonally adjusted; US unemployment = US civilian unemployment rate 16-year+; US HPI = FHFA House Price Index. 20 quarter period starts from Q125 (2024: Q124).* |
| *2* | *Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in Upside scenarios; 5-year yearly average CAGR in Baseline; minimum growth relative to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.* |
| *3* | *Lowest quarter in 20 quarter period in Upside scenarios; 5-year average in Baseline; highest quarter 20 quarter period in Downside scenarios.* |
| *4* | *Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in Upside scenarios; 5-year quarter end CAGR in Baseline; minimum growth relative to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.* |

---

Average basis represents the average quarterly value of variables in the 20 quarter period with GDP and HPI based on yearly average and quarterly CAGRs respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Macroeconomic variables (5-year averages)<sup>1</sup>** | **Macroeconomic variables (5-year averages)<sup>1</sup>** | **Macroeconomic variables (5-year averages)<sup>1</sup>** | **Macroeconomic variables (5-year averages)<sup>1</sup>** | **Macroeconomic variables (5-year averages)<sup>1</sup>** | **Macroeconomic variables (5-year averages)<sup>1</sup>** |
|  | **Upside 2**<br>| **Upside 1**<br>| **Baseline**<br>| **Downside 1**<br>| **Downside 2**<br>|
| **As at 31.12.25** | % | % | % | % | % |
| UK GDP<sup>2</sup><br>| 2.7<br>| 2.0<br>| 1.4<br>| 0.9<br>| 0.3<br>|
| UK unemployment<sup>3</sup><br>| 4.1 | 4.5 | 4.8 | 5.5 | 6.2 |
| UK HPI<sup>4</sup><br>| 6.1 | 4.5 | 3.0 | 0.6 | (2.0) |
| UK bank rate<sup>3</sup><br>| 2.9 | 3.2 | 3.6 | 2.7 | 1.7 |
| US GDP<sup>2</sup><br>| 2.7 | 2.4 | 2.0 | 1.1 | 0.1 |
| US unemployment<sup>3</sup><br>| 3.9 | 4.1 | 4.4 | 5.4 | 6.3 |
| US HPI<sup>4</sup><br>| 4.8 | 3.6 | 2.4 | 1.9 | 1.5 |
| US federal funds rate<sup>3</sup><br>| 2.9 | 3.2 | 3.5 | 3.1 | 2.5 |
| **As at 31.12.24** | % | % | % | % | % |
| UK GDP<sup>2</sup><br>| 2.6<br>| 2.0<br>| 1.4<br>| 0.9<br>| 0.5<br>|
| UK unemployment<sup>3</sup><br>| 3.7<br>| 4.0<br>| 4.4<br>| 5.3<br>| 6.1<br>|
| UK HPI<sup>4</sup><br>| 6.4<br>| 4.7<br>| 3.0<br>| 0.8<br>| (1.6)<br>|
| UK bank rate<sup>3</sup><br>| 3.5<br>| 3.9<br>| 4.2<br>| 3.3<br>| 2.4<br>|
| US GDP<sup>2</sup><br>| 2.9<br>| 2.5<br>| 2.2<br>| 1.7<br>| 1.2<br>|
| US unemployment<sup>3</sup><br>| 3.7<br>| 3.9<br>| 4.2<br>| 5.0<br>| 5.8<br>|
| US HPI<sup>4</sup><br>| 5.4<br>| 4.5<br>| 3.5<br>| 2.4<br>| 1.2<br>|
| US federal funds rate<sup>3</sup> | 3.6 | 4.0 | 4.2 | 3.2 | 2.1 |

---

---

| | |
|:---|:---|
| *1* | *UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses, All Buyers Index; UK HPI (31.12.25) = Halifax HPI Meth2 All Houses, All Buyers index; US GDP = Real GDP growth seasonally adjusted; US unemployment = US civilian unemployment rate 16-year+; US HPI = FHFA House Price Index. 20 quarter period starts from Q125 (2024: Q124).* |
| *2* | *5-year yearly average CAGR, starting 2024 (2024: 2023).* |
| *3* | *5-year average. Period based on 20 quarters from Q125 (2024: Q124).* |
| *4* | *5-year quarter end CAGR, starting Q424 (2024: Q423).* |

---

 **ECL sensitivity analysis**

The table below shows the modelled ECL assuming each of the five modelled scenarios are 100% weighted with the dispersion of results around the Baseline, highlighting the impact on exposure and ECL across the scenarios.

Model exposure uses exposure at default (EAD) values and is not directly comparable to gross exposure used in other disclosures.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Scenarios** | **Scenarios** | **Scenarios** | **Scenarios** | **Scenarios** | **Scenarios** |
| <br> **As at 31.12.25** | **Weighted<sup>1</sup>** | **Upside 2** | **Upside 1** | **Baseline** | **Downside 1** | **Downside 2** |
| **Stage 1 Model Exposure (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 149004<br>| 151314<br>| 150144<br>| 148760<br>| 146786<br>| 144360<br>|
| Retail credit cards<sup>2</sup><br>| 61320<br>| 61096<br>| 61204<br>| 61325<br>| 61569<br>| 61724<br>|
| Retail other<br>| 6260<br>| 6378<br>| 6326<br>| 6268<br>| 6106<br>| 5927<br>|
| Corporate loans<sup>2</sup><br>| 220292<br>| 222057<br>| 221337<br>| 220646<br>| 218634<br>| 213827<br>|
| **Stage 1 Model ECL (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 3<br>| 1<br>| 2<br>| 2<br>| 6<br>| 13<br>|
| Retail credit cards<sup>2</sup><br>| 561<br>| 523<br>| 541<br>| 561<br>| 599<br>| 637<br>|
| Retail other<br>| 32<br>| 30<br>| 31<br>| 31<br>| 35<br>| 38<br>|
| Corporate loans<sup>2</sup><br>| 231<br>| 201<br>| 212<br>| 221<br>| 274<br>| 329<br>|
| **Stage 1 Coverage (%)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>|
| Retail credit cards<br>| 0.9<br>| 0.9<br>| 0.9<br>| 0.9<br>| 1.0<br>| 1.0<br>|
| Retail other<br>| 0.5<br>| 0.5<br>| 0.5<br>| 0.5<br>| 0.6<br>| 0.6<br>|
| Corporate loans<br>| 0.1<br>| 0.1<br>| 0.1<br>| 0.1<br>| 0.1<br>| 0.2<br>|
| **Stage 2 Model Exposure (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 13586<br>| 11276<br>| 12446<br>| 13830<br>| 15804<br>| 18230<br>|
| Retail credit cards<sup>2</sup><br>| 5307<br>| 5133<br>| 5224<br>| 5301<br>| 5478<br>| 5759<br>|
| Retail other<br>| 1164<br>| 1046<br>| 1098<br>| 1156<br>| 1318<br>| 1497<br>|
| Corporate loans<sup>2</sup><br>| 18172<br>| 16264<br>| 17037<br>| 17836<br>| 19979<br>| 24927<br>|
| **Stage 2 Model ECL (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 16<br>| 6<br>| 8<br>| 11<br>| 33<br>| 79<br>|
| Retail credit cards<sup>2</sup><br>| 1183<br>| 1099<br>| 1138<br>| 1175<br>| 1277<br>| 1415<br>|
| Retail other<br>| 81<br>| 67<br>| 72<br>| 77<br>| 102<br>| 134<br>|
| Corporate loans<sup>2</sup><br>| 477<br>| 383<br>| 415<br>| 454<br>| 604<br>| 879<br>|
| **Stage 2 Coverage (%)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 0.1<br>| 0.1<br>| 0.1<br>| 0.1<br>| 0.2<br>| 0.4<br>|
| Retail credit cards<br>| 22.3<br>| 21.4<br>| 21.8<br>| 22.2<br>| 23.3<br>| 24.6<br>|
| Retail other<br>| 7.0<br>| 6.4<br>| 6.6<br>| 6.7<br>| 7.7<br>| 9.0<br>|
| Corporate loans<br>| 2.6<br>| 2.4<br>| 2.4<br>| 2.5<br>| 3.0<br>| 3.5<br>|
| **Stage 3 Model Exposure (£m)<sup>3</sup>**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 1621<br>| 1621<br>| 1621<br>| 1621<br>| 1621<br>| 1621<br>|
| Retail credit cards<sup>2</sup><br>| 2158<br>| 2158<br>| 2158<br>| 2158<br>| 2158<br>| 2158<br>|
| Retail other<br>| 128<br>| 128<br>| 128<br>| 128<br>| 128<br>| 128<br>|
| Corporate loans<sup>2</sup><br>| 3650<br>| 3650<br>| 3650<br>| 3650<br>| 3650<br>| 3650<br>|
| **Stage 3 Model ECL (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 43<br>| 32<br>| 35<br>| 38<br>| 59<br>| 98<br>|
| Retail credit cards<sup>2</sup><br>| 1592<br>| 1548<br>| 1573<br>| 1596<br>| 1632<br>| 1663<br>|
| Retail other<br>| 79<br>| 76<br>| 77<br>| 77<br>| 80<br>| 87<br>|
| Corporate loans<sup>2,4</sup><br>| 60<br>| 57<br>| 57<br>| 59<br>| 64<br>| 71<br>|
| **Stage 3 Coverage (%)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 2.7<br>| 2.0<br>| 2.2<br>| 2.3<br>| 3.6<br>| 6.0<br>|
| Retail credit cards<br>| 73.8<br>| 71.7<br>| 72.9<br>| 74.0<br>| 75.6<br>| 77.1<br>|
| Retail other<br>| 61.7<br>| 59.4<br>| 60.2<br>| 60.2<br>| 62.5<br>| 68.0<br>|
| Corporate loans<sup>4</sup><br>| 1.6<br>| 1.6<br>| 1.6<br>| 1.6<br>| 1.8<br>| 1.9<br>|
| **Total Model ECL (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 62<br>| 39<br>| 45<br>| 51<br>| 98<br>| 190<br>|
| Retail credit cards<sup>2</sup><br>| 3336<br>| 3170<br>| 3252<br>| 3332<br>| 3508<br>| 3715<br>|
| Retail other<br>| 192<br>| 173<br>| 180<br>| 185<br>| 217<br>| 259<br>|
| Corporate loans<sup>2,4</sup><br>| 768<br>| 641<br>| 684<br>| 734<br>| 942<br>| 1279<br>|
| **Total Model ECL**<br>| **4358**<br>| **4023**<br>| **4161**<br>| **4302**<br>| **4765**<br>| **5443**<br>|

---

---

| | |
|:---|:---|
| **Reconciliation to total ECL** | **£m** |
| Total weighted model ECL<br>| 4358<br>|
| ECL from individually assessed exposures<sup>4</sup><br>| 672<br>|
| ECL from benchmarked exposures and others<sup>5</sup><br>| 542<br>|
| ECL from debt securities at amortised cost<br>| 22<br>|
| ECL from held for sale assets (co-branded card portfolio)<br>| (235)<br>|
| ECL from post model management adjustments<br>| 368<br>|
| &nbsp;&nbsp;&nbsp; *Of which: ECL from economic uncertainty adjustments*<br>| 114<br>|
| **Total ECL**<br>| 5727<br>|

---

---

| | |
|:---|:---|
| *1* | *Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach as required for Barclays reported impairment allowances. As a result, it is not possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to a different stage dependent on the scenario.* |
| *2* | *Model exposure and ECL reported within Retail credit cards and Corporate loans continue to include a co-branded card portfolio in USCB, classified as assets held for sale.* |
| *3* | *Model exposures allocated to Stage 3 do not change in any of the scenarios as the transition criteria relies only on observable evidence of default as at 31 December 2025 and not on the macroeconomic scenario.* |
| *4* | *Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of £672m is reported as an individually assessed impairment in the reconciliation table.* |
| *5* | *ECL from benchmarked exposures and others includes ECL on Tesco Bank of £400m calculated using a benchmarked approach based on UK cards and UK retail loans. The sensitivity of these exposures would materially reflect the sensitivity of the benchmarked model.* |

---

The use of five scenarios with associated weightings results in a total weighted ECL uplift from the Baseline ECL of 1.3%.

 **Retail mortgages:** Total weighted ECL of £62m represents a 21.6% increase over the Baseline ECL (£51m). Total ECL increases to £190m under the Downside 2 scenario, driven by a fall in UK HPI.

 **Retail credit cards:** Total weighted ECL of £3,336m is broadly aligned to the Baseline ECL (£3,332m). Total ECL increases to £3,715m under the Downside 2 scenario, driven by an increase in UK and US unemployment rate.

 **Retail other:** Total weighted ECL of £192m represents a 3.8% increase over the Baseline ECL (£185m). Total ECL increases to £259m under the Downside 2 scenario, largely driven by an increase in UK unemployment rate.

 **Corporate loans:** Total weighted ECL of £768m represents a 4.6% increase over the Baseline ECL (£734m). Total ECL increases to £1,279m under the Downside 2 scenario, driven by a decrease in UK and US GDP.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Scenarios<sup>1</sup>** | **Scenarios<sup>1</sup>** | **Scenarios<sup>1</sup>** | **Scenarios<sup>1</sup>** | **Scenarios<sup>1</sup>** | **Scenarios<sup>1</sup>** |
| <br> **As at 31.12.24** | **Weighted<sup>2</sup>** | **Upside 2** | **Upside 1** | **Baseline** | **Downside 1** | **Downside 2** |
| **Stage 1 Model Exposure (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 139086<br>| 140828<br>| 140079<br>| 139188<br>| 136671<br>| 134861<br>|
| Retail credit cards<br>| 63937<br>| 63821<br>| 63859<br>| 63894<br>| 63980<br>| 63975<br>|
| Retail other<br>| 7952<br>| 8074<br>| 8025<br>| 7968<br>| 7804<br>| 7614<br>|
| Corporate loans<br>| 213905<br>| 216064<br>| 215215<br>| 214293<br>| 212007<br>| 207062<br>|
| **Stage 1 Model ECL (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 1<br>| —<br>| 1<br>| 1<br>| 3<br>| 6<br>|
| Retail credit cards<br>| 535<br>| 512<br>| 523<br>| 534<br>| 560<br>| 586<br>|
| Retail other<br>| 34<br>| 32<br>| 32<br>| 33<br>| 36<br>| 40<br>|
| Corporate loans<br>| 270<br>| 235<br>| 247<br>| 258<br>| 311<br>| 363<br>|
| **Stage 1 Coverage (%)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>|
| Retail credit cards<br>| 0.8<br>| 0.8<br>| 0.8<br>| 0.8<br>| 0.9<br>| 0.9<br>|
| Retail other<br>| 0.4<br>| 0.4<br>| 0.4<br>| 0.4<br>| 0.5<br>| 0.5<br>|
| Corporate loans<br>| 0.1<br>| 0.1<br>| 0.1<br>| 0.1<br>| 0.1<br>| 0.2<br>|
| **Stage 2 Model Exposure (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 20401<br>| 18178<br>| 19072<br>| 20134<br>| 23359<br>| 26339<br>|
| Retail credit cards<br>| 6904<br>| 6747<br>| 6817<br>| 6889<br>| 7052<br>| 7310<br>|
| Retail other<br>| 1232<br>| 1110<br>| 1159<br>| 1215<br>| 1380<br>| 1570<br>|
| Corporate loans<br>| 21197<br>| 18889<br>| 19793<br>| 20827<br>| 23238<br>| 28340<br>|
| **Stage 2 Model ECL (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 4<br>| 1<br>| 2<br>| 3<br>| 8<br>| 16<br>|
| Retail credit cards<br>| 1473<br>| 1387<br>| 1422<br>| 1459<br>| 1567<br>| 1714<br>|
| Retail other<br>| 81<br>| 68<br>| 72<br>| 77<br>| 101<br>| 134<br>|
| Corporate loans<br>| 532<br>| 424<br>| 461<br>| 505<br>| 655<br>| 932<br>|
| **Stage 2 Coverage (%)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 0.1<br>|
| Retail credit cards<br>| 21.3<br>| 20.6<br>| 20.9<br>| 21.2<br>| 22.2<br>| 23.4<br>|
| Retail other<br>| 6.6<br>| 6.1<br>| 6.2<br>| 6.3<br>| 7.3<br>| 8.5<br>|
| Corporate loans<br>| 2.5<br>| 2.2<br>| 2.3<br>| 2.4<br>| 2.8<br>| 3.3<br>|
| **Stage 3 Model Exposure (£m)<sup>3</sup>** |  |  |  |  |  |  |
| Retail mortgages<br>| 1062<br>| 1062<br>| 1062<br>| 1062<br>| 1062<br>| 1062<br>|
| Retail credit cards<br>| 2197<br>| 2197<br>| 2197<br>| 2197<br>| 2197<br>| 2197<br>|
| Retail other<br>| 158<br>| 158<br>| 158<br>| 158<br>| 158<br>| 158<br>|
| Corporate loans<br>| 4051<br>| 4051<br>| 4051<br>| 4051<br>| 4051<br>| 4051<br>|
| **Stage 3 Model ECL (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 19<br>| 12<br>| 14<br>| 17<br>| 29<br>| 41<br>|
| Retail credit cards<br>| 1625<br>| 1585<br>| 1606<br>| 1627<br>| 1663<br>| 1695<br>|
| Retail other<br>| 92<br>| 90<br>| 91<br>| 92<br>| 95<br>| 97<br>|
| Corporate loans<sup>4</sup><br>| 71<br>| 66<br>| 67<br>| 69<br>| 79<br>| 89<br>|
| **Stage 3 Coverage (%)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 1.8<br>| 1.1<br>| 1.3<br>| 1.6<br>| 2.7<br>| 3.9<br>|
| Retail credit cards<br>| 74.0<br>| 72.1<br>| 73.1<br>| 74.1<br>| 75.7<br>| 77.2<br>|
| Retail other<br>| 58.2<br>| 57.0<br>| 57.6<br>| 58.2<br>| 60.1<br>| 61.4<br>|
| Corporate loans<sup>4</sup><br>| 1.8<br>| 1.6<br>| 1.7<br>| 1.7<br>| 2.0<br>| 2.2<br>|
| **Total Model ECL (£m)**<br>|  |  |  |  |  |  |
| Retail mortgages<br>| 24<br>| 13<br>| 17<br>| 21<br>| 40<br>| 63<br>|
| Retail credit cards<br>| 3633<br>| 3484<br>| 3551<br>| 3620<br>| 3790<br>| 3995<br>|
| Retail other<br>| 207<br>| 190<br>| 195<br>| 202<br>| 232<br>| 271<br>|
| Corporate loans<sup>4</sup><br>| 873<br>| 725<br>| 775<br>| 832<br>| 1045<br>| 1384<br>|
| **Total Model ECL**<br>| **4737**<br>| **4412**<br>| **4538**<br>| **4675**<br>| **5107**<br>| **5713**<br>|

---

---

| | |
|:---|:---|
| **Reconciliation to total ECL** | **£m** |
| Total weighted model ECL<br>| 4737<br>|
| ECL from individually assessed exposures<sup>4</sup><br>| 461<br>|
| ECL from benchmarked exposures and others<sup>5</sup><br>| 358<br>|
| ECL from debt securities at amortised cost<br>| 23<br>|
| ECL from held for sale assets (co-branded card portfolio)<br>| (282)<br>|
| ECL from post model management adjustments<br>| 235<br>|
| &nbsp;&nbsp;&nbsp; *Of which: ECL from economic uncertainty adjustments*<br>| *78*<br>|
| **Total ECL**<br>| **5532**<br>|

---

---

| | |
|:---|:---|
| *1* | *Model exposure and ECL reported within Retail credit cards and Retail Other excludes the German consumer finance business, sale of which completed after the balance sheet date. Model exposure and ECL reported within Retail credit cards and Corporate loans continue to include a co-branded card portfolio, as its sale is expected to close in 2026.* |
| *2* | *Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach as required for Barclays reported impairment allowances. As a result, it is not possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to a different stage dependent on the scenario.* |
| *3* | *Model exposures allocated to Stage 3 do not change in any of the scenarios as the transition criteria relies only on observable evidence of default as at 31 December 2024 and not on the macroeconomic scenario.* |
| *4* | *Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of £461m is reported as an individually assessed impairment in the reconciliation table.* |
| *5* | *ECL from benchmarked exposures and others includes ECL on Tesco Bank of £209m calculated using a benchmarked approach based on UK cards and UK retail loans. The sensitivity of these exposures would materially reflect the sensitivity of the benchmarked model.* |

---

 **Analysis of specific portfolios and asset types**

 **Secured home loans**

The UK home loan portfolio primarily comprises first lien mortgages and accounts for 97% (December 2024: 97%) of the Group's total home loans balance.

---

| | | |
|:---|:---|:---|
| | **Barclays UK** | **Barclays UK** |
| <br> **Home loans principal portfolios**<br>| **As at 31.12.25** | **As at 31.12.24** |
| Gross loans and advances (£m)<br>| 172415<br>| 163197<br>|
| 90 day arrears rate, excluding recovery book (%)<br>| 0.1<br>| 0.2<br>|
| Annualised gross charge-off rates - 180 days past due (%)<br>| 0.5<br>| 0.5<br>|
| Recovery book proportion of outstanding balances (%)<br>| 0.6<br>| 0.6<br>|
| Recovery book impairment coverage ratio (%)<sup>1</sup><br>| 4.3<br>| 3.7<br>|
| **Average marked to market LTV**<br>|  |  |
| Balance weighted %<br>| 55.2<br>| 53.0<br>|
| Valuation weighted %<br>| 41.5<br>| 39.7<br>|
| **New lending**<br>| **Year ended 31.12.25** | **Year ended 31.12.24** |
| New home loan bookings (£m)<br>| 34326<br>| 23895<br>|
| New home loan proportion > 90% LTV (%)<br>| 2.8<br>| 0.9<br>|
| Average LTV on new home loans: balance weighted (%)<br>| 69.6<br>| 65.5<br>|
| Average LTV on new home loans: valuation weighted (%)<br>| 61.1<br>| 56.3<br>|

---

 *1* *Recovery Book Impairment Coverage Ratio excludes Kensington Mortgages Company.*

 **Home loans principal portfolios – distribution of balances by LTV<sup>1</sup>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution of balances** | **Distribution of balances** | **Distribution of balances** | **Distribution of balances** | **Distribution of impairment allowance** | **Distribution of impairment allowance** | **Distribution of impairment allowance** | **Distribution of impairment allowance** | **Coverage ratio** | **Coverage ratio** | **Coverage ratio** | **Coverage ratio** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Barclays UK**<br>| % | % | % | % | % | % | % | % | % | % | % | % |
| **As at 31.12.25**<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| <=75%<br>| 73.4<br>| 6.9<br>| 0.9<br>| 81.2<br>| 3.3<br>| 14.1<br>| 49.9<br>| 67.3<br>| —<br>| 0.1<br>| 2.5<br>| —<br>|
| >75% and <=90%<br>| 16.0<br>| 1.0<br>| 0.1<br>| 17.1<br>| 4.3<br>| 6.3<br>| 11.7<br>| 22.3<br>| —<br>| 0.3<br>| 7.3<br>| 0.1<br>|
| >90% and <=100%<br>| 1.7<br>| —<br>| —<br>| 1.7<br>| 0.8<br>| 0.5<br>| 5.4<br>| 6.7<br>| —<br>| 0.7<br>| 22.7<br>| 0.2<br>|
| >100%<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 0.1<br>| 3.6<br>| 3.7<br>| —<br>| 2.9<br>| 31.3<br>| 5.9<br>|
| **As at 31.12.24**<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| <=75%<br>| 74.5<br>| 10.7<br>| 0.9<br>| 86.1<br>| 8.3<br>| 15.8<br>| 18.7<br>| 42.8<br>| —<br>| 0.1<br>| 1.8<br>| —<br>|
| >75% and <=90%<br>| 11.8<br>| 1.2<br>| 0.1<br>| 13.1<br>| 10.2<br>| 24.2<br>| 9.7<br>| 44.1<br>| 0.1<br>| 1.7<br>| 13.0<br>| 0.3<br>|
| >90% and <=100%<br>| 0.8<br>| —<br>| —<br>| 0.8<br>| 1.3<br>| 2.3<br>| 4.0<br>| 7.6<br>| 0.1<br>| 4.9<br>| 35.8<br>| 0.8<br>|
| >100%<br>| —<br>| —<br>| —<br>| —<br>| 0.2<br>| 1.4<br>| 3.9<br>| 5.5<br>| 1.6<br>| 45.9<br>| 68.7<br>| 24.8<br>|

---

 *1* *Portfolio marked to market based on the most updated valuation including recovery book balances. Updated valuations reflect the application of the latest HPI available as at 31 December 2025.*

 **New home loans bookings** increased 44% to £34.3bn, in line with business strategy and a larger mortgage market.

 **Retail credit cards and Retail other**

The principal portfolios listed below accounted for 91% (December 2024: 91%) of the Group's total retail credit cards and retail other.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal portfolios**<br>**As at 31.12.25** | **Gross exposure**<br>**£m** | **30 day arrears**<br> **rate, excluding**<br> **recovery book %**<br> | **90 day arrears**<br> **rate, excluding**<br> **recovery book %**<br> | **Annualised**<br> **gross write-off**<br> **rate %**<br> | **Annualised net**<br> **write-off rate %**<br> |
| **Barclays UK**<br>|  |  |  |  |  |
| UK cards<sup>1</sup><br>| 17169 | 0.8 | 0.2 | 1.0 | 0.8 |
| UK personal loans<sup>1</sup><br>| 8515 | 1.1 | 0.5 | 0.7 | 0.6 |
| Barclays Partner Finance<br>| 1210 | 0.7 | 0.3 | 1.2 | 1.2 |
| **Barclays US Consumer Bank**<br>|  |  |  |  |  |
| US cards<sup>2</sup><br>| 29100 | 3.0 | 1.6 | 3.4 | 3.2 |
| **As at 31.12.24** |  |  |  |  |  |
| **Barclays UK**<br>|  |  |  |  |  |
| UK cards<sup>1</sup><br>| 15781 | 0.7 | 0.2 | 1.1 | 0.9 |
| UK personal loans<sup>1</sup><br>| 8051 | 1.0 | 0.4 | 0.7 | 0.5 |
| Barclays Partner Finance<br>| 1609 | 0.6 | 0.3 | 1.0 | 1.0 |
| **Barclays US Consumer Bank**<br>|  |  |  |  |  |
| US cards<sup>2</sup><br>| 28548 | 3.0 | 1.6 | 3.8 | 3.7 |

---

---

| | |
|:---|:---|
| *1* | *Includes Tesco Bank. Tesco Bank arrears rates are calculated using POCI balances adjusted to fair value.* |
| *2* | *Includes a co-branded card portfolio in USCB, classified as held for sale (see table below).* |

---

 **UK cards:** Gross exposure increased from £15.8bn to £17.2bn following a growth in spend and new promotional balance lending. 30 and 90 day arrears rates remained stable at 0.8% (2024: 0.7%) and 0.2% (2024: 0.2%) respectively. Gross and net write-off rates reduced slightly to 1.0% (2024: 1.1%) and 0.8% (2024: 0.9%), reflecting the impact of reduced flow into delinquency in 2024 flowing into write-off.

 **UK personal loans:** Gross exposure increased from £8.1bn to £8.5bn due to a growth in new lending. 30 and 90 day arrears rates remained stable at 1.1% (2024: 1.0%) and 0.5% (2024: 0.4%) respectively. Gross and net write off rates also remained stable at 0.7% (2024: 0.7%) and 0.6% (2024: 0.5%) respectively.

 **Barclays Partner Finance:** 30 and 90 day arrears rates remained stable at 0.7% (2024: 0.6%) and 0.3% (2024: 0.3%) respectively with total exposure reducing to £1.2bn (2024: £1.6bn) due to a strategic decision to reduce the number of active partner businesses. Both annualised gross and net write off rates increased to 1.2% (2024: 1.0%) following the reduction in gross exposure.

 **US cards:** 30 day and 90 day arrears rates remained flat at 3.0% (2024: 3.0%) and 1.6% (2024: 1.6%) respectively. Gross and net write off rates reduced to 3.4% (2024: 3.8%) and 3.2% (2024: 3.7%) respectively reflecting lower default volumes and stable recovery performance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail Credit Cards and Retail Other held for sale**<br>**As at 31.12.25** | **Gross exposure**<br>**£m** | **30 day arrears rate, excluding recovery book %**<br> | **90 day arrears rate, excluding recovery book %**<br> | **Annualised gross write-off rate %**<br> | **Annualised net write-off rate %**<br> |
| **Barclays US Consumer Bank**<br>| 5988 | 1.8 | 0.9 | 2.1 | 1.9 |
| **As at 31.12.24** |  |  |  |  |  |
| **Barclays US Consumer Bank**<br>| 6241<br>| 1.3<br>| 0.5<br>| 2.0<br>| 2.0<br>|
| **Head Office - German consumer finance business**<br>| 3733<br>| 1.8<br>| 0.9<br>| 1.3<br>| 1.2<br>|

---

 **Assets held for sale**

This section presents a co-branded card portfolio in USCB classified as assets held for sale. Further, the sale of the German consumer finance business was completed in Q125.

For further details on assets held for sale, see Note 40 to the financial statements in Barclays PLC Annual Report 2025.

 **Loans and advances by product**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** | **Loans and advances to customers classified as assets held for sale** |
|  | **Stage 1** | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 2** | **Stage 3** | **Stage 3** | **Stage 3** | **Total** | **Total** | **Total** |
|  | **Gross** | **ECL** | **Coverage** | **Gross** | **ECL** | **Coverage** | **Gross** | **ECL** | **Coverage** | **Gross** | **ECL** | **Coverage** |
| **As at 31.12.25** | £m | £m | % | £m | £m | % | £m | £m | % | £m | £m | % |
| Retail credit cards - US | 5468<br>| 65<br>| 1.2<br>| 466<br>| 124<br>| 26.6<br>| 54<br>| 44<br>| 81.5<br>| 5988<br>| 233<br>| 3.9<br>|
| Retail credit cards - Germany | —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>|
| Retail other - Germany | —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>|
| Corporate loans - US | 43<br>| 1<br>| 2.3<br>| 6<br>| 2<br>| 33.3<br>| —<br>| —<br>| —<br>| 49<br>| 3<br>| 6.1<br>|
| **Total Rest of the World** | **5511**<br>| **66**<br>| **1.2**<br>| **472**<br>| **126**<br>| **26.7**<br>| **54**<br>| **44**<br>| **81.5**<br>| **6037**<br>| **236**<br>| **3.9**<br>|
| **As at 31.12.24** |  |  |  |  |  |  |  |  |  |  |  |  |
| Retail credit cards - US | 5495<br>| 64<br>| 1.2<br>| 689<br>| 161<br>| 23.4<br>| 57<br>| 46<br>| 80.7<br>| 6241<br>| 271<br>| 4.3<br>|
| Retail credit cards - Germany | 1908<br>| 18<br>| 0.9<br>| 307<br>| 29<br>| 9.4<br>| 93<br>| 69<br>| 74.2<br>| 2308<br>| 116<br>| 5.0<br>|
| Retail other - Germany | 1134<br>| 16<br>| 1.4<br>| 220<br>| 33<br>| 15.0<br>| 71<br>| 48<br>| 67.6<br>| 1425<br>| 97<br>| 6.8<br>|
| Corporate loans - US | 49<br>| 1<br>| 2.0<br>| 9<br>| 3<br>| 33.3<br>| 1<br>| 1<br>| 100.0<br>| 59<br>| 5<br>| 8.5<br>|
| **Total Rest of the World** | **8586**<br>| **99**<br>| **1.2**<br>| **1225**<br>| **226**<br>| **18.4**<br>| **222**<br>| **164**<br>| **73.9**<br>| **10033**<br>| **489**<br>| **4.9**<br>|

---

 **Management adjustments to models for impairment**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Management adjustments to models for impairment allowance presented by product** | **Management adjustments to models for impairment allowance presented by product** | **Management adjustments to models for impairment allowance presented by product** | **Management adjustments to models for impairment allowance presented by product** | **Management adjustments to models for impairment allowance presented by product** | **Management adjustments to models for impairment allowance presented by product** | **Management adjustments to models for impairment allowance presented by product** |
|  | **Impairment**<br> **allowance pre**<br> **management adjustments**<br>| **Economic**<br> **uncertainty**<br> **adjustments<sup>1</sup>** | **Other**<br> **adjustments** | **Management**<br> **adjustments** | **Total**<br> **impairment**<br> **allowance** | **Proportion of**<br> **Management**<br> **adjustments to**<br> **total**<br> **impairment**<br> **allowance** |
| **As at 31.12.25** | £m | £m | £m | £m | £m | **%** |
| Retail credit cards - US<br>| 232<br>| 5<br>| —<br>| 5<br>| 237<br>| 2.1<br>|
| Retail credit cards - Germany<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>|
| Retail other - Germany<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>|
| Corporate loans - US<br>| 3<br>| —<br>| —<br>| —<br>| 3<br>| —<br>|
| **Total Rest of the World**<br>| **235**<br>| **5**<br>| **—**<br>| **5**<br>| **240**<br>| **2.1**<br>|
| **As at 31.12.24** | £m | £m | £m | £m | £m | **%** |
| Retail credit cards - US<br>| 277<br>| —<br>| —<br>| —<br>| 277<br>| —<br>|
| Retail credit cards - Germany<br>| 101<br>| —<br>| 16<br>| 16<br>| 117<br>| 13.7<br>|
| Retail other - Germany<br>| 80<br>| —<br>| 17<br>| 17<br>| 97<br>| 17.5<br>|
| Corporate loans - US<br>| 5<br>| —<br>| —<br>| —<br>| 5<br>| —<br>|
| **Total Rest of the World**<br>| **463**<br>| **—**<br>| **33**<br>| **33**<br>| **496**<br>| **6.7**<br>|

---

 *1* *Reflects a Stage 2 adjustment for elevated US macroeconomic uncertainty; with impacts yet to materialise in consumer behaviour.*

 **Market Risk**

 **Analysis of management value at risk (VaR)**

The table below shows the total management VaR on a diversified basis by risk factor. Total management VaR includes all trading positions in Barclays Group and it is calculated with a one-day holding period. VaR limits are applied to total management VaR and by risk factor. Additionally, the market risk management function applies VaR sub-limits to material businesses and trading desks.

 **Management VaR (95%) by risk factor**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** |
|  | **Average**<br>**£m** | **High**<br>**£m** | **Low**<br>**£m** | **Average**<br>**£m** | **High**<br>**£m** | **Low**<br>**£m** |
| Credit risk | **15**<br>| **21**<br>| **11**<br>| 21<br>| 27<br>| 17<br>|
| Interest rate risk<br>| **15**<br>| **25**<br>| **5**<br>| 15<br>| 25<br>| 7<br>|
| Equity risk<br>| **7**<br>| **14**<br>| **4**<br>| 6<br>| 12<br>| 2<br>|
| Basis risk<br>| **6**<br>| **9**<br>| **4**<br>| 5<br>| 8<br>| 4<br>|
| Spread risk<br>| **5**<br>| **7**<br>| **3**<br>| 5<br>| 7<br>| 3<br>|
| Foreign exchange risk<br>| **5**<br>| **10**<br>| **3**<br>| 4<br>| 9<br>| 2<br>|
| Commodity risk<br>| **—**<br>| **1**<br>| **—**<br>| —<br>| 1<br>| —<br>|
| Inflation risk<br>| **5**<br>| **8**<br>| **3**<br>| 4<br>| 5<br>| 2<br>|
| Diversification effect<sup>1</sup> | **(40)** | **n/a** | **n/a** | (34) | n/a | n/a |
| Total management VaR | **18**<br>| **30**<br>| **8**<br>| 26 | 36 | 15 |

---

---

| | |
|:---|:---|
| *1* | *Diversification effects recognise that forecast losses from different assets or businesses are unlikely to occur concurrently, hence the expected aggregate loss is lower than the sum of the expected losses from each area. Historical correlations between losses are taken into account in making these assessments. The high and low VaR figures reported for each category did not necessarily occur on the same day as the high and low total management VaR. Consequently, a diversification effect balance for the high and low VaR figures would not be meaningful and is therefore omitted from the above table.* |

---

Average Management VaR decreased 30% to £18m (2024: £26m). The decrease was mainly due to a combination of a reduction in the size of the funded, fair value leverage loan exposure in 2025 as well as an overall prudent risk positioning.

 **Treasury and Capital Risk**

The Group has established a comprehensive set of policies, standards and controls for managing its liquidity risk; together these set out the requirements for Barclays' liquidity risk framework. The liquidity risk framework meets the PRA standards and enables Barclays to maintain liquidity resources that are sufficient in amount and quality, and a funding profile that is appropriate to meet the Group's Liquidity Risk Appetite. The liquidity risk framework is delivered via a combination of policy formation, review and challenge, governance, analysis, stress testing, limit setting and monitoring.

 **Liquidity risk stress testing**

The Internal Liquidity Stress Tests (ILST) measure the potential contractual and contingent stress outflows under a range of scenarios, which are then used to determine the size of the liquidity pool that is immediately available to meet anticipated outflows if a stress occurs. The short-term scenarios include a 30 day Barclays-specific stress event, a 90 day market-wide stress event and a 30 day combined scenario consisting of both a Barclays specific and market-wide stress event. The Group also runs a liquidity stress test which measures the anticipated outflows over a 12 month market-wide scenario.

The LCR requirement takes into account the relative stability of different sources of funding and potential incremental funding requirements in a stress. The LCR is designed to promote short-term resilience of a bank's liquidity risk profile by holding sufficient high quality liquid assets to survive an acute stress scenario lasting for 30 days.

Barclays implemented a new methodology for calculating net stress outflows related to secured financing transactions in the LCR. This change materialised from June 2025, with the Group headline ratio expected to contract over time from recent elevated levels whilst remaining broadly within ranges reported over recent years. The revised methodology models a more asymmetric unwind of client activity, resulting in a higher net outflow calculation. Barclays has always maintained, and intends to continue to maintain, a significant liquidity buffer which allows for this impact to be readily absorbed within the Group surplus.

As at 31 December 2025 the average LCR was 170.0% (December 2024: 172.4%). The Group held eligible liquid assets in excess of 100% of net stress outflows as measured according to both its internal ILST and external regulatory requirements.

---

| | | |
|:---|:---|:---|
| **Liquidity coverage ratio<sup>1</sup>**<br>| **As at 31.12.25**<br>| **As at 31.12.24**<br>|
|  | £bn | £bn |
| LCR Eligible High Quality Liquid Assets (HQLA) | 321.4 | 304.4 |
| Net stress outflows | (190.2) | (176.9) |
| **Surplus** | **131.2** | **127.5** |
| **Liquidity coverage ratio** | **170.0%** | **172.4%** |

---

---

| | |
|:---|:---|
| *1* | *Represents the average of the last 12 spot month end ratios. In June 2025, Barclays implemented a new methodology for calculating net stress outflows related to secured financing transactions in the liquidity coverage ratio.* |

---

 **Net Stable Funding Ratio**

The external NSFR metric requires banks to maintain a stable funding profile taking into account both on and certain off-balance sheet exposures over a medium to long term period. The ratio is defined as the Available Stable Funding (capital and certain liabilities which are treated as stable sources of funding) relative to the Required Stable Funding (a measure of assets on the balance sheet and certain off-balance sheet exposures which may require longer term funding). The NSFR (average of last four quarter ends) as at 31 December 2025 was 135.2%, which was a surplus above the regulatory requirement of £166.3bn.

---

| | | |
|:---|:---|:---|
| **Net Stable Funding Ratio<sup>2</sup>**<br>| **As at 31.12.25**<br>| **As at 31.12.24**<br>|
|  | £bn | £bn |
| Total Available Stable Funding | 639.4 | 629.6 |
| Total Required Stable Funding | 473.1 | 466.7 |
| **Surplus** | **166.3** | **162.9** |
| **Net Stable Funding Ratio** | **135.2%** | **134.9%** |

---

 *2* *Represents average of the last four spot quarter end ratios.*

As part of the liquidity risk appetite, Barclays establishes minimum LCR, NSFR and internal liquidity stress test limits. Risks to market funding conditions, the Group's liquidity position and funding profile are assessed continuously, and actions are taken to manage the size of the liquidity pool and the funding profile as appropriate.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composition of the Group liquidity pool** | **Composition of the Group liquidity pool** |  |  |  |  |  |  |
|  | **LCR eligible<sup>1</sup> High Quality Liquid Assets (HQLA)** | **LCR eligible<sup>1</sup> High Quality Liquid Assets (HQLA)** | **LCR eligible<sup>1</sup> High Quality Liquid Assets (HQLA)** | **LCR eligible<sup>1</sup> High Quality Liquid Assets (HQLA)** | **LCR eligible<sup>1</sup> High Quality Liquid Assets (HQLA)** | **Liquidity pool** | **Liquidity pool** |
|  | **Cash**<br>| **Level 1**<br>| **Level 2A**<br>| **Level 2B**<br>| **Total**<br>| **2025**<br>| **2024**<br>|
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| **Cash and deposits with central banks<sup>2</sup>** | **219** |  |  |  | **219** | **237** | **216** |
| **Government bonds<sup>3</sup>** |  |  |  |  |  |  |  |
| AAA to AA- |  | 55 | 7 |  | 62 | 62 | 55 |
| A+ to A- |  | 14 |  |  | 14 | 14 | 2 |
| BBB+ to BBB- |  | 2 |  |  | 2 | 2 | 1 |
| Other LCR Ineligible Government bonds |  |  |  |  |  |  |  |
| **Total government bonds** |  | **71** | **7** |  | **78** | **78** | **58** |
| **Other** |  |  |  |  |  |  |  |
| Government Guaranteed Issuers, PSEs and GSEs |  | 4 |  |  | 4 | 7 | 9 |
| International Organisations and MDBs |  | 7 |  |  | 7 | 7 | 7 |
| Covered bonds |  | 3 | 4 |  | 7 | 8 | 7 |
| Other |  |  |  | 5 | 5 | 1 |  |
| **Total other** |  | **14** | **4** | **5** | **23** | **23** | **23** |
| **Total as at 31 December 2025** | **219** | **85** | **11** | **5** | **320** | **338** |  |
| **Total as at 31 December 2024** | **196** | **74** | **9** | **2** | **281** |  | **297** |

---

---

| | |
|:---|:---|
| *1* | *The LCR eligible HQLA is adjusted under the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook for operational restrictions upon consolidation, such as trapped liquidity within Barclays subsidiaries. It also reflects differences in eligibility of assets between the LCR and Barclays' Liquidity Pool.* |
| *2* | *Includes cash held at central banks and surplus cash at central banks related to payment schemes. Over 99.5% (December 2024: over 98%) was placed with the Bank of England, US Federal Reserve, European Central Bank, Bank of Japan and Swiss National Bank.* |
| *3* | *Of which over 85% (December 2024: over 85%) comprised UK, US, French, German, Japanese, Swiss and Dutch securities.* |

---

The Group liquidity pool was £337.8bn as at December 2025, increased by £40.9 vs. December 2024 (December 2024: £296.9bn).

In Q4 2025, the month-end liquidity pool ranged from £326bn to £352bn (2024: £297bn to £341bn), and the month-end average balance was £337bn (2024: £322bn). The liquidity pool is held unencumbered and represents readily accessible funds to meet potential cash outflows during stress periods.

As at 31 December 2025, 68% (December 2024: 60%) of the liquidity pool was located in Barclays Bank PLC, 17% (December 2024: 23%) in Barclays Bank UK PLC and 9% (December 2024: 9%) in Barclays Bank Ireland PLC. The residual portion of the liquidity pool is held outside of these entities, predominantly in US subsidiaries, to meet entity-specific stress outflows and local regulatory requirements. To the extent the use of this residual portion of the liquidity pool is restricted due to local regulatory requirements, it is assumed to be unavailable to the rest of the Group in calculating the LCR.

The composition of the pool is subject to limits set by the Board and the second-line liquidity, credit and market risk functions. In addition, the investment of the liquidity pool is monitored for concentration by issuer, currency and asset type. Given returns generated by these highly liquid assets, the risk and reward profile is continuously managed.

 **Deposit funding**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at 31.12.25** | **As at 31.12.25** | **As at 31.12.25** | **As at 31.12.24**<br>|
|  | **Loans and**<br> **advances, debt**<br> **securities at**<br> **amortised cost**<br>| &nbsp;&nbsp;&nbsp; **Deposits at**<br> **amortised cost**<br>| **Loan: deposit**<br> **ratio<sup>1</sup>**<br>| **Loan: deposit**<br> **ratio<sup>1</sup>**<br>|
| **Funding of loans and advances**<br>| £bn<br>| £bn<br>| %<br>| &nbsp;&nbsp;&nbsp; %<br>|
| Barclays UK<br>| 230<br>| 245<br>| 94<br>| 92 |
| Barclays UK Corporate Bank<br>| 30<br>| 89<br>| 34<br>| 31 |
| Barclays Private Bank and Wealth Management<br>| 15<br>| 72<br>| 21<br>| 21 |
| Barclays Investment Bank<br>| 130<br>| 156<br>| 83<br>| 88 |
| Barclays US consumer Bank<br>| 22<br>| 24<br>| 92<br>| 91 |
| Head Office<br>| 3<br>| —<br>|  |  |
| **Barclays Group**<br>| **430**<br>| **586**<br>| **73** | **74** |

---

 *1* *The loan: deposit ratio is calculated as loans and advances at amortised cost and debt securities at amortised cost divided by deposits at amortised cost.*

 **Funding structure and funding relationships**

The basis for sound liquidity risk management is a funding structure that reduces the probability of a liquidity stress leading to an inability to meet funding obligations as they fall due. The Group's overall funding strategy is to develop a diversified funding base (geographically, by type and by counterparty) and maintain access to a variety of alternative funding sources, to provide protection against unexpected fluctuations, while minimising the cost of funding.

Within this, the Group aims to align the sources and uses of funding. As such, retail and corporate loans and advances are largely funded by deposits in the relevant entities, with the surplus primarily funding the liquidity pool. The majority of reverse repurchase agreements are matched by repurchase agreements. Derivative liabilities and assets are largely matched. A substantial proportion of balance sheet derivative positions qualify for counterparty netting and the remaining portions are largely offset when netted against cash collateral received and paid. Wholesale debt and equity is used to fund residual assets.

These funding relationships as at 31 December 2025 are summarised below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As at 31.12.25** | **As at 31.12.24** |  | **As at 31.12.25** | **As at 31.12.24** |
| **Assets** | £bn | £bn | **Liabilities and equity** | £bn | £bn |
| Loans and advances at amortised cost<sup>1</sup><br>| 400<br>| 392<br>| Deposits at amortised cost<br>| 586<br>| 561<br>|
| Group liquidity pool<br>| 338<br>| 297<br>| <1 Year wholesale funding<br>| 84<br>| 55<br>|
|  |  |  | >1 Year wholesale funding<br>| 136<br>| 131<br>|
| Reverse repurchase agreements, trading portfolio assets, cash collateral and settlement balances<br>| 471<br>| 433<br>| Repurchase agreements, trading portfolio liabilities, cash collateral and settlement balances<br>| 359<br>| 358<br>|
| Derivative financial instruments<br>| 252<br>| 294<br>| Derivative financial instruments<br>| 241<br>| 279<br>|
| Other assets<sup>2</sup><br>| 83<br>| 102<br>| Other liabilities<br>| 60<br>| 62<br>|
|  |  |  | Equity<br>| 78<br>| 72<br>|
| **Total assets**<br>| **1544**<br>| **1518**<br>| **Total liabilities and equity**<br>| **1544**<br>| **1518**<br>|

---

---

| | |
|:---|:---|
| *1* | *Adjusted for liquidity pool debt securities reported at amortised cost of £30bn (December 2024: £22bn).* |
| *2* | *Other assets include fair value assets that are not part of reverse repurchase agreements or trading portfolio assets, and other asset categories.* |

---

 **Composition of wholesale funding**

Wholesale funding outstanding (excluding repurchase agreements) was £220.1bn (December 2024: £186.0bn). In FY25, the Group issued £16.1bn of MREL eligible instruments from Barclays PLC (the Parent company) in a range of tenors and currencies.

Our operating companies also access wholesale funding markets to maintain their stable and diversified funding bases. Barclays Bank PLC continued to issue in the shorter-term and medium-term notes markets. In addition, Barclays Bank UK PLC continued to issue in the shorter-term markets and maintains active secured funding programmes.

Wholesale funding of £83.9bn (December 2024: £55.0bn) matures in less than one year, representing 38% (December 2024: 30%) of total wholesale funding outstanding. This includes £28.4bn (December 2024: £22.0bn) related to term funding<sup>1</sup>.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Maturity profile of wholesale funding<sup>2</sup>** | **Maturity profile of wholesale funding<sup>2</sup>** | **Maturity profile of wholesale funding<sup>2</sup>** | **Maturity profile of wholesale funding<sup>2</sup>** | | | | | | | | |
|  | **<1 month** | **1-3 months** | **3-6 months** | | | | | | | | |
|  | **£bn** | **£bn** | **£bn** | <br> **6-12 months**<br>**£bn** | <br> **<1 year**<br>**£bn** | <br> **1-2 years**<br>**£bn** | <br> **2-3 years**<br>**£bn** | <br> **3-4 years**<br>**£bn** | <br> **4-5 years**<br>**£bn** | <br> **>5 years**<br>**£bn** | <br> **Total**<br>**£bn** |
| **Barclays PLC (the Parent company)**<br>|  |  |  |  |  |  |  |  |  |  |  |
| Senior unsecured (Public benchmark)<br>| 1.9<br>| —<br>| 0.6<br>| —<br>| 2.5<br>| 7.3<br>| 7.5<br>| 8.6<br>| 3.8<br>| 27.0<br>| 56.7<br>|
| Senior unsecured (Privately placed)<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 0.1<br>| 0.1<br>| 0.9<br>| 1.1<br>|
| Subordinated liabilities<br>| —<br>| —<br>| 1.5<br>| —<br>| 1.5<br>| —<br>| 1.5<br>| —<br>| 1.1<br>| 7.1<br>| 11.2<br>|
| **Barclays Bank Group**<br>|  |  |  |  |  |  |  |  |  |  |  |
| Senior unsecured (Privately placed)<sup>3</sup><br>| 2.7<br>| 5.8<br>| 5.5<br>| 9.5<br>| 23.5<br>| 12.9<br>| 12.1<br>| 9.9<br>| 8.0<br>| 20.3<br>| 86.7<br>|
| Certificates of deposit and commercial paper | 0.6 | 2.3 | 22.1 | 14.8 | 39.8 |  |  |  |  |  | 39.8 |
| Asset backed commercial paper<br>| 2.3<br>| 8.9<br>| 1.1<br>| —<br>| 12.3<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 12.3<br>|
| Asset backed securities<br>| —<br>| —<br>| 0.4<br>| 0.1<br>| 0.5<br>| 0.2<br>| 1.3<br>| 0.1<br>| 0.1<br>| 2.7<br>| 4.9<br>|
| Subordinated liabilities<br>| —<br>| —<br>| —<br>| 0.4<br>| 0.4<br>| 0.3<br>| 0.1<br>| —<br>| —<br>| 0.3<br>| 1.1<br>|
| **Barclays Bank UK Group**<br>|  |  |  |  |  |  |  |  |  |  |  |
| Senior unsecured (Privately placed)<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 0.1<br>| 0.1<br>| 0.2<br>|
| Certificates of deposit and commercial paper<br>| 2.9<br>| —<br>| —<br>| —<br>| 2.9<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 2.9<br>|
| Covered bonds<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 0.5<br>| 0.2<br>| 0.6<br>| 0.6<br>| 0.1<br>| 2.0<br>|
| Asset backed securities<br>| —<br>| —<br>| 0.3<br>| 0.2<br>| 0.5<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 0.5<br>|
| Subordinated liabilities<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 0.7<br>| 0.7<br>|
| **Total as at 31 December 2025**<br>| **10.4**<br>| **17.0**<br>| **31.5**<br>| **25.0**<br>| **83.9**<br>| **21.2**<br>| **22.7**<br>| **19.3**<br>| **13.8**<br>| **59.2**<br>| **220.1**<br>|
| Of which secured<br>| 2.3<br>| 8.9<br>| 1.8<br>| 0.3<br>| 13.3<br>| 0.7<br>| 1.5<br>| 0.7<br>| 0.7<br>| 3.5<br>| 20.4<br>|
| Of which unsecured<br>| 8.1<br>| 8.1<br>| 29.7<br>| 24.7<br>| 70.6<br>| 20.5<br>| 21.2<br>| 18.6<br>| 13.1<br>| 55.7<br>| 199.7<br>|
| **Total as at 31 December 2024**<br>| **7.9**<br>| **21.3**<br>| **11.9**<br>| **13.9**<br>| **55.0**<br>| **23.0**<br>| **17.5**<br>| **18.6**<br>| **15.1**<br>| **56.8**<br>| **186.0**<br>|
| Of which secured<br>| 2.4<br>| 8.8<br>| 2.1<br>| 0.8<br>| 14.1<br>| 1.1<br>| 0.5<br>| 0.9<br>| 0.6<br>| 3.3<br>| 20.5<br>|
| Of which unsecured<br>| 5.5<br>| 12.5<br>| 9.8<br>| 13.1<br>| 40.9<br>| 21.9<br>| 17.0<br>| 17.7<br>| 14.5<br>| 53.5<br>| 165.5<br>|

---

---

| | |
|:---|:---|
| *1* | *Term funding comprises public benchmark and privately placed senior unsecured notes, covered bonds, asset-backed securities and subordinated debt where the original maturity of the instrument is more than 1 year.* |
| *2* | *The composition of wholesale funds comprises the balance sheet reported financial liabilities at fair value, debt securities in issue and subordinated liabilities. It does not include participation in the central bank facilities reported within repurchase agreements and other similar secured borrowing.* |
| *3* | *Includes structured notes of £73.5bn, of which £21.8bn matures within one year.* |

---

 **Regulatory minimum requirements**

 **Capital**

As at 31 December 2025, the Group's Overall Capital Requirement for CET1, excluding any applicable PRA buffer, was 12.2% and comprised a 4.5% Pillar 1 minimum, a 2.5% Capital Conservation Buffer (CCB), a 1.5% Global Systemically Important Institution (G-SII) buffer, a 2.7% Pillar 2A requirement and a 1.0% Countercyclical Capital Buffer (CCyB).

The Group's CCyB is based on the buffer rate applicable for each jurisdiction in which the Group has exposures. The buffer rates set by other national authorities for non-UK exposures are not currently material.

The Group's Pillar 2A requirement is 4.8% with at least 56.25% to be met with CET1 capital, equating to 2.7% of RWAs. The Pillar 2A requirement, based on a point in time assessment, has been set as a proportion of RWAs and is subject to at least annual review.

The Group's CET1 target ratio of 13-14% takes into account minimum capital requirements and applicable buffers. The Group remains above its minimum capital regulatory requirements and applicable buffers.

 **Leverage**

As at 31 December 2025, the Group was subject to a UK leverage ratio requirement of 4.1%. This comprised the 3.25% minimum requirement, a G-SII additional leverage ratio buffer (G-SII ALRB) of 0.53% and a countercyclical leverage ratio buffer (CCLB) of 0.3%. The Group is also required to disclose an average UK leverage ratio which is based on capital on the last day of each month in the quarter and an exposure measure for each day in the quarter.

 **MREL**

As at 31 December 2025, the Group was required to meet the higher of: (i) two times the sum of 8% Pillar 1 and 4.8% Pillar 2A equating to 25.5% of RWAs; and (ii) 6.75% of leverage exposures. CET1 capital cannot be counted towards both MREL and the buffers, meaning that the buffers, including the confidential institution-specific PRA buffer, will effectively be applied above MREL requirements.

 **Significant regulatory updates in the period**

The Prudential Regulation Authority (PRA) has continued its phased implementation of the Basel 3.1 standards. Following near final policy statements in December 2023 and September 2024, the PRA announced in January 2025 that full implementation would be delayed until 1 January 2027, a timeline that has now been confirmed in the PRA's final rules published in January 2026.

In July 2025, the PRA consulted on targeted amendments to the market risk framework and confirmed a staged approach to the Fundamental Review of the Trading Book (FRTB), under which implementation of the Internal Models Approach (IMA) will be deferred by one year to 1 January 2028, while all other FRTB elements remain scheduled for implementation from 1 January 2027. This timeline was also confirmed by the PRA in January 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Capital ratios<sup>1,2</sup>** | **As at 31.12.25** | **As at 30.09.25** | **As at 31.12.24** |
| CET1<br>| 14.3%<br>| 14.1%<br>| 13.6%<br>|
| T1<br>| 17.9%<br>| 17.8%<br>| 16.9%<br>|
| Total regulatory capital<br>| 20.4%<br>| 20.4%<br>| 19.6%<br>|
| MREL ratio as a percentage of total RWAs<br>| 35.8%<br>| 35.8%<br>| 34.4%<br>|
| **Own funds and eligible liabilities** | **£m** | **£m** | **£m** |
| **Total equity excluding non-controlling interests per the balance sheet**<br>| **77784**<br>| **76394**<br>| **71821**<br>|
| Less: other equity instruments (recognised as AT1 capital)<br>| (12725)<br>| (13243)<br>| (12075)<br>|
| Adjustment to retained earnings for foreseeable ordinary share dividends<br>| (778)<br>| (478)<br>| (786)<br>|
| Adjustment to retained earnings for foreseeable repurchase of shares<br>| (271)<br>| (477)<br>| —<br>|
| Adjustment to retained earnings for foreseeable other equity coupons<br>| (36)<br>| (44)<br>| (35)<br>|
| **Other regulatory adjustments and deductions**<br>|  |  |  |
| Additional value adjustments (PVA)<br>| (1956)<br>| (1941)<br>| (2051)<br>|
| Goodwill and intangible assets<br>| (8255)<br>| (8228)<br>| (8272)<br>|
| Deferred tax assets that rely on future profitability excluding temporary differences<br>| (1069)<br>| (1225)<br>| (1451)<br>|
| Fair value reserves related to gains or losses on cash flow hedges<br>| 666<br>| 1312<br>| 2930<br>|
| Excess of expected losses over impairment<br>| (436)<br>| (423)<br>| (403)<br>|
| Gains or losses on liabilities at fair value resulting from own credit<br>| 904<br>| 988<br>| 981<br>|
| Defined benefit pension fund assets<br>| (2398)<br>| (2261)<br>| (2367)<br>|
| Direct and indirect holdings by an institution of own CET1 instruments<br>| (14)<br>| (3)<br>| (1)<br>|
| Adjustment under IFRS 9 transitional arrangements<br>| —<br>| —<br>| 138<br>|
| Other regulatory adjustments<br>| (346)<br>| (117)<br>| 129<br>|
| **CET1 capital**<br>| **51070**<br>| **50254**<br>| **48558**<br>|
| **AT1 capital**<br>|  |  |  |
| Capital instruments and related share premium accounts<br>| 12758<br>| 13289<br>| 12108<br>|
| Other regulatory adjustments and deductions<br>| (33)<br>| (46)<br>| (32)<br>|
| **AT1 capital**<br>| **12725**<br>| **13243**<br>| **12076**<br>|
| **T1 capital**<br>| **63795**<br>| **63498**<br>| **60634**<br>|
| **T2 capital**<br>|  |  |  |
| Capital instruments and related share premium accounts<br>| 8835<br>| 9528<br>| 9150<br>|
| Qualifying T2 capital (including minority interests) issued by subsidiaries<br>| 55<br>| 65<br>| 367<br>|
| Other regulatory adjustments and deductions<br>| (71)<br>| (118)<br>| (33)<br>|
| **Total regulatory capital**<br>| **72614**<br>| **72974**<br>| **70118**<br>|
| Less : Ineligible T2 capital (including minority interests) issued by subsidiaries<br>| (55)<br>| (65)<br>| (367)<br>|
| Eligible liabilities<br>| 55106<br>| 55142<br>| 53547<br>|
| **Total own funds and eligible liabilities<sup>3</sup>**<br>| **127665**<br>| **128050**<br>| **123298**<br>|
| **Total RWAs**<br>| **356774**<br>| **357378**<br>| **358127**<br>|

---

---

| | |
|:---|:---|
| *1* | *2024 comparatives for Capital and RWAs have been calculated applying the IFRS 9 transitional arrangements in accordance with the CRR. Effective from 1 January 2025, the IFRS 9 transitional arrangements no longer applied.* |
| *2* | *2024 comparatives for total capital were calculated applying the grandfathering of certain capital instruments within Tier 2 capital. Effective from 29 June 2025, the grandfathered instruments no longer qualified as Tier 2 capital.* |
| *3* | *As at 31 December 2025, the Group's MREL requirement, excluding the institution-specific confidential PRA buffer, was to hold £108.9bn of own funds and eligible liabilities equating to 30.5% of RWAs. The Group remains above its MREL regulatory requirement including the institution-specific confidential PRA buffer.* |

---

---

| | | |
|:---|:---|:---|
| **Movement in CET1 capital** | **Three months ended 31.12.25** | **Twelve months ended 31.12.25** |
|  | £m | £m |
| **Opening CET1 capital** | **50254** | **48558** |
| Profit for the period attributable to equity holders | 1453 | 7172 |
| Own credit relating to derivative liabilities |  | (15) |
| Ordinary share dividends paid and foreseen | (300) | (1200) |
| Purchased and foreseeable share repurchase | (500) | (2500) |
| Other equity coupons paid and foreseen | (250) | (998) |
| **Increase in retained regulatory capital generated from earnings** | **403** | **2459** |
| Net impact of share schemes | 4 | 190 |
| Fair value through other comprehensive income reserve | 296 | 773 |
| Currency translation reserve | 5 | (1132) |
| Other reserves | 5 | (68) |
| **Increase/(Decrease) in other qualifying reserves** | **310** | **(237)** |
| Pension remeasurements within reserves | 117 | (14) |
| Defined benefit pension fund asset deduction | (137) | (31) |
| **Net impact of pensions** | **(20)** | **(45)** |
| Additional value adjustments (PVA) | (15) | 95 |
| Goodwill and intangible assets | (27) | 17 |
| Deferred tax assets that rely on future profitability excluding those arising from temporary differences | 156 | 382 |
| Excess of expected loss over impairment | (13) | (33) |
| Direct and indirect holdings by an institution of own CET1 instruments | (11) | (13) |
| Adjustment under IFRS 9 transitional arrangements |  | (138) |
| Other regulatory adjustments | 33 | 25 |
| **Increase in regulatory capital due to adjustments and deductions** | **123** | **335** |
| **Closing CET1 capital** | **51070** | **51070** |

---

CET1 capital increased by £2.5bn to £51.1bn (December 2024: £48.6bn). Significant movements in the period were:

- £2.5bn share buybacks including the now completed £1.0bn announced with FY24 results and £1.0bn announced with H125 results and the ongoing £0.5bn share buyback announced with Q325 results

- £1.2bn of ordinary share dividends paid and foreseen reflecting £0.4bn interim dividend paid in September 2025 and a £0.8bn accrual towards the FY25 dividend

- £1.0bn of equity coupons paid and foreseen

● £0.2bn decrease in other qualifying reserves including a
£1.1bn reduction in the currency translation reserve primarily
as a result of the strengthening of spot GBP against USD, partially
offset by a £0.8bn gain in the fair value through other
comprehensive income reserve.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** | **RWAs by risk type and business** |
|  | **Credit risk** | **Credit risk** | **Counterparty credit risk** | **Counterparty credit risk** | **Counterparty credit risk** | **Counterparty credit risk** | **Market Risk** | **Market Risk** | **Operational risk** | **Total RWAs** |
|  | **STD** | **IRB** | **STD** | **IRB** | **Settlement Risk** | **CVA** | **STD** | **IMA** |  |  |
| **As at 31.12.25** | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| Barclays UK<br>| 16731<br>| 55037<br>| 132<br>| 8<br>| —<br>| 43<br>| 177<br>| —<br>| 13697<br>| 85825<br>|
| Barclays UK Corporate Bank<br>| 3878<br>| 18341<br>| 89<br>| 312<br>| 1<br>| 4<br>| 31<br>| 343<br>| 3510<br>| 26509<br>|
| Barclays Private Bank & Wealth Management<br>| 4981<br>| 580<br>| 112<br>| 19<br>| —<br>| 11<br>| 39<br>| 240<br>| 2054<br>| 8036<br>|
| Barclays Investment Bank<br>| 44961<br>| 49750<br>| 21986<br>| 19442<br>| 165<br>| 3030<br>| 12018<br>| 20111<br>| 25238<br>| 196701<br>|
| Barclays US Consumer Bank<br>| 21050<br>| 1004<br>| —<br>| 1<br>| —<br>| —<br>| —<br>| —<br>| 5393<br>| 27448<br>|
| Head Office<br>| 5405<br>| 5439<br>| 1<br>| 5<br>| —<br>| —<br>| 219<br>| 59<br>| 1127<br>| 12255<br>|
| **Barclays Group**<br>| **97006**<br>| **130151**<br>| **22320**<br>| **19787**<br>| **166**<br>| **3088**<br>| **12484**<br>| **20753**<br>| **51019**<br>| **356774**<br>|
| **As at 30.09.25** |  |  |  |  |  |  |  |  |  |  |
| Barclays UK<br>| 16142<br>| 56992<br>| 138<br>| 7<br>| —<br>| 50<br>| 224<br>| —<br>| 13196<br>| 86749<br>|
| Barclays UK Corporate Bank<br>| 3983<br>| 17023<br>| 92<br>| 323<br>| —<br>| 8<br>| 16<br>| 425<br>| 3282<br>| 25152<br>|
| Barclays Private Bank & Wealth Management<br>| 4907<br>| 615<br>| 127<br>| 17<br>| —<br>| 11<br>| 33<br>| 298<br>| 1870<br>| 7878<br>|
| Barclays Investment Bank<br>| 42790<br>| 48162<br>| 24129<br>| 21714<br>| 82<br>| 2613<br>| 14922<br>| 20430<br>| 24293<br>| 199135<br>|
| Barclays US Consumer Bank<br>| 19976<br>| 962<br>| —<br>| 2<br>| —<br>| —<br>| —<br>| —<br>| 4856<br>| 25796<br>|
| Head Office<br>| 5923<br>| 5415<br>| 1<br>| 4<br>| —<br>| 1<br>| 27<br>| 74<br>| 1223<br>| 12668<br>|
| **Barclays Group**<br>| **93721**<br>| **129169**<br>| **24487**<br>| **22067**<br>| **82**<br>| **2683**<br>| **15222**<br>| **21227**<br>| **48720**<br>| **357378**<br>|
| **As at 31.12.24** |  |  |  |  |  |  |  |  |  |  |
| Barclays UK<br>| 15516<br>| 55301<br>| 146<br>| 11<br>| —<br>| 74<br>| 228<br>| —<br>| 13181<br>| 84457<br>|
| Barclays UK Corporate Bank<br>| 3932<br>| 15680<br>| 106<br>| 336<br>| —<br>| 12<br>| 16<br>| 548<br>| 3282<br>| 23912<br>|
| Barclays Private Bank & Wealth Management<br>| 5058<br>| 434<br>| 118<br>| 31<br>| —<br>| 16<br>| 44<br>| 330<br>| 1859<br>| 7890<br>|
| Barclays Investment Bank<br>| 40957<br>| 49231<br>| 21889<br>| 24094<br>| 70<br>| 2913<br>| 12442<br>| 23023<br>| 24164<br>| 198783<br>|
| Barclays US Consumer Bank<br>| 21019<br>| 966<br>| —<br>| —<br>| —<br>| —<br>| —<br>| —<br>| 4864<br>| 26849<br>|
| Head Office<br>| 6580<br>| 8162<br>| 1<br>| 20<br>| —<br>| 4<br>| —<br>| 212<br>| 1257<br>| 16236<br>|
| **Barclays Group**<br>| **93062**<br>| **129774**<br>| **22260**<br>| **24492**<br>| **70**<br>| **3019**<br>| **12730**<br>| **24113**<br>| **48607**<br>| **358127**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movement analysis of RWAs** | **Credit risk** | **Counterparty credit risk** | **Market risk** | **Operational risk** | **Total RWAs** |
|  | £m | £m | £m | £m | £m |
| **RWAs as at 31.12.24**<br>| **222836**<br>| **49841**<br>| **36843**<br>| **48607**<br>| **358127**<br>|
| Book size<br>| 13766<br>| (1994)<br>| (3031)<br>| 2412<br>| 11153<br>|
| Acquisitions and disposals<br>| (3322)<br>| —<br>| —<br>| —<br>| (3322)<br>|
| Book quality<br>| (1888)<br>| (618)<br>| —<br>| —<br>| (2506)<br>|
| Model updates<br>| 304<br>| 68<br>| —<br>| —<br>| 372<br>|
| Methodology and policy<br>| (305)<br>| (229)<br>| —<br>| —<br>| (534)<br>|
| Foreign exchange movements<sup>1</sup><br>| (4234)<br>| (1707)<br>| (575)<br>| —<br>| (6516)<br>|
| **Total RWA movements**<br>| **4321**<br>| **(4480)**<br>| **(3606)**<br>| **2412**<br>| **(1353)**<br>|
| **RWAs as at 31.12.25**<br>| **227157**<br>| **45361**<br>| **33237**<br>| **51019**<br>| **356774**<br>|

---

 *1* *Foreign exchange movements does not include the impact of foreign exchange for modelled market risk or operational risk.*

Total RWAs decreased £1.4bn to £356.8bn (Dec 2024: £358.1bn).

Credit risk RWAs increased £4.3bn:

● A £13.8bn increase in book size primarily reflecting lending
growth in UK businesses and business activity within
IB

● A £3.3bn decrease in acquisitions and disposals reflecting the
sale of the German Consumer Finance business and of Barclays' joint
venture interest in Entercard, partially offset by the acquisition
of the GM portfolio

● A £1.9bn decrease in book quality RWAs primarily driven by
improvements in credit quality within the Barclays UK mortgages
portfolio

● A £4.2bn decrease as a result of foreign exchange movements
primarily due to the strengthening of spot GBP against
USD

Counterparty credit risk RWAs decreased £4.5bn:

● A
£4.5bn decrease in the RWAs primarily reflecting trading
activity and the impact of foreign exchange movements due to the
strengthening of spot GBP against USD

Market risk RWAs decreased £3.6bn:

● A
£3.0bn decrease in book size due to trading activity within
Global Markets

Operational risk RWAs increased £2.4bn:

● A £2.4bn increase in book size primarily driven by the
inclusion of higher 2025 income compared to 2022

---

| | | | |
|:---|:---|:---|:---|
| **Leverage ratios<sup>1</sup>** | **As at 31.12.25** | **As at 30.09.25** | **As at 31.12.24** |
| **Leverage ratios<sup>1</sup>** | £m | £m | £m |
| UK leverage ratio<sup>2</sup><br>| 5.1%<br>| 4.9%<br>| 5.0%<br>|
| T1 capital<br>| 63795<br>| 63498<br>| 60634<br>|
| UK leverage exposure<br>| 1247313<br>| 1285291<br>| 1206502<br>|
| Average UK leverage ratio<br>| 4.7%<br>| 4.7%<br>| 4.6%<br>|
| Average T1 capital<br>| 63277<br>| 62556<br>| 60291<br>|
| Average UK leverage exposure<br>| 1358364<br>| 1339336<br>| 1308335<br>|

---

---

| | |
|:---|:---|
| *1* | *2024 comparatives for UK leverage ratios have been calculated applying the IFRS 9 transitional arrangements in accordance with the CRR. Effective from 1 January 2025, the IFRS 9 transitional arrangements no longer applied.* |
| *2* | *Although the leverage ratio is expressed in terms of T1 capital, the leverage ratio buffers and 75% of the minimum requirement must be covered solely with CET1 capital. The CET1 capital held against the 0.53% G-SII ALRB was £6.6bn and against the 0.3% CCLB was £3.7bn.* |

---

The UK leverage ratio increased to 5.1% (December 2024: 5.0%), as Tier 1 capital increased by £3.2bn, partially offset by a £40.8bn increase in leverage exposure to £1,247.3bn. The increase in leverage exposure was largely driven by an increase in trading activity in IB and higher lending in Barclays UK and UKCB, partially offset by the strengthening of spot GBP against USD.

 **Condensed Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Condensed consolidated income statement** | **Condensed consolidated income statement** | **Condensed consolidated income statement** |
|  | **Year ended 31.12.25** | **Year ended 31.12.24** |
|  | £m | £m |
| Interest and similar income | 36189 | 38326 |
| Interest and similar expense | (21688) | (25390) |
| **Net interest income** | **14501** | **12936** |
| Fee and commission income | 11282 | 10847 |
| Fee and commission expense | (3784) | (3600) |
| **Net fee and commission income** | **7498** | **7247** |
| Net trading income | 7042 | 5768 |
| Net investment income | 10 | 216 |
| Gain on acquisition |  | 556 |
| Other income<br>| 89 | 65 |
| **Total income** | **29140** | **26788** |
| Staff costs | (10607) | (9876) |
| Infrastructure, administration and general expenses | (6433) | (6319) |
| UK regulatory levies<br>| (313) | (320) |
| Litigation and conduct | (392) | (220) |
| **Operating expenses** | **(17745)** | **(16735)** |
| Share of post-tax results of associates and joint ventures | 66 | 37 |
| Loss on disposal of subsidiaries, associates and joint ventures | (43) |  |
| **Profit before impairment** | **11418** | **10090** |
| Credit impairment charges | (2279) | (1982) |
| **Profit before tax** | **9139** | **8108** |
| Tax charge | (1926) | (1752) |
| **Profit after tax** | **7213** | **6356** |
| **Attributable to:** |  |  |
| Shareholders of the parent | 6175 | 5316 |
| Other equity holders | 997 | 991 |
| **Equity holders of the parent** | **7172** | **6307** |
| Non-controlling interests | 41 | 49 |
| **Profit after tax** | **7213** | **6356** |
| **Earnings per share** |  |  |
| Basic earnings per ordinary share<br>| 43.8p<br>| 36.0p<br>|
| Diluted earnings per ordinary share<br>| 42.3p<br>| 34.8p<br>|

---

---

| | | |
|:---|:---|:---|
| **Condensed consolidated statement of comprehensive income** | **Condensed consolidated statement of comprehensive income** | **Condensed consolidated statement of comprehensive income** |
|  | **Year ended 31.12.25** | **Year ended 31.12.24** |
|  | £m | £m |
| **Profit after tax** | **7213** | **6356** |
| **Other comprehensive income/(loss) that may be recycled to profit or loss:**<br>|  |  |
| **Currency translation reserve** |  |  |
| Currency translation differences<sup>1</sup> | (1131) | (59) |
| Tax | (1) | 13 |
| **Fair value through other comprehensive income reserve** |  |  |
| Net gains/(losses) from changes in fair value | 1024 | (863) |
| Net losses/(gains) transferred to net profit on disposal | 191 | (164) |
| Net (gain)/losses relating to (releases of) impairment | (3) | 1 |
| Net (losses)/gains due to fair value hedging | (142) | 325 |
| Tax | (297) | 194 |
| **Cash flow hedging reserve**<br>|  |  |
| Net gains/(losses) from changes in fair value<br>| 3675 | (784) |
| Net (gains)/losses transferred to net profit<br>| (522) | 1842 |
| Tax<br>| (889) | (281) |
| **Other comprehensive income that may be recycled to profit or loss**<br>| **1905** | 224 |
| **Other comprehensive income/(loss) not recycled to profit or loss:**<br>|  |  |
| Retirement benefit remeasurements | (10) | (427) |
| Own credit | 89 | (1130) |
| Tax<br>| (30) | 432 |
| **Other comprehensive income/(loss) not recycled to profit or loss**<br>| **49** | **(1125)** |
| **Other comprehensive income/(loss) for the year** | **1954** | **(901)** |
| **Total comprehensive income for the period** | **9167** | **5455** |
| **Attributable to:** |  |  |
| Equity holders of the parent | 9126 | 5406 |
| Non-controlling interests | 41 | 49 |
| **Total comprehensive income for the period** | **9167** | **5455** |

---

---

| | |
|:---|:---|
| *1* | *Includes £44m loss (2024: £1m loss) on recycling of currency translation differences to net profit.* |

---

---

| | | |
|:---|:---|:---|
| **Condensed consolidated balance sheet** | **Condensed consolidated balance sheet** | **Condensed consolidated balance sheet** |
|  | **As at 31.12.25** | **As at 31.12.24** |
| **Assets** | £m | £m |
| Cash and balances at central banks | 229752 | 210184 |
| Cash collateral and settlement balances | 130532 | 119843 |
| Debt securities at amortised cost | 68475 | 68210 |
| Loans and advances at amortised cost to banks | 8638 | 8327 |
| Loans and advances at amortised cost to customers | 352885 | 337946 |
| Reverse repurchase agreements and other similar secured lending at amortised cost | 17622 | 4734 |
| Trading portfolio assets | 190061 | 166453 |
| Financial assets at fair value through the income statement | 186857 | 193734 |
| Derivative financial instruments | 252459 | 293530 |
| Financial assets at fair value through other comprehensive income | 74394 | 78059 |
| Investments in associates and joint ventures | 739 | 891 |
| Goodwill and intangible assets | 8284 | 8275 |
| Current tax assets | 276 | 155 |
| Deferred tax assets | 4992 | 6321 |
| Assets included in a disposal group classified as held for sale | 5932 | 9854 |
| Other assets | 12267 | 11686 |
| **Total assets** | **1544165** | **1518202** |
| **Liabilities** |  |  |
| Deposits at amortised cost from banks | 20413 | 13203 |
| Deposits at amortised cost from customers | 565200 | 547460 |
| Cash collateral and settlement balances | 117583 | 106229 |
| Repurchase agreements and other similar secured borrowings at amortised cost | 25170 | 39415 |
| Debt securities in issue | 119033 | 92402 |
| Subordinated liabilities | 12954 | 11921 |
| Trading portfolio liabilities | 57737 | 56908 |
| Financial liabilities designated at fair value | 294108 | 282224 |
| Derivative financial instruments | 240808 | 279415 |
| Current tax liabilities | 868 | 566 |
| Deferred tax liabilities | 13 | 18 |
| Liabilities included in a disposal group classified as held for sale |  | 3726 |
| Other liabilities | 12042 | 12234 |
| **Total liabilities** | **1465929** | **1445721** |
| **Equity** |  |  |
| Called up share capital and share premium | 4178 | 4186 |
| Other reserves | 1628 | (468) |
| Retained earnings | 59253 | 56028 |
| **Shareholders' equity attributable to ordinary shareholders of the parent** | **65059** | **59746** |
| Other equity instruments | 12725 | 12075 |
| **Total equity excluding non-controlling interests** | **77784** | **71821** |
| Non-controlling interests | 452 | 660 |
| **Total equity** | **78236** | **72481** |
| **Total liabilities and equity** | **1544165** | **1518202** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Condensed consolidated statement of changes in equity** | **Condensed consolidated statement of changes in equity** | **Condensed consolidated statement of changes in equity** | **Condensed consolidated statement of changes in equity** | **Condensed consolidated statement of changes in equity** | **Condensed consolidated statement of changes in equity** | **Condensed consolidated statement of changes in equity** | **Condensed consolidated statement of changes in equity** |
|  | **Called up share capital and share premium<sup>1,2</sup>** | **Other equity instruments<sup>3</sup>** | **Other reserves<sup>4</sup>** | <br>**Retained earnings** | <br>**Total** | **Non-controlling interests** | <br>**Total equity** |
| **Year ended 31.12.2025** | £m | £m | £m | £m | £m | £m | £m |
| **Balance as at 1 January 2025** | **4186** | **12075** | **(468)** | **56028** | **71821** | **660** | **72481** |
| Profit after tax |  | 997 |  | 6175 | 7172 | 41 | 7213 |
| Currency translation movements |  |  | (1132) |  | (1132) |  | (1132) |
| Fair value through other comprehensive income reserve |  |  | 773 |  | 773 |  | 773 |
| Cash flow hedges |  |  | 2264 |  | 2264 |  | 2264 |
| Retirement benefit remeasurements |  |  |  | (14) | (14) |  | (14) |
| Own credit |  |  | 63 |  | 63 |  | 63 |
| **Total comprehensive income for the period** | **—** | **997** | **1968** | **6161** | **9126** | **41** | **9167** |
| Employee share schemes and hedging thereof | 150 |  |  | 1127 | 1277 |  | 1277 |
| Issue and redemption of other equity instruments |  | 651 |  | (4) | 647 |  | 647 |
| Other equity instruments coupon paid |  | (997) |  |  | (997) |  | (997) |
| Redemption of preference shares |  |  |  | (59) | (59) | (211) | (270) |
| Vesting of employee share schemes net of purchases |  |  | (36) | (554) | (590) |  | (590) |
| Dividends paid |  |  |  | (1213) | (1213) | (41) | (1254) |
| Repurchase of shares | (158) |  | 158 | (2241) | (2241) |  | (2241) |
| Other movements |  | (1) | 6 | 8 | 13 | 3 | 16 |
| **Balance as at 31 December 2025** | **4178** | **12725** | **1628** | **59253** | **77784** | **452** | **78236** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year ended 31.12.2024** | £m | £m | £m | £m | £m | £m | £m |
| **Balance as at 1 January 2024** | **4288** | **13259** | **(77)** | **53734** | **71204** | **660** | **71864** |
| Profit after tax |  | 991 |  | 5316 | 6307 | 49 | 6356 |
| Currency translation movements |  |  | (46) |  | (46) |  | (46) |
| Fair value through other comprehensive income reserve |  |  | (507) |  | (507) |  | (507) |
| Cash flow hedges |  |  | 777 |  | 777 |  | 777 |
| Retirement benefit remeasurements |  |  |  | (303) | (303) |  | (303) |
| Own credit |  |  | (822) |  | (822) |  | (822) |
| **Total comprehensive income for the period** | **—** | **991** | **(598)** | **5013** | **5406** | **49** | **5455** |
| Employee share schemes and hedging thereof | 103 |  |  | 874 | 977 |  | 977 |
| Issue and redemption of other equity instruments |  | (1155) |  | (96) | (1251) |  | (1251) |
| Other equity instruments coupon paid |  | (991) |  |  | (991) |  | (991) |
| Vesting of employee shares scheme net of purchases |  |  | (1) | (508) | (509) |  | (509) |
| Dividends paid |  |  |  | (1221) | (1221) | (49) | (1270) |
| Repurchase of shares | (205) |  | 205 | (1760) | (1760) |  | (1760) |
| Other movements |  | (29) | 3 | (8) | (34) |  | (34) |
| **Balance as at 31 December 2024** | **4186** | **12075** | **(468)** | **56028** | **71821** | **660** | **72481** |

---

---

| | |
|:---|:---|
| *1* | *As at 31 December 2025, Called up share capital comprises 13,867m (December 2024: 14,420m) ordinary shares of 25p each.* |
| *2* | *For the period ended 31 December 2025, Barclays PLC fully executed two share buybacks and partially executed one share buyback totalling £2,232m. Accordingly, it repurchased and cancelled 636m shares. The nominal value of £158m has been transferred from Share capital to Capital redemption reserve within Other reserves. For the year ended 31 December 2024, two share buybacks were executed, totalling £1,750m. Accordingly, Barclays PLC repurchased and cancelled 818m shares. The nominal value of £205m was transferred from Share capital to Capital redemption reserve within Other reserves.* |
| *3* | *Other equity instruments of £12,725m (December 2024: £12,075m) comprise AT1 securities issued by Barclays PLC. There were four issuances in the form of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities for £3,784m (net of £15m issuance costs) and three redemptions of £3,133m (net of £13m issuance costs, transferred to retained earnings on redemption) for the period ended 31 December 2025. During the period ended 31 December 2024, there were two issuances in the form of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities, for £1,598m, which includes issuance costs of £6m and two redemptions totalling £2,753m.* |
| *4* | *See Note 8 Other reserves* |

---

---

| | | |
|:---|:---|:---|
| **Condensed consolidated cash flow statement** | **Condensed consolidated cash flow statement** | **Condensed consolidated cash flow statement** |
|  | **Year ended 31.12.25** | **Year ended 31.12.24** |
|  | £m | £m |
| Profit before tax<br>| 9139<br>| 8108<br>|
| Adjustment for non-cash and other items<br>| 11054<br>| 6620<br>|
| Net (increase)/decrease in loans and advances at amortised cost<br>| (17403)<br>| 284<br>|
| Net increase in deposits at amortised cost<br>| 24950<br>| 14952<br>|
| Net increase/(decrease) in debt securities in issue<br>| 20925<br>| (9978)<br>|
| Changes in other operating assets and liabilities<br>| (28533)<br>| (11590)<br>|
| Corporate income tax paid<br>| (1393)<br>| (1283)<br>|
| **Net cash from operating activities**<br>| **18739**<br>| **7113**<br>|
| **Net cash from investing activities**<br>| **1595**<br>| **(17886)**<br>|
| **Net cash from financing activities<sup>1</sup>**<br>| **2256**<br>| **784**<br>|
| Effect of exchange rates on cash and cash equivalents<br>| (1738)<br>| (2407)<br>|
| **Net increase/(decrease) in cash and cash equivalents**<br>| **20852**<br>| **(12396)**<br>|
| Cash and cash equivalents at beginning of the period<br>| 235611<br>| 248007<br>|
| **Cash and cash equivalents at end of the period**<br>| **256463**<br>| **235611**<br>|

---

---

| | |
|:---|:---|
| *1* | *Issuance and redemption of debt securities included in financing activities relate to instruments that qualify as eligible liabilities and satisfy regulatory requirements for MREL instruments which came into effect during 2019.* |

---

 **Financial Statement Notes**

 **1.**

 **Tax**

The tax charge for 2025 was £1,926m (2024: £1,752m), representing an effective tax rate (ETR) of 21.1% (2024: 21.6%). Included in the 2025 tax charge is a credit in respect of payments made on AT1 instruments that are classified as equity for accounting purposes.

---

| | | |
|:---|:---|:---|
|  | **As at 31.12.25** | **As at 31.12.24** |
| **Deferred tax assets and liabilities** | £m | £m |
| UK<br>| **3408**<br>| 4451<br>|
| USA<br>| **1260**<br>| 1432<br>|
| Other territories<br>| **324**<br>| 438<br>|
| **Deferred tax assets**<br>| **4992**<br>| **6321**<br>|
| Deferred tax liabilities<br>| **(13)**<br>| (18)<br>|
| **Analysis of deferred tax assets**<br>|  |  |
| Temporary differences<br>| **3895**<br>| 4787<br>|
| Tax losses<br>| **1097**<br>| 1534<br>|
| **Deferred tax assets**<br>| **4992**<br>| **6321**<br>|

---

 **2.**

 **Earnings per share**

---

| | | |
|:---|:---|:---|
|  | **Year ended 31.12.25**<br>&nbsp;&nbsp;&nbsp; £m | **Year ended 31.12.24**<br>&nbsp;&nbsp;&nbsp; £m |
| Profit attributable to ordinary equity holders of the parent<br>| 6175<br>| 5316<br>|
|  | m | m |
| Basic weighted average number of shares in issue<br>| 14112<br>| 14755<br>|
| Number of potential ordinary shares<br>| 492<br>| 516<br>|
| **Diluted weighted average number of shares**<br>| **14604**<br>| **15271**<br>|
|  | p | p |
| Basic earnings per ordinary share<br>| 43.8<br>| 36.0<br>|
| Diluted earnings per ordinary share<br>| 42.3<br>| 34.8<br>|

---

 **3.**

 **Dividends on ordinary shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.24** | **Year ended 31.12.24** |
|  | **Per share** | **Total** | **Per share** | **Total** |
| **Dividends paid during the period** | p | £m | p | £m |
| Full year dividend paid during the period<br>| 5.50<br>| 791<br>| 5.30<br>| 796<br>|
| Interim dividend paid during the period<br>| 3.00<br>| 422<br>| 2.90<br>| 425<br>|
| **Total Dividend**<br>| **8.50**<br>| **1213**<br>| **8.20**<br>| **1221**<br>|

---

It is Barclays' policy to declare and pay dividends on a semi-annual basis. The 2025 full year dividend of 5.6p per ordinary share will be paid on 31 March 2026 to the shareholders on the Share Register on 20 February 2026. The financial statements for the year ended 31 December 2025 do not reflect this dividend, which will be accounted for in Shareholders' Equity as an appropriation of retained profits in the year ending 31 December 2026. A half year dividend for 2025 of 3.0p (H124: 2.9p) per ordinary share was paid on 16 September 2025.

The Directors have confirmed their intention to initiate a share buyback of up to £1.0bn after the balance sheet date. The share buyback is expected to commence in the first quarter of 2026. The financial statements for the year ended 31 December 2025 do not reflect the impact of the proposed share buyback, which will be accounted for as and when shares are repurchased by the Company. Dividends and share buybacks are funded out of distributable reserves.

 **4.**

 **Fair value of financial instruments**

This section should be read in conjunction with Note 17, Fair value of financial instruments of the Barclays PLC Annual Report 2025 which provides more detail regarding accounting policies adopted, valuation methodologies used in calculating fair value and the valuation control framework which governs oversight of valuations. There have been no changes in the accounting policies adopted in the period.

 **Assets and liabilities transferred between levels**

During the year ended 31 December 2025, there were £42.7bn assets and £(9.9)bn liabilities transferred from Level 2 to Level 1 (year ended 31 December 2024: there were no material transfers). Additionally, there were £0.8bn assets and £(2.8)bn liabilities transferred from Level 2 to Level 3 (year ended 31 December 2024: there were no material transfers). These transfers reflect enhancement to the Group's levelling policy, including the use of additional data in the active market assessment of Level 1 government bonds and updated assessments of unobservable market parameters for government bonds and issued debt; resulting in an increase in Level 3 balances.

The following table shows the Group's assets and liabilities that are held at fair value disaggregated by the fair value hierarchy and balance sheet classification:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| | **Valuation techniques used** | **Valuation techniques used** | **Valuation techniques used** | **Valuation techniques used** | **Valuation techniques used** | **Valuation techniques used** | **Valuation techniques used** | **Valuation techniques used** |
| <br>**As at 31 December** | **Quoted market price**<br>**Level 1**<br>**£m** | **Observable inputs**<br>**Level 2**<br>**£m** | **Significant unobservable inputs**<br>**Level 3**<br>**£m** | <br> **Total**<br>**£m** | **Quoted market price**<br>**Level 1**<br>**£m** | **Observable inputs**<br>**Level 2**<br>**£m** | **Significant unobservable inputs**<br>**Level 3**<br>**£m** | <br> **Total**<br>**£m** |
| Trading portfolio assets<br>| 111158<br>| 68556<br>| 10347<br>| 190061<br>| 77761<br>| 78577<br>| 10115<br>| 166453<br>|
| Financial assets at fair value through the income statement<br>| 5140<br>| 173140<br>| 8577<br>| 186857<br>| 3526<br>| 181784<br>| 8424<br>| 193734<br>|
| Derivative financial assets<br>| 108<br>| 250639<br>| 1712<br>| 252459<br>| 101<br>| 291352<br>| 2077<br>| 293530<br>|
| Financial assets at fair value through other comprehensive income<br>| 51717<br>| 19578<br>| 3099<br>| 74394<br>| 25913<br>| 48407<br>| 3739<br>| 78059<br>|
| Investment property<br>| —<br>| —<br>| 43<br>| 43<br>| —<br>| —<br>| 9<br>| 9<br>|
| **Total assets**<br>| **168123**<br>| **511913**<br>| **23778**<br>| **703814**<br>| **107301**<br>| **600120**<br>| **24364**<br>| **731785**<br>|
| Trading portfolio liabilities<br>| (42917)<br>| (14733)<br>| (87)<br>| (57737)<br>| (27694)<br>| (28819)<br>| (395)<br>| (56908)<br>|
| Financial liabilities designated at fair value<br>| (1702)<br>| (287532)<br>| (4874)<br>| (294108)<br>| (181)<br>| (278785)<br>| (3258)<br>| (282224)<br>|
| Derivative financial liabilities<br>| (93)<br>| (237650)<br>| (3065)<br>| (240808)<br>| (86)<br>| (276148)<br>| (3181)<br>| (279415)<br>|
| **Total liabilities**<br>| **(44712)**<br>| **(539915)**<br>| **(8026)**<br>| **(592653)**<br>| **(27961)**<br>| **(583752)**<br>| **(6834)**<br>| **(618547)**<br>|

---

 **5.**

 **Subordinated liabilities**

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br> **31.12.25**<br>£m | **Year ended**<br> **31.12.24**<br>£m |
| Opening balance as at 1 January | 11921 | 10494 |
| Issuances | 1772 | 1870 |
| Redemptions | (727) | (476) |
| Other | (12) | 33 |
| **Closing balance** | **12954** | **11921** |

---

Issuances of £1,772m comprise £1,045m EUR 4.616% Fixed Rate Resetting Subordinated Callable Notes issued externally by Barclays PLC and £727m mezzanine and junior securitisation notes issued externally by a Barclays securitisation special purpose vehicle (SPV).

Redemptions of £727m comprise £500m GBP 3.750% Fixed Rate Resetting Subordinated Callable Notes, £115m SGD 3.750% Fixed Rate Resetting Subordinated Callable Notes issued externally by Barclays PLC and £112m USD Floating Rate Notes issued externally by a Barclays subsidiary.

Other movements predominantly comprise foreign exchange movements and fair value hedge adjustments.

 **6.**

 **Provisions**

---

| | | |
|:---|:---|:---|
|  | **As at 31.12.25**<br>&nbsp;&nbsp;&nbsp; <br> £m | **As at 31.12.24**<br>&nbsp;&nbsp;&nbsp; £m |
| Customer redress<br>| 543 | 299 |
| Legal, competition and regulatory matters<br>| 79 | 59 |
| Redundancy and restructuring<br>| 190 | 213 |
| Undrawn contractually committed facilities and guarantees<br>| 416 | 439 |
| Onerous contracts<br>| 41 | 14 |
| Sundry provisions<br>| 395 | 359 |
| **Total**<br>| **1664** | **1383** |

---

Customer redress provisions comprise the estimated cost of making redress payments to customers, clients and counterparties for losses or damages associated with inappropriate judgement in the execution of the Group's business activities.

 **Motor finance provision**

From 2003 to late 2019, Clydesdale Financial Services Limited (CFSL), a wholly-owned subsidiary of the Group, provided motor finance to customers in the UK.

In January 2024, the FCA appointed a skilled person to undertake a review of the historical use of discretionary commission arrangements and sales in the motor finance market across several firms. This review followed two final decisions by the UK Financial Ombudsman Service (FOS) and a number of complaints and court claims, including some against CFSL.

On 7 October 2025, the FCA began consulting on an industry wide compensation scheme for eligible motor finance customers. Barclays has engaged with the FCA as part of its consultation process and the FCA has stated that, if it introduces a redress scheme, it expects to publish a policy statement and final rules in February or March 2026, with compensation to consumers beginning later in 2026. The FCA has indicated that it expects to lift the existing pause on the handling of certain motor finance complaints on 31 May 2026, subject to the terms of the FCA redress scheme, if adopted.

Barclays considers it more likely than not that a redress scheme will be implemented by the FCA. As a result, Barclays has recognised a provision of £325m in respect of this matter as at 31 December 2025 (as at 31 December 2024: £90m). Recognising that the proposed terms of the FCA redress scheme are subject to consultation, in calculating potential redress costs and the amount of provision required, Barclays has applied a weighted average of multiple scenarios, each incorporating differing evaluations of the FCA's current proposals. The current provision reflects the estimated number of motor finance cases falling within the scope of the FCA redress scheme as proposed by the FCA consultation paper (which covers regulated motor finance agreements between 6 April 2007 and 1 November 2024 where a commission was payable by the lender to the broker), the anticipated level of customer redress reflecting the FCA's proposed methodology, the estimated customer response rate with reference to Barclays previous remediation exercises, and the costs associated with implementing the FCA's proposed approach to customer engagement.

The final terms of the FCA redress scheme remain uncertain pending publication of the FCA's policy statement and final scheme rules. Accordingly, the legal and regulatory outcomes and the nature, extent and timing of any remediation action, if required, remain uncertain. The ultimate financial impact on Barclays could differ from the recognised provision, which represents Barclays' best estimate of the cost of redress based on the information currently available to Barclays.

 **7.**

 **Retirement benefits**

As at 31 December 2025, the Group's IAS 19 net retirement benefit assets were £3.0bn (December 2024: £3.0bn). The UK Retirement Fund (UKRF), which is the Group's main scheme, had an IAS 19 net surplus of £3.3bn (December 2024: £3.2bn).

The UKRF annual funding update as at 30 September 2024 showed a funding surplus of £1.75bn. The 30 September 2025 funding update is not available at the date of this report, as the triennial funding valuations for the UKRF are due to be completed in 2026 with an effective date of 30 September 2025.

 **Sectionalisation of the UKRF**

Between 1 January 2025 and 30 June 2025, Barclays Bank PLC was the principal employer of the UKRF, with Barclays Bank UK PLC and Barclays Execution Services Limited as the participating employers.

From 1 July 2025, the UKRF was amended to become a sectionalised scheme to meet the requirements of the Financial Services and Markets Act 2000 (Banking Reform) (Pensions) Regulations 2015, creating two separate sections - the Barclays Bank Section and the Barclays UK Section. From 1 July 2025, Barclays Bank PLC became the principal employer of the Barclays Bank Section, with Barclays Execution Services Limited as a participating employer. From that date, Barclays Bank UK PLC participates only in the Barclays UK Section and is solely responsible for funding that section.

Sectionalisation did not change the balance sheet position of the UKRF from the Group's perspective, and employees' benefits are unchanged.

 **8.**

 **Other reserves**

 **Currency translation reserve**

The currency translation reserve represents the cumulative gains and losses on the retranslation of the Group's net investment in foreign operations, net of the effects of hedging.

 **Fair value through other comprehensive income reserve**

The fair value through other comprehensive income reserve represents the total of unrealised gains and losses on fair value through other comprehensive income investments since initial recognition.

 **Cash flow hedging reserve**

The cash flow hedging reserve represents the cumulative gains and losses on effective cash flow hedging instruments that will be recycled to the income statement when the hedged transactions affect profit or loss

 **Own credit reserve**

The own credit reserve reflects the cumulative own credit gains and losses on financial liabilities at fair value. Amounts in the own credit reserve are not recycled to profit or loss in future periods.

 **Other reserves and treasury shares**

Other reserves relate to redeemed ordinary and preference shares issued by the Group. Treasury shares relate to Barclays PLC shares held principally in relation to the Group's various share schemes. Treasury shares are deducted from shareholders' equity within other reserves.

---

| | | |
|:---|:---|:---|
|  | **As at 31.12.25**<br>£m | **As at 31.12.24**<br>£m |
| Currency translation reserve<br>| 2493 | 3625 |
| Fair value through other comprehensive income reserve<br>| (1100) | (1873) |
| Cash flow hedging reserve<br>| (666) | (2930) |
| Own credit reserve<br>| (990) | (1059) |
| Other reserves and treasury shares | 1891 | 1769 |
| **Total**<br>| **1628** | **(468)** |

---

 **Appendix: Non-IFRS Performance Measures**

The Group's management believes that the non-IFRS performance measures included in this document provide valuable information to the readers of the financial statements, as they enable the reader to identify a more consistent basis for comparing the businesses' performance between financial periods, and provide more detail concerning the elements of performance which the managers of these businesses are most directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating targets are defined and performance is monitored by management.

However, any non-IFRS performance measures in this document are not a substitute for IFRS measures and readers should consider the IFRS measures as well.

 **Non-IFRS performance measures glossary**

---

| | |
|:---|:---|
| **Measure**<br>| **Definition**<br>|
| Loan: deposit ratio<br>| Total loans and advances at amortised cost divided by total deposits at amortised cost.<br>|
| **Period end tangible equity refers to:** | **Period end tangible equity refers to:** |
| Period end tangible shareholders' equity (for Barclays Group)<br>| Shareholders' equity attributable to ordinary shareholders of the parent, adjusted for the deduction of goodwill and intangible assets.<br>|
| Period end allocated tangible equity (for businesses)<br>| Allocated tangible equity is calculated as 13.5% (2024: 13.5%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Barclays Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Barclays Group's tangible shareholders' equity and the amounts allocated to businesses.<br>|
| **Average tangible equity refers to:** | **Average tangible equity refers to:** |
| Average tangible shareholders' equity (for Barclays Group)<br>| Calculated as the average of the previous month's period end tangible shareholders' equity and the current month's period end tangible shareholders' equity. The average tangible shareholders' equity for the period is the average of the monthly averages within that period.<br>|
| Average allocated tangible equity (for businesses)<br>| Calculated as the average of the previous month's period end allocated tangible equity and the current month's period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period.<br>|
| **Return on tangible equity (RoTE) refers to:** | **Return on tangible equity (RoTE) refers to:** |
| Return on average tangible shareholders' equity (for Barclays Group)<br>| Group attributable profit, as a proportion of average tangible shareholders' equity. The components of the calculation have been included on page 71.<br>|
| Return on average allocated tangible equity (for businesses)<br>| Business attributable profit, as a proportion of that business's average allocated tangible equity. The components of the calculation have been included on pages 73 to 74.<br>|
| Operating costs<br>| A measure of total operating expenses excluding litigation and conduct charges and UK regulatory levies.<br>|
| Cost: income ratio<br>| Total operating expenses divided by total income.<br>|
| Loan loss rate<br>| Quoted in basis points and represents total impairment charges divided by total gross loans and advances held at amortised cost (including portfolios reclassified to assets held for sale) at the balance sheet date. The components of the calculation have been included on pages 75 to 77.<br>|
| Net interest margin<br>| Net interest income divided by the sum of average customer assets. The components of the calculation have been included on page 26.<br>|
| Tangible net asset value per share<br>| Calculated by dividing shareholders' equity, excluding non-controlling interests and other equity instruments, less goodwill and intangible assets, by the number of issued ordinary shares. The components of the calculation have been included on page 79.<br>|
| Profit before impairment<br>| Calculated by excluding credit impairment charges or releases from profit before tax.<br>|
| Structural cost actions<br>| Cost actions taken to improve future financial performance.<br>|
| Net New Assets Under Management<br>| The net inflows and outflows of client balances within Discretionary Portfolio Management and Advisory mandates. Excludes market performance and foreign exchange translation but includes reinvested dividend payments.<br>|
| Assets under Management (AUM)<br>| Total market value of client investment balances managed within investment mandates where Barclays provides discretionary portfolio management or advisory services. Total Assets Under Management excludes uninvested cash held under an investment mandate.<br>|
| Assets under Supervision (AUS)<br>| Total market value of client investment balances where Barclays provides custodian or transactional services.<br>|
| Group net interest income excluding Barclays Investment Bank and Head Office<br>| A measure of Barclays Group net interest income, excluding the net interest income reported in Barclays Investment Bank and Head Office.<br>|
| Income over average risk weighted assets<br>| Represents total income as a proportion of average risk weighted assets. Average risk weighted assets calculated as the average of the previous month's period end risk weighted assets and the current month's period end risk weighted assets. Average risk weighted assets for the period is the average of the monthly averages within that period. |

---

 **Returns**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** |  |
|  | **Barclays UK** | **Barclays UK**<br> **Corporate**<br> **Bank** | **Barclays**<br> **Private Bank**<br> **and Wealth**<br> **Management**  | **Barclays**<br> **Investment**<br> **Bank** | **Barclays US**<br> **Consumer**<br> **Bank** | **Head Office** | **Barclays**<br> **Group** |
| <br>**Return on average tangible equity** | <br> £m | <br> £m | <br> £m | <br> £m | <br> £m | <br> £m | <br> £m |
| Attributable profit/(loss) | 2443 | 648 | 291 | 3092 | 390 | (689) | 6175 |
|  | £bn<br>| £bn<br>| £bn<br>| £bn<br>| £bn<br>| £bn<br>| £bn<br>|
| Average equity | 15.8 | 3.4 | 1.2 | 29.1 | 4.1 | 9.3 | 62.9 |
| Average goodwill and intangibles | (4.0) |  | (0.1) |  | (0.6) | (3.6) | (8.3) |
| **Average tangible equity** | **11.8**<br>| **3.4**<br>| **1.1**<br>| **29.1**<br>| **3.5**<br>| **5.7**<br>| **54.6**<br>|
| **Return on average tangible equity** | **20.7%** | **18.9%** | **26.3%** | **10.6%** | **11.0%** | **n/m** | **11.3%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** |  |
|  | **Barclays UK** | **Barclays UK**<br> **Corporate**<br> **Bank** | **Barclays**<br> **Private Bank**<br> **and Wealth**<br> **Management** | **Barclays**<br> **Investment**<br> **Bank** | **Barclays US**<br> **Consumer**<br> **Bank** | **Head Office** | **Barclays**<br> **Group** |
| **Return on average tangible equity** | £m | £m | £m | £m | £m | £m | £m |
| Attributable profit/(loss) | 2465 | 490 | 288 | 2513 | 302 | (742) | 5316 |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Average equity | 14.6 | 3.1 | 1.1 | 29.7 | 3.7 | 6.5 | 58.7 |
| Average goodwill and intangibles | (3.9) |  | (0.1) |  | (0.4) | (3.6) | (8.0) |
| **Average tangible equity** | **10.7**<br>| **3.1**<br>| **1.0**<br>| **29.7**<br>| **3.3**<br>| **2.9**<br>| **50.7**<br>|
| **Return on average tangible equity** | **23.1%** | **16.0%** | **28.1%** | **8.5%** | **9.1%** | **n/m** | **10.5%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Group** |  |  |  |  |  |  |  |  |
| **Return on average tangible shareholders' equity** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Return on average tangible shareholders' equity** | £m | £m | £m | £m | £m | £m | £m | £m |
| Attributable profit | 1195 | 1457 | 1659 | 1864 | 965 | 1564 | 1237 | 1550 |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Average shareholders' equity | 64.8 | 63.3 | 62.1 | 61.4 | 59.7 | 59.1 | 57.7 | 58.3 |
| Average goodwill and intangibles | (8.3) | (8.2) | (8.2) | (8.3) | (8.2) | (8.1) | (7.9) | (7.8) |
| **Average tangible shareholders' equity** | **56.5** | **55.1** | **53.9** | **53.1** | **51.5** | **51.0** | **49.8** | **50.5** |
| **Return on average tangible shareholders' equity** | **8.5%** | **10.6%** | **12.3%** | **14.0%** | **7.5%** | **12.3%** | **9.9%** | **12.3%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays UK** |  |  |  |  |  |  |  |  |
| **Return on average allocated tangible equity** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Return on average allocated tangible equity** | £m | £m | £m | £m | £m | £m | £m | £m |
| Attributable profit | 706 | 647 | 580 | 510 | 781 | 621 | 584 | 479 |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Average allocated equity | 15.9 | 15.9 | 15.8 | 15.7 | 15.1 | 14.5 | 14.4 | 14.3 |
| Average goodwill and intangibles | (4.0) | (4.0) | (4.0) | (4.0) | (3.9) | (3.9) | (3.9) | (3.9) |
| **Average allocated tangible equity** | **11.9** | **11.9** | **11.8** | **11.7** | **11.2** | **10.6** | **10.5** | **10.4** |
| **Return on average allocated tangible equity** | **23.8%** | **21.8%** | **19.7%** | **17.4%** | **28.0%** | **23.4%** | **22.3%** | **18.5%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays UK Corporate Bank** |  |  |  |  |  |  |  |  |
| **Return on average allocated tangible equity** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Return on average allocated tangible equity** | £m | £m | £m | £m | £m | £m | £m | £m |
| Attributable profit | 168 | 196 | 142 | 142 | 98 | 144 | 135 | 113 |
|  | £bn | £bn | £bn | £bn | £bn<br>| £bn | £bn | £bn |
| Average allocated equity | 3.5 | 3.4 | 3.4 | 3.3 | 3.2 | 3.1 | 3.0 | 3.0 |
| Average goodwill and intangibles |  |  |  |  |  |  |  |  |
| **Average allocated tangible equity** | **3.5** | **3.4** | **3.4** | **3.3** | **3.2** | **3.1** | **3.0** | **3.0** |
| **Return on average allocated tangible equity** | **19.1%** | **22.8%** | **16.6%** | **17.1%** | **12.3%** | **18.8%** | **18.0%** | **15.2%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Private Bank and Wealth Management** |  |  |  |  |  |  |  |  |
| **Return on average allocated tangible equity** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Return on average allocated tangible equity** | £m | £m | £m | £m | £m | £m | £m | £m |
| Attributable profit | 35 | 72 | 88 | 96 | 63 | 74 | 77 | 74 |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Average allocated equity | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.1 | 1.1 | 1.1 |
| Average goodwill and intangibles | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) |
| **Average allocated tangible equity** | **1.1** | **1.1** | **1.1** | **1.1** | **1.1** | **1.0** | **1.0** | **1.0** |
| **Return on average allocated tangible equity** | **12.6%** | **26.4%** | **31.9%** | **34.5%** | **23.9%** | **29.0%** | **30.8%** | **28.7%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Investment Bank** |  |  |  |  |  |  |  |  |
| **Return on average allocated tangible equity** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Return on average allocated tangible equity** | £m | £m | £m | £m | £m | £m | £m | £m |
| Attributable profit | 294 | 723 | 876 | 1199 | 247 | 652 | 715 | 899 |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Average allocated equity | 29.6 | 28.6 | 28.7 | 29.6 | 29.3 | 29.5 | 29.9 | 30.0 |
| Average goodwill and intangibles |  |  |  |  |  |  |  |  |
| **Average allocated tangible equity** | **29.6** | **28.6** | **28.7** | **29.6** | **29.3** | **29.5** | **29.9** | **30.0** |
| **Return on average allocated tangible equity** | **4.0%** | **10.1%** | **12.2%** | **16.2%** | **3.4%** | **8.8%** | **9.6%** | **12.0%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays US Consumer Bank** |  |  |  |  |  |  |  |  |
| **Return on average allocated tangible equity** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Return on average allocated tangible equity** | £m | £m | £m | £m | £m | £m | £m | £m |
| Attributable profit | 144 | 118 | 87 | 41 | 94 | 89 | 75 | 44 |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Average allocated equity | 4.2 | 4.0 | 4.0 | 4.2 | 4.0 | 3.8 | 3.6 | 3.6 |
| Average goodwill and intangibles | (0.6) | (0.5) | (0.6) | (0.6) | (0.6) | (0.5) | (0.3) | (0.3) |
| **Average allocated tangible equity** | **3.6** | **3.5** | **3.4** | **3.6** | **3.4** | **3.3** | **3.3** | **3.3** |
| **Return on average allocated tangible equity** | **15.8%** | **13.5%** | **10.2%** | **4.5%** | **11.2%** | **10.9%** | **9.2%** | **5.3%** |

---

 **Loan loss rates**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** | **Year ended 31.12.25** |  |
|  | **Barclays UK** | **Barclays UK**<br> **Corporate**<br> **Bank** | **Barclays**<br> **Private Bank**<br> **and Wealth**<br> **Management** | **Barclays**<br> **Investment**<br> **Bank** | **Barclays US**<br> **Consumer**<br> **Bank** | **Head Office** | **Barclays**<br> **Group** |
| **Loan loss rate** | £m | £m | £m | £m | £m | £m | £m |
| Credit impairment (charges)/ releases | (413) | (37) | 8 | (305) | (1521) | (11) | (2279) |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)<sup>1</sup> | 231.9 | 30.2 | 15.1 | 131.0 | 30.6 | 2.5 | 441.3 |
| **Loan loss rate (bps)** | 18 | 12 | (5) | 23 | 496 | n/m | **52** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** | **Year ended 31.12.24** |  |
|  | **Barclays UK** | **Barclays UK**<br> **Corporate Bank** | **Barclays**<br> **Private Bank**<br> **and Wealth**<br> **Management** | **Barclays**<br> **Investment**<br> **Bank** | **Barclays US**<br> **Consumer**<br> **Bank** | **Head Office** | **Barclays Group** |
| **Loan loss rate** | £m | £m | £m | £m | £m | £m | £m |
| Credit impairment charges | (365) | (76) | (6) | (123) | (1293) | (119) | (1982) |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)<sup>1</sup> | 227.5 | 25.8 | 14.7 | 124.9 | 30.0 | 6.7 | 429.6 |
| **Loan loss rate (bps)** | 16 | 29 | 4 | 10 | 431 | n/m | **46** |

---

 *1* *Includes gross loans and advances to customers and banks, in addition to debt securities.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Group** |  |  |  |  |  |  |  |  |
| **Loan loss rate** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Loan loss rate** | £m | £m | £m | £m | £m | £m | £m | £m |
| Credit impairment charges | (535) | (632) | (469) | (643) | (711) | (374) | (384) | (513) |
|  | £bn | £bn | £bn | £bn | £bn<br>| £bn | £bn | £bn |
| **Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)** | 441.3 | 437.5 | 428.4 | 430.4 | 429.6 | 408.3 | 409.1 | 407.6 |
| Loan loss rate (bps) | 48 | 57 | 44 | 61 | 66 | 37 | 38 | 51 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays UK** |  |  |  |  |  |  |  |  |
| **Loan loss rate** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Loan loss rate** | £m | £m | £m | £m | £m | £m | £m | £m |
| Credit impairment charges | (74) | (102) | (79) | (158) | (283) | (16) | (8) | (58) |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| **Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)** | 231.9 | 230.9 | 228.5 | 227.5 | 227.5 | 218.4 | 217.3 | 219.4 |
| Loan loss rate (bps) | 13 | 18 | 14 | 28 | 49 | 3 | 1 | 11 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays UK Corporate Bank** |  |  |  |  |  |  |  |  |
| **Loan loss rate** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Loan loss rate** | £m | £m | £m | £m | £m | £m | £m | £m |
| Credit impairment charges | (1) | (5) | (12) | (19) | (40) | (13) | (8) | (15) |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| **Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)** | 30.2 | 29.2 | 28.2 | 27.0 | 25.8 | 25.2 | 26.0 | 26.1 |
| Loan loss rate (bps) | 1 | 7 | 17 | 28 | 62 | 21 | 12 | 23 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Private Bank and Wealth Management** |  |  |  |  |  |  |  |  |
| **Loan loss rate** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Loan loss rate** | £m | £m | £m | £m | £m | £m | £m | £m |
| Credit impairment (charges)/releases | (2) | (1) | 2 | 9 | (2) | (7) | 3 |  |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| **Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)** | 15.1 | 15.2 | 14.8 | 14.8 | 14.7 | 14.3 | 14.1 | 14.1 |
| Loan loss rate (bps) | 5 | 3 | (5) | (25) | 5 | 19 | (9) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Investment Bank** |  |  |  |  |  |  |  |  |
| **Loan loss rate** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Loan loss rate** | £m | £m | £m | £m | £m | £m | £m | £m |
| Credit impairment (charges)/releases | (22) | (144) | (67) | (72) | (46) | (43) | (44) | 10 |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| **Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)** | 131.0 | 129.8 | 126.8 | 129.6 | 124.9 | 116.5 | 115.5 | 113.2 |
| Loan loss rate (bps) | 7 | 44 | 21 | 23 | 15 | 15 | 15 | (4) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays US Consumer Bank** |  |  |  |  |  |  |  |  |
| **Loan loss rate** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Loan loss rate** | £m | £m | £m | £m | £m | £m | £m | £m |
| Credit impairment charges | (431) | (379) | (312) | (399) | (298) | (276) | (309) | (410) |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| **Gross loans and advances held at amortised cost (including portfolios reclassified as held for sale)** | 30.6 | 29.8 | 27.4 | 28.9 | 30.0 | 26.7 | 28.4 | 27.0 |
| Loan loss rate (bps) | 558 | 505 | 456 | 562 | 395 | 411 | 438 | 610 |

---

 **Income over average RWAs**

---

| | | |
|:---|:---|:---|
| **Barclays Investment Bank** | **Year ended 31.12.25** | **Year ended 31.12.24** |
| **Barclays Investment Bank** | £m | £m |
| Income | 13055 | 11805 |
|  | £bn<br>| £bn<br>|
| Average RWAs | 198.6 | 202.7 |
| Income over average RWAs | 6.6% | 5.8% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Barclays Investment Bank** | **Q425** | **Q325** | **Q225** | **Q125** | **Q424** | **Q324** | **Q224** | **Q124** |
| **Barclays Investment Bank** | £m | £m | £m | £m | £m | £m | £m<br>| £m |
| Income | 2792 | 3083 | 3307 | 3873 | 2607 | 2851 | 3019 | 3328 |
|  | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn |
| Average RWAs | 202.1 | 194.9 | 196.1 | 201.4 | 199.9 | 201.8 | 204.9 | 204.4 |
| Income over average RWAs | 5.5% | 6.3% | 6.7% | 7.7% | 5.2% | 5.7% | 5.9% | 6.5% |

---

---

| | | |
|:---|:---|:---|
| **Tangible net asset value per share**<br>| **As at 31.12.25** | **As at 31.12.24** |
|  | £m | £m |
| Total equity excluding non-controlling interests | 77784 | 71821 |
| Other equity instruments | (12725) | (12075) |
| Goodwill and intangibles | (8284) | (8275) |
| **Tangible shareholders' equity attributable to ordinary shareholders of the parent** | **56775** | **51471** |
|  | m | m |
| **Shares in issue<sup>1</sup>** | 13867 | 14420<br>|
|  | p | p |
| **Tangible net asset value per share** | **409** | **357** |

---

---

| | |
|:---|:---|
| *1* | *The number of shares of 13,867m as at 31 December 2025 is different from the 13,865m quoted in the 2 January 2026 announcement entitled "Total Voting Rights" because the share buyback transaction executed on 30 December 2025 did not settle until 2 January 2026.* |

---

 **Shareholder Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Results timetable<sup>1</sup>** |  |  |  | **Date** |
| Ex-dividend date |  |  |  | 19 February 2026 |
| Dividend record date |  |  |  | 20 February 2026 |
| DRIP last election date |  |  |  | 10 March 2026 |
| Dividend payment date |  |  |  | 31 March 2026 |
| Q1 2026 Results Announcement |  |  |  | 28 April 2026 |
| For qualifying ADR holders, the 2025 full year dividend of 5.6p per ordinary share becomes 22.4p per ADS (representing four shares). The ex-dividend date for ADR holders is 20 February 2026. The dividend record and dividend payment dates for ADR holders are as shown above. | For qualifying ADR holders, the 2025 full year dividend of 5.6p per ordinary share becomes 22.4p per ADS (representing four shares). The ex-dividend date for ADR holders is 20 February 2026. The dividend record and dividend payment dates for ADR holders are as shown above. | For qualifying ADR holders, the 2025 full year dividend of 5.6p per ordinary share becomes 22.4p per ADS (representing four shares). The ex-dividend date for ADR holders is 20 February 2026. The dividend record and dividend payment dates for ADR holders are as shown above. | For qualifying ADR holders, the 2025 full year dividend of 5.6p per ordinary share becomes 22.4p per ADS (representing four shares). The ex-dividend date for ADR holders is 20 February 2026. The dividend record and dividend payment dates for ADR holders are as shown above. | For qualifying ADR holders, the 2025 full year dividend of 5.6p per ordinary share becomes 22.4p per ADS (representing four shares). The ex-dividend date for ADR holders is 20 February 2026. The dividend record and dividend payment dates for ADR holders are as shown above. |
| A Dividend Re-Investment Plan (DRIP) is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares.<br> More information can be found at shareview.co.uk/info/drip | A Dividend Re-Investment Plan (DRIP) is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares.<br> More information can be found at shareview.co.uk/info/drip | A Dividend Re-Investment Plan (DRIP) is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares.<br> More information can be found at shareview.co.uk/info/drip | A Dividend Re-Investment Plan (DRIP) is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares.<br> More information can be found at shareview.co.uk/info/drip | A Dividend Re-Investment Plan (DRIP) is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares.<br> More information can be found at shareview.co.uk/info/drip |
| DRIP participants will usually receive their additional ordinary shares (in lieu of a cash dividend) three to four days after the dividend payment date. Qualifying ADR holders should contact Shareowner Services for further details regarding the DRIP. | DRIP participants will usually receive their additional ordinary shares (in lieu of a cash dividend) three to four days after the dividend payment date. Qualifying ADR holders should contact Shareowner Services for further details regarding the DRIP. | DRIP participants will usually receive their additional ordinary shares (in lieu of a cash dividend) three to four days after the dividend payment date. Qualifying ADR holders should contact Shareowner Services for further details regarding the DRIP. | DRIP participants will usually receive their additional ordinary shares (in lieu of a cash dividend) three to four days after the dividend payment date. Qualifying ADR holders should contact Shareowner Services for further details regarding the DRIP. | DRIP participants will usually receive their additional ordinary shares (in lieu of a cash dividend) three to four days after the dividend payment date. Qualifying ADR holders should contact Shareowner Services for further details regarding the DRIP. |
| Barclays PLC ordinary shares ISIN code: GB0031348658 | Barclays PLC ordinary shares ISIN code: GB0031348658 | Barclays PLC ordinary shares ISIN code: GB0031348658 | Barclays PLC ordinary shares ISIN code: GB0031348658 | Barclays PLC ordinary shares ISIN code: GB0031348658 |
| Barclays PLC ordinary shares TIDM Code: BARC | Barclays PLC ordinary shares TIDM Code: BARC | Barclays PLC ordinary shares TIDM Code: BARC | Barclays PLC ordinary shares TIDM Code: BARC | Barclays PLC ordinary shares TIDM Code: BARC |
|  |  |  | **%** |  |
| **Exchange rates** | **31.12.25** | **31.12.24** | **Change<sup>2</sup>** |  |
| Period end - USD/GBP | 1.34 | 1.25 | 8% |  |
| YTD average - USD/GBP | 1.32 | 1.28 | 3% |  |
| 3 month average - USD/GBP | 1.33 | 1.28 | 4% |  |
| Period end - EUR/GBP | 1.15 | 1.21 | (5)% |  |
| YTD average - EUR/GBP | 1.17 | 1.18 | (1)% |  |
| 3 month average - EUR/GBP | 1.14 | 1.20 | (5)% |  |
| **Share price data** |  |  |  |  |
| Barclays PLC (p) | 476 | 268 |  |  |
| Barclays PLC number of shares (m)<sup>3</sup> | 13867 | 14420 |  |  |
| **For further information please contact** | **For further information please contact** |  |  |  |
| **Investor relations** | **Media relations** | **Media relations** | **Media relations** | **Media relations** |
| Marina Shchukina +44 (0) 20 7116 2526 | Tom Hoskin +44 (0) 20 7116 4755 | Tom Hoskin +44 (0) 20 7116 4755 | Tom Hoskin +44 (0) 20 7116 4755 | Tom Hoskin +44 (0) 20 7116 4755 |
| More information on Barclays can be found on our website: home.barclays | More information on Barclays can be found on our website: home.barclays | More information on Barclays can be found on our website: home.barclays | More information on Barclays can be found on our website: home.barclays | More information on Barclays can be found on our website: home.barclays |
| **Registered office** |  |  |  |  |
| 1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839. | 1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839. | 1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839. | 1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839. | 1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 48839. |
| **Registrar** |  |  |  |  |
| Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom. | Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom. | Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom. | Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom. |  |
| Tel: +44 (0)371 384 2055 (UK and International telephone number)<sup>4</sup>. | Tel: +44 (0)371 384 2055 (UK and International telephone number)<sup>4</sup>. | Tel: +44 (0)371 384 2055 (UK and International telephone number)<sup>4</sup>. | Tel: +44 (0)371 384 2055 (UK and International telephone number)<sup>4</sup>. |  |
| **American Depositary Receipts (ADRs)** |  |  |  |  |
| Shareowner Services | Shareowner Services | Shareowner Services | Shareowner Services | Shareowner Services |
| P.O. Box 64504 | P.O. Box 64504 | P.O. Box 64504 | P.O. Box 64504 | P.O. Box 64504 |
| St. Paul, MN 55164-0504 | St. Paul, MN 55164-0504 | St. Paul, MN 55164-0504 | St. Paul, MN 55164-0504 | St. Paul, MN 55164-0504 |
| United States of America | United States of America | United States of America | United States of America | United States of America |
| shareowneronline.com | shareowneronline.com | shareowneronline.com | shareowneronline.com |  |
| Toll Free Number (US and Canada): +1 800-990-1135 | Toll Free Number (US and Canada): +1 800-990-1135 | Toll Free Number (US and Canada): +1 800-990-1135 | Toll Free Number (US and Canada): +1 800-990-1135 |  |
| Outside the US and Canada: +1 651-453-2128 | Outside the US and Canada: +1 651-453-2128 | Outside the US and Canada: +1 651-453-2128 |  |  |
| Delivery of ADR certificates and overnight mail | Delivery of ADR certificates and overnight mail |  |  |  |
| Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100, USA. | Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100, USA. | Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100, USA. | Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100, USA. | Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100, USA. |

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|:---|:---|
| *1* | *Note that these dates are provisional and subject to change.* |
| *2* | *The change is the impact to GBP reported information.* |
| *3* | *The number of shares of 13,867m as at 31 December 2025 is different from the 13,865m quoted in the 2 January 2026 announcement entitled "Total Voting Rights" because the share buyback transaction executed on 30 December 2025 did not settle until 2 January 2026.* |
| *4* | *Lines open 8.30am to 5.30pm (UK time), Monday to Friday, excluding UK public holidays in England and Wales.* |

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