# EDGAR Filing Document

**Accession Number:** 0000312069
**File Stem:** 0000312069-26-000004
**Filing Date:** 2026-2
**Character Count:** 2785662
**Document Hash:** 0457031b388daadcc1117d617ed3d7a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000312069-26-000004.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0000312069-26-000004

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 495

**CONFORMED PERIOD OF REPORT**: 20251231

**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:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09246
- **FILM NUMBER:** 26614718

**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

?xml version='1.0' encoding='ASCII'? bcs-20251231

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

## FORM 20-F
(Mark One)

---

| | |
|:---|:---|
| ◻ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934  |

---

**OR**

---

| | |
|:---|:---|
| 🗹 | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |

---

For the fiscal year ended 31 December 2025

**OR**

---

| | |
|:---|:---|
| ◻ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

---

For the transition period from _______________to _______________

---

| | |
|:---|:---|
| ◻ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |

---

Date of event requiring this shell company report _______________

---

| | | |
|:---|:---|:---|
| Commission file number | Barclays PLC | 1-09246 |

---

**BARCLAYS PLC**

**(Exact Name of Registrant as Specified in its Charter)**

**England**

**(Jurisdiction of Incorporation or Organization)**

**1 CHURCHILL PLACE, LONDONE14 5HP, England**

**(Address of Principal Executive Offices)**

**KATHRYN ROBERTS, +44(0)20 7116 3170, KATHRYN.ROBERTS@BARCLAYS.COM**

**1 CHURCHILL PLACE, LONDONE14 5HP, England**

**(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)**

**Securities registered or to be registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which <br>registered<br>|
| 25p ordinary shares\* | Not applicable\* | New York Stock Exchange\* |
| American Depositary Shares, each representing four 25p ordinary shares | BCS | New York Stock Exchange |
| 5.25% Fixed Rate Senior Notes due 2045 | BCS45 | New York Stock Exchange |
| 4.375% Fixed Rate Senior Notes due 2026 | BCS26 | New York Stock Exchange |
| 5.20% Fixed Rate Subordinated Notes due 2026 | BCS26A | New York Stock Exchange |
| 4.337% Fixed Rate Senior Notes due 2028 | BCS28 | New York Stock Exchange |

---

---

| | | |
|:---|:---|:---|
| 4.950% Fixed Rate Senior Notes due 2047 | BCS47 | New York Stock Exchange |
| 4.836% Fixed Rate Subordinated Callable Notes due 2028 | BCS28A | New York Stock Exchange |
| 3.250% Fixed Rate Senior Notes due 2033 | BCS33 | New York Stock Exchange |
| 4.972% Fixed-to-Floating Rate Senior Notes due 2029 | BCS29 | New York Stock Exchange |
| 5.088% Fixed-to-Floating Rate Subordinated Notes due 2030 | BCS30 | New York Stock Exchange |
| 2.645% Fixed Rate Resetting Senior Callable Notes due 2031 | BCS31 | New York Stock Exchange |
| 3.564% Fixed Rate Resetting Subordinated Callable Notes due 2035 | BCS35 | New York Stock Exchange |
| 2.667% Fixed Rate Resetting Senior Callable Notes due 2032 | BCS32 | New York Stock Exchange |
| 3.811% Fixed Rate Resetting Subordinated Callable Notes due 2042 | BCS42 | New York Stock Exchange |
| 2.279% Fixed Rate Resetting Senior Callable Notes due 2027 | BCS27 | New York Stock Exchange |
| 2.894% Fixed Rate Resetting Senior Callable Notes due 2032 | BCS32A | New York Stock Exchange |
| 3.330% Fixed Rate Resetting Senior Callable Notes due 2042 | BCS42A | New York Stock Exchange |
| 5.501% Fixed Rate Resetting Senior Callable Notes due 2028 | BCS28B | New York Stock Exchange |
| 5.746% Fixed Rate Resetting Senior Callable Notes due 2033 | BCS33A | New York Stock Exchange |
| 7.385% Fixed Rate Resetting Senior Callable Notes due 2028 | BCS28C | New York Stock Exchange |
| 7.437% Fixed Rate Resetting Senior Callable Notes due 2033 | BCS33B | New York Stock Exchange |
| 5.829% Fixed-to-Floating Rate Resetting Senior Callable Notes due 2027 | BCS27A | New York Stock Exchange |
| 6.224% Fixed-to-Floating Rate Resetting Senior Callable Notes due 2034 | BCS34 | New York Stock Exchange |
| 7.119% Fixed-to-Floating Rate Subordinated Callable Notes due 2034 | BCS34A | New York Stock Exchange |
| 6.496% Fixed-to-Floating Rate Senior Callable Notes due 2027 | BCS27B | New York Stock Exchange |
| 6.490% Fixed-to-Floating Rate Senior Callable Notes due 2029 | BCS29A | New York Stock Exchange |
| 6.692% Fixed-to-Floating Rate Senior Callable Notes due 2034 | BCS34B | New York Stock Exchange |
| Floating Rate Senior Callable Notes due 2027 | BCS27C | New York Stock Exchange |
| 5.674% Fixed-to-Floating Rate Senior Callable Notes due 2028 | BCS28D | New York Stock Exchange |

---

---

| | | |
|:---|:---|:---|
| 5.690% Fixed-to-Floating Rate Senior Callable Notes due 2030 | BCS30A | New York Stock Exchange |
| 6.036% Fixed-to-Floating Rate Senior Callable Notes due 2055 | BCS55 | New York Stock Exchange |
| Floating Rate Senior Callable Notes due 2028 | BCS28E | New York Stock Exchange |
| 4.837% Fixed-to-Floating Rate Senior Callable Notes due 2028 | BCS28F | New York Stock Exchange |
| 4.942% Fixed-to-Floating Rate Senior Callable Notes due 2030 | BCS30B | New York Stock Exchange |
| 5.335% Fixed-to-Floating Rate Senior Callable Notes due 2035 | BCS35A | New York Stock Exchange |
| 5.086% Fixed-to-Floating Rate Senior Callable Notes due 2029 | BCS29B | New York Stock Exchange |
| 5.367% Fixed-to-Floating Rate Senior Callable Notes due 2031 | BCS31A | New York Stock Exchange |
| 5.785% Fixed-to-Floating Rate Senior Callable Notes due 2036 | BCS36 | New York Stock Exchange |
| 4.476% Fixed-to-Floating Rate Senior Callable Notes due 2029 | BCS29C | New York Stock Exchange |
| 5.860% Fixed-to-Floating Rate Senior Callable Notes due 2046 | BCS46 | New York Stock Exchange |
| Floating Rate Senior Callable Notes due 2029 | BCS29D | New York Stock Exchange |

---

\* Not for trading, but in connection with the registration of American Depository Shares, pursuant to the requirements to the Securities and

Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by

the annual report.

---

| | |
|:---|:---|
| 25p ordinary shares | 13,866,661,730 |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes🗹 No◻

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or

15(d) of the Securities Exchange Act of 1934.

Yes◻No🗹

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange

Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been

subject to such filing requirements for the past 90 days.

Yes🗹 No◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to

Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was

required to submit such files).

Yes🗹No◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth

company. See definition of "large accelerated filer", "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Large Accelerated Filer | 🗹 | Accelerated Filer | ◻ | Non-Accelerated Filer | ◻ | Emerging growth company | ◻ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant

has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided

pursuant to Section 13(a) of the Exchange Act. ◻

†The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board

to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its

internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public

accounting firm that prepared or issued its audit report. 🗹

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant

included in the filing reflect the correction of an error to previously issued financial statements.◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based

compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

\*Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ◻

International Financial Reporting Standards as issued by the International Accounting Standards Board 🗹

Other ◻

\*If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has

elected to follow:

Item 17 ◻

Item 18 ◻

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes◻No🗹

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections12, 13 or 15(d) of the

Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes◻No◻

**SEC Form 20-F Cross reference information**

---

| | | |
|:---|:---|:---|
| **Form 20-F item number** | **Form 20-F item number** | **Page and caption references**<br>**in this document\***<br>|
| **1** | **Identity of Directors, Senior Management and Advisers** | Not applicable |
| **2** | **Offer Statistics and Expected Timetable** | Not applicable |
| **3** | **Key Information** |  |
|  | A. [Reserved] |  |
|  | B. Capitalization and indebtedness | Not applicable |
|  | C. Reason for the offer and use of proceed | Not applicable |
|  | D. Risk factor | 184-201  |
| **4** | **Information on the Company** |  |
|  | A. History and development of the company | 14, 80-83, 315-336, 402-406 (Note 25), 441, 449 |
|  | B. Business overview | ii (Market and other data), 14-24, 186-188, 300-313, <br>355-357 (Note 2)<br>|
|  | C. Organizational structure | 421-425 (Notes 33 and 34), 434-436 (Note 42) |
|  | D. Property, plants and equipment | 392-395 (Notes 19 and 20) |
| **4A** | **Unresolved staff comments** | Not applicable |
| **5** | **Operating and Financial Review and Prospects** |  |
|  | A. Operating result | 100-104, 193-197, 202-213, 276-285, 290-291, <br>300-313, 315-336, 371-377 (Note 14)<br>|
|  | B. Liquidity and capital resource | 192-193, 207-208, 276-285, 287, 347, 350, 351 (Note <br>1), 371-377 (Note 14), 407-410 (Notes 26 and 27), <br>421-422 (Note 33), 426-427 (Note 36), 466-475 <br>|
|  | C. Research and development, patents and licenses, etc | Not applicable |
|  | D. Trend information | 184-201, 275-294, 315-336 |
|  | E. Critical Accounting Estimates | Not applicable |
|  | F. [Reserved] |  |
|  | G. [Reserved] |  |
| **6** | **Directors, Senior Management and Employees** |  |
|  | A. Directors and senior management | 72-75, 79, 109-115 |
|  | B. Compensation | 116-156, 413-420 (Notes 31 and 32), 430-431 (Note <br>38), 457-8, 464-465, 478<br>|
|  | C. Board practice | 72-75, 77-79, 92-99, 107-108, 116, 155-156, 457-458 |
|  | D. Employees | 26-28, 321-329, 355-357 (Note 2), 461 |
|  | E. Share ownership | 153-154, 413-414 (Note 31), 430-431 (Note 38), <br>464-465, 478<br>|
|  | F. Erroneously awarded compensation | Not applicable |
| **7** | **Major Shareholders and Related Party Transactions** |  |
|  | A. Major shareholder | 113-114, 444-445, 452 |
|  | B. Related party transaction | 430-431 (Note 38), 478 |
|  | C. Interest of experts and counsel | Not applicable |
| **8** | **Financial Information** |  |
|  | A. Consolidated statements and other financial information | 339-437, 442, 444 |
|  | B. Significant change | Not applicable |

---

---

| | | |
|:---|:---|:---|
| **9** | **The Offer and Listing** |  |
|  | A. Offer and listing detail | 444, 451 |
|  | B. Plan of distribution | Not applicable |
|  | C. Market | 444, 451 |
|  | D. Selling shareholder | Not applicable |
|  | E. Dilution | Not applicable |
|  | F. Expenses of the issue | Not applicable |
| **10** | **Additional Information** |  |
|  | A. Share capital | Not applicable |
|  | B. Memorandum and Articles of Association | 109-115. 441-443 |
|  | C. Material contract | 130-133. 456-458 |
|  | D. Exchange control | 449 |
|  | E. Taxation | 446-449 |
|  | F. Dividends and paying agent | Not applicable |
|  | G. Statement by expert | Not applicable |
|  | H. Documents on display | 449 |
|  | I. Subsidiary information | 421-422 (Note 33), 434-436 (Note 42) |
|  | J. Annual Report to Security Holders | Not applicable |
| **11** | **Quantitative and Qualitative Disclosure about Market Risk** | 182-313, 371-390 (Notes 14-17) |
| **12** | **Description of Securities Other than Equity Securities** |  |
|  | A. Debt Securities | Not applicable |
|  | B. Warrants and Rights | Not applicable |
|  | C. Other Securities | Not applicable |
|  | D. American Depository Shares | 450 |
| **13** | **Defaults, Dividend Averages and Delinquencies** | Not applicable |
| **14** | **Material Modifications to the Rights of Security Holders and Use of Proceeds** | Not applicable |
| **15** | **Controls and Procedures** |  |
|  | A. Disclosure controls and procedures | 453 |
|  | B. Management's annual report on internal control over financial reporting | 108, 114-115 |
|  | C. Attestation report of the registered public accounting firm | 339-341 |
|  | D. Changes in internal control over financial reporting | 114-115 |
| **16A** | **Audit Committee Financial Expert** | 75. 92-99 |
| **16B** | **Code of Ethics** | 451 |
| **16C** | **Principal Accountant Fees and Services** | 98-99, 432 (Note 39) |
| **16D** | **Exemptions from Listing Standards for Audit Committees** | Not applicable |
| **16E** | **Purchases of Equity Securities by the Issuer and Affiliated Purchasers** | 460 |
| **16F** | **Change in Registrant's Certifying Accountant** | Not applicable |
| **16G** | **Corporate Governance** | 107-108, 451 |
| **16H** | **Mine Safety Disclosure** | Not applicable |
| **16I** | **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections** | Not applicable |
| **16J** | **Insider Trading Policies** | 459 |
| **16K** | **Cybersecurity** | 80-83, 102-104, 178-179, 193-194, 295-297 |
| **17** | **Financial Statements** | See item 8 |
| **18** | **Financial Statements** | Not applicable |
| **19** | **Exhibits** | Exhibit Index |

---

\* Captions have been included only in respect of pages with multiple sections on the same page in order to identify the relevant caption on that page covered by the

corresponding Form 20-F item number.

**2025 Annual Report on Form 20-F**

**Notes** 

The terms Barclays or Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis

compares the year 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 that can be accessed at home.barclays/investor-relations/reports-and-events/latest-

financial-results.

Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal road-shows 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**

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 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[330](#i12c1279a81884a37aee9a5181c6fa279_1153) to [334](#i12c1279a81884a37aee9a5181c6fa279_1186) for

further information and calculations of non-IFRS performance measures included throughout this document, and the most directly

comparable IFRS measures.

Key non-IFRS measures included in this document, and the most directly comparable IFRS measures, are:

• Average allocated equity represents the average shareholders' equity that is allocated to the businesses. The comparable IFRS measure is

average equity. A reconciliation is provided on page [332](#i8fc5d21481b942c6bb5077a2171f19d5_4535);

• Average allocated tangible equity is 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. Period end 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 Group uses for capital planning purposes.

Head Office allocated tangible equity represents the difference between the Group's tangible shareholders' equity and the amounts

allocated to businesses. The comparable IFRS measure is average equity. A reconciliation is provided on page [332](#i8fc5d21481b942c6bb5077a2171f19d5_4535);

• Average tangible shareholders' equity is calculated as the average of the previous month's period end tangible equity and the current

month's period end tangible equity. The average tangible shareholders' equity for the period is the average of the monthly averages within

that period. The comparable IFRS measure is average equity. A reconciliation is provided on page [332](#i8fc5d21481b942c6bb5077a2171f19d5_4535);

• Group net interest income (NII) excluding Barclays Investment Bank (IB) and Head Office represents Group NII excluding IB NII and

Head Office NII. The comparable IFRS measure is Group NII. A reconciliation is provided on page [333](#i6947addf2a2e4ae190a9c1046e2438dc_146);

• Operating expenses excluding litigation and conduct represents operating expenses excluding litigation and conduct charges. The

comparable IFRS measure is operating expenses. A reconciliation is provided on page [333](#i6947addf2a2e4ae190a9c1046e2438dc_147);

• Return on average allocated equity represents the return on shareholders' equity that is allocated to the businesses. The comparable IFRS

measure is return on equity. A reconciliation is provided on page [334](#i39713cfc46d1489782d42a7b792edcde_24);

• Return on average allocated tangible equity is calculated as the annualised profit after tax attributable to ordinary equity holders of the

parent, as a proportion of average allocated tangible equity. The comparable IFRS measure is return on equity. A reconciliation is

provided on page [334](#i39713cfc46d1489782d42a7b792edcde_24);

• Return on average tangible shareholders' equity is calculated as the annualised profit after tax attributable to ordinary equity holders of

the parent, as a proportion of average shareholders' equity excluding non-controlling interests and other equity instruments adjusted for

the deduction of intangible assets and goodwill. The comparable IFRS measure is return on equity. A reconciliation is provided on page

[334](#i39713cfc46d1489782d42a7b792edcde_24); and

• Tangible net asset value per share is 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 comparable IFRS measure is net asset value

per share. A reconciliation is provided on page [333](#i12c1279a81884a37aee9a5181c6fa279_1183).

**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, this Barclays

PLC 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.

**Market and other data**

This document contains information, including statistical data, about certain Barclays markets and its competitive position. Except as

otherwise indicated, this information is taken or derived from Datastream and other external sources. Barclays cannot guarantee the accuracy

of information taken from external sources, or that, in respect of internal estimates, a third party using different methods would obtain the

same estimates as Barclays.

**Uses of Internet addresses**

This document contains inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made

for information purposes only, and information found at such websites is not incorporated by reference into this document.

**References to Strategic Report and Pillar 3 Report**

This document contains references throughout to the Barclays PLC Strategic Report and Pillar 3 Report. References to the aforementioned

reports are made for information purposes only, and information found in said reports is not incorporated by reference into this document.

---

| | | |
|:---|:---|:---|
| **Strategy** |  | [10](#i12c1279a81884a37aee9a5181c6fa279_94) |
| **Climate & Sustainability** |  | [30](#i12c1279a81884a37aee9a5181c6fa279_226) |
| **Governance**  | •Governance contents | [70](#i12c1279a81884a37aee9a5181c6fa279_487) |
| **Governance**  | •Directors' report | [102](#i12c1279a81884a37aee9a5181c6fa279_553) |
| **Governance**  | •Remuneration report | [116](#i12c1279a81884a37aee9a5181c6fa279_574) |
| **Governance**  | •Other Governance  | [157](#i12c1279a81884a37aee9a5181c6fa279_631) |
| **Risk review**  | •Risk review contents | [180](#i12c1279a81884a37aee9a5181c6fa279_787) |
| **Risk review**  | •Risk management | [182](#i12c1279a81884a37aee9a5181c6fa279_793) |
| **Risk review**  | •Material existing and emerging risks | [184](#i12c1279a81884a37aee9a5181c6fa279_817) |
| **Risk review**  | •Principal risk management | [202](#i12c1279a81884a37aee9a5181c6fa279_865) |
| **Risk review**  | •Risk performance | [275](#i12c1279a81884a37aee9a5181c6fa279_1021) |
| **Risk review**  | •Supervision and regulation | [300](#i12c1279a81884a37aee9a5181c6fa279_1069) |
| **Financial review** | •Key performance indicators | [315](#i12c1279a81884a37aee9a5181c6fa279_1075) |
| **Financial review** | •Consolidated summary income statement | [317](#i12c1279a81884a37aee9a5181c6fa279_1078) |
| **Financial review** | •Income statement commentary | [318](#i12c1279a81884a37aee9a5181c6fa279_1084) |
| **Financial review** | •Consolidated summary balance sheet | [319](#i12c1279a81884a37aee9a5181c6fa279_1090) |
| **Financial review** | •Balance sheet commentary | [320](#i12c1279a81884a37aee9a5181c6fa279_1093) |
| **Financial review** | •Analysis of results by business | [321](#i12c1279a81884a37aee9a5181c6fa279_1102) |
| **Financial review** | •Non-IFRS performance measures | [330](#i12c1279a81884a37aee9a5181c6fa279_1153) |
| **Financial statements** | •Consolidated financial statements | [342](#i12c1279a81884a37aee9a5181c6fa279_1210) |
| **Financial statements** | •Notes to the financial statements | [351](#i12c1279a81884a37aee9a5181c6fa279_1240) |
| **Shareholder information** | •Key dates, Annual General Meeting, dividends, and other useful <br>information<br>| [438](#i12c1279a81884a37aee9a5181c6fa279_1399) |

---

![HD_Business_Environ.jpg](bcs-20251231_g1.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 10 |
|  |  |  |  |  |  |  |  | 10 |

---

**Our business environment**

## The world in which
**we operate**

Barclays is driven by a common Purpose: working

together for a better financial future. To do so, we must

be strong as an institution, prepared for the future,

and able to navigate different market conditions and

evolving trends.

---

| |
|:---|
| **Broader considerations in our operating environment** |
| **In the development of our strategy and the evolution of our operating model, we regularly review and reflect on the changing environment** <br>**in which we operate. Our plan is designed to remain resilient amid ongoing volatility and uncertainty, while meeting the needs of our wider** <br>**stakeholders – including customers, clients, regulators, and shareholders.** <br>|

---

---

| |
|:---|
| **Geopolitical** |
| **•Ongoing geopolitical conflicts**  |
| **•Rising protectionism and** <br>**influence on trade flows**<br>|
| **•Political polarisation** |

---

---

| |
|:---|
| **Macroeconomic** |
| **•Economic uncertainty and** <br>**subsequent volatility** <br>|
| **•Disintermediation of existing** <br>**markets** <br>|
| **•Demographic and immigration** <br>**trends**<br>|
| **•Focus on defence spending** |

---

---

| |
|:---|
| **Climate** |
| **•Energy transition and security**  |
| **•Changing climate cycles and** <br>**associated physical risks**<br>|

---

---

| |
|:---|
| **Technology** |
| **•Adoption of AI and increasing** <br>**cyber security threats**<br>|
| **•Customer expectations regarding** <br>**digital experience and resilience**<br>|
| **•Traction of crypto and digital** <br>**assets**<br>|

---

---

| |
|:---|
| **Regulatory** |
| **•Regulatory divergence** |
| **•Implementation of capital** <br>**regulations** <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 11 |
|  |  |  |  |  |  |  |  | 11 |

---

**Our business model**

**Working together for** 

**a better financial future** 

Our universal banking model enables us to create synergies

across the organisation and deliver

long-term value for our stakeholders.

---

| | |
|:---|:---|
| **We deploy our resources...** | **We deploy our resources...** |
| We draw on tangible and intangible <br>assets to drive long-term, <br>sustainable value creation. We <br>invest and maintain our resources to <br>ensure we can continue to provide <br>maximum value to our customers <br>and clients.  | We draw on tangible and intangible <br>assets to drive long-term, <br>sustainable value creation. We <br>invest and maintain our resources to <br>ensure we can continue to provide <br>maximum value to our customers <br>and clients.  |
| ![Business Model_icon1.gif](bcs-20251231_g2.gif) | **Our people, Purpose,** <br>**Values and Mindset** <br>Our people are our organisation. <br>We deliver success through a <br>Purpose-driven culture.<br>|
| ![Business Model_icon2.gif](bcs-20251231_g3.gif) | **Our brand**<br>Our brand equity instils trust, lowers the <br>cost of acquiring customers and clients, <br>and helps retain them for longer.<br>|
| ![Business Model_icon3.gif](bcs-20251231_g4.gif) | **Technology and** <br>**infrastructure**<br>Our AI-enabled technology and <br>infrastructure capabilities enhance <br>customer experience and support strong <br>resilience.<br>|
| ![Business Model_icon4.gif](bcs-20251231_g5.gif) | **Operations and governance** <br>Our risk management, governance <br>and controls help ensure customer <br>and client outcomes are delivered <br>in the right way. <br>|

---

---

| |
|:---|
| **...to serve a broad range of** <br>**customer and client** <br>**needs...**<br>|
| We provide a comprehensive <br>offering through UK consumer, <br>corporate and wealth and private <br>banking franchises, a leading <br>investment bank and a specialist US <br>consumer bank.<br>|
| **Lending** <br>We lend to customers and clients to support <br>their needs.<br>|
| **Protecting**<br>We ensure the assets of our clients <br>and customers are safe.<br>|
| **Investing and advising**<br>We help our customers and clients invest.<br>|
| **Moving**<br>We facilitate transactions and move money <br>around the world.<br>|
| **Connecting** <br>We connect companies seeking funding.<br>|

---

---

| |
|:---|
| **…deliver sustainably** <br>**higher returns…**<br>|
| We seek growth and stability of <br>income, delivering cost efficiencies, <br>prudent risk management, and <br>efficient allocation of our resources.<br>|
| **Total income by business** (£m) |
| **Profit before tax (PBT) by business** (£m) |

---

---

| |
|:---|
| **...and provide positive** <br>**outcomes for our** <br>**stakeholders.**  |
| Our diversified model positively <br>impacts our stakeholders and provides <br>the resilience and consistency needed <br>to deliver value for them. |
| **Customers and clients**<br>Supporting our customers and clients <br>to achieve their goals with our products and <br>services.<br>|
| **Colleagues**<br>Providing employment to c.93,000<br>colleagues globally and helping them <br>develop as professionals.<br>|
| **Society**<br>Providing support to our communities, and <br>access to social and environmental <br>financing to address societal needs.<br>|
| **Investors**<br>Delivering attractive and sustainable <br>shareholder returns on the foundation <br>of a strong balance sheet.<br>|

---

![1](bcs-20251231_g6.gif)

---

| | | |
|:---|:---|:---|
| A | Barclays UK | 8,708 |
| B | Barclays UK <br>Corporate Bank<br>| 2,064 |
| C | Barclays Private <br>Bank and Wealth <br>Management<br>| 1,380 |
| D | Barclays <br>Investment Bank<br>| 13,055 |
| E | Barclays US <br>Consumer Bank<br>| 3,681 |

---

![White_Arrow_BusinessModel.gif](bcs-20251231_g7.gif)

![White_Arrow_BusinessModel.gif](bcs-20251231_g7.gif)

![White_Arrow_BusinessModel.gif](bcs-20251231_g7.gif)

**2025**

Excludes Head Office.

![26](bcs-20251231_g8.gif)

---

| | | |
|:---|:---|:---|
| A | Barclays UK | 3,413 |
| B | Barclays UK <br>Corporate Bank<br>| 970 |
| C | Barclays Private <br>Bank and Wealth <br>Management<br>| 375 |
| D | Barclays <br>Investment Bank<br>| 4,614 |
| E | Barclays US <br>Consumer Bank<br>| 515 |

---

**2025**

Excludes Head Office.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 12 |
|  |  |  |  |  |  |  |  | 12 |

---

**Technology**

## Supercharging o ur str ategy
**through technology**

---

| |
|:---|
| **Innovating for customers and clients**  |
| **For customers and businesses, our investment** <br>**translates into real benefits.** <br>From more intuitive digital experiences that make <br>everyday banking simple, to faster onboarding so <br>new customers can get started without delay, <br>stronger fraud protection to keep accounts safe, <br>and richer market insights to help businesses <br>grow.<br>Technology, including AI, is enabling us to deliver <br>seamless, connected services that anticipate <br>customer and client needs and provide faster, more <br>personalised, more intuitive services.<br>|

---

![](bcs-20251231_g9.gif)

---

| |
|:---|
| **AI Help Hub Assistant**  |
| In Barclays UK, our newly introduced AI-<br>powered Help Hub Assistant supports <br>colleagues in delivering exceptional customer <br>service. This conversational tool gives <br>colleagues instant access to accurate <br>information as they support customers in-the-<br>moment. <br>|

---

**Technology is at the heart of Barclays' ambition** 

**to be Simpler, Better and More balanced**

![](bcs-20251231_g10.gif)

---

| |
|:---|
| **Modernising our technology**  |
| **We're focused on consolidating and simplifying** <br>**our estate by investing in enterprise-wide** <br>**platforms across infrastructure, data and digital.**<br>This focus on common platform adoption is <br>supported by decommissioning legacy platforms to <br>reduce technology debt, complexity and cost, whilst <br>strengthening resilience.<br>|

---

We're investing in modern tools and smarter systems

so we can deliver better and more personal experiences

for our customers and clients, while strengthening our

resiliency and reducing complexity and cost.

---

| |
|:---|
| **Empowering our colleagues**  |
| **Our teams have access to modern tools like** <br>**Copilot and the Barclays AI platform to help them** <br>**make better decisions, collaborate more effectively** <br>**across regions and focus on higher value activities.** <br>We're also fostering a culture of experimentation <br>and collaboration. Through hackathons, demos and <br>other interactive events we've reached over 20,000 <br>colleagues, empowering them to experiment to <br>deliver scalable solutions that drive sustainable <br>growth and value for our customers and clients. <br>|

---

---

| |
|:---|
| **AI for colleagues**  |
| M365 Copilot is Microsoft's AI-powered <br>assistant and we have c.100,000 licences for <br>colleagues across the bank to help improve <br>productivity and encourage innovation. In <br>addition, we're investing in our Barclays AI <br>platform, which provides a common set of <br>services for the responsible development, <br>deployment and operation of AI solutions.<br>|

---

---

| |
|:---|
| **Driving innovation through partnerships** |
| **We're working with leading technology partners,** <br>**including Amazon Web Services, Microsoft,** <br>**GitLab and Databricks, to harness data, digital** <br>**and AI.** <br>These collaborations also shape thinking on AI, <br>innovation and industry standards; for example, in <br>November 2025 Barclays was recognised as one of <br>the inaugural Frontier Firms – an initiative by <br>Harvard Business School and Microsoft that brings <br>together organisations putting AI at the heart of their <br>transformation strategy. <br>|

---

---

| |
|:---|
| **AI for engineers** |
| Through our partnerships we're embracing AI <br>across our software development tools to <br>enable developers to plan, develop and deploy <br>new technologies at pace and responsibly. <br>Across Barclays, 19,000 developers have <br>access to AI tools, with early-stage adoption <br>already delivering productivity gains of c.15%.<br>|

---

---

| |
|:---|
| **Hybrid cloud strategy**  |
| Our hybrid cloud strategy - where we use both <br>internal and external services - helps to build <br>resilience, reliability, agility, and improved <br>operational performance across our <br>technology. Today, we have almost 90% of <br>our estate in the cloud. This hybrid multi-<br>cloud environment provides flexibility, <br>scalability and the control needed for future <br>growth, underpinning our data, AI and digital-<br>platform capabilities.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 13 |
|  |  |  |  |  |  |  |  | 13 |

---

**Our plan and targets**

**Delivering our next** 

**three-year plan**

We have a clear plan to deliver a better run,

more strongly performing and sustainably

higher returning Barclays.

---

| | |
|:---|:---|
| **Our Purpose** | **Working together for a better financial future** |
| **Our Vision** | **The UK-centred leader in global finance** |
| **Our Priorities**<br>We want Barclays to be renowned for <br>excellent operational performance, <br>highly satisfied customers and clients, strong <br>liquidity, capital and risk management, and <br>predictable, attractive shareholder returns. <br>We have built strong foundations and have <br>a clear plan to achieve these objectives <br>and deliver further value for shareholders <br>by 2028. Over the next three years we are <br>accelerating momentum towards making <br>Barclays Simpler, Better and More balanced.<br>|  |

---

![Simpler_Icon.gif](bcs-20251231_g11.gif)

![Better_icon.gif](bcs-20251231_g12.gif)

![More Balanced_Icon.gif](bcs-20251231_g13.gif)

---

| |
|:---|
| **Simpler** |
| **Simpler business**<br>Five focused businesses<br>Digital and AI enabling revenue <br>growth and efficiencies <br>|
| **Simpler organisation**<br>Standardised, modernised, harmonised processes<br>|
| **Simpler operations**<br>Resilient, reliable, secure systems<br>|

---

---

| |
|:---|
| **Better** |
| **Better financial returns**<br>Continue to improve performance <br>across all our businesses<br>Improving mix towards UK businesses<br>|
| **Better customer experience and outcomes**<br>Improving customer experience <br>across businesses <br>Deepening relationships in <br>corporates and retail<br>|

---

---

| |
|:---|
| **More balanced** |
| **More balanced allocation of RWAs**<br>Capital allocation to our highest <br>returning businesses<br>UK lending growth to diversify <br>sources of net interest income<br>Capital discipline in Investment Bank<br>|
| **Diversify sources of income growth** <br>Invest in fee-based income growth<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2028 targets** | **Statutory RoTE¹**<br>**>14%**<br>| **Total payout 2026-2028**<br>**>£15bn**<sup>2</sup><br>**with capacity to support investment** <br>**and growth**<br>| **Investment Bank RWAs**<br>**c.50%**<br>| **Supporting** <br>**targets**<br>| **Income**<br>>5% CAGR<br>**2025-2028**<br>| **Cost: income ratio**<br>Low 50s%<br>| **Loan loss rate** <br>50-60bps<br>**through the cycle**<br>|
| **2026 targets** | **Statutory RoTE**<sup>1</sup><br>**>12%**<br>| **Total payout 2024-2026**<br>**At least£10bn**<sup>2,3</sup><br>**incl. planned £2bn dividend for 2026**<br>| **Investment Bank RWAs**<br>**Mid 50s%**<sup>4</sup><br>| **Supporting** <br>**targets**<br>| **Income**<br>c.£31bn<br>| **Cost: income ratio**<br>High 50s%<br>| **Loan loss rate**<br>50-60bps<br>**through the cycle**<br>|
| **2025 actuals** | &nbsp;&nbsp;&nbsp;&nbsp;**Statutory RoE 9.8%**<br>**Statutory RoTE11.3%**<br>| **Total payout 2025**<br>**£3.7bn**<br>| **Investment Bank RWAs**<br>**55%**<br>| **Supporting** <br>**actuals**<br>| **Income**<br>£29.1bn<br>| **Cost: income ratio**<br>61%<br>| **Loan loss rate**<br>52bps<br>|
| **Continue to target a 13-14% CET1 ratio range** | **Continue to target a 13-14% CET1 ratio range** | **Continue to target a 13-14% CET1 ratio range** | **Continue to target a 13-14% CET1 ratio range** | **Continue to target a 13-14% CET1 ratio range** | **Continue to target a 13-14% CET1 ratio range** | **Continue to target a 13-14% CET1 ratio range** | **Continue to target a 13-14% CET1 ratio range** |

---

**Notes:** 

1Management does not assess forward-looking "return on equity" (target RoE) as a performance indicator of the business,

and therefore reconciliation of the forward-looking non-IFRS measure "return on tangible equity" (target RoTE) to an

equivalent IFRS measure is not available without unreasonable efforts.

2This multiyear plan, including planned dividend of £2bn for 2026,is subject to supervisory and Board approval, anticipated

financial performance and our published CET1 range of 13%-14%.

3Progressive increase in 2026 total capital returns versus 2025.

4Updated to reflect IRB model migration and Basel 3.1 now expected in 2027.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 14 |
|  |  |  |  |  |  |  |  | 14 |

---

**Group overview**

**A diversified structure** 

**promoting synergies**

Our five business areas deliver greater accountability and

transparency for our shareholders while supporting synergies across

the Group that allow us to better serve our customers

and clients.

![Group overview_BckGd.gif](bcs-20251231_g14.gif)

**Barclays PLC**

**Barclays** 

**UK**

Our ring-fenced UK retail banking

division, trusted by over 20 million

customers. Barclays UK includes

Retail Banking which helps

customers with their day-to-day

banking needs, and Business

Banking which serves

business clients from

start-ups to companies with up

to £6.5m annual turnover.

**Barclays** 

**UK Corporate**

**Bank** 

Providing financial and advisory

capabilities to power the UK's mid

to large corporates with over

£6.5m annual turnover through to

FTSE350 companies. Barclays UK

Corporate Bank has a relationship

with over a quarter of UK

corporates.

**Barclays Private** 

**Bank and Wealth** 

**Management**

Our Private Bank offers a

full-service proposition supporting

clients in the wealth hubs and

corridors across the UK, Europe,

Middle East and Asia. Our UK wealth

offering provides a range of financial

planning and advice services, as well

as our digital investing service,

Smart Investor<sup>1</sup>.

**Barclays** 

**Investment** 

**Bank**

Incorporates leading Global

Markets and Investment Banking

franchises operating at scale,

including International Corporate

Banking, serving multinational

corporate and institutional

clients globally.

**Barclays** 

**US Consumer** 

**Bank**

Offering co-branded partner

cards, deposit accounts

and personal loans. With more

than 25 million customers, we work

with some of America's leading

brands across the airline, travel,

retail and affinity sectors.

**Head Office**<sup>2</sup>

![27](bcs-20251231_g15.gif)

**2025 RWA allocation**

---

| | |
|:---|:---|
| Barclays UK | **24%** |
| Barclays UK Corporate Bank | **7%** |
| Barclays Private Bank <br>and Wealth Management<br>| **2%** |
| Barclays US Consumer Bank | **8%** |
| Head Office | **4%** |

---

£357bn

---

| | |
|:---|:---|
| **Barclays Investment Bank** | **55%** |

---

**Notes:**

1Smart Investor will be known as Barclays Direct Investing.

2Head Office provides centralised services across the Group.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 15 |
|  |  |  |  |  |  |  |  | 15 |

---

**2025 divisional review**

---

| | |
|:---|:---|
| **Barclays UK** | **Barclays UK** |
| Barclays UK consists of Retail Banking and Business Banking.  | Barclays UK consists of Retail Banking and Business Banking.  |
| **Our business**<br>•Retail Banking offers retail solutions to help <br>customers with their day-to-day banking <br>needs, including current accounts, savings <br>accounts, mortgages and unsecured lending, <br>such as credit cards and loans.<br>•Business Banking serves business clients, <br>from high-growth start-ups to SMEs, with <br>banking solutions and specialist advice.<br>| **Focus areas**<br>•Improving customer experience.<br>•Creating opportunities to deepen <br>relationships with our customers and clients.<br>•Growing lending market share.<br>•Delivering operational efficiencies to <br>facilitate investment in growth.<br>|

---

**Year in review**

Barclays UK is one of the country's leading

financial brands. We are committed to putting

passion of our people, and strengthened by

technology. Our multi-brand proposition - which

includes Barclaycard, Tesco Bank, Kensington

Mortgages and relationships with Amazon and

IAG Loyalty (to offer Avios benefits) - reflects the

broad range of solutions we offer customers. Our

2025 performance demonstrates Barclays UK's

strength, delivering a RoE of 15.5% and RoTE of

20.7%.

Customers and clients remain at the heart of

everything we do. This year, we enhanced

experiences and deepened relationships. We

extended opening hours across 86 branches, adding

c.33,500 hours per year of in-branch availability to

support customers at times that work for them. A

significant increase in our channel transactional

Net Promoter Score (tNPS) - which measures

customer satisfaction across our retail colleague-

led channels - since 2023 reflects the high level of

support our colleagues give our customers. This

now stands at +61 for branch servicing.

Technology and digitisation play an important role

in helping us better serve our customers and

clients. Within Barclays UK, a significant amount

---

| | |
|:---|:---|
| **Measuring where we are** | **Measuring where we are** |
| £8.7bn<br>**Income** <br>2024: £8.3bn<br>| £3.4bn<br>**Profit before tax** <br>2024: £3.6bn<br>|
| £4.9bn<br>**Operating expenses** <br>2024: £4.3bn<br>| **15.5%**<br>**Return on equity** <br>2024: 16.9%<br>**20.7%**<br>**Return on tangible equity** <br>2024: 23.1%<br>|

---

of innovation is driven by our teams, leading to

faster response times provided by the tools and

technology our colleagues use every day.

We also used technology to make it easier for our

customers to save. We redesigned our Savings

Hub, making it simpler to find and choose the right

products. Our customers can now digitally provide

instructions on maturing bonds through the app in

just a few minutes.

**Notes:**

1Three month rolling average for December 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 16 |
|  |  |  |  |  |  |  |  | 16 |

---

2025 divisional review (continued)

A key focus for Barclays UK is to grow lending to

individuals and businesses, and we have continued

to make progress.

We are making our mortgage application process

simpler and helping more customers achieve home

ownership. We relaunched Mortgage Boost,

enabling customers to support family members to

get onto the property ladder beyond just helping

with a deposit – another option alongside our

Family Springboard offering. Ahead of the 1 April

2025 stamp duty changes, we processed over

14,000 completions in March alone. In total, we

supported 146,000 mortgage completions, the

highest since 2021 and an increase of 42% on

2024. Loans acquisitions have increased 4% year-on-year

driven by more relevant, in-the-moment marketing

and improved decisioning capabilities.

For the second year running, we have onboarded

over one million new Barclaycard customers and

provided existing customers with improved

journeys and capabilities, including the option to

switch to the Amazon Barclaycard.

***"Our efforts to enhance***

***customer and client service***

***have helped improve NPS***

***scores - with Barclays UK***

***NPS reaching +25***<sup>2</sup>***,***

***the highest since we***

***started tracking."***

**Vim Maru**

CEO, Barclays UK

One year since the Tesco Bank acquisition, we are

making good progress on the integration and have

grown credit card and personal loan balances by

continuing to offer value to customers through

Clubcard.

Business Banking contributed to the UK business

landscape by lending £3bn to small businesses. We

also celebrated 10 years of Eagle Labs, which has

supported almost 20,000 businesses that have

collectively secured over £5bn in investment and

created more than 50,000 jobs<sup>1</sup> over the course of a

decade.

**Looking ahead**

We remain focused on improving our products and

services to deliver a world-class experience for

customers and clients. We will continue to enhance

how customers interact with us, making banking

simpler and more intuitive across personal and

business channels. Technology, AI and innovation

will play a key role, helping us to streamline

processes, strengthen resilience, offer a better

experience on our digital channels and support

colleagues in providing exceptional service.

We see opportunities to grow retail deposits and

lending, and business banking by deepening

engagement and relationships, and building

stronger propositions. In particular, we are focused

on growing our Premier customer base.

Completing the Tesco Bank integration will allow

us to broaden our reach and create greater value for

customers. We are also committed to helping

people manage their money better to achieve their

goals, and are focused on building people's

financial confidence across the UK.

**Notes:**

1Source: Beahurst, for businesses supported by Eagle Labs

between December 2015 to September 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 17 |
|  |  |  |  |  |  |  |  | 17 |

---

2025 divisional review (continued)

---

| | |
|:---|:---|
| **UK Corporate Bank** | **UK Corporate Bank** |
| UK Corporate Bank offers a range of Corporate Lending and <br>Transaction Banking services to clients with an annual revenue of <br>more than £6.5m, through to FTSE350 companies. | UK Corporate Bank offers a range of Corporate Lending and <br>Transaction Banking services to clients with an annual revenue of <br>more than £6.5m, through to FTSE350 companies. |
| **Our business**<br>•Corporate Lending: Offers a range of term, <br>revolving and overdraft facilities to medium <br>and large-sized corporates across the UK, <br>with financing solutions tailored to specific <br>industries and sectors.<br>•Transaction Banking: Provides cash <br>management, trade and working capital <br>solutions, risk management solutions and <br>payment services internationally. <br>| **Focus areas**<br>•Driving productivity and seamless digital <br>delivery, simplifying and improving client <br>experience.<br>•Growing broad-based income through <br>deeper client relationships with products and <br>solutions which address their needs.<br>•Growing share of lending and attracting new <br>clients.<br>|

---

**Year in review** 

Barclays UK Corporate Bank serves over 13,000

businesses across the UK, playing an important

role in joining together the different aspects of the

organisation to deliver for clients.

In 2025, the UK Corporate Bank delivered robust

income growth of 16% underpinned by a strong

deposit franchise and growing debt balances. RoE

was 18.9% and RoTE was 18.9%, and we

maintained a disciplined cost-to-income ratio,

ensuring operational efficiency.

Throughout the year, we responded proactively to a

competitive market. By adapting to evolving client

needs and maintaining our focus on providing

lending to help our clients to invest, we positively

repositioned ourselves among peers and grew

lending market share by 1%<sup>1</sup>.

In 2025, we attracted c.580 new to bank clients

who drove c.50% of the increase in lending

compared to 2024.

This focus enabled us to achieve total loan growth

of £4.6bn for the year. Despite our growth in

lending, our loan loss rate remains well within our

stated risk appetite and guidance.

Our willingness to lend plays a crucial role in giving

UK businesses the confidence to invest in their

---

| | |
|:---|:---|
| **Measuring where we are** | **Measuring where we are** |
| £2.1bn<br>**Income** <br>2024: £1.8bn<br>| £1.0bn<br>**Profit before tax** <br>2024: £0.7bn<br>|
| £1.1bn<br>**Operating expenses** <br>2024: £1.0bn<br>| **18.9%**<br>**Return on equity** <br>2024: 16.0%<br>**18.9%**<br>**Return on tangible equity** <br>2024: 16.0%<br>|

---

workforce and technology, helping in turn to unlock

economic growth.

We made strides in enhancing client experience by

advancing our digital capabilities and streamlining

processes. Clients now have more opportunities to

self-serve through digital channels, including our

'Client Chat' capability, which resolves a significant

number of queries at first contact. In 2025, c.50% of

client interactions were self-served, compared to

c.40% in 2024.

**Notes:**

1Bank of England December 2025 market data.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 18 |
|  |  |  |  |  |  |  |  | 18 |

---

2025 divisional review (continued)

We've also reduced client onboarding times by

around 50% since the start of 2024 and, in response

to client feedback, we have improved the speed,

ease, and flexibility of our borrowing solutions,

with further enhancements planned

for 2026.

To strengthen client relationships and support

diversified income streams, we've invested

significantly in modernising our technology.

Our iPortal platform, which is now available to

more clients, has simplified how they interact with

us – a key step towards consolidating five online

access channels to a single online point of access to

our products and services. All our corporate clients

will be enabled on iPortal through 2026.

Our focus on deepening relationships and our

efforts to improve experience have been reflected

in improved client satisfaction scores. Measured as

an independent benchmarking score by Savanta,

our overall client satisfaction score has increased to

66%, up four percentage points from 2024 and 10

percentage points from 2023. Satisfaction scores

relating to our client-facing colleagues are also

strong, placing us second among our peers<sup>1</sup>.

In April 2025, we announced a long-term strategic

partnership with Brookfield to grow and transform

Barclays' payment acceptance business, which

provides critical infrastructure to the UK economy,

processing billions of pounds of payments annually

for small businesses and corporate clients.

Our extensive client relationships and experience

of UK payments will benefit from Brookfield's

global private equity expertise in payments,

technology, operational transformation and

corporate carve-outs, to ensure that the payment

acceptance business is strategically positioned for

long-term growth. The partnership will drive

business growth by broadening the range of

services offered and enhancing the experience for

both existing and prospective clients.

**Looking ahead**

We will continue to deepen client relationships,

accelerate digital transformation and improve

operational efficiency. We are focused on

enhancing our product mix, strengthening income

quality and driving technology-led improvements

in client experience.

Efforts will be shaped by the evolving market

environment, with an emphasis on adapting to

client needs, regulatory changes and competitive

pressures. We will continue to simplify processes,

invest in talent and leverage data-driven insights to

support growth and resilience.

***"Our willingness to lend***

***plays a crucial role in***

***giving UK businesses the***

***confidence to invest in their***

***workforce and technology,***

***helping in turn to unlock***

***economic growth."***

**Matt Hammerstein**

CEO, Barclays UK Corporate Bank

**Notes:**

1SavantaMarket Vue Survey, Q4 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 19 |
|  |  |  |  |  |  |  |  | 19 |

---

2025 divisional review (continued)

---

| | |
|:---|:---|
| **Private Bank and Wealth Management** | **Private Bank and Wealth Management** |
| Private Bank and Wealth Management (PBWM) comprises <br>PBWM UK – serving clients across the full wealth continuum in <br>the UK and Crown Dependencies – and PBWM International, <br>serving high- and ultra-high-net worth clients in selected <br>international markets. | Private Bank and Wealth Management (PBWM) comprises <br>PBWM UK – serving clients across the full wealth continuum in <br>the UK and Crown Dependencies – and PBWM International, <br>serving high- and ultra-high-net worth clients in selected <br>international markets. |
| **Our business**<br>•UK Digital Investing is for self-directed <br>investors, with investment starting from just <br>£1.<br>•UK Affluent is for UK clients with £250k to <br>£3m of investable assets<sup>1</sup>.<br>•Private Banking UK is a full-service <br>proposition for clients with investable assets <br>of £3m+. <br>•Private Banking International is a full-<br>service proposition for clients with <br>investable assets of £5m+ internationally<sup>2</sup> , <br>with a focus on clients in the Europe, Middle <br>East and Asia wealth corridors. <br>| **Focus areas**<br>•Leveraging our simplified business structure <br>– aligned to market opportunity in the UK <br>and internationally – and reinvesting cost <br>efficiencies to strengthen the business and <br>support growth. <br>•Supporting Private Bank clients with their <br>lifestyle, liquidity and legacy, and helping <br>retail investors gain access to transparent, <br>fairly priced investment solutions.<br>•Continuing to grow assets under <br>management to increase the relative <br>contribution of non-interest income, to <br>deliver high-quality recurring revenue.<br>|

---

**Year in review** 

PBWM's vision is to be the investment partner for

our clients, their families and the next generation.

In 2025, financial markets witnessed trade and

geopolitical volatility, and strong tailwinds driven

by AI – investors looked to take advantage of

volatility spikes while diversifying risk. For

PBWM, this led to strong transactional activity

supported by increased trading on our digital

investing offering, continued inflows into multi-

asset portfolios, and alternative strategies such as

private markets and hedge funds.

Our ability to support clients in such environments

sustained our strong business performance. Assets

under management grew by £5.2bn and PBWM

overall achieved a RoE of 24.3% and RoTE of

26.3%.

At the start of 2025, PBWM simplified its business

model to operate through two core areas: PBWM

UK and PBWM International. Throughout the

year, there were a series of strategic hires to

strengthen the business.

In our UK Digital Investing business, we further

enhanced client journeys and investment

capabilities on our Smart Investor platform. These

changes continued to support growth, with

c.65,000 new accounts opened in 2025, up 11%

year on year and up 169% compared to 2023

---

| | |
|:---|:---|
| **Measuring where we are** | **Measuring where we are** |
| £1.4bn<br>**Income** <br>2024: £1.3bn<br>| £0.4bn<br>**Profit before tax** <br>2024: £0.4bn<br>|
| £1.0bn<br>**Operating expenses** <br>2024: £0.9bn<br>| **24.3%**<br>**Return on equity** <br>2024: 25.7%<br>**26.3%**<br>**Return on tangible equity** <br>2024: 28.1%<br>|

---

levels. In addition,we were awarded Best Stocks &

Shares ISA Provider from Moneyfacts and

received a 'Value for Money' consumer rating

from Boring Money.

**Notes:**

1The lower end threshold is under review.

2For India, the Private Bank proposition is available for

clients with investable assets of £3m+.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 20 |
|  |  |  |  |  |  |  |  | 20 |

---

2025 divisional review (continued)

In UK Affluent, we launched a pilot of a new

digitally enabled mass affluent proposition –

focused initially on Barclays UK Premier clients

with £250k-£1m in assets to invest. Our ambition

is to provide a fairly priced, transparently

constructed advice service addressing the needs of

this segment.

In our UK Private Bank, we expanded our Private

Markets proposition with the launch of a new

multi-vintage private equity fund and made it

easier for clients to use our securities backed

lending capability. In addition, we continued to

grow our assets under management in our flagship

funds and discretionary managed portfolios, and

maintained their strong underlying long-term

investment performance.

Internationally, we have been focused on building

our presence in the Middle East and Asia. In order

to further support our international capabilities, we

continue to progress the development of our new

Singapore booking centre, which we intend to

launch during 2026.

Underpinning all of our strategic ambitions is a

continued focus on improving our risk and control

resilience, including by increasing our automation

levels.

**Looking ahead** 

Within UK Digital Investing, we're committed to

delivering an integrated digital SIPP (self-invested

personal pension). Following the completion of our

pilot, we're launching our new UK mass affluent

proposition, starting with Barclays UK Premier

customers. We will also focus on supporting retail

investing through the launch of Targeted Support

following the FCA's Advice Guidance Boundary

Review.

Within the Private Bank we will continue to

enhance our client experience, focusing on our

digital capabilities, as well as further expanding

our credit proposition. We're investing in

productivity and generative AI (GenAI)

capabilities that support our front-line colleagues

so they can spend more time with clients. We plan

to expand our international business with further

investments in the Middle East and Asia markets,

including the launch of our new Singapore booking

centre.

***"We have continued to***

***strengthen our capabilities***

***and service this year,***

***supporting clients across the***

***UK and in priority***

***international markets."***

**Sasha Wiggins**

CEO, Barclays Private Bank and Wealth Management

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 21 |
|  |  |  |  |  |  |  |  | 21 |

---

2025 divisional review (continued)

---

| |
|:---|
| **Investment Bank**  |
| The Investment Bank provides corporate clients, money <br>managers, financial institutions, governments and supranational <br>organisations with advisory, finance and risk management <br>services. |
| **Our business**<br>•Global Markets provides institutional <br>investors, sovereigns, and corporates with a <br>full range of execution services, ideas and risk <br>management solutions across asset classes <br>(Equities, Credit, Rates, FX and Securitised <br>Products). The Research team provides <br>institutional investors with data-driven <br>analysis, actionable insights and access to our <br>analysts across global sectors, markets and <br>economies. <br>•Investment Banking works with companies, <br>governments and financial institutions <br>worldwide to provide expert advice, <br>innovative solutions and access to capital. It <br>includes International Corporate Banking, <br>which provides financial institutions and large <br>corporate clients with wholesale lending and <br>treasury solutions – supported by deep <br>industry knowledge and local, on-the-ground <br>specialists.<br>**Focus areas**<br>•Driving higher RWA productivity across all <br>Investment Bank businesses.<br>•Deepening client relationships while <br>maintaining prudent risk management.<br>•In Global Markets, sustaining momentum in <br>our businesses with Top 5 market share<sup>1</sup>, <br>growing our focus businesses and continuing <br>to scale more stable financing income. <br>•In Investment Banking, building share and <br>product penetration across Advisory, Capital <br>Markets and Treasury Coverage, and <br>delivering an expanded reach for our <br>International Corporate Bank.<br>|

---

**Year in review**

Barclays has a top-tier Investment Bank supporting

corporate and institutional clients around the world.

In 2025, we maintained our rank of sixth across the

Investment Bank in both Global Markets<sup>2</sup> and

Investment Banking<sup>3</sup>. We are a leading non-US-

domiciled bank that can consistently compete with

its US peers in each of the major capital markets of

the US, Europe, and Asia. Through our expertise,

scale, and reach, we support global clients and help

them achieve their commercial goals.

The Investment Bank delivered a RoE of 10.6% and

RoTE of 10.6% and remained disciplined on costs

with consistent operational progress, following

seven consecutive quarters of positive jaws leading

to a cost-to-income ratio of 62%.

RWAs remained stable for the fourth consecutive

year. We grew income and improved return on

RWAs by focusing on more stable income streams

and on disciplined client management, capital

deployment, and technology enhancements to

improve client experience, such as BARXBot, a

client-facing GenAI chatbot that automates how

colleagues in Global Markets handle Requests for

Quotes (RFQs) for clients.

**Notes:**

1Top 5 market share as defined in the 20 February 2024

Investor Update: 1H23 and FY19 Coalition Greenwich

Global Competitor Analytics. Industry wallet is defined

---

| | |
|:---|:---|
| **Measuring where we are** | **Measuring where we are** |
| £13.1bn<br>**Income** <br>2024: £11.8bn<br>| £4.6bn<br>**Profit before tax** <br>2024: £3.8bn<br>|
| £8.1bn<br>**Operating expenses** <br>2024: £7.9bn<br>| **10.6%**<br>**Return on equity** <br>2024: 8.5%<br>**10.6%**<br>**Return on tangible equity** <br>2024: 8.5%<br>|

---

as the total revenue of the following banks: BofA,

Barclays, BNP Paribas, Citigroup, Credit Suisse,

Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan

Stanley and UBS. Analysis is based on Barclays' internal

business structure and internal revenues. Market share for

purpose of this analysis is calculated as Barclays' internal

revenues divided by the aggregate revenue of the banks

identified above within the given product set.

2Based on external reported revenues. Peer banks include

BoA, BNP, CITI, DB, GS, JPM, MS and UBS.

3Dealogic for the period 1 January 2025 to 31 December

2025 (as at 6 January 2026).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 22 |
|  |  |  |  |  |  |  |  | 22 |

---

2025 divisional review (continued)

***"Our relentless client focus,***

***trusted expertise, and fully***

***integrated model allow us***

***to better understand client***

***needs and deliver tailored***

***products and services to***

***help them succeed."***

**Adeel Khan** 

Head of Global Markets

The Investment Bank helped clients navigate a

complex, evolving landscape throughout 2025 - one

shaped by policy change, geopolitical events and

economic conditions - by delivering strategic

solutions through our diversified portfolio of

products and services.

In Global Markets, we remain focused on executing

our key product priorities while delivering our full

suite of products and services to our clients. We

continue to progress on our goal of achieving 70 top

five ranks with our Top 100 clients. We have made

strong progress with improved performance in the

three focus businesses in Markets, while sustaining

momentum in financing.

Our Research team is central to our Investment

Bank franchise and continues to rank highly among

our institutional client base. According to Extel,

Barclays ranks as the #4 overall global research

firm and #3 for developed markets. We continue to

expand our Barclays conference and corporate

access offering across the Americas and EMEA.

Engagement with our Barclays Live platform has

grown, with site visits up 11% and readership up

18%, highlighting the strength of the platform in

delivering differentiated insights to our clients.

In Investment Banking, we delivered revenue

growth of 3%year on year. We also made good

progress in key focus areas, continuing to optimise

our loan book which helped to drive improved

return on RWAs. This year, we maintained our

traditional strength in DCM, and saw an increase in

both ECM fee share and advisory fee share with

financial sponsors<sup>2</sup>.

International Corporate Bank (ICB) revenues were

up 10% year on year, reflecting the continued

rollout of the Treasury Coverage model - which

has doubled the number of focus clients with this

model since 2024. This has also helped to drive

c.23% year on year growth in US deposits<sup>3</sup>.

**Looking ahead** 

Our goal is to strengthen our position as a leading

global investment bank by leveraging our advisory

expertise, deep sector knowledge, and

differentiated client offering.

The Investment Banking business is focused on

building share in Advisory and Capital Markets

through productivity improvement, Treasury

Coverage evolution and the continued investment

and growth of our International Corporate Bank.

Global Markets continues its focus on

strengthening its core capabilities while

maintaining a strong baseline of stable revenues in

the form of financing.

We aim to be prudent managers of the firm's

capital, and to drive consistent returns through

client discipline, focused execution, capital

nimbleness and operational efficiency. We're also

streamlining operations, reducing legacy systems,

and leveraging AI to scale and innovate.

We plan to achieve this through low single-digit

compound annual income growth combined with

disciplined cost management, driving operating

leverage.

**Notes:**

1Dealogic as at 31 December 2025, based on offer to

market.

2Dealogic Banking Fee share as at 31 December 2025.

3Reflects month-end deposits.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 23 |
|  |  |  |  |  |  |  |  | 23 |

---

2025 divisional review (continued)

---

| | |
|:---|:---|
| **US Consumer Bank** |  |
| US Consumer Bank (USCB) is a leading co-branded credit card <br>issuer and financial services partner in the United States. | US Consumer Bank (USCB) is a leading co-branded credit card <br>issuer and financial services partner in the United States. |
| **Our business**<br>•Barclays US Consumer Bank has more than <br>25 million customers and partnerships with <br>20 of America's leading brands across the <br>airline, travel, retail and affinity sectors.<br>•We provide co-branded, small business and <br>private label credit cards, personal loans, <br>online savings accounts, and certificates of <br>deposits.<br>| **Focus areas**<br>•Scaling and diversifying by growing existing <br>partnerships and winning new partners.<br>•Investing in digitisation and AI to deliver <br>enhanced customer experiences and <br>operational efficiencies.<br>•Improving net interest margin by optimising <br>pricing and credit mix, while reducing <br>funding costs.<br>•Selective risk transfer to optimise use of <br>balance sheet.<br>|

---

**Year in review**

The US is the world's largest credit card market,

and growing. With a c.3% share<sup>1</sup> of the total

market and partnerships with 20 major brands, we

continue to see significant opportunities for

growth. In 2025, we delivered RoE of 9.5%, up

from 8.1% in 2024 and 3.4% in 2023, and a RoTE

of 11.0%, up from 9.1% in 2024 and 4.1% in 2023.

Our results were impacted by the appreciation of

the average GBP against USD through 2025.

However, when normalised for FX movements, in

USD terms income and profit before tax were up

14% and 31% respectively, year on year.

We remain focused on building lasting partnerships

with top US brands. In 2025, we launched a new

co-branded card programme with iconic automaker

General Motors (GM) and acquired $1.6bn in

receivables, further diversifying our mix of card

partners. We also extended our current partnership

agreements with Wyndham Hotels & Resorts,

Upromise and our cruise line partners: Carnival,

Princess and Holland America.

We added three million new customers organically

in 2025, and our average FICO<sup>®</sup>score<sup>2</sup> remains

stable at 757, reflecting the strength of our prime

customer base. Our average payment rate of 31%

in the fourth quarter is higher than pre-pandemic

levels, further demonstrating the resilience and

---

| | |
|:---|:---|
| **Measuring where we are** | **Measuring where we are** |
| £3.7bn<br>**Income**<br>2024: £3.3bn<br>| £0.5bn<br>**Profit before tax** <br>2024: £0.4bn<br>|
| £1.6bn<br>**Operating expenses** <br>2024: £1.6bn<br>| **9.5%**<br>**Return on equity** <br>2024: 8.1%<br>**11.0%**<br>**Return on tangible equity** <br>2024: 9.1%<br>|

---

quality of our book.

We grew our retail deposit balances by

20% year on year and increased the percentage of

core deposit funding for USCB from 64% to 69%.

This was driven by demand for the tiered savings

product and a new suite of exclusive digital

banking products offered through our co-branded

banking partnership with AARP.

**Notes:**

1Source: newyorkfed.org/microeconomics/hhdc

2FICO<sup>®</sup> is a registered trademark of Fair Isaac

Corporation in the United States and other countries.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 24 |
|  |  |  |  |  |  |  |  | 24 |

---

2025 divisional review (continued)

In 2025, we announced that we had entered into an

agreement to acquire Best Egg<sup>1</sup>, a leading US

digital direct-to-consumer originator of personal

loans.

Through our continuous focus on enhancing

customer experience, transactional NPS (tNPS) for

digital and contact centre agent servicing averaged

63 and 52 respectively. Digital performance

remained consistent with 2024, while contact

centre performance improved by one point year on

year.

In 2025, we improved digital onboarding,

increased self-service options and developed

flexible payment features for our customers. We

also expanded our Rewards Hub, an intuitive, one-

stop digital shop for cardmembers to more easily

manage their benefits. Over the past year, unique

visitors to the Rewards Hub increased by 15%,

demonstrating stronger brand loyalty and digital

 ***"In 2025, we launched a new***

***co-branded card programme***

***with General Motors, entered into***

***an agreement to acquire Best***

***Egg, and extended our current***

***partnership agreements with***

***Wyndham Hotels & Resorts,***

***Upromise and our cruise line***

***partners: Carnival, Princess***

***and Holland America."***

**Denny Nealon**

CEO of US Consumer Bank

connection.

Since 2023, our investments in digitisation have

led to an increase in customers using e-statements

and resulted in higher digital engagement with

96.2% of customers who interact with us doing so

through digital channels<sup>2</sup>. The percentage of

customers using the Barclays mobile app also

increased 5.5 percentage points year on year<sup>3</sup>.

Leveraging digital platforms to drive greater

efficiency has helped reduce full year 2025 USCB

cost to income ratio to 45%, down from 49% in

2024 and 51% in 2023.

**Looking ahead**

We remain committed to executing our strategy

and improving returns. We plan to scale the cards

business through organic growth and new

partnership acquisitions as appropriate and

accelerate USCB's diversification through the Best

Egg acquisition.

We're embracing the latest technologies, such as AI

and agile scalable platforms, to drive greater

efficiency and deliver better experiences for our

customers.

We continue to enhance our digital capabilities and

provide seamless, intuitive experiences across all

channels. We will maintain our focus on customer

feedback, continually optimise our processes, and

invest in tools to reduce friction and drive loyalty

and sustainable growth.

**Note:**

1Measured at exit at end December 2025. Includes

primary consumer card customers. Monthly interactions

exclude Interactive Voice Response (IVR).

2Reflects rate movement from December 2024 to

December 2025 for mobile app users divided by open

customers.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 25 |
|  |  |  |  |  |  |  |  | 25 |

---

2025 divisional review (continued)

**Barclays UK** <br>**Net Promoter Score**<br>(NPS)<br>

![6](bcs-20251231_g16.gif)

---

| |
|:---|
| 2025 |
| 2024 |
| 2023 |

---

---

| |
|:---|
| **About this KPI and why we use it**<br>Net Promoter Score (NPS) is used to measure <br>the strength of customer relationships. We <br>track NPS to identify both our strengths and <br>where there is room for improvement, <br>informing how we develop our services and <br>products in the future. Maintaining strong, <br>personal relationships and building trust and <br>advocacy is key across all our divisions, but <br>most observable and material in Barclays UK <br>which represents the largest customer base for <br>which we serve customers throughout their <br>financial lives. <br>|
| **How we performed**<br>We improved Barclays UK main current <br>account NPS to +25<sup>1</sup>; our highest score since <br>we began tracking in 2013, and an increase of <br>eight on December 2024. This uplift was <br>broadly across customer segments. Premier <br>NPS was a significant driver, alongside <br>improvements to customer service across <br>channels and journeys. <br>|

---

**Barclays UK** <br>**complaints**<br>(% movement year on year)<br>

![169](bcs-20251231_g17.gif)

![12](bcs-20251231_g18.gif)

---

| |
|:---|
| 2025 |
| 2024 |
| 2023 |

---

---

| |
|:---|
| **About this KPI and why we use it**<br>The FCA publishes complaints information <br>every six months – a good measure of how <br>well UK institutions are driving customer <br>outcomes. We measure our volume of <br>complaints, tracking against goals and <br>reviewing root causes to inform changes to our <br>products and services.<br>|
| **How we performed**<br>Material increase in complaints year on year <br>was driven by the IT incident on 31 January <br>2025. Excluding this, complaints reduced by <br>2%. <br>|

---

**US Consumer Bank digitally** <br>**interacting customer**<br>(%)<br>

![181](bcs-20251231_g19.gif)

![193](bcs-20251231_g20.gif)

**96.2** **95.9** **95.1**

---

| | | |
|:---|:---|:---|
| 2025 | 2024 | 2023 |

---

---

| |
|:---|
| **About this KPI and why we use it**<br>Digitally interacting customer percentage <br>assesses the monthly rate of customers using <br>digital channels to interact with us<sup>2</sup>. This <br>measurement reflects the general health of the <br>digital experience and allows us to better <br>understand customer behaviour to boost <br>satisfaction and efficiency. <br>|
| **How we performed** <br>Digitally interacting customer percentage <br>improved by 30 bps year on year, driven by <br>continued investment in our mobile app and <br>digital capabilities, including enhancements to <br>registration and self-service. <br>|

---

**Investment Bank**<br>**revenue ranks and market shares**<br>(%, #)<br>

---

| |
|:---|
| 2025 |
| 2024 |
| 2023 |

---

![30](bcs-20251231_g21.gif)

---

| |
|:---|
| **#6** |
| **#6** |

---

![33](bcs-20251231_g22.gif)

---

| |
|:---|
| **#6** |
| **#6** |

---

![36](bcs-20251231_g21.gif)

---

| |
|:---|
| **#6** |
| **#6** |

---

---

| |
|:---|
| A |
| B<br> Dealogic Investment Banking global fee ranking and <br>share demonstrating our performance vs peers<sup>4</sup><br>|

---

---

| |
|:---|
| **About this KPI and why we use it**<br>Revenue ranks and market shares are a good <br>indicator to monitor success and identify <br>opportunities. By using Dealogic Investment <br>Banking global fee ranking and share, and <br>a comparison to global peers' share of <br>reported revenues for Global Markets, we can <br>assess our relative performance versus <br>a defined peer group<sup>3</sup> clearly and <br>transparently.<br>|
| **How we performed**<br>In 2025, we maintained our rank of sixth <br>across the Investment Bank in both Global <br>Markets and Investment Banking.<br>|

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See **page** [116](#i12c1279a81884a37aee9a5181c6fa279_574) for details on Executive <br>Director remuneration linked to these KPIs<br>|

---

**Notes:**

1© Ipsos 2025, Financial Research Survey (FRS), 12 months ended December 2025 (Dec 2024). Results based on a sample of 7,546 (6,646) Barclays main current account customers and 1,028 (865) Barclays Premier main current account customers.

Total sample of ~50,000 GB adults (aged 16+) a year, weighted to align with overall profile of GB population.

2Measured at exit at end of December 2025. Includes primary consumer card customers. Excludes Interactive Voice Response (IVR).

3FY25 Market share for Barclays is based on external reported revenues. Peer banks include BoA, BNP, CITI, DB, GS, JPM, MS and UBS.

4Dealogic for the period 1 January 2025 to 31 December 2025 (as at 6 January 2026).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 26 |
|  |  |  |  |  |  |  |  | 26 |

---

2025 divisional review (continued)

![Colleagues_Panel.jpg](bcs-20251231_g24.jpg)

---

| |
|:---|
| **Colleagues** |
| At the heart of achieving our plan to make Barclays Simpler, <br>Better and More balanced are our c.93,000 colleagues. We are <br>united by a shared Purpose, Values and Mindset, delivering to <br>a consistently excellent standard in all we do – and we are making <br>Barclays a great place to work, where every colleague can reach <br>their potential. |

---

**Engaging with colleagues**

Sharing our strategy with colleagues – and

explaining how they can contribute towards its

delivery – has been a key part of our 2025

engagement. Regular, two-way dialogue helps us

understand what is working well across the

organisation and where we can improve.

Engagement with colleagues is delivered through

townhalls, skip-level meetings, site visits, leader-

led events, focus groups and surveys. Through

our bi-annual Your View survey, our people can

share their feedback on working at Barclays – and

75% took part in 2025. We are committed to a

respectful and inclusive environment where

everyone feels safe to speak up. Our processes for

raising concerns and whistleblowing provide

channels for anonymous colleague feedback.

Our longstanding partnership with Unite in the

UK offers further insight into the views of our

people. We continue to consult with Unite on

major change programmes to minimise job losses

and prioritise reskilling and redeployment.

**Embedding a consistently** 

**excellent standard** 

A consistently excellent standard is what we expect

of ourselves – and what our customers, clients and

all our stakeholders trust us to deliver. This

continues to be an integral part of our culture and a

key enabler of our three-year plan. Our

consistently excellent culture-change programme

continued to embed these standards across the

organisation. Throughout 2025, local initiatives

across divisions and functions supported Group-

wide efforts to simplify processes, strengthen risk

and control, and drive efficiency.

**Notes:**

1Except for employees at Managing Director grade and

---

| | |
|:---|:---|
| **Where to find out more:** | **Where to find out more:** |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further metrics, please see **home.barclays/our-sustainability-/sustainability-resource-hub/reporting-and-**<br>**disclosures/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

Material Risk Takers, for whom a portion of

compensation is typically delivered in shares.

---

| |
|:---|
| **Global Share Award** <br>**Colleagues share** <br>**in our success**<br>|
| ![Colleague - share in Barclys success.jpg](bcs-20251231_g25.jpg) |
| To thank colleagues for their hard work and <br>commitment as we continue to execute our <br>strategy, in February 2025, colleagues<sup>1</sup> were <br>granted Barclays shares – valued at <br>approximately £500. In 2026, we will grant <br>a similar colleague share award for the <br>second successive year. <br>By enabling colleagues to share directly in <br>the bank's future success, these awards <br>celebrate the achievements to date and <br>recognise the collective effort that is still <br>required to help build a Simpler, Better and <br>More balanced Barclays. <br>|

---

A consistently excellent standard is now embedded

in HR tools, processes and products from hiring

and induction, to performance management,

promotions and development programmes. By

2025, 1,995 workshops were delivered to our

colleagues globally, creating strong understanding

across the organisation of what it means to deliver

to a consistently excellent standard.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 27 |
|  |  |  |  |  |  |  |  | 27 |

---

2025 divisional review (continued)

We also launched the Risk and Control Digital

Credential (RCDC) – our first Group-wide,

externally accredited online learning programme,

certified by the Institute of Risk Management.

The RCDC equips colleagues with the knowledge

and skills to proactively manage risk and

strengthen controls. At the end of 2025, almost

25,000 colleagues had achieved accreditation. This

initiative marked a significant step in our ongoing

commitment to strong risk management and

delivering to a consistently excellent standard.

**Investing in our talent** 

Our talent ambition is to help our colleagues grow,

develop and thrive at every level of our

organisation, building a strong talent pipeline for

the future. In 2025, we strengthened how we

identify, assess and develop high-potential talent,

introducing greater rigour and consistency, through

implementing our Talent Management Standards

including a consistent definition of potential,

approach to talent reviews and calibration. We

delivered accelerator programmes and sponsorship

initiatives and continued our Evolution leadership

development programme. We also offered senior

leaders a suite of practical tools, targeted

workshops, and resources to develop their skills.

In 2025, we hired 1,595 graduates, 1,508 interns

and 213 apprentices globally, and continued

building on our relationships with key partners to

support inclusive access to all our opportunities.

Barclays won the National Graduate Recruitment

Award for Most Popular Graduate Recruiter in

Banking, Insurance and Financial Services and was

ranked in the top 20 in The Times Top 100

Graduate Employers list – recognising our focus on

our Early Careers population as a key talent

pipeline for the future.

We simplified and personalised learning for

colleagues and invested in technology to support

our People Leaders' development. For example, by

piloting virtual coaching for our People Leaders

and newly promoted Managing Directors (MDs)

and expanding the deployment of our 360-feedback

tool.

In 2025, we focused on enhancing our alumni

proposition – including by launching a

differentiated experience for our Executive Alumni.

Our Group CEO hosted our first-ever MD alumni

networking event in London, attended by members

of the Executive Committee and Board.

**Our inclusive culture** 

We are evolving our approach to Inclusion and

Opportunity with a focus on empowering our

colleagues and leaders and driving company

success – cultivating high-performing teams and

providing rich opportunities for colleagues to

progress, while aspiring to hire from the broadest

global talent pools. We are committed to creating a

workplace where everyone feels valued and

respected, within a culture of belonging and equal

opportunity for all.

**Supporting our workforce** 

Helping our people perform at their best remains a

priority. We provide a range of support for

colleagues through our policies covering annual

leave, life events, health issues, family and caring,

and flexible working. We support colleague

wellbeing with data-driven campaigns that

encourage healthy habits and a positive culture –

reflected by an 87% favourable Wellbeing Index

score in our 2025 Autumn Your View survey. Our

mental health awareness eLearning has been

completed by 87% of colleagues and 90% of

People Leaders, and over 53,000 colleagues are

registered on our 'Be Well' online wellbeing

portal.

We also continued to enhance our provision for

colleagues in the UK with an updated Employee

Assistance Programme providing additional mental

health support to their family members.

**Rewarding our colleagues**

We offer eligible colleagues the opportunity to

acquire Barclays shares on beneficial terms, with

voluntary all-employee share plans available in

countries representing 99% of our global

workforce. In recognition of colleagues' collective

effort towards delivering our three-year plan

and the effort that is still required, in February

2025 we granted colleagues a share award worth

approximately £500, and in 2026 we will grant a

similar colleague share award, for a second

successive year. In July 2025, all UK colleagues

were given access to Barclays Premier Banking,

which offers a suite of exclusive products, services

and benefits.

**Enhancements to policy provisions**

In 2025, we focused on aligning to our global

policies to better support our colleagues and People

Leaders in managing their work life at Barclays. In

November, we announced that our paternity leave

policy in the UK will increase from two weeks to

16 weeks, and that the non-primary caregiver

leave policy in Asia Pacific will increase from six

weeks to 10 weeks. Effective from 1 January 2026,

these updates aim to help new parents spend more

time with their families and support colleagues in

balancing work and personal life.

**Our people policies**

Our people policies<sup>1</sup> help us recruit the best people,

provide equal opportunities and create an inclusive

culture – in line with our Purpose, Values and

Mindset, and in support of our long-term success.

They are reviewed and updated regularly to ensure

they remain aligned with our broader people

strategy.

As part of our Fair Pay Agenda, we are committed

to paying our colleagues fairly and appropriately

relative to their role, seniority, skills, experience

and performance. We pay at least a living wage in

all our locations and provide colleagues with

resources to ensure everyone has equal opportunity

to progress.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | You can read more about our Fair Pay Agenda <br>on **page**[124](#i12c1279a81884a37aee9a5181c6fa279_595).<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Companies Act Diversity Disclosure**

In accordance with section 414C<sup>2</sup> basis of the

Companies Act 2006, as of 31 December 2025,

Barclays employed 98,141 colleagues globally

(53,595 male, 44,037 female, and 509

undisclosed), including 540 senior managers (394

male, 146 female), and 13 Board of Directors at

Barclays PLC (seven male, six female).

**Notes:**

1Our policies reflect relevant employment law, including

the provisions of the Universal Declaration of Human

Rights and the International Labour Organization (ILO)

Declaration on Fundamental Principles and Rights

at Work.

2The variance to the c.93,000 stated earlier in the report is

due to the Companies Act disclosure definition using

Headcount rather than FTE, and also including

colleagues on long-term leave. Unreported refers to

colleagues who do not record their gender in our systems.

'Senior managers' is defined by the Companies Act, and

is different to both our Senior Managers under the FCA

and PRA Senior Managers regime, our Director and

Managing Director corporate grades. It includes Barclays

PLC Group Executive Committee members, their direct

reports and directors on the boards of undertakings of the

Group, but excludes Directors on the Board of Barclays

PLC. Where such persons hold multiple directorships

across the Group they are only counted once.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 28 |
|  |  |  |  |  |  |  |  | 28 |

---

2025 divisional review (continued)

**Colleague** <br>**engagement**<br>(%)<br>

![6](bcs-20251231_g26.gif)

---

| |
|:---|
| **About this KPI**<br>Colleague engagement is derived from the <br>responses to three questions in our Your View <br>survey that measure advocacy, motivation and <br>sense of personal accomplishment. The <br>questions that make up this KPI are: I would <br>recommend Barclays to people I know as a <br>great place to work; my work provides me <br>with a sense of personal accomplishment; <br>Barclays motivates me to contribute more <br>than is normally required to complete my <br>work. It enables us to monitor how engaged <br>our workforce is and closely relates to key <br>organisational and colleague outcomes such as <br>productivity, wellbeing and retention. <br>|
| **How we performed**<br>Colleague engagement has remained stable at <br>85% compared with 2024. Overall, this <br>continues to be a strong engagement score and <br>four percentage points above our external <br>benchmark.<br>|

---

**Inclusion** <br>**index**<br>(%)<br>

![12](bcs-20251231_g27.gif)

---

| |
|:---|
| **About this KPI**<br> Our Inclusion Index<sup>1</sup> measures colleague <br>sentiment around feeling included, valued, <br>respected, listened to and treated fairly. It <br>closely relates to key colleague outcomes like <br>engagement, wellbeing and retention.<br>|
| **How we performed**<br>In 2025, the Inclusion Index remained stable <br>against 2024, at 81%. <br>|

---

**"I believe that my team and** <br>**I do a good job of role modelling** <br>**the Values every day"** (%)<br>

![18](bcs-20251231_g28.gif)

---

| |
|:---|
| **About this KPI**<br>This question within our Your View survey <br>measures colleagues' perception of how well <br>the Barclays Values are role modelled by <br>colleagues. The Values are our moral <br>compass; the fundamentals of who we are and <br>what we believe is right. <br>|
| **How we performed**<br>This score has remained largely consistent and <br>high over the past three years with 93% of <br>colleagues believing themselves and their <br>team do a good job of role modelling our <br>Values.<br>|

---

**"I believe strongly in the goals** <br>**and objectives of Barclays"** <br>(%)<br>

![24](bcs-20251231_g29.gif)

---

| |
|:---|
| **About this KPI** <br>This question within our Your View survey <br>measures colleague perception of, and belief <br>in, our three-year plan. <br>|
| **How we performed**<br>In 2025, 89% of colleagues expressed <br>strong belief in Barclays goals and <br>objectives, an increase of one percentage <br>point compared to 2024.<br>|

---

**Notes:**

1Our Inclusion Index is derived from seven questions in the Your View survey: I feel included in/within my team; Colleague performance is evaluated fairly; When a similar mistake has been made by different people, it is dealt with in the same way;

Senior Leadership is truly committed to building a workforce with different perspectives and skills; My team makes adequate use of recognition and rewards other than money to encourage good performance; In my team people respect other people's

opinions when making a decision; Everyone has equal opportunities to progress in their career regardless of background and working circumstances.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategy** | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 29 |
|  |  |  |  |  |  |  |  | 29 |

---

2025 divisional review (continued)

**Net zero operations progress**<br>

---

| | | |
|:---|:---|:---|
| **Operational emissions** | **Operational emissions** | **Operational emissions** |
| FY2025 <br>absolute <br>emissions <br>(tCO2e)<br>| FY2024 <br>absolute <br>emissions <br>(tCO2e)<br>| Performance <br>vs. 2018 <br>baseline<br>|
| **Scope 1 and 2 market-based emissions** | **Scope 1 and 2 market-based emissions** | **Scope 1 and 2 market-based emissions** |
| 7276 | 10745 | -97% |
| **Scope 1 and 2 location-based emissions** | **Scope 1 and 2 location-based emissions** | **Scope 1 and 2 location-based emissions** |
| 80096 | 93789 | -62% |
| **Supply chain emissions** | **Supply chain emissions** | **Supply chain emissions** |
| 532797 | 547587 | -39% |

---

**About these KPIs and why we use them**

We are working towards achieving net

zero operations as part of our ambition

to be a net zero bank by 2050. This

includes setting and meeting various

milestones<sup>1</sup> and targets<sup>1</sup> to reduce our

operational emissions, with significant

progress already made.

The metrics measure total gross Scope

1 and 2 (market-based and location-

based) emissions generated from

Barclays' global real estate portfolio<sup>2</sup>

and UK corporate vehicles, as well as

emissions generated indirectly from

our supply chain<sup>3</sup>.

**How we performed**

Our detailed analysis of our

**Notes:**

1On this page a reference to a 'milestone' denotes an indicator we are working towards and report against and a reference to a 'target' denotes an

indicator linked to our executive remuneration.

2On this page a reference to global real estate portfolio includes offices, campuses, branches, warehouses and data centres within our operational

control.

3Our reporting of supply chain emissions includes the following GHG Protocol Scope 3 Categories: Category 1, 2 and 4. Due to changes in GHG

emissions conversion factors, we have recalculated our FY2024 supply chain emissions. For further details see page [59](#i12c1279a81884a37aee9a5181c6fa279_406).

4In the 2026 update to the Barclays Sustainable Finance Framework the reference to the target has been updated to reference $1trn Sustainable and

Transition Finance between 2023 and the end of 2030 (the 'Target') and accordingly references to the Target in this Annual Report have been

reflected as such other than in this chart.

5Our reporting of the number of people upskilled has changed from previous reports to reflect the cumulative number, since 2023.

6Our reporting of the number of businesses supported has changed from previous reports to reflect the cumulative number, since 2023.

performance is contained within the

Climate and Sustainability section

from page [58](#i12c1279a81884a37aee9a5181c6fa279_400).

**Sustainable and Transition** <br>**Financing**<sup>4</sup> **facilitated**<br>($bn)<br>

![674](bcs-20251231_g30.gif)

---

| |
|:---|
| 2025 |
| 2024 |

---

**About this KPI and why we use it**

In 2022, we set a target of $1trn

Sustainable and Transition Financing

between 2023 and the end of 2030<sup>4</sup> –

encompassing green, social, transition

and sustainability-linked financing,

having exceeded our previous targets to

facilitate £150bn of social,

environmental and sustainability-linked

financing by 2025 and £100bn of green

financing by 2030.

**How we performed**

During 2025 we facilitated an

additional $98.5bn of Sustainable and

Transition Financing, bringing the total

to date to $260.7bn. The 4% year-on-

year increase in financing facilitated

demonstrates our continued efforts in

supporting our clients on their

sustainability journeys.

**Skills and employability:** <br>**Number of people upskilled**<sup>5</sup><br>(millions)<br>

![1354](bcs-20251231_g31.gif)

---

| |
|:---|
| 2025 |
| 2024 |

---

**About this KPI and why we use it**

Barclays is delivering skills and

employment opportunities for people

in the communities where we operate.

The total number of unique people

supported to unlock skills and

employment opportunities includes

those upskilled through our LifeSkills,

Digital Eagles and Military and

Veterans Outreach programmes.

**How we performed**

After removing duplicates to account

for repeat users, we upskilled a further

2.11 million people in 2025 through

Barclays LifeSkills, Digital Eagles and

Military and Veterans Outreach,

growing the total to 8.16 million<sup>5</sup>since

the beginning of 2023 and

demonstrating steady progress across

Barclays' community programmes.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Please see **page** [41](#i12c1279a81884a37aee9a5181c6fa279_286) for further detail <br>on our target<br>|

---

**Sustainable growth: Number** <br>**of businesses supported**<sup>6</sup><br>

![2041](bcs-20251231_g32.gif)

---

| |
|:---|
| 2025 |
| 2024 |

---

**About this KPI and why we use it**

Barclays is championing innovation

and sustainable growth through

programmes that enable businesses and

economies to grow. The total number

of businesses supported in our

communities includes those engaged

through Barclays' Eagle Labs,

Unreasonable Impact and select

impact-led portfolios managed by

Barclays' Principal Investments team.

**How we performed**

After removing duplicates to account

for repeat users, in 2025, through these

programmes, we supported a further

3,931 businesses, growing the total to

14,178<sup>6</sup>since the beginning of 2023

and demonstrating Barclays' continued

commitment to providing a connected

pathway of support for start-ups and

scale-ups at every stage of their growth

journey.

**Progress of financed emissions**<br>

---

| | | |
|:---|:---|:---|
| Cumulative performance vs baseline | Cumulative performance vs baseline | Cumulative performance vs baseline |
| Portfolio | Dec 2025 |  |
| **December 2020 baseline** | **December 2020 baseline** | **December 2020 baseline** |
| Upstream <br>Energy\*<br>| 43.7MtCO2e  | -41% |
| Power | 204 kgCO2e/MWh  | -35% |
| **December 2021 baseline** | **December 2021 baseline** | **December 2021 baseline** |
| Cement | 0.551 tCO2e/t  | -13% |
| Steel | 1.352 tCO2e/t  | -30% |
| **December 2022 baseline** | **December 2022 baseline** | **December 2022 baseline** |
| Automotive <br>manufacturing<br>| 169.1 gCO2e/km  | -3% |
| **December 2023 baseline** | **December 2023 baseline** | **December 2023 baseline** |
| UK Commercial <br>Real Estate<br>| 24.7 kgCO2e/m<sup>2</sup> | -6% |
| UK Agriculture\* | 0.46 MtCO2e  | -13% |
| Aviation | 866 gCO2e/RTK | -2% |
| UK Housing | 27.1 kgCO2e/m<sup>2</sup> | -3% |

---

![](bcs-20251231_g33.gif)

All portfolios show physical intensity

apart from: \* absolute emissions.

**About these KPIs and why we use** 

**them**

In pursuit of our strategy to reduce

our financed emissions, which are

those deriving from in-scope activities

of the clients that we finance, we have

set 2030 financed emissions reduction

targets which integrate 1.5<sup>o</sup>C aligned

scenarios for

eight high-emitting sectors. We also

have a convergence point for our UK

Housing portfolio.

**How we performed** 

Our detailed analysis of our sectors

and performance is contained within

the Climate and Sustainability section

from page [48](#i12c1279a81884a37aee9a5181c6fa279_331).

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See the Barclays Sustainability <br>Reporting Framework for details on <br>our operational emissions accounting <br>approach.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 30 |
|  |  |  |  |  |  |  |  | 30 |

---

**Barclays' climate strategy: Clients, Capital and Innovation**

**A strategy for a better**

**financial future**

In 2025 we published our Transition Update, reiterated our

ambition to be a net zero bank by 2050 and outlined how

we continue to deliver against our strategy.

In recognition of the realities of the transition and to balance our climate ambition, shareholder

expectations and continue to deliver our strategy, we outlined in our Transition Update how we have

evolved our approach to focus on working with clients on their transition, financing clients' transition

and scaling climate tech, while integrating nature and social considerations.

![BARCLAYS_BTU_002-iPad-Landscape.jpg](bcs-20251231_g34.jpg)

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | To read the Barclays Transition Update, visit <br>**home.barclays/our-sustainability-/**<br>**barclays-approach-to-the-transition/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

![Our Purpose_AR_P62.gif](bcs-20251231_g35.gif)

---

| | | | |
|:---|:---|:---|:---|
| **Our Purpose** <br>**Working together for a better financial future** | **Our Purpose** <br>**Working together for a better financial future** | **Our Purpose** <br>**Working together for a better financial future** | **Our Purpose** <br>**Working together for a better financial future** |
|  | **Our ambition is to be a net zero bank by 2050** | **Our ambition is to be a net zero bank by 2050** | **Our ambition is to be a net zero bank by 2050** |
|  | **Working with clients** <br>**on their transition**<br>| **Financing clients'** <br>**transition**<br>| **Scaling climate** <br>**technology**<br>|
|  | **Integrating nature and social considerations** | **Integrating nature and social considerations** | **Integrating nature and social considerations** |

---

---

| | |
|:---|:---|
| ![Working with clients_Icon.gif](bcs-20251231_g36.gif) | **Working with clients** <br>**on their transition**<br>|

---

Barclays serves a wide range of retail customers,

corporate and institutional clients worldwide.

Understanding our clients' priorities is central to

how Barclays supports the transition. Each client is

at a different point in the transition and there is no

single pathway that our clients may follow.

We listen to our clients and build a nuanced

understanding of the commercial realities shaping

their transition pathways. This is informed by

regular client dialogue led by our coverage teams

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See page [36](#i12c1279a81884a37aee9a5181c6fa279_256) |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See page [41](#i12c1279a81884a37aee9a5181c6fa279_283) |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See page [46](#i12c1279a81884a37aee9a5181c6fa279_310) |

---

and dedicated sustainable finance specialists,

supported by specialised analytical tools such as

our Client Transition Framework (CTF). This

enables more informed conversations with clients

about their transition strategies, challenges, and

progress.

**Managing climate-**<br>**related risks to our** <br>**business and portfolios**<br>

**Reducing our** <br>**financed emissions**<br>

**Achieving net zero** <br>**operations**<br>

Our capabilities and tools strengthen our ability to

support client progress while helping us to

maintain accountability for our own financed

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See page [33](#i12c1279a81884a37aee9a5181c6fa279_238) |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See page [48](#i12c1279a81884a37aee9a5181c6fa279_331) |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See page [58](#i12c1279a81884a37aee9a5181c6fa279_400) |

---

emissions reduction targets.

---

| | |
|:---|:---|
| ![Financing clients_Icon.gif](bcs-20251231_g37.gif) | **Financing clients' transition** |

---

Across the bank we are helping to provide the

sustainable and transition finance needed to

support the transition to a low-carbon economy.

From homeowners to UK farmers through to

global multinationals, we are supporting all levels

of the economy to transition.

Since 2020, we have mobilised over $500bn of

sustainable and transition finance, ensuring

Barclays remains well positioned to support our

clients and capture the addressable market.

Reflecting our focus to mobilise capital for the

transition, we have a target to facilitate $1trn of

Sustainable and Transition Finance between 2023

and the end of 2030. In 2025, we facilitated

$98.5bn<sup>,</sup>and $260.7bn since 2023.As the role for

us to support our clients has continued to expand,

in 2025, we generated just under £0.6bn of revenue

from sustainable and transition-related activity<sup>1</sup>.

The sustained volumes of and revenue from

sustainable and transition related activity

underscores our continued momentum. Even in a

more complex policy and market environment, we

view the transition as a commercial opportunity for

our clients, and in turn, Barclays.

Reflecting society's need for available and

affordable energy, we also remain a significant

provider of capital to the conventional energy and

power sector. Financing for clients in this sector is

managed in line with Barclays' risk appetite, with

decisions informed by transition progress,

commercial returns, client engagement and market

realities. The bank's approach recognises that

energy security and transition progress must

advance in parallel and that continued investment

in both is critical to meeting evolving client needs

and supporting economic stability.

**Note:**

1For further detail on revenue definition see footnote 2 on

page [41](#i12c1279a81884a37aee9a5181c6fa279_286).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 31 |
|  |  |  |  |  |  |  |  | 31 |

---

Barclays' climate strategy: Clients, Capital and Innovation (continued)

---

| | |
|:---|:---|
| ![Scaling Climate tech_Icon.gif](bcs-20251231_g38.gif) | **Scaling climate technology** |

---

Scaling climate tech is integral to accelerating the

transition, with the potential to create profitable

means of decarbonisation for many sectors of the

real economy.

We are playing a key role in scaling climate tech

companies from idea to IPO through the Barclays

Climate Tech Escalator. Companies are provided

tailored, dedicated support as they grow to help

them to harness the power of capital markets.

Barclays Climate Ventures, part of the Climate

Tech Escalator, has a mandate to invest up to

£500m of our own capital by the end of 2027.

Barclays Climate Ventures prioritise investments

into commercially scalable technologies that can

unlock the transition for the high-emitting sectors

in which we have meaningful client exposure, such

as energy and power, real estate, and food and

agriculture.

Since 2020, £274m has been invested in over 20

companies, and in 2025, £71m was deployed.

**Integrating nature and social** <br>**considerations** <br>Our climate strategy integrates nature and <br>social considerations, including our work on <br>human rights, recognising the need to address <br>these interconnected topics holistically. <br>In 2025, we extended nature-related <br>criteria within our CTF assessments to now <br>cover four sectors in total, building on a <br>successful pilot for the Power sector in 2024. <br>We also leveraged the findings from our <br>application of the Taskforce on Nature-related <br>Financial Disclosures (TNFD) <br>'Locate Evaluate Assess Prepare' (LEAP)<sup>1</sup><br>approach across a sample of clients in the <br>Barclays Mining and European Power <br>portfolios to engage with companies in both <br>sectors, and began extending this work to <br>assess our Automotive manufacturing <br>portfolio.<br>

**Achieving net zero operations** 

We are working towards achieving net zero

operations as part of our ambition to be a net zero

bank by 2050. This includes setting and meeting

various milestones and targets to reduce our

operational emissions, with significant progress

already made. We have achieved all our 2025 net

zero operations milestones and targets, including

continuing to source 100% renewable electricity

for our global real estate portfolio and reducing our

Scope 1 and 2 market-based emissions by 97%

against a 2018 baseline - exceeding our 90%

reduction target.

Building on this progress, we aim to continue

sourcing 100% renewable electricity through to

2030 and work towards our 2030 milestones,

inclusive of our Scope 1 and 2 location-based

emissions and supply chain emissions reduction

milestones.

**Reducing our financed emissions** 

In pursuit of our strategy to reduce our financed

emissions, which are those deriving from in-scope

activities of the clients that we finance, we have set

2030 financed emissions reduction targets which

integrate 1.5<sup>o</sup>C aligned scenarios for eight high-

emitting sectors: Upstream Energy, Power,

Cement, Steel, Automotive manufacturing,

Aviation, UK Agriculture and UK Commercial

Real Estate. We also have 2025 targets for

Upstream Energy and Power and a convergence

point for our UK Housing portfolio.

We set out our progress against our financed

emissions reduction targets in this report. We have

continued to make progress towards these targets,

including exceeding our 2025 target in Upstream

Energy and Power.

**Implementing our strategy against** 

**a shifting landscape**

The current pace and momentum of the transition is

uneven as governments pursue increasingly divergent

approaches, creating a complex and fragmented

policy environment.

Some regions and sectors are accelerating, while

others, are transitioning at a slower pace than

anticipated in 2020 when we announced our

ambition. Higher decarbonisation costs, a lack of

clear and consistent long-term demand and

persistent structural barriers often mean the

economics of transition are not yet sufficiently

compelling. At the same time, understanding of

climate and nature-related risks, such as water

scarcity, is becoming clearer for us and our clients.

As a result, the window to limit global warming

to 1.5°C above pre-industrial levels is narrowing.

Decarbonisation is falling behind the pace required

and the likelihood of a prolonged overshoot above

1.5°C is increasing, potentially making it more

difficult to return to the

pathway that underpins current corporate

and financial planning.

These developments and in the absence of

consistent global policy signals and clearer long-

term frameworks, mean financial institutions may

need to choose between financing growth and

maintaining the pace of reducing financed

emissions.

We are actively monitoring the latest science and

economic modelling to assess how such risks could

affect our portfolios and targets and will continue

to maintain a disciplined, forward-looking

approach.

The transition, and therefore our future progress,

will be affected by the significant uncertainties,

will not be linear and constrained by the policy

environment and availability of technology.

Furthermore, these factors have scope to put our

clients, customers', and our own, net zero

ambitions at risk.

We recognise we have an important role to play in

the transition, we cannot tackle this challenge on

our own and that our ability to implement our

climate strategy and deliver against our targets

depends heavily on our clients progress and a wide

range of external factors. We will consider and

adapt our approach as needed to reflect the

evolving landscape.

We remain committed to supporting the transition

in a way that is inclusive, resilient,

and economically sound, guided by our net zero

ambition and our Purpose: working together

for a better financial future.

**Notes:**

1These LEAP assessments were undertaken in 2024.

'European Power' refers Barclays Bank Ireland plc's

counterparties. For both 'Mining' and 'European

Power', we only included counterparties that met selected

criteria, as set out in our 'Navigating Nature Risk-

Applying the TNFD's LEAP framework' paper.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 32 |
|  |  |  |  |  |  |  |  | 32 |

---

Barclays' climate strategy: Clients, Capital and Innovation (continued)

**Our strategy, selected targets and progress**

The table below sets out progress against our strategy and selected targets.

---

| | | | |
|:---|:---|:---|:---|
| | | **Previously announced target or mandate** | **Progress** |
|  | | | **2025 performance** |
| **Financing** <br>**clients' transition**<br>| Sustainable financing | •Facilitate $1trn of Sustainable and Transition Financing between 2023 and the end of 2030<sup>1</sup> | •$98.5bn<br>•(Life-to-date $260.7bn)<br>|
| **Scaling climate** <br>**technology**<br>| Barclays Climate Ventures | •Increase mandate to invest up to £500m of Barclays' capital in climate tech start-ups by the end of 2027 | •£71m (£274m invested <br>by the end of 2025)<br>|
|  | **By the end of 2025/2030** |  | **Cumulative change** |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | Upstream Energy<sup>3</sup> | •By the end of 2025: 15% reduction in absolute CO2e emissions against a 2020 baseline of 74.1 MtCO2e (Scopes 1, 2 & 3) | -41% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | Upstream Energy<sup>3</sup> | •By the end of 2030: 40% reduction in absolute CO2e emissions against a 2020 baseline of 74.1 MtCO2e (Scopes 1, 2 & 3) | -41% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | Power<sup>4</sup> | •By the end of 2025: 30% reduction in CO2e emissions intensity against a 2020 baseline of 316 kgCO2e/MWh (Scope 1) | -35% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | Power<sup>4</sup> | •By the end of 2030: 50-69% reduction in CO2e emissions intensity against a 2020 baseline of 316 kgCO2e/MWh (Scope 1) | -35% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | **By the end of 2030** |  |  |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | Cement<sup>3</sup> | •20-26% reduction in CO2e emission intensity against a 2021 baseline of 0.631 tCO2e/t (Scopes 1 & 2) | -13% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | Steel<sup>3</sup> | •20-40% reduction in CO2e emissions intensity against a 2021 baseline of 1.945 tCO2e/t (Scopes 1 & 2) | -30% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | Automotive manufacturing<sup>3</sup> | •40-64 % reduction in CO2e emissions intensity against a 2022 baseline of 174.8 gCO2e/km (Scopes 1, 2 & 3) | -3% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | Aviation<sup>3</sup> | •11-16 % reduction in CO2e emissions intensity against a 2023 baseline of 882 gCO2e/RTK (Scopes 1 & 3) | -2% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | UK Commercial Real Estate<sup>2</sup> | •51% reduction in CO2e emissions intensity against a 2023 baseline of 26.3 kgCO2e/m<sup>2</sup> (Scopes 1 & 2) | -6% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | UK Agriculture<sup>3</sup> | •21% reduction in absolute CO2e emissions against a 2023 baseline of 0.53 MtCO2e (Scopes 1, 2 & 3) | -13% |
| **Reducing our financed** <br>**emissions portfolio** <br>**reduction targets/** <br>**convergence point** | UK Housing<sup>2</sup> | •Convergence point: 40% reduction in CO2e emissions intensity against a baseline of 27.9 kgCO2e/m<sup>2</sup>(Scopes 1 & 2) | -3% |
|  | **By the end of 2025** |  | **2025 performance** |
| **Achieving net zero** <br>**operations** | Renewable electricity sourcing | •100% renewable electricity sourcing for our global real estate portfolio by the end of 2025 | 100% sourced |
| **Achieving net zero** <br>**operations** | Scope 1 and 2 emissions | •90% absolute reduction in our Scope 1 and 2 market-based GHG emissions against a 2018 baseline by the end of 2025 | 97% reduction |

---

![Financing clients_Icon.gif](bcs-20251231_g37.gif)

![Scaling Climate tech_Icon.gif](bcs-20251231_g38.gif)

**Notes:**

1Our previously announced target to facilitate £150bn of social, environmental and sustainability-linked financing by 2025

was exceeded in 2021and £100bn of green financing by 2030 was exceeded in 2023. In the 2026 update to the Barclays

Sustainable Finance Framework, the reference to the target has been updated to reference $1 trillion Sustainable and

Transition Finance between 2023 and the end of 2030 (the "Target") and accordingly references to the Target in this

Annual Report have been reflected as such, other than in this chart.

2Previously reported baseline values have been re-baselined in the current year. For further details please see page [51](#i12c1279a81884a37aee9a5181c6fa279_346).

3Baseline values have not changed in the current year

4The power sector has been re-baselined due to a data sourcing update. The impact of this change is not considered

material.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 33 |
|  |  |  |  |  |  |  |  | 33 |

---

**Risk and opportunities**

TCFD Strategy Recommendation A<br>

---

| |
|:---|
| **Climate-related risks identified over** <br>**the short, medium and long term**<br>|
| **Our climate strategy is underpinned by the** <br>**way we assess and manage our exposure** <br>**to climate-related risks. Climate Risk is a** <br>**Principal Risk within the Barclays Enterprise** <br>**Risk Management Framework (ERMF).**<br>|

---

Barclays faces exposure to climate-related risks

either directly through its operations and

infrastructure or indirectly through its financing

and investment activities. The two main categories

of climate risk are physical risks and transition

risks.

• Physical risk is defined by Barclays as the risk

of financial losses related to physical impacts of

a changing climate. Physical risks can be event-

driven (acute risks), including increased

frequency and/or severity of extreme weather

events such as cyclones, hurricanes and floods.

Longer-term shifts in climate patterns (chronic

hazards) arise from sustained higher

temperatures that may cause rises in sea levels,

changing precipitation patterns or heat stress.

• Transition risk<sup>1</sup> is defined by Barclays as the

risk of financial losses caused by the changes

driven by the economy shifting to a lower

carbon basis, including for example changes in

policy, technology and consumer and investor

sentiment.

Physical and transition risks can have varying

degrees of impact on Barclays and its clients,

influenced by geographic and jurisdictional factors,

including differing vulnerabilities to physical

hazards like flooding and hurricanes, as well as

diverse regulatory requirements that must be

adhered to for transitioning to a low-carbon

economy.

**Time horizons**

The impact of physical and transition risks can be

significant and widespread, affecting Barclays'

portfolio and financial performance over short-,

medium- and long-term horizons. Significant

uncertainty remains around the timing of major

climate-related impacts, although some effects

have already surfaced. So far, these impacts have

been largely contained within specific geographies

and sectors, but they carry the potential to escalate

and trigger broader impacts on financial systems.

In the short term, physical risks arising from extreme

weather events and climate-related disasters pose a

direct threat to Barclays' physical assets and

infrastructure. This can potentially result in

immediate losses, increased costs for repair and

higher insurance premiums. Similarly, acute events

may also potentially damage the physical facilities of

Barclays' clients or cause business disruptions,

which may adversely impact the value of clients'

assets, reduce their profitability and subsequently

lead to potential increase in credit risk for Barclays.

Additionally, business facilities and operations in

regions prone to high physical risks may also

experience higher insurance premiums or limited

insurance coverage.

Transition risks could occur in all timeframes. Short

to medium-term developments may be largely

driven by new regulations and technological

breakthroughs aimed at replacing carbon-intensive

methods. There remains significant uncertainty

around the speed and scale of the transition. The cost

of transitioning to cleaner technologies and

sustainable business practices may strain the

financial resources of businesses, affecting their

profitability and long-term viability. There may be

challenges related to employment as businesses

transition away from carbon-intensive practices. This

in turn may impact the creditworthiness of Barclays'

clients and their ability to repay loans. Financial

institutions like Barclays could also face significant

increases in costs and resources allocated to adhere

to new policies, laws and regulations aimed at

transitioning to a low-carbon economy. This in turn

may lead to higher conduct and operational risks to

Barclays.

Transition risks arising from actions aimed at

mitigating climate change can shift market

sentiment, introduce price volatility and equity

shocks, leading to declines in the valuation of

financial instruments and potential trading losses in

Barclays' portfolios. Additionally, companies may

face reputational damage and legal actions,

including litigation, regulatory penalties, and

shareholder lawsuits in relation to climate risks.

These could lead to decreased customer trust or

investor support and heightened liability risks for

both the companies and their financial partners.

Barclays may also face adverse media, negative

investor sentiment or climate-related litigation in

relation to its business activities. This in turn may

adversely impact customer demand for Barclays'

products, returns on business activities, and the

value of assets and trading positions, resulting in

higher impairment charges.

In the longer term, the cumulative effects of global

temperature rises are likely to become increasingly

pronounced – influencing ecosystems, sea levels

and societal structures. Climate change can also

trigger tipping points through feedback loops that

amplify its effects. Certain tipping points are already

underway, manifesting in observable changes across

the globe. Different tipping points, such as the

melting of ice sheets or changes in ocean

circulation, have varying time horizons. As the

climate science develops, it appears that some

tipping points may run on a shorter timeline than

initially expected. Accordingly, the uncertainty of

exact timeframes in which such tipping points could

materialise adds a layer of complexity – making it

challenging to precisely predict when impacts will

materialise.

When considering the timescales of climate-related

risks, Barclays has categorised short, medium and

long term as follows:

• Short term (S): 0-1 year

• Medium term (M): 1-5 years

• Long term (L): > 5 years.

The short-term timescale coincides with the short-

term plan for annual budgets and granular financial

plans. The medium term coincides with the five-year

financial, capital and funding plans.

**Climate change as a driver of risk**

The feedback effects of climate risk drivers through

transmission channels are observed in Barclays'

portfolio through traditional risk categories such as

credit risk, market risk, operational risk and

reputational risk. Climate risk is designated as a

Principal Risk within Barclays' ERMF, with the

purpose of capturing the impact of climate change

on the bank's Financial and Operational risk

categories. Barclays has implemented a dedicated

risk management framework for climate risk. This

framework aims to guide effective management of

climate risk and support the delivery of Barclays'

climate strategy. The Climate Risk Framework is

reinforced by policies and standards, which contain

control objectives and requirements that must be

adhered to by different teams across business lines

and risk management departments. Climate risk

may also drive non-financial risks such as

reputational risk, which continue to be managed

under their respective risk frameworks. Barclays'

approach and framework undergoes regular reviews

and updates – including changes to the risk

taxonomy, definitions and methodology – to align

with changing regulatory expectations and external

developments.

**Note:** 

1The revised transition risk definition reflects further

refinement of the underlying drivers and transmission

channels as illustrated on the next page.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 34 |
|  |  |  |  |  |  |  |  | 34 |

---

Barclays' climate strategy: Clients, Capital and Innovation (continued)

The potential impacts of physical and transition risk drivers will vary across Barclays' portfolios depending on composition, industry, geographic location, business operations and other contextual factors.

The tables below set out example drivers and transmission channels, and the expected time horizons of physical and transition risks.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details on how Barclays manages climate risk can be found on **pages** [202](#i12c1279a81884a37aee9a5181c6fa279_877) **to** [204](#i422c12f462774d13826b220c401fc50d_10472)**.** |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transition risks** | **Policy** | **Consumer/Investor Sentiment** | **Technology** | **Litigation and Enforcement** |
| **Definition** | •Risks arising due to evolving climate and /or <br>environmental legislation and policy, <br>regulatory changes / penalties, disclosure <br>mandates as the economy transitions. <br>| •Risks arising from stakeholders' changing <br>perceptions of businesses and industries, or <br>individual preferences under a transitioning <br>economy, impacting supply, demand and <br>price dynamics. <br>| •Risks arising from rapid innovation or <br>obsolescence and the cost of adopting new, <br>cleaner technologies.<br>| •Risk of being the subject of a legal claim or <br>regulatory investigation on the basis of <br>perceived action or inaction relating to <br>climate or environmental matters.<br>|
| **Example transmission channels** | •Increased costs and higher capital <br>expenditure to meet regulatory compliance.<br>•Asset stranding as a result of inability to <br>operate under evolving regulatory or policy <br>landscape.<br>| •Asset devaluation as preferences shift away <br>from certain goods and services.<br>•Lowered revenue as demand falls in certain <br>sectors and prices in turn drop.<br>| •Higher capital expenditure costs as new <br>technologies require increased investments.<br>•Costs increasing as a result of changing <br>prices of raw materials or supply chains <br>altering. <br>| •Increased costs via responding to claim or <br>investigation, or potential liability for fine or <br>damages.<br>•Lowered revenue as demand falls due to <br>reputational impacts.<br>|
| **Expected time horizons** | •S, M, L | •S, M, L | •S, M, L | •S, M, L |

---

---

| | | |
|:---|:---|:---|
| **Physical risks** | **Acute** | **Chronic** |
| **Definition** | •Risks arising due to event-driven hazards, including increasing frequency and/or intensity of <br>extreme weather events, such as storms, heatwaves, wildfires, floods, etc.<br>| •Risks arising due to longer-term changes in weather patterns, including increased mean <br>temperatures, including sea-level rise, changing precipitation patterns, water stress/ scarcity, <br>drought conditions, etc.<br>|
| **Example transmission channels** | •Business interruption causes lower revenues as physical hazards create production <br>challenges from damaged building and operating sites. <br>•Lower revenue or higher operating costs, driven by supply chain squeezes making raw <br>materials more challenging to obtain. <br>•Devaluation of assets as damages and risks to property from natural hazards are priced into <br>the valuation. <br>| •Higher capital expenditure costs to invest in adaptation measures to prevent future damages <br>as climate causes increased frequency/severity of weather events. <br>•Costs increase as a result of rising insurance costs and premiums.<br>|
| **Expected time horizons** | •S, M, L | •M, L |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 35 |
|  |  |  |  |  |  |  |  | 35 |

---

Barclays' climate strategy: Clients, Capital and Innovation (continued)

**Building our understanding of nature-related risk**

Barclays' understanding of nature impacts and

dependencies and how they translate into physical,

transition, and financial risks is evolving. We

recognise the importance of supporting our clients

in navigating the transition to nature-positive and

net zero. We have continued to advance our work

on nature, integrating it into our efforts to mitigate

and adapt to climate change.

In 2025, we published '*Navigating Nature Risk –* 

*Applying the TNFD's LEAP framework*', which

sets out the findings from our initial application of

the Taskforce on Nature-related Financial

Disclosures' (TNFD) Locate Evaluate Assess

Prepare (LEAP) approach across a sample of

clients in the Barclays Mining and European Power

portfolios<sup>1</sup>, We carried out this work to better

understand the nature-related impacts,

dependencies and financial risks associated with

these companies.While there were limitations in

our approach (including in both the data and

methodological approaches used), we were able to

use the output to assess various outcomes. In

particular, the results indicated potential adverse

cumulative earnings impact over five years for

both sectors, across their modelled scenarios.

However, while these earnings impacts varied

between these portfolios, the analysis indicated that

- despite scenario-driven losses – the impacts on

each portfolio remained manageable and did not

amount to a material change in overall portfolio

credit quality. We leveraged these insights to

engage with companies in both sectors in 2025,

testing our approach, learning how they measure

and manage nature-related impacts and risks and

identifying potential collaboration opportunities.

We are now carrying out an additional sectoral

TNFD LEAP assessment of our Automotive

manufacturing portfolio, measuring selected

material impacts for this sector such as water use,

water pollution, and air pollution across the value

chain. This will be followed by client engagement

to discuss our approach and results.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For more information on our 'Navigating Nature Risk <br>– Applying the TNFD's LEAP framework' paper, see <br>our website: **home.barclays/our-sustainability-/**<br>**barclays-approach-to-the-transition/nature/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| |
|:---|
| **Sustainability and climate-related** <br>**opportunities identified over the** <br>**short, medium and long term** <br>|
| **We recognise that the global transition** <br>**to a low-carbon economy presents an** <br>**opportunity for Barclays to work with** <br>**our clients, scaling up zero or near-zero-**<br>**emitting technologies and businesses, and** <br>**supporting emissions reductions in** <br>**high-emitting and hard-to-abate sectors.** <br>**We have a target a facilitate $1 trillion of** <br>**Sustainable and Transition Finance between** <br>**2023 and the end of 2030.**<br>|

---

**The market opportunity**

Through 2025, the global landscape has continued

to evolve. Investment in the energy transition has

accelerated, climate technologies have matured

further, and both energy demand and the focus on

energy security have intensified. The physical

impacts of climate change are becoming more

apparent too.

Global investment flows reached $2.3trn in 2025,

concentrated in mature segments such as renewable

power, grid infrastructure, energy storage, energy

efficiency solutions and low emission fuels<sup>2, 3</sup>. The

green economy is now valued at $8 trillion<sup>4</sup>.

Against this backdrop, our sustainable finance

strategy is aimed to support clients in the transition

while enabling Barclays to capture this associated

growth opportunity.

The UK's residential sector is increasingly seeking

to improve housing energy efficiency. Barclays is

capturing this demand trend through its Green

Home Mortgage performance, which performed

strongly in 2025 with £2.4bn lent, and Greener

Home Reward payments totalling £3m since

launch supporting eligible retail mortgage

customers in retrofitting their properties and

helping reduce their energy consumption.

Since 2020, we have mobilised over $500 billion

of sustainable and transition finance, showcasing

Barclays' ability to support clients and capture this

market5. We expect our progress towards

achieving our target of facilitating $1trn of

Sustainable and Transition Finance will be non-

linear and will be shaped by market demand,

evolving policy and regulatory developments;

however so far capital flows into the transition

have remained resilient.

The Barclays Transition Update provides further

insights into how Barclays is supporting clients

with transition opportunities, with sector-specific

analysis on how we are working with clients across

the Energy and Power, Food and Agriculture, Real

Estate, and Industrials<sup>6</sup>, sectors.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details please see the **Barclays** <br>**Transition Update** <br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Identifying nature-related opportunities**

Nature-related financing represents a growth

opportunity for the financial services sector,

reflecting the scale of capital required to halt and

reverse nature loss by 2030 as outlined in the

Global Biodiversity Framework (GBF). Private

finance for nature has accelerated rapidly – rising

from just $9.4 billion to more than $102 billion

over four years – yet remains far short of what is

needed to close the global nature financing gap<sup>7</sup>.

In 2025, we incorporated nature-related eligibility

criteria in the Transition Finance Framework (TFF)

for the first time and expanded nature-related

eligibility criteria in the Sustainable Finance

Framework (SFF). These enhancements develop

our ability to identify opportunities aligned with

the SFF and TFF, scale finance that supports

nature, and contribute to achieving our $1trn

Sustainable and Transition Finance target.

During 2025, we also assessed potential nature-

related opportunities and products that Barclays

could advance. Following our Barclays Mining and

European Power LEAP assessments, we engaged

with clients in these sectors, exploring potential

opportunities to support their nature-positive

transition across value chains. We have noted that

interventions that help clients avoid and minimise

negative impacts on nature could have clear

potential, supporting them in the transition to net

zero and nature-positive activities.

**Notes:**

1These LEAP assessments were undertaken in 2024.

'European Power' refers Barclays Bank Ireland plc's

counterparties. For both 'Mining' and 'European

Power', we only included counterparties that met selected

criteria, as set out in our 'Navigating Nature Risk-

Applying the TNFD's LEAP framework' paper

2about.bnef.com/insights/clean-energy/bloombergnef-

finds-global-energy-transition-investment-reached-

record-2-3-trillion-in-2025-up-8-from-2024/

3www.iea.org/reports/world-energy-investment-2025/

executive-summary

4about.bnef.com/insights/clean-energy/bloombergnef-

finds-global-energy-transition-investment-reached-

record-2-3-trillion-in-2025-up-8-from-2024/

5This $500bn figure refers to the sustainable and transition

finance mobilised from 2020, of which approximately

$260bn contributes towards the $1trn Sustainable and

Transition Finance Target (2023 - 2030).

6Industrials includes automotive manufacturing, aviation,

cement, mining and steel. For further details please see

the Barclays Transition Update.

7UNEP FI: unepfi.org/wordpress/wp-content/

uploads/2024/06/Press-release-New-Green-Shoots-

research-Clean-10062024-updated-2.pdf

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 36 |
|  |  |  |  |  |  |  |  | 36 |

---

**Implementing our climate strategy**

TCFD Strategy Recommendation B<br>

**Working with clients on their transition**<br>

![Working with clients_Icon.gif](bcs-20251231_g36.gif)

**Barclays serves a wide range of retail** <br>**customers, corporate and institutional clients** <br>**worldwide. Understanding our clients'** <br>**priorities is central to how Barclays supports** <br>**the transition. Each client is at a different** <br>**point in the transition and there is no single** <br>**pathway that our clients may follow.**<br>**We listen to our clients and build a nuanced** <br>**understanding of the commercial realities** <br>**shaping their transition pathways. This is** <br>**informed by regular client dialogue led by our** <br>**coverage teams and dedicated sustainable** <br>**finance specialists, supported by specialised** <br>**analytical tools such as our Client Transition** <br>**Framework (CTF), see page** [39](#i12c1279a81884a37aee9a5181c6fa279_271)**. This enables** <br>**more informed conversations with clients** <br>**about their transition strategies, challenges,** <br>**and progress.**<br>

---

| | | |
|:---|:---|:---|
| **Key:** | **Programmes** | **Business units** |

---

![BUK_Consumer&Business bank_icon.gif](bcs-20251231_g39.gif)

![uk Corporate Bank.gif](bcs-20251231_g40.gif)

**Barclays UK and UK Corporate Bank**

In 2025, we continued to support the transition in

our home market by helping households,

businesses and corporate clients make more

sustainable choices. Working across our UK

focused businesses, we worked toaddress common

barriers, facilitated access to practical industry

insight and peer-to-peer learning opportunities. We

haveevolved our products and propositions that

contribute to our progress towards our $1 trillion

Sustainable and Transition Finance target.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details please see the **Barclays** <br>**Transition Update** <br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **How we operate across our client base** | **How we operate across our client base** | **How we operate across our client base** |  |  |
| **Consumer** | **Small and growth stage** | **Mid-size corporates** | **Large corporates and** <br>**governments**<br>| **Investors** |

---

---

| | |
|:---|:---|
| ![Innovation.jpg](bcs-20251231_g41.jpg) | **Barclays Partnerships**  |

---

---

| | |
|:---|:---|
| ![uk Corporate Bank.gif](bcs-20251231_g40.gif) | **UK Corporate Bank** |

---

---

| | |
|:---|:---|
| ![BUK_Consumer&Business bank_icon.gif](bcs-20251231_g39.gif) | **Barclays UK Retail** <br>**and Business Banking**<br>|

---

---

| | |
|:---|:---|
| ![Private Bank_Icon.gif](bcs-20251231_g42.gif) | **Private Bank and** <br>**Wealth Management**<br>|

---

---

| | |
|:---|:---|
| ![Barclays Climate Ventures_Icon.gif](bcs-20251231_g43.gif) | **Barclays Climate** <br>**Ventures** <br>|

---

**Retail Bank**

**Sustainability Hub**

In 2025, we launched our in-app Sustainability

Hub for current account customers providing

information on our financial products, services,

informative content and partner offers that may

support them in making more sustainable choices.

**Greener Home Reward**

A key factor in decarbonising the UK Housing

sector is improving the energy efficiency of the

housing stock. Through our financial products and

partner offers, we support our retail mortgage

customers in retrofitting their properties and

helping reduce their energy consumption.

---

| | |
|:---|:---|
| ![Investment Bank_Icon.gif](bcs-20251231_g44.gif) | **Investment Bank** |

---

---

| | |
|:---|:---|
| ![Green bond_Icon.gif](bcs-20251231_g45.gif) | **Green Bond** <br>**Investment portfolio**<br>|

---

In 2025, we continued to support existing eligible

residential mortgage customers in installing

eligible energy-efficiency-related measures in their

homes through our Greener Home Reward offer,

providing a cash reward of up to £2,000. We

supported more than twice as many customers as in

![1](bcs-20251231_g46.gif)

any previous year, bringing the total reward

---

| | | | |
|:---|:---|:---|:---|
| A | B | **C** | D |

---

payments since launch to £3 million. From January

2025, we expanded the offer to include

Microgeneration Certification Scheme (MCS)

accredited installers focussed on small scale

renewable energy technologies. Since the launch of

the Greener Home Reward, more than 90% of

customers installed renewable energy technologies,

with 60% of reward payments attributed to

installations of solar panels and solar battery

storage, followed by 31% for low-carbon heating.

All of our sustainable products and offers remain

under review as we consider how we best support

our customers and clients in making more

sustainable choices.

**Reward payments by retrofit type** <sup>1,2</sup><br>

---

| | | |
|:---|:---|:---|
| A | Solar energy | **60%** |
| B | Low-carbon heating | **31%** |
| C | Doors and windows | **5%** |
| D | Insulation | **4%** |
| E | Solid wall insulation | **0%** |

---

**Notes:**

1Data based on retrofit type for rewards paid since launch.

2Previously titled 'Retrofit type at claim'.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details on Barclays Greener Home Reward <br>can be found at: **barclays.co.uk/mortgages/greener-**<br>**home-reward/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 37 |
|  |  |  |  |  |  |  |  | 37 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

Working with clients on their transition (continued)<br>

![Working with clients_Icon.gif](bcs-20251231_g36.gif)

**Business Bank**

We recognise the importance and opportunities as

businesses transition to a low-carbon economy.

Within Business Banking we continue to actively

engage and support our Small and Medium Sized

Enterprises (SME) clients, including Agriculture

and Real Estate.

Barclays co-chaired the independent, government-

backed Willow Review, which explored how UK

SMEs can benefit financially from sustainability.

The Willow Review was launched in 2025, and the

UK Government formally responded to its

recommendations in December. In line with the

Review's recommendations for financial services,

we have introduced a range of initiatives for our

Business Banking clients, including SME

Workshops, dedicated mentors and Eagle Labs

modules focused on the business case for

sustainability. The review also highlighted an

important insight: access to finance was a key

obstacle preventing SMEs from investing in

sustainable practices. Building on the findings of

the Willow Review, we published a policy

snapshot<sup>1</sup> on access to sustainability grants.

We recognise that a successful transition relies on

businesses remaining profitable, resilient and

innovative. Within our Innovation Banking

community, we are exploring how Climate Tech

solutions can solve for real-world challenges that

SMEs experience. We recognise that some clients

like to learn from each other - to encourage peer-

to-peer learning, we have launched monthly

Sustainability Breakfasts at Barclays Innovation

Hub to convene businesses and industry experts on

topics such as supply chains and the business case

for sustainability.

Our customer research and industry events help us

develop policy positions and thought leadership,

such as our 'Agritech: supporting the future of

farming' report.

For our Agriculture clients, Barclays research

showed that >70% of our UK farming customers

had witnessed the effect of climate change on their

farms. It highlighted the importance of developing

practical steps to help farms adopt innovative and

more sustainable farming practices. In response,

we worked with farmers, multinationals and other

stakeholders to pilot a new model for supporting

farmers to adopt regenerative practices through the

Sustainable Markets Initiative's 'Routes to Regen'

project.The pilot offered simplified support

through a menu of options, on-farm guidance,

technical assistance, peer-to-peer learning and

financial support. The results of the pilot showed

that 57% of participants reported that they were

more likely to farm more regeneratively as a result,

and 82% rated the multi-company collaboration as

important in their decision to take part.

Our Farm2Farm network was established in 2023

to enable farmers to learn from one another and

share practical insights. We continue to facilitate

gatherings that support peer-to-peer learning, assist

with farmers' daily banking needs, and facilitate

climate and sustainability discussions to help them

navigate their transition to more sustainable

farming practices.

In 2025, we built on this and launched a

collaboration with Dyson Farming to bring

technology and engineering into farming. Through

this, we connect farmers and Agritech founders to

explore new technologies and learn about

innovation trials and research that could be

considered for implementation on their farms.

**UK Corporate Bank**

Working with clients to support their sustainability

and transition ambitions remains a key factor in our

focus of deepening client relationships and grow

lending and products. There is demand from clients

across the value chain for support and to inform

them on products, services and relevant industry

and regulatory themes as they transition to a low-

carbon economy and are required to comply with

evolving sustainability standards. We continue to

work closely with clients to help them adapt

through various collaborations including using our

insights on best practice gleaned through industry

working groups.

Throughout 2025, UK Corporate Bank (UKCB)

delivered specialised client support by assessing

our clients' sustainability position and tailoring

engagement to meet their objectives. We also

developed a proactive strategy for select sectors to

prioritise outreach, integrate innovative financing

solutions, and deliver meaningful client impact.

We regularly convened clients across a range of

sectors and technology showcases to promote

learning, peer-to-peer feedback, and direct

engagement. Clients benefited from hearing about

the latest relevant technologies, directly accessing

Barclays Climate Tech ecosystem, discussing

broader industry thematics and these sessions

provided actionable insight on how Barclays can

practically assist clients in their transition.

Utilising some of this broader client feedback, we

expanded our sustainable capabilities to help us

support clients with innovative, practical solutions.

These included preparing to launch a tool for

Commercial Real Estate clients, undertaking a

consulting and market landscape project to develop

a carbon tracking tool for our Barclaycard

Commercial Issuing clients, and launching a

sustainable deposit solution in July 2025, enabling

clients to align liquidity with their sustainability

priorities.

Amplifying client perspectives in key sustainability

forums helps to ensure our clients' voices inform

policy and helps position and develop UKCB's

leadership role in aiming to drive systematic

change through our thought leadership. In UKCB,

we extended our external leadership, joining the

Future Homes Hub and partnering with the

Partnership for Carbon Accounting Financials

(PCAF) and a range of global financial institutions

to align industry thinking on accounting for

embodied carbon.

**Broader engagement across Business Bank and** 

**UK Corporate Bank**

Across both the Business Bank and UK Corporate

Bank, we recognise from industry reports and

Barclays' own research that barriers to action for

clients and customers include a lack of awareness

of trusted information sources, understanding what

actions to take, as well as access to finance.

**Note:** 

1 Policy Snapshot: home.barclays/insights/2025/10/

making-sustainability-grants-work-for-SMEs/

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 38 |
|  |  |  |  |  |  |  |  | 38 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

Working with clients on their transition (continued)<br>

![Working with clients_Icon.gif](bcs-20251231_g36.gif)

Noting these challenges, in UKCB we have

continued our collaboration with

SaveMoneyCutCarbon (SMCC) and have

expanded the collaboration to our Business Bank,

allowing a broader set of clients and customers the

opportunity to complete carbon mentor calls. These

calls assist clients in identifying practical steps to

reduce energy consumption and operating costs,

supporting measurable progress towards their

sustainability goals.

Nature markets, such as the Biodiversity Net Gain

(BNG) scheme in England, are opening potential

new revenue streams and the opportunity to better

utilise areas of unproductive land for landowners

and help property developers comply with

legislation. We continue to provide support for our

property developer and landowner clients through

our collaboration with Environment Bank.

To help clients across Business Banking and

UKCB access information and share insights we

have co-hosted regional roundtables with the

British Chamber of Commerce focusing on topics

such as supporting SMEs in the supply chain and

decarbonisation in the built environment. We

participated in various industry forums including

Icebreaker One's Perseus, UK Business Climate

Hub and the Net Zero Council and produced a

series of Thought Leadership reports for clients

and wider industry stakeholders, highlighting

potential barriers and opportunities in our

customers' and clients' transition journeys.

![Investment Bank_Icon.gif](bcs-20251231_g44.gif)

**Investment Bank** 

**Embedding sustainability in our business**

We have embedded sustainability expertise directly

within our Investment Bank so that climate and

transition considerations are integrated into day to

day client coverage, financing and strategic

advisory activities. By placing sustainability

specialists alongside bankers in sector, product and

markets teams, we can identify transition-driven

risks and opportunities earlier, develop tailored

financing and advisory solutions, and help clients

navigate rapidly evolving policy and technology

landscapes.

**Leveraging our teams' expertise to work with** 

**our clients** 

Across sectors, especially Energy, Power,

Industrials and Climate Technology, we

increasingly supported firms responding to the

major transition themes shaping 2025. These

included investment in grid modernisation,

growing renewable capacity, helping Industrial

clients decarbonise, and the rapid expansion of

battery storage and distributed energy solutions

needed to stabilise the system. Much of our work

focused on helping these businesses secure

financing and navigate the scale up challenges that

come with deploying new technologies at pace.

Our Sustainable and Transition Finance Advisory

team supported clients ahead of IPOs, M&A and

capital raises, helping them articulate their

transition strategy and address key investor

concerns such as policy exposure, technology

choices and capital expenditure plans.

Our Sustainable Investing Research team provided

data-driven insights on the sectors undergoing the

most significant transition shifts, helping both

issuers and investors navigate emerging risks and

opportunities. Throughout the year, the team has

met with clients around the world to discuss key

sustainability themes and how to invest in them,

and hosted a number of flagship events. Our work

was recognised through industry rankings,

including #1 in FICC sustainable investing

research and ESG insight and UK's Best Bank for

ESG<sup>1</sup>.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on how we work with clients <br>across specific sectors please see the **Barclays** <br>**Transition Update** <br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Building relationships through engagement** 

**with stakeholders** 

In 2025, Barclays strengthened client engagement

in sustainable finance by leveraging major industry

platforms, convening over 1,000 CEOs, investors,

corporates and policymakers across our flagship

Sustainable Finance Conferences, Climate Weeks

in London and New York, and COP30. These

forums focused on energy security, nature and

landscape restoration, carbon management, grid

optimisation and the commercial opportunities

within the transition.

Working with partners including the Sustainable

Markets Initiative, C2ES, Johnson Controls and

Fauna & Flora, we delivered practical sessions that

deepened client relationships, supported

knowledge-sharing and equipped clients with

actionable pathways for decarbonisation and

resilience.

**Note:** 

1In 2025 Barclays was ranked #1 by Extel for FICC

sustainable investing research and was also awarded

IFR's Best Bank for ESG Insights and Euromoney's

award for the UK's Best Bank for ESG for the third

consecutive year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 39 |
|  |  |  |  |  |  |  |  | 39 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

![Working with clients_Icon.gif](bcs-20251231_g36.gif)

Working with clients on their transition (continued)<br>

**Client Transition Framework (CTF)**

In 2025, we extended the CTF Methodology to

increase the scope of clients covered by our

assessments. For the first time, we have now

evaluated our in-scope publicly listed corporate clients

in all sectors across our Investment Bank and UK

Corporate Bank, as well as in-scope clients within our

UK Commercial Real Estate portfolio. This is in

addition to continuing our annual CTF assessments

for in-scope clients in the previously assessed sectors

(Upstream Energy, Power, Steel, Cement,

Automotive Manufacturing, & Aviation). The

continued use of AI for data collection of clients

public disclosures has enabled this expanded scope

and has approximately quintupled the total limits

covered by our assessments versus 2024. The

aggregate 2025 CTF results reflects the impacts of our

expanded scope, methodology updates, and lending

activity.

The CTF evaluates our in-scope clients' progress

towards business models aligned to a low-carbon

economy, primarily focused on clients' public

disclosures. It provides a detailed understanding of

clients' current and future transition activities.

Clients who are assessed receive a CTF score of T1

(most developed) to T5.

The CTF helps us monitor and measure the

decarbonisation progress of our in-scope clients,

which in turn informs our engagement efforts.

Engaging with our clients to assist with understanding

their businesses, the challenges

they face and the risks and opportunities they are

seeking to address is critical to our ability to

support them as they navigate the transition to

a low-carbon economy.

In the sectors where we have set financed emissions

reduction targets, these scores inform our engagement,

origination decisions, and portfolio management, and

help ensure that our approach is both commercially

disciplined and forward-looking, enabling us to

support clients credibly whilst managing transition-

related exposures across the bank. We intend to

implement this approach for UK Commercial Real

Estate during 2026. For sectors where we have not set

financed emissions reduction targets, we will continue

to consider how we embed the outputs from these

CTF assessments during 2026. In all cases, financing

decisions continue to remain transaction-specific and

subject to standard committee reviews including for

credit risk, reputational risk, and

capital impact.

Since the CTF relies on clients' public transition

plans and other related disclosures, changes in the

breadth, depth, or frequency of these, often

voluntary, disclosures could materially impact

assessment results.The scores should be considered

against the backdrop of evolving market dynamics

and developments in the

policy landscape.

---

| | |
|:---|:---|
| **2025** | **2024** |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details please see the **Barclays** <br>**Transition Update** <br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Incorporating nature into the CTF**

In 2025, we extended nature-related criteria within our

CTF assessments to cover four sectors in total: Power,

Mining, Automotive Manufacturing and Food,

building on the pilot conducted for the Power sector

last year. The evaluation focuses on governance,

strategy, risk management and metrics and targets,

providing a structured view of how clients are

integrating nature considerations into their business

models. Initial findings show around one in five link

executive remuneration to nature and around two

thirds have an executive accountable for nature, across

the four sectors. These insights will help to inform

client engagement activity for next year.

**Aggregate CTF results**<sup>1, 2</sup><br>(% by lending limits)<br>

![9895604654204](bcs-20251231_g47.gif)

![9895604654253](bcs-20251231_g48.gif)

---

| |
|:---|
| **T1** |
| **T1** |
| **T2** |
| **T2** |
| **T3** |
| **T3** |
| **T4** |
| **T4** |
| **T5** |
| **T5** |

---

---

| |
|:---|
| **T1** |
| **T1** |
| **T2** |
| **T2** |
| **T3** |
| **T3** |
| **T4** |
| **T4** |
| **T5** |
| **T5** |

---

---

| |
|:---|
| T1 (most <br>developed)<br>|
| T5 (least <br>developed)<br>|

---

![](bcs-20251231_g49.gif)

![Arrow CTF.gif](bcs-20251231_g50.gif)

**c.5 x increase of**

 **in scope limits**

**Notes:** 

1 Clients may have scores in multiple sectors but are

included only once to avoid double-counting.

2 Given the expanded scope in total limits covered in 2025,

aggregate CTF results are not directly comparable with 2024

![Private Bank_Icon.gif](bcs-20251231_g42.gif)

**Private Bank and Wealth Management**

**Responsible investing and stewardship**

**Private Bank and Barclays Investment Solutions** 

**Limited (BISL)**<sup>1,2</sup>

Private Bank and BISL provide clients with access

to sustainable investing solutions across asset

classes and investment approaches, within

discretionary portfolio management (DPM) and

managed funds. These are available alongside

traditional investment products and allow clients to

align investments with their financial objectives and

where relevant, sustainability preferences.

We support clients in meeting financial and, where

applicable non-financial objectives. This includes

clients who consider transition-related risks and

opportunities to be financially material to long-term

portfolio performance, as well as those seeking

exposure to areas such as clean energy, resource

efficiency, and low-carbon technologies, while

managing downside risks in sectors exposed to

regulatory change, evolving market expectations, or

physical climate impacts.

Where relevant to the investment strategy and asset

class, as part of the investment process, we assess,

among other things, an issuer's/company's

management of environmental, social and governance

related risks and opportunities, helping to identify

risks and opportunities that are financially material

and may affect long term returns.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 40 |
|  |  |  |  |  |  |  |  | 40 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

![Working with clients_Icon.gif](bcs-20251231_g36.gif)

Working with clients on their transition (continued)<br>

Private Bank and BISL are signatories to the

Principles for Responsible Investment (PRI). BISL

became a UK Stewardship Code signatory in 2023

and continues to meet the Code's requirements

through periodic reassessment. Since our initial PRI

reporting, we have continued to enhance our ESG

integration<sup>3</sup> approach, supporting meaningful client

engagement as well as through engagement and

voting as core components of responsible

investing<sup>4,5</sup>.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For Private Bank clients please find further details on <br>the Private Bank's approach to responsible investing <br>and stewardship activities at: <br>**privatebank.barclays.com/what-we-offer/**<br>**investments/responsible-investing-engagement-**<br>**and-voting-activities**<br>For Wealth Management clients please find further <br>details on BISL's approach to responsible investing <br>and stewardship activities at: **barclays.co.uk/wealth-**<br>**management/important-information/responsible-**<br>**investing-statement**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

We undertake this activity in partnership with our

stewardship provider, EOS at Federated Hermes

Limited (EOS), which engages with companies on

our behalf where they identify controversies and

selected material ESG issues or opportunities to

strengthen risk management practices<sup>3,5</sup>. We

provide transparent reporting to our clients and

publicly on engagement and voting activity, giving

visibility on how these matters are escalated and

considered over time.

During 2025, we delivered targeted client

engagement events to help clients understand how

climate-related developments and the energy

transition may influence financial markets, asset

classes and investment decision making. Sessions

covered key sustainability concepts and emerging

technologies (including hydrogen, carbon capture,

utilisation and storage and energy storage) and how

these themes may translate into investment risks,

opportunities, and portfolio construction

considerations.

**Notes:**

1Private Bank and Wealth Management (PBWM) is one of

Barclays' five operating divisions (created during the

2024 Group restructuring). It brings together the Private

Bank and the Wealth Management businesses under a

single division. The Private Bank is a client-facing

business line within PBWM, providing investment

offerings. BISL is a wholly owned UK investment firm,

operating within PBWM which serves as the investment

manager responsible for delivering DPM and

fund-of-fund solutions used across PBWM investment

offerings.

2Private Bank operates across multiple jurisdictions,

including Ireland, the UK, the Channel Islands,

Switzerland, India, South Africa, Dubai International

Financial Centre, Monaco and Singapore. BISL manages

investments for Barclays Asset Management Limited

(BAML is an Authorised Fund Manager) for its UK

domiciled funds and is delegated investment manager for

external management companies for selected

Luxembourg and Irish domiciled funds. BISL is

responsible for making all day-to-day investment

decisions on behalf of each fund range wherever it is

domiciled.

3Please refer to the respective Private Bank

privatebank.barclays.com/what-we offer/investments/

responsible-investing-engagement-and voting-activities

and BISL Responsible Investing (barclays.co.uk/wealth-

management/important information/responsible-

investing-statement) websites for more details.

4Applies to Private Bank DPM and BISL DPM and BISL

funds. Responsible Investing activities are not undertaken

in India; where strategies are developed for the local

market.

5Please note our stewardship approach (guided by our

stewardship provider EOS) may differ across different

regions. Any voting is undertaken in line with applicable

laws and rules, including on antitrust, conflicts of interest

and acting in concert.

**Treasury green programmes**

**Green bond investment portfolio**

Barclays Treasury invests in green bonds as part of

the liquidity pool. As an investor we undertake

work to ascertain the sustainability credentials of

proposed investments. We engage with green,

social and sustainability bond issuers to understand

how their frameworks and goals align with our

investment approach. The proceeds of our green

bond investments fund projects in areas such as

renewable energy and clean transport. We continue

to consider new investments in supranational

organisations and government-issued green bonds

as they become available, with the aim to invest

£4bn over time.

**Green bond investment portfolio** <br>**size by year** (£bn)<br>

---

| |
|:---|
| 2025 |
| 2024 |
| 2023 |
| 2022 |

---

![665](bcs-20251231_g51.gif)

---

| |
|:---|
| **Green bond investment portfolio impact** <br>**by sector** (%) <br>|
| **We've** |

---

![669](bcs-20251231_g52.gif)

---

| | |
|:---|:---|
| A | Transport |
| B | Renewable Energy and Energy Efficiency |
| C | Agriculture, Land Use |
| D | Water and Waste |
| E | Other |

---

**Green bond investment portfolio impact** <br>**by region** (%)<br>

![675](bcs-20251231_g53.gif)

---

| | |
|:---|:---|
| A | Europe |
| B | Asia |
| C | South America |
| D | Africa |
| E | North America |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 41 |
|  |  |  |  |  |  |  |  | 41 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

![Financing clients_Icon.gif](bcs-20251231_g37.gif)

**Financing clients' transition**<br>

**Barclays is helping to provide the** <br>**sustainable and transition finance needed to** <br>**support the transition to a low-carbon** <br>**economy and has set a target to facilitate** <br>**$1trn of Sustainable and Transition Finance** <br>**between 2023 and the end of 2030**<sup>1</sup>**. Our** <br>**ability to meet the target and annual** <br>**progress towards it, is subject to external** <br>**factors such as policy, laws and geopolitics.** <br>**For 2025, we generated just under £0.6bn of** <br>**revenues from sustainable and transition-**<br>**related activity**<sup>2</sup>**.** <br>

**Progress against our $1trn target**

Our target to facilitate $1trn of Sustainable and

Transition Finance between 2023 and the end of

2030 encompasses the green, social, transition and

broader sustainability-linked finance requirements

of clients including corporates, governments and

the public sector, financial institutions and

consumers.

Progress towards delivering our target will be non-

linear and will be shaped by market demand,

evolving policy and regulatory developments;

however so far capital flows into the transition

have remained resilient. We will continue to

review and adapt our approach to Sustainable and

Transition Finance in response to the evolving

market environment.

During 2025, we facilitated $98.5bn of Sustainable

and Transition Financing<sup>3</sup>, comprising $94.0bn in

sustainable financing, (2024: $88.7bn) and $4.5bn

in transition financing, (2024 : $5.7bn).Bond

issuance<sup>4</sup>remained the largest product category,

representing 72% of total Sustainable and

Transition Financing. Loans and equity accounted

for 24% and 1% respectively. This mix represents

growth in bond activity and a shift away from

loans and equity, compared with 2024, when the

composition was 69% bond issuance, 22% loans,

and 5% equity. As at the end of 2025 we had

facilitated a cumulative $260.7bnof Sustainable

and Transition Financing.

**Sustainable finance**

Sustainable finance, aligned to our Sustainable

Finance Framework (SFF), consists of dedicated

use of proceeds financing for clients with an

eligible business mix in relevant green and/or

social categories, and sustainability-linked

financing.

In 2025 our sustainable financing activities

continued to support progress towards the UN

Sustainable Development Goals (SDGs). Through

the categories defined in our Sustainable Finance

Framework (SFF), we assess how eligible social

and environmental finance contributes to SDG

aligned outcomes, including affordable and clean

energy, climate action, sustainable cities and

communities, good health and wellbeing,

affordable housing and basic infrastructure. As our

understanding evolves, we continue to refine our

approach to tracking and reporting SDG

contributions, which are disclosed in our

Sustainability Resource Hub<sup>5</sup>.

**Social finance**

Raising finance for clients including supranational,

national and regional development institutions was

a key driver of the $40.2bn of social financing

facilitated in 2025 (2024: $46.2bn). In 2025, we

continued to see issuers aligning their finance

commitments to social use of proceeds bonds

which allocate funds to categories such as access to

healthcare, affordable housing and essential

services.

**Environmental finance**

In 2025, we facilitated $42.1bn of green or

environmental financing (2024: $30.6bn). This

performance reflected continued demand from our

clients and our strategy to support them in the

transition to a low-carbon economy.

**Sustainability-linked** **finance**

Instruments such as sustainability-linked bonds

(SLBs) and sustainability-linked loans (SLLs) are

forward-looking, performance-based debt

instruments issued with specific sustainability

performance targets. Our sustainability-linked

financing totalled $11.7bn in 2025 (2024:

$12.0bn). We expect product innovation in the

sustainability-linked market given its importance to

both investors and issuers alike.

**Transition finance**

We published version 2.0 of our Transition Finance

Framework (TFF) in February 2026, which

introduced changes to product scope, eligibility

and screening. See page [42](#i12c1279a81884a37aee9a5181c6fa279_292) for further detail.

Over 2025, we generated $4.5bn of transition

financing compared to $5.7bn in 2024.

**Notes:**

1 This Target was previously known as the $1trn

Sustainable and Transition Financing Target

2 Activity refers to transactions, products and

counterparties. Sustainable revenues as at 31 December

2025 is defined more broadly than finance covered by the

Sustainable Finance Framework and the Transition

Finance Framework and covers the net revenue on the

following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Revenues generated from providing financing and

lending activities and products qualified as per the SFF

and TFF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Revenues from providing a broader range of products

and services to counterparties assessed as 'pure play' as

defined in the SFF and TFF. This includes all applicable

qualifying revenues from M&A advisory, risk

management solutions including derivatives, and liability

products associated with the counterparty (as referenced

in table on page <u>[42](#i12c1279a81884a37aee9a5181c6fa279_292)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Revenues from qualifying products and services

outside of the SFF and TFF, from Markets and Private

Bank and Wealth Management offerings (as referenced in

table on page <u>[42](#i12c1279a81884a37aee9a5181c6fa279_292)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Revenues from investments in Barclays Climate

Ventures (BCV).

3 In the 2026 update to the Barclays Sustainable Finance

Framework the reference to the target has been updated

to reference the facilitation of $1 trillion Sustainable and

Transition Finance between 2023 and the end of 2030

(the "Target") and accordingly references to the Target in

this Annual Report have been reflected as such other than

in this reference.

4 Bond issuance includes Bonds (DCM), CMBS,

Securitisation, Munis and PCM Debt.

5 Barclays Sustainability Resource Hub: home.barclays/

our-sustainability-/sustainability-resource-hub/reporting-

and-disclosures/

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 42 |
|  |  |  |  |  |  |  |  | 42 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

![Financing clients_Icon.gif](bcs-20251231_g37.gif)

Financing clients' transition (continued)<br>

**Sustainable finance dashboard**<br>

---

| | | |
|:---|:---|:---|
| Sustainable and Transition Financing <br>facilitated (2023 - the end of 2030)<br>$1trn target<br>| Achieved to date<br>$260.7bn<br>| For 2025, we generated just under £0.6bn <br>of revenues from sustainable and <br>transition-related activity<sup>1</sup><br>|

---

**Annual breakdown by category**<br>($bn) <br>

![11](bcs-20251231_g54.gif)

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** |

---

---

| |
|:---|
| 2025 |
| 2024 |

---

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | 2024 |
| A | Environmental | **42.1** | 30.6 |
| B | Social | **40.2** | 46.2 |
| C | Sustainability-linked | **11.7** | 12.0 |
| D | Transition | **4.5** | 5.7 |

---

**Annual breakdown by region**<br>($bn) <br>

![17](bcs-20251231_g55.gif)

---

| |
|:---|
| 2025 |
| 2024 |

---

---

| | | |
|:---|:---|:---|
| **A** | **B** | **C** |

---

---

| |
|:---|
| 2025 |
| 2024 |

---

---

| | | |
|:---|:---|:---|
| **A** | **B** | **C** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | 2024 |
| A | Americas | **37.2** | 37.1 |
| B | UK/Europe | **53.8** | 51.3 |
| C | Asia and Rest of World | **7.5** | 6.0 |

---

**Annual breakdown by product**<br>($bn)<br>

![23](bcs-20251231_g56.gif)

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **E** |

---

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **E** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | 2024 |
| A | Bonds | **71.0** | 65.5 |
| B | Equity | **1.3** | 5.0 |
| C | Loans | **23.5** | 21.2 |
| D | Investments | **0.0** | 0.0 |
| E | Other (Contingent) | **2.7** | 2.7 |

---

**Note:**

1 For further detail on revenue definition see footnote 2 on page [41](#i12c1279a81884a37aee9a5181c6fa279_286).

**Barclays' Sustainable and Transition** 

**Finance Frameworks**

**Sustainable Finance Framework**

We seek to be transparent about our approach to

reporting against our sustainable finance targets.

Our sustainable finance is tracked using the

methodology set out in the Barclays Sustainable

Finance Framework (SFF). This framework defines

the criteria we use for green, social, sustainable and

sustainability-linked finance.

The legal and regulatory landscape relating to

sustainable finance – including the naming and

categorisation of products as 'green', 'social',

'sustainability-linked' and otherwise – is rapidly

evolving with differing regulations across

jurisdictions. We may wish to revisit our approach

in that context in the future.

There is currently no globally accepted framework

or definition (legal, regulatory or otherwise)

governing what constitutes 'ESG', 'green',

'sustainable', or similarly labelled products – nor is

there unanimous agreement on what attributes a

particular investment, product or asset should have

to be labelled as such.

We recognise that the quality, consistency and

comparability of the data relied upon is not yet of

the same standard as more traditional financial

metrics and presents an inherent limitation to the

performance reported. We will continue to review

available data sources and enhance our

methodology and processes to improve the

robustness of the performance disclosed.

**Transition Finance Framework**

Our transition finance is tracked using the

methodology set out in the Barclays Transition

Finance Framework (TFF). The TFF sits alongside

Barclays' SFF and determines the eligibility of

transition activities that are outside the green and

social sustainable finance criteria already covered

by the SFF.

The inclusion of transition finance in this target

reflects our recognition of the importance of

lending, facilitating funding and investing in

technologies and activities that support GHG

emissions reduction, directly or indirectly, in high-

emitting and hard-to-abate sectors and finance real-

economy decarbonisation.

As innovation in sustainable and transition finance

continues to accelerate, we will continue to review

and update our SFF and TFF, our measurement of

performance against targets, and keep our general

approach under review.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 43 |
|  |  |  |  |  |  |  |  | 43 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

![Financing clients_Icon.gif](bcs-20251231_g37.gif)

Financing clients' transition (continued)<br>

---

| | | |
|:---|:---|:---|
| **Products, transactions and counterparties included in** <br>**Sustainable Finance volume and revenues** | **Products, transactions and counterparties included in** <br>**Sustainable Finance volume and revenues** | **Products, transactions and counterparties included in** <br>**Sustainable Finance volume and revenues** |
|  | **$1tn Sustainable Finance** <br>**volume target**<br>| **Sustainable**<br>**revenues**<br>|
| **Products/transactions qualified per the Barclays SFF/TFF** | **Products/transactions qualified per the Barclays SFF/TFF** | **Products/transactions qualified per the Barclays SFF/TFF** |
| Transactions eligible under the Barclays SFF | ✔ | ✔ |
| Transactions eligible under the Barclays TFF | ✔ | ✔ |
| Pure play clients | ✔ | ✔ |
| **Additional products beyond the scope of Barclays SFF/TFF provided to pure play clients** | **Additional products beyond the scope of Barclays SFF/TFF provided to pure play clients** | **Additional products beyond the scope of Barclays SFF/TFF provided to pure play clients** |
| Merger and acquisition advisory |  | ✔ |
| Risk management solutions products / derivatives |  | ✔ |
| Liability products |  | ✔ |
| **Products and services outside the SFF/TFF framework** | **Products and services outside the SFF/TFF framework** | **Products and services outside the SFF/TFF framework** |
| Sustainable Discretionary Portfolio Management |  | ✔ |
| Risk management solution products / derivatives on <br>sustainable and transition products<br>|  | ✔ |
| Products with an underlying sustainable and/or <br>transition feature<br>|  | ✔ |
| Investment products with an underlying sustainable <br>and/or transition feature<br>|  | ✔ |
| Financing of sustainable or transition funds |  | ✔ |
| **Revenue from Barclays Climate Ventures** | **Revenue from Barclays Climate Ventures** | ✔ |
| **Note:**<br>Sustainable Revenues as at 31 December 2025 and their basis of preparation are based on v4.2 of the SFF and v1.1 of the <br>TFF. We published version 5.0 of SFF and 2.0 of TFF in February 2026, with changes to product scope, eligibility criteria <br>and transaction screening processes. | **Note:**<br>Sustainable Revenues as at 31 December 2025 and their basis of preparation are based on v4.2 of the SFF and v1.1 of the <br>TFF. We published version 5.0 of SFF and 2.0 of TFF in February 2026, with changes to product scope, eligibility criteria <br>and transaction screening processes. | **Note:**<br>Sustainable Revenues as at 31 December 2025 and their basis of preparation are based on v4.2 of the SFF and v1.1 of the <br>TFF. We published version 5.0 of SFF and 2.0 of TFF in February 2026, with changes to product scope, eligibility criteria <br>and transaction screening processes. |

---

**Framework updates** 

We published version 5.0 of SFF and 2.0 of TFF in

February 2026, with changes to product scope,

eligibility criteria and transaction screening

processes.

The following changes apply from 1 January 2026:

• Product scope: we will include eligible M&A

advisory and will also include finance provided

to banks and funds, provided these activities

align with the SFF/TFF;

• Eligibility criteria: we will include a new

general purpose category in the TFF aligned to

evolving market practice and guidelines for

classifying entity level Transition Finance, as

well as a Transition Incentive Products category

for BUK and UKCB clients . Furthermore, we

have been supported by technical expertise from

The Biodiversity Consultancy to incorporate

nature-related criteria into the TFF for the first

time and to expand nature-related eligibility

criteria in the SFF;

• Risk management: we will widen our

environmental and social screening approach for

qualifying transactions and clients in the SFF/

TFF;

• Derecognition: we will update our approach to

derecognise transactions which become

ineligible based on our derecognition processes.

In line with the updated SFF and TFF, our $1trn

target will be referenced as Sustainable and

Transition Finance from 2026 onwards.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Barclays' SFF and the TFF can be found at: <br>**home.barclays/our-sustainability-/sustainability-**<br>**resource-hub/reporting-and-disclosures/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

![BUK_Consumer&Business bank_icon.gif](bcs-20251231_g39.gif)

**Retail Bank**

Through our financial products and partner offers,

we support our UK retail customers in purchasing

energy-efficient homes and in retrofitting their

properties to help reduce their energy consumption.

**Green Home Mortgage**

We continue to support customers purchasing EPC

A- and B-rated new-build homes with our Green

Home Mortgage, launched in 2018 and expanded

to buy-to-let in 2022. In 2025, we broadened our

Green Home Mortgage range, now supporting

more customers by offering LTVs from 60% to

90% . Our Green Home Mortgage has performed

strongly, with £2.4bn lent to Green Home

Mortgage customers in 2025. Since inception,

Barclays UK has lent over £7.1bn to Green Home

Mortgage customers.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details on Barclays Green Home Mortgages <br>can be found at: **barclays.co.uk/mortgages/green-**<br>**home-mortgage/**<br>Further details on Barclays Green Buy-To-Let <br>Mortgages can be found at: **barclays.co.uk/**<br>**mortgages/green-buy-to-let-mortgage/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Green Home Mortgage completions**<br>Number of completions<br>

![1](bcs-20251231_g57.gif)

---

| | | | |
|:---|:---|:---|:---|
| A | 2025 progress | B | Total since 2018 |

---

Value of completions (£m)<br>

![13](bcs-20251231_g58.gif)

---

| | | | |
|:---|:---|:---|:---|
| A | 2025 progress | B | Total since 2018 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 44 |
|  |  |  |  |  |  |  |  | 44 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

![Financing clients_Icon.gif](bcs-20251231_g37.gif)

Financing clients' transition (continued)<br>

**Greener Home Loan** 

In 2025, we continued our Greener Home Loan

pilot, offering a cashback of up to £250 for eligible

current account customers who take out a loan and

use the money for qualifying energy-efficiency

home improvements. We continue to monitor take-

up and retrofit type, with solar being the most

popular installation with 59%of claims where

cashback payment was made.

In 2026, following the pilot, the Greener Home

Loan will be considered for inclusion within our

full product range to continue supporting our

customers in making home energy-efficiency

improvements.

![BUK_Consumer&Business bank_icon.gif](bcs-20251231_g39.gif)

**Business Bank**

In 2025, uptake of Green Loans for Business

continued to grow, supporting more customers than

in any previous year to adopt eligible green assets.

Our research showed that 48% of those of our UK

farmers surveyedwant products and services which

incentivise them to farm more sustainably. In

2025, we launched Farm Transition Finance, which

provides lending with discounted interest rates to

agricultural businesses demonstrating adoption of

more sustainable or regenerative practices. The

facility is designed to support those clients making

improvements in soil health, biodiversity, water

efficiency and emissions reduction, thus supporting

farmers and the UK agricultural transition.

![uk Corporate Bank.gif](bcs-20251231_g40.gif)

**UK Corporate Bank**

To enhance UKCB's sustainable client engagement

we have integrated Sustainable Product Group

specialists into the new dedicated UKC Sustainable

Finance team.

**Empowering UKCB Clients** 

We continued to support our clients with

sustainability-aligned corporate banking solutions<sup>1</sup>

to help enable clients to embed their sustainability

and transition ambitions into financing structures

through traditional and sustainability-linked and

green products.

**UKCB Green Loans**

In 2025, UKCB successfully launched the Fee Free

Green Loan programme to help support UK clients'

sustainable growth plans and transition to more

sustainable operations. The product offers loans

with no arrangement fees for projects with an

eligible green purpose<sup>2</sup>.Since launch we have

identified a variety of opportunities that could

utilise the programme.

**UKCB Green loans under Sustainable** 

**Residential Development Framework (SRDF)**

We updated our SRDF<sup>3</sup> following its launch in

2022 to address evolving market and technological

advances, regulation and policy. This proposition

and framework provides a holistic and balanced

approach to key sustainability themes including

whole-life carbon, natural resources and social

engagement.

**Notes:**

1Sustainability-aligned corporate banking solutions:

barclayscorporate.com/solutions/sustainable-solutions/

2Barclays green purpose as defined in the Sustainable

Finance Framework.

3Sustainable Residential Development Framework.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 45 |
|  |  |  |  |  |  |  |  | 45 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

![Financing clients_Icon.gif](bcs-20251231_g37.gif)

Financing clients' transition (continued)<br>

![Investment Bank_Icon.gif](bcs-20251231_g44.gif)

**Investment Bank**

Our Investment Bank plays a role in financing our

clients' transition by providing access to capital

markets, structuring innovative financing solutions

and connecting issuers with investors focused on

the transition. In 2025, we continued to work with

clients across sectors as they sought to invest in

renewables, strengthen grid and storage

infrastructure, scale emerging technologies and

accelerate decarbonisation across their operations.

We also supported major sovereign and public

sector entities in mobilising capital at scale.

Barclays played key roles, such as Joint Active

Bookrunner, facilitating capital raising for

national-level transition priorities including

renewable energy deployment, grid and network

upgrades, climate resilience infrastructure and

broader economic diversification programmes

In the wider debt capital markets, we supported

clients across sectors such as Power Generation

and Industrials to issue sustainable and transition

aligned instruments that channel investment into

the areas most critical for decarbonisation

including, renewables expansion, energy efficiency

improvements, low-carbon transport, industrial

electrification, and next-generation technologies

such as storage, nuclear and hydrogen. This

activity contributed to Barclays achieving a #1

ranking for UK Sustainable Labelled Bonds and a

#2 ranking for 2025 Global Corporate Sustainable

Labelled Bonds<sup>1</sup>.

Through our bookrunning and underwriting

activity, Barclays supported clients' transition

financing across a series of significant equity

capital markets transactions. This activity enabled

continued investment in low carbon and resilience

focused programmes. Proceeds from these

transactions were used to refinance maturing

sustainability-linked instruments, fund regulated

infrastructure cycles and scale next generation

energy and power-system technologies. For

example we acted as Joint Global Coordinator and

Joint Bookrunner for SSE's £2bn equity placing,

underpinning its five-year £33bn investment plan,

which will support the upgrading and expansion of

Britain's electricity networks. The transaction

further exemplifies our role in enabling the

delivery of critical transition infrastructure.

In project finance, activity remained strong as

clients pursued new renewable generation, storage,

and network projects. By bringing together

technical, financing and risk management

expertise, we have grown our project finance

threefold since 2020, including lead roles in all

greenfield UK fixed-bottom offshore wind project

financings closed in this period.

Our Markets team continued to help clients

manage exposures linked to their transition

strategies. To deepen this support we launched the

Barclays Bank PLC Sustainability Issuance

Programme Framework that sets clear eligibility

criteria for sustainability issuance products,

including debt securities and deposits<sup>2</sup>, issued by

Barclays Bank PLC and select subsidiaries. The

Framework complements the Barclays SFF and

enhances the tools and infrastructure we use to

finance clients' transition at scale<sup>3</sup>.

**Notes:** 

1Data from Dealogic as at 31st December 2025.

2Barclays Sustainability Issuance Framework.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 46 |
|  |  |  |  |  |  |  |  | 46 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

![Scaling Climate tech_Icon.gif](bcs-20251231_g38.gif)

**Scaling climate technology** <br>

**Scaling climate technology is integral to** <br>**accelerating the transition. Innovation is a** <br>**key driver for opening new avenues for** <br>**profitable decarbonisation. However,** <br>**innovation alone is not enough. Widespread** <br>**adoption is needed to convert emerging** <br>**solutions into commercially mainstream,** <br>**system-integrated offerings.**<br>

**Climate Tech Escalator**

Now in its second year, the Barclays Climate Tech

Escalator provides a connected pathway that brings

together the business units and partnerships

dedicated to growing climate tech companies. The

Climate Tech Escalator supports scaling by

providing tailored, dedicated support as the

companies grow and helps them to harness the

power of capital markets. In June we launched our

Barclays Innovation Banking proposition within

the Business Bank, with Climate Tech as one of the

four core sectors. Innovation Banking provides

support for next-level growth through our

dedicated relationship managers, financial products

and network of Eagle Labs, including the

rebranded Barclays Innovation Hub in Shoreditch.

We continue to recognise the funding challenge

inhibiting the success of growth-stage climate tech

companies, particularly those at the Series B+

investment stage. In November, we announced our

participation in Salica Investments Growth Debt

Fund II, to expand the range of venture funding

options to high-growth innovation-led businesses

in the UK.

The addition of venture funding provides growth

stage companies with the opportunity to extend the

funding continuum from Business Banking to

Corporate Bank and onto Investment Bank as the

companies grow.

**Barclays Climate Ventures**

A key pillar of the Climate Tech Escalator is

Barclays Climate Ventures (BCV), which has a

mandate to invest up to £500 million of Barclays'

capital in climate tech start-ups by the end of 2027

to help address the funding gap facing early and

growth-stage climate technology companies.

Many such companies are capital-intensive and

face longer paths to commercial scale than

traditional venture-backed businesses. Barclays

Climate Ventures aims to help bridge this gap,

helping to crowd in additional funding<sup>1</sup>.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** | **E** | **F** | **G** |

---

![Barclays_Climate_Ventures_2025.gif](bcs-20251231_g59.gif)

Access to Barclays'

expertise and

the bank's wider

ecosystems

Synergies

between portfolio

companies

**Barclays** 

**Climate** 

**Ventures**

Accelerate growth and

net zero through adoption

of innovative technology

by Barclays' client base

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further examples of our green innovation financing <br>can be found at: **home.barclays/sustainability/our-**<br>**position-on-climate-change/accelerating-the-**<br>**transition/sustainable-impact-capital/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

BCV prioritises investments into commercially

scalable technologies that can unlock the transition

for the high-emitting sectors in which we have

meaningful client exposure, such as energy and

power, real estate, and food and agriculture.

Since 2020 £274m has been invested in over 20

companies, with £71m invested in 2025.

**Note:**

1See 2025 Climate-Tech-Report for further details.

£274m<br>**Achieved as of the end of 2025**<br>

**Our portfolio of investments since 2020** <br>(£m)<br>

![1](bcs-20251231_g60.gif)

---

| | | |
|:---|:---|:---|
| A | 2020 | **24** |
| B | 2021 | **30** |
| C | 2022 | **35** |
| D | 2023 | **49** |
| E | 2024 | **65** |
| F | 2025 | **71** |
| G | Mandate by end of 2027 | **500** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 47 |
|  |  |  |  |  |  |  |  | 47 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Climate tech partnerships** 

**and initiatives**

In 2025, Barclays strengthened its work on climate

innovation through strategic partnerships,

accelerator programmes and mentoring support.

Our partnership with Sustainable Ventures has

expanded to launch a National Climate Tech

Accelerator with the Innovation Banking team

providing a digital-first programme designed to

reach ventures across the UK with support from

Barclays Eagle Labs. It combined free access to

platforms with enhanced services for Barclays

banked customers.

Business Bank Sustainable Finance sponsored

Bright Tide to deliver programmes to Climate Tech

businesses focused on 'Sustainability and AI' and

'Agriculture and Oceans'. This year also marked

the third year of the Carbon 13 Venture

Launchpad, These two programmes focused on

venture growth, investment and carbon impact for

early-stage climate tech startups.

Specialist sustainability mentors have also been

added to the existing Eagle Labs mentoring support

with a focus on practical, commercially-minded

sustainability such as carbon accounting, strategy,

circular economy and regenerative agricultural

practices.

In 2025 we announced a collaboration with

ExpectAI, aimed at helping small and medium-

sized businesses grow their profits using AI-based

sustainability insights. SMEs generate about half of

UK private-sector turnover and employ around

60% of the workforce<sup>1</sup>. Strengthening their energy

resilience while reducing emissions is essential to

the UK's economic transition. This initiative will

assess how advanced AI can make this both

practical and commercially attractive for SMEs.

These initiatives reflect Barclays' ongoing work to

help foster innovation and support the UK's

climate tech landscape, supported by the launch of

Barclays Innovation Banking in Barclays UK.

**Unreasonable Impact**

Since 2016, through its Unreasonable Impact

programme, a partnership between Barclays and

Unreasonable Group, Barclays has supported 395<sup>2</sup>

high-growth ventures that seek to address global

issues, through networks, resources and

mentorship. Hundreds of Barclays colleagues

around the world have been involved in coaching

the participating entrepreneurs. Through regional

gatherings and ongoing community-building

initiatives, the programme is designed to help

participants form strategic relationships and solve

key challenges facing their businesses to help them

scale.

Unreasonable Impact entrepreneurs are pursuing

solutions across a range of industries from food

and agriculture to energy and manufacturing.

Several of these high-growth ventures have also

been supported through Barclays Climate

Ventures, and some are involved in Barclays' own

operations today. To date, the Unreasonable Impact

ventures have raised more than $18bn in financing

and employ more than 33,000 people globally.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details on Unreasonable Impact can be found <br>at: **home.barclays/sustainability/supporting-our-**<br>**communities/unreasonable-impact/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Notes:**

1See the "Business population estimates for the UK and

regions 2025: statistical release" for more details.gov.uk/

government/statistics/business-population-

estimates-2025/business-population-estimates-for-the-uk-

and-regions-2025-statistical-release

2After achieving its goal to support 250 ventures by the

end of 2022, Barclays aims to support an additional 200

ventures through Unreasonable Impact, from 2023

through end 2027.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 48 |
|  |  |  |  |  |  |  |  | 48 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

---

| |
|:---|
| **Reducing our financed emissions** |
| **We are committed to aligning our financing** <br>**with the goals and timelines of the Paris** <br>**Agreement, consistent with limiting the** <br>**increase in global temperatures to 1.5°C.** <br>**To meet our ambition, we need to reduce** <br>**the client emissions we finance – not just for** <br>**lending but for capital markets activities too.**<br>|

---

**Estimating the full in-scope balance sheet financed emissions** 

**Scope of activities included and basis of preparation**

We have estimated the financed emissions for c.£856bn of Barclays' activity as at December 2024 (of

which c. £459bn are on-balance sheet exposures) as set out in the following table.

We work closely with our clients to ensure that

over time the activities we finance are aligned to

the goals and timelines of the Paris Agreement.

Consistent with our Purpose, and taking into

account considerations of all relevant business

factors, we have set emissions reduction targets for

our Upstream Energy, Power, Steel, Cement,

Automotive manufacturing, Aviation, UK

Commercial Real Estate, UK Agriculture portfolios

and convergence point for UK Housing. We have

also set clear restrictions on financing certain

activities.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details on our financing restrictions can be <br>found on **page** [164](#i12c1279a81884a37aee9a5181c6fa279_748)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Understanding our financed emissions**

A building block for Barclays' ambition to be a net

zero bank by 2050 is our ability to estimate the full

in-scope balance sheet financed emissions:

1. In 2020, we developed our BlueTrack™

methodology to measure our financed emissions

and track our progress against our Upstream

Energy and Power generation targets. As of

2023, we extended the scope of our calculations

to cover the full in-scope balance sheet financed

emissions based on methodology which has been

developed using the PCAF Standard<sup>1</sup> and

expanded the scope of BlueTrack™ to track our

progress against targets for a total of eight

sectors as well as UK Housing for which we set

a convergence point.

2. In 2025, we have refreshed our estimate of full

in-scope balance sheet financed emissions.

These emissions are set out on pages [48](#i12c1279a81884a37aee9a5181c6fa279_337) to [51](#i12c1279a81884a37aee9a5181c6fa279_343)

where we also set out further information about

this methodology. Because it takes time to fully

analyse this data, these emissions are as at

December 2024. For sectors where we have set

2030 targets, we have continued to use the

BlueTrack™ methodology and have updated our

financed emissions metrics and progress against

those targets with data as at December 2025.

Our approach to disclosing financed emissions is

pivoted across two sections:

1. Estimating the full in-scope balance sheet

financed emissions (Scope 3, Category 15) using

a methodology which has been developed using

the PCAF Standard. The data reported in this

section of the Annual Report (up to page [51](#i12c1279a81884a37aee9a5181c6fa279_343)) is

as at December 2024. Hence, these numbers

follow a lag of one year when compared to other

climate-related disclosures based on December

2025 in this report, due to the lead time required

to fully analyse our entire in-scope exposures.

2. Continuing to use the BlueTrack™ methodology

to assess financed emissions for material sectors

and set 2030 targets integrating 1.5°C aligned

scenarios. This data is being reported as at

December 2025.

**Note:**

1PCAF Standard - PCAF (2022). The Global GHG

Accounting and Reporting Standard Part A: Financed

Emissions. Second Edition.

---

| | | |
|:---|:---|:---|
| **Identification of in-scope exposure to calculate financed emissions** <br>**(as at December 2024)**  | **Identification of in-scope exposure to calculate financed emissions** <br>**(as at December 2024)**  | **Identification of in-scope exposure to calculate financed emissions** <br>**(as at December 2024)**  |
| **Category** | **Value** <br>**(as at Dec** <br>**2024) in £m**<br>| **Comments** |
| **Total Barclays balance sheet** | **1518202** |  |
| **Exclusions:** |  |  |
| Cash and bank balances, Cash collateral and settlement <br>balances, Derivative financial instruments, Goodwill <br>and intangible assets, Current tax assets, Deferred tax <br>assets, Other assets, Trading portfolio assets (excluding <br>drawn loans), Reverse Repos, and Retail lending <br>(personal lending, retail cards)<br>| **(-)1052618** | Exposures which have been excluded by <br>the PCAF Standard<br>|
| Property, plant and equipment | **(-)3604** | Emissions covered under Barclays Scope 1 <br>and Scope 2<br>|
| Retirement benefit assets | **(-)3263** | Emissions on Barclays Bank UK <br>Retirement Fund reported separately as <br>part of Task Force on Climate-related <br>Financial Disclosures Report 2024<br>|
| Total Barclays exposure in scope for computing <br>financed emissions<br>| **458717** |  |
| **Inclusions** |  |  |
| Total Undrawn commitments and contingent liabilities | **(+)261,687** | We have gone beyond the scope of <br>PCAF's definition of asset classes to <br>additionally cover undrawn commitments <br>and contingent liabilities. We have <br>excluded exposures for which PCAF is yet <br>to establish a methodology (personal <br>lending, retail cards and Trading balances) <br>from our total undrawn commitments and <br>contingent liabilities.<br>|
| Capital markets financing (33% of Barclays share) | **(+)135,545** | Equity holdings, Bond issuances, Equity <br>issuances, Syndicated loans<br>|
| **Total Barclays activities considered for financed** <br>**emissions calculations**<br>| **855949** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 49 |
|  |  |  |  |  |  |  |  | 49 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

Our approach for estimating financed emissions is

based on a methodology which has been developed

using the PCAF Standard with the following key

exceptions:

1. We have gone beyond the scope of PCAF's

definition of asset classes to additionally cover

undrawn commitments, contingent liabilities and

capital markets financing activities. For

instance, in the case of a loan we consider the

committed amount (both drawn and undrawn),

as opposed to just outstanding amounts (which

is the approach preferred by PCAF) for

calculating financed emissions.

2. We have also consistently used the book value

of equity and debt for all clients to calculate the

attribution factor, while PCAF recommends

using the Enterprise Value Including Cash

(EVIC) for listed entities.

3. PCAF recommends calculating emissions at a

client level. For certain sectors, clients could

have presence in activities across multiple parts

of the value chain and in such cases reported

emissions may not be consistent and reliable to

estimate financed emissions. To overcome this

challenge we calculate emissions at an activity

level, using a range of options aligned to the

PCAF Standard's guidance to calculate client

emissions.

For certain activities – including Upstream Energy,

Power Generation, Automotive manufacturing, UK

Agriculture and Aviation – we employ asset-level

production data to estimate client emissions. For

activities such as Cement and Steel production, we

use client reported emissions. Where we do not

have sufficient data on reported emissions or

physical activities – for example, in relation to

mortgages where we do not have EPC data

available – we use fallbacks based on emission

factors.

For an immaterial part of our balance sheet

(c.1%), where the appropriate sector fallbacks

could not be reliably obtained, we have used the

respective asset class average economic emissions

intensity to estimate emissions.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Our Financed Emissions Methodology paper <br>(published in 2026) provides more details of our <br>methodology and can be found within the <br>Sustainability Resource Hub: **home.barclays/our-**<br>**sustainability-/sustainability-resource-hub/**<br>**reporting-and-disclosures/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Emissions coverage**

We have estimated the full in-scope balance sheet

financed emissions based on Scope 1 and Scope 2

of our clients' emissions as at December 2024.

Hence, these numbers follow a lag of one year

when compared to other disclosures based on

December 2025 in this report. The lag of one year

is due to the lead time required to fully analyse our

entire in-scope exposures.

We have excluded our clients' Scope 3 emissions

from these calculations except for activities where

we have set a target which covers Scope 3

emissions (which includes Upstream Energy,

Automotive manufacturing, Aviation and UK

Agriculture). This is due to challenges in sourcing

reliable and consistent data, not just on reported

Scope 3 emissions but also the fallback emission

factors for downstream emission estimations. As

we refine our approach and data sourcing strategy,

we will continue to assess the suitability of

including Scope 3 emissions in our financed

emissions disclosures.

We have included emissions on a CO2e basis. For

activities where we have set targets, we have

included emissions relating to GHGs which are

relevant and material for the relevant sector.

One of the approaches that we can use to assess the

extent to which our financing is aligned to a well-

below 2 <sup>o</sup>C pathway is by calculating the extent to

which our financed emissions reduction targets

cover our full in-scope balance sheet.

Our 2030 financed emissions reduction targets (and

our UK Housing convergence point) covering

Scope 1 and 2 emissions integrate 1.5°C aligned

scenarios and cover 41% of our full in-scope

balance sheet financed emissions. This coverage

has decreased from 43% reported last year. This

reduction was primarily driven by increase in

emissions for energy midstream and downstream

activities which are outside the scope of our

Upstream Energy target and a decline in emissions

for power generation activities where we have set

targets. Our targets include Scope 3 emissions for

Upstream Energy, Automotive manufacturing,

Aviation and UK Agriculture.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 50 |
|  |  |  |  |  |  |  |  | 50 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Financed emissions for activities with targets (as at December 2024)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Activities**  | **Scope 1,2 emissions (MtCO2e)** | **Scope 1,2 emissions (MtCO2e)** | **Scope 1,2 emissions (MtCO2e)** | **Scope 1,2 emissions (MtCO2e)** | **Scope 3 emissions (MtCO2e)** | **Scope 3 emissions (MtCO2e)** | **Scope 3 emissions (MtCO2e)** | **Scope 3 emissions (MtCO2e)** |
| **Activities**  | **On-balance-sheet** <br>**lending**<br>| **Undrawn** <br>**commitments and** <br>**contingent liabilities**<br>| **Capital markets** <br>**financing**<br>| **Data quality score**<sup>1</sup> | **On-balance-sheet** <br>**lending**<br>| **Undrawn** <br>**commitments** <br>**and contingent** <br>**liabilities**<br>| **Capital markets** <br>**financing**<br>| **Data Quality score** |
| **Mining and Quarrying** |  |  |  |  |  |  |  |  |
| Upstream Energy | 0.7 | 3.0 | 0.9 | 3.1 | 7.6 | 22.2 | 6.6 | 3.1 |
| **Energy and water** |  |  |  |  |  |  |  |  |
| Power Generation | 0.5 | 9.2 | 4.5 | 3.2 |  |  |  |  |
| **Agriculture, Food and Forest Products**  |  |  |  |  |  |  |  |  |
| UK Agriculture | 0.4 | 0.1 |  | 4.3 | 0.0 | 0.0 |  | 4.3 |
| **Manufacturing** |  |  |  |  |  |  |  |  |
| Automotive manufacturing (LDV) | 0.0 | 0.1 | 0.0 | 2.4 | 0.4 | 2.7 | 0.6 | 3.3 |
| Cement manufacturing | 0.3 | 0.4 | 0.0 | 2.0 |  |  |  |  |
| Steel manufacturing | 0.2 | 0.6 | 0.0 | 2.4 |  |  |  |  |
| **Mortgages** |  |  |  |  |  |  |  |  |
| UK Housing (Convergence point) | 1.4 | 0.1 | 0.0 | 3.5 |  |  |  |  |
| **Materials and Building**  |  |  |  |  |  |  |  |  |
| UK Commercial Real Estate | 0.1 | 0.0 |  | 4.1 |  |  |  |  |
| **Transport**  |  |  |  |  |  |  |  |  |
| Aviation | 0.5 | 2.7 | 0.9 | 3.0 | 0.1 | 0.6 | 0.2 | 3.0 |
| **Total Portfolio** | **4.1** | **16.2** | **6.3** | **—** | **8.1** | **25.5** | **7.4** | **—** |

---

**Financed emissions for other activities not covered by targets (as at December 2024)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Activities** | **Scope 1,2 emissions (MtCO2e)** | **Scope 1,2 emissions (MtCO2e)** | **Scope 1,2 emissions (MtCO2e)** | **Scope 1,2 emissions (MtCO2e)** |
| **Activities** | **On-balance-sheet** <br>**lending**<br>| **Undrawn** <br>**commitments and** <br>**contingent liabilities**<br>| **Capital markets** <br>**financing**<br>| **Data quality score** |
| Mining and Quarrying | 0.7 | 1.6 | 0.3 | 3.0 |
| Energy and water | 0.7 | 1.7 | 0.7 | 2.8 |
| Agriculture, Food and Forest Products | 2.3 | 1.1 |  | 4.8 |
| Manufacturing | 1.4 | 7.1 | 1.8 | 2.8 |
| Mortgages | 0.0 |  |  | 5.0 |
| Materials and Building | 0.2 | 0.2 | 0.0 | 3.9 |
| Transport | 0.4 | 3.1 | 2.9 | 3.7 |
| Other Sectors | 4.4 | 5.2 | 2.8 | 4.0 |
| **Total Portfolio** | **10.1** | **20.0** | **8.5** | **—** |
| Government and central bank | 18.9 |  |  |  |
| Government and central bank (excluding LULUCF<sup>2</sup>) | 20.5 |  |  |  |
| **Portfolio Data Quality score (Scope 1, 2)** | **3.7** | **3.7** | **3.7** | **3.7** |
| **Emissions covered under targets integrating 1.5°C aligned** <br>**scenarios (excluding Government and central bank)**<br>| **41%** | **41%** | **41%** | **41%** |

---

**Notes:**

1For further details on Data quality score please refer 'Data sourcing and data quality'

section on page [51](#i12c1279a81884a37aee9a5181c6fa279_343).

2Emissions excluding land-use, land-use change and forestry.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 51 |
|  |  |  |  |  |  |  |  | 51 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Data sourcing and data quality**

There are data quality challenges inherent in the

calculation of financed emissions.

Climate data, models and methodologies are

evolving – and are not yet at the same standard as

more traditional financial metrics. Our financed

emissions calculations rely on externally sourced

data mapped to internal customer and client

identifiers. The externally sourced data has various

limitations for each sector, including lack of

coverage, low resolution, consistency and

transparency of company-reported data, as well as

the time lag for external sources to report estimates

or actuals. Time lags in our external data could be

as much as two years for data such as company

value, company revenue share, emissions,

production capacity and capacity factors. As a

result, our financed emissions metrics are at best an

estimate of our clients' activities on a given date,

using the external data available at that point in

time.

We have scored the quality of the data we have

used to estimate our financed emissions using

PCAF's Global GHG Accounting and Reporting

Standard. In the Standard, data quality score DQ1

and 2 relates to high quality data from company

disclosures, DQ3 to emissions estimated using

physical activity data and DQ4 and DQ5 to

deriving emissions estimated using revenue or

asset-based emission factors. We disclose DQ

score at an activity level and at portfolio level.

For activities where we have set targets (and for

our UK Housing convergence point), DQ is mostly

concentrated across DQ1/2 and DQ3, signifying

that most of the relevant estimated financed

emissions are either company-reported or

calculated using the company's physical activity

data.

For activities where we have not set targets,

activities have DQ score spread across the scale

which signifies we have used a combination of

company-reported emissions and revenue/asset

fallbacks to calculate financed emissions.

Our data vendor does not provide a split for

reported emissions between DQ1 and DQ2. Hence,

where we have relied on reported emissions

sourced from the data vendor, we have

conservatively used DQ2 for calculating DQ scores

at an activity level. This indicates that we need to

consider the current estimate of financed emissions

for these activities as highly preliminary and

indicative only, and which can change materially

as we improve data quality.

**Our approach to reporting financed** 

**emissions data**

Given the evolving nature of climate data, models

and methodologies, past-period metrics may

change to reflect updates. To manage the impact of

these changes we have adopted a principles-based

approach to guide whether prior metrics and

baselines should be restated or re-baselined. Where

information has been restated or re-baselined this

will be identified or explained.

We will continue to review and evolve our

approach as our processes mature and as

accounting practices become clearer.

• A restatement involves updating the historical

starting point for a period and, if the impact is

greater than five percentage points, recalculating

the historical performance.

• A re-baseline involves keeping the historical

performance constant and recalculating the

current period baseline to ensure consistency

when reviewing performance. The indicative

historical baseline will also be disclosed.

As a result, reported baseline metrics may change

from one reporting period to another and direct

like-for-like comparisons may not always be

possible from one reporting period to another.

Updates in external client data are captured in-year.

In line with our reporting approach for past period

metrics, we have re-baselined the following

metrics:

• Our Power baseline physical intensity metric

from 311 to 316 kgCO2e/MWh to reflect

revisions to our model and data sourcing. Since

the net impact of these revisions to the reported

progress was below our restatement threshold,

we have not restated the past period progress,

instead reflecting the impact in 2025.

• In 2025, the UK Housing portfolio intensity

metric has been re-baselined from 32.1 to 27.9

kgCO2e/m<sup>2</sup> to reflect an updated methodology

which now considers sensitivities to energy

consumption patterns using publicly available

data which has a two-year lag. Despite the lag,

the additional information helps to better reflect

actual consumption trends.

• Our UK Commercial Real Estate portfolio

intensity metric has been re-baselined from 30.0

to 26.3 kgCO2e/m<sup>2</sup> to reflect a similar updated

methodology noted above as well as an

expanded scope of the assessment to include

capital market financing activities.

Please refer to page [55](#i12c1279a81884a37aee9a5181c6fa279_358) for the re-baselined metrics

for these sectors.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 52 |
|  |  |  |  |  |  |  |  | 52 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Our approach to reporting financed emissions data**

---

| | | |
|:---|:---|:---|
| **Scenario** |  | **Our approach** |
| **Error identified in our internal finance data or** <br>**methodology**<br>| **Restatement** | •Financed emissions metrics for all years impacted by the error will be recalculated including the baseline year<br>•If the impact to portfolio progress over the reporting period is less than 5 percentage points (pp) we will reflect the <br>updated progress in the current reporting period and update the baseline. If the impact is greater than 5pp we will restate <br>prior progress.<br>|
| **Changes to our methodology and/or data sources to** <br>**calculate financed emissions (for example, including** <br>**additional GHGs)**<br>| **Re-baseline** | •The updated methodology will be applied from the start of the current reporting period<br>•The last reported financed emissions spot metric will be recalculated using the new methodology/data source to provide <br>the new baseline. This will ensure consistency of data and methodology when calculating our performance<br>•The recalculated baseline and the progress achieved to date will be used to disclose the theoretical baseline for the year in <br>which the targets were originally set<br>•The cumulative progress will be for the current reporting period (using the new methodology) and the progress up until <br>the last reporting period (using the old methodology).<br>|
| **Updates to external counterparty data driven by timing** <br>**lags when data is reported (for example, counterparty** <br>**valuations or emissions estimates)**<br>| **Capture in-year** | •The impact of updated external data will be included in the current period financed emissions data and the progress <br>metric for the current reporting period<br>•Data lags are inherent to the process and Barclays will endeavour to use the latest available data. Historically reported <br>metrics will not be updated for data lags.<br>|

---

**Financed emissions in scope** 

**of our targets**

**Our targets**

We set our initial targets for our Upstream Energy<sup>1</sup>

and Power portfolios in 2020, and since then have

expanded the scope of sectors covered under a target

to also include Cement, Steel, Automotive

manufacturing, Aviation, UK Commercial Real

Estate and UK Agriculture. We have also set a

convergence point for the UK Housing sector.

We keep our targets, policies that support our

progress towards them, and our year-on-year and

cumulative progress under review in light of the

rapidly changing external environment and our need

to balance a range of factors when managing our

portfolios, including commercial objectives, effective

risk management and the need to support

governments and clients both in delivering an orderly

transition and providing energy security.

See page [57](#i12c1279a81884a37aee9a5181c6fa279_397) for information on future target progress.

**Measuring our progress**

We have developed our BlueTrack<sup>TM</sup> methodology to

measure and track our progress against our targets.

The first step of our methodology is to use an

external climate scenario to construct a Paris-aligned

portfolio benchmark that defines how a given

financing portfolio will need to reduce emissions over

time. We estimate certain financed emissions within

the selected boundary for a sector, then aggregate

these into a portfolio-level metric, which is then

compared to the benchmark. Our approach is

explained in more detail below.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Our Financed Emissions Methodology paper <br>(published in 2026) provides more details of our <br>methodology and can be found within the <br>Sustainability Resource Hub at: **home.barclays/our-**<br>**sustainability-/sustainability-resource-hub/**<br>**reporting-and-disclosures/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Sector boundaries**

We have set targets on the segment of the

value chain where either (i) it is generally

recognised that decarbonisation efforts are likely to

spur the rest of the sector value chain to fall into

alignment or (ii) where financiers are likely

to be able to engage with companies active

in that segment. Our choice of segment is based on

Barclays' own view, informed by guidance and

recommended practice from portfolio alignment

initiatives such as PACTA, SBTi and others.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 53 |
|  |  |  |  |  |  |  |  | 53 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Emissions scope**

Within the boundary of our target we aim to

capture the part of a company's value chain that

generates most of their emissions, taking into

account considerations including materiality,

consistency to benchmark, level of control and

whether the emissions can be abated by the

company. The financed emissions covered under

BlueTrack<sup>TM</sup> are therefore a subset of the total

financed emissions for each customer or client, as

they only include the portion of the client's

activities that are within both the value chain we

have chosen for the sector, and the scope and type

of greenhouse gas emissions we deem material for

that activity. For example, our Upstream Energy

target includes Scope 3 emissions for carbon

dioxide and methane – recognising they are

significant for a company extracting fossil fuels.

**Use of carbon credits**

We do not allow company-purchased offsets such

as carbon credits to reduce emissions, as we

believe it is important to base a metric on

operational activities under a company's control.

We therefore do allow company-operated

removals, such as on-site carbon capture at a plant.

Given that company-operated removals are

currently marginal in the context of emissions, they

currently have no impact on our portfolio-financed

emissions metrics.

**Portfolio-level metrics**

Barclays uses two financed emissions metrics:

1. Absolute emissions: a measure of the absolute

emissions generated, or fair share of the

company's emissions over time;

2. Emissions intensity: how much CO2e (Carbon

Dioxide Equivalent) is released on average for a

certain amount of economic activity or material

produced.

We use absolute emissions for the Upstream

Energy and UK Agriculture sectors, whose

decarbonisation pathways rely on a reduction in

production volume as well as on a reduction in

intensity. The Upstream Energy sector cannot

reduce its carbon emissions intensity below a

certain point – a barrel of oil cannot be

decarbonised, for instance – and therefore a

reduction in absolute carbon emissions is more

appropriate. The Agriculture sector requires a shift

away from the production of meat and dairy

towards alternative protein sources, as farmers

respond to changing diets, and therefore a

reduction in absolute emissions is more

appropriate. We use emissions intensity for the

other sectors, whose decarbonisation pathways rely

primarily on reduction in intensity rather than

volumes. Both absolute and intensity metrics are

sensitive to factors which are not directly related to

real-world emissions. For example, absolute

emissions are sensitive to changes in the book

value of debt and equity, and intensity metrics are

sensitive to changes in revenue share.

**Reference scenario**<sup>1</sup>

Each of our 2030 targets were developed with

reference to a 1.5°C-aligned scenario. For the

majority, this was using the IEA's Net Zero by

2050 (NZE2050) scenario. In calculating a

convergence point for our UK Housing portfolio

and a target for UK Agriculture, we use a UK-

focused Balanced Net Zero Scenario developed by

the UK's Climate Change Committee (CCC BNZ).

For the UK CRE portfolio we use the CRREM

scenario that provides decarbonisation pathways

across different property types consistent with the

NZE2050 scenario. For the Aviation sector we use

the Mission Possible Partnership (MPP)'s

'Prudent' (PRU) scenario – a 1.5°C-compatible

roadmap for the sector to achieve net zero

emissions by 2050.

**Baseline year** 

We measure our financed emissions for each

portfolio against a baseline metric determined in

the year we first assessed that target. The baseline

year therefore varies across the nine sectors

assessed to date, to ensure we are using the most

up-to-date data available when we set our targets –

or, in the case of UK Housing, a convergence

point.

**Use of target ranges**

Our 2030 financed emissions reduction targets for

five sectors (Power, Cement, Steel, Automotive

manufacturing, and Aviation) are expressed as

ranges. The upper end of each range represents the

reduction needed to align with the 1.5°C

benchmark pathway at the time we set these

targets. The lower end reflects our assessment of

sector and client commitments at that time. Since

these targets were set, the NZE2050 scenario we

used to inform these targets has been updated and

the scenario assumes slower progress to the

transition up to 2030<sup>2</sup>. As a result, some of our

target ranges now exceed the emissions reductions

reflected in the latest 1.5°C scenario.

While we continue to seek to reduce our financed

emissions in line with our ambition to be a net zero

bank by 2050, our ability to achieve reductions

within these ranges at any given point in time

depends on a wide range of factors and scenario

assumptions as explained in the Future target

progress section on page [57](#i12c1279a81884a37aee9a5181c6fa279_397).

**Notes:**

1When we first developed BlueTrack<sup>TM</sup>, the best available

scenario to develop Paris-aligned benchmarks for our

financing portfolios was the International Energy

Agency's Sustainable Development Scenario (SDS)

which was aligned to a 1.7°C world. The 2025 targets set

for the Upstream Energy and Power sectors were

informed by the SDS scenario.

2International Energy Agency: iea.org/reports/world-

energy-outlook-2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 54 |
|  |  |  |  |  |  |  |  | 54 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Overview of financed emissions reduction targets and progress**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sector** | **Sector** | **Sector** | **Sector** | **Setting our targets** | **Setting our targets** | **Setting our targets** | **Setting our targets** | **Setting our targets** | **Monitoring our progress in 2025** | **Monitoring our progress in 2025** | **Monitoring our progress in 2025** |
| **Sector** | **Sector boundaries** | **Emissions** <br>**scope**<br>| **GHG included** | **Reference** <br>**scenario**<br>| **Target** <br>**metric**<br>| **Unit of** <br>**measurement**<br>| **Baseline** <br>**year**<br>| **Target versus baseline** | **Cumulative** <br>**change**<br>| **Absolute** <br>**emissions** <br>**(MtCO2e)**<br>| **Physical intensity** |
| **Upstream** <br>**Energy** | Upstream Energy (producers of <br>coal, oil, gas and NGLs) | 1,2 & 3 | Carbon dioxide and <br>methane | IEA SDS | Absolute <br>emissions | MtCO2e <br>(absolute) | 2020 | -15% by end of 2025 | -41% | 43.7 | 59.2 gCO2e/MJ |
| **Upstream** <br>**Energy** | Upstream Energy (producers of <br>coal, oil, gas and NGLs) | 1,2 & 3 | Carbon dioxide and <br>methane | IEA NZE2050 | Absolute <br>emissions | MtCO2e <br>(absolute) | 2020 | -40% by end of 2030 | -41% | 43.7 | 59.2 gCO2e/MJ |
| **Power** | Power generators | 1 | Carbon dioxide | IEA SDS | Physical <br>intensity | kgCO2e/MWh | 2020 | -30% by end of 2025 | -35% | 13.6 | 204 |
| **Power** | Power generators | 1 | Carbon dioxide | IEA NZE2050 | Physical <br>intensity | kgCO2e/MWh | 2020 | -50% to -69% <br>by end of 2030<br>| -35% | 13.6 | 204 |
| **Cement** | Cement manufacturers | 1 & 2 | All GHGs | IEA NZE2050 | Physical <br>intensity<br>| tCO2e/t | 2021 | -20% to -26% <br>by end of 2030<br>| -13% | 1.5 | 0.551 |
| **Steel** | Steel manufacturers | 1 & 2 | All GHGs | IEA NZE2050 | Physical <br>intensity<br>| tCO2e/t | 2021 | -20% to -40% <br>by end of 2030<br>| -30% | 0.8 | 1.352 |
| **Automotive** <br>**manufacturing**<br>| Light Duty Vehicles <br>manufacturers<br>| 1,2 & 3 | All GHGs for Scope <br>1 and 2; carbon <br>dioxide for Scope 3<br>| IEA NZE2050 | Physical <br>intensity<br>| gCO2e/km<sup>1</sup> | 2022 | -40% to -64% <br>by end of 2030<br>| -3% | 3.6 | 169.1 |
| **Aviation** | Commercial Aviation (Air <br>Travel) – Passenger (including <br>belly cargo) and Dedicated cargo<br>| 1 & 3 | Carbon dioxide for <br>Scope 1; All GHGs <br>for Scope 3<br>| MPP Prudent | Physical <br>intensity<br>| gCO2e/RTK | 2023 | -11% to -16% <br>by end of 2030<br>| -2% | 4.6 | 866 |
| **UK Commercial** <br>**Real Estate**<br>| UK Corporate Bank  | 1 & 2 | Carbon dioxide, <br>methane and nitrous <br>oxide<br>| CRREM II | Physical <br>intensity<br>| kgCO2e/m<sup>2</sup> | 2023 | -51% by end of 2030 | -6% | 0.1 | 24.7 |
| **UK Agriculture** | Livestock and dairy farmers | 1, 2 & 3 | Carbon dioxide, <br>methane and nitrous <br>oxide<br>| CCC BNZ | Absolute <br>emissions<br>| MtCO2e | 2023 | -21% by end of 2030 | -13% | 0.5 | N/A |
| **UK Housing**<sup>2</sup> | UK buy-to-let and owner-<br>occupied mortgages, Social <br>Housing and Business Banking | 1 & 2 | Carbon dioxide, <br>methane and nitrous <br>oxide | CCC BNZ | Physical <br>intensity | kgCO2e/m<sup>2</sup> | 2023 | Portfolio convergence <br>point vs. baseline<br>| -3% | 1.6 | 27.1 |
| **UK Housing**<sup>2</sup> | UK buy-to-let and owner-<br>occupied mortgages, Social <br>Housing and Business Banking | 1 & 2 | Carbon dioxide, <br>methane and nitrous <br>oxide | CCC BNZ | Physical <br>intensity | kgCO2e/m<sup>2</sup> | 2023 | -40% by end of 2030 | -3% | 1.6 | 27.1 |

---

**Notes:**

1Physical intensity (CO2e emissions per v-km travelled by LDV produced), expressed in gCO2e/km.

2Barclays has identified a 2030 emissions intensity convergence point for UK Housing but has not set a formal target.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 55 |
|  |  |  |  |  |  |  |  | 55 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Baselines at December 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sector** | **Unit** | **Baseline year** | **Baseline metric** <br>**(last reported)** | **Previously reported metrics** | **Previously reported metrics** | **Recalculated metrics** | **Recalculated metrics** |
| **Sector** | **Unit** | **Baseline year** | **Baseline metric** <br>**(last reported)** | **Financed emissions** <br>**for December 2024**<br>| **Change at December** <br>**2024** <br>**(percentage change)**<br>| **Recalculated** <br>**financed emissions** <br>**for December 2024**<br>| **Theoretical** <br>**baseline metric**<br>**(re-baselined)**<br>|
| **Upstream Energy**<sup>1</sup> | MtCO2e (absolute) | 2020 | 74.1 | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes |
| **Power**<sup>3</sup> | kgCO2e/MWh | 2020 | 311 | 219 | -30% | 225 | 316 |
| **Cement**<sup>1</sup> | tCO2e/t | 2021 | 0.631 | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes |
| **Steel**<sup>1</sup> | tCO2e/t | 2021 | 1.945 | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes |
| **Automotive manufacturing**<sup>1</sup> | gCO2e/km | 2022 | 174.8 | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes |
| **Aviation**<sup>1</sup> | gCO2e/RTK | 2023 | 882 | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes |
| **UK Commercial Real Estate** | kgCO2e/m<sup>2</sup> | 2023 | 30 | 29.5 | -2% | 25.9 | 26.3 |
| **UK Agriculture**<sup>1</sup> | MtCO2e (absolute) | 2023 | 0.53 | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes | No major impact of methodology changes |
| **UK Housing**<sup>2</sup> | kgCO2e/m<sup>2</sup> | 2023 | 32.1 | 31.8 | -1% | 27.6 | 27.9 |

---

**Notes:** 

1Baseline values have not changed in the current year.

2Barclays has identified a 2030 emissions intensity convergence point for UK Housing but has not set a formal target.

3The power sector has been re-baselined due to a data sourcing update. The impact of this change is not considered material.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 56 |
|  |  |  |  |  |  |  |  | 56 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**BlueTrack™ dashboard**

**Progress of our financed emission metrics**

**Upstream Energy**<br>Absolute emissions (MtCO2e) (Indexed 2020 = 100)<br>

![1](bcs-20251231_g61.gif)

**Dec'2025 target:** 

(-15%)

**2030 target:** 

(-40%)

**Dec'25: 43.7**

(-41%)

---

| | | |
|:---|:---|:---|
| 2020 | 2025 | 2030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | IEA NZE <br>Benchmark: World<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ◆ | Portfolio target |

---

**Steel**<br>Physical Intensity (tCO2e/t) (Indexed 2021 = 100)<br>

![55](bcs-20251231_g64.gif)

**2030 target range:** 

(-20% to -40%)

![](bcs-20251231_g65.gif)

**Dec'25: 1.352**

(-30%)

---

| | | |
|:---|:---|:---|
| 2020 | 2025 | 2030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | IEA NZE <br>Benchmark: World<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ◆ | Portfolio target <br>(range)<br>|

---

**UK Agriculture**<br>Absolute emissions (MtCO2e) (Indexed December 2023 = 100)<br>

**Power**<br>Physical Intensity (kgCO2e/MWh) (Indexed 2020 = 100)<br>

![111](bcs-20251231_g66.gif)

**Dec'2025 target:** 

(-30%)

**2030 target range:** 

(-50% to -69%)

![](bcs-20251231_g67.gif)

**Dec'25:204**

(-35%)

---

| | | |
|:---|:---|:---|
| 2020 | 2025 | 2030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | IEA NZE <br>Benchmark: World<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ◆ | Portfolio target <br>(range)<br>|

---

**Automotive manufacturing**<br>Physical Intensity (gCO2e/km) (Indexed December 2022 = 100)<br>

![206](bcs-20251231_g68.gif)

**Dec'25: 169.1**

(-3%)

![](bcs-20251231_g69.gif)

**2030 target range:** 

(-40% to -64%)

---

| | | |
|:---|:---|:---|
| 2020 | 2025 | 2030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | IEA NZE <br>Benchmark: World<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ◆ | Portfolio target <br>(range)<br>|

---

**UK Housing** <br>Physical Intensity (kgCO2e/m<sup>2</sup>) (Indexed December 2023 = 100)<br>

**Cement**<br>Physical Intensity (tCO2e/t) (Indexed 2021 = 100)<br>

![259](bcs-20251231_g70.gif)

**2030 target range:** 

(-20% to -26%)

**Dec'25:0.551**

(-13%)

---

| | | |
|:---|:---|:---|
| 2020 | 2025 | 2030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | IEA NZE <br>Benchmark: World<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ◆ | Portfolio target <br>(range)<br>|

---

**Aviation (passenger and cargo)** <br>Physical Intensity (gCO2e/RTK) (Indexed December 2023 = 100)<br>

![83](bcs-20251231_g71.gif)

**2030 target range:** 

(-11% to -16%)

**Dec'25:866**

(-2%)

---

| | | |
|:---|:---|:---|
| 2023 | 2025 | 2030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | MPP Aviation <br>Pathway<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ◆ | Portfolio target <br>(range)<br>|

---

**UK Commercial Real Estate** <br>Physical Intensity (kgCO2e/m<sup>2</sup>) (Indexed December 2023 = 100)<br>

![234](bcs-20251231_g72.gif)

![287](bcs-20251231_g73.gif)

![165](bcs-20251231_g74.gif)

**2030 target:** 

(-21%)

**Dec'25:27.1** 

(-3%)

**2030 target:** 

(-51%)

**Dec'25: 24.7**

(-6%)

**Dec'25: 0.46** 

(-13%)

**2030 convergence point:** 

(-40%)

---

| | | |
|:---|:---|:---|
| 2023 | 2025 | 2030 |

---

---

| | | |
|:---|:---|:---|
| 2023 | 2025 | 2030 |

---

---

| | | |
|:---|:---|:---|
| 2023 | 2025 | 2030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | CCC - Synthetic <br>BNZP Scenario: <br>UK<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ◆ | Portfolio target |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | CCC - Synthetic <br>BNZP Scenario: <br>UK<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ▲ | Portfolio convergence <br>point<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![Green Dot line.gif](bcs-20251231_g62.gif) | CRREM II- 1.5 <br>degree<br>| ![Barclays_progress_Key.gif](bcs-20251231_g63.gif) | Barclays' progress | ◆ | Portfolio target |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 57 |
|  |  |  |  |  |  |  |  | 57 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Update on progress against targets**

We have successfully achieved our 2025 financed

emissions reduction targets for both the Upstream

Energy and Power portfolios.

**Upstream Energy**

We achieved our 2025 target to reduce our absolute

financed emissions by 15%. Cumulatively our

absolute financed emissions from our Upstream

Energy portfolio have decreased by 41% from our

2020 baseline.

Our 2025 financed emissions comprised

approximately 79% from clients with oil, gas and

natural gas liquids (NGLs) production activities,

and 21% from clients with coal production.

**Power**

We achieved our 2025 target to reduce our Power

financed emissions intensity by 30% from a 2020

baseline. Cumulatively our Power portfolio

emissions intensity has decreased by 35% from our

updated 2020 baseline, see page [51](#i12c1279a81884a37aee9a5181c6fa279_346).

**Aviation**

Our Aviation portfolio financed emissions intensity

has cumulatively reduced by 2% from our 2023

baseline.

**Automotive manufacturing**

Our Automotive manufacturing portfolio financed

emissions intensity has cumulatively decreased by

3% from our 2022 baseline.

**Steel**

Our Steel portfolio financed emissions intensity

has cumulatively decreased by 30% from our 2021

baseline.

**Cement**

Our Cement portfolio financed emissions intensity

has cumulatively decreased by 13% from our 2021

baseline.

**UK Agriculture**

Our UK Agriculture portfolio absolute financed

emissions have cumulatively decreased by 13%

from our 2023 baseline.

**UK Commercial Real Estate**

Our UK Commercial Real Estate portfolio financed

emissions intensity has cumulatively decreased by

6% from our 2023 baseline which was re-

baselined in 2025 (see page [51](#i12c1279a81884a37aee9a5181c6fa279_343)).

**UK Housing**

Our UK Housing portfolio financed emissions

intensity has cumulatively decreased by 3% from

our 2023 baseline, which was re-baselined in 2025

(see page [51](#i12c1279a81884a37aee9a5181c6fa279_343)).

We continue to make strong progress against our

EPC ambition for 55% of in-scope properties and

collateral with a known EPC to be rated band C or

better by 2030, achieving 51.4% by the end of

2025. ---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details on each of these portfolios and sector <br>targets can be found in Barclays Transition Update: <br>**home.barclays/content/dam/home-barclays/**<br>**documents/citizenship/Sustainability/Barclays-**<br>**Transition-Update.pdf**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Basis of Preparation**

Changes in our portfolio metrics reflect evolving

financing activity, improved data inputs, and

methodology refinements detailed in our latest

Financed Emissions Methodology paper.

In line with our established reporting approach, we

have re-baselined our Power, UK Commercial Real

Estate and UK Housing metrics as noted on page

[51](#i12c1279a81884a37aee9a5181c6fa279_346).

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See 'Data sourcing and data quality' on **page** [51](#i12c1279a81884a37aee9a5181c6fa279_343) for <br>more information on the data used to estimate our <br>financed emissions<br>|

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details of how climate risk-related <br>considerations are managed can be found in the <br>managing impacts in lending and financing section <br>on **page** [163](#i12c1279a81884a37aee9a5181c6fa279_727)**.**<br>|

---

**EPC ratings of properties and collateral** <br>**in scope of EPC ambition**<br>

**A**

![365](bcs-20251231_g75.gif)

---

| |
|:---|
| **B** |
| **C** |
| **D** |
| **E** |

---

![](bcs-20251231_g76.gif)

---

| | | |
|:---|:---|:---|
| A | EPC Rating A | **4,492** |
| B | EPC Rating B | **141,972** |
| C | EPC Rating C | **263,583** |
| D | EPC Rating D | **281,279** |
| E | EPC Rating E | **86,366** |
| F | EPC Rating F | **16,356** |
| G | EPC Rating G | **3,269** |
| **2025 total** | **2025 total** | **797,318** |

---

**F**

![](bcs-20251231_g77.gif)

![](bcs-20251231_g78.gif)

**G**

![](bcs-20251231_g77.gif)

![](bcs-20251231_g79.gif)

**Notes:**

1EPC ambition scope does not currently include Private

Bank due to EPC data reporting limitations.

2Metric based on number of properties and collateral in

portfolios that make up the EPC ambition scope as of

31 December 2025.

3EPC data for Barclays UK mortgages and Kensington

Mortgage Company Limited are as of 30 September 2025.

Matched EPC data for Social Housing and Business

Banking Real Estate are as of 31 December 2025.

**Future target progress**

Our ability to make progress towards our 2030

financed emissions reduction targets depends

heavily on our clients' ability to decarbonise their

business models. This, in turn, is influenced by a

wide range of external factors including market

developments, technological progress and its

financial viability, public policy interventions,

regulatory alignment, changes to societal

behaviour, geopolitical developments and regional

variations, energy security requirements, and an

orderly transition. For more detail, please see

'Implementing our strategy against a shifting

landscape' on page [31](#i12c1279a81884a37aee9a5181c6fa279_229).

Our sector portfolios will be affected by the

complexity and significant uncertainties around the

transition to a low-carbon economy. For example,

aviation continues to depend on future sustainable

aviation fuel (SAF) price and availability, as well

as the continued production and delivery of lower

emissions aircraft.

Similarly, decarbonisation of the automotive sector

depends on the pace of the adoption of electric

vehicles and impacts from related policy initiatives

and regulation in our key markets.

Additionally, within UK Commercial Real Estate

and UK Housing, decarbonisation is significantly

dependent on the growing share of renewable

energy sources in the UK energy mix and

deployment of low carbon heating solutions.

Globally, the expected pace and increase of AI-

driven energy demand may impact our Upstream

Energy and Power clients' decarbonisation

progress.

Our metrics will continue to be impacted in

the future as data availability and quality,

methodologies, guidance and best practices for

calculating financed emissions, all involving

varying estimation levels, continue to evolve and

be refined.

Our Cement and Steel portfolios are comprised of a

small number clients. We rely on data reported by

those clients. Changes in the availability and

quality of that data and changes in our financing

activity with these clients can have a material

impact on our financed emissions intensity metrics

for these portfolios.

We monitor our target performance regularly,

recognising metrics are sensitive to the factors

described above as well as changes in our

financing mix, capital markets shifts, client

financing needs and client emissions data. We

continue to manage our portfolios and will

continue to reassess our approach as new

information becomes available, balancing between

our and our clients' commercial goals, including

potential franchise impacts, risk management and

other non-financial objectives in support of our

strategy. Our progress will likely remain non-linear

amid these complexities and the significant

uncertainties around the transition to a low-carbon

economy.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 58 |
|  |  |  |  |  |  |  |  | 58 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

---

| |
|:---|
| **Achieving net zero operations** |
| **We are working towards achieving net** <br>**zero operations as part of our ambition to be** <br>**a net zero bank by 2050. This includes setting** <br>**and meeting various milestones**<sup>1</sup> **and targets**<sup>1</sup><br>**to reduce our operational emissions, with** <br>**significant progress already made.** <br>|

---

**Net zero operations approach**

To achieve net zero operations we are pursuing a

state in which we will achieve a greenhouse gas

(GHG) emissions reduction of our Scope 1, Scope

2 and Scope 3 operational emissions<sup>2</sup> consistent

with a 1.5°C-aligned pathway and counterbalance

any residual emissions. We aim to develop our

approach to counterbalancing residual emissions as

we approach 2050, by evaluating the latest

technology and market practices on carbon credits.

We continue to focus our efforts on the most

emission-intensive areas of our operations and

where we think we have the greatest ability to

influence a reduction in those emissions over time.

We pursue this recognising that our progress is

likely to be non-linear amid the significant

uncertainties around the transition to a low-carbon

economy.This is because projects will take time to

be fully realised and because we depend on

external factors, including changes in legislation,

regulation and governmental policy, as well as the

decarbonisation efforts of our Third-Party Service

Providers (TPSPs)<sup>3</sup>and the energy grids in the

markets where we operate.

We aim to continue evaluating and evolving our

approach, taking into consideration internal

management decisions and external factors,

including the latest scientific developments and

market standards.

**Progress to date**

Barclays has achieved all its 2025 net zero

operations milestones and targets, continuing to

source 100% renewable electricity for our global

real estate portfolio<sup>4</sup> and reducing our Scope 1 and

2 market-based emissions by 97% against a 2018

baseline - exceeding our 90% reduction target.

We maintained 100% renewable electricity

sourcing for our global real estate portfolio through

instruments including green tariffs<sup>5</sup> (2%), energy

attribute certificates (EACs<sup>6</sup>)(49%), and EACs

from a power purchase agreement (PPA)(49%).

We have also achieved our milestone to have 100%

of our UK corporate vehicle fleet transition to

electric vehicles (EVs), and exceeded our

milestone that 70% of suppliers, by addressable

spend<sup>8</sup>, have science-based GHG emissions

reduction targets<sup>9</sup> in place— having achieved

73%<sup>10</sup> by the end of the 2025 reporting year.

Building on this progress, in 2025 we reviewed our

milestones and targets and plan to:

• Conclude reporting on our achieved 2025 targets

and milestones, while continuing to work

towards our 2030, 2035 and 2050 milestones.

• Continue sourcing 100% renewable electricity

through to the end of 2030, signalling demand

for renewable electricity generation in the

markets where we operate.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2025 targets and milestones achieved** | **2025 targets and milestones achieved** | **2025 targets and milestones achieved** | **2025 targets and milestones achieved** | **2025 targets and milestones achieved** |
| **Targets by the end of 2025** | **Targets by the end of 2025** | **FY2025 performance** | **FY2025 performance** | **FY2024 performance** |
| **100%** | renewable electricity sourcing <br>for our global real estate portfolio<br>| ![milestone achieved.gif](bcs-20251231_g80.gif) | **100%** | 100% |
| **90%** | absolute reduction in our Scope 1 and 2 market-<br>based GHG emissions against a 2018 baseline<br>| ![milestone achieved.gif](bcs-20251231_g80.gif) | **' 97%** | 95% |
| **Milestones by the end of 2025** | **Milestones by the end of 2025** | **FY2025 performance** | **FY2025 performance** | **FY2024 performance** |
| **100%** | electric vehicles (EVs) transition <br>for UK company cars<br>| ![milestone achieved.gif](bcs-20251231_g80.gif) | **100%**<sup>7</sup> | 98%<sup>7</sup> |
| **70%** | of our suppliers, by addressable <br>spend<sup>8</sup>, having science-based GHG emissions <br>reduction targets<sup>9</sup> in place<br>| ![milestone achieved.gif](bcs-20251231_g80.gif) | **73%**<sup>10</sup> | 64%<sup>10</sup> |

---

**Notes:**

1In this Achieving net zero operations section, a reference

to a 'milestone' denotes an indicator we are working

towards and report against and a reference to a 'target'

denotes an indicator linked to our executive

remuneration.

2We define the scope of our Scope 3 operational

emissions for the purposes of our net zero operations

approach, to include the following GHG Protocol Scope

3 categories: supply chain (Category 1,2 and 4), waste

(Category 5), business travel (Category 6) and leased

assets (Category 8 and 13).

3TPSP means any entity that has entered into an

arrangement with Barclays in order to provide business

functions, activities, goods and/or services to Barclays.

4In this Achieving net zero operations section a reference

to global real estate portfolio includes offices, campuses,

branches, warehouses and data centres within our

operational control.

5Green tariffs (retail procurement) are standardised

renewable electricity products in regulated electricity

markets offered by utility companies, allowing large

commercial and industrial customers to buy bundled

renewable electricity through a special utility tariff rate.

Project-specificity is not a requirement for retail

procurement.

6EACs are standardised, tradable instruments, that prove

that generally 1 MWh of electricity has been generated

from a renewable source and added to a grid.

7The performance metric comprises Battery Electric

Vehicles and Plug-In Hybrid Vehicles that are at a

maximum of 50g CO2/km and a minimum 30 miles in

electric range.

8Addressable spend is a subset of external costs incurred

by Barclays in the normal course of business where

Procurement has oversight over spend. It excludes costs

such as regulatory fines or charges, exchange fees,

taxation, employee expenses or litigation costs and

property rent.

9Targets are considered 'science-based' if they are in line

with what the latest climate science deems necessary to

meet the goals and timelines of the Paris Agreement –

limiting global warming to well below 2°C above pre-

industrial levels and pursuing efforts to limit warming to

1.5°C.

10The performance metric reflects the number of TPSPs, by

addressable spend, that contribute to our supply chain

emissions and have science-based targets in place. The

2025 reporting period addressable spend data is based on

data extracted on 3 November 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 59 |
|  |  |  |  |  |  |  |  | 59 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

---

| | | | |
|:---|:---|:---|:---|
| **Our net zero operations milestones**<sup>1</sup> | **Our net zero operations milestones**<sup>1</sup> |  |  |
| **By the end of** | **Net zero operations milestones** | **FY2025 performance** | **FY2024 performance** |
| **2030** | 50% absolute reduction in our Scope 1 and 2 location-based GHG <br>emissions against a 2018 baseline<br>| 62% | 56% |
| **2030** | 100% EVs or ultra-low emissions vehicles (ULEVs) for all company cars  | 68%<sup>2</sup> | 57%<sup>2</sup> |
| **2030** | 90% of our suppliers, by addressable spend<sup>3</sup>, having science-based GHG <br>emissions reduction targets<sup>4</sup> in place <br>| 73%<sup>5</sup> | 64%<sup>5</sup> |
| **2030** | 50% absolute GHG supply chain emissions<sup>6</sup> reduction against a 2018 <br>baseline<br>| 39%<sup>8</sup> | 35%<sup>8</sup> |
| **2035** | 10MW on-site renewable electricity capacity installed across our global <br>real estate portfolio<br>| 2.33 MW | 0.40 MW  |
| **2035** | 115 kWh/m<sup>2</sup>/year average energy use intensity across our corporate <br>offices<sup>7</sup><br>| 234 kWh/m<sup>2</sup>/year | 225 kWh/m<sup>2</sup>/year |
| **2050** | 90% absolute GHG supply chain emissions<sup>6</sup> reduction against a 2018 <br>baseline<br>| 39%<sup>8</sup> | 35%<sup>8</sup> |

---

**Our approach to operational climate-**

**related data**

Accurate and meaningful climate-related data<sup>9</sup> is

central to our net zero operations strategy. The data

helps us better identify sources of emissions,

understand which actions to prioritise to reduce

these emissions, and model expected impacts of

our activities and external factors on our

performance.

We continue to focus our efforts on increasing our

climate-related data quality and coverage. For

example, in 2025, 60% of our supply chain

emissions data was provided directly by our

TPSPs, compared with 2018, when no such data

was collected.

However, due to the evolving nature of climate-

related data, market methodologies and our

continuous data enhancements, we are likely to see

changes to previously reported figures and the

overall trajectory of our decarbonisation efforts.

In 2025 we recalculated our operational emissions

2018 baseline to reflect business changes, by:

• Incorporating emissions from Tesco Bank

operations following Barclays' acquisition of the

Tesco Bank business on 1 November 2024.

• Excluding emissions from Hamburg operations

following Barclays' sale of its consumer finance

business in Germany on 3 February 2025.

To calculate our 2024 performance, we used the

2018 baseline reported in our FY2024 disclosures,

and to calculate our 2025 performance we used our

recalculated 2018 baseline (reflecting these

business changes).

We also recalculated our previously reported

supply chain emissions 2018 baseline and 2024

emissions due to the UK Department for

Environment, Food & Rural Affairs (Defra)

updating its GHG emissions conversion factors.

Barclays applies these factors in the calculation of

its spend-based supply chain emissions. Following

this recalculation we have observed an overall

reduction in both our 2018 baseline and 2024

supply chain emissions. This update led to a

change of our previously reported 2024 supply

chain performance (from 36% to 35% reduction in

GHG emissions relative to the 2018 baseline).

For more details on our operational emissions

accounting approach please refer to the Barclays

Sustainability Reporting Framework, found here:

home.barclays/investor-relations/reports-and-

events/annual-reports/.

**Notes:** 

1We report on our zero waste milestone in the context of

our nature programme, on page [60](#iafe278564c004e619bea6cf406615dad_6480).

2For UK vehicles the performance metric comprises,

BEVs and PHEVs that are at a maximum of 50g CO2/km

and a minimum 30 miles in electric range; for Europe

vehicles, BEVs and PHEVs that are at a maximum of 50g

CO2/km; for India vehicles, BEVs only.

3Addressable spend is a subset of external costs incurred

by Barclays in the normal course of business where

Procurement has oversight over spend. It excludes costs

such as regulatory fines or charges, exchange fees,

taxation, employee expenses or litigation costs and

property rent.

4Targets are considered 'science-based' if they are in line

with what the latest climate science deems necessary to

meet the goals and timelines of the Paris Agreement –

limiting global warming to well below 2°C above pre-

industrial levels and pursuing efforts to limit warming to

1.5°C.

5The performance metric reflects the number of TPSPs, by

addressable spend, that contribute to our supply chain

emissions and have science-based targets in place. The

2025 reporting period addressable spend data is based on

data extracted on 3 November 2025.

6Our reporting of supply chain emissions includes the

following GHG Protocol Scope 3 categories: Category 1:

Purchased Goods and Services, Category 2: Capital

Goods, Category 4: Upstream transportation and

distribution. In 2025 we reported GHG emissions of

Categories 1, 2 and 4 by aggregating these under

Category 1.

7Our EUI milestone includes energy and floor space from

our campuses and offices.

8VAT, where applicable, is currently included in our

spend-based supply chain emissions data.The 2025

reporting period addressable spend data is based on data

extracted on 3 November 2025.

9In this net zero operations section, climate-related data

refers to quantitative and qualitative data that informs our

net zero operations strategy. This may include but is not

limited to GHG emissions data, energy and water usage,

TPSP decarbonisation activities and industry data on

climate scenarios.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 60 |
|  |  |  |  |  |  |  |  | 60 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Reducing our Scope 1 and 2 emissions** 

**Global real estate portfolio** 

We are making progress towards our 2030 Scope 1

and 2 location-based emissions reduction

milestone, having by the end of 2025, reduced

these emissions by 62% against a 2018 baseline.

This progress was driven by:

• A reduction in our operational energy demand

from the consolidation of our global real estate

portfolio.

• Improvements in energy efficiency of our global

real estate portfolio.

• The targeted electrification of our global real

estate portfolio and our vehicle fleet.

KWh

• The decarbonisation of external grids in the

markets where we operate.

We continued to progress decarbonisation

initiatives across our real estate portfolio by

implementing transformation projects across

several of our campuses. For example, by the end

of 2025:

• We installed 2.33 MW of on-site renewable

electricity capacity across our global real estate

portfolio, with the Whippany<sup>1</sup>campus making

the largest contribution through the installation

of 3,400 solar panels.

• At 1 Churchill Place<sup>2</sup>, upgrades to the building

management system (BMS), installation of solar

panels and multi-function units contributed to an

estimated 11%<sup>3</sup> year on year reduction in the

building's electricity consumption.

These transformation projects are complemented

by our ongoing efforts to improve energy

efficiency across selected locations in our global

real estate portfolio. For example, in 2025 as part

of our energy optimisation programme at our

Pune<sup>4</sup>, Noida<sup>5</sup> and Mumbai<sup>6</sup> locations we adjusted

our BMS during periods of low or no occupancy to

reduce these properties' energy demand. These

types of initiatives have contributed to a 51%

reduction in our energy consumption across our

global real estate portfolio compared to 2018.

**Figure 1: Impacts of our energy optimisation** <br>**programme at our Pune campus**<sup>7</sup><br>

![](bcs-20251231_g81.gif)

![1769](bcs-20251231_g82.gif)

**A**

**B**

---

| | | |
|:---|:---|:---|
| Working day | Public holiday | Weekend day |

---

---

| | |
|:---|:---|
| A | Energy consumption with adoption of energy <br>optimisation programme<br>|
| B | Energy consumption with no energy optimisation <br>programme<br>|

---

As we advance the energy optimisation programme

and invest in energy-efficient equipment across

selected locations in our global real estate portfolio,

we recognise that energy savings may fluctuate over

time and will be realised progressively as those

improvements begin to take effect. By the end of

2025, the energy use intensity (EUI) of our

corporate offices<sup>8</sup> was 234 kWh/m²/year, an

increase from prior year driven by our corporate

office footprint consolidation. Overall, however, we

have been operating our corporate offices more

efficiently, as our EUI has reduced by 26% against a

2018baseline.

In addition to transformation projects and ongoing

energy efficiency activities, we are working with

our landlords to pursue electrification and energy

efficiency upgrades through our Green Leasing

Toolkit. Since its launch in 2023, we have

embedded green lease clauses<sup>9</sup> into 68% of newly

acquired or renewed offices and campus leases. This

is a significant development given our leasesmakes

up a substantial proportion of our Scope 1 and 2

emissions.

In 2025 we updated our Sustainability Design and

Construction Checklist, by including nature-related

considerations that align to our initial real estate

LEAP<sup>10</sup> (Locate Evaluate Assess Prepare)

assessment findings<sup>11</sup>. This work is helping us to

better understand and manage potential nature-

related impacts within our real estate portfolio.

To manage our nature-related impacts, we are also

delivering on our zero waste programme<sup>12</sup>. Across

our campuses<sup>13</sup> we have an ambition to achieve and

maintain TRUE (Total Resource Use and

Efficiency) zero waste certified projects by the end

of 2035. By the end of 2025, we diverted 56% of

our campuses'waste away from landfill,

incineration and the environment, against a

milestone to divert 90% by the end of 2035.

**Technology**

In 2025, we built and launched our Managed Lab

Service at our Radbroke campus - a secure micro

data centre environment to support validation and

testing of current and next-generation IT hardware

and software. The facility is intended to support

our resilience, end-of-life management capabilities

for our IT infrastructure, and adoption of emerging

low-emission technologies, including the testing of

direct liquid cooling capabilities.

**Corporate vehicle fleet**

By the end of 2025, as part of our commitment to

Climate Group's EV100 initiative, we achieved our

milestone to have 100% of our UK corporate

vehicle fleet transition to electric vehicles (EVs).

We have also made progress in transitioning our

global corporate vehicle fleet to electric vehicles

(EVs) or ultra-low emissions vehicles (ULEVs)

having transitioned 68% of our 5,216 global fleet.

We continue to monitor market developments,

such as the adoption of Zero Emission Vehicles

(ZEVs, which emit zero emissions at the tailpipes),

as we transition our global fleet to EVs. We also

recognise we are largely dependent on transport

policy and infrastructure decarbonisation in the

markets where we operate. These factors will

influence our ability to progress towards our 2030

milestone.

**Notes:**

1Buildings 100, 300 & 400, Jefferson Park, Whippany, NJ

07981, USA.

21 Churchill Place, Canary Wharf, London, E14 5HP, UK.

3Data represents reduction when comparing September 2024

and September 2025 electricity consumption for 1 Churchill

Place.

4Gera Commerzone SEZ, Eon It Park Road, Kharadi, Pune,

411014, India.

5Candor Techspace, Institutional Plot No 2, 1& 2 Blk B,

Sec-62, Gautam Budh Nagar, Uttar Pradesh, Noida, 201309,

India.

6Nirloin Knowledge Park, Wing B Block B-6, Off Western

Exp Hwyi, Goregaon (East), Mumbai, 400063, India.

7Figure 1 represents the energy use patterns on a normal

working day, a public holiday and a weekend day, at our

Pune campus, which has adopted the energy optimisation

programme. It highlights the resulting reduction in

energy consumption from the programme, a trend we

have observed across locations in our global real estate

portfolio implementing the programme.

8Our EUI milestone includes energy and floor space from

our campuses and offices.

9For more detail on our green lease clauses, please see page

75 of Barclays PLC Annual Report 2024.

10Taskforce on Nature-related Financial Disclosure's (TNFD)

methodology.

11Refer to page 77 of Barclays PLC Annual Report 2024 to

find out more on our TNFD LEAP assessment findings.

12For more detail on the zero waste programme, please see

page 77 of Barclays PLC Annual Report 2024.

13Campuses include 1 Churchill Place, London, Radbroke,

Northampton, Glasgow, Whippany, 745 7<sup>th</sup> Avenue, New

York, Wilmington, Pune, Chennai and Noida. Chennai and

Noida have been classified as campuses in our 2025

operational emissions reporting year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 61 |
|  |  |  |  |  |  |  |  | 61 |

---

Implementing our climate strategy (continued)

TCFD Strategy Recommendation B<br>

**Addressing our Scope 3 operational** 

**emissions**

In 2025, supply chain emissions accounted for the

---

| |
|:---|
| 2025 |
| 2024 |
| 2018 |

---

largest proportion (67%) of our total operational

GHG emissions<sup>1</sup>. While emissions from waste and

leased assets are comparatively lower, we remain

committed to identifying and pursuing opportunities

to reduce them. Further details on our waste and

leased assets approach can be found in the Global real

estate portfolio section on page [60](#i12c1279a81884a37aee9a5181c6fa279_415).

**Supply chain**

In the 2025 reporting year, we observed a 39%

reduction in our absolute supply chain emissions

relative to the 2018 baseline. While this represents

progress, it is important to note that approximately

40% of our supply chain emissions are estimated

using spend-based data. As a result, reported

reductions may not fully reflect actual

decarbonisation within our supply chain. To look

to address this limitation, we work with our TPSPs

to enhance the availability and quality of our

supply chain climate-related data, enabling more

accurate tracking of our emissions reduction

milestones.

We leverage Carbon Disclosure Project (CDP) and

EcoVadis as platforms to gather data and engage

with TPSPs. In 2025, 89% of invited TPSPs

responded to CDP, demonstrating strong

engagement across our supply chain. This enabled

us to enhance our use of primary supply chain

emissions data, reaching 60% by year-end.

**Supply chain emissions primary** <br>**and spend-based data** <br>

![1310](bcs-20251231_g83.gif)

---

| | | | |
|:---|:---|:---|:---|
| A | Spend-based data\* | B | Primary data\*\* |

---

**Notes:** 

\* Spend-based data: data based on the calculation of the

economic value of the goods and services purchased,

multiplied by relevant industry average GHG emission

factors (i.e. Defra).

\*\*Primary data: GHG emissions data sourced from TPSPs.

TPSP engagements also supported us to exceed our

milestone of 70% of suppliers, by addressable

spend, having science-based GHG emissions

reduction targets in place — achieving 73%.

Insights from our TPSP engagements and supply

chain emissions were incorporated into our

Supplier Transition Framework (STF)<sup>2</sup>, identifying

priority TPSPs that accounted for approximately

68% of Barclays' supply chain emissions in the

2024 reporting year. We are working closely with

these priority TPSPs and their Barclays

Accountable Executives to develop strategic,

actionable engagement plans aimed at driving

continuous improvement in data quality, climate

commitments, and decarbonisation opportunities.

Our approach is tailored to support priority TPSPs'

unique needs, recognising that they are at different

stages in their transition journeys.

We continued to upskill our TPSPs Barclays

Accountable Executives, supplier managers and

sourcing colleagues on the sustainability impact of

our supply chain to support with the delivery of the

engagement plans.

We also continued to seek to negotiate climate-

related requirements in our TPSP contract terms

and set climate-related expectations in the Barclays

TPSP CoC.

In 2025 we also began assessing our supply chain

nature-related impacts by using the LEAP

approach. Through this assessment, we identified

27 of 120 supply chain goods and services

categories with potential for significant<sup>3</sup> nature-

related impacts. We are using these findings to

prioritise pilot engagements with selected TPSPs,

focusing on their maturity on nature-related topics.

This pilot initiative is integrated within the STF

strategic engagement plans.

**Travel**

Our 2025 total colleague business travel emissions

reduced by 45% compared to the 2018 baseline,

partly driven by an update in external emissions

factors and a shift in business travel behaviours.

To inform our decarbonisation approach we plan to

continue monitoring our business travel emissions

data. However, we recognise that where we can't

reduce travel, to decarbonise these emissions we

are dependent on transport and grid

decarbonisation in the markets where we operate.

**Carbon credits**

In 2025 we signed an offtake agreement with

UNDO<sup>4</sup>, a UK-based climate technology company,

with the intent to contribute to high-potential

climate mitigation projects. Under this agreement,

UNDO expects to permanently remove 6,538<sup>5</sup>

tonnes of carbon dioxide from the atmosphere

through enhanced rock weathering. These offtake

agreements are funded through a carbon price on

internal travel and forms part of our approach to

focus on catalytic high-integrity carbon dioxide

removal technologies. We do not use this for

carbon offsetting.

**Net zero operations co-benefits**

As we progress on our transition to net zero

operations, we seek to deliver strategic co-benefits

for Barclays and its key stakeholders. These

include driving cost savings - for example, through

the energy optimisation programme - strengthening

operational resilience, identifying commercial

opportunities by collaborating with Climate

Ventures and Unreasonable Impact companies, and

building stronger relationships with TPSPs and

clients.

**Notes:**

1In this net zero operations section, our total accounted

operational GHG emissions include Scope 1, Scope 2

(location-based) and Scope 3 Category 1-8 and 13. Scope

3 Category 3 and 7 currently are not part of our net zero

operations approach.

2For more detail on the Supplier Transition Framework

structure, please see page 57 of the Barclays Transition

Update.

3Significance is determined through ENCORE (Exploring

Natural Capital Opportunities, Risks, and Exposure) a

industry-standard tool to help businesses assess how they

may depend on and impact nature.

4To find out more please see our press release with

UNDO: home.barclays/news/press-releases/2025/09/

barclays-backs-british-climate-tech-pioneer-undo-in-

landmark-car/

5This offtake has not been netted against our operational

emissions, as we continue to focus our efforts to reduce

our operational emissions consistent with a 1.5<sup>o</sup>C-aligned

pathway.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 62 |
|  |  |  |  |  |  |  |  | 62 |

---

Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation B<br>

---

| |
|:---|
| **Embedding climate and** <br>**sustainability into our business**<br>|
| **We are embedding climate and sustainability** <br>**throughout Barclays, taking into account the** <br>**impact of climate-related risks and** <br>**opportunities on our businesses, strategy and** <br>**financial planning.** <br>|

---

**Impact of climate-related risks** 

**and opportunities on our business,** 

**strategy and financial planning**

Barclays' 2025 financial planning process included

a review of our strategy, its implementation, and

tracking of our progress against climate-related

targets – as well as capturing a view of climate-

related risks and opportunities.

During 2025 we continued to enhance our monthly

reporting framework to cover a view of the balance

sheet and revenues from sustainable and transition-

related activity. This supports our ability to review

our Sustainable and Transition Finance portfolio at

greater granularity and improve relevant business

engagement through the financial planning process.

Enhancements were made to help us further

evaluate the portfolio's performance and identify

opportunities to maximise revenue generation

activities.

We also considered impairment over the horizon of

the financial plan. There are no associated material

amendments required to the 2025 financial plan.

All key businesses and applicable functions are

involved in integrating climate-related risks and

opportunities into our financial planning process.

Implementing our climate strategy is managed

through central Sustainable Finance teams under

the Group Head of Sustainable and Transition

Finance.

For example:

• Our climate strategy is a factor in our finance

planning process with a pathway towards aiming

to achieve this as well as risks and opportunities

reviewed with business heads.

• We continue to develop our sustainable and

transition finance to ensure that we have a full

offering for our clients and customers.

• We strive to continue to decarbonise our own

operations, reducing our Scope 1 and 2

emissions and our Scope 3 operational

emissions.

• We measure and track progress towards our

financed emissions reduction targets through our

BlueTrack methodology.

• We conduct portfolio reviews to monitor

whether business activities are conducted within

Barclays' mandate and aligned with our

expectations, and whether they are of an

appropriate scale relative to the risk and reward

of the underlying activities. Mandate & Scale

Exposure Controls form part of our overall Risk

Appetite Control Framework and climate risks

have been integrated into annual credit portfolio

reviews for elevated risk sectors since 2020. We

continue to monitor against mandate and scale

limits linked to scoring within our Client

Transition Framework.

The 2025 financial planning process used a five-

year baseline scenario to consider the impacts of

climate risks. The baseline scenario implicitly

considered the impact of current and agreed

climate policies across the UK, US and EU on key

macroeconomic variables (such as GDP growth

and unemployment rates), consistent with market

consensus forecasts. The outcome of this

assessment found only a de minimis impact from

climate-related factors on those macroeconomic

variables used to project financial performance.

We will continue to review how climate risks

manifest in the economy through a baseline

scenario.

Workstreams specifically related to finance have

been further embedded within our overall global

financial planning processes, including dedicated

climate management reporting information. Further

details of how this work has served as an input in

our five-year financial planning process and are set

out below – including our approach to Sustainable

and Transition Finance, targets and capital

investments.

During the 2025 financial planning process we

assessed the financial impact of embedding

individual parts of our climate strategy, new

initiatives and targets across our businesses.

A range of scenario analyses were undertaken

during 2025 with the aim to further uncover areas

of risk and opportunity, as well as integrate climate

scenario analysis into our strategic and financial

planning. This included a climate aware Internal

Stress Test with the results allowing Barclays to

also understand resilience to climate risks in this

scenario.

The strategic review of sustainable and transition

finance was also refreshed during the year across

key businesses. The review built upon both new

and previously identified commercial

opportunities. The output was considered in the

financial planning process, including incremental

revenue, cost and capital. For further detail on the

strategy, please see the 'Sustainability and climate-

related opportunities identified over the short,

medium and long term' on page [35](#i12c1279a81884a37aee9a5181c6fa279_244).

The planning process included an assessment of

our financed emissions portfolios for the eight

high-emitting sectors where we have set absolute

emissions or emissions intensity targets: Upstream

Energy, Power, Cement, Steel, Aviation,

Automotive manufacturing, UK Commercial Real

Estate and UK Agriculture, as well as our UK

Housing portfolio for which we have set a

convergence point. The impacts of our current

plans to achieve these targets (where applicable)

are considerations and factors in our financial

planning process.

Barclays continues to engage with our clients to

support them in the transition to a low-carbon

economy. Our current financed emissions

reduction targets are not currently forecasted to

materially impact financial performance over the

next five years.

The financial planning process also covered a

review of our net zero operations strategy.

We will continue to endeavour to further enhance

how Barclays' climate strategy is embedded into

the way we think about financial planning over the

coming years – reflecting on the progress we made

during 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 63 |
|  |  |  |  |  |  |  |  | 63 |

---

Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation B<br>

**Incentives** 

Financial and non-financial measures, including

key climate and sustainability-related measures, are

considered in the determination of the Group

incentive pool and the incentive outcomes for the

Executive Directors of Barclays PLC. Measures

are reviewed annually to ensure they reflect the

Group's strategic priorities.

The incentive pool is also adjusted to take account

of risks, both crystallised and potential future risks,

and consideration is given to vulnerabilities across

all of Barclays' principal risks, which include

climate risk.

Climate and sustainability-related measures are

included as part of the Executive Directors' Long

Term Incentive Plan (LTIP), reflecting the long-

term nature of our ambition, and that progress is

expected to be non-linear and is best assessed over

a multi-year period. For the 2026-2028 LTIP, an

overall weighting of 25% is allocated to the

broader category of measures relating to

Sustainability, customers and clients.

The Group Executive Committee members

responsible for Barclays' five business divisions

have specific sustainability-related objectives

relevant to the businesses they manage against

which their performance is assessed at the end of

each year.

Performance for all colleagues is assessed against

individual performance objectives, which are

aligned to the consistently excellent standard and

include sustainability considerations where

applicable. Specific sustainability-related

objectives will depend on the role of the individual.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details can be found in our Remuneration <br>report from **page** [116](#i12c1279a81884a37aee9a5181c6fa279_574)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 64 |
|  |  |  |  |  |  |  |  | 64 |

---

**Resilience of our strategy**

TCFD Strategy Recommendation C<br>

---

| |
|:---|
| **Scenario analysis**  |
| **Climate scenario analysis forms a key part of** <br>**Barclays' approach to assessing and** <br>**quantifying the impact of physical and** <br>**transition climate risks on the bank's** <br>**portfolios. We use this to better understand** <br>**the significant uncertainty that arises from** <br>**how climatic weather patterns will change, as** <br>**well as the rapidly evolving nature of the** <br>**climate transition from government policies,** <br>**new technologies and changing individuals'** <br>**sentiment.**<br>|

---

Through climate scenario analysis, the risks and

uncertainties can be translated into financial impacts

to Barclays, allowing us to better understand the

resilience of the business strategy. The scenarios

explored in this section are under a stressed pathway.

Barclays uses climate scenario analysis primarily for

(i) understanding Barclays' resilience to climate

scenarios, (ii) as a consideration within its financial

planning process, (iii) as a consideration within its

assessment of Expected Credit Losses reported under

IFRS 9. More detail on the Expected Credit Losses

uses can be found on page [242](#i12c1279a81884a37aee9a5181c6fa279_970).

Barclays has progressively developed its internal

scenario analysis capabilities, developing new

climate assessment methodologies, running internal

targeted exercises with external subject matter

experts, and participating in regulatory climate stress

testing.

Barclays continues to build its use of scenario

analysis to explore and further understand the

evolving landscape – identifying areas of risks and

opportunities – to challenge existing assumptions of

future climate pathways and measure the risks that

climate change poses to the Group.

---

| |
|:---|
| **Barclays' resilience** <br>**to climate scenarios**<br>|
| **Two stress tests incorporating climate risk** <br>**were conducted during 2025, each with its** <br>**own scenario aligned to a less than 2°C** <br>**pathway, to assess Barclays' financial** <br>**resilience to transition and physical risks.** <br>**Firstly, the 2025 Internal Stress Test (IST)** <br>**featured a scenario with climate risk drivers** <br>**over a five-year period. Secondly, a climate-**<br>**based Reverse Stress Test (RST) was run** <br>**with a shorter-term focus, designed to test** <br>**resilience to extreme, near-term climate** <br>**events.**<br>**Based on the results of the scenario analysis** <br>**performed to date, our view is that Barclays'** <br>**strategy remains resilient to climate** <br>**scenarios. Given the evolving climate** <br>**landscape, we seek to further enhance our** <br>**capabilities and modelling to refine our** <br>**understanding of Barclays' resilience to** <br>**various climate scenarios, particularly given** <br>**high uncertainty in this area.**<br>|

---

**Internal Stress Test**

The 2025 Internal Stress Test was conducted as a

Group-wide exercise across all portfolios over a

five-year period, with the scenario specifically

designed to evaluate Barclays' ability to withstand

both climate-related and traditional

macroeconomic risks. This year's scenario placed

greater emphasis on physical climate risks than in

previous years, featuring two years of stormy and

wet weather followed by three years of hot, dry

conditions with droughts and wildfires.

**Scenario**

The 2025 Internal Stress Test (IST25) scenario was

designed to be climate-aware, with climate risk

drivers incorporated into the development of

macroeconomic factors. By doing so, the exercise

directly addresses Barclays' climate-related

vulnerabilities, while complementing conventional

macroeconomic stress testing.

To achieve this, Barclays leverages its in-house

scenario design capabilities, enabling a more

tailored approach and deeper understanding of our

risk profile. Rather than relying solely on external

scenarios, such as those provided by the Network

for Greening the Financial System (NGFS), we

developed our own scenario for several reasons:

**1)Baseline assumptions differ:** External

scenarios typically assume a stable

macroeconomic backdrop. Our approach layers

climate stress on top of an already stressed

macroeconomic environment.

**2)Policy outlook has shifted:**Global climate

policy continues to evolve rapidly. Since the

NGFS established its baseline assumptions,

significant changes have occurred, particularly

in the United States.

**3)Barclays-specific vulnerabilities:** We sought to

test risks unique to our portfolios. For example,

given our substantial UK mortgage exposure, we

incorporated an extreme flood event in London

and The Wash region in eastern England to

better assess these vulnerabilities, rather than

relying on the more generic shocks used by

external scenario providers.

The scenario narrative was designed over a five-

year timeframe aligned with Barclays' Medium

Term Planning and Internal Stress Testing

scenarios time frame. Specific variables were

expanded using subject matter expert judgement by

Barclays' internal Global Economic Scenarios and

Climate Risk teams to assess both physical and

transition climate risks.

The exercise is designed to complement

conventional Barclays macroeconomic stress

testing, and seeks to understand:

1)How transition policies can influence

conventional macroeconomic stressed

environment pathways and severity.

2)The incremental impact of climate above

macroeconomic stressed pathways.

3)How physical risk events may impact key

Barclays' exposures.

The climate scenario consists of three

chronological stages, as depicted in the below

chart. These stages include initial policy

announcements that trigger immediate asset

repricing, while more stringent policy requirements

unfold over a longer time horizon - dampening

recovery in years 3 to 5. Against this backdrop, the

scenario stages also incorporate physical risk

considerations: In the first two years, severe

'stormy and wet' weather occurs, characterised

through floods and hurricanes. This is followed by

three years of 'hot and dry' weather, resulting in

water stress and wildfires. The insurance market

tightens in the face of increased claims, with

restricted risk appetite in high-risk zones and to

key perils. Events create greater societal awareness

of physical risks and their damages, shifting

preferences towards lower risk assets.

Implications and policies of the three stages are

outlined below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 65 |
|  |  |  |  |  |  |  |  | 65 |

---

Resilience of our strategy (continued)

TCFD Strategy Recommendation C<br>

**Stage 1:**

Consumer preferences shift toward greener

products and practices, particularly in the UK and

EU, while consumption is cut to cope with the

recessionary environment. Behavioural shifts are

pronounced at sector level as consumers turn away

from firms who finance carbon-heavy industries.

Investors reassess their participation with certain

firms. Those with heavy exposure to brown income

and/or assets, combined with poor transition plans,

are negatively impacted in equity markets – with

capital reallocated to greener firms.

**Scenario impact** (Illustrative only)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![number_1.gif](bcs-20251231_g84.gif) | A series of risk events triggers a <br>sharp shift in consumer <br>preference for greener products, <br>with regional divergence in the <br>intensity of change. Investors <br>reassess exposure to brown assets, <br>resulting in significant market <br>repricing—a 'Climate Minsky' <br>moment. | ![number_2.gif](bcs-20251231_g85.gif) | Low carbon investments surge <br>while regional climate policy <br>divergence grows, with transition <br>leaders advancing measures like <br>expansion of Emissions Trading <br>Scheme (ETS), introduction of <br>Carbon Border Adjustment <br>Mechanism (CBAM), ICE <br>phaseouts and energy mandates.  | ![number_3.gif](bcs-20251231_g86.gif) | Carbon prices stay high but stabilize in early adopters, <br>where technology drives green jobs and low-carbon <br>growth. Late adopters implement similar policies to catch <br>up.<br>|

---

![14](bcs-20251231_g87.gif)

**Stage 2:**

Regional climate policy divergence grows as the

UK, EU and China forge ahead as leaders on the

transition, with India pivoting because of increased

energy security concerns, and the US continuing to

focus on domestic fossil fuel energy production,

putting downward pressure on oil and gas prices.

Low-carbon investments surge due to accelerated

investment in the power grid and electric vehicles

(EV) infrastructure, supported by declining costs

and efficiency increases.

In 2028, the UK and EU accelerate or announce

additional climate policies. Governments rapidly

scale-up investment in EV charging infrastructure

to speed up the automotive sector's transition.

Existing emissions trading schemes are

strengthened to align with a 1.5°C pathway,

triggering a significant carbon price shock in 2028.

This slows economic recovery and leads to

heightened inflation as production costs rise due to

increased energy costs, although some of these

impacts are partially offset by substantial public

and private investment aimed at enabling a faster

transition. Carbon Border Adjustment Mechanisms

(CBAMs) are introduced, causing supply-side

shocks and increased trade frictions. Proposals to

tighten EPC minimum standards are accelerated,

bringing forward compliance deadlines for Buy-to-

Let, Social Housing, and UK Commercial Real

Estate properties to achieve EPC rating C or above.

In the US, no additional climate policy is assumed

at this stage. Nevertheless, some indirect effects

are felt from the transition in Europe, primarily

through reduced demand for carbon-intensive US

exports as CBAMs decrease their competitiveness,

and global fossil fuel price shocks.

**Stage 3:**

By 2029, carbon price growth in the UK and EU

slows but remains high. Technological progress,

coupled with global capital shifting towards low-

carbon solutions, drives the creation of new green

jobs.

In 2029, the US makes a rapid pivot back to

transition policy, aiming to catch up domestically

in low-carbon technologies. Policies similar to

those introduced in Stage 2 in Europe are

implemented, with similar inflationary impacts.

The scenario will have significant impacts on

Barclays, including:

1.**Amplified market shocks:** additional to existing

macroeconomic shocks, there will be further

equity and credit shocks for brown industries

and financiers, as a result of immediate

repricing.

2.**Amplified credit deterioration:** additional

credit risk on brown industries as a result of

lower earnings expectations and refinancing

risks.

3.**Increase in frequency of physical risk events:** 

throughout the time horizon, there is an increase

in the occurrence of physical hazards such as

flood, hurricanes and droughts.

![B in a round.gif](bcs-20251231_g88.gif)

![A in a round.gif](bcs-20251231_g89.gif)

---

| | |
|:---|:---|
| A | Economic Only Stress Scenario |
| B | Economic and Climate Stress |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 66 |
|  |  |  |  |  |  |  |  | 66 |

---

Resilience of our strategy (continued)

TCFD Strategy Recommendation C<br>

**Results and insights**

Over the five-year horizon, the IST25 exercise

demonstrates that Barclays remains resilient under

a scenario of global economic fragmentation,

persistent inflation and a combined climate shock.

The scenario features both transition and physical

climate risks, including severe weather events and

a rapid repricing of financial assets. Following this

is a steep increase in carbon prices in the EU and

UK and accelerated policy action on energy

efficiency and real estate standards.

The Investment Bank is the main contributor to

climate-related losses under IST25, reflecting its

exposure to sectors most sensitive to transition and

physical climate risks. Losses are driven by

declining demand and sustained low prices in oil

and gas, The scenario incorporates a sharp rise in

carbon prices in the EU and UK, with the EU

Emissions Trading System (ETS) price rising to

$309/tCO2e.

The UK Mortgages portfolio is directly impacted

by both transition and physical climate risks. The

scenario assumes major flood and storm events, as

well as increased compliance costs from tightened

EPC legislation, requiring upgrades to minimum

energy performance standards by 2028.

Other portfolios, such as BUK Business Bank and

unsecured lending, are primarily affected by the

broader macroeconomic environment under stress.

While these portfolios are included in the overall

scenario, their results are not materially driven by

climate-specific factors in IST25.

The IST25 results are fully integrated into the

Group's Internal Capital Adequacy Assessment

Process (ICAAP), informing the setting of risk

appetite and supporting the Board's approval of the

medium-term capital plan. The scenario confirms

that the Group's capital and liquidity positions

remain robust, with headroom above regulatory

and internal thresholds. Management actions, both

business-as-usual and strategic, provide additional

capacity to absorb stress impacts if required.

While the IST25 exercise incorporates further

enhancements in scenario design, modelling, and

risk transfer mechanisms, it is acknowledged that

results are subject to inherent uncertainties and

limitations. These include the evolving nature of

climate risk modelling, the potential for more

severe or frequent physical events, and the impact

of future regulatory changes. The Group continues

to refine its approach to stress testing, with a focus

on improving data quality, model governance, and

scenario relevance to ensure ongoing resilience in

the face of emerging risks.

**Reverse Stress Test** 

A climate-based Reverse Stress Test was

conducted during 2025, testing the Group's

resilience to extreme climate events that challenge

the viability of the Group's business model. The

exercise tested both physical and transition risk

drivers. For physical risk, the scenario included

more frequent and severe physical hazards

unfolding and resultant tightening of insurance

markets; for transition risk it explored a volatile

transition, where uncertainty causes challenges to

firms' business models in transition-sensitive

sectors.

**Physical Risk:** Extreme weather events strike in

the UK, EU and US. In the scenario, the Thames

Barrier in the UK is modelled as failing due to

inadequate funding of repairs, and an extreme

hurricane season in the US is ~3x worse than

historic averages. This leads to an insurance

'Minsky Moment', where (re)insurers rapidly

update risk appetite for severe physical risks,

leading to significant coverage restrictions,

increases to premiums and stranded assets.

Transition Risk: As a result of these physical risk

events, the pressure for transition increases, as the

ability to do so declines. Global responses are

disorderly and divergent, as they seek to reduce

GHGs whilst addressing impacts of physical risk

events, and this increases the volatility and

uncertainty over where and how fast the transition

will occur. As a result, firms struggle to establish

effective and efficient business plans, impacting

firms with green and brown exposure and causing

deterioration in financial performance.

**Results and insights**

Three sensitivities were assessed across the

Group's Corporate, Mortgage, Cards and

Structured Lending and Financing portfolios,

reflecting the high level of uncertainty of the

scenario. The Group's business model could reach

non-viability in the two most extreme cases which

tested our vulnerability to income losses and

capital increases. The exercise highlighted the

ways in which these portfolios could be the major

driver of losses in a climate scenario, particularly

due to physical risk, and provided valuable

learnings for further investigation:

1For UK Mortgages, the exercise provided

valuable insights into how concentrations of

flood risk can affect the portfolio, how acute

(severe flood event) and chronic (ongoing

precipitation saturating the ground) can interact

to cause significant floods, and highlighted the

crucial role that flood defences play in

alleviating the impact of flooding on UK homes.

2For the Corporate Portfolio, results highlighted

how physical perils can impact those with high

concentrations of assets exposed to these risks,

as well as a longer tail of firms with some of

their operating sites in sensitive locations. For

transition, the portfolio can be exposed to both a

fast and slow transition, particularly those

companies who have a concentration of green or

brown technologies.

3For Cards, the assessment focused on the US

portfolio, and demonstrated the reliance on

ongoing affordable home, health and car

insurance for customers, as well as wider

reliance on FEMA and State disaster relief

programmes.

4For our Structured Lending and Financing

portfolio, the exercise pointed out that extreme

tail risk is driven by commensurately severe

devaluation of properties in certain US states.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 67 |
|  |  |  |  |  |  |  |  | 67 |

---

Resilience of our strategy (continued)

TCFD Strategy Recommendation C<br>

---

| |
|:---|
| **2025 Enhancements** |
| **During 2025, Barclays have made several** <br>**key enhancements across climate scenario** <br>**development, climate risk modelling, and the** <br>**ways in which we embed climate learnings** <br>**into our risk management.**<br>|

---

• Climate scenarios are developed by our Global

Economic Scenarios Team using existing

scenario expansion tools and processes,

supplemented with dedicated climate analysis

for consistency and granularity. Climate

considerations are increasingly embedded within

our internal stress testing framework.

• An expanded set of climate-specific variables

enables modelling of a wider range of impacts.

For example, this year we worked with the

Barclays Commodities Research Team to assess

the likely effect of the scenario on Brent oil

prices, strengthening our climate stress-testing

capabilities.

• A new judgement-based approach model for

climate scenario design has been introduced,

establishing dedicated governance for climate

scenario development.

• Scenarios are benchmarked against the latest

NGFS short-term scenarios to ensure alignment

with industry standards.

• For UK residential mortgages, we have

continued enhancing the model for both Stress

Testing and Economic Capital assessment. The

methodology is now able to assess the impacts

of windstorm, in addition to flood, subsidence

and EPC risk. The model was also enhanced to

capture properties for which we did not have

flood or subsidence risk data by using a fallback

mechanism.

• The Corporate Model has been further enhanced

this year by the addition of a capital expenditure

module, delineating costs between clients who

are more or less well-positioned under a climate

scenario. This comes with refined assumptions,

to address the fact that not all clients can achieve

the same level of production that the economy

desires in green alternatives, and that clients

lagging behind would have to engage in further

research and development to meet product

demand.

• The model is also taking greater geographical

granularity into account, by considering regional

specific demand and price curves across

industries, to better reflect climate policy and

sentiment.

• The Commercial Real Estate portfolio continues

to be an area of focus for assessing climate risk

impacts, with additional sensitivities performed

to help understand the range of outcomes.

• The US REITs portfolio has been analysed using

a qualitative model in IST 2025, with key

considerations being physical risk drivers, e.g.

floods, hurricanes and wildfires. The REITs

book is analysed over a five-year horizon at a

property and geography level. The analysis

factors in rental revenue impact, property

valuation impact, restoration costs, operating

expense, insurance cover and debt. A sensitivity

analysis has also been conducted to validate the

model internally for all relevant parameters.

---

| |
|:---|
| **Challenges and limitations** |
| **Barclays is continuing to better its** <br>**understanding of the interlinking** <br>**relationships between climate, particularly** <br>**transition risk, and macro variables, a lack** <br>**of adequate historical data being a key** <br>**limitation to progress.**<br>|

---

**Data**

There are inherent challenges in climate modelling

due to limitations in data quality and availability,

given the short history of climate assessments

within the financial services industry.

• Data coverage is often lacking, where a subset

of assets may not have the appropriate

information publicly disclosed. Climate scenario

risk analysis requires approaches and tools that

are more granular (e.g. focus on company-level

analysis), which differs from more traditional

stress-testing exercises conducted at portfolio or

sector level. This creates a need for more

granular data.

• While high data granularity is desirable to model

client-specific features, the balances between

high data granularity and the additional insights

provided must be investigated to assess the

appropriate level of modelling.

• Data coherence issues may present

inconsistencies in modelling. Emissions data is

often one-year lagged, thus where the latest

quarter/year financials are available, the

emissions data may not be reflective of the

company's operations, especially where there

has been substantial growth or decline, mergers

and acquisitions or other special activities.

**Scenario**

There are inherent uncertainties with scenario

design, largely attributed to limited history of the

interactions between climate risks and the

economy.

• Timing and interactions of physical and

transition risks can impact the Group's

assessment of capital adequacy and resilience.

Assumptions around such compounding effects,

while nuanced, are critical to our loss

assessment and subsequently risk management

processes and business strategy.

• There is a level of uncertainty with climate

stress-testing projections in (i) how the scenario

will manifest; (ii) how customers and clients

will react; and (iii) the final loss quantification.

• An understanding of compounding risks and

feedback loops between financial systems, the

economy, and climate risks remains a challenge,

given the lack of historical precedent of such

interactions. Over longer time horizons, it

becomes increasingly difficult to capture the

range of second-order effects as physical and

transition risks evolve, assess the rate in which

risks manifest or subside, or identify inflection

points.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 68 |
|  |  |  |  |  |  |  |  | 68 |

---

**Important information/Disclaimers**

**Information provided in climate and** 

**sustainability disclosures** 

What is important to our investors and stakeholders

evolves over time, and we aim to anticipate and

respond to these changes. Disclosure expectations

in relation to climate change and sustainability

matters are particularly fast moving, and differ

from more traditional areas of reporting including

in relation to the level of detail and forward-

looking nature of the information involved and the

consideration of impacts on the environment and

other persons. We have adapted our approach in

relation to the disclosure of such matters. Our

climate and sustainability disclosures take into

account the wider context relevant to these topics,

which may include evolving stakeholder views, the

development of our climate strategy, longer

timeframes for assessing potential risks and

impacts, international long-term climate and

nature-based policy goals, evolving sustainability-

related policy frameworks (and the harmonisation

or interoperability of relevant regulation) and

geopolitical developments and regional variations.

Our climate and sustainability disclosures are

subject to more uncertainty than disclosures

relating to other subjects, given market challenges

in relation to data reliability, consistency and

timeliness – the use of estimates, judgements and

assumptions which are likely to change over time,

the application and development of data, models,

scenarios and methodologies, changes in the

regulatory landscape, and variations in reporting

standards. Our approach to materiality may

continue to evolve as our, and the industry's,

understanding of climate and sustainability-related

risks and opportunities continues to develop.

These factors mean disclosures may be amended,

updated, and recalculated in future as market

practice and data quality and availability develops,

and could cause actual achievements, results,

performance or other future events or conditions to

differ, in some cases materially, from those stated,

implied and/or reflected in any forward-looking

statements or metrics included in our climate and

sustainability disclosures. We give no assurance as

to the likelihood of the achievement or

reasonableness of any projections, estimates,

forecasts, targets, commitments, ambitions,

prospects or returns contained in our climate and

sustainability disclosures and make no

commitment to revise or update any such

disclosures to reflect events or circumstances

occurring or existing after the date of such

statements.

**Disclaimers**

In preparing the climate and sustainability content

within the Barclays PLC annual report on Form 20-

F wherever it appears, we have:

• Made certain key judgements, estimations and

assumptions. This is, for example, the case in

relation to financed emissions, portfolio

alignment, classification of sustainable and

transition finance and revenues, operational

emissions and sustainability metrics,

measurement of climate risk and scenario

analysis

• Used climate and sustainability data, models,

scenarios and methodologies that we considered

appropriate for these purposes at the time of

deployment. Some of these were provided by

third parties, over whom we have no control,

and may have been based on differing or

unknown methodologies. The underlying

assumptions, interpretations or methodologies

may not be independently verifiable and could

be inaccurate. Climate and sustainability data,

models, scenarios and methodologies are subject

to future risks and uncertainties and may change

over time. Climate and sustainability disclosures

in this document, including climate and

sustainability-related data, models and

methodologies, are not of the same standard as

those available in the context of other financial

information and use a greater number and level

of judgements, assumptions and estimates,

including with respect to the classification of

sustainable and transition finance and revenues.

Climate and sustainability disclosures are also

not subject to the same or equivalent disclosure

standards, historical reference points,

benchmarks or globally accepted accounting

principles. Historical data cannot be relied on as

a strong indicator of future trajectories in the

case of climate change and its evolution.

Outputs of models, processed data, scenario

analysis and the application of methodologies

will also be affected by underlying data quality,

which can be hard to assess, or challenges in

accessing data on a timely basis

• Continued (and will continue) to review and

develop our approach to data, models, scenarios

and methodologies in line with market principles

and standards as this subject area matures. The

data, models, scenarios and methodologies used

(including those made available by third parties)

and the judgements, estimates and/or

assumptions made in them or by us are rapidly

evolving, including scientific evidence relating

to climate change and scenarios outlining

pathways to net zero, and this may directly or

indirectly affect the metrics, data points, targets,

convergence points and milestones contained in

the climate and sustainability content within the

annual report on Form 20-F. Further, changes in

external factors which are outside of our control

such as accounting and/or reporting standards,

improvements in data quality, data availability,

or updates to methodologies and models and/or

updates or restatements of data by third parties,

could impact – potentially materially – the

performance metrics, data points, targets,

convergence points and milestones contained in

the climate and sustainability content within the

annual report on Form 20-F. In future reports we

may present some or all of the information for

this reporting period (including information

made available by third parties) using updated or

more granular data or improved models,

scenarios methodologies, market practices or

standards. Equally, we may need to re-baseline,

restate, revise, recalculate or recalibrate

performance against targets, convergence points

or milestones on the basis of such updated data.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| **Climate and** <br>**sustainability report**<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 69 |
|  |  |  |  |  |  |  |  | 69 |

---

Important information/Disclaimers (continued)

Such updated information may result in different

outcomes than those included in the annual

report on Form 20-F. It is important for readers

and users of the annual report on Form 20-F to

be aware that direct, like-for-like comparisons of

each piece of information disclosed may not

always be possible from one reporting period to

another. The 'Reducing our financed emissions'

section of the annual report on Form 20-F

highlights where information in respect of a

previous reporting period has been updated.

Page [51](#i12c1279a81884a37aee9a5181c6fa279_343) sets out the data sourcing and data

quality considerations and our approach to

reporting financed emissions data. For

operational emissions, this is covered on page [59](#i12c1279a81884a37aee9a5181c6fa279_406).

• Included in the annual report on Form 20-F a

number of graphics, infographics, text boxes and

illustrative case studies and credentials which

aim to give a high-level overview of certain

elements of the climate and sustainability

content within the annual report on Form 20-F

and improve accessibility for readers. These

graphics, infographics, text boxes and

illustrative case studies and credentials are

designed to be read within the context of the

annual report on Form 20-F as a whole.

• On sustainable revenues, we review our revenue

perimeter on an ongoing basis and assess our

coverage against the pure-play criteria in our

SFF and TFF. As a result, reported baseline

metrics may change from one reporting period

to another, and direct like-for-like comparisons

may not always be possible from one reporting

period to another.

There are a variety of internal and external factors

which may impact our reported metrics and

progress against our targets, convergence points

and milestones. We expect to continue to see this

impact our metrics in the future as data availability

and quality, methodologies, guidance, and best

practices for calculating our financed and

operational emissions metrics - all of which

include differing levels of estimation - continue to

evolve and be refined.

Any information contained or referred to in the

annual report on Form 20-F, in relation to any

actual or potential climate and sustainability

objective, issue or consideration is not intended to

be relied upon for EU Sustainable Finance

Disclosure Regulation classification purposes, EU

Taxonomy Regulation classification purposes, or

any other classification regimes.

![Governance Divider_1.jpg](bcs-20251231_g90.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 70 |
|  |  |  |  |  |  |  |  | 70 |

---

**Governance**

Our governance framework facilitates the effective

management of the Group across its diverse businesses.

---

| | |
|:---|:---|
| **Board Governance** |  |
| **Directors' report** |  |
| [Board of Directors](#i12c1279a81884a37aee9a5181c6fa279_499) | [72](#i12c1279a81884a37aee9a5181c6fa279_499) |
| [Group Executive Committee](#i12c1279a81884a37aee9a5181c6fa279_514) | [76](#i12c1279a81884a37aee9a5181c6fa279_514) |
| [Our governance framework](#i12c1279a81884a37aee9a5181c6fa279_523) | [77](#i12c1279a81884a37aee9a5181c6fa279_523) |
| Key Board a[ctivities](#i12c1279a81884a37aee9a5181c6fa279_529) | [80](#i12c1279a81884a37aee9a5181c6fa279_529) |
| [Board Nominations Committee report](#i12c1279a81884a37aee9a5181c6fa279_544) | [84](#i12c1279a81884a37aee9a5181c6fa279_544) |
| [Board Audit Committee report](#i12c1279a81884a37aee9a5181c6fa279_547) | [92](#i12c1279a81884a37aee9a5181c6fa279_547) |
| [Board Risk Committee report](#i12c1279a81884a37aee9a5181c6fa279_550) | [100](#i12c1279a81884a37aee9a5181c6fa279_550) |
| [Board Sustainability Committee](#i12c1279a81884a37aee9a5181c6fa279_556)r[eport](#i12c1279a81884a37aee9a5181c6fa279_556) | [105](#i12c1279a81884a37aee9a5181c6fa279_556) |
| [How we comply](#i12c1279a81884a37aee9a5181c6fa279_559) | [107](#i12c1279a81884a37aee9a5181c6fa279_559) |
| [Other statutory and regulatory information](#i12c1279a81884a37aee9a5181c6fa279_565) | [109](#i12c1279a81884a37aee9a5181c6fa279_565) |
| [Remuneration report](#i12c1279a81884a37aee9a5181c6fa279_574) | [116](#i12c1279a81884a37aee9a5181c6fa279_574) |

---

---

| | |
|:---|:---|
| **Other Governance** |  |
| [Climate and sustainability governance](#i12c1279a81884a37aee9a5181c6fa279_634) | [158](#i12c1279a81884a37aee9a5181c6fa279_634) |
| [Managing impacts in lending and financing](#i12c1279a81884a37aee9a5181c6fa279_727) | [163](#i12c1279a81884a37aee9a5181c6fa279_727) |
| [Human rights/Modern slavery](#i12c1279a81884a37aee9a5181c6fa279_754) | [165](#i12c1279a81884a37aee9a5181c6fa279_754) |
| [Our supply chain](#i12c1279a81884a37aee9a5181c6fa279_760) | [167](#i12c1279a81884a37aee9a5181c6fa279_760) |
| [Supporting our customers](#i12c1279a81884a37aee9a5181c6fa279_763) | [168](#i12c1279a81884a37aee9a5181c6fa279_763) |
| [The Barclays Way](#i12c1279a81884a37aee9a5181c6fa279_769) | [171](#i12c1279a81884a37aee9a5181c6fa279_769) |
| [Whistleblowing](#i12c1279a81884a37aee9a5181c6fa279_772) | [172](#i12c1279a81884a37aee9a5181c6fa279_772) |
| [Tax](#i12c1279a81884a37aee9a5181c6fa279_775) | [173](#i12c1279a81884a37aee9a5181c6fa279_775) |
| [Financial crime](#i12c1279a81884a37aee9a5181c6fa279_778) | [175](#i12c1279a81884a37aee9a5181c6fa279_778) |
| [Health and safety](#i12c1279a81884a37aee9a5181c6fa279_781) | [176](#i12c1279a81884a37aee9a5181c6fa279_781) |
| [Managing data privacy, security and resilience](#i12c1279a81884a37aee9a5181c6fa279_784) | [177](#i12c1279a81884a37aee9a5181c6fa279_784) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 71 |
|  |  |  |  |  |  |  |  | 71 |

---

**Board Governance** 

Welcome to our 2025 Board Governance report. The report sets out

the composition of our Board and explains how our Board governance

framework operates, alongside the key areas of focus for our Board and Board

Committees in 2025.

**Aim of our governance**

The primary aim of our governance is that it:

• seeks to ensure that our decision-making is aligned to our

Purpose, Values and Mindset

• creates long-term sustainable value for our shareholders, having

regard to the interests of all our stakeholders

• is effective in providing constructive challenge, advice and

support to management

• provides checks and balances and drives informed, collaborative

and accountable decision-making.

**Compliance with the Code**

• Our Board Governance report reflects the requirements of the

2024 UK Corporate Governance Code (the Code) in force as at 31

December 2025.

• To view how we comply with the Code,

please see the How We Comply section on page [107](#i12c1279a81884a37aee9a5181c6fa279_559).

Certain additional information, signposted throughout this report,

is available at home.barclays/corporategovernance

---

| | |
|:---|:---|
| Directors' report |  |
| Board of Directors | [72](#i12c1279a81884a37aee9a5181c6fa279_499) |
| Group Executive Committee | [76](#i12c1279a81884a37aee9a5181c6fa279_514) |
| Our governance framework | [77](#i12c1279a81884a37aee9a5181c6fa279_523) |
| Key Board activities | [80](#i12c1279a81884a37aee9a5181c6fa279_529) |
| Board Nominations Committee report | [84](#i12c1279a81884a37aee9a5181c6fa279_544) |
| [Board Audit Committee report](#i12c1279a81884a37aee9a5181c6fa279_547) | [92](#i12c1279a81884a37aee9a5181c6fa279_547) |
| [Board Risk Committee report](#i12c1279a81884a37aee9a5181c6fa279_550) | [100](#i12c1279a81884a37aee9a5181c6fa279_550) |
| Board Sustainability Committee report | [105](#i12c1279a81884a37aee9a5181c6fa279_556) |
| [How we comply](#i12c1279a81884a37aee9a5181c6fa279_559) | [107](#i12c1279a81884a37aee9a5181c6fa279_559) |
| [Other statutory and regulatory information](#i12c1279a81884a37aee9a5181c6fa279_565) | [109](#i12c1279a81884a37aee9a5181c6fa279_565) |
| [Remuneration report](#i12c1279a81884a37aee9a5181c6fa279_574) | [116](#i12c1279a81884a37aee9a5181c6fa279_577) |

---

![HD_Board of directors_1.jpg](bcs-20251231_g91.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 72 |
|  |  |  |  |  |  |  |  | 72 |

---

**Directors' report: Board of Directors**

**Setting our strategic direction**

Responsible for the overall leadership of the Group,

driven by our Purpose, Values and Mindset.

**Board Committee membership**

---

| | | |
|:---|:---|:---|
| Audit Committee <br>Member<br>| Remuneration <br>Committee Member<br>| Sustainability <br>Committee Member<br>|
| Nominations <br>Committee Member<br>| Risk Committee <br>Member<br>| Committee <br>Chair<br>|

---

**Nigel Higgins**

Group Chairman

**Appointed**

March 2019 (Board)

May 2019 (Chairman)

**Skills, experience and contribution:**

• seasoned business leader with extensive

experience in, and understanding of, banking

and the financial services industry

• strong track record in leading and

chairing organisations

• significant experience in providing strategic

advice to major international organisations

and governments

• keen focus on culture and

corporate governance.

Nigel spent 36 years at Rothschild &

Co. where his last role was as Deputy

Chairman. Prior to that, he had been Co-

Chief Executive, Chairman of the Group

Executive Committee and Managing Partner

of Rothschild & Co for a decade.

**Key current appointments:**

• Chairman, Sadler's Wells

• Non-Executive Director, Tetra

Laval Group

• Non-Executive Director, Oxford

Quantum Circuits Limited.

**C.S. Venkatakrishnan**

Group Chief Executive

**Appointed**

November 2021

**Skills, experience and contribution:**

• highly regarded leader with significant global

banking experience

• extensive background in financial markets

and risk management

• deep understanding of the business and the

areas within which the Group operates.

Prior to his appointment as Group Chief

Executive, Venkat served as Head of Global

Markets and Co-President of Barclays Bank

PLC from October 2020 and Group Chief Risk

Officer from 2016 to 2020.

Before joining Barclays in 2016, Venkat

worked at JPMorganChase from 1994,

holding senior roles in Asset Management,

Investment Banking, and in Risk.

**Key current appointments:**

• Board Member, Institute of

International Finance

• Chair, Financial Services Taskforce

to the Sustainable Markets Initiative

• Director and Vice Chair, Focusing Capital

on the Long Term (FCLT) Global.

**Brian Gilvary**

Senior Independent Director (SID)

**Appointed**

February 2020 (Board)

January 2021 (SID)

**Skills, experience and contribution:**

• extensive senior level experience of

management, finance and strategy

• deep experience of US and UK

shareholder engagement

• significant experience with, and

understanding of, the challenges and

opportunities inherent in advancing a

sustainable energy future.

Brian spent much of his career with BP

p.l.c. in senior leadership roles, where

most latterly he held the role of Chief Financial

Officer. His other senior-level experience

includes serving on the boards

of various commercial and charitable

organisations. Brian was Chair of

The 100 Group of FTSE 100 Finance

Directors, a member of the UK Treasury

Financial Management Review Board and

has served on various Business

in the Community Leadership Teams.

**Key current appointments:**

• Non-Executive Chair, INEOS Energy

• Non-Executive Director, Defence Board,

Ministry of Defence

• Chair, The Royal Navy and Royal

Marines Charity

• Senior Independent Director,

The Francis Crick Institute.

![HD_Board of directors_2.jpg](bcs-20251231_g92.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 73 |
|  |  |  |  |  |  |  |  | 73 |

---

Directors' report: Board of Directors (continued)

**Robert Berry**

Independent Non-Executive Director

**Appointed**

February 2022

**Skills, experience and contribution:**

• proven track record of management

of risk exposure for a global financial

institution and building a modern group-wide

risk management organisation

• strong record of integrating risk management

with strategy

• significant experience in finance, model

development and trading.

Robert's career started with NatWest (Capital

Markets) as a trader, before joining Goldman

Sachs, where he spent most of his executive

career, based in London and New York.

At Goldman Sachs, NY, Robert developed

expertise in risk management and finance

roles. He was made partner in 2008, and

latterly acted as Deputy Chief Risk Officer,

serving various firm-wide risk and finance

committees, up to his retirement in 2018. Other

senior-level experience includes serving on

boards of large charitable organisations.

**Key current appointments:**

• Trustee, High Watch Recovery Center

(incorporating President, Alina Lodge)

**Anna Cross**

Group Finance Director

**Appointed**

April 2022

**Skills, experience and contribution:**

• extensive accounting and financial

services expertise

• deep understanding of banking and

retail sectors

• significant financial leadership experience

of financial institutions.

Anna is a chartered accountant and Group

Finance Director with responsibility for the

Finance function, including Tax, Treasury,

Investor Relations and Strategy.

Prior to joining Barclays, Anna worked in

both banking and retail and held various roles

at Asda, HBOS and Lloyds Banking Group.

Since joining Barclays in 2013, Anna was

appointed Chief Financial Officer of

Barclays Bank UK PLC in 2016, Group

Financial Controller in 2019 and Deputy

Group Finance Director in 2020. She joined

the Group Executive Committee in February

2022, before taking up the role

of Group Finance Director in April 2022.

**Key current appointments:**

• Chair, The 100 Group of FTSE 100

Finance Directors

**Dawn Fitzpatrick**

Independent Non-Executive Director

**Appointed**

September 2019

**Skills, experience and contribution:**

• extensive management experience of

international financial institutions

• strong financial and strategic

leadership experience

• detailed knowledge of the markets in

which the Group operates.

Dawn holds the role of Chief Executive

Officer and Chief Investment Officer at

Soros Fund Management LLC.

Her previous experience includes 25

years with UBS, most latterly as Head of

Investments for UBS Asset Management.

**Key current appointments:**

• Chief Executive Officer and Chief

Investment Officer, Soros Fund Management

LLC

• Non-Executive Director, Under Armour, Inc.

• Advisory Council Member, The Bretton

Woods Committee

• Chair, Financial Sector Advisory Council,

Federal Reserve Bank of Dallas

**Mary Francis CBE**

Independent Non-Executive Director

**Appointed**

October 2016

**Skills, experience and contribution:**

• extensive board-level experience across a

range of industries

• strong focus on reputation management and

promoting board governance values

• detailed understanding of the interaction

between public and private sectors.

Mary's previous appointments include

Non-Executive Directorships at the Bank of

England, Alliance & Leicester, Aviva, Centrica

and Swiss Re Group.

In her executive career, Mary held senior

positions with both HM Treasury and the

Prime Minister's Office and served as Director

General of the Association of British Insurers.

Mary is the Barclays Bank PLC Consumer

Duty Champion.

Mary will be stepping down from the Board

with effect from 6 May 2026.

**Key current appointments:**

• Senior Independent Director,

PensionBee Group PLC

• Member, UK Takeover Appeal Board

![HD_Board of directors_3.jpg](bcs-20251231_g93.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 74 |
|  |  |  |  |  |  |  |  | 74 |

---

Directors' report: Board of Directors (continued)

**Sir John Kingman**

Independent Non-Executive Director

**Appointed**

June 2023

**Skills, experience and contribution:**

• deep background in financial services

• strong leadership qualities and chair

experience

• extensive expertise providing strategic advice

to Government.

John is Chair of Barclays Bank UK PLC. He

had a long Whitehall career, where he was

Second Permanent Secretary to HM Treasury

and was also closely involved in the UK

response to the financial crisis, handling the

resolution of Northern Rock and leading

negotiations with RBS, Lloyds and HBOS on

their £37bn recapitalisation.

John was also the first Chief Executive of

UK Financial Investments Ltd (UKFI), and

from 2010-2012, he was Global Co-Head of

the Financial Institutions Group at

Rothschild. From 2016 to 2021, John was the

first Chair of UK Research & Innovation,

which oversees Government science funding

of c.£8bn a year. Between 2020 and January

2023, he was Chair of Tesco Personal

Finance plc.

**Key current appointments:**

• Chair, Legal & General Group Plc

• Trustee & Deputy Chair of the Board of

Trustees, The National Gallery

**Diony Lebot**

Independent Non-Executive Director

**Appointed**

March 2025

**Skills, experience and contribution:**

• significant leadership experience,

including extensive board level

experience, in banking and

financial services

• significant senior executive experience in

global and investment banking activities

• deep expertise in risk management.

Diony had a notable executive career with

Société Générale, holding various senior

leadership positions, where she was most

recently Deputy Chief Executive Officer, and

prior to that was Group Chief Risk Officer.

She holds non-executive board roles at EQT

AB, one of the largest global private equity

firms, and Alpha Bank, one of the

four systemic banks in Greece.

Diony is a member of the Board of Barclays

Bank Ireland PLC (Barclays Europe).

**Key current appointments:**

• Non-Executive Director, Alpha Bank

• Non-Executive Director, EQT AB

**Mary Mack**

Independent Non-Executive Director

**Appointed**

June 2025

**Skills, experience and contribution:**

• extensive leadership experience within the

financial services industry

• strong operations, strategic and

transformation experience

• deep understanding of retail, consumer

lending and small business banking.

Mary had a distinguished executive

career with Wells Fargo (and its

predecessor institutions) in multiple senior

leadership roles across a wide range of banking

businesses.

Most recently, she was Chief Executive

Officer of Consumer and Small Business

Banking, having previously held senior

executive roles in Consumer Lending,

Community Banking and Wealth

Management and Retail Brokerage. Mary

retired from Wells Fargo in 2024 and

Mary currently serves on the board of US

listed company, Martin Marietta Materials,

Inc.

**Key current appointments:**

• Non-Executive Director,

Martin Marietta Materials, Inc.

**Marc Moses**

Independent Non-Executive Director

**Appointed**

January 2023

**Skills, experience and contribution:**

• strong technical finance background in

accounting and audit-related matters

• significant board and senior executive-level

risk management experience

• extensive knowledge of banking and

financial services.

Marc is a chartered accountant and his

financial services experience extends over

43 years, initially as a trader and then in

senior executive roles as an audit partner

at PwC, and Chief Financial Officer of JP

Morgan Europe.

He joined HSBC in 2005 where he was

Group Chief Risk Officer for nine years and

joined the Group board as an executive

director in 2014. He retired from HSBC

in 2019.

**Key current appointments:**

• Non-Executive Chair, Orenda FS B.V.

![HD_Board of directors_4.jpg](bcs-20251231_g94.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 75 |
|  |  |  |  |  |  |  |  | 75 |

---

Directors' report: Board of Directors (continued)

**Brian Shea**

Independent Non-Executive Director

**Appointed**

July 2024

**Skills, experience and contribution:**

• deep experience of financial services sector

• strong operations, technology and

transformation experience

• detailed knowledge and understanding of US

financial regulation.

Brian is Chair of Barclays Execution Services

Limited (BX). Brian's executive and non-

executive career extends to over 40 years in the

financial services industry. He was Vice

Chairman and Chief Executive Officer of

Investment Services at Bank of New York

(BNY) Mellon from 2014 until his retirement

in 2017.

Prior to this, he served in a variety

of executive roles, including as Chief

Executive Officer of Pershing, LLC. (a BNY

Mellon company). He is a former non-

executive director of Fidelity National

Information Services, Inc. and has also

held several US securities industry

and regulatory board and advisory committee

positions.

**Key current appointments:**

• Board of Directors, Ameriprise Financial, Inc.

• Board of Directors, RBB Fund, Inc.

• Board of Trustees, Catholic Charities

of the Archdiocese of New York

**Julia Wilson**

Independent Non-Executive Director

**Appointed**

April 2021

**Skills, experience and contribution:**

• significant board and executive-level

strategic and financial leadership experience

• extensive accounting, audit and financial

services expertise

• strong UK regulatory experience.

Julia is a chartered accountant and was

the Group Finance Director of 3i Group

plc, having served on its board from 2008 until

she stepped down in June 2022.

Prior to joining 3i, she was Group Director

of Corporate Finance at Cable & Wireless

where she also held a number of finance-

related roles.

Julia was appointed a Non-Executive

Director at Legal & General Group Plc

(L&G) in 2011. She chaired L&G's Audit

Committee between 2013 and 2016 and was

Senior Independent Director from 2016 until

she stepped down from L&G in March 2021.

Julia previously served as the Chair of The

100 Group of FTSE 100 Finance Directors.

Julia is a Non-Executive Director of Bunzl

plc and is the Chair of the Bunzl plc Board

Audit Committee.

**Key current appointments:**

• Non-Executive Director, Bunzl plc

**Hannah Ellwood**

Group Company Secretary

**Appointed**

February 2023

**Relevant skills and experience:**

Hannah is the Group Company Secretary for

Barclays, and a standing attendee of the Group

Executive Committee. She is an experienced

lawyer and company secretary with significant

experience in Board and executive-level

governance and leads the global Corporate

Secretariat function.

**Career:**

Hannah joined Barclays in September 2012 as

Chief of Staff to the Investment Bank General

Counsel, moving to Barclays Corporate

Secretariat in 2016. Hannah was appointed

Group Company Secretary in

February 2023, having served as Deputy

Company Secretary of Barclays PLC since

2018. Hannah has in-depth knowledge of

legal, risk corporate governance, regulatory

disclosure and market conduct matters. Prior

to joining Barclays, Hannah was a Senior

Associate in the London Corporate practice

of Clifford Chance LLP.

Hannah is an active contributor to industry and

governance best practice. She is a member of

the Listing Authority Advisory Panel, which

provides independent advice and challenge to

the Financial Conduct Authority, representing

views of participants in primary markets.

![HD_Group ExCo.jpg](bcs-20251231_g95.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 76 |
|  |  |  |  |  |  |  |  | 76 |

---

**Directors' report: Group Executive Committee**

**Leading the execution of our strategy**

The Group Executive Committee (ExCo), as the most senior

management committee for the Barclays Group, supports the

Group Chief Executive in executing Barclays' strategic priorities.

---

| |
|:---|
| **C.S. Venkatakrishnan**<br>Group Chief Executive<br>|
| **Wally Adeyemo**<br>Group Head of Strategy <br>and Transformation<br>|
| **Stephen Dainton**<br>President of <br>Barclays Bank PLC <br>and Head of Investment <br>Bank Management<br>|
| **Cathal Deasy**<br>Global Co-Head <br>of Investment Banking<br>|
| **Matt Hammerstein**<br>Chief Executive Officer <br>of the UK Corporate Bank <br>and Head of Public <br>Policy and Corporate <br>Responsibility<br>|
| **Vim Maru**<br>Chief Executive Officer <br>of Barclays UK<br>|
| **Tristram Roberts**<br>Group Human <br>Resources Director<br>|
| **Stephen Shapiro**<br>Group General Counsel<br>|
| **Taylor Wright**<br>Global Co-Head <br>of Investment Banking <br>|

---

---

| |
|:---|
| **Anna Cross** <br>Group Finance Director<br>|
| **Craig Bright** <br>Group Co-Chief <br>Operating Officer <br>and BX Co-Chief <br>Executive <br>Officer<br>|
| **Anne Marie Darling**<br>Group Co-Chief <br>Operating Officer <br>and BX Co-Chief <br>Executive Officer<br>|
| **Matt Fitzwater**<br>Group Chief <br>Compliance Officer<br>|
| **Adeel Khan**<br>Head of Global Markets<br>|
| **Denny Nealon**<br>Chief Executive Officer <br>for Barclays US Consumer <br>Bank (USCB) and Barclays <br>Bank Delaware (BBDE)<br>|
| **Taalib Shaah**<br>Group Chief Risk Officer<br>|
| **Sasha Wiggins**<br>Chief Executive <br>of Private Bank and <br>Wealth Management<br>|

---

**Changes in ExCo during 2025**

In July 2025, we welcomed Craig Bright and

Anne Marie Darling as Group Co-Chief

Operating Officers and Co-Chief Executive

Officers of BX. We are grateful for the

contribution made by Alistair Currie (Group

Chief Operating Officer and Chief Executive

Officer of BX), who stepped down from his

role in June 2025.

To support the Group Chief Executive in

driving the delivery of the Group's strategy,

a new role of Group Head of Strategy and

Transformation was introduced. We were

pleased to welcome Wally Adeyemo in this

role in October 2025.

**Standing attendees**

The Group Chief Executive continues to

extend a standing invitation on ExCo to:

• Gijs Borghouts, Group Chief Internal

Auditor

• Hannah Ellwood, Group Company

Secretary

• Anita Tanna, Group Chief of Staff.

**Ex-officio posts**

ExCo continues to utilise ex-officio

positions on the Committee to promote

diversity of thought, provide specialist input

and bring new perspectives,

with each appointee serving a four-

month rotation.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 77 |
|  |  |  |  |  |  |  |  | 77 |

---

**Directors' report: Our governance framework**

**A governance framework to facilitate** 

**effective decision-making** 

Committed to high standards of corporate governance

to drive long-term sustainable value for our shareholders.

![Group Structure_BackGd.gif](bcs-20251231_g96.gif)

---

| |
|:---|
| **Group structure** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Barclays PLC** |

---

---

| |
|:---|
| **BBPLC**<br>Barclays' non-ring-fenced operations<br>|
| Barclays Europe<br>Barclays US LLC<br>Barclays Bank Delaware<br>|

---

Barclays PLC (BPLC) is the Group's parent company and is listed on the London Stock Exchange.

Each of the Group's key operating entities - Barclays Bank PLC (BBPLC), Barclays Bank UK PLC (BBUKPLC), Barclays Bank Ireland PLC

(Barclays Europe), Barclays US LLC and Barclays Bank Delaware (BBDE) - has its own board (with executive and non-executive directors)

and board committees. These main operating entities are supported by our Group-wide service company, BX, which also has its own

board comprised of executive and non-executive directors, and provides technology, operations and functional services to businesses

across the Group.

**Our governance framework**

The Board recognises the importance of

effective governance as an enabler to the

successful development and execution of the

Group's strategy. We consider governance

to be how the Board makes decisions and

provides oversight to promote Barclays'

success for the long-term sustainable benefit

of our shareholders, having regard to the

interests of our stakeholders, which include

our customers and clients, colleagues and

the society and wider environment in which

we operate.

Our Group-wide governance framework

is designed to:

• facilitate the effective management of the

Group by our Group Chief Executive and

his ExCo across our five operating

divisions; and

• support and provide oversight and

constructive challenge to the Group's

major subsidiary boards in the UK,

Ireland and the US, having regard to

the legal, regulatory and independence

requirements applicable to those entities.

**BBUKPLC**<br>Barclays' ring-<br>fenced bank<br>

**BX**<br>Barclays' <br>service company<br>

Generally, there is one set of operating

principles for the Group. Group-wide

frameworks, policies and standards are

adopted throughout the Group unless local

laws or regulations require otherwise (for

example, the ring-fencing obligations

applicable to BBUKPLC), or ExCo decides

otherwise in a particular instance.

**Corporate Governance** 

**Operating Manual** 

Our *Corporate Governance Operating* 

*Manual* sets out how the Group's significant

subsidiaries (and their respective boards and

board committees) should interact with each

other and with management. It also provides

guidance and clarity for management and

Directors as to how these relationships and

processes should work in practice. This is a

dynamic document that evolves alongside

the changing nature of the Group.

**The role of the Board** 

The Board sets the purpose, strategic

direction and risk appetite for the Group and

is the ultimate decision-making body for

matters of Group-wide strategic, financial,

regulatory and/or reputational significance.

The Board also has direct oversight of

matters relating to culture.

Membership of the BPLC and BBPLC

Boards is partially consolidated to drive

efficiency and co-ordination, whilst also

reducing complexity and unnecessary

duplication. Consequently, the BBPLC

Board is composed of a subset of the BPLC

Board, with all members of the BPLC Board

(except for the SID, Chair of BBUKPLC

and at least one other Non-Executive

Director) also serving on the BBPLC Board.

We believe that having members of the

BPLC Board serving as the Chairs of some

of the Group's main operating entities

supports improved efficiency, oversight,

escalation and co-ordination while ensuring

an appropriate focus is given to matters

relevant to each entity.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 78 |
|  |  |  |  |  |  |  |  | 78 |

---

Directors' report: Our governance framework (continued)

![Governance_Framework.gif](bcs-20251231_g97.gif)

---

| |
|:---|
| **Board governance framework** |
| **Barclays PLC Board** |
| Responsible for the overall leadership of the Group<br>(with direct oversight of strategy, culture and strategic reputational matters relating to the Group)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Board Nominations** <br>**Committee**<br>| **Board Audit Committee** | **Board Risk** <br>**Committee**<br>| **Board Sustainability** <br>**Committee**<br>| **Board Remuneration** <br>**Committee**<br>|
| Oversees the composition <br>of, and appointments to, <br>the Board, Board <br>Committees and ExCo.<br>| Oversees financial <br>reporting and <br>monitors the internal <br>control environment.<br>| Oversees the Group's risk <br>profile, risk appetite and <br>management of principal <br>risks.<br>| Oversees climate <br>and sustainability <br>matters.<br>| Sets the principles <br>and parameters of <br>remuneration policy.<br>|
| For more information, <br>see**page** [84](#i12c1279a81884a37aee9a5181c6fa279_544)**.**<br>| For more information, <br>see **page** [92](#i12c1279a81884a37aee9a5181c6fa279_547)**.**<br>| For more information, <br>see **page** [100](#i12c1279a81884a37aee9a5181c6fa279_550)**.**<br>| For more information, <br>see **page** [105](#i12c1279a81884a37aee9a5181c6fa279_556)**.**<br>| For more information, <br>see **page** [116](#i12c1279a81884a37aee9a5181c6fa279_577)**.**<br>|

---

**Matters reserved to the Board** 

Our *Matters Reserved to the Board* sets out

the matters reserved solely for the decision-

making power of the Board. These matters

include material decisions relating to

strategy, risk appetite, medium term plans,

capital and liquidity plans, risk management

and controls frameworks, strategic

reputational matters and the approval of

financial statements, large transactions,

share allotments, dividends and share buy-

backs.

Responsibility for the Group's business on a

day-to-day basis has been delegated by the

Board to the Group Chief Executive,

supported by his ExCo, to make and

implement strategy and operational

decisions.

**Information provided to the Board** 

The Group Chairman is responsible for

setting the Board's agenda, primarily

focused on strategy, performance, value

creation, culture and stakeholders. In

addition, the Group Chairman is responsible

for ensuring that Board members receive

timely and high quality information to

enable sound decision-making and promote

the success of BPLC.

The Group Company Secretary, working in

collaboration with the Group Chairman, is

responsible for ensuring good governance

and information flow to support the Board's

effectiveness.

In addition to presentations delivered to the

Board and Board Committees as part of

formal meetings, Board members are kept

informed of key developments during the

year outside of meetings through updates

from the Executive Directors, ExCo and

senior management.

Directors have access to the advice of the

Group Company Secretary and are also able

to seek independent and professional advice

at Barclays' expense, where required, to

enable them to fulfil their obligations to

BPLC.

**Board Committees** 

The Board is supported in its work by its

Committees: the Board Nominations

Committee, Board Audit Committee, Board

Risk Committee, Board Sustainability

Committee and Board Remuneration

Committee. Each Board Committee has its

own terms of reference setting out its remit and

decision-making powers. The Board may

from time to time establish ad hoc

Committees to oversee specific matters as

and when they arise.

The Board Committees are comprised solely

of Non-Executive Directors, with the

exception of the Board Sustainability

Committee of which the Group Chief

Executive is an Executive member. In that

role, the Group Chief Executive brings

invaluable strategic insights to the

Committee's discussions, including external

perspectives from his outside engagements.

The Chairs of each Board Committee report

regularly on their Committee's work to the

Board. You can read more about the work of

each Board Committee later in this

Governance report.

**Conflicts of interest**

The Board has the authority to authorise

Director conflicts of interest in accordance

with the Companies Act 2006 and BPLC's

articles of association (Articles). This

ensures that the influence of third parties

does not compromise the independent

judgement of the Board.

Directors are required to declare any

potential or actual conflicts of interest that

could interfere with their ability to act in the

best interests of BPLC.

A conflicts register recording actual and

potential conflicts of interest is maintained,

together with any Board authorisations of

conflicts. Authorisations are for an indefinite

period, but are reviewed on an annual basis

by the Board. The Board also considers the

effectiveness of the conflicts authorisation

process. The Board retains the power to vary

or terminate conflicts authorisations at

any time.

**Attendance at Board meetings**

Directors are expected to attend every Board

meeting. Where a Director is not able to

attend a Board meeting, the relevant

Director's views are generally made known

to the Group Chairman in advance of the

meeting. The Group Chairman also meets

privately with the Non-Executive Directors

on a regular basis.

Details of Director attendance at Board

meetings during 2025 are set out on the next

page, and details of Director attendance at

Board Committee meetings are set out in the

report of each Board Committee.

**Board effectiveness**

The effectiveness of the Board, Board

Committees and individual Directors is

assessed on an annual basis. As permitted by

the Code, an internally facilitated effectiveness

review was carried out for 2025. You can read

about the results of the 2025 review, as well as

progress against the recommendations from the

externally facilitated Board review for 2024, in

the report of the Board Nominations

Committee from page [84](#i12c1279a81884a37aee9a5181c6fa279_544).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 79 |
|  |  |  |  |  |  |  |  | 79 |

---

Directors' report: Our governance framework (continued)

**Division of responsibilities and Board meeting attendance**

**Roles on the Board**

In line with the provisions of the Code, a clear division of responsibilities has been established between Executive and Non-Executive

Directors. Our *Charter of Expectations* sets out the individual role profiles and required behaviours and competencies for the Chair, SID,

Non-Executive Directors, Executive Directors and Committee Chairs. A summary of the role profiles for Board members is set out in the

table below.

**Attendance at Board meetings**

The table below provides details of Director attendance at Board meetings during 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Role on Board** | **Meetings** <br>**attended/eligible** <br>**to attend**<br>| **Ad hoc meetings** <br>**attended/eligible** <br>**to attend**<sup>6</sup><br>| **Responsibilities** |
| **Chair** |  |  |  |
| **Nigel Higgins**<sup>1</sup> | 7/7 | 5/5 | The Chair is responsible for: <br>•leading the Board and its overall effectiveness in directing the Company <br>•promoting a culture of openness and inclusion, and facilitating and encouraging <br>open, constructive challenge and debate between all Directors <br>•ensuring the Board has a clear understanding of shareholder views.<br>|
| **Group Chief Executive** | **Group Chief Executive** | **Group Chief Executive** | **Group Chief Executive** |
| **C.S. Venkatakrishnan** | 7/7 | 5/5 | The Group Chief Executive, supported by his ExCo, is responsible for:<br>•managing the Group's business on a day-to-day basis and making and implementing <br>operational decisions<br>•leading Barclays towards the achievement of its strategic objectives and <br>implementing the strategy set by the Board<br>•promoting and demonstrating the appropriate culture, values and behaviours, <br>including Barclays' Purpose, Values and Mindset.<br>|
| **Senior Independent Director** | **Senior Independent Director** | **Senior Independent Director** | **Senior Independent Director** |
| **Brian Gilvary** | 7/7 | 3/5 | The SID is responsible for:<br>•providing a sounding board for the Chair; serving as a trusted intermediary for the <br>other Directors and shareholders, when necessary<br>•maintaining contact as required with major shareholders to understand their issues <br>and concerns, and ensuring the Board is aware of their views <br>•leading the appraisal of the Chair's performance, at least annually. <br>|
| **Group Finance Director** | **Group Finance Director** | **Group Finance Director** | **Group Finance Director** |
| **Anna Cross** | 7/7 | 5/5 | The Group Finance Director is responsible for:<br>•together with the Group Chief Executive, the achievement of financial targets for the <br>Group<br>•providing strategic and functional leadership of the Finance functions<br>•managing and responding to feedback on Barclays' business performance from <br>investors, financial institutions, regulators and auditors.<br>|
| **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** | **Non-Executive Directors** |
| **Robert Berry** | 7/7 | 5/5 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Dawn Fitzpatrick** | 7/7 | 3/5 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Mary Francis** | 7/7 | 5/5 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Sir John Kingman** | 7/7 | 5/5 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Diony Lebot**<sup>2</sup> | 6/6 | 3/4 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Mary Mack**<sup>3</sup> | 5/5 | 2/2 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Marc Moses** | 7/7 | 4/5 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Brian Shea** | 7/7 | 5/5 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Julia Wilson** | 7/7 | 5/5 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Former Directors** |  |  | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Tim Breedon**<sup>4</sup> | 1/1 | 2/2 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |
| **Diane Schueneman**<sup>5</sup> | 0/0 | 0/1 | Non-Executive Directors (including the Chair and SID) are responsible for: <br>•providing effective oversight, strategic guidance and constructive challenge<br>•helping to develop proposals on strategy and empowering the Executive Directors to <br>implement the Group's strategy while scrutinising and holding to account the <br>performance of management and Executive Directors against agreed performance <br>objectives<br>•with the support of the Board Nominations Committee, the appointment and <br>removal and succession planning for Executive Directors.<br>**Notes:**<br>1As required by the Code, the Group Chairman was independent on appointment.<br>2Diony Lebot was appointed to the Board with effect from 17 March 2025.<br>3Mary Mack was appointed to the Board with effect from 1 June 2025.<br>4Tim Breedon stepped down from the Board with effect from 30 April 2025.<br>5Diane Schueneman stepped down from the Board with effect from 31 January 2025.<br>6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing <br>to other commitments, some Directors were unable to attend certain ad hoc Board <br>meetings, however they received papers in advance and had the opportunity to share <br>their views with the Group Chairman ahead of the meetings.  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 80 |
|  |  |  |  |  |  |  |  | 80 |

---

**Directors' report: Key Board activities**

**Key Board activities in 2025**

Overseeing delivery of our three-year strategy and transformation initiatives.

Throughout 2025, the Board maintained its focus on overseeing management's execution of the Group's three-year strategy and supporting

transformation initiatives, whilst also considering the new financial and operational targets through to 2028, to be announced on 10 February

2026. The Board received regular updates on the main business divisions and progress against existing targets, as well as briefings on matters

of Group-wide significance, with consideration given to the impacts of the evolving macroeconomic, geopolitical and regulatory landscape

on the Group's performance and operations, alongside strategy.

The Board recognises that the rapidly changing technological environment presents both opportunities and challenges, necessitating an

ongoing focus on digital innovation whilst ensuring the resilience of the Group's operations. You can read more about the Board's oversight

of technology transformation in the Technology spotlight on page [83](#ie27299febe5a48169d6a1f519fdee4b4_0-0-1-1-4390467).

Spotlight on<br>

**Culture**<br>

**The Board recognises that a** 

**positive culture aligned to our** 

**Purpose, Values and Mindset is** 

**fundamental to our long-term** 

**success.** 

During 2025, the Board reviewed the

progress to embed the Group-wide

'consistently excellent' (CE) cultural

change programme and discussed its

continued importance to delivering the

Group's strategy.

The Board discussed performance against

CE dashboard metrics and colleague

sentiment expressed through Your View

survey results.

As part of this, the Board considered

colleagues' understanding of, and

engagement with, CE, and opportunities to

make it easier for colleagues to achieve a

consistently excellent standard. The Board

reflected on the focus areas for 2026 to drive

further change through the organisation,

with key dependencies identified as being

further simplification of the operating

environment and continued colleague

support.

Furthermore, to provide ongoing focus to

CE as a pillar that supports the delivery of

strategy, the Board requested that progress

updates be presented alongside updates on

Group transformation initiatives.

Board members also had the opportunity

to hear about Group culture first hand

through engagement with colleagues

during the year, examples of which are set

out in the table below. This included a

visit to Barclays' campus at Pune by

certain Board members, which provided

the opportunity to engage with colleagues

on a number of themes, including how

they are enabling process simplification

and automation (including using AI

responsibly), and digitalising customer

journeys to deliver more personalised and

integrated customer and client

experiences.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **March** | **March** | **April** | **May** | **May** | **May** | **June** |
|  | **Leadership** <br>**Accelerator** <br>**Programme** <br>**Closing Event**<br>| **India Visit** | **Annual General** <br>**Meeting**<br>| **Markets Floor** <br>**Walk**<br>| **Future Leaders** <br>**Group** <br>**Networking** <br>**Reception**<br>| **Citizenship,** <br>**Inclusion &** <br>**Opportunity** <br>**Awards**<br>|
|  | London | Pune | London | London | New York | London |
|  | Audience: <br>Colleagues<br>| Audience:<br>Colleagues<br>| Audience: <br>Shareholders<br>| Audience:<br>Colleagues<br>| Audience:<br>Colleagues / <br>Clients<br>| Audience:<br>Colleagues<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **September** | **September** | **October** | **October** | **November** | **November** |
|  | **Managing** <br>**Director** <br>**Alumni** <br>**Event**<br>| **Global** <br>**Family Office** <br>**Forum**<br>| **Annual General** <br>**Meeting**<br>| **US Consumer** <br>**Bank** <br>**Immersion**<br>| **Barclays** <br>**Professional** <br>**Services** <br>**Conference**<br>|
|  | London | London |  | Delaware | London |
|  | Audience: <br>Colleagues<br>| Audience:<br>Clients<br>|  | Audience:<br>Colleagues<br>| Audience:<br>Clients<br>|

---

Mary Francis at the <br>Managing Director alumni <br>event<br>

![Dawn Fitzpatrick and Sasha Wiggins.jpg](bcs-20251231_g98.jpg)

Dawn Fitzpatrick and <br>Sasha Wiggins at the Global <br>Family Office Forum<br>

![Mary Francis Alumni event.jpg](bcs-20251231_g99.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 81 |
|  |  |  |  |  |  |  |  | 81 |

---

Directors' report: Key Board activities (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Stakeholder groups** | **Stakeholder groups** | **Stakeholder groups** | **Stakeholder groups** |
| ![Key Board activities Icons-01.gif](bcs-20251231_g100.gif) | Customers and clients  | ![Key Board activities Icons-03.gif](bcs-20251231_g101.gif) | Society |
| ![Key Board activities Icons-02.gif](bcs-20251231_g102.gif) | Colleagues | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) | Investors |

---

**Key focus areas**

The following two pages highlight the key areas of focus for the Board during 2025

and the key stakeholder groups central to the matters considered and decisions taken.

---

| | | |
|:---|:---|:---|
| **Strategy** | **Strategy** | ![Key Board activities Icons-01.gif](bcs-20251231_g100.gif)<br>![Key Board activities Icons-02.gif](bcs-20251231_g102.gif)<br>![Key Board activities Icons-03.gif](bcs-20251231_g101.gif)<br>![Key Board activities Icons-04.gif](bcs-20251231_g103.gif)<br>|
| **Topic** | **Board activity** | **Board activity** |
| **Strategy** <br>**and business** <br>**review**<br>| •Strategy was considered regularly during the year, <br>including through dedicated corporate strategy <br>sessions at the September and December Board <br>meetings.<br>•Reviewed and discussed the 2025 Medium Term <br>Plan (MTP).<br>•Reviews of the main operating businesses <br>throughout the year enabled the Board to consider <br>the key risks and opportunities for each of the <br>businesses and monitor their progress against the <br>targets set in our three-year plan.<br>•Reviewed and evaluated an update on the entity and <br>location strategy for Barclays Europe.<br>**Key decisions**<br>•Approved the 2025 MTP.<br>•Confirmed continued support for the re-<br>domiciliation of Barclays Europe to France. | •Strategy was considered regularly during the year, <br>including through dedicated corporate strategy <br>sessions at the September and December Board <br>meetings.<br>•Reviewed and discussed the 2025 Medium Term <br>Plan (MTP).<br>•Reviews of the main operating businesses <br>throughout the year enabled the Board to consider <br>the key risks and opportunities for each of the <br>businesses and monitor their progress against the <br>targets set in our three-year plan.<br>•Reviewed and evaluated an update on the entity and <br>location strategy for Barclays Europe.<br>**Key decisions**<br>•Approved the 2025 MTP.<br>•Confirmed continued support for the re-<br>domiciliation of Barclays Europe to France. |
| **Strategic** <br>**transactions**<br>| •In support of Barclays' strategy to simplify and <br>focus on growing key businesses, the Board <br>assessed strategic opportunities for the Group and <br>received updates on the progress of key strategic <br>transactions across the Group. <br>**Key decisions**<br>•In Q1 2025, approved Barclays' long-term strategic <br>partnership with Brookfield Asset Management <br>Limited in relation to our payment acceptance <br>business.<br>•In Q3 2025, approved the acquisition of Best Egg, <br>Inc. by BBDE. | •In support of Barclays' strategy to simplify and <br>focus on growing key businesses, the Board <br>assessed strategic opportunities for the Group and <br>received updates on the progress of key strategic <br>transactions across the Group. <br>**Key decisions**<br>•In Q1 2025, approved Barclays' long-term strategic <br>partnership with Brookfield Asset Management <br>Limited in relation to our payment acceptance <br>business.<br>•In Q3 2025, approved the acquisition of Best Egg, <br>Inc. by BBDE. |
| **Supporting** <br>**implementation** <br>**of strategy**<br>| •Monitored the progress made against the delivery of <br>transformation initiatives to support implementation <br>of the Group's strategy. This included spotlights on <br>customer journeys and operating effectiveness. | •Monitored the progress made against the delivery of <br>transformation initiatives to support implementation <br>of the Group's strategy. This included spotlights on <br>customer journeys and operating effectiveness. |
| **Climate and** <br>**sustainability** <br>**strategy**<br>| •Considered progress on the Group's climate and <br>sustainability strategy through reports from the <br>Board Sustainability Committee, with a focus on the <br>Barclays Transition Update.<br>•Received an update on the Group's sustainable <br>finance strategy, reviewing performance against <br>targets and the development of the business, <br>including in the context of the macro environment.<br>**Key decisions**<br>•In early 2025, approved the 2024 Group Modern <br>Slavery Statement.<br>•Approved the Barclays Transition Update. | •Considered progress on the Group's climate and <br>sustainability strategy through reports from the <br>Board Sustainability Committee, with a focus on the <br>Barclays Transition Update.<br>•Received an update on the Group's sustainable <br>finance strategy, reviewing performance against <br>targets and the development of the business, <br>including in the context of the macro environment.<br>**Key decisions**<br>•In early 2025, approved the 2024 Group Modern <br>Slavery Statement.<br>•Approved the Barclays Transition Update. |

---

---

| | | |
|:---|:---|:---|
| **Culture, colleague and inclusion**  | **Culture, colleague and inclusion**  | ![Key Board activities Icons-02.gif](bcs-20251231_g102.gif)<br>![Key Board activities Icons-03.gif](bcs-20251231_g101.gif)<br>|
| **Topic** | **Board activity** | **Board activity** |
| **Culture,** <br>**colleague** <br>**engagement** <br>**and talent**<br>| •Considered the evolution of the organisation's <br>culture through regular updates on the embedment <br>of the Group-wide Consistently Excellent <br>programme and Your View colleague survey <br>results. Please see the spotlight on Culture on page <br>[80](#ieab346dccab642fb94636e4a30f5ea6b_2768) for further details.<br>•Reviewed progress on the talent excellence <br>programme, aimed at enhancing practices to <br>identify, assess and develop high potential talent <br>across the organisation. This included consideration <br>of the success measures and proposed outcomes for <br>the programme. <br>•Considered Barclays' method of workforce <br>engagement to confirm it remained effective in <br>facilitating meaningful, regular two-way dialogue <br>with colleagues.<br>•Considered Barclays' workforce policies and <br>practices and key focus areas in 2025.<br>•Board members engaged with colleagues at events <br>during the year, examples of which are set out on <br>page [80](#ieab346dccab642fb94636e4a30f5ea6b_2768).<br>**Key decisions**<br>•Confirmed that Barclays' method of workforce <br>engagement has been effective in 2025.<br>•Confirmed that Barclays' workforce policies and <br>practices are consistent with Barclays' Values and <br>support Barclays' long-term sustainable success. | •Considered the evolution of the organisation's <br>culture through regular updates on the embedment <br>of the Group-wide Consistently Excellent <br>programme and Your View colleague survey <br>results. Please see the spotlight on Culture on page <br>[80](#ieab346dccab642fb94636e4a30f5ea6b_2768) for further details.<br>•Reviewed progress on the talent excellence <br>programme, aimed at enhancing practices to <br>identify, assess and develop high potential talent <br>across the organisation. This included consideration <br>of the success measures and proposed outcomes for <br>the programme. <br>•Considered Barclays' method of workforce <br>engagement to confirm it remained effective in <br>facilitating meaningful, regular two-way dialogue <br>with colleagues.<br>•Considered Barclays' workforce policies and <br>practices and key focus areas in 2025.<br>•Board members engaged with colleagues at events <br>during the year, examples of which are set out on <br>page [80](#ieab346dccab642fb94636e4a30f5ea6b_2768).<br>**Key decisions**<br>•Confirmed that Barclays' method of workforce <br>engagement has been effective in 2025.<br>•Confirmed that Barclays' workforce policies and <br>practices are consistent with Barclays' Values and <br>support Barclays' long-term sustainable success. |
| **Inclusion and** <br>**opportunity**<br>| •Received updates on Barclays' inclusion and <br>opportunity strategy which seeks to create a <br>workplace where everyone feels valued and <br>respected, within a culture of belonging and equal <br>opportunity. <br>•Considered an updated version of the Board <br>Inclusion and Opportunity Policy in December 2025 <br>and February 2026, to ensure the policy continues to <br>reflect the Group's inclusion and opportunity <br>strategy.<br>**Key decisions**<br>•Approved the updated Board Inclusion and <br>Opportunity Policy. | •Received updates on Barclays' inclusion and <br>opportunity strategy which seeks to create a <br>workplace where everyone feels valued and <br>respected, within a culture of belonging and equal <br>opportunity. <br>•Considered an updated version of the Board <br>Inclusion and Opportunity Policy in December 2025 <br>and February 2026, to ensure the policy continues to <br>reflect the Group's inclusion and opportunity <br>strategy.<br>**Key decisions**<br>•Approved the updated Board Inclusion and <br>Opportunity Policy. |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Please see the Colleagues section from **page** [26](#i12c1279a81884a37aee9a5181c6fa279_145)<br>for further information on Barclays' workforce <br>engagement mechanisms and initiatives to <br>continue to embed a CE standard of delivery.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Details of the Board Inclusion and Opportunity <br>Policy can be found in the Board Nominations <br>Committee report from **page** [84](#i12c1279a81884a37aee9a5181c6fa279_544)**.**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 82 |
|  |  |  |  |  |  |  |  | 82 |

---

Directors' report: Key Board activities (continued)

---

| | | |
|:---|:---|:---|
| **Risk, resilience, recovery and resolution** | **Risk, resilience, recovery and resolution** | ![Key Board activities Icons-01.gif](bcs-20251231_g100.gif)<br>![Key Board activities Icons-04.gif](bcs-20251231_g103.gif)<br>![Key Board activities Icons-03.gif](bcs-20251231_g101.gif)<br>|
| **Topic** | **Board activity** | **Board activity** |
| **Risk profile** | •Regularly reviewed the Group's risk profile, <br>compliance risk profile and emerging risks, taking <br>into consideration the impact of the macroeconomic, <br>regulatory and geopolitical environment. This <br>included consideration of updates from management <br>on market conditions, the impacts for Barclays and <br>how these were being managed, including in <br>response to market events early in 2025, in addition <br>to a geopolitical update regarding the outlook for <br>2026.<br>•Received regular updates on financial crime risk, <br>including the Group-wide programme to enhance <br>financial crime capabilities.<br>**Key decisions**<br>•Approved Barclays' Risk Appetite Statement.<br>•Approved updates to the Group Enterprise Risk <br>Management Framework (ERMF). | •Regularly reviewed the Group's risk profile, <br>compliance risk profile and emerging risks, taking <br>into consideration the impact of the macroeconomic, <br>regulatory and geopolitical environment. This <br>included consideration of updates from management <br>on market conditions, the impacts for Barclays and <br>how these were being managed, including in <br>response to market events early in 2025, in addition <br>to a geopolitical update regarding the outlook for <br>2026.<br>•Received regular updates on financial crime risk, <br>including the Group-wide programme to enhance <br>financial crime capabilities.<br>**Key decisions**<br>•Approved Barclays' Risk Appetite Statement.<br>•Approved updates to the Group Enterprise Risk <br>Management Framework (ERMF). |
| **Resolution** <br>**and recovery**<br>| •Received an update on Barclays' resolvability <br>arrangements, including the testing and assurance <br>activities completed in 2025, and a Group resolution <br>simulation planned for 2026 to ensure our resolution <br>capabilities are execution-ready.<br>•Considered the Group Recovery Plan, including the <br>options available to execute in a severe financial <br>stress.<br>**Key decisions**<br>•Approved the Group Recovery Plan. | •Received an update on Barclays' resolvability <br>arrangements, including the testing and assurance <br>activities completed in 2025, and a Group resolution <br>simulation planned for 2026 to ensure our resolution <br>capabilities are execution-ready.<br>•Considered the Group Recovery Plan, including the <br>options available to execute in a severe financial <br>stress.<br>**Key decisions**<br>•Approved the Group Recovery Plan. |
| **Technology,** <br>**operations** <br>**and resilience**<br>| •Considered the Group's annual operational <br>resilience self-assessment in respect of the Group's <br>Important Business Services (IBS). The Board <br>subsequently discussed changes to the impact <br>tolerance thresholds for certain IBS following a <br>review after the 31 January 2025 IT incident that <br>impacted Barclays' business in the UK. The Board <br>maintained close oversight of the IT incident review.<br>•Closely monitored the progress of the Group-wide <br>programme to enhance Barclays' cybersecurity <br>capabilities and drive long-term resilience. The <br>Board also considered the priority workstreams for <br>the programme in 2026.<br>•A number of Board members participated in a crisis <br>event simulation exercise focused on governance <br>and decision-making in relation to a cybersecurity <br>scenario.<br>•Continued to consider how to bring deeper <br>technology advice and additional technology focus <br>and insight to the Board, reflecting the importance of <br>digitisation and technology-driven innovation to the <br>Group's strategy. This included considering the <br>remit of the BX Board within this context.<br>**Key decisions**<br>•Approved changes to the impact tolerance thresholds <br>for certain IBS.<br>•Agreed to bring the oversight of strategic technology <br>matters within the remit of the BX Board. | •Considered the Group's annual operational <br>resilience self-assessment in respect of the Group's <br>Important Business Services (IBS). The Board <br>subsequently discussed changes to the impact <br>tolerance thresholds for certain IBS following a <br>review after the 31 January 2025 IT incident that <br>impacted Barclays' business in the UK. The Board <br>maintained close oversight of the IT incident review.<br>•Closely monitored the progress of the Group-wide <br>programme to enhance Barclays' cybersecurity <br>capabilities and drive long-term resilience. The <br>Board also considered the priority workstreams for <br>the programme in 2026.<br>•A number of Board members participated in a crisis <br>event simulation exercise focused on governance <br>and decision-making in relation to a cybersecurity <br>scenario.<br>•Continued to consider how to bring deeper <br>technology advice and additional technology focus <br>and insight to the Board, reflecting the importance of <br>digitisation and technology-driven innovation to the <br>Group's strategy. This included considering the <br>remit of the BX Board within this context.<br>**Key decisions**<br>•Approved changes to the impact tolerance thresholds <br>for certain IBS.<br>•Agreed to bring the oversight of strategic technology <br>matters within the remit of the BX Board. |

---

---

| | | |
|:---|:---|:---|
| **Finance** | **Finance** | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) |
| **Topic** | **Board activity** | **Board activity** |
| **Financial** <br>**performance** <br>**and reporting**<br>| •The Group Finance Director provided regular <br>updates to the Board which included reporting on <br>the financial performance of the Group and business <br>divisions, including progress against targets and <br>monitoring market reaction to the Group's financial <br>results. <br>**Key decisions**<br>•Approved the BPLC Annual Report and Accounts <br>for the year ended 31 December 2024.<br>•Approved Q1 2025, HY 2025 and Q3 2025 <br>financial results announcements.<br>•Upon the recommendation of the Board Audit <br>Committee, confirmed the reappointment of KPMG <br>as the Group statutory auditor with effect from the <br>2027 financial year. | •The Group Finance Director provided regular <br>updates to the Board which included reporting on <br>the financial performance of the Group and business <br>divisions, including progress against targets and <br>monitoring market reaction to the Group's financial <br>results. <br>**Key decisions**<br>•Approved the BPLC Annual Report and Accounts <br>for the year ended 31 December 2024.<br>•Approved Q1 2025, HY 2025 and Q3 2025 <br>financial results announcements.<br>•Upon the recommendation of the Board Audit <br>Committee, confirmed the reappointment of KPMG <br>as the Group statutory auditor with effect from the <br>2027 financial year. |
| **Capital** <br>**and liquidity** <br>**position and** <br>**distributions**<br>| •Monitored the Group's capital and liquidity position <br>and considered distributions proposals, including a <br>new quarterly cadence for share buy-backs. <br>•Received an update on the Group's capital <br>management practices.<br>**Key decisions**<br>•Approved a full year dividend for the year ended 31 <br>December 2024 of 5.5p per ordinary share and a full <br>year share buy-back for 2024 of up to £1bn.<br>•Approved a half year dividend of 3.0p per ordinary <br>share for the six months ended 30 June 2025 and a <br>half year share buy-back of up to £1bn.<br>•Approved a Q3 2025 share buy-back of up to £500m. | •Monitored the Group's capital and liquidity position <br>and considered distributions proposals, including a <br>new quarterly cadence for share buy-backs. <br>•Received an update on the Group's capital <br>management practices.<br>**Key decisions**<br>•Approved a full year dividend for the year ended 31 <br>December 2024 of 5.5p per ordinary share and a full <br>year share buy-back for 2024 of up to £1bn.<br>•Approved a half year dividend of 3.0p per ordinary <br>share for the six months ended 30 June 2025 and a <br>half year share buy-back of up to £1bn.<br>•Approved a Q3 2025 share buy-back of up to £500m. |

---

---

| | | |
|:---|:---|:---|
| **Governance and regulatory matters** | **Governance and regulatory matters** | ![Key Board activities Icons-01.gif](bcs-20251231_g100.gif)<br>![Key Board activities Icons-04.gif](bcs-20251231_g103.gif)<br>|
| **Topic** | **Board activity** | **Board activity** |
| **Succession** | •On the recommendation of the Board Nominations <br>Committee, considered succession planning and <br>proposed changes to Board and Board Committee <br>membership.<br>**Key decisions**<br>•Approved the appointment of Diony Lebot and <br>Mary Mack as Non-Executive Directors and, in <br>February 2026, the resignation of Mary Francis. | •On the recommendation of the Board Nominations <br>Committee, considered succession planning and <br>proposed changes to Board and Board Committee <br>membership.<br>**Key decisions**<br>•Approved the appointment of Diony Lebot and <br>Mary Mack as Non-Executive Directors and, in <br>February 2026, the resignation of Mary Francis. |
| **Regulatory** <br>**engagement** <br>**and oversight**<br>| •Representatives from our key regulatory <br>stakeholders were invited to Board meetings in <br>order to strengthen relationships and share feedback <br>on their priorities and areas of focus for Barclays. <br>Meetings were also held between individual <br>Directors and regulatory stakeholders throughout <br>the year. <br>•Considered updates on public policy and regulatory <br>developments impacting the Group and Barclays' <br>priorities and response in the context of these <br>developments. | •Representatives from our key regulatory <br>stakeholders were invited to Board meetings in <br>order to strengthen relationships and share feedback <br>on their priorities and areas of focus for Barclays. <br>Meetings were also held between individual <br>Directors and regulatory stakeholders throughout <br>the year. <br>•Considered updates on public policy and regulatory <br>developments impacting the Group and Barclays' <br>priorities and response in the context of these <br>developments. |
| **Consumer** <br>**Duty**<br>| •To support the Board's oversight of Consumer Duty <br>across the Group, it received a Consumer Duty <br>Dashboard and, subsequently, the Consumer Duty <br>Annual Board Reports for BBPLC and BBUKPLC. <br>•With input from the BBPLC Consumer Duty <br>Champion, the Board considered the approach to <br>the broader oversight and coverage of customer <br>service and good customer outcomes through Board <br>reporting and discussions. | •To support the Board's oversight of Consumer Duty <br>across the Group, it received a Consumer Duty <br>Dashboard and, subsequently, the Consumer Duty <br>Annual Board Reports for BBPLC and BBUKPLC. <br>•With input from the BBPLC Consumer Duty <br>Champion, the Board considered the approach to <br>the broader oversight and coverage of customer <br>service and good customer outcomes through Board <br>reporting and discussions. |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The Technology spotlight on the next page <br>provides further details on the Board's oversight of <br>technology transformation across the Group.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 83 |
|  |  |  |  |  |  |  |  | 83 |

---

Directors' report: Key Board activities (continued)

Spotlight on<br>

**The Board's oversight of technology**<br>

**Tosupport the continued and robust**![VisaBoardRoomSanFran_Cropped.jpg](bcs-20251231_g104.jpg)<br>

**oversight of technology transformation,** 

**and in recognition of the strategic** 

**significance of transformation to** 

**the Group's longer-term success,** 

**the Board not only thoroughly assessed** 

**how management executed its plans, but** 

**also remained dedicated to continually** 

**deepening its own understanding of** 

**emerging technologies and its impact on** 

**Barclays' capabilities.**

As the organisation advanced its digital

transformation - enhancing digital, data and

AI expertise, and streamlining customer

journeys and their related processes - the

Board recognised the ongoing need to

engage deeply in these rapidly-evolving

fields.

Building a deeper understanding included

hearing from others, including those at the

forefront of academic research in digital

transformation, leaders driving the next

generation of technology change, and

organisations that have executed or are

currently undertaking similar

transformations, having learned the lessons

critical to success.

In support of this objective, in June 2025,

Board members, together with some

members of Group ExCo, visited San

Francisco to learn about technology

transformation and to hear from leaders of

world-leading organisations about how

their businesses have successfully

navigated digital transformations, the pace

of change and the cost of inaction. This

provided the Board with an opportunity to

reflect on how these lessons could be

applied to Barclays, including the role of

the Board in navigating the change ahead.

The Board spent time with the Chairman

and Research Scientists from the

Massachusetts Institute of Technology

(MIT) Center for Information Systems

Research, learning about best practices for

integrating technology expertise into the

Board, the potential of emerging

technologies, and the Board's role in

fostering responsible innovation and

managing these risks.

This was followed by engagement with five

organisations that exemplify the

capabilities and outcomes of successful

digital transformation, including digital

engagement with customers, use of data,

streamlined and digitised processes, and

agile execution of change.

The emphasis of these engagements

was on the successful adoption of tech

innovation in digital, data and AI to

enhance organisational capabilities

and performance.

Supported by the San Francisco trip, the

Board has continued to make technology

transformation a key focus area. The

strategic ambition for Barclays beyond

2026 underscores the role of technology in

our core purpose and long-term ambitions.

The next phase of the strategy focuses on

greater investment capacity to further

deepen customer and client relationships,

enhance resilience against cyber threats and

realise further efficiency and productivity

improvements through new technologies

and responsible deployment of AI. This

includes the Board's continued review of

the approach to AI governance (including

the internal policies and standards relating

to AI) and adoption and the use cases being

deployed within Barclays.

---

| | | |
|:---|:---|:---|
| **BX Board's role in the oversight of strategic technology matters** | **BX Board's role in the oversight of strategic technology matters** | **BX Board's role in the oversight of strategic technology matters** |
| Barclays Execution Services Limited (BX) is <br>the Group-wide service company providing <br>technology operations and functional services <br>to businesses across the Barclays Group. The <br>Board recognises the rapidly-evolving nature <br>and use of new technology, data and AI in the <br>delivery of these services, and in 2025 <br>considered how to bring greater relevant insight <br>to the Board. It was determined that this would <br>be best achieved by specifically including <br>oversight of strategic technology matters within <br>the remit of the BX Board, alongside its wider <br>oversight of the operational, service delivery <br>and performance <br>| aspects of technology. To support this <br>increased remit, and provide greater <br>independent oversight, changes have been <br>made to the composition of the BX Board <br>which now comprises a majority of <br>independent non-executive directors. The BX <br>Board is chaired by Brian Shea, who provides <br>valuable connectivity between the Board and <br>BX Board. During 2025, Duriya Farooqui and <br>Prof Sir Anthony Finkelstein were appointed as <br>new independent BX Non-Executive Directors, <br>joining Avid Larizadeh Duggan, who has <br>served on the BX Board since 2021. It is <br>anticipated further<br>| independent BX Non-Executive Directors will <br>be appointed in 2026. Collectively, the <br>independent BX Non-Executive Directors <br>bring wide-ranging experience across <br>financial services transformation, operations, <br>technology, cybersecurity and resilience, and <br>innovation. In addition, new BX Co-CEOs <br>(and Group Co-COOs) Anne Marie Darling <br>and Craig Bright were appointed in 2025. A <br>schedule of technology-centred education <br>sessions for the Board, and regular updates <br>from the BX Chair and BX Co-CEOs, <br>commenced in 2025 and will continue during <br>2026.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 84 |
|  |  |  |  |  |  |  |  | 84 |

---

**Directors' report: Board Nominations Committee report**

**Supporting delivery of Barclays'** 

**strategy through robust succession** 

**planning**

Focused on composition, succession and effectiveness to support continuity of

strong leadership

![NomCom_Vertical_Box.jpg](bcs-20251231_g105.jpg)

---

| |
|:---|
| **Board Nominations** <br>**Committee**<br>|
| **Nigel Higgins**<br>Chair, Board Nominations Committee<br>|
| **Committee membership**<sup>1</sup> **and** <br>**meeting attendance**<sup>2</sup> **during 2025**<sup>3</sup><br>|

---

---

| | | |
|:---|:---|:---|
| **Member** | **Meetings attended/**<br>**eligible to attend** | **Meetings attended/**<br>**eligible to attend** |
| **Nigel Higgins** | **Nigel Higgins** | **2/2** |
| Brian Gilvary | Brian Gilvary | **2/2** |
| Julia Wilson | Julia Wilson | **2/2** |

---

**Notes**<br>1The Group Chairman chairs the Committee, <br>with its membership composed solely of <br>independent Non-Executive Directors.<br>2In addition to its members, Committee <br>meetings were attended by representatives <br>from senior management, including the Group <br>Chief Executive and Group HR Director.<br>3There were two scheduled meetings of the <br>Committee in 2025 with no ad hoc meetings <br>(2024: three meetings, no ad hoc meetings).<br>

**Dear Shareholders**

The Committee's primary focus is to ensure

that the Board and its Board Committees and

ExCo continue to have an optimal balance of

skills, experience and knowledge to support

delivery of the Group's strategy which is

considered with input from the wider Board.

Key to this is robust succession planning to

ensure continuity of strong leadership. As

part of that succession planning, this year we

welcomed Diony Lebot and Mary Mack to

the Board as independent Non-Executive

Directors. Diony brings strong experience in

banking, financial services, and European

regulatory matters, and Mary similarly has

deep expertise in financial services, in

particular in the area of consumer banking.

We recently announced that Mary Francis

will be retiring from the Board, as a member

of the Board Remuneration and

Sustainability Committees and as Chair of

the BBPLC Board Remuneration

Committee, in each case with effect from 6

May 2026. As such, Mary will not seek re-

election at the 2026 AGM. In addition, and

as reported in our 2024 Annual Report,

Diane Schueneman retired from the Board,

the Board Audit and Nominations

Committees and as Chair of the BX Board,

in each case with effect from 31 January

2025, whilst continuing to serve as a non-

executive director of Barclays US LLC. On

30 April 2025, Tim Breedon retired from the

Board, whilst maintaining his role as Chair

of Barclays Europe.

The Committee and the Board are extremely

grateful for Mary, Tim and Diane's

significant contributions to Barclays during

their respective tenures. None of Mary, Tim

nor Diane raised any concerns about the

operation of the Board or management.

During 2025, the Committee also oversaw

additional changes to Board Committee

composition, including Diony's appointment

to the Sustainability Committee and my

appointment as a member of the

Remuneration Committee. With regard to

ExCo succession, both the Committee and

the Board receive regular updates from

management on succession planning,

including hearing directly from the Group

Chief Executive and the Group Human

Resources Director, and in 2025, the

Committee approved the appointment of

new Group Co-Chief Operating Officers and

a Group Head of Strategy and

Transformation as members of ExCo.

You can read more about the Committee's

priorities and activities during 2025 below.

Looking ahead to 2026, the Committee

remains focused on the need to continue to

review and refresh the skills on the Board

and Board Committees and on ExCo

composition as part of our ongoing

succession planning activity.

**Nigel Higgins**

Chair, Board Nominations Committee

9 February 2026

---

| |
|:---|
| **Role of the Committee** |
| The role of the Committee is to, among <br>other things:<br>•ensure the Board is comprised of <br>individuals who are best able to <br>discharge their duties and <br>responsibilities;<br>•oversee the appropriate assessment of <br>the suitability of Directors, members <br>of the ExCo and other key personnel;<br>•support and advise the Board in <br>ensuring that the Company has the <br>appropriate corporate governance <br>standards and practices in place that <br>are consistent with best practice; and<br>•keep the Board's governance <br>arrangements under review.<br>|

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The Committee's terms of reference are <br>available at **home.barclays/who-we-**<br>**are/our-governance/board-**<br>**committees/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 85 |
|  |  |  |  |  |  |  |  | 85 |

---

Directors' report: Board Nominations Committee report (continued)

---

| |
|:---|
| **Composition** |
| The Committee reviews the composition <br>of the Board and assesses recruitment <br>priorities for Non-Executive Directors, <br>considering the necessary skills, <br>experience, knowledge and independence <br>essential for an effective Board, <br>supporting robust succession planning.<br>Changes to Board and Board Committee <br>composition during 2025 are noted <br>above. Details of the tenure and industry <br>and leadership experience of Directors is <br>set out in the table below. Biographies of <br>each Director are available from page [72](#i9609ad9a79394d19b74c5dbcba8c433b_2974), <br>detailing their skills, expertise, <br>experience, Board Committee roles, and <br>other principal appointments.<br>|

---

**Board size** 

The Committee considers that the size of the

Board (13 Directors, as at 31 December

2025) is appropriate and contributes to its

effectiveness.

The Committee recognises that assessing the

optimal size of the Board is a critical

component of medium- and longer-term

succession planning. In this context, careful

consideration is given to ensuring that the

Board remains small enough to facilitate

effective collaboration and efficiency, while

being sufficiently sized to provide a

comprehensive mix of skills and

perspectives. This approach supports robust

succession planning and accommodates

Directors' additional roles and

responsibilities on Board Committees, as

well as their participation on the Boards of

BBPLC, BBUKPLC, Barclays Europe, BX,

and other Group subsidiary boards. Both the

Committee and the Board continue to

believe that it is advantageous for Group-

wide decision-making to have the Chairs of

the Group's significant subsidiaries sit on

the BPLC Board, where possible,

considering that this provides connectivity

with the significant subsidiaries, bringing

with it important insight into Board

discussions.

**Non-Executive Director** 

**independence**

The Committee and the Board consider all

of the Non-Executive Directors to be

independent.

The Committee assesses the independence of

our Non-Executive Directors on appointment

and thereafter on an annual basis, having

regard to the independence criteria set out in

the Code. As part of this process, the

Committee considers each Director's length

of tenure, which, in line with Code guidance,

is one of a list of factors outlined in the Code

that can affect independence and makes any

recommendations to the Board accordingly.

In early 2026, the Committee reviewed the

independence of all Non-Executive

Directors serving on the Board as of

31 December 2025.

Reflecting that Nigel Higgins, Dawn

Fitzpatrick and Brian Gilvary have each

served on the Board for over six years, each

of them were subject to a thorough review

of their continued independence. The

Committee remains satisfied that the length

of their tenure has no impact on their

respective levels of independence or the

quality and effectiveness of their

contributions.

Notwithstanding her intention to retire from

the Board in May 2026, in light of her nine

year tenure, the Committee undertook a

rigorous assessment of Mary's continued

independence.

The Committee and the Board consider that

length of tenure is only one of the factors to

be considered with respect to Director

independence, and accordingly, that tenure

alone should not result in a loss of

independence. Following careful

consideration, the Committee concluded that

Mary remains independent in accordance

with the other circumstances listed in

Provision 10 of the Code.

In reaching this conclusion, the Committee

and the Board considered that Mary's

breadth of financial services sector

experience, strong focus on reputation risk

management, promoting board governance

values and culture and her detailed

understanding of the interaction between

public and private sectors continue to bring

significant value to Board discussions,

providing constructive challenge to

management and demonstrating objective

judgement.

With these factors in mind, the Committee

and the Board consider it appropriate for

Mary to continue as an independent Non-

Executive Director until her retirement in

May 2026.

**Board Composition as at 31 December 2025**<br>

**Length of tenure (Chairman and** <br>**Non-Executive Directors)**<br>(number of Directors)<br>

**Industry and leadership experience**<sup>1</sup><br>(number of Directors)<br>

![268](bcs-20251231_g106.gif)

---

| |
|:---|
| Financial services |
| Political/Regulatory experience |
| Current/recent Chair/CEO |
| Accountancy/Auditing |
| Operations/Technology |

---

---

| |
|:---|
| 0-3 years |
| 3-6 years |
| 6-9 years |
| 9+ years |

---

![347](bcs-20251231_g107.gif)

![359](bcs-20251231_g108.gif)

![371](bcs-20251231_g109.gif)

**International experience**<br>(number of Directors)<sup>1, 2</sup><br>

![383](bcs-20251231_g110.gif)

---

| |
|:---|
| UK |
| US |
| ROW<sup>3</sup> |

---

![335](bcs-20251231_g111.gif)

![395](bcs-20251231_g112.gif)

**Notes:**

1Individual Directors may fall into one or more

categories.

2International experience is based on the

location of the headquarters/registered office

of a company.

3Rest of the world.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 86 |
|  |  |  |  |  |  |  |  | 86 |

---

Directors' report: Board Nominations Committee report (continued)

---

| |
|:---|
| **Process for** <br>**appointments**<br>|
| The Committee oversees Board <br>appointments, ensuring that <br>appointments are based on merit against <br>objective criteria and give due <br>consideration to the Board Inclusion and <br>Opportunity Policy. When appointing <br>Board members, the Committee <br>considers the necessary skills, <br>experience, independence and knowledge <br>to maintain the Board's effectiveness and <br>the delivery of the Group's strategy, with <br>due regard to the benefits of inclusion.<br>Board appointments are made following <br>a merit-based, formal, thorough and <br>transparent process. The Committee <br>facilitates this process with support from <br>external search consultancy firms.<br>|

---

**Non-Executive Director** 

**recruitment**

The Committee regularly reviews its skills-

based recruitment priorities for Non-

Executive Director recruitment. These

priorities serve as the foundation for targeted

searches, enabling the Board to maintain

orderly succession planning and achieve an

optimal blend of expertise and experience

among its members. The Committee

reviewed and updated these priorities during

2025, considering changes in the composition

of both the Board and the Committees during

the year.

Our current recruitment priorities include

identifying potential candidates who can

bring additional technology experience and

insights to the Board, as well as a

professional with deep US investment

banking experience, reflective of our US

operations. A recruitment priority has also

been agreed for a candidate with a UK PLC

background (or equivalent) with deep

experience of executive leadership, having

held the role of CEO or similar, able to

provide challenge, advice and support to

management.

Independent search firms, Egon Zehnder,

Perrett Laver, CZ Partners and Russell

Reynolds Associates, assisted in our focused

external mapping and recruitment efforts to

identify additional Non-Executive Directors

to enhance the Board's skill set in 2025.

None of these firms have any connection to

Barclays or any of the Directors other than to

assist with searches for executive and non-

executive talent. Open advertising for Board

positions was not used in 2025.

The Committee will continue to evaluate the

Board's recruitment priorities for the year

ahead and further assess the required skills

and experience for prospective candidates,

seeking to ensure that strong potential

candidates who can enhance the Board's

effectiveness are identified as necessary.

Reflective of the importance that the

Committee and the Board place on

succession matters, all Board members have

the opportunity to meet with leading

candidates as part of the recruitment process.

All Directors are subject to election or re-

election (as appropriate) each year by

shareholders at the AGM.

**Time commitment and conflicts**

All prospective Directors are required to

disclose any significant external

commitments. These disclosures are carefully

considered by the Committee and/or the

Board to ensure that each Director will be

able to fulfill their responsibilities to Barclays

effectively.

Prior to their appointments, the Committee

thoroughly reviewed the existing

commitments declared by both Diony Lebot

and Mary Mack and was satisfied that they

each had the capacity to dedicate the

necessary time to their duties at Barclays.

The expected time commitments are agreed

with each Non-Executive Director and

encompass attendance and preparation for

Board and Board Committee meetings, as

well as sufficient time to gain a thorough

understanding of the business and complete

all required training.

The Committee and/or the Board considers

relevant regulatory and Code requirements

when considering whether a Director has

sufficient time to commit to their role, in

addition to key investor and proxy adviser

guidelines.

Directors must obtain Board approval before

accepting any significant roles outside of

Barclays, providing an estimate of the time

commitment involved. When considering

such requests, the Board examines all

relevant details, including the nature of the

external organisation, the Director's expected

role, and the anticipated time required. In

2025, the Board approved all requests for

external appointments, having considered

that there were no actual conflicts of interest

and being satisfied that each Director

remained able to dedicate enough time to

fulfil their responsibilities to Barclays

effectively.

All Directors are expected, where

circumstances require it, to commit additional

time as necessary to their engagement on the

Board. For the year ended 31 December 2025

and as at the date of publication, the Board is

satisfied that none of the Directors are over-

committed and that each of the Directors

allocates sufficient time to their role in order

to discharge their responsibilities effectively.

A record of each Director's external time

commitments is maintained.

You can find details of other principal

appointments for each Director from

page [72](#i9609ad9a79394d19b74c5dbcba8c433b_2974).

As at 31 December 2025, Mary Francis,

Sir John Kingman, Brian Shea, Julia Wilson,

Dawn Fitzpatrick, Mary Mack, and Diony

Lebot held external non-executive

directorships with listed companies<sup>1</sup>. No

further members of the Board held external

directorships with listed companies.

**Tenure**

Our Chair and Non-Executive Directors are

typically appointed for an initial term of

three years and may be invited to serve for a

further term of up to three years based on the

needs of the Board. A further extension of

tenure for an additional three year term (and

any extension beyond this) is subject to the

discretion of the Committee. In determining

whether it remains appropriate to extend the

Chair or a Non-Executive Director's tenure,

the Committee will have regard to a number

of factors including whether the Board is

satisfied that the Director in question

continues to be independent, having regard

to the factors set out in the Code, their

performance, which is assessed annually,

whether they have the ability to dedicate

sufficient time to the role and the benefits of

having diversity of thought on the Board.

**Note:** 

1'Listed company' means companies whose shares

are listed and traded on a regulated stock

exchange, excluding appointments within the

Barclays Group, and directorships held with the

same group or within undertakings (including

non-financial entities) in which the relevant firm

holds a qualifying holding.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 87 |
|  |  |  |  |  |  |  |  | 87 |

---

Directors' report: Board Nominations Committee report (continued)

The Board approved a three year extension

of tenure for each of Robert Berry and Nigel

Higgins, and a further year for Mary Francis

in February 2025 and in September 2025,

the Board approved the extension of Dawn

Fitzpatrick's tenure for a further three year

term.

During 2026, each of Marc Moses and Sir

John Kingman reach their three year

anniversaries on the Board, and Brian

Gilvary reaches his six year anniversary.

Having undertaken a review of Non-

Executive Director tenure and having due

regard to the factors referred to above, the

Committee and the Board agreed to extend

the tenure of each of Marc, Sir John, and

Brian for a further three year term.

The Board approved a short extension of

Mary Francis' tenure, who has served on the

Board for over nine years, aligned to her

retirement from the Board with effect from 6

May 2026, in order to conclude orderly

arrangements for Mary's succession as

BBPLC Board Remuneration Committee

Chair. An announcement will be made in

due course confirming the successor to the

role of Chair of the BBPLC Board

Remuneration Committee.

**New Director induction**

A tailored induction programme is delivered

for all new Directors appointed to the Board.

This provides them with an understanding of

the Group, its purpose, strategy, business

areas and key issues it currently faces.

After Diony Lebot and Mary Mack were

appointed in 2025, they each participated in

a comprehensive induction programme. This

included sessions about the Group's

strategy, culture and stakeholder

environment, as well as Board and Board

Committee structure. They also met with

other Board members, the chairs of

significant subsidiaries, and senior

executives from across the business and key

Group functions.

**Director training and development**

The Committee, together with the Group

Company Secretary, supports the Group

Chairman in facilitating continuous training

and development for Directors. Directors are

encouraged to participate in regular training

and development sessions integrated within

the Board and Board Committee schedules,

and may additionally request tailored

training as required.

In 2025, Directors enhanced their business

knowledge through Board/Committee deep

dives into the Group's operating divisions

and key Group functions, including Legal,

Risk, Compliance, and Internal Audit. The

Board also received regular updates on

corporate governance matters and certain

Barclays' Compliance Risk policies,

including financial crime, as well as an

annual briefing on the Senior Managers

Regime.

**Technology** 

In 2025, the Board visited San Francisco to

spend time with experts and leaders in the

field of digital transformation to deepen its

own understanding of the pace and scale of

this technology revolution. You can read

more about the Board's technology-focused

visit to San Francisco on page [83](#iacd12c0bd0d8432ab84872fb01832d9b_3047).

**Bank capitalisation briefing**

In light of the evolving regulatory landscape,

the Board received a comprehensive briefing

on bank capitalisation by an external expert.

The briefing provided an update on capital

regulation, varying global approaches to

bank capitalisation, and potential future

impacts for the banking sector.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 88 |
|  |  |  |  |  |  |  |  | 88 |

---

Directors' report: Board Nominations Committee report (continued)

---

| |
|:---|
| **Succession** |
| The Committee is responsible for <br>succession planning, ensuring that <br>Barclays maintains an optimal mix of <br>skills, experience and effectiveness on <br>the Board, its Committees, and the ExCo, <br>taking into consideration both present <br>and future business requirements.<br>This remit encompasses medium-term <br>initiatives, such as the orderly refreshing <br>of the Board, Committees, and ExCo, as <br>well as long-term preparations aimed at <br>identifying and developing the skills <br>likely to be needed on the Board and <br>ExCo in the years ahead.<br>|

---

The Committee and the Board have

continued to focus on the development of a

broad and deep bench of future leaders

across the business. More information is set

out in the Non-Executive Director

recruitment section of this report.

The Committee regularly refreshes the

Board's Non-Executive Director recruitment

priorities and leads the search process for

any new Board appointments.

**ExCo succession**

The Group Chief Executive, supported by

his ExCo, is responsible for the delivery of

the Group's strategy as set by the Board. It is

key that ExCo composition comprises the

right balance of skills, experience and

diversity of thought to drive that delivery

while providing appropriate challenge and

debate in discussions. With this in mind, the

Committee considers and approves all

changes to ExCo prior to announcement,

taking into account executive succession

plans.

As noted above, the Committee considered

changes to ExCo during the year, including

approving the appointment of new Group

Co-Chief Operating Officers and a Group

Head of Strategy and Transformation. You

can read about the changes to ExCo during

2025 on page[76](#ib33d5aabbccb474fbbce4f00e116dcc8_1242).

During the year, the Committee received

updates regarding ExCo and executive talent

and succession planning. Ensuring there is a

strong talent pipeline remains a key

consideration for the Committee and the

Board.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 89 |
|  |  |  |  |  |  |  |  | 89 |

---

Directors' report: Board Nominations Committee report (continued)

**Board Inclusion and Opportunity** 

**Policy** 

On the recommendation of the Committee,

the Board adopted an updated version of the

Board Inclusion and Opportunity Policy in

February 2026, to ensure the policy

continues to reflect the Group's inclusion

and opportunity strategy.

The policy confirms that the Board aims to

meet the recommendations of the FTSE

Women Leaders Review regarding gender

balance on boards and the Parker Review on

ethnic representation on boards.

The policy confirms the Board's support for

the Group's culture in which Barclays is

committed to continuing to build an

inclusive workplace.

**Workforce composition within** 

**ExCo, Exco direct reports and the** 

**wider workforce**

Barclays is committed to an inclusive

workplace where everyone can be their best

and meet the fullest extent of their ambitions

and capability. As a global company we do

all this by complying with the local

requirements in the jurisdictions

in which we operate. You can read more

about Barclays' approach to inclusion within

the Colleagues section from

page [26](#i12c1279a81884a37aee9a5181c6fa279_145).

In 2025, Barclays continued to have one ex-

officio position on Group ExCo, with each

appointee serving for a four-month rotation.

This initiative helps to build technical

industry knowledge, broaden the existing

extensive experience of our most senior

leaders and helps to develop diversity of

thought at the highest level.

There are additional initiatives and actions

being taken across our businesses to further

strengthen the senior leadership pipeline. We

continue to offer sponsorship and mentoring

programmes to strengthen individual

development and work with senior

recruitment partners to build and broaden

our talent pipeline.

---

| |
|:---|
| **Effectiveness** |
| The Committee ensures that a formal and <br>rigorous review of the performance of <br>the Board, Board Committees and <br>individual Directors is undertaken each <br>year. In line with the requirements of the <br>Code, the review is facilitated externally <br>every three years. <br>|

---

**Progress against the 2024 Board** 

**effectiveness review**

The 2024 Board effectiveness review

was facilitated externally. The table

set out on page [90](#ic47288dd6b0f478d954ebe898cce1b0a_26218)sets out the key

recommendations for the Board outlined

in the 2024 review and actions taken

during 2025 to address them.

**2025 Board effectiveness review**

The 2025 review of the performance of the

Board, Board Committees and individual

Directors was conducted internally.

**Feedback from 2025 review**

Feedback from the review confirmed that

the Board continues to operate effectively

and highlights the collegiate culture around

the board table. Discussions are noted to be

respectful, bringing a broad range of

perspectives and contributions. Meetings are

considered to be well-chaired, with the

review recognising the Chairman's

thoughtful and inclusive style.

The review commented positively on the

relationship between the Board and

management, with discussions reflecting an

appropriate balance of support and

constructive challenge. The Board's

engagement with management on key

strategic matters and the progress of our

three year plan was commented on

favourably.

Board composition was considered to be

strong, bringing a range of diverse and

complementary backgrounds as well as deep

financial services expertise, with good

structure around Board succession planning.

The review noted that Board members

continue to welcome the introduction of

external perspectives into the Board,

deriving value from the discussions and

briefing sessions which were scheduled

during the course of the year.

The interaction between the Board and the

Board Committees was commented upon

favourably, noting that reports from the

Committee Chairs were helpful in ensuring

the Board has appropriate visibility of key

matters and emerging themes. Feedback

from the review confirms that concurrent

meetings of the BPLC and BBPLC Boards

and Board Committees remain effective and

continue to work well in practice.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 90 |
|  |  |  |  |  |  |  |  | 90 |

---

Directors' report: Board Nominations Committee report (continued)

---

| | |
|:---|:---|
| **Recommendation from 2024 review** | **Actions taken during 2025** |
| In light of the Group's three-year strategy <br>announced in early 2024, consider how future <br>agendas might be best shaped to support continued <br>discussion of the execution of the Group's three-<br>year strategic plan and the Group's longer-term <br>strategy.<br>| •Progress against the Group's three-year <br>strategic plan was discussed with senior <br>management in every Board meeting, <br>including opportunities for potential inorganic <br>opportunities that align with the Group's <br>strategy.<br>•Updates on execution of strategy were also <br>provided through regular Transformation <br>Office updates and non-financial performance <br>reviews, including consideration of the role of <br>technology in supporting the delivery of the <br>Group's strategy and plans. <br>|
| Reflective of the changes to the senior management <br>structure announced as part of Barclays three-year <br>strategy, maintain focus on succession planning to <br>continue to develop a deep and broad bench of <br>future leaders.<br>| •Talent was covered as part of regular business <br>reviews presented to the Board, as well as <br>updates on the Group's Talent Excellence Plan <br>and updates to the Committee and the Board <br>on executive talent and succession planning. <br>|
| Consider how best to bring greater focus and <br>insights on Tech, Data and Digital matters into the <br>Boardroom.<br>| •The Board spent time discussing how to <br>deepen technology input into the Board and <br>agreed (i) to bring the oversight of strategic <br>technology matters within the remit of the BX <br>Board, with regular reporting to the Board <br>from the BX Chair and BX Co-CEOs, and (ii) <br>to include in the Board's current Non-<br>Executive Director recruitment priorities a <br>search for a candidate to bring additional <br>technology experience and insights to the <br>Board.<br>•Technology was covered as part of regular <br>business reviews presented to the Board, as <br>well as through presentations on digital <br>strategy and the Group's approach to insider <br>threat management. <br>•The Board participated in an intensive <br>technology and digital immersion event in San <br>Francisco in June 2025, as detailed in the Key <br>Board Activities section on page [83](#i12c1279a81884a37aee9a5181c6fa279_541). <br>•There was significant focus by the Board Risk <br>Committee and the Board on cyber resilience <br>and enhancements to the cyber control <br>environment. <br>|
| Continue to focus on the process of making papers <br>shorter and more targeted.<br>| •This remains an ongoing area of focus and is <br>addressed through detailed paper reviews by <br>the Group Chief Executive and Group Finance <br>Director, as well as the Group Chairman and <br>other Board members.<br>|
| Identify further opportunities to bring relevant <br>outside perspectives into the Boardroom.<br>| •External speakers were invited to join Board <br>sessions to discuss topics including bank <br>capitalisation, an update on India in the <br>context of the Group's business in India, <br>including macroeconomic and geopolitical <br>perspectives, geopolitical developments and <br>technology. <br>•The Board Sustainability Committee received <br>a briefing from external advisors to support its <br>review of the Barclays' Transition Update. <br>•Board members also engaged routinely with <br>Barclays' wider stakeholder groups – <br>including shareholders, colleagues and <br>regulators. <br>|

---

**Recommendations from the 2025 review**

The Board will be giving further

consideration to the implementation of the

following matters during 2026:

• Consideration to be given to the structure

of Board agendas in the year ahead to:

–provide more space for the discussion of

material strategic topics

–maintain focus on the development of a

broad bench of future leaders

–deepen the Board's engagement in AI and

technology matters

• A continued focus on ensuring balanced

and targeted Board papers

• Continuing to identify opportunities to

bring external perspectives into the

boardroom.

The Board has already taken action to

address some of these recommendations,

and the other items will be subject to further

consideration and discussion through the

course of the year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 91 |
|  |  |  |  |  |  |  |  | 91 |

---

Directors' report: Board Nominations Committee report (continued)

![2025 Board Committee Table Backgd.gif](bcs-20251231_g113.gif)

---

| | | | |
|:---|:---|:---|:---|
| **2025 Board, Board Committee and individual** <br>**Director review process** | **2025 Board, Board Committee and individual** <br>**Director review process** | **2025 Board, Board Committee and individual** <br>**Director review process** | **2025 Board, Board Committee and individual** <br>**Director review process** |
| **Board** | **Board** | **Board** | **Board** |
| **Board** <br>**evaluation** <br>| **Interviews**<br>held by SID with <br>Board members<br>| **Findings** <br>**discussed** <br>with Group <br>Chairman and <br>Board Nominations <br>Committee and <br>the Board<br>| **Board discussion** <br>**and agreed action** <br>**plan for 2026**<br>|
| **Committee** <br>**evaluation** <br>| **Questionnaires** <br>completed by <br>Committee <br>members and <br>senior management<br>| **Findings** <br>**discussed** <br>with Committees<br>| **Agreed** <br>**action plan** <br>**for 2026**<br>|
| Individual <br>Director <br>evaluation <br>| Group Chairman <br>held a **meeting** with <br>each Director and <br>regularly has one-<br>on-one meetings <br>with Directors<br>| SID held **meeting**<br>with the Group <br>Chairman<br>| **Confirmation of** <br>**each Director's** <br>**continuing** <br>**effectiveness**<br>|

---

**2025 Board Committee** 

**effectiveness review**

The Board Committee reviews are an

important part of the way Barclays monitors

and improves Committee performance and

effectiveness, maximising strengths and

highlighting areas for further development.

Following consideration of the findings of

the 2025 Board Committee effectiveness

reviews, the Committee remains satisfied

that each of the Board Committees is

operating effectively.

**Review of Board Nominations** 

**Committee effectiveness**

An internal evaluation of the performance of

the Committee was conducted for 2025, in

line with the provisions of the Code. The

results of the review confirmed that the

Committee was operating effectively.

Further information on the review of the

Board and its Committees can be found in

the section above.

**Individual Director effectiveness**

All Directors in office at the end of 2025

were subject to an individual effectiveness

review. The Group Chairman considered

each Director's individual contribution to

the Board, as well as any feedback received

as part of the broader Board and Board

Committee effectiveness review. The Senior

Independent Director considered the

contribution of the Group Chairman.

Based on the reviews, the Board supported

the view of the Committee that each

Director continues to be effective and

contributes to Barclays' long-term

sustainable success. In accordance with the

Code, all of the current Directors, other than

Mary Francis who is to retire from the Board

prior to the AGM, intend to submit

themselves for re-election at the 2026 AGM

to be held on 7 May 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 92 |
|  |  |  |  |  |  |  |  | 92 |

---

**Directors' report: Board Audit Committee report**

**Providing oversight of the Group's** 

**internal control environment**

Closely monitoring the integrity of our financial disclosures

![Audit Com.jpg](bcs-20251231_g114.jpg)

---

| |
|:---|
| **Board Audit** <br>**Committee** <br>|
| **Julia Wilson**<br>Chair, Board Audit Committee<br>|
| **Committee membership and** <br>**meeting attendance during 2025**<sup>1</sup><br>|

---

---

| | | |
|:---|:---|:---|
| **Member** | **Meetings attended/**<br>**eligible to attend** | **Meetings attended/**<br>**eligible to attend** |
| **Julia Wilson** | **Julia Wilson** | **16/16** |
| Robert Berry | Robert Berry | **16/16** |
| Marc Moses | Marc Moses | **16/16** |
| Diane Schueneman<sup>2</sup> | Diane Schueneman<sup>2</sup> | **2/2** |

---

**Notes**<br>1There were 13 scheduled and three ad hoc <br>meetings of the Committee in 2025. <br>2Stepped down with effect from 31 January <br>2025 <br>

**Dear Shareholders**

I am pleased to report on the Board Audit

Committee's activities and responsibilities

for 2025. I would like to thank Committee

members for their contributions and support

and also extend the Committee's thanks to

Diane Schueneman, who stepped down as a

Director and member of the Committee with

effect from 31 January 2025.

Throughout 2025, the Committee has been

keenly focused on the oversight of the

Group's internal control environment.

Against a backdrop of a complex, evolving

legal and regulatory requirements and a

heightened global macroeconomic and

geopolitical threat landscape, a robust

controls framework is key to supporting a

strong internal control environment,

underpinned by a culture that recognises and

supports the ongoing work of the business to

invest in and enhance the overall control

environment. Particular areas of focus in

2025 for the Group include work to

strengthen controls relating to cybersecurity

and financial crime prevention and

detection, and to enhance processes in

relation to regulatory reporting and

regulatory change. Building on the work of

prior years, the Committee was pleased to

see the progress made by management to

simplify and enhance the Group-wide

controls framework, and progress with

longer term remediation programmes across

the Group.

The Committee has a key role in monitoring

the integrity of the Group's financial

statements. In reviewing the Group's

financial and narrative reporting for each

quarterly and half-year results period for

2025, the Committee carefully considered

management's judgements in relation to key

accounting estimates and judgements. In

light of the uncertain global macroeconomic

environment, management's approach to

expected credit losses and use of post-model

adjustments were particular areas of focus.

Specific areas of judgement outside credit

provisioning included management's

approach to provisioning for motor finance

compensation claims, and the incorporation

of Tesco Bank into the controls and

reporting frameworks.

In addition, the Committee has carefully

reviewed the external reporting of the

Group's performance against the current

strategic targets for the period from 2024-

2026 announced in February 2024, and

supported the work of the Board in

reviewing the new strategic targets through

to 2028 to be announced on 10 February

2026. Sustainability reporting and the impact of

climate on our financial statements

continues to be monitored as legislative and

regulatory requirements evolve particularly

in the US, Europe and the UK. The

Committee received updates on

developments in sustainability reporting

required by the European Corporate

Sustainability Reporting Directive and the

EU Taxonomy Framework for FY25.

Supported by management's

recommendations, it also reviewed how the

impacts of climate and sustainability

reporting requirements are reflected in

preparing the Group's financial statements.

In anticipation of the changes to provision

29 of the Code, effective from the financial

year beginning on 1 January 2026, the

Committee spent time considering

management's proposals for the

identification of 'material controls' for these

purposes, including consideration of the

results of a management 'dry run' of how

the internal assessment of the operation of

those controls would work. The Committee

is comfortable with management's

proposals, which will be implemented

during 2026 ahead of reporting on the new

provision 29 requirements in next year's

Annual Report.

The Committee is responsible for overseeing

the Group's relationship with the statutory

auditor. Barclays is required to tender the

external audit every 10 years and, as

Barclays announced in December 2024, a

formal tender process for the external auditor

was launched in early 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 93 |
|  |  |  |  |  |  |  |  | 93 |

---

Directors' report: Board Audit Committee report (continued)

The Committee led the tender process, which

concluded in May 2025 with the Board's

selection of KPMG as the successful firm.

Further detail on the external tender process

is set out later in this report on page [99](#ie3109dc0181c4083abefe9bf1e69c976_1-1-1-1-4390467).

The Committee is supported in its work by

the assurance conducted by Barclays Internal

Audit (BIA). The Committee attends an

annual dedicated deep dive session on the

BIA function and how BIA is implementing

its strategic priorities, including ensuring

appropriate skills and capabilities for the

future. The Chairs of Barclays' key

subsidiary Board Audit Committees are also

invited to this session. The Committee

monitors and assesses the performance of

BIA and was satisfied with its performance

against its objectives as agreed between the

Group Chief Internal Auditor and I at the

beginning of the year.

I continue to hold the role of Group

Whistleblowers' Champion. Together with

the BBUKPLC Whistleblowers' Champion,

we receive regular updates on cases being

raised via the whistleblowing channels, as

well as any potential trends or emerging

themes and key areas of focus. The

Committee also receives detailed semi-

annual whistleblowing updates as part of its

role in considering the adequacy of the

Group's arrangements to allow colleagues to

raise concerns.

**Committee effectiveness**

An internal evaluation of the performance of

the Committee was conducted for 2025, in

line with the provisions of the Code. The

results of the review confirmed that the

Committee was operating effectively.

Further information on the review of the

Board and its Committees can be found in

the Board Nominations Committee report on

page[84](#i12c1279a81884a37aee9a5181c6fa279_544).

**Julia Wilson**

Chair, Board Audit Committee

9 February 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 94 |
|  |  |  |  |  |  |  |  | 94 |

---

Directors' report: Board Audit Committee report (continued)

**Committee composition** 

**and meetings**

The Committee is composed solely of

independent Non-Executive Directors.

Membership of the Committee is designed to

provide the breadth of financial expertise and

commercial acumen that the Committee

needs to fulfil its responsibilities. Its

members as a whole have recent and relevant

experience of the banking and financial

services sector, in addition to general

management and commercial experience and

are financially literate. Julia Wilson, the

Committee Chair, who is the designated

financial expert on the Committee for the

purposes of the Sarbanes-Oxley Act 2002

(SOx), has significant corporate finance, tax

and accounting experience, including

previously serving as the Group Finance

Director of 3i plc and as Chair of the Board

Audit Committee at L&G Group plc.

In 2025, the Committee met 16 times, which

included three ad hoc meetings (2024: 16

times, including two ad hoc meetings).

Attendance by members

at Committee meetings is shown

on page [92](#i12c1279a81884a37aee9a5181c6fa279_547).

Committee meetings were attended by

representatives from management, including

the Group Chief Executive, Group Finance

Director, Group Chief Internal Auditor, Co-

Group Chief Operating Officers, Head of

Group Control, Group Chief Risk Officer

and Group Chief Compliance Officer, as

well as representatives from the business and

functions, and also BBPLC senior

management (reflecting the partially

consolidated operation of the BPLC and

BBPLC Committee meetings). The lead

audit engagement partner of KPMG (Stuart

Crisp) also attended Committee meetings.

The Committee held regular private sessions

with each of the Group Finance Director,

Group Chief Internal Auditor and lead

KPMG audit engagement partner.

The Board, together with the Committee, is

responsible for ensuring the independence

and effectiveness of the Internal Audit

function and external auditors. The

appointment and removal of the Group

Chief Internal Auditor is a matter reserved to

the Committee, and the appointment and

removal of the external auditor is a matter

reserved to the Board based on the

recommendation of the Committee. Neither

task is delegated to management.

The Committee continues to work closely

with the Board Risk Committee and Board

Sustainability Committee to ensure a

consistent approach is taken in relation to

matters in which there is a connection across

remits. This interconnectivity is supported

by Committee cross-membership, including

my membership of the Board Risk and

Board Sustainability Committees.

---

| |
|:---|
| **Role of the Committee** |
| The role of the Committee is to review <br>and monitor, among other things:<br>•the integrity of the Group's financial <br>statements and related announcements;<br>•the effectiveness of the Group's <br>internal controls;<br>•the independence and effectiveness of <br>the internal and external audit <br>processes;<br>•the Group's relationship with the <br>external auditor; and<br>•the effectiveness of the Group's <br>whistleblowing procedures.<br>|

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The Committee's terms of reference are <br>available at **home.barclays/who-we-**<br>**are/our-governance/board-**<br>**committees/** <br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further information about the skills and <br>experience of the Committee members can be <br>found in their biographies in the section on <br>Our Board of Directors from **page** [72](#i12c1279a81884a37aee9a5181c6fa279_499)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Primary activities** 

The Committee discharged its responsibilities and ensured compliance with the Audit Committees and the External Audit: Minimum

Standard (the Minimum Standard) in 2025 through monitoring the effectiveness of the internal control environment and internal and external

audit processes, as well as the integrity of financial statements and related announcements. Activities undertaken to meet the requirements of

the Minimum Standard are described throughout this report.

---

| | | |
|:---|:---|:---|
| **Areas of focus** | **Key responsibilities of the Committee** | **Conclusion / action taken** |
| **Financial reporting** | **Financial reporting** | **Financial reporting** |
| **Fair, balanced** <br>**and** <br>**understandable** <br>**reporting**<br>| In light of the Board's obligation under the <br>Code, the Committee assesses external <br>reporting to ensure it is fair, balanced and <br>understandable.<br>| In addition to this Annual Report, the Committee reviewed the Group's half-year <br>and quarterly results announcements and associated investor presentations.The <br>Committee informed these reviews through: <br>•consideration of reports of the Group Disclosure Committee<br>•direct questioning of management on the transparency and accuracy of <br>disclosures<br>•feedback from KPMG, including areas in which they challenged management<br>•consideration of the results of management's testing of controls relating to <br>financial reporting processes, including the output of the Group's internal <br>control assessments and the SOx s404 internal control processes.<br>The Committee provided feedback on the Group's financial reporting disclosures, <br>including requesting that management implement enhancements to the clarity and <br>transparency of certain disclosures. <br>Having evaluated the available information, the assurances by management and <br>KPMG and underlying processes used to prepare the published financial <br>information, the Committee concluded and recommended to the Board that the <br>Annual Report 2025 and Accounts are fair, balanced and understandable.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 95 |
|  |  |  |  |  |  |  |  | 95 |

---

Directors' report: Board Audit Committee report (continued)

---

| | | |
|:---|:---|:---|
| **Areas of focus** | **Key responsibilities of the Committee** | **Conclusion / action taken** |
| **Critical accounting estimates and judgements** | **Critical accounting estimates and judgements** | **Critical accounting estimates and judgements** |
| **Conduct** <br>**provisions**<br>| Barclays makes certain assumptions and <br>estimates, analysis of which underpins <br>provisions made for the costs of customer <br>redress. The Committee analyses the <br>judgements and estimates made by <br>management to evaluate the adequacy of <br>the provisions. | The Committee reviewed and challenged management's approach to conduct <br>provisions throughout the year, supported by KPMG's views on management's <br>judgement in relation to provisions. See the section below entitled 'legal, <br>competition and regulatory provisions' for details on how the Committee <br>considered the provision raised in relation to motor finance. The Committee was <br>satisfied that management's judgement and approach resulted in an adequate and <br>appropriate level of provision in relation to conduct matters. |
|  | Barclays makes certain assumptions and <br>estimates, analysis of which underpins <br>provisions made for the costs of customer <br>redress. The Committee analyses the <br>judgements and estimates made by <br>management to evaluate the adequacy of <br>the provisions. | The Committee reviewed and challenged management's approach to conduct <br>provisions throughout the year, supported by KPMG's views on management's <br>judgement in relation to provisions. See the section below entitled 'legal, <br>competition and regulatory provisions' for details on how the Committee <br>considered the provision raised in relation to motor finance. The Committee was <br>satisfied that management's judgement and approach resulted in an adequate and <br>appropriate level of provision in relation to conduct matters. |
| **Impairment** <br>**of financial** <br>**instruments**<br>| The Committee monitors management's <br>judgements in relation to expected credit <br>losses (ECLs), which are modelled using a <br>range of forecast economic scenarios. <br>| The Committee considered regular reports from management on:<br>•credit performance across the different businesses<br>•the impact of the macroeconomic environment, including the impact of US <br>tariffs and geopolitical tensions<br>•the use of post-model adjustments (PMAs), including the retention or release of <br>PMAs<br>•the refresh of macroeconomic variables and associated weighting.<br>The Committee considered management's judgement on impairment coverage <br>levels, including in respect of material exposures and the impact of delinquencies <br>in certain areas of the portfolios. The Committee discussed with management and <br>KPMG the use of PMAs, and requested further clarity from management in future <br>presentations as to how PMAs had been used. <br>Having considered and scrutinised the reports, the Committee agreed with <br>management's conclusion that the impairment provision was appropriate.<br>|
| **Impairment of** <br>**goodwill and** <br>**intangibles** <br>| The Committee considers management's <br>judgement in relation to goodwill and <br>intangibles. <br>| The Committee considered management's reports on its assessment of the Group's <br>goodwill balances and intangibles, including the methodology and controls applied <br>in the process. <br>The Committee was satisfied with management's determination that no indicators <br>of impairment had been identified.<br>|
| **Legal,** <br>**competition** <br>**and regulatory** <br>**provisions**<br>| Barclays is engaged in various legal, <br>competition and regulatory matters that <br>may give rise to provisioning based on the <br>facts.<br>The level of provisioning is subject to <br>management judgement on the basis of <br>legal advice.<br>| The Committee received regular reports on the impact of current legal, <br>competition and regulatory matters on the Group's provision levels. It challenged <br>management's judgements in relation to provision levels and also sought KPMG's <br>views on the adequacy of provisions (including areas where they had challenged <br>management and how management had satisfied KPMG on the position taken). <br>The Committee monitored developments regarding the Supreme Court's decision <br>on motor finance and the subsequent FCA consultation on a motor finance redress <br>scheme. The Committee reviewed and challenged management's approach to the <br>initial raising, and subsequent increase, of a provision for motor finance. Seeking <br>KPMG's views on the reasonableness of management's position, the Committee <br>focused in particular on the methodology to determine the level of provision for <br>motor finance claims and the reasonableness of assumptions made by management <br>in developing the proposed methodology.<br>The Committee agreed that the level of provision for all legal, competition and <br>regulatory matters at the year-end was appropriate. <br>The Committee also reviewed the disclosures made in the legal, competition and <br>regulatory notes during the year, providing feedback to enhance transparency in <br>disclosures, where appropriate, and concluded that they provided appropriate <br>information for investors.<br>|
| **Valuations** | Barclays exercises judgement in the <br>valuation and disclosure of financial <br>instruments, derivative assets and certain <br>portfolios, particularly where quoted <br>market prices are not available.<br>| The Committee received updates on management's approach to valuations during <br>the year. The Committee scrutinised management's approach to key valuation <br>changes, including the triggers and timing for such change. The Committee also <br>received updates on management's activities to enhance the internal control <br>environment relating to valuations. <br>The Committee was satisfied with the accounting treatment in respect of the <br>various valuation matters.<br>|

---

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| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Note 23](#i12c1279a81884a37aee9a5181c6fa279_1324) to <br>the financial <br>statements)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Note 8](#i12c1279a81884a37aee9a5181c6fa279_1270) to <br>the financial <br>statements)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Note 21](#i12c1279a81884a37aee9a5181c6fa279_1318) to <br>the financial <br>statements)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Note 25](#i12c1279a81884a37aee9a5181c6fa279_1330) to <br>the financial <br>statements) |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Note 25](#i12c1279a81884a37aee9a5181c6fa279_1330) to <br>the financial <br>statements) |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Notes 13](#i12c1279a81884a37aee9a5181c6fa279_1285) **to** <br>[17](#i12c1279a81884a37aee9a5181c6fa279_1297) to the financial <br>statements) |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Notes 13](#i12c1279a81884a37aee9a5181c6fa279_1285) **to** <br>[17](#i12c1279a81884a37aee9a5181c6fa279_1297) to the financial <br>statements) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 96 |
|  |  |  |  |  |  |  |  | 96 |

---

Directors' report: Board Audit Committee report (continued)

---

| | | |
|:---|:---|:---|
| **Areas of focus** | **Key responsibilities of the Committee** | **Conclusion / action taken** |
| **Critical accounting estimates and judgements** | **Critical accounting estimates and judgements** | **Critical accounting estimates and judgements** |
| **Tax** | The Committee considers the Group's tax <br>matters, including the Group's tax strategy, <br>compliance with the Group's Tax <br>Principles and judgements related to tax <br>risk and the recognition and measurement <br>of deferred tax assets.<br>| The Committee received reports from the Global Head of Tax on developments in tax <br>matters during the year.<br>The Committee monitored the Group's interactions with tax authorities, developments <br>in tax litigation matters across the Group and the material tax risks for the Group <br>(including considering the adequacy of tax provisions and KPMG's views). The <br>Committee also monitored the potential impact of US legislative changes in relation to <br>tax on the Group.<br>The Committee approved the UK Tax Strategy statement published in the Country <br>Snapshot report and recommended the Country Snapshot to the Board for approval.<br>|
| **Going concern and viability**  | **Going concern and viability**  | **Going concern and viability**  |
| **Going concern** <br>**and long-term** <br>**viability**<br>| Barclays is required to assess whether it is <br>appropriate to prepare the financial <br>statements on a going concern basis. In <br>accordance with the Code, Barclays must <br>provide a statement of its viability. To <br>support this, the Committee considers both <br>the going concern assumption and the form <br>and content of the Viability Statement.<br>| The Committee considered both the going concern assumption and the form and <br>content of the Viability Statement taking into account: <br>•the MTP and Working Capital Report<br>•the forecast capital, liquidity and funding profiles<br>•the results of stress tests based on internal and regulatory assumptions.<br>The Committee recommended to the Board that the financial statements should be <br>prepared on a going concern basis and that there were no material uncertainties <br>that would impact the going concern statement which required disclosure. The <br>Committee also recommended the Viability Statement to the Board for approval.<br>|
| **Distributions** | **Distributions** | **Distributions** |
| **Distributions and** <br>**return of capital** <br>**to shareholders**<br>| The Committee assesses the distributable <br>reserves position in considering <br>management's proposals for distributions.<br>| The Committee reviewed and recommended to the Board that there were sufficient <br>distributable reserves in relation to (i) a full year dividend for the year ended 31 <br>December 2024 of 5.5p per ordinary share along with a share buy-back of up to <br>£1bn; (ii) a half year dividend of 3.0p per ordinary share for the six months ended <br>30 June 2025 along with a share buy-back of up to £1bn; and (iii) a Q3 2025 share <br>buy-back of up to £500m.<br>In early 2026, the Committee reviewed and reported to the Board on the <br>distributable reserves position for the full year dividend for the year ended <br>31 December 2025 along with a proposed share buy-back.<br>|
| **Internal controls** | **Internal controls** | **Internal controls** |
| **Internal controls** <br>**and business** <br>**control** <br>**environment**<br>| The Committee considers the effectiveness <br>of the overall control environment, <br>including the status of any significant <br>control issues and the progress of specific <br>remediation plans.<br>| The Committee:<br>•considered feedback received from regulatory stakeholders on the Group's <br>internal control environment and monitored management's response, including <br>(where appropriate) reviewing responses prior to submission to regulators<br>•received regular reports on the more significant control matters and remediation <br>programmes across the Group, including the outcome of assurance work <br>conducted by BIA on those programmes<br>•discussed reports from the heads of the key operating divisions across the <br>Group on their control environment, together with views from the second and <br>third lines of defence.<br>The Committee considered the changes introduced by provision 29 of the Code and <br>reviewed management's proposals as to how to define and monitor 'material <br>controls' for this purpose, taking into account Financial Reporting Council (FRC) <br>feedback. The Committee provided feedback to management and oversaw the results <br>of a 'dry run' of the process to be followed to facilitate compliance with provision <br>29. The Committee Chair updated the Board on the changes introduced by provision <br>29.<br>|

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| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Note 9](#i12c1279a81884a37aee9a5181c6fa279_1273) to <br>the financial <br>statements) |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (refer to [Note 9](#i12c1279a81884a37aee9a5181c6fa279_1273) to <br>the financial <br>statements) |

---

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| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (read more about <br>Barclays' internal <br>control and risk <br>management <br>processes on <br>**page** [108](#i12c1279a81884a37aee9a5181c6fa279_562)) |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | (read more about <br>Barclays' internal <br>control and risk <br>management <br>processes on <br>**page** [108](#i12c1279a81884a37aee9a5181c6fa279_562)) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 97 |
|  |  |  |  |  |  |  |  | 97 |

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Directors' report: Board Audit Committee report (continued)

---

| | | |
|:---|:---|:---|
| **Areas of focus** | **Key responsibilities of the Committee** | **Conclusion / action taken** |
| **Whistleblowing** | **Whistleblowing** | **Whistleblowing** |
| **Speaking up** | The Committee considers the adequacy of <br>the Group's arrangements to allow <br>colleagues to raise concerns in confidence <br>and anonymously without fear of <br>retaliation, and the outcomes of any <br>substantiated case.<br>| The Committee received detailed semi-annual reports on whistleblowing from <br>management. It monitored key whistleblowing metrics, the 'speak up' culture across <br>the Group and any potential whistleblowing trends, including around retaliation and <br>anonymity. <br>The Committee encouraged management to consider the different channels for <br>raising concerns, both formal and informal, to determine the most efficient and <br>effective means of addressing colleague concerns. <br>|
| **Internal audit** | **Internal audit** | **Internal audit** |
| **Internal audit** | The Committee monitors and assesses the <br>performance of BIA and delivery of the <br>internal audit plan, including scope of work <br>performed, the level of resources, and the <br>methodology and coverage of the internal <br>audit plan.<br>| Through regular reports from BIA, the Committee:<br>•reviewed and agreed the internal audit plan, methodology and deliverables for <br>2025<br>•reviewed BIA's audit reports in relation to specific audits, key areas of focus <br>and emerging themes <br>•received updates on the work carried out by the 'Financial Crime Validation <br>Office', a new team set up within BIA focused on assurance work in relation to <br>financial crime matters<br>•tracked the levels of adverse audits and issues raised by BIA and monitored <br>related remediation plans<br>•received updates on BIA colleague matters, including colleague engagement <br>and resourcing <br>•discussed BIA's assessment of the control environment and key themes in <br>Group entities and functions.<br>• The Committee noted the independence of the BIA function and received regular <br>updates from BIA's quality assurance function, monitoring trends in the quality <br>assurance report findings. <br>In view of evolving business demands, the Committee discussed with the Group <br>Chief Internal Auditor the resourcing requirements of BIA to ensure it had <br>appropriate resourcing to respond to key areas of focus.<br>Committee members, along with the Board Audit Committee chairs of BBUKPLC, <br>Barclays Europe and Barclays US LLC, attended a 'BIA Teach In'. This covered <br>matters relating to People, BIA Strategy and Audit Methodology.<br>At the end of the year, the Committee approved the 2026 BIA audit plan and also <br>approved BIA's Audit Charter following the annual review.<br>|
| **External audit** | **External audit** | **External audit** |
| **External audit** | The Committee monitors the work and <br>performance of KPMG as the Group's <br>statutory auditor.<br>| The Committee:<br>•recommended to shareholders for approval the reappointment of KPMG as <br>Group statutory auditor at its 2025 AGM<br>•met with key members of the KPMG audit team to discuss the 2025 audit plan <br>and KPMG's areas of focus and subsequently approved the 2025 audit plan <br>•assessed regular reports from KPMG on the progress of the 2025 audit<br>•discussed KPMG's draft reports on control areas of focus and the control <br>environment <br>•approved the terms of the audit engagement letter and audit fees for 2025, on <br>behalf of the Board.<br>The Committee sought KPMG's views on a number of specific matters, including <br>management's approach to accounting judgements, such as the use and release of <br>PMAs and treatment of M&A transactions, and sought to understand where <br>KPMG had challenged management's assessment prior to reaching a conclusion. <br>The Committee considered KPMG's response to the PRA Written Auditor <br>Reporting for 2024, and discussed with KPMG the questions in scope for the 2025 <br>Written Auditor Reporting.<br>See the next page for further detail on the Committee's assessment of KPMG's <br>performance for 2025.<br>The Committee conducted a formal audit tender process for the Group statutory <br>auditor and recommended to the Board the re-appointment of KPMG from the <br>2027 financial year. Please see page [99](#ie3109dc0181c4083abefe9bf1e69c976_1-1-1-1-4390467) for details of the process.<br>|

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 98 |
|  |  |  |  |  |  |  |  | 98 |

---

Directors' report: Board Audit Committee report (continued)

**External auditor**

KPMG was appointed as Barclays' statutory auditor with effect from the 2017 financial year. Barclays conducted an external tender for the

Group statutory auditor in 2025, details of which can be found on page [99](#ie3109dc0181c4083abefe9bf1e69c976_1-1-1-1-4390467).

**Assessing external auditor effectiveness, objectivity and independence** 

The Committee is responsible for assessing the effectiveness, objectivity and independence of the Group's statutory auditor. This

responsibility was discharged by the Committee throughout the year at formal Committee meetings, during private meetings with the KPMG

lead audit engagement partner and through discussions with key Group executives. The Committee is satisfied that the external audit process

for 2025 was effective. In particular, the Committee considered that KPMG maintained its independence and objectivity,

exercised robust challenge and demonstrated professional scepticism in the audit process.

![Committee conclusion on KPMG effectiveness.gif](bcs-20251231_g115.gif)

**Committee conclusion on KPMG effectiveness**

The Committee assessed KPMG's effectiveness, objectivity and independence in the following ways:

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| | | |
|:---|:---|:---|
| **Reporting throughout the year**<br>•Met with senior members of the KPMG <br>audit team from the UK, Ireland and US to <br>discuss the approach to the 2025 audit and <br>key areas of focus.<br>•Received regular reports from management <br>on the non-audit services provided by <br>KPMG and also on any employees or <br>workers hired from KPMG.<br>•Discussed with KPMG their consideration <br>of internal controls over financial reporting <br>and considered areas in which KPMG <br>challenged management's assumptions in <br>areas of key judgement.<br>•Monitored for any potential threats to <br>independence. No such matters were <br>identified and reported by KPMG during <br>2025 that have an impact on BPLC.<br>| **Annual assessment and audit** <br>**quality reporting**<br>•The Group undertakes an annual formal <br>assessment of KPMG's performance, <br>independence and objectivity. The <br>assessment for 2025 was conducted by way <br>of a questionnaire completed by key <br>stakeholders across the Group, who have <br>regular interaction with KPMG (including <br>input from the Board Audit Committees of <br>BBUKPLC, Barclays Europe and Barclays <br>US LLC). The questionnaire was designed <br>to evaluate KPMG's audit process, its <br>effectiveness and overall output. <br>•During 2025, the Committee continued to <br>receive reports from the KPMG UK Head <br>of Audit Quality on her assessment of audit <br>quality for Barclays. <br>| **Other**<br>•External reports: The Barclays 2024 audit <br>had been subject to Public Company <br>Accounting Oversight Board (PCAOB) and <br>FRC review, with no material issues <br>identified and an overall positive outcome.<br>•Audit tender: the formal audit tender <br>process conducted by Barclays in 2025 <br>provided a further opportunity for the <br>Committee to assess the quality of KPMG's <br>audit capabilities. KPMG was identified as <br>the preferred firm in the tender process. <br>Relevant to this decision was Barclays' first-<br>hand experience of KPMG's offering, <br>which the Committee believed can continue <br>to deliver a high-quality audit for Barclays.<br>|

---

**Non-audit services**

In order to safeguard the auditor's

independence and objectivity, Barclays has

in place the Group Policy on the Provision

of Services by the Group Statutory Auditor

(the Policy) setting out the circumstances in

which the auditor may be engaged to

provide non-audit services. The Policy

applies to all Barclays subsidiaries and other

material entities over which Barclays has

significant influence. The core principle of

the Policy is that non-audit services (other

than those legally required to be carried out

by the Group's auditor) should be performed

by the auditor only in certain controlled

circumstances.

The Policy sets out the type of service

categories that the auditor is permitted to

carry out. Certain services categories and

proposed work for which the fee is above a

certain threshold, require explicit Committee

approval before work can commence. All

other permitted service requests are deemed

pre-approved by the Committee, subject to

compliance with Policy requirements. The

Policy requires that all proposed work must

be sponsored by a senior executive who is

not involved in any work to which the

proposed engagement relates. The audit

assignment partner must also confirm that

the engagement has been approved in

accordance with the auditor's own internal

ethical standards and does not pose any

threat to the auditor's independence or

objectivity.

The Policy is reviewed by the Committee on

an annual basis to ensure that it is fit for

purpose and that it reflects applicable rules

and guidelines. The Policy is aligned with

both the FRC's requirements and KPMG's

own internal policy on non-audit services for

FTSE 350 companies, which broadly

restricts non-audit work to services that are

'closely related' to the audit.

The fees payable to KPMG for the year

ended 31 December 2025 amounted to £90m

(2024: £91m), of which £20m (2024: £20m)

was payable in respect of non-audit services.

A breakdown of the fees payable to the

auditor for statutory audit and non-audit

work can be found in [Note 39](#i12c1279a81884a37aee9a5181c6fa279_1375) of the

financial statements.

Of the £20m of non-audit services provided

by KPMG during 2025, the significant

categories of engagement, i.e. services

where the fees amounted to more than

£500,000, included:

• limited assurance services provided

pursuant to Corporate Sustainability

Reporting Directive (CSRD) requirements

in relation to disclosures by BBPLC and

Barclays Europe;

• audit-related services, such as services in

connection with CASS (Client Assets

Sourcebook) audits;

• services in connection with regulatory,

compliance and internal control reports

and specific audit procedures, required by

law or regulation to be provided by the

statutory auditor; and

• attestation and assurance services in

relation to treasury and capital markets

transactions.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 99 |
|  |  |  |  |  |  |  |  | 99 |

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Directors' report: Board Audit Committee report (continued)

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| | | |
|:---|:---|:---|
| **External audit tender**<br>Barclays is in compliance with the <br>requirements of The Statutory Audit <br>Services for Large Companies Market <br>Investigation (Mandatory Use of <br>Competitive Tender Processes and <br>Audit Committee Responsibilities) Order <br>2014.<br>As a UK public interest entity, Barclays <br>is required to tender the external audit <br>every 10 years and rotate the Group <br>statutory auditor every 20 years. <br>Barclays initially appointed KPMG as its <br>external auditor with effect from the 2017 <br>financial year. <br>We disclosed in our 2024 Annual Report <br>our intention to conduct a formal audit <br>tender process for the Group statutory <br>auditor. Following the conclusion of a <br>formal audit tender process conducted <br>in early 2025, the Board confirmed the <br>re-appointment of KPMG as Barclays' <br>statutory auditor for a period of up <br>to 10 years, commencing from the <br>financial year ending 31 December 2027.<br>A resolution to re-appoint KPMG as <br>Barclays' statutory auditor with effect <br>from the 2027 financial year will be put <br>to the Company's shareholders for <br>approval at the Barclays 2027 Annual <br>General Meeting.<br>**Scope**<br>Barclays' primary objective for the audit <br>tender process was ensuring an efficient, <br>transparent, fair and non-discriminatory <br>tender process and appointing the audit <br>firm that would provide the highest <br>quality audit in an effective and efficient <br>manner. The size and complexity of the <br>Barclays Group requires an audit firm of <br>sufficient size, resource and geographical <br>reach to be able to ensure a high-quality <br>audit. <br>Having regard to the FRC guidance on <br>best practice for audit tenders, the audit <br>tender process was led by the Committee, <br>with direct involvement by the <br>Committee Chair at every stage. <br>Management supported the Committee in <br>the audit tender process and shared their <br>views on an advisory only basis with the <br>Committee.<br>**Process** <br>Barclays conducted an initial 'Request for <br>Information' (RFI) in 2024 to identify <br>firms which satisfied our minimum <br>requirements relating to credibility, <br>capacity and independence. <br>| As part of the RFI, the Committee Chair <br>together with senior members of Finance <br>management met interested firms to <br>discuss with them Barclays' key priorities <br>for the audit. <br>The RFI process was followed by a <br>'Request for Proposal' (RFP) stage, which <br>consisted of a series of workshops with <br>each shortlisted firm. The workshops <br>focused on key audit priorities for Barclays <br>(including accounting policies, valuations, <br>transition, principal risks and technology). <br>All firms were given the opportunity to <br>meet with members of the Committee, as <br>well as the Board Audit Committee Chairs <br>of BBUK and Barclays Europe, during the <br>workshops (due to the consolidated BPLC/<br>BBPLC Board Audit Committees, BBPLC <br>was represented via the BPLC Board Audit <br>Committee Chair). <br>Feedback was provided to the firms <br>following the RFI stage and through the <br>RFP stage in order to ensure that each <br>was given the best chance possible of <br>putting forward a credible proposal.<br>**Evaluation**<br>Firms were evaluated based on the <br>following key criteria approved by <br>the Committee:<br>•experience;<br>•proposed solution;<br>•audit quality;<br>•corporate fit;<br>•commercial compliance; and<br>•use of technology.<br>The RFP scorecard was reviewed <br>alongside qualitative considerations around <br>the transition process (or, in the case of <br>KPMG as the incumbent, the <br>ability to bring fresh perspectives to the <br>audit) and cultural fit.<br>While the firms were asked to submit fee <br>proposals as part of the RFP process, these <br>proposals were not considered by the <br>Committee until after the Committee had <br>confirmed its recommendation of two firms <br>to the Board.<br>**Recommendation to the Board**<br>The Committee considered and discussed <br>the output from the workshops, which <br>augmented the RFI submissions and <br>brought to life each firm's audit <br>proposition. <br>| This enabled the Committee to conduct an <br>objective review of the statutory audit <br>process considering Barclays' key priorities <br>for future audits and having regard to some <br>of the inevitable challenges raised in the <br>audit process. <br>The Committee recommended two firms, <br>indicating its preference for retaining <br>KPMG, to the Board for selection. <br>Supporting the Committee's <br>recommendation was Barclays' first-hand <br>experience of KPMG's offering, which can <br>continue to deliver a high-quality audit for <br>Barclays. <br>The Board made a final decision to select <br>KPMG as the successful firm in May 2025. <br>|

---

---

| |
|:---|
| **Summary of tender process**<br>Set out below is a timeline of the audit <br>tender process conducted.<br>|
| **2024** |
| **August-October**<br>•Initial meetings with each audit firm<br>•Initial RFI process<br>|
| **November-December**<br>•RFI responses considered <br>|
| **December**<br>•Selection of audit firms to participate <br>in the formal tender process<br>•Recommendation from the Committee to <br>the Board to formally commence the <br>audit tender process<br>•Announcement released to the market <br>confirming intention to conduct an<br>audit tender<br>|
| **December-January 2025**<br>•Key investor and proxy advisor outreach <br>on audit tender process<br>|
| **2025** |
| **February-April**<br>•Summary of anticipated audit tender <br>process included in Barclays PLC Annual <br>Report 2024<br>•RFP issued<br>•Workshops held with participating <br>audit firms<br>|
| **May**<br>•Committee recommendation of two firms <br>to the Board for selection<br>•Board approval of KPMG as preferred <br>firm<br>•Announcement released to the market <br>confirming conclusion of the tender <br>process<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 100 |
|  |  |  |  |  |  |  |  | 100 |

---

**Directors' report: Board Risk Committee report**

**Continued focus on robust risk** 

**management and resilience in an** 

**uncertain and volatile external** 

**environment** 

Strengthening risk management and resilience

amid complex global challenges.

![Risk Com.jpg](bcs-20251231_g116.jpg)

---

| |
|:---|
| **Board Risk** <br>**Committee**<br>|
| **Robert Berry**<br>Chair, Board Risk Committee<br>|
| **Committee membership and meeting** <br>**attendance during 2025**<sup>1</sup><br>|

---

---

| | | |
|:---|:---|:---|
| **Member** | **Meetings attended/**<br>**eligible to attend** | **Meetings attended/**<br>**eligible to attend** |
| **Robert Berry** | **Robert Berry** | **14/14** |
| Dawn Fitzpatrick<sup>2</sup> | Dawn Fitzpatrick<sup>2</sup> | **13/14** |
| Sir John Kingman<sup>2</sup> | Sir John Kingman<sup>2</sup> | **13/14** |
| Marc Moses<sup>2</sup> | Marc Moses<sup>2</sup> | **12/14** |
| Julia Wilson<sup>2</sup> | Julia Wilson<sup>2</sup> | **13/14** |

---

**Notes**<br>1There were ten scheduled Committee meetings <br>and four ad hoc meetings held in 2025. One ad <br>hoc meeting was a combined Board and <br>Committee meeting.<br>2Owing to other commitments or religious <br>observance, some Directors were unable to <br>attend certain meetings, however they received <br>papers in advance and had the opportunity to <br>share their views with the Chair ahead of the <br>meetings.<br>

**Dear Shareholders** 

I am pleased to report on the Board Risk

Committee's activities and responsibilities

during 2025. I would like to thank the

Committee members for their contributions

and support during the year.

The Committee's agenda in 2025 continued

to be shaped by a complex and evolving risk

landscape, driven by heightened

macroeconomic and geopolitical

uncertainty, periods of market volatility,

regulatory change, and the evolution of non-

financial risks, such as cyber and AI-related

threats. The Committee has sought to

understand the impacts on Barclay's business

model and reinforced the need for

management to proactively identify and

mitigate risks arising from these external

factors.

Our focus has remained on ensuring that

Barclays' risk management framework is

robust, forward-looking, and aligned with

the Group's strategic ambitions. Geopolitical

tensions have required enhanced scenario

analyses and stress testing to assess

exposures and inform management actions.

The Committee has overseen increased

monitoring of potential distress within the

portfolio, particularly in relation to credit

risk, as well as climate risk, and has

considered the impact of global conditions

on business growth strategies.

The Committee has had close oversight of

financial risks, including capital and

liquidity risk, and actions being taken by

management to seek to ensure they are well

contained, as well as overseeing

enhancements to the risk appetite

framework.

Operational risk has been an area of

significant focus for the Committee. This

has included consideration of cyber threats,

payments processes, and technology change

incidents, including the 31 January 2025 IT

incident that impacted Barclays' business in

the UK. The Committee has focussed on

continuous improvement of the operational

risk framework and the evolution of risk

appetite and oversaw management's ongoing

work to strengthen controls.

With Financial Crime elevated to a principal

risk from January 2025, the Committee has

established a cadence of regular reporting to

oversee developments in financial crime risk

management and actions to improve the

control environment. The Committee has

also maintained focus on emerging threats,

such as AI-driven fraud and crypto-related

risks.

The Committee oversees the Group's cyber

security position, including threat-led testing

and addressing vulnerabilities.

As part of our consideration of model risk,

we have considered the risks and

opportunities presented by AI, both in terms

of internal adoption and external threats,

seeking to understand that governance

frameworks and policies are in place to

manage these evolving risks.

Compliance risk has been a continued area

of attention, with the Committee receiving

updates on the complexities driven by the

external environment. As well as

Compliance's work in relation to market

integrity, conduct, and laws, rules and

regulations interpretation, the Committee

has been focused on the actions taken to

implement appropriate guardrails to contain

compliance threats.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 101 |
|  |  |  |  |  |  |  |  | 101 |

---

Directors' report: Board Risk Committee report (continued)

Legal risk updates have highlighted the

challenges of regulatory divergence and the

pace of change, with the Committee seeking

to ensure that Barclays remains compliant

and resilient in the face of evolving

requirements.

The Committee assess how Barclays'

strategy is informed by, and remains within

risk appetite. As part of the Committee's

role in reviewing the design of the ERMF,

and making recommendations to the Board,

it has spent significant time during 2025 on

amendments to qualitative risk appetite

statements, particularly those relating to

non-financial risks, and encouraging

management to refine their articulation and

drive consistency.

The Committee has also undertaken

dedicated teach-in sessions on the Risk and

Compliance functions to deepen its

understanding of how they are executing on

the strategic priorities for the function,

including ensuring appropriate skills and

capabilities for the future. The Chairs of

Barclays' key subsidiary Board Risk

Committees were invited to these sessions.

To assist the Committee in having visibility

over any material and key emerging issues

impacting the Group (including its key

subsidiaries), during the year I have attended

meetings of the Barclays US LLC/BBDE

Board Risk Committee, the Barclays Europe

Board Risk Committee, and the BBUKPLC

Board Risk Committee.

**Committee effectiveness** 

An internal evaluation of the performance of

the Committee was conducted for 2025, in

line with the provisions of the Code. The

results of the review confirmed that the

Committee was operating effectively.

Further information on the review of the

Board and its Committees can be found in

the Board Nominations Committee report on

page [84](#i12c1279a81884a37aee9a5181c6fa279_544).

**Looking ahead** 

As we move into 2026, the Committee will

continue to focus on ensuring Barclays

remains resilient and agile in the face of

ongoing uncertainty. We expect to maintain

focus on several key topics, including the

impact of the changing macroeconomic and

geopolitical external landscape. We will

maintain our commitment to robust

governance and proactive risk management,

ensuring that Barclays is well positioned to

respond to emerging risks and to support the

Group's strategic ambitions.

**Robert Berry**

Chair, Board Risk Committee

9 February 2026

**Committee meetings** 

During 2025, the Committee met 14 times,

with 10 scheduled and four ad hoc meetings.

One ad hoc meeting was a combined Board

and Committee meeting. (2024: 10 times

with no ad hoc meetings) and the attendance

by members at these meetings is shown on

page [100](#i12c1279a81884a37aee9a5181c6fa279_550).

In addition to its members, Committee

meetings in 2025 were also attended by

representatives from senior management

including the Group Chief Executive, Group

Chief Risk Officer, Group Chief

Compliance Officer, Group Finance

Director, Group Chief Internal Auditor,

Group Treasurer, and Group General

Counsel, as well as representatives from the

businesses and additional colleagues from

the Risk and Compliance functions. The lead

audit engagement partner of KPMG also

attended Committee meetings. The

Committee held regular private sessions

with each of the Group Chief Risk Officer

and the Group Chief Compliance Officer,

without other management present.

The Committee continues to work closely

with the Board Audit Committee and Board

Sustainability Committee to ensure a

consistent approach is taken in relation to

matters in which there is a connection across

remits. This interconnectivity is supported

by Committee cross-membership, including

the Chair of the Board Audit Committee

being a member of the Board Risk

Committee and my membership of the

Board Audit and Board Sustainability

Committees.

---

| |
|:---|
| **Role of the Committee** |
| The Committee is responsible for <br>reviewing, on behalf of the Board, <br>management's recommendations on the <br>principal risks as set out in the ERMF <br>(with the exception of reputation risk <br>with strategic implications relating to the <br>Group, which is a matter reserved to the <br>Board), and in particular:<br>•reviewing, on behalf of the Board, the <br>management of those principal risks in <br>the ERMF<br>•considering and recommending to the <br>Board the Group's risk appetite and <br>tolerances for those principal risks<br>•reviewing, on behalf of the Board, the <br>Group's risk profile for those principal <br>risks<br>•commissioning, receiving and <br>considering reports on key risk issues<br>•safeguarding the independence, and <br>overseeing the performance, of <br>Barclays' Risk and Compliance <br>functions.<br>|

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The Committee's terms of reference are <br>available at: **home.barclays/who-we-**<br>**are/our-governance/board-**<br>**committees/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 102 |
|  |  |  |  |  |  |  |  | 102 |

---

Directors' report: Board Risk Committee report (continued)

**Primary activities**

The table below highlights how the Committee discharged its responsibilities and its key areas of focus in 2025.

---

| | | |
|:---|:---|:---|
| **Areas of focus** | **Key responsibilities of the Committee** | **Key activities / actions taken** |
| **Risk framework,** <br>**governance and** <br>**regulatory matters** <br>| •To review and recommend to the Board for <br>approval the design of the ERMF. <br>•To assess risk management matters raised by <br>Barclays' regulators and monitor the actions <br>being taken by management to respond.<br>•To monitor the progress of significant risk <br>management projects. <br>•To keep under review the effectiveness of the <br>Group's risk management systems. <br>•To support management in embedding and <br>maintaining throughout the Group a <br>supportive culture in relation to risk <br>management.<br>| •The Committee reviewed and recommended to the Board for <br>approval the ERMF. <br>•Further to reports presented by management on guidance and <br>feedback received from regulators, the Committee considered <br>Barclays' response to the matters raised by regulators, <br>including updates on key remediation programmes.<br>•The Committee received an update from the Group Chief <br>Risk Officer and Group Chief Compliance Officer on their <br>observations on Barclays' Risk and Compliance culture, <br>which included reflecting on the Committee's role to support <br>management in embedding the desired culture.<br>•The Committee received regular reports from management on <br>regulatory interpretation matters and related governance.<br>|
| **Risk appetite** <br>**and stress testing**<br>**i.e. the level of risk the Group** <br>**chooses to take in pursuit of** <br>**its business objectives, including** <br>**testing whether the Group's** <br>**financial position and risk profile** <br>**provide sufficient resilience** <br>**to withstand the impact of severe** <br>**but plausible economic scenarios.**<br>| •To advise the Board on the Group's risk <br>appetite and tolerance for the principal risks <br>and emerging risks that the Group may be <br>willing to take when determining strategy.<br>•To review and recommend to the Board for <br>approval the Group's Risk Appetite <br>Statement. <br>•To review and approve the methodology used <br>to establish the Group's risk appetite and <br>associated stress testing. <br>•To consider and approve stress loss limits and <br>mandate and scale controls for financial <br>principal risks (credit risk, market risk and <br>treasury and capital risk), operational risk and <br>climate risk. <br>•To consider and approve Internal Stress Test <br>(IST) themes and consider the financial and <br>non-financial constraints and scenarios for <br>stress testing risk appetite for the MTP. <br>•To consider and approve the results of stress <br>tests required by regulators. <br>| •The Committee engaged extensively with management on <br>proposed enhancements to Barclays' qualitative risk appetite <br>statements, in particular for non-financial principal risks, and <br>subsequently recommended to the Board for approval <br>Barclays' Risk Appetite Statement.<br>•The Committee reviewed and approved the stress loss limits <br>and mandate and scale controls for the Group.<br>•The Committee considered and approved the 2025 IST <br>(including climate risk) scenario theme and severity and 2025 <br>IST results, and recommended the Board approve the MTP on <br>the basis that risk appetite was met under the IST. The <br>Committee also approved the results of the 2025 Reverse <br>Stress Test and considered key learnings. <br>•The Committee approved the results of the 2025 Group Bank <br>Capital Stress Test and considered management's analysis of <br>the stress test results published by the Bank of England.<br>•The Committee considered updates on the results of Barclays <br>US LLC's 2025 supervisory stress test conducted by the <br>Federal Reserve Board.<br>|
| **Risk profile**<br>**i.e. the impact on the Group's risk** <br>**profile from geopolitical and** <br>**macroeconomic developments and** <br>**conditions.**<br>| •To evaluate and report to the Board on the <br>Group's risk profile and risk tolerance for the <br>principal risks in the ERMF. <br>•To consider reports on key risk issues and <br>emerging risks that assess the adequacy of the <br>ERMF to manage those risks. <br>| •The Group Chief Risk Officer reported regularly on the <br>Group's risk profile, which included assessments of <br>macroeconomic developments and geopolitical risks, in <br>addition to reporting on key risks and portfolio metrics. <br>•The Committee received briefings on key risk themes in the <br>context of the evolving risk environment in which Barclays <br>operates and the response of management. <br>•The Committee has overseen management in clearly defining <br>the Group's target presence in emerging markets.<br>•The Committee reviewed and approved the Group's approach <br>to managing single name concentration risk.<br>•The Committee received focused business risk updates for <br>each of the main business areas which included assessments <br>of principal risks.<br>|
| **Credit risk** <br>**and market risk**<br>**i.e. the risk of loss from the failure** <br>**of customers,** <br>**clients or counterparties to** <br>**fully honour their obligations** <br>**to Barclays; or due to** <br>**market movements.**<br>| •To review and consider vulnerabilities to <br>credit losses in the Group's lending and <br>banking transactions that expose the firm to <br>credit risk.<br>•To review and consider the risk of loss arising <br>from potential adverse changes in the value of <br>the firm's assets and liabilities from <br>fluctuation in market variables. <br>| •The Committee maintained an ongoing focus on credit risk in <br>the context of the external environment. This included <br>consideration of an update on key metrics and exposures by <br>sector and reporting on management actions being taken to <br>mitigate the risk in key portfolios. <br>|

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 103 |
|  |  |  |  |  |  |  |  | 103 |

---

Directors' report: Board Risk Committee report (continued)

---

| | | |
|:---|:---|:---|
| **Areas of focus** | **Key responsibilities of the Committee** | **Key activities / actions taken** |
| **Treasury** <br>**and capital risk**<br>**i.e. liquidity risk, capital** <br>**risk and interest rate risk** <br>**in the banking book.**<br>| •To review capital performance against plan, <br>tracking the capital trajectory, any challenges <br>and opportunities and regulatory policy <br>developments. <br>•To assess liquidity performance against both <br>internal and regulatory requirements, and <br>review any challenges and opportunities. <br>•To monitor capital and funding requirements. <br>•To consider and approve Internal Capital <br>Adequacy Assessment Process (ICAAP) and <br>Internal Liquidity Adequacy Assessment <br>Process (ILAAP) submissions. <br>| •The Committee reviewed capital and liquidity performance <br>and the forecast capital and funding trajectory, including the <br>actions identified by management to manage the Group's <br>capital position. <br>•Following preliminary assessments of the ICAAP and ILAAP <br>by the Committee in early 2025, the Committee subsequently <br>approved the Group's 2025 ICAAP and ILAAP prior to their <br>submission to the PRA. <br>•The Committee considered Barclays' risk appetite framework <br>and strategy for managing significant risk transfer <br>transactions.<br>•The Committee recommended to the Board for approval the <br>Group Recovery Plan. <br>•The Committee considered an update on Barclays' <br>resolvability arrangements, including the testing and <br>assurance activities completed in 2025, and a Group <br>resolution simulation planned for 2026 to ensure our <br>resolution capabilities are execution-ready.<br>|
| **Operational risk** <br>**i.e. the risk of loss arising from** <br>**inadequate or failed processes and** <br>**systems, human factors or due to** <br>**external events.**<br>| •To review the Group's operational risk profile <br>and consider specific areas of operational <br>risks, including fraud, operational resilience, <br>cybersecurity, execution risk, technology and <br>data, including the controls that are in place <br>for managing and mitigating such risks. <br>| •The Committee regularly reviewed the Group's operational <br>risk profile through reporting on key metrics and key <br>operational risks, including those relating to transactions <br>operations, technology change, fraud, cyber security and the <br>risks associated with new business activities. <br>•The Committee considered updates on proposed changes to <br>enhance the Operational Risk Management Framework and <br>operational risk appetite statement.<br>•The Committee reviewed and approved under a delegation of <br>authority from the Board the 2025 Group Operational <br>Resilience Self-Assessment assessing Barclays' ability to <br>recover its Important Business Services (IBS) within impact <br>tolerance in severe but plausible scenarios. The Committee <br>subsequently recommended to the Board for approval <br>changes to the impact tolerance thresholds for certain IBS <br>following a review after the 31 January 2025 IT incident that <br>impacted Barclays' business in the UK. <br>•The Committee maintained oversight of cybersecurity risk, <br>including through updates on the Group-wide programme of <br>work to enhance Barclays' cybersecurity capabilities, <br>encompassing activities to strengthen Barclays' risk posture, <br>assessments of the external cyber environment and regulatory <br>commitments.<br>•The Committee received focused updates on AI that included <br>consideration of AI oversight in Barclays, the external AI <br>policy and regulatory landscape and AI-driven cybersecurity <br>risks.<br>|
| **Climate risk**<br>**i.e. the risk of financial losses** <br>**arising from climate change** <br>**through physical risks and risks** <br>**associated with transitioning** <br>**to a lower carbon economy.**<br>| •To consider and assess the impact of climate <br>risk on the Group's activities. <br>| •Through updates on climate risk the Committee considered <br>how climate change is driving financial and operational risks <br>and how Barclays is managing these risks and incorporating <br>them in its capital adequacy assessment. Matters covered in <br>the updates included external regulatory trends, the global <br>policy environment and actions taken to address physical <br>risks. The Committee also considered progress against <br>Barclays' financed emissions reduction targets. <br>•Business risk updates to the Committee from the main <br>business areas included assessments of climate risk. <br>|
| **Model risk**<br>**i.e. the potential for adverse** <br>**consequences from decisions based** <br>**on incorrect or misused model** <br>**outputs and reports.** <br>| •To evaluate the appropriateness of the Model <br>Risk Management Framework, including <br>receiving updates on findings in relation to <br>specific modelling processes. <br>| •The Committee received updates on model risk, including in <br>relation to enhancements to the Model Risk Management <br>Framework to address increasing regulatory expectations, <br>including compliance with PRA Supervisory Statement 1/23 <br>"Model risk management principles for banks", and oversight <br>of AI risk management within the Group.<br>•In compliance with the regulatory requirement for the <br>Group's Model Risk Management Policy to be approved by <br>the Board, the Committee approved the Model Risk <br>Framework on behalf of the Board. <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 104 |
|  |  |  |  |  |  |  |  | 104 |

---

Directors' report: Board Risk Committee report (continued)

---

| | | |
|:---|:---|:---|
| **Areas of focus** | **Key responsibilities of the Committee** | **Key activities / actions taken** |
| **Compliance risk**<br>**i.e. the risk of poor outcomes for,** <br>**or harm to, customers, clients and** <br>**markets, arising from the delivery** <br>**of the firm's products and services** <br>**(Conduct Risk) and the risk to** <br>**Barclays, its clients, customers or** <br>**markets from a failure to comply** <br>**with the laws, rules** <br>**and regulations applicable to the** <br>**firm (Laws, Rules and Regulations** <br>**Risk, LRR Risk).**<br>| •To review the effectiveness of the processes <br>and policies by which the Group identifies <br>and manages Compliance risk, including <br>reviewing the effectiveness of the Compliance <br>Risk Framework. <br>| •The Group Chief Compliance Officer reported regularly to <br>the Committee on the Group's compliance risk profile, which <br>included lessons learned reviews undertaken in response to <br>industry developments and external events and the <br>monitoring of ongoing remediation activities.<br>•The Committee received a quarterly Compliance opinion on <br>Group transformation initiatives.<br>•The Committee considered focused updates on key <br>compliance risks including surveillance, trade and transaction <br>reporting and laws, rules and regulations.<br>|
| **Financial Crime risk**<br>**i.e. the risk that Barclays** <br>**and its associated persons** <br>**(employees or third parties)** <br>**commit or facilitate financial** <br>**crime, and/or the firm's products** <br>**and services are used to facilitate** <br>**financial crime.** <br>| •To monitor the financial crime risk profile of <br>the Group and how such risk is mitigated.<br>| •The Committee monitored financial crime risk through <br>quarterly updates on the Group-wide programme to enhance <br>financial crime capabilities and opinions from Compliance on <br>Barclays' financial crime risk profile.<br>•The Committee received a compliance focused update on the <br>financial crime risks presented by AI and the risk of <br>exploitation by criminals.<br>|
| **Reputation risk**<br>**i.e. the risk that an action,** <br>**transaction, investment, event,** <br>**decision, or business relationship** <br>**will reduce trust in the Group's** <br>**integrity and/or competence.**<br>| •To evaluate the effectiveness of the Group's <br>management of reputation risk.<br>•To escalate any matter with reputation risk <br>which may have strategic implications for the <br>Group to the Board. <br>| •Updates on reputation risk provided to the Committee <br>included discussion on risk appetite considerations and <br>reviewing enhancements to the approach to identifying and <br>assessing reputation risks.<br>|
| **Legal risk**<br>**i.e. the risk of loss or imposition of** <br>**penalties, damages or fines from** <br>**the failure of the Group to meet** <br>**applicable laws, rules, regulations** <br>**or contractual requirements or to** <br>**assert or defend its intellectual** <br>**property rights.**<br>| •To monitor the Group's legal risk profile, <br>including considering potential material <br>emerging legal risks.<br>| •The Committee received periodic updates on emerging legal <br>risks faced by the Group and actions being taken to manage <br>such risks.<br>|
| **Strategic transaction risk** | •To satisfy itself that the due diligence process <br>followed for proposed significant and strategic <br>acquisitions or disposals by the Group is <br>thorough.<br>| •The Committee considered the key conclusions from the due <br>diligence conducted on the acquisition of Best Egg, Inc. and <br>the impact of the transaction on the Group's risk profile and <br>overall risk appetite in the context of the Group's strategy, and <br>reported its conclusions to the Board.<br>|
| **Remuneration** | •To provide input to the Board Remuneration <br>Committee on performance against risk <br>metrics to be taken into account in annual <br>remuneration decisions. <br>| •In early 2025, the Committee considered the recommended <br>ex-ante risk adjustment for the 2024 incentives pool, which <br>reflected input from the Group Chief Risk Officer and Group <br>Chief Compliance Officer.<br>•The Committee considered the methodology for setting the <br>ex-ante adjustments to the 2025 incentives pool.<br>|
| **Oversight of the Risk and** <br>**Compliance functions** <br>| •To safeguard the independence, and oversee <br>the performance, of Barclays' Risk and <br>Compliance functions. <br>•To satisfy itself that Barclays' Risk and <br>Compliance functions are adequately <br>resourced and have appropriate access to <br>information, so as to be able to perform their <br>functions effectively. <br>•To review and approve the Compliance <br>function's Annual Compliance Plan. <br>| •In early 2026, both the Group Chief Risk and Chief <br>Compliance Officers presented 2025 function effectiveness <br>reviews assessing the performance of their respective <br>functions against their remits.<br>• The Committee reviewed and approved the Annual <br>Compliance Plan and monitored delivery of the plan through <br>a mid-year progress update. <br>•The Committee considered Barclays Internal Audit's <br>assessments of the control environment of the Risk and <br>Compliance functions.<br>•The Committee participated in teach-in sessions from the <br>Risk and Compliance functions, providing deeper insight into <br>the organisational shape and evolution of the functions. <br>•The Committee met privately with the Group Chief Risk Officer <br>and Group Chief Compliance Officer on a regular basis.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 105 |
|  |  |  |  |  |  |  |  | 105 |

---

**Directors' report: Board Sustainability Committee report**

**Working towards our ambition** 

**to be a net zero bank by 2050**

and supporting our clients in the transition to a low-carbon economy

![HD_Sustainability Com_Vertical_Box.jpg](bcs-20251231_g117.jpg)

---

| |
|:---|
| **Board Sustainability** <br>**Committee**<br>|
| **Nigel Higgins**<br>Chair, Board Sustainability Committee<br>|
| **Committee membership and** <br>**meeting attendance during 2025**<sup>1, 2</sup><br>|

---

---

| | | |
|:---|:---|:---|
| **Member** | **Meetings attended/**<br>**eligible to attend** | **Meetings attended/**<br>**eligible to attend** |
| **Nigel Higgins** | **Nigel Higgins** | **4/4** |
| C.S. Venkatakrishnan | C.S. Venkatakrishnan | **4/4** |
| Robert Berry | Robert Berry | **3/4** |
| Dawn Fitzpatrick | Dawn Fitzpatrick | **2/4** |
| Mary Francis | Mary Francis | **4/4** |
| Brian Gilvary | Brian Gilvary | **2/4** |
| Diony Lebot\* | Diony Lebot\* | **3/3** |
| Julia Wilson | Julia Wilson | **4/4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*Diony Lebot joined the Committee on

17 March 2025.

**Note:**<br>1There were three scheduled Committee <br>meetings and one ad hoc meeting held in 2025. <br>Owing to other commitments or illness, some <br>Directors were unable to attend certain <br>meetings, however they received papers in <br>advance and had the opportunity to share their <br>views with the Chair ahead of the meetings. <br>2A non-executive representative from the <br>BBUKPLC Board continues to attend <br>Committee meetings.<br>

**Dear Shareholders,**

In furtherance of Barclays' ambition to

be a net zero bank by 2050, during 2025, the

Board Sustainability Committee has focused

on monitoring the progress

and evolution of the climate and

sustainability strategy, particularly how

the Group supports clients in the transition

to a low-carbon economy, supporting the

Board's oversight of

these important issues.

Climate change continues to be a critical and

complex challenge, and the Committee plays

an important role in shaping and overseeing

the Group's climate and sustainability

strategy, seeking to ensure that Barclays

commitments remain robust, credible, and

responsive to the rapidly-evolving external

environment and to stakeholder

expectations.

As part of its discussions, the Committee

reviewed the Barclays Transition Update in

detail ahead of Board approval and

publication in July.The Committee worked

closely with management to seek to ensure

that the Transition Update set out how

Barclays is financing customers' and clients'

transition, as it balances its climate ambition

and stakeholder expectations, and continues

to deliver the strategy whilst taking into

consideration the dynamic external

environment and risks associated with the

transition. Banks are part of the fabric of

economies across the world that are striving

to align transition, growth and energy

security and Barclays is seeking to support

its clients with navigating this environment.

Discussions centred on the risks and

opportunities presented by the transition,

with the Committee supporting a pragmatic

approach to transition planning. The

Transition Update reaffirmed Barclays'

ambition to be a net zero bank by 2050,

reported progress towards our target to

facilitate $1 trillion Sustainable and

Transition Finance, and provided more

detail on how Barclays could work with

clients in key sectors to support

decarbonisation, while managing associated

risks and opportunities.

It also considered factors that may influence

climate transition, and how Barclays could

further evolve its strategy and policy

positions.

The Committee's discussions were informed

by external perspectives, including external

legal and policy experts, and underpinned by

management's active engagement with our

shareholders,

NGOs, and other stakeholders, alongside

feedback provided directly to me as Group

Chairman. The Committee maintained

emphasis on transparency and accountability

in relation to the climate and sustainability

strategy and discussed likely stakeholder

impact and reaction to the publication of the

Barclays Transition Update. The Committee

also received regular updates on external

developments, market practice, and

regulatory changes.

Beyond climate, the Committee discussed

the continuing work to advance Barclays'

position on nature and human rights,

recognising the growing importance of these

issues to our stakeholders and to

the long-term sustainability of our business.

Acknowledging the close interlock between

climate and nature considerations, the

Committee encouraged a thoughtful

approach to the integration of nature risks

and opportunities alongside our existing

climate strategy. The Committee also

received an update on the ongoing approach

to identifying and managing human rights

considerations.

The topics covered by the Committee

are reviewed regularly to ensure that

members have visibility of the broader

sustainability landscape, including material

policy, regulatory, legal and political

developments in our key markets.

Having cross-membership on the Committee

with the Chairs of our Board Audit,

Remuneration and Risk Committees helps to

ensure a streamlined approach

to Board-level oversight of all climate

and sustainability-related matters.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 106 |
|  |  |  |  |  |  |  |  | 106 |

---

Directors' report: Board Sustainability Committee report (continued)

The Committee continues to have a

non-executive representative from the

BBUKPLC Board, which provides further

connectivity across the Group.

**Committee effectiveness**

An internal evaluation of the performance of

the Committee was conducted for 2025, in

line with the provisions of the Code. The

results of the review confirmed that the

Committee was operating effectively.

Further information on the review of the

Board and its Committees can be found in

the Board Nominations Committee report on

page [84](#i12c1279a81884a37aee9a5181c6fa279_544).

**Looking ahead**

Looking ahead, the Committee remains

committed to supporting the Board and

management in delivering on our

sustainability ambitions, monitoring

progress against our strategy, and

responding proactively to new risks and

opportunities. On behalf of the Board,

the Committee will continue to seek to

ensure that Barclays is well-positioned to

support our clients, deliver value to

shareholders, and contribute positively to

society in line with our Purpose.

**Nigel Higgins** 

Chair, Board Sustainability Committee

9 February 2026

**Committee composition** 

**and meetings**

During 2025, the Committee met four times

and attendance by members is shown on

page [105](#i12c1279a81884a37aee9a5181c6fa279_556). Committee meetings in 2025 were

also attended by management

representatives including the Group Head of

Sustainable and Transition Finance, Head of

Public Policy and Corporate Responsibility,

and Head of Legal, Public Policy and

Corporate Responsibility.

As announced on 6 February 2026, Mary

Francis will be stepping down from the

Board and as a member of the Committee

with effect from 6 May 2026.

As an Executive member of the <br>Committee, our Group Chief <br>Executive, C.S. Venkatakrishnan, <br>brings in-depth climate and <br>sustainability insight to the <br>Committee's discussions, including <br>the views of key external <br>stakeholders. Through his past and <br>current external roles, including as <br>Chair of the Financial Services <br>Taskforce to the Sustainable Markets <br>Initiative, he brings external <br>perspectives on key climate and <br>sustainability matters relevant to the <br>Committee's discussions.<br>

**Role of the Committee**<br>The Committee's role is to provide <br>oversight of climate matters and <br>Barclays' sustainability agenda, with <br>particular focus on:<br>•supporting and advising the Board in <br>its oversight of climate and <br>sustainability matters relating to (i) the <br>services and products provided to <br>Barclays' clients and customers, (ii) <br>particular sectors, and (iii) its own <br>corporate activities<br>•supporting the Board in monitoring the <br>implementation of the Barclays' <br>climate and sustainability strategy and, <br>if appropriate, making <br>recommendations to the Board as to <br>how to further develop these strategies<br>•reviewing and making <br>recommendations to the Board on the <br>suitability of, material changes to, the <br>Group's climate and sustainability <br>strategy; and<br>•reporting to the Board on the climate <br>and sustainability matters for which it <br>is responsible, escalating issues and <br>making recommendations to the Board <br>where appropriate.<br>

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The Committee's terms of reference are <br>available at **home.barclays/who-we-**<br>**are/our-governance/board-**<br>**committees/** <br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 107 |
|  |  |  |  |  |  |  |  | 107 |

---

**Directors' report: How we comply**

**Reporting against the Code's** 

**principles and provisions**

As Barclays PLC is listed on the London Stock Exchange, the principles and provisions of the Code apply, a copy of which can be found at

frc.org.uk

For the year ended 31 December 2025, and as at the date of this report, we are pleased to confirm that Barclays PLC has complied in full

with the requirements of the Code in force as at 31 December 2025. This section and our Board Governance report sets out how we complied

with the Code in 2025.

By virtue of the information included in the Annual Report, we comply with the corporate governance statement requirements of the FCA's

Disclosure and Transparency Rules (DTRs). The information required to be disclosed pursuant to DTR 7.2.6 is located on pages [109](#i12c1279a81884a37aee9a5181c6fa279_565) to [115](#i3746ff88f59b471d94ba4f90669a2439_17437).

Information in relation to the Board Inclusion and Opportunity Policy, as required to be disclosed pursuant to DTR 7.2.8A, can be found on

page [89](#ic47288dd6b0f478d954ebe898cce1b0a_26221).

Barclays is permitted by New York Stock Exchange (NYSE) rules to follow UK corporate governance practices instead of those applied in

the US. Any significant variations must be explained in Barclays PLC's Annual Report on Form 20-F filing, found at the Securities and

Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database or on our website home.barclays

The way in which Barclays has applied the principles and provisions of the Code during 2025 is summarised below and on the next page.

---

| |
|:---|
| **Board Leadership** <br>**and Company Purpose**<br>|
| Our Board governance is designed to <br>deliver an effective and entrepreneurial <br>Board, which discharges its role <br>effectively and efficiently. Details can be <br>found on pages [77](#ib7ecf651b78b4b55a9e4a4b5d2ed2b1c_2834) to [78](#iaceb02b7f5194ff681aa31b6c644bf20_5146), including our <br>Group-wide governance framework and <br>the Board's responsibilities. Key Board <br>activities for 2025 are set out on pages [80](#i7f1efa9975254f2d8b217ebd8ce3c48b_0-0-1-1-4390467)<br>to [83](#iacd12c0bd0d8432ab84872fb01832d9b_3052). The Board is fully supportive of <br>The Barclays Way, which sets out our <br>Purpose, Values and Mindset, and is our <br>Code of Conduct, providing a path for <br>achieving a dynamic and positive culture <br>in the Group. Refer to page [171](#i12c1279a81884a37aee9a5181c6fa279_769) for <br>further detail. Our Group Whistleblowing <br>Standard enables colleagues to raise any <br>matters of concern anonymously and is <br>embedded into our business. Further <br>information can be found on page [172](#i12c1279a81884a37aee9a5181c6fa279_772). <br>Throughout 2025, we engaged with our <br>stakeholders through a variety of means. <br>Refer to page [25](#i12c1279a81884a37aee9a5181c6fa279_142) for further detail about <br>how Barclays engages with our <br>stakeholders. <br>|

---

---

| |
|:---|
| **Division of** <br>**Responsibility**<br>|
| The majority of the Board comprises <br>independent Non-Executive Directors. <br>The Group Chairman and Group <br>Company Secretary work in <br>collaboration to ensure an effective and <br>efficient Board, as further described in <br>Our governance framework from page <br>[77](#i12c1279a81884a37aee9a5181c6fa279_523). All Directors have access to the <br>advice of the Group Company Secretary.<br>The roles of Chair, Group Chief <br>Executive, SID and Non-Executive <br>Directors are defined within the Barclays <br>Charter of Expectations, along with the <br>behaviours and competencies for each <br>role, as outlined on page [79](#iaceb02b7f5194ff681aa31b6c644bf20_5150). Directors are <br>expected to commit sufficient time to <br>ensure they can discharge their <br>obligations to Barclays effectively, as <br>detailed in our Board Nominations <br>Committee report on page [84](#i12c1279a81884a37aee9a5181c6fa279_544). <br>The Board is responsible for setting the <br>strategy for the Group. The day-to-day <br>management of the Group is delegated by <br>the Board to the Group Chief Executive, <br>who is supported by his ExCo, the <br>composition of which is outlined on page <br>[76](#i12c1279a81884a37aee9a5181c6fa279_514). <br>Details of the number of meetings of the <br>Board and its Committees, and the <br>individual attendance by Directors, can <br>be found in Our governance framework <br>on page [79](#iaceb02b7f5194ff681aa31b6c644bf20_5144) and in each respective Board <br>Committee report.<br>|

---

---

| |
|:---|
| **Composition, Succession** <br>**and Evaluation**<br>|
| All Board appointments are based on <br>merit against objective criteria and <br>having regard to the Board Inclusion and <br>Opportunity Policy, considering the <br>skills, experience, independence and <br>knowledge required for the Board's <br>effectiveness and to support the <br>continued delivery of the Group's <br>strategy. The Board Nominations <br>Committee oversees succession to both <br>Board and senior management positions. <br>The Board adopted an updated version of <br>the Board Inclusion and Opportunity <br>Policy in February 2026, as detailed in <br>the Board Nominations Committee report <br>on page [84](#i12c1279a81884a37aee9a5181c6fa279_544).<br>Board appointments are made following <br>a rigorous and transparent process <br>facilitated by the Board Nominations <br>Committee, with the aid of external <br>search consultancy firms. <br>All Directors are subject to annual re-<br>election at the AGM. See page [109](#i84e9994d8f294151a871e336116f989e_6990) for <br>further detail. <br>Each year, an effectiveness review is <br>carried out on the performance of the <br>Board, Board Committees and individual <br>Directors. As permitted by the Code, an <br>internally-facilitated review was <br>conducted for 2025. Refer to the Board <br>Nominations Committee report from <br>page [84](#i12c1279a81884a37aee9a5181c6fa279_544) for details, as well as progress <br>against the findings from the externally <br>facilitated Board review for 2024. <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 108 |
|  |  |  |  |  |  |  |  | 108 |

---

Directors' report: How we comply (continued)

---

| | | |
|:---|:---|:---|
| **Audit, Risk and Internal Control** | **Audit, Risk and Internal Control** | **Remuneration** |
| The Board, together with the Board <br>Audit Committee, is responsible for <br>ensuring the integrity of this Annual <br>Report and that the financial statements <br>as a whole present a fair, balanced and <br>understandable assessment of Barclays' <br>performance, position and prospects.<br>The Board, together with the Board <br>Audit Committee, is responsible for <br>ensuring the independence and <br>effectiveness of the internal audit <br>function and external auditors. <br>The Directors are responsible for <br>ensuring that management maintains an <br>effective system of risk management and <br>internal control and for assessing its <br>effectiveness. Such a system is designed <br>to identify, evaluate and manage, rather <br>than eliminate, the risk of failure to <br>achieve business objectives and can only <br>provide reasonable, and not absolute, <br>assurance against material misstatement <br>or loss. <br>Processes are in place for identifying, <br>evaluating and managing the principal <br>risks facing the Group. A key component <br>of The Barclays Guide is the ERMF. The <br>purpose of the ERMF is to identify and <br>set minimum requirements of the main <br>risks to the strategic objectives of the <br>Group.<br>The Group is committed to operating <br>within a strong system of internal <br>control. The Barclays Guide contains the <br>overarching framework setting out the <br>approach of the Group to internal <br>governance.<br>| Effectiveness of risk management and <br>internal controls are reviewed regularly <br>by the Board Risk Committee <br>(responsible for overseeing the ERMF <br>and current and potential future risk <br>exposures) and the Board Audit <br>Committee (responsible for evaluating <br>the effectiveness of internal controls). <br>Key controls are assessed on a regular <br>basis for both design and operating <br>effectiveness. Issues arising out of these <br>assessments, where appropriate, are <br>reported to the Board Audit Committee. <br>The Board Audit Committee oversees the <br>control environment (and remediation of <br>related issues). It also reviews annually <br>the risk management and internal control <br>system. <br>The Board Audit Committee has <br>concluded that throughout the year ended <br>31 December 2025, the Group has <br>operated an effective system of internal <br>control that provides reasonable <br>assurance of financial and operational <br>controls and compliance with laws, rules <br>and regulations.<br>You can read more about the Board <br>Audit Committee and its work, including <br>its oversight of the internal control <br>framework and areas of ongoing <br>enhancement, from page [92](#i12c1279a81884a37aee9a5181c6fa279_547).<br>| The Remuneration report from page [116](#i12c1279a81884a37aee9a5181c6fa279_577)<br>sets out the purpose and activities of the <br>Board Remuneration Committee, a <br>summary of the remuneration policy for <br>the Executive Directors and how it is <br>aligned with the policy for the wider <br>workforce, as well as the Directors' <br>remuneration outcomes for 2025. <br>The Group's remuneration policies and <br>procedures support the Group's strategy <br>and enable us to reward sustainable <br>performance, which is a key element of <br>our Remuneration Philosophy. For our <br>Executive Directors, incentive outcomes <br>are based on a structured assessment of <br>performance against key financial and <br>non-financial performance measures, <br>aligned with the Group's strategic <br>priorities. Wider workforce remuneration <br>is reviewed every year by the <br>Remuneration Committee for alignment <br>with (i) Barclays' Remuneration <br>Philosophy and Fair Pay Agenda, (ii) <br>Barclays' Purpose, Values, Mindset, <br>conduct expectations and long-term <br>success, and (iii) Executive Director and <br>senior management remuneration. <br>All Executive Director and senior <br>management remuneration policies are <br>developed in accordance with the Group's <br>formal and transparent procedures <br>(ensuring that no Director is involved in <br>deciding their own remuneration <br>outcomes) and are, where appropriate, <br>aligned to wider workforce policies. <br>Board Remuneration Committee <br>members exercise independent <br>judgement and discretion when <br>determining remuneration outcomes, <br>considering the Group and individual <br>performance, wider workforce and other <br>relevant stakeholder considerations.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 109 |
|  |  |  |  |  |  |  |  | 109 |

---

**Directors' report: Other statutory and regulatory information**

## Other statutory and regulatory
**information**

The Directors present their report together with the

audited accounts for the year ended 31 December 2025.

---

| | |
|:---|:---|
| **Other information that is relevant to the Directors' report, and which is incorporated** <br>**by reference into this report, can be located as follows:** | **Other information that is relevant to the Directors' report, and which is incorporated** <br>**by reference into this report, can be located as follows:** |
|  | **Page** |
| Remuneration policy, including details of the remuneration of each Director and <br>Directors' interests in shares<br>| [130](#i12c1279a81884a37aee9a5181c6fa279_619) to [132](#i557c9371847748b9a709822f98944be5_3138)<br>[135](#i7ec9ae99edd74beaa193f2524793617f_32590), <br>[153](#iab266019c0b04f2b87aa846bcf8f2ebf_11331) to [154](#iab266019c0b04f2b87aa846bcf8f2ebf_11345)<br>|
| Corporate Governance Statement | [107](#i12c1279a81884a37aee9a5181c6fa279_559) to [108](#i12c1279a81884a37aee9a5181c6fa279_562) |
| Risk review | [180](#i12c1279a81884a37aee9a5181c6fa279_787) |
| Disclosures required pursuant to Large and Medium-sized Companies and Groups (Accounts and Reports) <br>Regulations 2008 as updated by Companies (Miscellaneous Reporting) Regulations 2018 can be found on <br>the following pages: | Disclosures required pursuant to Large and Medium-sized Companies and Groups (Accounts and Reports) <br>Regulations 2008 as updated by Companies (Miscellaneous Reporting) Regulations 2018 can be found on <br>the following pages: |
|  | **Page** |
| Engagement with employees (Sch. 7, Para 11 and 11A 2008/2018 Regs) | [26](#i12c1279a81884a37aee9a5181c6fa279_145) to [28](#i12c1279a81884a37aee9a5181c6fa279_148) |
| Engagement with suppliers, customers and others in a business relationship <br>(Sch. 7, Para 11 B 2008/2018 Regs)<br>| [25](#i193d69d6e43a4ade824367fa6c34897b_1-1-1-1-4390467)<br>[29](#i12c1279a81884a37aee9a5181c6fa279_154) and [168](#i12c1279a81884a37aee9a5181c6fa279_763) to <br>[170](#i68ff07e050b4489ba4ea9564deb3d3c8_13978)<br>|
| Financial instruments (Sch. 7, para 6 2008 Regs) | [371](#i12c1279a81884a37aee9a5181c6fa279_1288) |
| Hedge accounting policy (Sch. 7, para 6 2008 Regs) | [373](#i5d7220faae8340a29b82f3f95d85c297_6055) |
| Disclosures required pursuant to Listing Rule 6.6.1R can be found on the following pages: | Disclosures required pursuant to Listing Rule 6.6.1R can be found on the following pages: |
|  | **Page** |
| Allotment for cash of equity securities | [409](#i12c1279a81884a37aee9a5181c6fa279_1339) |
| Waiver of dividends | [109](#i12c1279a81884a37aee9a5181c6fa279_565) |

---

**Profit and dividends** 

Statutory profit after tax for 2025 was

£7,213m (2024: £6,356 m). The 2025 full

year dividend of 5.60p per ordinary share

will be paid on 31 March 2026 to

shareholders whose names are on the

Register of Members at the close of business

on 20 February 2026.

With the 2025 half year dividend totalling

3.0p per ordinary share, paid in September

2025, the total dividend for 2025 is8.60p

(2024: 8.4p) per ordinary share. The half

year and full year dividends for 2025

amounted to £1,200m (2024: £1,216m).

BPLC also completed share buy-back

programmes during 2025, further details of

which can be found later in this section.

Shareholders may have their dividends

reinvested in Barclays by joining the

Barclays Dividend Reinvestment Plan

(DRIP). Further details regarding the DRIP

can be found at home.barclays/dividends

and shareview.co.uk/info/drip

The nominee company of certain Employee

Benefit Trusts (EBTs) holding shares in

Barclays in connection with the operation of

our employee share plans has lodged

evergreen dividend waivers on shares held by

it that have not been allocated to employees.

The total amount of dividends waived during

the year ended 31 December 2025 was £1.2m

(2024: £8.4m).

**Board of Directors**

The names of the current Directors of

BPLC, along with their biographical details,

are set out on pages [72](#i12c1279a81884a37aee9a5181c6fa279_499) to [119](#iccb8a9ba032245ef9c0d70e2b6c45e1c_3358) and are

incorporated into this Directors' report by

reference. Changes to Directors during the

year and up to the date of this report are set

out below.

---

| | | |
|:---|:---|:---|
| **Name** | **Role** | **Effective date** |
| Diane <br>Schueneman<br>| Non-<br>Executive <br>Director<br>| Resigned <br>31 January <br>2025<br>|
| Diony Lebot | Non-<br>Executive <br>Director<br>| Appointed <br>17 March <br>2025<br>|
| Tim Breedon | Non-<br>Executive <br>Director<br>| Resigned <br>30 April <br>2025<br>|
| Mary Mack | Non-<br>Executive <br>Director<br>| Appointed <br>1 June 2025<br>|

---

As announced on 6 February 2026,

Mary Francis will be stepping down from

the Board with effect from 6 May 2026.

**Appointment and retirement** 

**of Directors**

The appointment and retirement of Directors

is governed by our Articles, the Code, the

Act and related legislation.

The Articles may be amended only by a

special resolution of the shareholders. The

Board has the power to appoint additional

Directors or to fill a casual vacancy among

the Directors and any Director so appointed

holds office only until the next AGM and

may offer themselves for re-election. The

Code recommends that all directors of

companies listed in the commercial

companies category should be subject to

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 110 |
|  |  |  |  |  |  |  |  | 110 |

---

Directors' report: Other statutory and regulatory information (continued)

annual re-election. All Directors, other than

Mary Francis who is to retire from the Board

prior to the AGM, intend to offer themselves

for re-election at the 2026 AGM.

**Directors' indemnities**

Qualifying third party indemnity provisions

(as defined by Section 234 of the Act) were

in force during the course of the financial

year ended 31 December 2025 for the

benefit of the then Directors of the Company

and the then Directors of certain of the

Company's subsidiaries and, at the date of

this report, are in force for the benefit of the

Directors of the Company and the directors

of certain of the Company's subsidiaries in

relation to certain losses and liabilities which

they may incur (or have incurred) in

connection with their duties, powers or

office. The Group also maintains Directors'

and Officers' Liability Insurance which

gives appropriate cover for legal action

brought against its Directors.

Qualifying pension scheme indemnity

provisions (as defined by Section 235 of the

Act) were in force during the course of the

financial year ended 31 December 2025 for

the benefit of the then Directors, and at the

date of this report are in force for the benefit

of directors of Barclays Pension Funds

Trustees Limited as trustee of the Barclays

Bank UK Retirement Fund, and Barclays

Executive Schemes Trustees Limited as

Trustee of Barclays Capital International

Pension Scheme (No.1) and Barclays PLC

Funded Unapproved Retirement Benefits

Scheme. The directors of the trustees are

indemnified against liability incurred in

connection with the trustees' activities in

relation to the Barclays Bank UK

Retirement Fund, Barclays Capital

International Pension Scheme (No.1) and

Barclays PLC Funded Unapproved

Retirement Benefits Scheme.

**Political donations**

The Group did not give any money for

political purposes in the UK or outside the

UK, nor did it make any political donations

to political parties or other political

organisations or to any independent election

candidates, nor did it incur any political

expenditure during the year. In accordance

with the US Federal Election Campaign Act,

Barclays provides administrative support to

a federal Political Action Committee (PAC)

in the US, funded by the voluntary political

contributions of eligible employees.

The PAC is not controlled or funded by

Barclays and all decisions regarding the

amounts and recipients of contributions are

directed by a steering committee comprising

employees eligible to contribute to the PAC.

Contributions to political organisations

reported by the PAC during the calendar

year 2025 totalled $123,000 (2024:

$75,000).

**Country-by-Country reporting**

The Capital Requirements (Country-by-

Country reporting) Regulations 2013 require

the Company to publish additional

information in respect of the year ended 31

December 2025. This information is

included in the Barclays Country Snapshot

available on the Barclays website:

home.barclays/annualreport

**Support for candidates and** 

**colleagues with disabilities** 

**and long-term conditions** 

Barclays' commitment to inclusion includes

ensuring that candidates with disabilities and

long-term health conditions receive support

and adjustments in the application process

and beyond. Barclays welcomes applications

from all candidates and is committed to

ensuring reasonable adjustments

(accommodations) are put in place to ensure a

fair and inclusive candidate experience.

Barclays is committed to providing all

colleagues with the support and tools they

need to have a productive and fulfilling

career. We can consider making adjustments

to remove or reduce barriers colleagues might

face if they have a disability, health concern

or mental health condition. We also ensure

opportunities for training, career development

and promotion are available to all.

**Research and development**

In the ordinary course of business, the

Group develops new products and services

in each of its business divisions.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 111 |
|  |  |  |  |  |  |  |  | 111 |

---

Directors' report: Other statutory and regulatory information (continued)

**Greenhouse gas emissions, energy** 

**consumption and energy** 

**efficiency action**

We are working towards achieving net zero

operations as part of our ambition to be a net

zero bank by 2050. This includes setting and

meeting various milestones<sup>1</sup> and targets<sup>1</sup> to

reduce our operational emissions, with

significant progress already made.

We pursue this recognising that our progress

is likely to be non-linear amid the significant

uncertainties around the transition to a low-

carbon economy. This is because projects

will take time to be fully realised and

because we depend on external factors,

including changes in legislation, regulation

and governmental policy, as well as the

decarbonisation efforts of our Third-Party

Service Providers (TPSPs)<sup>2</sup> and the energy

grids in the markets where we operate.

We aim to continue evaluating and evolving

our approach, taking into consideration

internal management decisions and external

factors, including the latest scientific

developments and market standards.

**Progress to date**

Barclays has achieved all its 2025 net zero

operations milestones and targets, including

continuing to source 100% renewable

electricity for our global real estate

portfolio<sup>3</sup> and reducing our Scope 1 and 2

market-based emissions by 97% against a

2018 baseline - exceeding our 90%

reduction target.

We maintained 100% renewable electricity

sourcing for our global real estate portfolio

through instruments, including green tariffs<sup>4</sup>

(2%), energy attribute certificates<sup>5</sup> (EACs)

(49%), and EACs from a power purchase

agreement (PPA) (49%).

We are also making progress towards our

2030 Scope 1 and 2 location-based

emissions reduction milestone, having by

the end of 2025, reduced these emissions by

62% against a 2018 baseline. This progress

was driven by:

• A reduction in our operational energy

demand from the consolidation of our

global real estate portfolio.

• Improvements in energy efficiency of our

global real estate portfolio.

• The targeted electrification of our global

real estate portfolio and our vehicle fleet.

• The decarbonisation of external grids in

the markets where we operate.

We have disclosed global GHG emissions

and energy use data as required by the Large

and Medium-sized Companies and Groups

(Accounts and Reports) Regulations 2008.

For further information about Barclays net

zero operations milestones and targets

progress and approach see page [58](#i12c1279a81884a37aee9a5181c6fa279_400).

**Notes:**

1In this section, a reference to a 'milestone' denotes

an indicator we are working towards and report

against and a reference to a 'target' denotes an

indicator linked to our executive remuneration.

2TPSP means any entity that has entered into an

arrangement with Barclays in order to provide

business functions, activities, goods and/or

services to Barclays.

3In this section a reference to global real estate

portfolio includes offices, campuses, branches,

warehouses and data centres within our

operational control.

4Green tariffs (retail procurement) are standardised

renewable electricity products in regulated

electricity markets offered by utilities, allowing

large commercial and industrial customers to buy

bundled renewable electricity through a special

utility tariff rate. Project-specificity is not a

requirement for retail procurement.

5EACs are standardised, tradable instruments, that

prove that generally 1 MWh of renewable

electricity has been generated from a renewable

source and added to a grid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 112 |
|  |  |  |  |  |  |  |  | 112 |

---

Directors' report: Other statutory and regulatory information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GHG Emissions Table and Notes** | **GHG Emissions Table and Notes** | **GHG Emissions Table and Notes** | **GHG Emissions Table and Notes** | **GHG Emissions Table and Notes** |
|  | **Current Reporting Year**<sup>1</sup><br>**2025**<sup>2</sup> | **Current Reporting Year**<sup>1</sup><br>**2025**<sup>2</sup> | **Previous Reporting Year**<sup>1</sup><br>**2024** | **Previous Reporting Year**<sup>1</sup><br>**2024** |
|  | **UK &**<br>**Offshore Area**<br>| **Global** | **UK &**<br>**Offshore Area**<br>| **Global** |
| **Operational GHG Emissions**<sup>3</sup>**(tCO2e)** |  |  |  |  |
| Total<sup>4</sup> Scope 1, Scope 2 location-based, Scope 3 operational GHG emissions <br>(000' tonnes)<br>| **118.2** | **266.2** | 124.9 | 271.7 |
| Scope 1 CO2e emissions (000' tonnes)<sup>5</sup> | **3.6** | **5.2** | 3.6 | 8.9 |
| Scope 2<sup>6</sup> location-based CO2e emissions (000' tonnes) | **26.8** | **74.9** | 32.0 | 84.8 |
| Scope 3 CO2e emissions (000' tonnes)<sup>7</sup> | **87.8** | **186.1** | 89.3 | 177.9 |
| Category 3 fuel and energy-related activities CO2e emissions (000' tonnes) | **10.5** | **19.3** | 11.0 | 11.3 |
| Category 5 waste generated in operations CO2e emissions (000' tonnes) | **0.05** | **0.35** | 0.09 | 0.21 |
| Category 6 business travel CO2e emissions (000' tonnes) | **15.7** | **38.1** | 18.6 | 45.3 |
| Category 7 employee commuting CO2e emissions (000' tonnes) | **42.7** | **99.8** | 41.7 | 92.8 |
| Category 8 upstream leased assets CO2e emissions (000' tonnes) | **18.9** | **27.8** | 18.1 | 27.5 |
| Category 13 downstream leased assets CO2e emissions (000' tonnes) | **0** | **0.66** | 0 | 0.77 |
| Energy consumption used to calculate Scope 1 and Scope 2 operational GHG <br>emissions (MWh)<sup>8</sup><br>| **161493** | **324185** | 172213 | 337388 |
| **Intensity Ratio** |  |  |  |  |
| Total 12-Month Average Full-Time Employees (FTE) | **45052** | **92769** | 43421 | 91500 |
| Total CO2e per FTE (000' tonnes)<sup>9</sup> | **2.62** | **2.87** | 2.88 | 2.97 |
| **Market-based emissions**<sup>10</sup> |  |  |  |  |
| Scope 2 market-based CO2e emissions (000' tonnes)<sup>6</sup> | **0.05** | **2.1** | 0 | 1.8 |
| Total Scope 1<sup>4</sup> and 2 market-based CO2e emissions (000' tonnes) | **3.6** | **7.3** | 3.6 | 10.7 |

---

**Notes:**

1The operational emissions reporting year is 1

October to 30 September. The operational

emissions reporting year is not fully aligned to the

financial reporting year covered by this Directors'

report. In this table operational GHG emissions

have been presented as thousands of tonnes of

carbon dioxide equivalents.

2We have incorporated emissions from Tesco

Bank operations following Barclays' acquisition

of Tesco Bank on 1 November 2024 and excluded

emissions from Hamburg operations following

Barclays' sale of its consumer finance business in

Germany on 3 February 2025. Please see the

Sustainability Reporting Framework for details on

our operational emissions accounting approach.

3The methodology used to calculate our GHG

operational emissions follows the 'Greenhouse

Gas Protocol (GHG): A Corporate Accounting

and Reporting Standard (Revised Edition)',

defined by the World Resources Institute/World

Business Council for Sustainable Development.

We have adopted the operational control approach

to define our organisational boundary for our

Scope 1 and Scope 2 emissions. We continuously

review and update our performance data based on

updated GHG emission factors, improvements in

data quality and updates to estimates previously

applied. For 2025, we have applied the latest

emission factors as of 31 December 2025.

4In this section, our total accounted operational

GHG emissions include Scope 1, Scope 2

(location-based) and Scope 3 Category 3, 5-8 and

13. All figures are gross and do not include netted

figures from carbon credits. Scope 3 Category 3

and 7 currently are not part of our net zero

operations approach.

5Scope 1 emissions include our direct GHG

emissions from natural gas, diesel and other fuels,

corporate vehicles and HFC refrigerants. In the

case of corporate vehicles, emissions are limited

to UK vehicles only as this is the only country

where expense data is available.

6Scope 2 GHG emissions include our indirect

GHG emissions from purchased electricity,

purchased heat, cooling and steam. In 2025, we

gained enhanced visibility into our district heating

and cooling, and electricity consumption from our

corporate electric vehicle charging. As a result,

this data update has been incorporated into our

2025 Scope 2 market-based and location-based

emissions.

7GHG emissions from Scope 3 Category 1, 2 and 4

are excluded as these emissions cannot be broken

down by country.

8Energy consumption data is captured through

utility billing; meter reads or estimates. Principal

measures we have undertaken in 2025 to improve

energy efficiency include the following:

• Right-sized our global real estate portfolio,

therefore optimising our space and associated

resources for our operational needs.

• Continued implementing our energy

optimisation programme across selected

locations in our global real estate portfolio. The

programme aims to reduce energy demand of

existing infrastructure during periods of low or

no occupancy and to increase energy efficiency

during normal operating hours.

The measures build on those taken during 2024 to

implement our net zero operations strategy.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further information about our energy <br>efficiency measures is available on **page** [60](#i12c1279a81884a37aee9a5181c6fa279_415)<br>of the Barclays PLC 2025 Annual Report.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

9Intensity ratio calculations have been calculated

using total accounted operational GHG emissions

as reported in footnote 4.

10For Scope 2 market-based emissions we have

used a zero emission factor where we have green

tariffs or energy attribute certificates in place

globally.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 113 |
|  |  |  |  |  |  |  |  | 113 |

---

Directors' report: Other statutory and regulatory information (continued)

**Share capital**

**Share capital structure**

The Company has ordinary shares in issue.

The Articles also allow for the issuance of

sterling, US dollar, euro and yen preference

shares (preference shares). No preference

shares have been issued as at 6 February

2026 (the latest practicable date for inclusion

in this report). Ordinary shares therefore

represent 100% of the total issued share

capital as at 31 December 2025 and as at 6

February 2026 (the latest practicable date for

inclusion in this report).

Details of the movement in ordinary share

capital during the year can be found in

[Note 27](#i12c1279a81884a37aee9a5181c6fa279_1339) to the financial statements.

The rights and obligations attaching to the

Company's ordinary shares and preference

shares are set out in the Articles, a copy of

which is available on the Company's website

at home.barclays/corporategovernance.

**Voting**

Every member who is present in person or

represented at any general meeting of the

Company, and who is entitled to vote, has

one vote on a show of hands. Every proxy

present has one vote on a show of hands.

The proxy will have one vote for, and one

vote against, a resolution if they have been

instructed to vote for, or against, the

resolution by different members or in one

direction by a member while another

member has permitted the proxy discretion

as to how to vote.

On a poll, every member, who is present in

person or by proxy and who is entitled to

vote, has one vote for every share held. In

the case of joint holders, only the vote of the

senior holder (as determined by the order in

the share register) or their proxy may be

counted. If any sum payable remains unpaid

in relation to a member's shareholding, that

member is not entitled to vote that share or

exercise any other right in relation to a

meeting of the Company unless the Board

otherwise determines.

If any member, or any other person

appearing to be interested in any of the

Company's ordinary shares, is served with a

notice under Section 793 of the Act and does

not supply the Company with the

information required in the notice, then

the Board, in its absolute discretion, may

direct that that member shall not be entitled

to attend or vote at any meeting

of the Company.

The Board may further direct that, if the

shares of the defaulting member represent

0.25% or more of the issued shares of the

relevant class, dividends or other monies

payable on those shares shall be retained by

the Company until the direction ceases to

have effect and no transfer of those shares

shall be registered (other than certain

specified 'excepted transfers').

A direction ceases to have effect seven days

after the Company has received the

information requested, or when the

Company is notified that an excepted

transfer of all of the relevant shares to a third

party has occurred, or as the Board

otherwise determines.

**Transfers**

Ordinary shares may be held in either

certificated or uncertificated form.

Certificated ordinary shares may be

transferred in writing in any usual or other

form approved by the Group Company

Secretary and executed by or on behalf of

the transferor.

Transfers of uncertificated ordinary shares

must be made in accordance with the Act

and the CREST Regulations.

The Board is not bound to register a transfer

of partly paid ordinary shares or fully paid

shares in exceptional circumstances

approved by the FCA.

The Board may also decline to register an

instrument of transfer of certificated

ordinary shares unless (i) it is duly stamped,

deposited at the prescribed place and

accompanied by the share certificate(s) and

such other evidence as reasonably required

by the Board to evidence right to transfer,

(ii) it is in respect of one class of shares

only, and (iii) it is in favour of a single

transferee or not more than four joint

transferees (except in the case of executors

or trustees of a member).

The Company is not aware of any

agreements between holders of securities

that may result in restrictions on the transfer

of securities or voting rights.

**Variation of rights**

The rights attached to any class of shares

may be varied either with the consent in

writing of the holders of at least 75% in

nominal value of the issued shares of that

class, or with the sanction of a special

resolution passed at a separate meeting of

the holders of the shares of that class. The

rights of shares shall not (unless expressly

provided by the rights attached to such

shares) be deemed varied by the creation of

further shares ranking equally with them or

subsequent to them.

**Limitations on foreign shareholders**

There are no restrictions imposed by the

Articles or (subject to the effect of any

economic sanctions that may be in force

from time to time) by current UK laws

which relate only to non-residents of the UK

and which limit the rights of such non-

residents to hold or (when entitled to do so)

vote the ordinary shares.

**Exercisability of rights under an** 

**employee share scheme**

EBTs operate in connection with certain of

the Group's Employee Share Plans (Plans).

The trustees of the EBTs may exercise all

rights attached to the shares in accordance

with their fiduciary duties, other than as

specifically restricted in the documents

governing the Plans. The trustees of the

EBTs have informed the Company that their

normal policy is to abstain from voting in

respect of the Barclays shares held in trust.

The trustees of the Global Sharepurchase

EBT and UK Sharepurchase EBT may vote

in respect of Barclays shares held in the

EBTs, but only as instructed by participants

in those Plans in respect of their partnership

shares and (when vested) matching and

dividend shares. The trustees will not

otherwise vote in respect of shares held in

the Sharepurchase EBTs.

**Special rights**

There are no persons holding securities that

carry special rights with regard to the control

of the Company.

**Major shareholders**

Major shareholders do not have different

voting rights from those of other

shareholders. Information provided to the

Company by substantial shareholders

(holding voting rights of 3% or more in the

financial instruments of the Company)

pursuant to the DTRs are published via a

Regulatory Information Service and is

available on the Company's website. As at

31 December 2025, the Company had been

notified under Rule 5 of the DTRs of the

following holdings of voting rights in

its shares.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 114 |
|  |  |  |  |  |  |  |  | 114 |

---

Directors' report: Other statutory and regulatory information (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Person interested** | **Number of** <br>**Barclays Shares**<br>| **% of total voting rights** <br>**attaching to issued share** <br>**capital**<sup>1</sup><br>| **Nature of holding (direct** <br>**or indirect)**<br>|
| BlackRock, Inc.<sup>2</sup> | 944022209 | 5.78 | indirect |
| **Notes:**<br>1The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made <br>in accordance with Rule 5 of the DTRs.<br>2Total shown includes 6,687,206 contracts for difference to which voting rights are attached. Part of the <br>holding is held as American Depositary Receipts.  | **Notes:**<br>1The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made <br>in accordance with Rule 5 of the DTRs.<br>2Total shown includes 6,687,206 contracts for difference to which voting rights are attached. Part of the <br>holding is held as American Depositary Receipts.  | **Notes:**<br>1The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made <br>in accordance with Rule 5 of the DTRs.<br>2Total shown includes 6,687,206 contracts for difference to which voting rights are attached. Part of the <br>holding is held as American Depositary Receipts.  | **Notes:**<br>1The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made <br>in accordance with Rule 5 of the DTRs.<br>2Total shown includes 6,687,206 contracts for difference to which voting rights are attached. Part of the <br>holding is held as American Depositary Receipts.  |

---

Between 31 December 2025 and 6 February

2026 (the latest practicable date for inclusion

in this report), the Company has not

received any additional notifications

pursuant to Rule 5 of the DTRs.

**Powers of Directors to issue and allot or** 

**buy back the Company's shares**

The powers of the Directors are determined

by the Act and the Articles. The Directors

are authorised to issue and allot shares and

to buy back shares subject to, and on the

terms of, the annual shareholder approval at

the AGM. Such authorities were granted by

shareholders at the 2025 AGM. It will be

proposed at the 2026 AGM that the

Directors be granted new authorities to issue

and allot and buy back shares.

**Repurchase of shares**

During 2025, the Company completed two

ordinary share buy-back programmes and

commenced a further buyback programme

on 27 November 2025 which completed on

30 January 2026.

As at 31 December 2025 the programmes

had repurchased in aggregate 635,700,571

ordinary shares for an aggregate

consideration of £2,220m. All the

repurchased shares, representing

approximately 4.6 % of the issued share

capital of the Company have been cancelled.

The purpose of the buy-back programmes

was to reduce the Company's number of

ordinary shares.

As at 6 February 2026, the remaining

ordinary shares which could be repurchased

under the authority for on-market share buy-

backs granted at the 2025 AGM is

1,067,372,569. The table below sets out the

details of shares repurchased and settled as

at 31 December 2025<sup>1</sup>:

**Distributable reserves**

As at 31 December 2025, the distributable

reserves of the Company were £20,234m

(2024: £20,866m).

**Change of control**

There are no significant agreements to which

the Company is a party that take effect, alter

or terminate on a change of control of the

Company following a takeover bid. There

are no agreements between the Company

and its Directors or employees providing for

compensation for loss of office or

employment that occurs because of a

takeover bid.

**Controls over financial reporting**

A framework of disclosure controls and

procedures is in place to support the

approval of the financial statements of the

Group.

Specific governance committees are

responsible for examining the financial

reports and disclosures to help ensure that

they have been subject to adequate

verification and comply with applicable

standards and legislation.

Where appropriate, these committees report

their conclusions to the Board Audit

Committee, which debates such conclusions

and provides further challenge. Finally, the

Board scrutinises and approves results

announcements and the Annual Report to

ensure that appropriate disclosures have

been made. This governance process is

designed to ensure that both management

and the Board are given sufficient

opportunity to debate and challenge the

financial statements of the Group and other

significant disclosures before they are made

public.

**Management's report on internal control** 

**over financial reporting** 

Management is responsible for establishing

and maintaining adequate internal control

over financial reporting under the

supervision of the principal executive and

financial officers, to provide reasonable

assurance regarding the reliability of

financial reporting and the preparation of

financial statements, in accordance with (a)

UK-adopted international accounting

standards; and (b) International Financial

Reporting Standards (IFRS) as issued by the

International Accounting Standards Board

(IASB), including interpretations issued by

the IFRS Interpretations Committee.

Internal control over financial reporting

includes policies and procedures that pertain

to the maintenance of records that, in

reasonable detail:

• accurately and fairly reflect transactions

and dispositions of assets

• provide reasonable assurances that

transactions are recorded as necessary to

permit preparation of financial statements

in accordance with UK-adopted

international accounting standards and

IFRS and that receipts and expenditures

are being made only in accordance with

authorisations of management and the

respective Directors

• provide reasonable assurance regarding

prevention or timely detection of

unauthorised acquisition, use or

disposition of assets that could have

a material effect on the financial

statements.

Internal control systems, no matter how well

designed, have inherent limitations and may

not prevent or detect misstatements. Also,

projections of any evaluation of

effectiveness to future periods are subject to

the risk that internal control over financial

reporting may become inadequate because

of changes in conditions or that the degree of

compliance with the policies or procedures

may deteriorate.

Management has assessed internal control over

financial reporting as at 31 December 2025. In

making its assessment, management utilised

the criteria set out in the 2013 COSO

framework. Management has concluded that,

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Commencement** | **Completion** | **Buyback amount** | **Ordinary shares** <br>**repurchased**<br>| **Average price** <br>**per share**<br>|
| 14/2/2025 | 24/7/2025 | £1bn | 324428384.00 | £3.0823 |
| 30/7/2025 | 26/11/2025 | £1bn | 262093958.00 | £3.8154 |
| 27/11/2025 | Up to <br>31/12/2025<br>| £220m | 49178229.00 | £4.4654 |
| **Note:**<br>1Between 1 January 2026 and 30 January 2026 a further 58,141,636 shares were repurchased for an <br>aggregate consideration of £280m. | **Note:**<br>1Between 1 January 2026 and 30 January 2026 a further 58,141,636 shares were repurchased for an <br>aggregate consideration of £280m. | **Note:**<br>1Between 1 January 2026 and 30 January 2026 a further 58,141,636 shares were repurchased for an <br>aggregate consideration of £280m. | **Note:**<br>1Between 1 January 2026 and 30 January 2026 a further 58,141,636 shares were repurchased for an <br>aggregate consideration of £280m. | **Note:**<br>1Between 1 January 2026 and 30 January 2026 a further 58,141,636 shares were repurchased for an <br>aggregate consideration of £280m. |

---

based on its assessment, internal control over

financial reporting was effective as at 31

December 2025.

The system of internal financial and

operational controls is also subject to

regulatory oversight in the UK and overseas.

Further information on supervision by

financial services regulators is provided

under Supervision and Regulation in the

Risk review section on pages [299](#i5fabad4c81c54e10b8fb686fdc2bc602_103022) to [312](#i5fabad4c81c54e10b8fb686fdc2bc602_103029).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 115 |
|  |  |  |  |  |  |  |  | 115 |

---

Directors' report: Other statutory and regulatory information (continued)

**Changes in internal control** 

**over financial reporting**

There have been no changes that occurred

during the period covered by this report,

which have materially affected or are

reasonably likely to materially affect the

Group's internal control over financial

reporting.

**Preparation of accounts** 

**and audit report**

**Disclosure of information to the auditor**

Each Director confirms that, so far as he/she

is aware, there is no relevant audit

information of which our auditor is unaware

and that each of the Directors has taken all

the steps that he/she ought to have taken as a

Director to make himself/herself aware of

any relevant audit information and to

establish that our auditor is aware of that

information. This confirmation is given

pursuant to Section 418 of the Act and

should be interpreted in accordance with,

and subject to, those provisions.

**Directors' responsibilities**

The following statement, which should be

read in conjunction with the Auditor's report

set out on pages [339](#i6ef79028f92d488785d5b863a9b8a69d_55230) to 341 is made with a

view to distinguishing for shareholders the

respective responsibilities of the Directors

and of the auditor in relation to the accounts.

**Going concern**

The Group's business activities and factors

likely to affect its future development and

performance are disclosed in the Strategy and

Risk review sections of this report. The

financial performance is disclosed within the

Financial review with funding, liquidity and

capital details contained within the Risk

performance section. The Group's objectives

and policies in managing the financial risks to

which it is exposed are discussed in the Risk

management section.

The Directors considered it appropriate to

prepare the financial statements on a going

concern basis.

In preparing each of the Group and Company

financial statements, the Directors are

required to:

• assess the Group and Company's ability to

continue as a going concern, disclosing, as

applicable, matters related to going

concern

• use the going concern basis of accounting,

unless they either intend to liquidate the

Group or the Parent company or to cease

operations, or have no realistic alternative

but to do so.

**Preparation of accounts**

The Directors are required by the Act to prepare

Group and Company accounts for each financial

year and, with regard to Group accounts, in

accordance with UK-adopted international

accounting standards. The Directors have

prepared these accounts in accordance with (a)

UK-adopted international accounting standards;

and (b) IFRS as issued by the IASB, including

interpretations issued by the IFRS

Interpretations Committee. Pursuant to the Act,

the Directors must not approve the accounts

unless they are satisfied that they give a true and

fair view of the state of affairs of the Group and

the Company and of their profit or loss for that

period.

The Directors consider that, in preparing the

financial statements, the Group and the

Company have used appropriate accounting

policies, supported by reasonable judgements

and estimates, and that all accounting

standards that they consider to be applicable

have been followed.

The Directors are satisfied that the Annual

Report and financial statements, taken as a

whole, are fair, balanced and understandable,

and provide the information necessary for

shareholders to assess the Group and

Company's position and performance,

business model and strategy.

The Directors are responsible for such internal

controls as they determine are necessary to

enable the preparation of financial statements

that are free from material misstatement,

whether due to fraud or error.

**Auditor's report**

The Auditor's report on the Financial

Statements of Barclays PLC for the year

ended 31 December 2025 was unmodified

and its statement under Section 496 of the

Act was also unmodified.

By order of the Board

**Hannah Ellwood**

Group Company Secretary

9 February 2026

Registered in England.

Company No. 48839

Registered office: 1 Churchill Place, London

E14 5HP

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 116 |
|  |  |  |  |  |  |  |  | 116 |

---

**Remuneration report**

**Rewarding sustainable performance**

Ensuring pay supports the delivery of our strategy, and aligns

with the interests of our shareholders and other stakeholders.

![Remuneration Com.jpg](bcs-20251231_g118.jpg)

---

| |
|:---|
| **Board Remuneration** <br>**Committee**<br>|
| **Brian Gilvary**<br>Chair, Board Remuneration Committee <br>|
| **Committee membership and** <br>**meeting attendance during 2025**<sup>1,2</sup><br>|

---

---

| | | |
|:---|:---|:---|
| **Member** | **Meetings attended/**<br>**eligible to attend** | **Meetings attended/**<br>**eligible to attend** |
| **Brian Gilvary** | **Brian Gilvary** | **6/6** |
| Dawn Fitzpatrick | Dawn Fitzpatrick | **6/6** |
| Mary Francis | Mary Francis | **6/6** |
| Sir John Kingman | Sir John Kingman | **6/6** |
| Julia Wilson | Julia Wilson | **6/6** |
| Nigel Higgins<sup>3</sup> | Nigel Higgins<sup>3</sup> | **5/5** |

---

**Notes:**<br>1The Committee is composed solely of <br>independent Non-Executive Directors.<br>2There were five scheduled meetings and one ad <br>hoc meeting of the Committee in 2025. <br>3Nigel Higgins was appointed to the Committee <br>on 31 January 2025. <br>

---

| | |
|:---|:---|
| **Contents** | **Contents** |
| Annual statement | [116](#i12c1279a81884a37aee9a5181c6fa279_577) |
| Executive Director remuneration <br>outcomes at a glance <br>| [120](#i12c1279a81884a37aee9a5181c6fa279_580) |
| Wider workforce remuneration | [122](#i12c1279a81884a37aee9a5181c6fa279_592) |
| Directors' Remuneration Policy | [130](#i12c1279a81884a37aee9a5181c6fa279_619) |
| Annual report on Directors' <br>remuneration<br>| [134](#i12c1279a81884a37aee9a5181c6fa279_622) |

---

**Dear Shareholders**

On behalf of the Board, I am pleased to

present the Remuneration report for 2025,

setting out our key considerations and the

remuneration decisions we took – both for

the Executive Directors of Barclays PLC

and for the wider workforce.

First, I would like to thank Mary Francis for

her contribution over nine years on the

Committee, she will be stepping down from

the Committee and the Board with effect

from 6 May 2026.

I would also like to thank you, our

shareholders, for the support you showed at

our 2025 Annual General Meeting. Our

current Directors' Remuneration Policy

(DRP), which applies for three years from

the date of that meeting, was approved with

97% of shareholder votes in favour, and the

implementation during 2024 of our previous

DRP was approved with 98% of shareholder

votes in favour.

In my statement last year, I described how

we engaged with shareholders representing

c.60% of our register, as we developed our

current DRP. We remain grateful for the

time our shareholders invested, and the

feedback they provided, which was

invaluable to the Committee as we reflected

upon our formulation of that policy.

**Performance** 

As always, our remuneration approach is

rooted in our commitment to reward

sustainable performance, considering the

views and experiences of our stakeholders.

In 2025, the second year of our three-year

plan to improve Barclays' operational

performance and drive structurally higher and

more consistent returns, we have continued to

make good progress, meeting all our 2025

targets, strengthening our controls and

continuing to manage our risks prudently.

Group income was £29.1bn, up 9% year on

year, driven by growth in more stable income

streams. We continued to invest in talent and

technology, control our costs and further

simplify the bank, achieving c.£700m of gross

cost savings, exceeding our full year target of

c.£500m. Our continued cost discipline and

positive operating leverage have led to an

improvement in the cost to income ratio to

61%, in line with guidance.

Our RoE was 9.8% and our RoTE was

11.3%, in line with our upgraded guidance of

greater than 11%, with all five divisions

generating double-digit returns.

This performance has enabled higher

shareholder distributions, with a total payout

of £3.7bn for 2025 – up 25% year on year,

and on track to return at least £10bn to

shareholders from 2024 to 2026 as planned.

We remain well capitalised, with a CET1

ratio of 14.3%. Our CET1 ratio and the

move to quarterly buybacks, announced

alongside our Q3 2025 results, reflect the

consistency of Barclays' capital generation.

The progress we have made is also reflected

in Barclays share price, which increased by

77% over the course of 2025, trading above

tangible net asset value per share by year

end.

Each of our businesses contributed to this

performance, delivering operational

improvements and driving a better customer

and client experience, which is reflected in

increased satisfaction scores across the

Group.

• In Barclays UK, we remained focused on

enhancing customers' experiences and

deepening relationships. Loans and

advances to customers increased by 4%,

with strong net mortgage growth and

higher card balances.

• The UK Corporate Bank delivered robust

income growth of 16% year on year,

underpinned by a strong deposit franchise

and growing debt balances. Corporate

lending was up 18% year on year as we

continued to increase lending market

share, by 1 percentage point to 9.6%.

• Private Bank and Wealth Management

strengthened its capabilities and service,

supporting clients across the UK and

priority international markets, and grew

client assets and liabilities by 9% year on

year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 117 |
|  |  |  |  |  |  |  |  | 117 |

---

Remuneration report (continued)

• The Investment Bank increased RoE and

RoTE by 2.1 percentage points to 10.6%,

by focusing on more stable income

streams and on disciplined client

management, capital deployment, and

technology enhancements to improve

client experience.

• The US Consumer Bank integrated the

General Motors partnership, added

another three million customers

organically, and grew our retail deposit

balances by 20% year on year.

Barclays' momentum over the last two years

has raised our expectations of what Barclays

can deliver, and this is reflected

in the new targets to 2028 set out on

page [13](#i12c1279a81884a37aee9a5181c6fa279_109). As we pursue this higher ambition

for Barclays, our people's commitment and

dedication to delivering to a consistently

excellent standard will be central to our

success.

In recognition of this, we are granting all our

colleagues below the Managing Director

level, excluding Material Risk Takers<sup>1</sup>, a

Global Share Award of 110 Barclays shares

each, worth around c.£500<sup>2</sup> per participant,

which will need to be retained until after we

announce our full year 2027 results. This

share award, following a similar award in

2025, will further reinforce the alignment of

colleagues' interests with those of our

shareholders and ensure our colleagues

participate directly in the success of the

Group.

**Colleague remuneration**

In setting this year's incentive pool, the

Committee considered Barclays' financial

and non-financial performance, and the

performance of the businesses that make up

the Group, in both absolute and relative

terms, including our risk and control

resilience and an assessment of the levels of

risk that are inherent in the Group's

operations. We also looked to manage the

challenges of the competitive global market

– to attract and retain the talent required to

deliver against our strategy – especially in

areas where competitive pressures have in

recent years driven market pay levels higher

than had been expected.

Taking all of this into account, the

Committee approved a Group incentive pool

for 2025 performance of £2,208m (2024:

£1,914m), up 15% year on year. This was in

the context of a 13% increase in profit

before tax, RoE of 9.8% (2024: 9.1%) and

RoTE of 11.3% (2024: 10.5%).

This level of incentive funding for 2025

reflects performance across the Group, and

enables us to reward colleagues for the

outcomes they have helped to achieve. It

allows us to recognise the significant

progress made so far against our three-year

plan, and selectively to address the specific

competitive market pressures that we face.

Alongside rewarding sustainable

performance, our Fair Pay Agenda

underpins all our remuneration decisions –

paying colleagues fairly for the work they do

and appropriately recognising the

contributions of all. A central element of our

Fair Pay Agenda is paying at least a living

wage, and we ensure that we meet or exceed

externally-sourced living wage benchmarks

in every jurisdiction in which our employees

are based.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | You can read more about our Fair Pay <br>Agenda from **page** [124](#i6d52219581e64ff7995b6c9a181c1b93_10842)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Executive Director remuneration**

**Determining the Executive Directors' pay** 

**outcomes** 

The Committee considered the Executive

Directors' annual bonus and LTIP outcomes

in the context of the Group's performance

and the performance of each Executive

Director during 2025.

The 2025 annual bonus outcome was 83% of

maximum for both C.S. Venkatakrishnan

(known as Venkat) and Anna Cross (2024:

81% for Venkat and 80.5% for Anna). Profit

before tax provided a 48% outcome out of a

possible 55%, and cost: income ratio

provided an 8.5% outcome out of a possible

10%. Performance against the strategic non-

financial measures resulted in a 9% outcome

out of a possible 15%. The personal

performance of each of the Executive

Directors against their strategic objectives

was also assessed and taken into account,

recognising the significant progress made

over 2025 (17.5% for both Venkat and Anna

out of a possible 20%).

The 2023-2025 LTIP (granted under the old

DRP) was the first LTIP granted to Anna

following her appointment as Group Finance

Director in 2022, and is her first LTIP

vesting. The LTIP vesting outcome for both

Executive Directors was 77.3%, reflecting

TSR performance above upper quartile,

average RoTE towards the upper end of the

target range, and good performance against

the strategic non-financial measures. The

value of this LTIP has increased since it was

awarded, due to the significant increase in the

Barclays share price over that period, which

accounts for 59% of the LTIP value shown

for both Venkat and Anna this year. Over the

same performance period, Barclays' market

capitalisation increased by 162% to £66bn,

and c.£9.7bn<sup>3</sup> was returned to shareholders

through dividends and share buybacks.

The Committee also satisfied itself that there

was no 'windfall gain' in respect of the LTIP,

as outlined on page [142](#i7ec9ae99edd74beaa193f2524793617f_30652).

**Group income**<br>£29.1bn<br>2024: £26.8bn<br>**Group profit before tax**<br>£9.1bn<br>2024: £8.1bn<br>**Group RoE** <br>9.8%<br>2024: 9.1%<br>**Group RoTE** <br>11.3%<br>2024: 10.5%<br>**Group cost: income ratio** <br>61%<br>2024: 62%<br>**Group CET1 ratio** <br>14.3%<br>2024: 13.6%<br>**Group compensation to income ratio**<br>31.8%<br>2024: 32.7%<br>**Group incentive pool**<br>£2,208m<br>2024: £1,914m<br>

**Notes:**

1Employees at Managing Director grade or who

have been identified as Material Risk Takers are

typically awarded shares as part of their deferred

compensation.

2At the 5 February 2026 mid-market closing share

price.

3Refers to the total capital distributions announced

in relation to 2023, 2024 and 2025, including the

share buyback announced at FY25 results.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 118 |
|  |  |  |  |  |  |  |  | 118 |

---

Remuneration report (continued)

As we do every year, before finalising the

bonus and LTIP outcomes, the Committee

reflected on whether they were appropriate

in the context of the underlying financial

health of the Group, bonus outcomes for the

wider workforce, and also compared to

historical outcomes for the Executive

Directors in the context of performance each

year. The Committee concluded that the

outcomes were appropriate and that no

discretionary adjustment was needed.

For both Executive Directors, the single total

remuneration figures for 2025 are higher

than for 2024, by 29% for Venkat and 173%

for Anna. This is due to the significant share

price growth over the LTIP performance

period, and for Anna due to this being her

first LTIP vesting. Excluding the impact of

share price appreciation each year, Venkat's

single figure would have been 9% higher

than for 2024. Excluding the LTIP vesting,

Anna's single total remuneration figure

would have been 2% higher than for 2024,

with a higher bonus largely offset by her

fixed pay reduction following shareholder

approval of the DRP at the 2025 AGM.

More information on the Executive

Directors' pay outcomes is provided from

page [134](#i7ec9ae99edd74beaa193f2524793617f_30646).

**The Executive Directors' pay in 2026** 

As part of the DRP review over 2024 and

early 2025, the Committee carefully

considered the performance measures used

within the Executive Directors' annual bonus

and LTIP awards, taking into account

shareholder feedback received through the

consultation.

Measures and weightings for the 2025

annual bonus and 2025-2027 LTIP were

strongly aligned with our strategy and

shareholder priorities.

Having reviewed these measures in the

context of 2026 plans and targets, and the

new Group and business performance targets

to 2028, the Committee considers that these

measures effectively link our Executive

Directors' pay outcomes to performance

against our key strategic priorities, and

concluded that these same measures should

continue to apply for the 2026 annual bonus

and the 2026-2028 LTIP awards.

For the 2026-2028 LTIP cycle, the

Committee decided to grant awards with a

face value at grant of 550% of salary for

Venkat and 500% of salary for Anna,

reflecting the personal contribution made by

each to strong 2025 performance – and to

provide each with a significant incentive

award subject to forward-looking

performance conditions during 2026 to

2028. Fixed pay for the Executive Directors was

amended in May 2025, reduced by almost

half and renamed 'salary', following the

approval of the DRP. In early 2026, the

Committee reviewed the level of salary for

Venkat and Anna, in the same way and at

the same time as fixed pay was reviewed for

the wider workforce, and decided to increase

Venkat's salary by 3.2% to £1,641,000 and

Anna's salary by 5.3% to £1,000,000,

effective from 1 March 2026.

The salary increase percentage for Anna is

slightly higher to reflect her competitive pay

positioning, though her maximum total

compensation opportunity will remain in the

lower quartile compared to our international

banking peer group, as shown in the charts

below. After the salary increase for Venkat,

his maximum total compensation

opportunity will be positioned between

lower quartile and median compared to our

international banking peer group.

More information on the Executive

Directors' salary increases for 2026 is

provided on page [145](#i7ec9ae99edd74beaa193f2524793617f_30696).

**Shareholder alignment** 

The proportion of the total variable pay

awards to Venkat and Anna in respect of

2025 performance (2025 annual bonus plus

2026-2028 LTIP) that will be in shares is

79% and 78% respectively, to be retained

for a period of between one and five years

from grant. See the section on 'Changes to

UK remuneration regulations for banks' for

more information on how the Executive

Directors' incentive awards will be

delivered, following those regulatory

changes.

Shareholding requirements also apply to

each Executive Director, further aligning

their interests with those of our shareholders.

Both Venkat and Anna already have

significant shareholdings in excess of their

respective requirements.

**Executive Director maximum total compensation opportunity relative to market benchmarks**<br>

**Group Chief Executive**<br>C.S. Venkatakrishnan<br>

**International banking peer group**<br>

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** |

---

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** |

---

![12852](bcs-20251231_g119.gif)

**Group Finance Director**<br>Anna Cross<br>

**International banking peer group**<br>

![12859](bcs-20251231_g120.gif)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| A | Lower quartile | B | 3rd quartile | C | 2nd quartile | D | Upper quartile |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks |

---

![](bcs-20251231_g121.gif)

![](bcs-20251231_g122.gif)

**Notes:**

• Barclays and market benchmark data reflect maximum total compensation opportunity, excluding pension and benefits.

• Benchmark data was provided by Willis Towers Watson, based on publicly disclosed data in respect of each company's 2024 or 2024/25 financial years,

incorporating assumptions where companies do not disclose a maximum total compensation opportunity.

• Barclays' international banking peer group currently comprises the following international banks: Bank of America, BNP Paribas, Citigroup, Deutsche Bank,

Goldman Sachs, HSBC Holdings, JPMorgan Chase & Co, Lloyds Banking Group, Morgan Stanley, Standard Chartered, and UBS Group.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 119 |
|  |  |  |  |  |  |  |  | 119 |

---

Remuneration report (continued)

**Changes to UK remuneration regulations for banks**<br>On 15 October 2025, the PRA and FCA published updated remuneration rules for UK-<br>regulated banks, including simpler and more competitive incentive deferral <br>requirements for employees who are deemed to have a material risk impact on their firm <br>– known as Material Risk Takers (MRTs). We believe the new rules will, in time, <br>enhance the domestic and international competitiveness of the UK banking sector.<br>Following the publication of these regulations, the Committee has worked with <br>management to consider how best to implement these changes to support the <br>sustainable success of Barclays. In determining how these changes should influence our <br>approach to pay, the focus is on balancing critical factors in line with our remuneration <br>philosophy – continuing to provide a competitive pay proposition to attract and retain <br>the talent required to deliver against our strategy; rewarding sustainable performance; <br>and ensuring pay remains aligned with risk appetite, risk exposure, conduct <br>expectations and stakeholder interests.<br>For the Executive Directors, key elements of their pay structure were reviewed and <br>amended as part of the DRP approved at the 2025 AGM. That DRP remains unchanged, <br>but the updated regulations have enabled us to align the delivery of their incentives <br>more closely to typical pay structures for executive directors of other UK-listed <br>companies, as follows: <br>•For the annual bonus, the Committee determined that the starting delivery structure <br>would be 50% deferred into shares vesting over three years and the remainder paid in <br>cash shortly after the end of the performance period. If an Executive Director has <br>exceeded their shareholding requirement, the Committee each year may elect to <br>reduce that deferral to 25%. For the 2025 annual bonus, the Committee considered <br>the Executive Directors' existing shareholdings – in each case well in excess of their <br>respective shareholding requirements – and decided that 25% deferral should apply <br>this year. <br>•For the 2026-2028 LTIP, 75% of the award will vest on the third anniversary of grant <br>and 25% on the fourth anniversary, followed by holding periods such that the shares <br>that vest must be retained until at least the fifth anniversary of grant (save for sales to <br>cover taxes payable on vesting).<br>•The updated regulations also allow for existing awards to be updated retrospectively, <br>to bring them into line with the new deferral rules. The Committee determined that <br>the one-year post-vesting holding periods will be removed from deferred bonus <br>awards and most LTIP awards previously granted to the Executive Directors, to <br>simplify those arrangements, given that the Executive Directors already exceed their <br>shareholding requirements. Holding periods will not be removed for any LTIP <br>tranche where to do so would result in it being released before the fifth anniversary <br>of grant. No other changes are being made to the Executive Directors' in-flight <br>awards.<br>

**Group Chair and Non-Executive** 

**Director fees** 

Each year, the Committee reviews the fees

for the Group Chair, and the Board reviews

the fees for the other Non-Executive

Directors, to ensure those fees reflect the

roles, responsibilities and time commitments

expected, and the calibre of individual

needed to support and oversee the

implementation of our strategy.

At our most recent review of the Group

Chair's fee, from which the Group Chairman

recused himself, the Committee observed

that the fee was materially below the fee

levels at other UK-listed banks of similar

size and complexity. As a result, the

Committee approved a fee for the Group

Chair of £1,000,000 per annum, with effect

from 1 January 2026, an 8.1% increase. The

Committee noted that the Group Chair's fee

remains materially below the Chair's fee at

relevant peers, and will review this again

over the coming year.

The Board also reviewed the other Non-

Executive Directors' fees and approved an

increase of 3.2%, effective 1 January 2026

(with the relevant Non-Executive Directors

having recused themselves from those

discussions).

The Board intends to undertake a more

detailed review of Non-Executive Directors'

fees over the coming year. This review will

consider the fees in absolute terms and

relative to market fee rates at banking peers,

with a particular focus on the fees for

committee chairs and members, to ensure

that these are commensurate with the

associated responsibilities and the required

time commitments.

**Looking ahead**

As we move into 2026, the Committee

maintains its commitment to rewarding

sustainable performance.

We will use our remuneration policies and

practices to incentivise the Executive

Directors and the management team to

achieve the Group's targets for 2026, and to

deliver sustainably higher returns in the

future in line with the Group's 2028 targets.

As part of this, we have already been

considering how the recent changes to UK

remuneration regulations for banks should

be implemented, as explained in the box

above.

We will continue to engage with our

shareholders and other stakeholders on pay,

and will be available to meet with our

shareholders to discuss pay outcomes for

2025 and implementation of our DRP in

2026, and how this supports our strategic

priorities.

Beyond this, we will maintain focus on our

Fair Pay Agenda, continuing to support our

colleagues and ensuring the way we pay our

people supports the long-term health and

success of the Group.

**Brian Gilvary**

Chair, Board Remuneration Committee

February 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 120 |
|  |  |  |  |  |  |  |  | 120 |

---

Remuneration report (continued)

**At a glance – Executive Director remuneration for 2025**

**Total** 

**remuneration**

![At a glance_ExDirectorRem_Shapes.gif](bcs-20251231_g123.gif)

---

| | | | |
|:---|:---|:---|:---|
| **Salary**<br>**A**<br>| **Pension** <br>**and benefits** <br>**B**<br>| **Annual** <br>**bonus**<br>**C**<br>| **LTIP**<br>**D**<br>|

---

![RemReport_Plus.gif](bcs-20251231_g124.gif)

![RemReport_Plus.gif](bcs-20251231_g124.gif)

![RemReport_Plus.gif](bcs-20251231_g124.gif)

![RemReport_Equal.gif](bcs-20251231_g125.gif)

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See single total figure for 2025 remuneration on page [134](#i12c1279a81884a37aee9a5181c6fa279_622). |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | |
|:---|:---|
| **Total remuneration outcomes** (£000) | **Total remuneration outcomes** (£000) |
| **C.S. Venkatakrishnan** (Group Chief Executive)  | **2025 single total remuneration figure** |

---

![106](bcs-20251231_g126.gif)

---

| |
|:---|
| 2025 max<sup>1</sup> |
| **2025 actual**<sup>2</sup> |
| 2024 actual<sup>2</sup> |

---

**11,248**

---

| | |
|:---|:---|
| **9442** | **Total excluding** <br>**share price** <br>**appreciation**<br>|
| **15045** | **Total including** <br>**share price** <br>**appreciation**<br>|

---

**B: 231**

**250**

**15,045**

![](bcs-20251231_g127.gif)

**B: 231**

**11,622**

**B: 242**

**Anna Cross** (Group Finance Director)<br>

![236](bcs-20251231_g128.gif)

---

| |
|:---|
| 2025 max<sup>1</sup> |
| **2025 actual**<sup>2</sup> |
| 2024 actual<sup>2</sup> |

---

**6,717**

---

| | |
|:---|:---|
| **5642** | **Total excluding** <br>**share price** <br>**appreciation**<br>|
| **8970** | **Total including** <br>**share price** <br>**appreciation**<br>|

---

**B: 123**

**8,970**

![](bcs-20251231_g129.gif)

**B: 123**

**3,280**

**B: 107**

Value from share price appreciation<br>

1The 2025 maximum opportunity figures include the actual 2025 value of earned fixed pay and pension and benefits (reflecting the reduction in fixed pay from 7 <br>May 2025), the maximum 2025 annual bonus opportunity, and the maximum 2023-2025 LTIP award value at grant, based on the maximum number of shares that <br>could have vested and the market share price on the date of grant.<br>22025 and 2024 actual show the figures from the 'single total figures for 2025 remuneration' table, including fixed pay, pension and benefits received during each <br>year, the annual bonus awarded in respect of performance each year, and the LTIP cycle with its performance period ending that year (2025: 2023-2025 LTIP; <br>2024: 2022-2024 LTIP). The LTIP value for Anna Cross's 2024 actual total remuneration is nil as she did not participate in the 2022-2024 LTIP cycle.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual bonus outcome** | **Annual bonus outcome** | **Annual bonus outcome** |  | **LTIP outcome** | **LTIP outcome** | **LTIP outcome** |
| **Measures** | **Weighting**  | **C.S.** <br>**Venkatakrishnan** <br>| **Anna Cross** | **Measures**  | **Weighting** | **C.S. Venkatakrishnan** <br>**and Anna Cross**<br>|
| **Financial**<sup>3</sup> | **65%** | **56.5%** | **56.5%** | **Financial**<sup>3</sup> | **70%** | **57.0%** |
| •Profit before tax | 55% | 48.0% | 48.0% | •Average RoTE  | 25% | 18.9% |
| •Cost: income ratio | 10% | 8.5% | 8.5% | •Average CIR | 10% | 3.1% |
| **Strategic non-financial** | **15%** | **9.0%** | **9.0%** | •Maintain CET1 ratio | 10% | 10.0% |
| **Strategic objectives** | **20%** | **17.5%** | **17.5%** | •Relative TSR  | 25% | 25.0% |
|  |  |  |  | **Strategic non-financial** | **20%** | **13.5%** |
|  |  |  |  | **Risk scorecard** | **10%** | **6.8%** |
| **Total** | **100%** | **83.0%** | **83.0%** | **Total** | **100%** | **77.3%** |
| **Final outcome approved by** <br>**the Committee**<br>|  |  |  | **Final outcome approved** <br>**by the Committee**<br>|  |  |

---

![381](bcs-20251231_g130.gif)

![393](bcs-20251231_g130.gif)

![405](bcs-20251231_g131.gif)

3 The financial measures are defined as excluding material items.

---

| | | |
|:---|:---|:---|
| **Proportion delivered in shares**<sup>4</sup> | **Proportion delivered in shares**<sup>4</sup> |  |
|  | **C. S. Venkatakrishnan** | **Anna Cross** |
| **of 2025 variable pay** | **79%** | **78%** |

---

---

| | | |
|:---|:---|:---|
|  | **C. S. Venkatakrishnan** | **Anna Cross** |
| **of 2025 total remuneration** | **70%** | **69%** |

---

42025 variable pay comprises the actual 2025 annual bonus and the grant-date face value of the 2026-2028 LTIP award that will be granted in respect of 2025

performance. 2025 total remuneration consists of 2025 variable pay, 2025 Fixed Pay/salary and pension and benefits.

---

| | |
|:---|:---|
| **Share ownership**(£000) | **Share ownership**(£000) |
| Shareholding shown as at 31 December 2025, using the Q4 2025 average share price of £4.1493. | Shareholding shown as at 31 December 2025, using the Q4 2025 average share price of £4.1493. |
| **C.S. Venkatakrishnan** | &nbsp;&nbsp;&nbsp;&nbsp;**Anna Cross** |

---

![](bcs-20251231_g132.gif)

![](bcs-20251231_g133.gif)

![428](bcs-20251231_g134.gif)

![](bcs-20251231_g132.gif)

**C: 8,745**

![](bcs-20251231_g132.gif)

![](bcs-20251231_g133.gif)

![431](bcs-20251231_g135.gif)

![](bcs-20251231_g132.gif)

**C: 4,750**

---

| | |
|:---|:---|
| A | Actual shareholdings, including unvested shares not subject to performance conditions (estimated after-tax value). |
| B | Unvested shares subject to performance conditions (estimated after-tax value), which do not count towards the shareholding requirement. |
| C | Shareholding requirement under the current DRP, based on salaries as at 31 December 2025. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 121 |
|  |  |  |  |  |  |  |  | 121 |

---

Remuneration report (continued)

**At a glance – Executive Director remuneration for 2026** 

**Policy implementation for 2026**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Performance year** | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** |  |
| **Salary** |  |  |  |  |  |  |
|  |  |  |  |  |  | •CEO: 3.2% increase to £1,641,000 effective 1 March 2026. <br>Paid in cash.<br>•GFD: 5.3% increase to £1,000,000 effective 1 March 2026. <br>Paid in cash.<br>|
| **Pension and benefits** | **Pension and benefits** |  |  |  |  |  |
| **c** |  |  |  |  |  | •CEO: Pension: £164,100 effective 1 March 2026, equal to <br>10% of salary. Benefits: entitlement as per the policy.<br>•GFD: Pension: £100,000 effective 1 March 2026, equal to <br>10% of salary. Benefits: entitlement as per the policy.<br>|
| **Annual bonus** |  |  |  |  |  |  |
|  |  |  |  |  |  | •Up to 250% of salary, based on forward-looking <br>performance measures set near the start of the year.<br>|
| **LTIP** |  |  |  |  |  |  |
|  |  |  |  |  |  | •Up to 550% of salary for the CEO and 500% of salary <br>for the GFD, based on forward-looking performance <br>measures set shortly before the time of grant.<br>|
| **Shareholding requirement** | **Shareholding requirement** | **Shareholding requirement** |  |  |  |  |
|  |  |  |  |  |  | •Shareholding requirement: 550% of salary for the CEO <br>and 500% of salary for the GFD. Shareholding <br>requirements extend for two years after stepping down as <br>an Executive Director.<br>|

---

**Paid in cash**

**Paid in cash**

![](bcs-20251231_g136.gif)

**Cash in lieu of pension** 

**and benefits**

**Benefits and cash in** 

**lieu of pension**![](bcs-20251231_g137.gif)

**Cash**<sup>5</sup>

![](bcs-20251231_g138.gif)

**Performance**

**period**

![](bcs-20251231_g139.gif)

**Deferral in shares**<sup>5</sup>

![](bcs-20251231_g140.gif)

**Deferral in** 

**shares and** 

**holding period**<sup>6</sup>

**Preliminary**

**performance period**

**Three-year**

**performance period**

![](bcs-20251231_g141.gif)

![](bcs-20251231_g141.gif)

![](bcs-20251231_g142.gif)

**Shareholding requirement continues to apply**

![](bcs-20251231_g143.gif)

5The starting position is that 50% of annual bonus will be deferred in shares over three years, but the Committee will review this each year and, if the Executive

Directors have met their shareholding requirements, may reduce this deferral to 25%. The remaining amount will be delivered in cash.

6LTIP awards will vest in two tranches: 75% will vest after year 3, subject to a two-year holding period, and 25% will vest after year 4, subject to a one-year holding

period. The combined vesting and holding period for the entire LTIP award is five years.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Alignment of performance measures and strategy** | **Alignment of performance measures and strategy** | **Alignment of performance measures and strategy** | **Alignment of performance measures and strategy** | **Alignment of performance measures and strategy** | **Alignment of performance measures and strategy** | **Alignment of performance measures and strategy** | **Alignment of performance measures and strategy** |
| **Performance measures** | **Weighting in** <br>**2026 annual** <br>**bonus**<br>| **Weighting in** <br>**2026-2028** <br>**LTIP**<br>| **Alignment to strategy** | **Direct alignment to** <br>**stakeholder groups** | **Direct alignment to** <br>**stakeholder groups** | **Direct alignment to** <br>**stakeholder groups** | **Direct alignment to** <br>**stakeholder groups** |
| **Financial** |  |  |  |  |  |  |  |
| Profit before tax (with <br>a CET1 ratio underpin)<br>| ⚫ |  | A measure of annual financial performance and a key factor that drives <br>RoTE <br>|  |  |  | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) |
| Cost: income ratio | ⚫ |  | A measure of the efficiency of our business operations |  |  |  | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) |
| Return on tangible equity <br>(RoTE)<br>|  | ⚫ | A measure of the returns we generate for shareholders  |  |  |  | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) |
| Relative total shareholder <br>return<br>|  | ⚫ | A measure of share performance (comprising share price appreciation <br>and dividends paid), measuring Barclays' performance relative to a <br>peer group of other international banks<br>|  |  |  | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) |
| **Strategic objectives** | ⚫ |  | Individual objectives for each Executive Director, aligned to our <br>strategic priorities <br>| ![Key Board activities Icons-01.gif](bcs-20251231_g100.gif) | ![Key Board activities Icons-02.gif](bcs-20251231_g102.gif) |  | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) |
| **Strategic** <br>**non-financial**<br>| ⚫ |  | Includes the Group's non-financial key performance indicators, <br>including Customers, clients & colleagues as key stakeholder groups, <br>and Risk & operational excellence, which is fundamental to operating <br>at a consistently excellent standard to deliver sustainable performance<br>| ![Key Board activities Icons-01.gif](bcs-20251231_g100.gif) | ![Key Board activities Icons-02.gif](bcs-20251231_g102.gif) |  | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) |
| **Sustainability,** <br>**customers and clients**<br>|  | ⚫ | Includes longer-term objectives relating to climate and sustainability, <br>as a strategic priority, and customers and clients as a key stakeholder <br>group<br>| ![Key Board activities Icons-01.gif](bcs-20251231_g100.gif) |  | ![Key Board activities Icons-03.gif](bcs-20251231_g101.gif) | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) |

---

---

| | |
|:---|:---|
| **55%** |  |
| **10%** |  |
|  | **50%** |
|  | **25%** |
| **20%** |  |
| **15%** |  |
|  | **25%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ![Key Board activities Icons-01.gif](bcs-20251231_g100.gif) | Customers and clients | ![Key Board activities Icons-02.gif](bcs-20251231_g102.gif) | Colleagues | ![Key Board activities Icons-03.gif](bcs-20251231_g101.gif) | Society | ![Key Board activities Icons-04.gif](bcs-20251231_g103.gif) | Investors |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 122 |
|  |  |  |  |  |  |  |  | 122 |

---

Remuneration report (continued)

**Wider workforce remuneration**

**Our remuneration philosophy**

Our remuneration philosophy applies to all employees, including the Executive Directors, and sets out the way we approach

remuneration. It aims for remuneration to be as simple and clear as possible, while ensuring strong alignment with risk and conduct as

well as our Values and Mindset.

Our philosophy guided the 2025 remuneration decisions set out in this report.

---

| | |
|:---|:---|
| **Philosophy** |  |
| **Attract and retain talent needed to** <br>**deliver Barclays' strategy**<br>| Long-term success depends on the talent of our employees. This means attracting and <br>retaining an appropriate range of talent to deliver against our strategy, and paying the <br>right amount for that talent.<br>|
| **Align pay with investor and other** <br>**stakeholder interests**<br>| Remuneration should be designed with appropriate consideration of the views, rights <br>and interests of stakeholders. This means listening to our shareholders, other investors, <br>regulators, government, customers and employees and ensuring their views are <br>appropriately represented in remuneration decision-making.<br>|
| **Reward sustainable performance** | Sustainable performance means making a positive and enduring difference <br>to investors, customers and communities, delivering good customer outcomes, <br>taking pride in leaving things better than we found them and playing a valuable role <br>in society.<br>|
| **Support Barclays' Values** <br>**and culture**<br>| Results must be achieved in a manner consistent with our Values. Our Values, culture <br>and Mindset should drive the way that business is conducted.<br>|
| **Align pay with risk appetite, risk** <br>**exposure and conduct expectations**<br>| Remuneration should be designed to reward employees for achieving results in line with <br>the Group's risk appetite and conduct expectations.<br>|
| **Be fair, transparent and as simple** <br>**as possible**<br>| We are committed to ensuring pay is fair, simple and transparent for all our <br>stakeholders. All employees and stakeholders should understand how we reward <br>our employees, and fairness should be a lens through which we make <br>remuneration decisions.<br>|

---

**Role of the Remuneration Committee in wider workforce remuneration**

The Committee considers the overarching objectives, principles and parameters of remuneration policy across the Group,

ensuring a coherent approach in respect of all employees. In discharging this responsibility, the Committee seeks to ensure the

policy is fair, transparent and avoids complexity. It assesses, among other things, the impact of pay arrangements on the Group's culture,

Values and strategy, and on all elements of risk management.

The Committee performs the following activities in relation to wider workforce remuneration:

• Reviews alignment of remuneration with the remuneration philosophy, Fair Pay Agenda, Barclays' Purpose, Values, Mindset, conduct

expectations and long-term success;

• Reviews alignment of wider workforce and Executive Director remuneration policies;

• Approves the incentive pool and reviews wider workforce pay outcomes;

• Reviews budgets for fixed pay increases.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 123 |
|  |  |  |  |  |  |  |  | 123 |

---

Remuneration report (continued)

**How stakeholder views are considered in remuneration decisions**

We seek to consider the views of all our stakeholders in remuneration decision-making, including views of customers and clients,

colleagues, investors, regulators, and how we impact society more broadly.

---

| |
|:---|
| **Customers and clients** |
| The Remuneration Committee factors in performance against <br>customer- and client-related measures when determining the <br>incentive outcomes for the Barclays PLC Executive Directors, and <br>when determining the Group incentive pool. <br>For the Executive Directors' 2026 annual bonus, those measures <br>are included within a broader category of measures relating to <br>Customers, clients & colleagues, weighted 10%. The assessment <br>will focus on how Barclays is driving world-class outcomes for <br>customers and clients and is likely to include the following <br>measures:<br>•Improve customer and client satisfaction<br>•Reduce customer complaints<br>•Maintain rankings and market share in Barclays Investment <br>Bank<br>•Increase digital engagement.<br>For the 2026-2028 LTIP, customer- and client-related measures <br>are included as part of the broader category of measures relating to <br>Sustainability, customers & clients, weighted 25%.<br>|

---

---

| |
|:---|
| **Society** |
| The Remuneration Committee factors in performance against <br>sustainability-related measures when determining the incentive <br>outcomes for the Barclays PLC Executive Directors, and when <br>determining the Group incentive pool. <br>For the 2026-2028 LTIP, sustainability-related measures are included <br>as part of the broader category of measures relating to Sustainability, <br>customers & clients, weighted 25%. The sustainability-related <br>measures are likely to include financing clients' transition, reducing <br>our financed emissions, achieving net zero operations, and <br>supporting our communities.<br>As part of our commitment to fair pay, Barclays has been an <br>accredited Living Wage Employer since 2013. This means that all <br>our employees and relevant third-party contractors in the UK are paid <br>at least a 'real Living Wage', as set by the Living Wage Foundation. <br>Employees outside the UK are also paid at least a living wage, in line <br>with benchmarks provided by the Fair Wage Network. For further <br>details, please see the '[Living wage review](#i6d52219581e64ff7995b6c9a181c1b93_10853)' section on the next page.<br>|

---

---

| |
|:---|
| **Colleagues**  |
| We engage with colleagues to understand their views through our <br>regular all-colleague Your View surveys, union and works council <br>engagements, and 'townhall' meetings. We also engage <br>with colleagues through our Employee Resource Groups, <br>webcasts, and workshops. <br>Our ongoing engagement with Unite the union in the UK covers a <br>range of topics, such as fair pay and how we support colleagues <br>through workforce change programmes, and this enables the views <br>of colleagues to be shared with senior leaders to inform decision-<br>making. For further details on our 2026 pay offer, please see the <br>'Salary increase budgets for 2026' section on the next page.<br>We publish information on our HR Hub intranet site to explain <br>to colleagues how the Group's performance and pay approach <br>aligns to the Fair Pay Agenda, and to help them understand the <br>employee benefits Barclays provides, so they can make the most of <br>what is on offer. To communicate pay in a clear way, each <br>colleague receives a Compensation Profile detailing their fixed pay <br>and incentives for the previous year and their fixed pay for the <br>following year. <br>|

---

---

| |
|:---|
| **Investors** |
| We recognise that remuneration is an area of particular interest to <br>shareholders. We listen to their views and take these into account <br>when setting remuneration outcomes or considering changes to <br>remuneration policies.<br>Accordingly, the Group Chairman or Remuneration Committee <br>Chair holds meetings each year with major shareholders and <br>representative groups to understand their views, accompanied by <br>senior Barclays employees. This kind of engagement helps inform <br>the Committee's work and contributes directly to the decisions it <br>makes in relation to Executive Directors' remuneration. <br>In developing our current Directors' Remuneration Policy (DRP), <br>which was approved by shareholders at the 2025 AGM, we <br>engaged extensively with shareholders and had meetings with <br>shareholder representative bodies and proxy agencies. The <br>feedback provided was invaluable, and the DRP reflects their <br>input, striking a balance across the relevant factors.<br>|

---

![](bcs-20251231_g144.gif)

**Regulators** 

We regularly review and update our remuneration policies in response to changes in regulation. Each year, our remuneration policies and

processes are independently reviewed by the Barclays Internal Audit or Chief Controls Office functions to provide assurance that we are

compliant with regulatory requirements.

In 2025, we maintained active engagement with our regulators to explain our approach to performance and pay, and to understand their

perspectives. Regulator feedback was considered in our remuneration decisions for 2025. We also responded to the PRA/FCA's

consultation on the recent changes to UK bank pay regulations. We continue to ensure we have ongoing regulatory dialogue on relevant

topics relating to remuneration.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 124 |
|  |  |  |  |  |  |  |  | 124 |

---

Remuneration report (continued)

Spotlight on<br>

**Fair pay at Barclays**<br>

**Our Fair Pay Agenda is central to our remuneration approach and is a key consideration for all of** 

**our pay decisions. Since we first published our Fair Pay Agenda in 2018, we have continued to make** 

**improvements to how we pay and support our colleagues.**

**Our fair pay principles**

![Fair_Pay_Principles.gif](bcs-20251231_g145.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair pay for** <br>**the lowest paid**<br>Paying fairly for work <br>done, in a simple and <br>transparent way.<br>| **Equal** <br>**opportunities** <br>**to progress**<br>Providing equal <br>employment <br>opportunities to all, <br>so everyone can enjoy a <br>successful career at <br>Barclays.<br>| **Engaging with** <br>**colleagues**<br>Engaging with colleagues <br>to understand their views <br>on the culture of the <br>organisation and enabling <br>the representation of <br>employees in our <br>remuneration decision-<br>making process.<br>| **Alignment** <br>**of employee** <br>**and Executive** <br>**Director pay**<br>Linking both Executive <br>Director and employee <br>pay to sustainable <br>business performance.<br>| **Equal pay** <br>**commitment**<br>Rewarding employees <br>fairly for their <br>contribution and <br>making sure pay and <br>performance decisions <br>never take into account <br>any protected <br>characteristics.<br>|

---

![Fair_Pay_Horizontal_Boxout-01.gif](bcs-20251231_g146.gif)

**Fair pay for the lowest paid** 

**Fair pay means paying the right salary,** 

**awarding the right incentives, providing** 

**the right benefits, and delivering the** 

**right level of support in the workplace.**

**Living wage review**

• Paying at least a living wage to all our

colleagues in all our locations is at the

heart of our Fair Pay Agenda. We

continue to meet or exceed living wage

benchmarks in all our locations, as set

by the Living Wage Foundation in the

UK and the Fair Wage Network across

other locations<sup>1</sup>.

• Minimum hourly pay rates for India and

US will increase to INR163 and $23.50

respectively from 1 March 2026,

exceeding applicable living wage

benchmarks. For the UK, minimum hourly

pay rates remain subject to agreement of

the 2026 pay deal with Unite the union but

will in any case exceed the Living Wage

Foundation rates.

**Salary increase budgets for 2026**

• We targeted our salary increase budgets

so there are higher increases for the most

junior colleagues.

• In the UK, for over 36,000 employees

covered by Unite the union, we offered a

salary increase budget of c.4.0% for

junior employees, and c.3.2% overall

(subject to agreement of the 2026 pay

deal with Unite).

**Benefits**

Colleagues are eligible to receive a range of

benefits relevant to their location.

Developments for this year include:

**Barclays Premier Account offering in** 

**the UK**

• In July 2025, all UK colleagues were

given access to Barclays Premier

Banking, which offers a suite of

exclusive products, services, and

benefits.

**Enhancements to benefits in India**

• During 2025, we increased critical

illness cover by 50% and introduced a

minimum life insurance payout above

prior levels for our lowest-paid

employees, providing greater financial

security for them and their families.

**Parental leave**

• From 1 January 2026, we increased our

UK paternity leave from two weeks to 16

weeks, and our Asia Pacific non-primary

caregiver leave from six weeks to 10

weeks, supporting colleagues balancing

work and personal life. For further details,

please see page [27](#i95e077f0b3bb422fbf347d4b08c5a0f8_9472).

**Wellbeing** 

• We remain committed to supporting our

colleagues' wellbeing and equipping

people leaders with practical guidance

informed by our Your View colleague

surveys to embed wellbeing into

everyday working life.

• Our Be Well service has seen record

engagement, with over 53,000 (55%)

colleagues registered on the wellbeing

portal and over 1,450 volunteer

champions.

• To support financial wellbeing, we

provide learning to all colleagues

globally. In the UK, we offer a 'Money

Mentors for Me' service, providing

guidance on budgeting, goal setting and

money confidence, and we run a 'Talk

Money Week' to help normalise

conversations about financial wellbeing

and signpost support.

**Pay transparency** 

• Since 2024, Barclays HR systems have

provided managers with improved access

to pay data for their teams and salary

ranges by job (where available),

supporting pay decisions.

**Note:**

1Living wage rates for employees in Jersey

are sourced from Caritas Jersey, a charity

affiliated with the Living Wage Foundation.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 125 |
|  |  |  |  |  |  |  |  | 125 |

---

Remuneration report (continued)

Spotlight on<br>

Fair pay at Barclays (continued)<br>

![Fair_Pay_Horizontal_Boxout-02.gif](bcs-20251231_g147.gif)

**Equal opportunities to progress**

**Barclays is an equal opportunities** 

**employer. This means we want to recruit,** 

**recognise, reward, and retain talented** 

**individuals from all backgrounds.**

**Performance management** 

**and recognition**

• Our continuous performance

management approach encourages

ongoing feedback and personal

development.

• At the end of each year, colleague

performance is assessed on 'what' they

have delivered and 'how' they have

achieved it, as well as leadership

behaviours (for all people leaders). To

support leaders with making informed

decisions, all colleagues receive globally

cascaded objectives aligned with our

consistently excellent standard, and our

HR system captures feedback,

development, goals, and recognition

moments in one place to support

decision-making.

• In 2025, we upgraded the 'Recognition

at Barclays' platform to improve user

experience. Approximately 1.5 million

thank yous were received during 2025

and a colleague was recognised every 22

seconds on average.

**Inclusion and Opportunity** 

• We are evolving our approach to

Inclusion and Opportunity, with a focus

on empowering our colleagues and

leaders, engaging our communities and

driving company success. We remain

committed to creating a workplace where

everyone feels valued and respected,

within a culture of belonging and equal

opportunity for all.

**Talent programmes and skills** 

**development**

• We are committed to unlocking

potential, so colleagues have a clear path

to succeed in their careers. To support

this, we progressed our global Talent

Excellence Programme to enhance how

we identify potential and provide high-

quality development opportunities.

• We continue to invest in building the

skills needed now, and in the future,

supporting colleague development and

enabling career progression. Our HR

system enables colleagues to create

personalised career profiles, access

tailored learning, and identify open jobs

that match their skills, supporting career

development conversations.

**Pay gaps**

• We disclose pay gaps in line with

location-specific requirements, including

for the UK, Ireland, France and Japan.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For more detail on our pay gaps reports, <br>please refer to the *Other* section of our <br>Annual Reports webpage: **home.barclays/**<br>**annual-reports**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

![Fair_Pay_Horizontal_Boxout-03.gif](bcs-20251231_g148.gif)

**Engaging with colleagues**

**We engage with colleagues to** 

**understand their views on the culture** 

**of the organisation through our** 

**colleague surveys, union and works** 

**council engagement and other means.**

**Unite**

• During 2025, Barclays maintained

its constructive partnership with

Unite, our recognised UK trade

union representing 80% of our UK

workforce (which equates to 39%

globally)<sup>1</sup>.

**Colleague surveys** 

• These surveys give colleagues the

opportunity to share their views on

Barclays as a place to work, while also

providing insights to help us improve the

colleague experience.

**Communicating performance and pay** 

• Each year, people leaders receive

guidance on how to communicate

performance and pay decisions.

Colleagues are also able to access key

materials via the HR Hub intranet pages.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on how we engage with <br>colleagues, please see **page** [123](#i35a385f9bef34b57bf0f5ebc1caf37db_0-1-1-1-4390467).<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Note:**

1Barclays UK acquired Kensington Mortgage

Company (KMC) on 1 April 2023 and Tesco

Bank on 1 November 2024. KMC and Tesco

Bank headcount is not included in these figures.

---

| | |
|:---|:---|
| 85% | **Colleague engagement**<br>(2024: 85%)<br>|
| Colleague engagement is derived from <br>the responses to three questions in our <br>Your View survey that measure <br>advocacy, motivation and sense of <br>personal accomplishment. | Colleague engagement is derived from <br>the responses to three questions in our <br>Your View survey that measure <br>advocacy, motivation and sense of <br>personal accomplishment. |
| 87% | **Wellbeing index** <br>(2024: 87%)<br>|
| Measures the psychological wellbeing <br>of our colleagues.  | Measures the psychological wellbeing <br>of our colleagues.  |
| 81% | **Inclusion index** <br>(2024: 81%)<br>|
| Measures how included our <br>colleagues feel.  | Measures how included our <br>colleagues feel.  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 126 |
|  |  |  |  |  |  |  |  | 126 |

---

Remuneration report (continued)

Spotlight on<br>

Fair pay at Barclays (continued)<br>

![Fair_Pay_Horizontal_Boxout-04.gif](bcs-20251231_g149.gif)

**Alignment of employee and Executive Director pay**

**To ensure that we reward appropriately, we review performance through financial and non-financial lenses and assess individual** 

**performance. This approach applies to executives, senior management and all other employees.**

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Junior employees** | **Senior employees** | **How Executive Director policy aligns** |
| **Fixed pay** | Reflects the individual's role, skills and experience and is reviewed annually. Fixed pay is <br>increased where justified by role change, increased responsibility or a change in the market <br>rate for the role. Salaries may also be increased in line with local statutory requirements and <br>with union and works council commitments. | Reflects the individual's role, skills and experience and is reviewed annually. Fixed pay is <br>increased where justified by role change, increased responsibility or a change in the market <br>rate for the role. Salaries may also be increased in line with local statutory requirements and <br>with union and works council commitments. | Reflects the individual's role, skills and <br>experience, and is reviewed annually in the <br>context of market pay rates and any changes <br>in scope/responsibility. Annual increases <br>will typically be no more than the average <br>increase for UK employees.<br>|
| **Delivery** | All in salary for most, paid in cash. Some <br>roles are also entitled to receive certain cash <br>allowances.<br>| All in salary for most. For a small number of <br>senior employees (2% globally) a proportion <br>is delivered in Role Based Pay (RBP), in cash <br>or shares, to recognise the seniority, scale and <br>complexity of their role.<br>| All in salary, paid in cash. <br>No entitlement to any allowances.<br>|
| **Pension** | Competitive pension offering set by <br>location. Minimum of 12% of salary for <br>more-junior colleagues in the UK.<br>| Competitive pension offering set by <br>location. Minimum of 10% of salary in the <br>UK.<br>| The Executive Directors receive cash in lieu <br>of pension equal to 10% of salary.<br>|
| **Benefits** | Market-aligned benefits offering appropriate to <br>the role and reflecting local market practice to <br>support with health and wellbeing.<br>| Market-aligned benefits offering, but <br>typically a lower proportion of total pay <br>than for junior employees.<br>| Market-aligned benefits offering, but <br>typically a lower proportion of total pay <br>than for the wider workforce.<br>|
| **Annual** <br>**bonus**<br>| Annual bonuses incentivise and reward the achievement of Group, business and individual <br>objectives, and reward employees for demonstrating individual behaviours in line with <br>Barclays' Values and Mindset. All eligible employees are considered. | Annual bonuses incentivise and reward the achievement of Group, business and individual <br>objectives, and reward employees for demonstrating individual behaviours in line with <br>Barclays' Values and Mindset. All eligible employees are considered. | Assessed against predetermined measures to <br>align with financial performance, strategic <br>objectives and strategic non-financial key <br>performance measures.<br>|
| **Delivery** | In cash following the performance year. | For many, a proportion of annual bonus is <br>delivered in deferred cash and/or shares. <br>Annual bonus deferral will always meet <br>regulatory requirements.<br>| A proportion of annual bonus is deferred in <br>shares. Across the annual bonus and any <br>LTIP award combined, deferral will always <br>meet regulatory requirements.<br>|
| **Long Term** <br>**Incentive** <br>**Plan (LTIP)** <br>**award** <br>| Not applicable to the wider workforce. | Not applicable to the wider workforce. | The value received from LTIP awards <br>depends on assessment of performance over <br>a three-year period against Group-wide <br>financial and non-financial measures. <br>Delivery is in shares with release after the <br>fifth year from grant.<br>|
| **All-employee** <br>**share plans**<br>| Barclays operates all employee share plans in locations representing 99% of employees globally. These plans provide an opportunity for <br>eligible employees to acquire Barclays shares on beneficial terms. | Barclays operates all employee share plans in locations representing 99% of employees globally. These plans provide an opportunity for <br>eligible employees to acquire Barclays shares on beneficial terms. | Barclays operates all employee share plans in locations representing 99% of employees globally. These plans provide an opportunity for <br>eligible employees to acquire Barclays shares on beneficial terms. |

---

**Alignment of pay decisions** 

While the approach to pay for the

Executive Directors is aligned to that for

the wider workforce, the incentives

approach for Executive Directors is

significantly more structured, as required

by institutional shareholders for directors of

UK-listed companies.

This can lead to greater year-on-year

volatility in incentives outcomes for the

Executive Directors compared to the norms

for other colleagues.

For 2025, the bonus pool for the wider

workforce increased, as did the incentive

outcomes (annual bonus and LTIP) for the

Executive Directors, reflective of strong

performance.

**Employee share awards**

In recognition of our colleagues' collective

effort and dedication to delivering to a

consistently excellent standard, we are

granting each of our colleagues<sup>1</sup>an award

of 110 Barclays shares in early 2026. This

share award, following a similar award in

2025, reinforces the alignment between our

colleagues' and shareholders' interests.

**Note:**

1Except for employees at Managing Director grade and Material Risk Takers, for whom a portion of compensation is typically delivered in shares.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 127 |
|  |  |  |  |  |  |  |  | 127 |

---

Remuneration report (continued)

Spotlight on<br>

Fair pay at Barclays (continued)<br>

![Fair_Pay_Horizontal_Boxout-05.gif](bcs-20251231_g150.gif)

**Equal pay commitment**

**We believe that colleagues should be** 

**appropriately and fairly rewarded for** 

**their contribution. Employees must be** 

**rewarded fairly with regard to their** 

**specific role, responsibilities, and other** 

**factors that properly affect pay.**

Pay decisions must not take into account

any protected characteristics.

While legal definitions of 'equal pay' vary,

our commitment to rewarding colleagues

fairly is the same everywhere.

There are times where differences in pay

are justified, even among employees

performing the same or similar roles. These

may include differences in individual

performance, the geography in which each

role is based, or external market conditions.

**Delivering on our commitment:**

---

| |
|:---|
| Employees must be rewarded fairly, with regard to their specific role, seniority, <br>responsibilities, skills, experience and other factors that properly affect pay<br>|
| Performance and pay decisions must not, directly or indirectly, take into account an <br>individual's gender, age, ethnicity, religion, sexual orientation, marital status, pregnancy, <br>maternity, parental leave, veteran status, disability or any other protected characteristic<br>|
| We provide manager guidance and training to make it clear that pay and <br>performance decisions must reflect an individual's role and contribution<br>|
| We have robust processes to review and challenge <br>performance and pay decisions<br>|
| We work closely with Unite the union to review the fairness of performance management <br>and pay distribution for the employees they cover in the UK<br>|
| We are actively making our approach to fair pay more transparent for employees |
| Employees are encouraged to engage with their people leader if they have concerns <br>about their pay and they can also raise an HR query. We will investigate any grievance <br>raised by an employee, which includes any issues relating to pay<br>|
| We will continue to conduct our assurance activities to ensure that <br>performance ratings and pay outcomes remain fair and free from bias<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 128 |
|  |  |  |  |  |  |  |  | 128 |

---

Remuneration report (continued)

**Incentive pool and annual bonus outcomes for 2025** 

**Determining the Group incentive pool**

In determining the 2025 Group incentive

pool, the Committee considered:

• the Group's financial and non-financial

performance during 2025

• the performance of individual businesses

**Group incentive pool and Group Chief Executive bonus outcomes over the years**<br>

within the Group and their contributions

to our targets and strategy

• the Group's capital position and current

and future risks

• the need to reward strong performers

appropriately, as well as recognising

colleagues who have exemplified the

Barclays Values and Mindset

• compensation market data and expected

market trends, to maintain

competitiveness where performance

warrants.

The Committee used its judgement to reach

a balanced decision on the level of the

Group incentive pool, in line with our

remuneration philosophy.

The 2025 incentive pool supports outcomes

that reflect the performance of the Group

without paying more than is necessary. It

will also support the Group's continuing

ability to attract, retain and reward

colleagues who will drive the delivery of

the Group's strategy and sustainable

growth for shareholders in the future.

On that basis, the Committee approved a

Group incentive pool for 2025 performance

of £2,208m (2024: £1,914m), up 15%

compared to the final incentive pool for

2024. The incentive pool reflects risk and

conduct adjustments of £252m.

**The Group incentive pool and Group** 

**Chief Executive bonus outcomes**

The incentive approach for our Executive

Directors is significantly more structured

than for other employees, as required by

institutional shareholders for directors of

UK-listed companies.

This more-structured approach, with a need

for direct alignment to specific financial

performance metrics, leads to greater year-

on-year volatility in incentive outcomes –

both up and down – for the Executive

Directors compared to other employees.

For 2025, like every year, the Committee

considered the Executive Director bonus

outcomes in the context of the bonus

outcomes for the wider workforce, ensuring

appropriate alignment both this year and

over a multi-year period.

![9345848836681](bcs-20251231_g151.gif)

---

| |
|:---|
| **B** |
| **A** |

---

---

| |
|:---|
| **B** |
| **A** |

---

---

| |
|:---|
| **B** |
| **A** |

---

---

| | | |
|:---|:---|:---|
| A | ■ | Group incentive pool (£m) |
| B | ■ | Risk and conduct adjustments (£m) |
|  | Group Chief Executive bonus outcome (% of maximum) | Group Chief Executive bonus outcome (% of maximum) |

---

![](bcs-20251231_g152.gif)

![](bcs-20251231_g153.gif)

**Annual percentage change in fixed pay** <br>**of the Group Chief Executive and** <br>**employees**<br>The annual percentage change in fixed <br>pay earned in 2025, compared to 2024, <br>is -30% for the Group Chief Executive, <br>as his fixed pay was significantly <br>reduced under the new DRP (and <br>renamed as 'salary'), and +4% for the <br>UK employee median – reflecting the <br>salary increases awarded in early 2025. <br>

It also reviewed the historical outcomes for

the Executive Directors in the context of

performance each year. It concluded they

were appropriate in the context of the

performance achieved.

---

| |
|:---|
| **B** |
| **A** |

---

---

| |
|:---|
| **B** |
| **A** |

---

---

| |
|:---|
| **B** |
| **A** |

---

**Group Chief Executive pay ratio:** <br>**248:1**<br>Our Group Chief Executive median pay <br>ratio for 2025 is up compared to 2024 <br>(201:1). This principally reflects the <br>increase in the value of the Group Chief <br>Executive's LTIP due to share price <br>growth since it was granted.<br>

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Full details and supporting narrative. <br>**See page** [150](#i2dcf74c396334ec1aa5e29258ec17ea6_12914)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Full details and supporting narrative.<br>**See page** [149](#i2dcf74c396334ec1aa5e29258ec17ea6_12911)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 129 |
|  |  |  |  |  |  |  |  | 129 |

---

Remuneration report (continued)

**Sustainability and remuneration**

**Executive Directors**

The Committee reviews the Executive

Directors' incentive measures each year to

ensure they continue to support the delivery

of our strategic priorities, including climate

and sustainability priorities.

The Executive Directors' annual bonus and

LTIP awards include sustainability-related

measures, aligned with the Group's evolving

sustainability ambitions, metrics and targets.

As most of our climate and sustainability-

related measures and targets are longer term,

and progress towards these targets is

expected to be non-linear and is best

assessed over a multi-year period, the

climate measures are included in the

Executive Directors' LTIP. For the

2026-2028 LTIP, the climate and

sustainability measures are included as part

of the broader category of measures relating

to Sustainability, customers & clients,

weighted at 25%. The climate and

sustainability measures will likely include

financing clients' transition, reducing our

financed emissions and achieving net zero

operations, as well as supporting our

communities.

Additionally, 10% of the 2026 bonus will be

determined on a combination of colleague

measures, including engagement, culture

and inclusion, and measures relating to

customers and clients, including improving

customer and client satisfaction, reducing

customer complaints, maintaining rankings

and market share in Barclays Investment

Bank, and increasing digital engagement.

Risk & operational excellence measures are

weighted at 5% in the 2026 bonus, as the

management of risk underpins delivery

against our strategy. Outcomes will be

determined based on an assessment of

performance against a range of measures,

including risk awareness and operational

excellence.

**Other employees** 

Barclays' performance against non-financial

measures, including climate and

sustainability-related measures, is factored

into the determination of the Group

incentive pool – impacting annual bonus

awards of all employees. In determining the

Group incentive pool for 2025 performance,

the measures used for the non-financial

assessment included climate and

sustainability-related measures focused on

our progress towards our Sustainable and

Transition Financing target, reductions in

our financed emissions, reductions in our

operational emissions, and investing in our

communities.

The incentive pool is also adjusted to take

account of risks, both crystallised and

potential future risks, and consideration is

given to vulnerabilities across all of

Barclays' principal risks, which include

climate risk.

Individual bonus outcomes are determined

based on Group, business, and individual

performance. Performance for all colleagues

is assessed against individual performance

objectives, which are aligned to the

consistently excellent standard and include

sustainability considerations where relevant.

Specific sustainability-related objectives will

depend on the role of the individual.

The Group Executive Committee members

responsible for Barclays' five business

divisions have specific climate and

sustainability-related objectives relevant to

the businesses they manage included in their

performance objectives and assessment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 130 |
|  |  |  |  |  |  |  |  | 130 |

---

Remuneration report (continued)

**Directors' Remuneration Policy (DRP)**

The DRP was approved by shareholders at the AGM on 7 May 2025, receiving 97% of shareholder votes in favour. It took effect from that

date and will apply for a maximum of three years. A summary of the policy for the Executive Directors, its implementation during 2025, and

the intended implementation for 2026 is set out below. More information on the implementation of the policy is provided on page [145](#i7ec9ae99edd74beaa193f2524793617f_30634).The

full policy, including recruitment and leaver provisions, and the policy for the Non-Executive Directors, can be found on pages 204 to 213 of

the 2024 Annual Report, which is available at **home.barclays/annualreport**.

**Remuneration policy summary – Executive Directors**

---

| | | | |
|:---|:---|:---|:---|
| **Element and purpose** | **Operation** | **Implementation for 2025** | **Implementation for 2026** |
| **Salary**<br>To support the <br>recruitment, retention and <br>development of the right <br>calibre of individual for <br>the role.<br>| •Factors considered in determining salary <br>include:<br>•the size and scope of the role, taking into <br>account the size, complexity and breadth of <br>the organisation<br>•the skills, experience and performance of <br>the individual<br>•market practice and market data.<br>•The salary for each Executive Director is <br>reviewed annually. Percentage increases will <br>normally be no more than the average annual <br>percentage increase for UK employees, though <br>may be higher if the Committee considered it <br>appropriate. <br>•Paid in cash, monthly via payroll. <br>•No performance measures or malus and <br>clawback provisions apply. <br>| Effective 7 May 2025 (i.e. <br>following shareholder <br>approval of the policy): <br>C.S. Venkatakrishnan<br>£1,590,000<br>Anna Cross <br>£950,000<br>| Effective 1 March 2026: <br>C.S. Venkatakrishnan <br>3.2% increase to £1,641,000<br>Anna Cross <br>5.3% increase to £1,000,000<br>|
|  | •  | •  |  |
| **Pension**<br>To support Executive <br>Directors to build long-<br>term retirement savings.<br>| •An annual cash allowance is provided in lieu <br>of participation in a pension arrangement, paid <br>monthly via payroll.<br>•The cash allowance value is currently 10% of <br>salary. The Committee may adjust this <br>provided that the maximum allowance does <br>not exceed the employer pension contribution <br>rate provided to the wider UK workforce.<br>•No performance measures or malus and <br>clawback provisions apply.<br>| Effective 7 May 2025 (i.e. <br>following shareholder <br>approval of the DRP): <br>C.S. Venkatakrishnan <br>£159,000<br>Anna Cross <br> £95,000<br>(10% of salary)<br>| Effective 1 March 2026: <br>C.S. Venkatakrishnan<br> £164,100<br>Anna Cross<br>£100,000<br>(10% of salary)<br>|
| **Benefits**<br>To provide a competitive <br>and cost-effective <br>benefits package <br>appropriate to the role <br>and reflecting local <br>market practice, and to <br>support the health and <br>wellbeing of the <br>Executive Directors.<br>| •Benefits provision includes, but is not <br>restricted to, private medical cover, annual <br>health check, life assurance and ill health <br>income protection, and use of a Company <br>vehicle and driver for business purposes <br>(including any tax liabilities that may arise <br>from these benefits).<br>•Mobility benefits may be provided in <br>accordance with Barclays' general employee <br>mobility policies and practices if an Executive <br>Director relocates to perform their role. <br>•The maximum value of the benefits is <br>determined by the nature of the benefit itself, <br>and costs of provision may depend on external <br>factors, e.g. insurance costs.<br>•No performance measures or malus and <br>clawback provisions apply.<br>| Benefits as per policy | Benefits entitlement will <br>remain unchanged <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 131 |
|  |  |  |  |  |  |  |  | 131 |

---

Remuneration report (continued)

**Remuneration policy summary – Executive Directors (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Element and purpose** | **Operation** | **Implementation for 2025** | **Implementation for 2026** |
|  | •  | •  |  |
| **Annual bonus**<br>To reward delivery of <br>short-term financial <br>targets and strategic <br>objectives, and the <br>individual performance of <br>the Executive Directors in <br>achieving those.<br>Delivery in part in shares <br>increases alignment with <br>shareholders and <br>encourages longer-term <br>focus.<br>| •The maximum annual bonus opportunity is <br>250% of salary for each of the Group Chief <br>Executive and the Group Finance Director.<br>•Awards are discretionary and actual outcomes <br>are based on an assessment of Executive <br>Directors' performance in the year, measured <br>against financial and other strategic objectives. <br>•The Committee sets performance measures, <br>weightings and targets near the start of each <br>year. Financial measures will normally make <br>up at least 65% of annual bonus opportunity. <br>•Discretion can be applied by the Committee to <br>ensure the level of annual bonus outcome is <br>reflective of the performance of the Group and <br>the individual over the period.<br>•Annual bonus awards are typically delivered as <br>a combination of cash and shares, a proportion <br>of which may be deferred, ensuring that the <br>proportion of variable pay (annual bonus and <br>LTIP combined) that is deferred is no less than <br>required by regulations. <br>•Malus and clawback provisions apply.<br>| In respect of 2025 <br>performance year:<br>C.S. Venkatakrishnan's <br>annual bonus was £3,299,000 <br>(83.0% of maximum)<br>Anna Cross's annual bonus <br>was £1,971,000 (83.0% of <br>maximum)<br>25% of the bonus award will <br>be deferred into shares <br>vesting over three years and <br>75% will be paid in upfront <br>cash.<br>| C.S. Venkatakrishnan and <br>Anna Cross up to 250% of <br>salary<br>Performance measures and <br>weightings for the 2026 <br>annual bonus remain <br>unchanged from those for the <br>2025 annual bonus<br>|
|  | •  | •  |  |
| **Long Term Incentive Plan** <br>**(LTIP) award**<br>To incentivise execution <br>of Barclays' strategy over <br>the longer term.<br>The multi-year <br>performance period and <br>deferral into Barclays <br>shares encourage a long-<br>term view and serve to <br>align Executive <br>Directors' interests with <br>those of shareholders.<br>| •The maximum annual LTIP award is 550% of <br>salary for the Group Chief Executive and <br>500% of salary for the Group Finance <br>Director, with actual award levels determined <br>based on satisfactory performance over the <br>prior year (the preliminary performance <br>period).<br>•Awards are typically granted as conditional <br>rights to receive Barclays shares at no cost. <br>They are structured so no part of the award <br>vests before the third anniversary of grant, the <br>final tranche is released no earlier than the fifth <br>anniversary of grant, and so that when <br>combined with the annual bonus the proportion <br>of variable pay that is deferred is no less than <br>required by regulations.<br>•Vesting of each award is dependent on <br>performance against targets over the three-year <br>period commencing with the year of grant. <br>•The Committee sets performance measures, <br>weightings and targets around the time awards <br>are granted, covering financial and non-<br>financial measures. Financial measures will <br>normally make up at least 75% of the total <br>opportunity. <br>•Discretion can be applied by the Committee to <br>reduce the vesting of any award to ensure that <br>it is reflective of the performance of the Group <br>and individual over the period.<br>•Malus and clawback provisions apply. <br>| In respect of 2025 <br>performance year:<br>C.S. Venkatakrishnan will be <br>granted a 2026-2028 LTIP <br>award of 550% of salary <br>Anna Cross will be granted a <br>2026-2028 LTIP award of <br>500% of salary <br>Performance measures and <br>weightings for the 2026-2028 <br>LTIP cycle remain <br>unchanged from those for the <br>2025-2027 LTIP cycle<br>75% of the award will vest <br>on the third anniversary of <br>grant and 25% on the fourth <br>anniversary, followed by <br>holding periods such that the <br>shares that vest must be <br>retained until at least the fifth <br>anniversary of grant (save for <br>sales to cover taxes payable <br>on vesting).<br>| C.S. Venkatakrishnan up to <br>550% of salary <br>Anna Cross up to 500% of <br>salary <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 132 |
|  |  |  |  |  |  |  |  | 132 |

---

Remuneration report (continued)

**Remuneration policy summary – Executive Directors (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Element and purpose** | **Operation** | **Implementation for 2025** | **Implementation for 2026** |
| **Shareholding requirement**<br>To further enhance the<br>alignment of Executive<br>Directors' interests with<br>those of shareholders, in<br>long-term value<br>creation.<br>| •Executive Directors have a contractual <br>obligation to build up a shareholding, within <br>five years from their date of appointment as an <br>Executive Director, with a value equivalent to <br>550% of salary for the Group Chief Executive <br>and 500% of salary for the Group Finance <br>Director. <br>•Shares that count towards the requirement are <br>those beneficially owned by the Executive <br>Director, plus the value of any vested share <br>awards (including those subject only to <br>holding periods) and the estimated after-tax <br>value of any shares from unvested deferred <br>share bonuses and LTIP awards provided that <br>no performance conditions remain untested. <br>•Post-employment shareholding requirements <br>apply for two years after stepping down as an <br>Executive Director. <br>| As at 31 December 2025:<br>C.S. Venkatakrishnan's <br>shareholding was 1,479% of <br>his salary. The relevant <br>shareholding requirement has <br>already been met, ahead of <br>the five-year deadline which <br>falls on 1 November 2026<br>Anna Cross's shareholding <br>was 611% of her salary. The <br>relevant shareholding <br>requirement has already been <br>met, ahead of the five-year <br>deadline which falls on 23 <br>April 2027.<br>| Shareholding requirements <br>remain unchanged<br>|

---

**Risk and conduct adjustment – malus and clawback**

Any annual bonus or LTIP awarded is subject to malus and clawback provisions.

The malus provisions enable the Committee to reduce the amount of unvested bonus or LTIP (including to nil) prior to vesting in specified

circumstances, including but not limited to:

• a participant deliberately misleading Barclays, the market and/or shareholders in relation to the financial performance of the Barclays

Group

• a participant causing harm to Barclays' reputation or where his/her actions have amounted to misconduct, incompetence, poor

performance, material error or negligence

• a material restatement of the financial statements of the Barclays Group or any subsidiary, or the Group or any business unit suffering a

material downturn in its financial performance

• a material failure of risk management in the Barclays Group

• a significant deterioration in the financial health of the Barclays Group.

The clawback provisions enable amounts to be recovered after they have been paid or vested, for a period in line with applicable regulation –

currently seven years from grant (which can be extended to up to 10 years if a relevant investigation is ongoing at the end of the initial seven-

year period) where (i) a participant's actions or omissions have amounted to misbehaviour or material error and/or (ii) Barclays or the

relevant business unit has suffered a material failure of risk management.

During 2025, no risk or conduct adjustments were made to the Executive Directors' remuneration via the malus and clawback provisions that

apply to their annual bonus or LTIP awards.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 133 |
|  |  |  |  |  |  |  |  | 133 |

---

Remuneration report (continued)

**Determiningmeasures and targets for the Executive Directors' annual bonus and LTIP awards**

The Committee has adopted a consistent approach in recent years when considering and agreeing performance measures and targets for the

Executive Directors' annual bonus and LTIP plans, ensuring that Executive Directors' incentives support the delivery of sustainable

performance and our strategic priorities. To illustrate this, the process for setting measures and targets for the 2026 annual bonus and

2026-2028 LTIP is set out below.

---

| |
|:---|
| **1. Select measures and weightings**<br>**(December 2025)**<br>|
| The Committee reviewed the key financial and non-financial measures for the Group, as set by the Board and senior management, including the <br>measures for which there will be prospective external guidance or targets relevant to the annual bonus or LTIP performance periods. Measures within <br>the annual bonus were selected to reflect the more immediate strategic priorities and building blocks for future delivery against our longer-term targets, <br>while the measures in the LTIP were focused on key longer-term goals. Shareholder and other stakeholder considerations also informed the selection <br>of measures and weightings.<br>|
| **2. Set targets and payout ranges** <br>**(January 2026)**<br>|
| The Committee set targets for the annual bonus and LTIP, considering:<br>•the Group's external targets and stated ambitions, in the context of the Group's strategic plans<br>•short-term and medium-term performance forecasts, and external financial analysts' expectations<br>•shareholder and other stakeholder priorities<br>•the wider economic environment.<br>|
| **3. Monitor performance** <br>**(regularly through the performance period)**<br>|
| Throughout the performance period, the Committee will receive updates on performance against the bonus and LTIP targets, combining performance <br>to date and the future performance outlook, and the projected incentive outcomes that would result.<br>|
| **4. Assess performance and agree outcomes** <br>**(January - February following the performance period)**<br>|
| At the end of the performance period, the financial and non-financial performance measures will be assessed and the incentive outcomes will be <br>determined. <br>The Committee will then review these outcomes, in the following context, and will have the discretion to adjust the outcomes if it deems it <br>appropriate:<br>•overall Group performance, and the overall performance of each Executive Director, over the performance period<br>•the underlying financial health of the Group<br>•bonus outcomes for the wider workforce <br>•historical outcomes for the Executive Directors in the context of performance each year.<br>|

---

![White_Arrow_BusinessModel.gif](bcs-20251231_g7.gif)

![White_Arrow_BusinessModel.gif](bcs-20251231_g7.gif)

![White_Arrow_BusinessModel.gif](bcs-20251231_g7.gif)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 134 |
|  |  |  |  |  |  |  |  | 134 |

---

Remuneration report (continued)

## Annual report on Directors' remuneration
**This section explains how our Directors' Remuneration Policy (DRP) was implemented for 2025**

**Executive Directors**

**Single total figure for 2025 remuneration** 

The following table shows a single total figure for 2025 remuneration in respect of qualifying service for each Executive Director, together

with comparative figures for 2024.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **1** | **2** | **3** |  | **4** | **5** | **6** | **7** |  |  |  |
|  |  | **Salary/**<br>**Fixed** <br>**Pay**<br>**£000**<br>| **Pension**<br> **£000**<br>| **Taxable** <br>**benefits** <br>**£000**<br>| **Total**<br>**fixed pay** <br>**£000**<br>| **Annual** <br>**bonus** <br>**£000**<br>| **LTIP –** <br>**excluding** <br>**share price** <br>**appreciation**<br>**£000**<br>| **LTIP – share** <br>**price** <br>**appreciation**<br>**£000**<br>| **Total** <br>**LTIP**<sup>1,2</sup><br>**£000**<br>| **Total** <br>**variable** <br>**pay** <br>**£000**<br>| **Total –** <br>**excluding** <br>**share price** <br>**appreciation** <br>**£000**<br>| **Total** <br>**£000**<br>|
| C.S. Venkatakrishnan | 2025 | 2063 | 155 | 76 | 2294 | 3299 | 3849 | 5603 | 9452 | 12751 | 9442 | 15045 |
|  | 2024 | 2935 | 147 | 95 | 3177 | 2219 | 3285 | 2941 | 6226 | 8445 | 8681 | 11622 |
| Anna Cross | 2025 | 1262 | 94 | 29 | 1385 | 1971 | 2286 | 3328 | 5614 | 7585 | 5642 | 8970 |
|  | 2024 | 1837 | 92 | 15 | 1944 | 1336 | – | – | – | 1336 | – | 3280 |

---

**Notes:**

1The LTIP amounts for 2025 relate to the award granted in 2023, with vesting based on performance measured over 2023 to 2025. The value was estimated using the

Q4 2025 average share price of £4.1493 as this Annual Report 2025 was finalised prior to the first vesting date. This is the first LTIP vesting for Anna Cross

following her appointment as Group Finance Director on 23 April 2022. The share price increased by 146% between the date of grant and the share price used to

estimate the award value, and columns 5 and 6 separate that share price appreciation within the total LTIP value.

2The LTIP amount for 2024 has been updated based on the share price on the vesting date of the first tranche of the 2022-2024 LTIP, which was £3.049. The LTIP

value disclosed in the 2024 Remuneration report was an estimate, based on the Q4 2024 average share price, as the 2024 Annual Report was finalised prior to the

vesting date.

**Additional information in respect of each element of pay for the Executive Directors** 

**1) Salary/Fixed Pay**

Under the current DRP, salary is delivered in cash, paid monthly.

Under the previous DRP, in operation until 6 May 2025, Fixed Pay was delivered 50% in cash, paid monthly, and 50% in shares, delivered

quarterly. These shares are subject to a holding period, with restrictions lifting over five years (20% each year).

More information on the Committee's considerations in respect of the Executive Directors' salary is set out on page[145](#i7ec9ae99edd74beaa193f2524793617f_30696).

**2) Pension**

Executive Directors are paid cash in lieu of pension contributions equal to 10% of salary (was 5% of Fixed Pay or 10% of Fixed Pay cash

under the previous DRP). The pension cash allowance paid during 2025 was £154,940 for C.S. Venkatakrishnan and £94,042 for Anna

Cross. The Executive Directors did not receive any other pension benefits.

**3) Taxable benefits**

Taxable benefits include, but are not restricted to, private medical cover, life assurance, income protection, tax advice and the use of a

Company vehicle and driver when required for business purposes.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 135 |
|  |  |  |  |  |  |  |  | 135 |

---

Remuneration report (continued)

**4) 2025 annual bonus**

The bonus amounts included in the single total remuneration figures are the value awarded in respect of performance during the relevant

year.

In determining the bonus in respect of 2025 performance, the Committee considered the performance achieved against the Financial (65%

weighting) and Strategic non-financial (15% weighting) performance measures that had been set to reflect Group priorities for 2025.

Personal performance against each Executive Director's Strategic objectives for 2025 (20% weighting) was assessed on an individual basis.

The outcome for each of the Financial measures would be 0% for performance below threshold, and then determined on a straight-line basis,

between a 25% outcome for threshold performance and 100% for achievement of maximum performance. A summary of the assessment is

provided in the following table.

**2025 annual bonus outcomes**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Measures**  | **Weighting** | **Threshold** | **Maximum** | **2025 actual** | **Outcome** | **Outcome** |
| **Measures**  | **Weighting** | **Threshold** | **Maximum** | **2025 actual** | **C.S. Venkatakrishnan** | **Anna Cross** |
| Profit before tax (excluding <br>material items<sup>1</sup>), with CET1 ratio <br>underpin<br>| 55% | £8.0bn | £10.0bn | See footnote 1 | 48.0% | 48.0% |
| Cost: income ratio(excluding <br>material items<sup>1</sup>)<br>| 10% | 61.5% | 58.5% | See footnote 2 | 8.5% | 8.5% |
| Strategic non-financial | 15% | Performance against strategic measures, organised around <br>two categories: Customers, clients & colleagues, and Risk <br>& operational excellence | Performance against strategic measures, organised around <br>two categories: Customers, clients & colleagues, and Risk <br>& operational excellence | Performance against strategic measures, organised around <br>two categories: Customers, clients & colleagues, and Risk <br>& operational excellence | 9.0% | 9.0% |
| Strategic objectives | 20% | Individual performance against each Executive Director's <br>strategic objectives, assessed by the Committee | Individual performance against each Executive Director's <br>strategic objectives, assessed by the Committee | Individual performance against each Executive Director's <br>strategic objectives, assessed by the Committee | 17.5% | 17.5% |
| Total |  |  |  |  | 83.0% | 83.0% |
| **Final 2025 annual bonus outcome approved by the Committee** | **Final 2025 annual bonus outcome approved by the Committee** | **Final 2025 annual bonus outcome approved by the Committee** | **Final 2025 annual bonus outcome approved by the Committee** | **Final 2025 annual bonus outcome approved by the Committee** | **83.0%** | **83.0%** |

---

**Note:** 

1Profit before tax of £9.659bn, which excludes material items: 2025 structural cost actions of £285m and the £235m charge for motor finance redress taken in Q325.

2Cost: income ratio of 59.1%, which excludes material items: 2025 structural cost actions of £285m and the £235m charge for motor finance redress taken in Q325.

Based on the assessment outlined above, the Committee determined an overall formulaic 2025 annual bonus outcome for C.S.

Venkatakrishnan and Anna Cross that equates to £3,299,000, and £1,971,000 respectively.

For the financial measures, materials items were excluded - 2025 structural cost actions of £285m and a £235m charge for motor finance

redress, taken in Q325. The latter relates to historical activity that neither Executive Director was directly involved in, given their roles at the

time, and C.S. Venkatakrishnan was the Chief Risk Officer when the decision to exit the business was taken in 2019. Further detail on the

assessment of the Strategic non-financial measures, and performance against Strategic objectives, is set out on the following pages.

In determining the bonus outcome, the Committee reflected on the appropriateness of these overall annual bonus outcomes, in the context of

the performance achieved against the Financial measures, Strategic non-financial measures and Strategic objectives. The Committee

considered the underlying financial health of the Group, which is strong and well-capitalised, and more holistically the performance and

contribution of each Executive Director during 2025. The bonus outcomes were considered in the context of those for the wider workforce –

ensuring appropriate alignment both this year and over a multi-year period – and also by comparing to historical outcomes for the Executive

Directors in the context of performance each year. The Committee believes that the overall 2025 bonus outcomes above are aligned

appropriately with stakeholder considerations and with the performance achieved. Based on this, the Committee concluded that no

discretionary adjustment was warranted.

The 2025 annual bonus will be delivered as 75% upfront cash, payable in March 2026, and 25% as a grant of deferred bonus shares that will

vest in three equal tranches on the first, second, and third anniversaries of the grant. The number of shares awarded to each Executive

Director will be based on the market share price on the date of grant, and additional shares will accrue equivalent to dividends paid on

unvested share awards (as is now permitted under the new UK bank pay regulations). More information is provided onpage[119](#i73c9fabda6f3495da8ff7b0055147c7d_16071).

All of the 2025 variable pay (both the 2025 annual bonus and the 2026-2028 LTIP) is subject to clawback provisions, which allow the

Committee to recover amounts that have been paid in certain circumstances. The deferred elements are subject to malus provisions, which

enable the Committee to reduce the vesting of unvested amounts (including reducing to nil) in certain circumstances. Of the total variable

pay to be awarded (the annual bonus and LTIP combined), a total of 79% of C.S. Venkatakrishnan's 2025 variable pay will be in Barclays

shares, and 78% for Anna Cross.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 136 |
|  |  |  |  |  |  |  |  | 136 |

---

Remuneration report (continued)

4) 2025 annual bonus (continued)

**Assessment of the Strategic non-financial measures for the 2025 annual bonus**

The overall weighting of Strategic non-financial measures was 15%, within which the Customers, clients & colleagues category was

weighted at 10% and the Risk & operational excellence category at 5%. The measures used in the Strategic non-financial assessment for

bonus reflect key strategic priorities of the Group.Many outcomes are measured using an external provider, such as customer / client

satisfaction or Investment Banking fee ranking and share.

The Committee assessed progress in relation to each of the Strategic non-financial measures and agreed an overall outcome of 9% out of a

maximum of 15%. Detail supporting this assessment is set out in the tables that follow.

The overall assessment was based on the following scale:

---

| | |
|:---|:---|
| **For Customers, clients & colleagues** <br>**(max weighting 10%)**<br>| **Overall outcome for the category** |
| 0% to 2.0% | Behind track on most measures |
| 2.0% to 4.0% | Slightly behind track on most measures |
| 4.0% to 6.0% | On track on most measures |
| 6.0% to 8.0% | Slightly ahead on most measures |
| 8.0% to 10% | Ahead of track on most measures |

---

---

| | |
|:---|:---|
| **For Risk & operational excellence** <br>**(max weighting 5%)**<br>| **Overall outcome for the category** |
| 0% to 1.0% | Behind ambition |
| 1.0% to 2.0% | Slightly behind ambition |
| 2.0% to 3.0% | On track to meet ambition |
| 3.0% to 4.0% | At ambition |
| 4.0% to 5.0% | Exceeded ambition |

---

**Customers, clients & colleagues**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Measure** | **Criteria** | **Performance** | **Commentary** | **Outcome** |
| **Customers & clients** | **Customers & clients** | **Customers & clients** | **Customers & clients** | **Customers & clients** |
| **Global Markets** <br>**revenue ranking** <br>**and share**<sup>1</sup><br>| Maintain rankings and <br>market share in Barclays <br>Investment Bank | Rank: 6th (2024: 6th)<br>Share: 6.5% (2024: 6.3%) <br>| •Global Markets revenue rank maintained; revenue <br>share has increased since 2024. <br>•We continue to make progress towards our goal of <br>achieving 70 top five ranks with our Top 100 <br>clients.<br>| Slightly ahead <br>of track<br>|
| **Investment** <br>**Banking fee** <br>**ranking and** <br>**share**<sup>2</sup><br>| Maintain rankings and <br>market share in Barclays <br>Investment Bank | Rank: 6th (2024: 6th)<br>Share: 3.0% (2024: 3.3%)<br>| •Investment Banking fee rank has been maintained; <br>fee share has decreased since 2024, driven by <br>global fee wallet expansion, impacting our overall <br>share.<br>| Slightly behind <br>track <br>|
| **Customer** <br>**and client** <br>**satisfaction**<br>| Improve customer <br>and client satisfaction<br>| Barclays UK NPS<sup>3</sup>: +25 (2024: +17)<br>US Consumer Bank Contact Centre <br>Agent Servicing tNPS<sup>4</sup>: +52 (2024: <br>+51)<br>US Consumer Bank digital tNPS: +63 <br>(2024: +63)<br>UK Corporate Bank overall client <br>satisfaction<sup>5</sup>: 66% (2024: 62%)<br>| •Barclays UK: we improved NPS to +25, our <br>highest score since we began tracking in 2013, and <br>+8 on December 2024. Premier NPS was a <br>significant driver, reaching +37 at year-end.<br>•US Consumer Bank: Contact Centre Agent <br>Servicing tNPS increased by 1 point to +52. <br>Digital tNPS remained consistent at +63.<br>•UK Corporate Bank: overall client satisfaction has <br>increased by 4 percentage points.<br>| Slightly ahead <br>of track <br>|
| **Complaints** | Reduce customer <br>complaints<br>| Barclays UK total complaints (movement <br>year on year): +33% (2024: -36%)<br>| •The increase in complaints year on year was <br>driven by an IT incident in January 2025 that <br>impacted many of our customers. Excluding this, <br>complaints reduced by 2%. <br>| Behind track |
| **Digital** <br>**engagement**<br>| Increase digital <br>engagement<br>| Barclays UK digitally active customers: <br>13.9m (2024: 13.4m)<br>US Consumer Bank digitally interacting <br>customer<sup>6</sup>: 96.2% (2024: 95.9%)<br>UK Corporate Bank self-service take up: <br>c.50% (2024: c.40%)<br>| •Digital engagement has improved in all areas.<br>•Barclays UK: The number of digitally active <br>customers increased.<br>•US Consumer Bank: digitally interacting customer <br>measure improved, driven by continued <br>investment in our mobile app and digital <br>capabilities, including enhancements to <br>registration and self-service.<br>•UK Corporate Bank: significant increase in self-<br>service take up (+ 10 percentage points).<br>| Slightly ahead <br>of track <br>|

---

**Notes:**

1Global Markets market share for Barclays is based on external reported revenues of peer banks BoA, BNP, CITI, DB, GS, JPM, MS and UBS.

2Investment Banking market share for Barclays calculated by Dealogic for the period covering 1 January 2025 to 31 December 2025.

3© Ipsos 2025, Financial Research Survey (FRS), 12 months ended December 2025 (Dec 2024). Results based on a sample of 7,546 (6,646) Barclays main current

account customers and 1,028 (865) Barclays Premier main current account customers. Total sample of ~50,000 GB adults (aged 16+) a year, weighted to align with

overall profile of GB population.

4US Consumer Bank Contact Center Agent Servicing tNPS measures US Consumer Bank customer experience across Contact Centre Agent Servicing, including

Care and Chat, Fraud, Disputes, and Credit.

5UK Corporate Bank OSAT (overall client satisfaction) calculated by Savanta based on proportion of clients surveyed rating Barclays' UK Corporate Bank as

'Excellent' or 'Very Good', data as at December 2025.

6Measured at exit at end of December 2025. Includes primary consumer card customers. Excludes Interactive Voice Response (IVR).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 137 |
|  |  |  |  |  |  |  |  | 137 |

---

Remuneration report (continued)

4) 2025 annual bonus (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Measure** | **Criteria** | **Performance** | **Commentary** | **Outcome** |
| **Colleagues** |  |  |  |  |
| **Inclusion** | Maintain inclusion <br>indicators<br>| 81% (2024: 81%) | •Inclusion Index score has been maintained, with <br>continued focus on driving an inclusive culture.<br>•88% of colleagues told us they felt included in <br>their team (2024: 89%).<br>| On track |
| **Engagement** | Maintain engagement at <br>healthy levels<br>| 85% (2024: 85%) | •Employee engagement has been maintained at <br>85%, 4 percentage points above the Qualtrics 2024 <br>upper quartile Financial Services benchmark.<br>| Ahead of track  |
| **Culture** | Maintain culture <br>indicators<br>| Of colleagues surveyed:<br>89% believe strongly in the goals and <br>objectives of Barclays (2024: 88%)<br>93% believe that they and their team do a <br>good job of role modelling our Values <br>every day (2024: 93%)<br>92% believe that they and their team do a <br>good job of role modelling our Mindset <br>every day (2024: 92%)<br>| •The vast majority of colleagues believe in the <br>goals and objectives of Barclays, which has been a <br>key focus since we launched our three-year plan in <br>February 2024.<br>•Scores on Mindset and Values role modelling <br>remain high, consistent with recent years.<br>•Our consistently excellent culture-change <br>programme continued to embed these standards <br>across the organisation. Throughout 2025, local <br>initiatives across divisions and functions supported <br>Group-wide efforts to simplify processes, <br>strengthen risk and control, and drive efficiency. <br>The consistently excellent standard is embedded in <br>HR tools, processes and products from hiring and <br>induction, to performance management, <br>promotions and development programmes. <br>| Slightly ahead <br>of track <br>|
| Total Customers, clients & colleagues: 6% out of 10% | Total Customers, clients & colleagues: 6% out of 10% | Total Customers, clients & colleagues: 6% out of 10% | Total Customers, clients & colleagues: 6% out of 10% | Total Customers, clients & colleagues: 6% out of 10% |

---

**Risk & operational excellence**

---

| | |
|:---|:---|
| **Category** | **Performance commentary** |
| **Risk awareness** | •The Committee was satisfied that the Group operated in line with its Board-approved risk appetite.<br>•In 2025, we completed the delivery of 1,995 'Being consistently excellent ' workshops to our colleagues globally. They provide our people with <br>the skills and knowledge to take personal accountability for driving higher standards across the organisation, recognise what they can do <br>differently to deliver improvements and build consistent practices to raise the standard of execution, with a focus on remediating risk and control <br>weaknesses. <br>•In 2025, we launched a Risk and Control Digital Credential to all colleagues, our externally accredited digital credential which is flexible, role -<br>relevant and builds confidence in managing risk and control – critical for delivering consistently excellent outcomes. <br>•Excluding charges for motor finance redress<sup>1</sup>, litigation and conduct costs increased to £157m (2024: £130m), driven by FCA investigations <br>concerning financial crime systems and controls, and compliance with the UK money laundering regulations, which resulted in settlements <br>totalling £48m.<br>•Conduct breaches have reduced year on year. |
| **Operational** <br>**excellence**<br>| •During 2025, total operational risk losses<sup>2</sup> increased to £143m (2024: £127m) and the number of recorded events for 2025 (2943) <br>increased from the level for 2024 (2392). The total operational risk losses for the year were mainly driven by events falling within the <br>Execution, Delivery & Process Management and External Fraud categories, which tend to be high-volume but low-impact events.<br>•In January 2025, an IT incident relating to our UK mainframe operating system impacted many of our customers. Despite this, there was <br>an overall 44% reduction in major technology incidents since 2024, indicating improvement in proactive mitigation. <br>•High standards of internal service delivery retained during 2025, with the >95% ambition being met throughout the year. |
| Total Risk & operational excellence: 3% out of 5% | Total Risk & operational excellence: 3% out of 5% |
| **Overall strategic non-financial outcome for the 2025 annual bonus: 9% out of 15%** | **Overall strategic non-financial outcome for the 2025 annual bonus: 9% out of 15%** |

---

**Notes:**

1£235m charge in Q325 (2024: £90m) for motor finance redress. Litigation and conduct costs were £392m in 2025 including the charges for motor finance redress.

2The data disclosed includes operational risk losses for reportable events impacting the Barclays Group business areas, having an impact greater than £10,000 and

excludes events that are compliance or legal risk, aggregate and boundary events. A boundary event is an operational risk event that results in a credit risk impact.

Due to the nature of risk events that keep evolving, prior year losses are updated.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 138 |
|  |  |  |  |  |  |  |  | 138 |

---

Remuneration report (continued)

4) 2025 annual bonus (continued)

**Assessment of performance against the Strategic objectives set for the 2025 annual bonus (20% weighting)**

The Committee assessed personal performance for C.S. Venkatakrishnan and Anna Cross against both their individual strategic objectives set

for their respective roles and their shared strategic objectives. The assessment against these Strategic objectives makes up 20% of the total

bonus opportunity.

The table below summarises performance against the shared strategic objectives.

**Shared strategic objectives for C.S. Venkatakrishnan and Anna Cross**

---

| | |
|:---|:---|
| **Objective** | **Outcomes** |
| **Deliver key financial targets** <br>**including RoTE and capital** <br>**distributions**<br>| •Achieved all our 2025 financial targets, with operational and financial performance improvement driven by <br>disciplined execution of our plan to make Barclays Simpler, Better and More balanced.<br>•Delivered Group statutory RoE of 9.8% and RoTE of 11.3%, in line with our upgraded target of >11%, with all five <br>divisions delivering double-digit RoTE.<br>•Group net interest income (NII) was £12.8bn (excluding Barclays Investment Bank (IB) and Head Office), of which <br>Barclays UK was £7.7bn, meeting 2025 guidance of £12.6bn and £7.6bn respectively.<br>•The Group's cost: income ratio improved to 61% (2024: 62%) driven by positive operating leverage for the third <br>consecutive year.<br>•Total shareholder distributions of £3.7bn announced in relation to 2025 (2024: £3.0bn), on track to return at least <br>£10bn to shareholders from 2024 to 2026<sup>1</sup>.<br>|
| **Maintain robust capital ratios** <br>**across the Group and within the** <br>**main operating entities**<br>| •Strong balance sheet, with Group CET1 ratio of 14.3%, or 14.0% if the £1.0bn share buyback announced with the <br>FY25 results is factored in, at the top-end of the 13%-14% target range.<br>•Similarly strong capital ratios prevail in all main operating entities: at the end of 2025, Barclays Bank PLC's CET1 <br>ratio was 12.7% and Barclays Bank UK PLC's CET1 ratio was 14.5%, well in excess of regulatory minima.<br>|
| **Continue to reduce** <br>**organisational complexity and** <br>**upgrade legacy technology**<br>| •Eliminated our remaining non-core businesses, selling our stake in Entercard, and further simplified our business <br>model, including operating Private Bank and Wealth Management (PBWM) through two core areas, PBWM UK and <br>PBWM International.<br>•Continued to invest in enterprise-wide platforms across infrastructure, data and digital, strengthening resilience while <br>reducing complexity and cost. Almost 90% of our technology estate is now in the cloud.<br>•Introduced new technology, such as the AI-powered Help Hub Assistant in Barclays UK, to support us in delivering <br>seamless, connected services that anticipate customer and client needs and provide faster, more personalised, more <br>intuitive services.<br>|
| **Deliver better income quality,** <br>**growth within higher-returning** <br>**divisions and greater RWA** <br>**productivity in the Investment** <br>**Bank**<br>| •Stable income streams (Financing, Retail and Corporate) comprised 74% of the total Group income in 2025.<br>•Continued to rebalance the Group, successfully deploying £20bn of RWAs since 2024 into the three highest-<br>returning UK businesses.<br>•Investment Bank RWAs remained stable for the fourth consecutive year and made up 55% of Group RWAs in 2025. <br>•Improved the Investment Bank's return on RWAs, driven by focus on more-stable income streams and on disciplined <br>client management, capital deployment, and technology enhancements. <br>|
| **Drive growth in our home UK** <br>**market**<br>| •Grew UK retail lending, with strong net mortgage growth and higher card balances in Barclays UK and £3bn lending <br>to small businesses.<br>•The UK Corporate Bank delivered robust income growth of 16%, underpinned by a strong deposit franchise and <br>growing debt balances. We positively repositioned ourselves among peers and grew lending market share by 1%<sup>2</sup>, <br>with total loan growth of £4.6bn. <br>•PBWM UK grew the UK Digital Investing business with c.65,000 new accounts opened on our Smart Investor <br>platform (up 11% year on year), launched a pilot of a new digitally-enabled mass affluent proposition and expanded <br>the UK Private Markets proposition.<br>|

---

**Notes:**

1This multi-year plan is subject to supervisory and Board approval, anticipated financial performance and our published CET1 ratio target of 13-14%.

2Source: Bank of England (December) 2025 market data.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 139 |
|  |  |  |  |  |  |  |  | 139 |

---

Remuneration report (continued)

4) 2025 annual bonus (continued)

In addition to the shared strategic objectives described on the previous page, the table below summarises performance against the strategic

objectives for C.S. Venkatakrishnan.

**Strategic objectives for C.S. Venkatakrishnan**

---

| | |
|:---|:---|
| **Objective** | **Outcomes** |
| **Continue to drive better** <br>**customer and client experience** <br>**and outcomes, through** <br>**technology and improved** <br>**offerings**<br>| •Launched new customer technology, platforms and products across our various businesses, including a new <br>mortgage platform, a redesigned Savings Hub for Barclays UK customers and more opportunities to self-serve <br>through digital channels for UK Corporate Bank clients, and saw improvements in customer satisfaction scores <br>across our business.<br>•Barclays UK channel transactional Net Promoter Score (tNPS) increased to +61 for branch servicing and Premier <br>Net Promoter Score (NPS) reached +37, the highest level to date<sup>1</sup>.<br>•UK Corporate Bank saw a 4 percentage point improvement in the overall client satisfaction score (an independent <br>benchmarking score measured by Savanta), with 66% of clients surveyed rating us 'Excellent' or 'Very Good'. <br>•PBWM further enhanced client journeys and investment capabilities on our Smart Investor platform and were <br>awarded Best Stock & Shares ISA Provider from Moneyfacts and received a 'Value for Money' consumer rating <br>from Boring Money.<br>•Investment Banking and Global Markets maintained our rank of sixth<sup>2</sup>– the highest of any bank domiciled outside <br>the US. Our Research team continues to rank highly amongst our institutional client base – #4 overall global research <br>firm and #3 for developed markets<sup>3</sup>.<br>•US Consumer Bank saw tNPS for digital and contact-centre agent servicing averaging 63 and 52 respectively, <br>consistent with 2024 for digital and improved by one point for contact centre performance.<br>|
| **Drive delivery to a consistently** <br>**excellent standard**<br>| •A consistently excellent standard is an integral part of our culture and a key enabler of our three-year plan, which is <br>now embedded in HR tools, processes and products from hiring and introduction, to performance management, <br>promotions and development programmes. <br>•Delivered over 1,995 colleague workshops during 2025 on what it means to deliver to a consistently excellent <br>standard, creating a strong shared understanding across the organisation. <br>|
| **Drive leadership accountability** <br>**to further strengthen our risk** <br>**management and controls**<br>| •Local initiatives across divisions and functions supported Group-wide efforts to simplify processes, strengthen risk <br>and control, and drive efficiency, further embedding the consistently excellent standard.<br>•Launched the Risk and Control Digital Credential – our first Group-wide, externally accredited online learning <br>programme, certified by the Institute of Risk Management – with almost 25,000 colleagues having achieved the <br>accreditation by the end of 2025.<br>|
| **Continue to invest in talent and** <br>**continue to grow a winning** <br>**culture**<br>| •Strengthened how we identify, assess and develop high-potential talent, introducing greater rigour and consistency <br>through implementing our Talent Management Standards. Delivered accelerator programmes and sponsorship <br>initiatives and offered senior leaders a suite of practical tools, targeted workshops, and resources to develop their <br>skills.<br>•86% of colleagues have told us that their people leader clearly communicates the actions they need to take to deliver <br>consistently excellent outcomes in their role. <br>|

---

**Notes:**

1Highest since we started tracking in 2016. Source:© Ipsos 2025, Financial Research Survey (FRS).

2Global Markets ranking based on external reported revenues. Peer banks include BoA, BNP, CITI, DB, GS, JPM, MS and UBS. Investment Banking ranking

sourced from Dealogic for the period 1 January 2025 to 31 December 2025.

3Source: Extel.

The Committee recognised C.S. Venkatakrishnan's outstanding performance during 2025, his leadership of the organisation, the progress

delivered against the Group's three-year plan, and substantial achievements against both his individual and shared personal objectives. The

Committee assessed that an outcome of 17.5% out of a maximum of 20% was appropriate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 140 |
|  |  |  |  |  |  |  |  | 140 |

---

Remuneration report (continued)

4) 2025 annual bonus (continued)

The table below summarises performance against the strategic objectives for Anna Cross.

**Strategic objectives for Anna Cross**

---

| | |
|:---|:---|
| **Objective** | **Outcomes** |
| **Continue to simplify, standardise** <br>**and automate Group Finance** <br>**processes to improve effectiveness** <br>**and efficiency**<br>| •Agreed a transformation strategy for Group Finance to standardise and automate processes, and strengthen controls, <br>which is expected to drive significant efficiency enhancements over the coming years. <br>•Delivered material automation in Product Control and Financial Control, and standardisation of cost reporting <br>activities, with further potential to simplify and automate in the future.<br>•Launched nine Artificial Intelligence and Machine Learning initiatives in the Group Finance function, delivering <br>measurable benefits, with many more use cases in the pipeline.<br>|
| **Oversee the effective management** <br>**of risk and control across Group** <br>**Finance**<br>| •Group Finance continued to enhance risk management and controls for compliance with rules, laws and regulations, <br>and work continued to strengthen the control environment around regulatory reporting. <br>•The risk and control agenda remains a priority in Group Finance, with a constant focus on identifying further <br>improvements.<br>|
| **Appropriate management of** <br>**capital and resources to ensure we** <br>**comply with governance and** <br>**regulatory requirements**<br>| •The Group continues to exceed regulatory requirements for CET1, Tier 1, total capital, leverage and Minimum <br>Requirement of Own Funds and Eligible Liabilities.<br>•The Group has operated toward the upper half of its CET1 target range of 13%-14% throughout the year, after taking <br>into account the impact of announced share buybacks. <br>|
| **Retain focus on the talent and** <br>**culture agenda across Group** <br>**Finance**<br>| •Consistent focus on talent management and succession planning has enabled 71% of all senior vacancies in Group <br>Finance to be filled internally. <br>•Continued to focus on culture and colleague engagement, improving key measures, e.g. Inclusion index 79% (2024: <br>78%) and Wellbeing index 85% (2024: 83%).<br>•Further strengthened colleague engagement across Group Finance, at 83% (2024: 81%).<br>|

---

The Committee recognised Anna Cross's outstanding performance during 2025, ensuring delivery towards the achievement of the Group's

three-year plan, and the substantial achievements against both her individual and shared personal objectives. Based on that performance, the

Committee assessed that an outcome of 17.5% out of a maximum of 20% was appropriate.

**5) Vesting of the 2023-2025 LTIP cycle** (also covers columns 6 and 7 of the single total figure for 2025)

The total LTIP values included in the single total figure for 2025 for C.S. Venkatakrishnan and Anna Cross are based on the amounts that are

due to be released from 9 March 2026 in relation to the 2023-2025 LTIP awards granted in March 2023.

The total LTIP values that will vest to C.S. Venkatakrishnan and Anna Cross (column 7 of the single total figure) have been estimated using

the Q4 2025 average share price of £4.1493, as this Annual Report 2025 was finalised prior to the first vesting date. Of the estimated LTIP

values, 59% relates to share price appreciation between the grant date of the award and the share price used to estimate the award value.

Column 5 of the single total figure shows the estimated LTIP values excluding the impact of share price appreciation and column 6 shows

the additional value arising due to that share price growth.

Release is dependent on, among other things, performance over the period from 1 January 2023 to 31 December 2025. In determining what

proportion of the awards would vest, the Committee considered the performance achieved against the Financial (70% weighting), Strategic

non-financial (20% weighting) and Risk scorecard (10% weighting) performance measures that were set shortly before the award was

granted.

The outcome for each of the Financial measures would be 0% for performance below threshold. The outcome for threshold performance

under the average return on tangible equity and average cost: income ratio measures would be 0%, and for the relative total shareholder

return measure would be 25%, rising on a straight-line basis to 100% for achievement of maximum performance for each of those measures.

The CET1 ratio measure operates differently, as described in the table on the following page.

A summary of the assessment of performance is also provided in that table.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 141 |
|  |  |  |  |  |  |  |  | 141 |

---

Remuneration report (continued)

5) Vesting of the 2023-2025 LTIP cycle (continued)

**2023-2025 LTIP outcomes**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Measure** | **Weighting** | **Threshold** | **Maximum vesting** | **Actual** | **% of award** <br>**vesting**<br>|
| **Average return on tangible**<br>**equity (RoTE) (excluding**<br>**material items**<sup>1,2</sup>**)**<br>| 25% | 0% of award vests for RoTE of 8.0%, <br>rising on a straight-line basis<br>| 25% of award vests for RoTE of <br>12.5% or higher<br>| 11.4%<sup>3</sup> | 18.9% |
| **Average cost: income ratio** <br>**(excluding material items**<sup>4</sup>**)**<br>| 10% | 0% of award vests for average cost: <br>income ratio of 62.5%, rising on a <br>straight-line basis<br>| 10% of award vests for average cost: <br>income ratio of 58.0% or lower<br>| 61.1% | 3.1% |
| **Maintain CET 1 ratio** <br>**within the target range**<br>| 10% | If CET1 is below the target range during <br>the period, the Committee will consider <br>what portion of this element should vest, <br>based on the reasons for the CET1 <br>shortfall<br>If CET1 is above the range and does not <br>make progress towards the range over the <br>period, the Committee will consider what <br>portion of the element should vest, based <br>on the reasons for the elevated levels of <br>CET1 versus target range and the <br>associated impacts<br>| 10% vests if either:<br>•CET1 is within the range during <br>the period<br>or<br>•CET1 is above but making <br>progress towards the target range<br>| 2023: 13.8% <br>2024: 13.6% <br>2025: 14.3%<br>| 10%<br>(more <br>information <br>is provided <br>below the <br>table)<br>|
| **Relative total shareholder** <br>**return**<sup>5</sup><br>| 25% | 6.25% of award vests for performance at <br>median of the peer group<sup>6</sup>, rising on a <br>straight-line basis<br>| 25% of award vests for performance <br>at or above the peer group<sup>6</sup>upper <br>quartile<br>| Rank 5 (out <br>of 18)<br>| 25.0% |
| **Strategic non-financial** <br>**measures** <br>(details from page [142](#i7ec9ae99edd74beaa193f2524793617f_30657))<br>| 20% | The evaluation focused on key strategic non-financial measures, which the Committee<br>assessed to determine the percentage of the award that will vest, between 0% and 20%. <br>The measures are organised around three main categories: Climate & sustainability (weighted <br>10%), Customers & clients (weighted 5%), and Colleagues (weighted 5%) | The evaluation focused on key strategic non-financial measures, which the Committee<br>assessed to determine the percentage of the award that will vest, between 0% and 20%. <br>The measures are organised around three main categories: Climate & sustainability (weighted <br>10%), Customers & clients (weighted 5%), and Colleagues (weighted 5%) | The evaluation focused on key strategic non-financial measures, which the Committee<br>assessed to determine the percentage of the award that will vest, between 0% and 20%. <br>The measures are organised around three main categories: Climate & sustainability (weighted <br>10%), Customers & clients (weighted 5%), and Colleagues (weighted 5%) | 13.5% |
| **Risk scorecard**<br>(details on page [143](#i7ec9ae99edd74beaa193f2524793617f_30638))<br>| 10% | The Risk scorecard captures a range of risks and is aligned with the annual incentive risk<br>alignment framework shared with the regulators. The framework measures performance<br>against three broad categories – Capital & liquidity, Control environment, and Compliance – <br>using a combination of quantitative and qualitative metrics | The Risk scorecard captures a range of risks and is aligned with the annual incentive risk<br>alignment framework shared with the regulators. The framework measures performance<br>against three broad categories – Capital & liquidity, Control environment, and Compliance – <br>using a combination of quantitative and qualitative metrics | The Risk scorecard captures a range of risks and is aligned with the annual incentive risk<br>alignment framework shared with the regulators. The framework measures performance<br>against three broad categories – Capital & liquidity, Control environment, and Compliance – <br>using a combination of quantitative and qualitative metrics | 6.8% |
| Total |  |  |  |  | 77.3% |
| **Final 2023-2025 LTIP vesting outcome approved by the Committee** | **Final 2023-2025 LTIP vesting outcome approved by the Committee** | **Final 2023-2025 LTIP vesting outcome approved by the Committee** | **Final 2023-2025 LTIP vesting outcome approved by the Committee** |  | **77.3%** |

---

**Notes:**

1Using average tangible shareholders' equity based on a CET1 ratio at the mid-point of the Group target range 13% to 14%. (2025: £53.6bn; 2024: £50.5bn; 2023:

£46.5bn).

2Material items consist of post-tax structural cost actions (2025: £217m; 2024: £209m; 2023: £739m taken in Q423) and post-tax charges in respect of motor finance

redress (2025: £176m; 2024:£68m).

3Please refer to the "Non-IFRS performance measures" section of this Annual Report on Form 20-F for further information on and a reconciliation of the non-IFRS

measure "return on tangible equity" against the most directly comparable IFRS measure.

4Material items consist of structural cost actions (2025: £285m; 2024: £273m; 2023: £927m taken in Q423) and charges in respect of motor finance redress (2025:

£235m; 2024:£90m).

5Performance assessed over the period from 1 January 2023 to 31 December 2025. Start and end total shareholder return data was the Q4 average for 2022 and 2025

respectively and was measured in GBP for each company.

6The peer group is comprised of banks in the UK, Europe and North America of comparable size to Barclays and whose weekly returns have a high degree of

correlation with Barclays. The peer group for the 2023–2025 LTIP award was: Banco Santander, Bank of America, BBVA, BNP Paribas, Citigroup, Credit Agricole,

Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Morgan Stanley, NatWest Group, Société Générale, Standard Chartered, UBS, and UniCredit.

The Group's external target range for the CET1 ratio is 13% to 14%, which reflects the judgement of the Board as to the appropriate CET1

ratio for the Group to operate within. As the CET1 ratio was 14.3% at the end of 2025, above the top of the LTIP target range, the Committee

considered (as required under the performance target) what portion of this element should vest, based on the reason why the CET1 ratio was

outside the target range. Taking into account the share buyback announced with FY25 results, the CET1 ratio as of 31 December would be

14.0%, at the top of the target range. The Committee was satisfied that the elevated CET1 ratio was temporary, that the Group's capital

position had been appropriately and sensibly managed in the interests of shareholders over the performance period, and that it was therefore

appropriate for this portion of the LTIP to vest in full.

The Committee was satisfied that the total vesting outcome of 77.3% was consistent with the performance delivered over the period, and that

the underlying financial health of the Group is strong. Based on that, it concluded that no discretionary reduction to the vesting outcome was

required, so the award should vest at 77.3% of the maximum number of shares under the total award, to be released in five equal tranches

annually, starting from March 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 142 |
|  |  |  |  |  |  |  |  | 142 |

---

Remuneration report (continued)

5) Vesting of the 2023-2025 LTIP cycle (continued)

The 2023-2025 LTIP award was granted in line with the Group's usual annual timetable, in early March 2023. The share price at grant of

£1.6896 was 5% higher than the share price at the time of the prior year LTIP grant. This level of share price movement between successive

grants is not unusual. There was a larger increase in share price over the lifetime of the award, by 146% between the date of grant and the Q4

2025 average share price of £4.1493 on which the value vesting is estimated. As the share price growth was largely over 2024 and 2025,

reflective of strong performance following the announcement of the three-year plan at the Investor Update in February 2024, the Committee

concluded that there was no windfall gain and that therefore no adjustment was required.

**Assessment of the Strategic non-financial measures for the 2023-2025 LTIP**

A summary of the Committee's assessment against the Strategic non-financial performance measures over the three-year performance period

follows. The measures used reflect key strategic priorities of the Group. Many of the outcomes are measured by an external provider, such as

NPS or Investment Banking fee ranking and share.

---

| | | |
|:---|:---|:---|
| **Measure** | **Criteria** | **Performance commentary** |
| **Climate & sustainability** | **Climate & sustainability** | **Climate & sustainability** |
| **Progress towards our** <br>**Sustainable and** <br>**Transition Financing** <br>**target**<br>| Facilitate $1trn of Sustainable <br>and Transition Financing <br>between 2023 and end of 2030<br>| •Facilitated $260.7bn of Sustainable and Transition Financing, on a cumulative basis, since 2023. <br>•Progress towards delivering our target of facilitating $1trn of Sustainable and Transition Financing <br>will be non-linear and depend on market demand and wider regulatory and policy factors. We will <br>continue to review and adapt our approach to Sustainable and Transition Financing in response to the <br>evolving market environment (see page [54](#i12c1279a81884a37aee9a5181c6fa279_355) for more detail).<br>|
| **Reducing our financed** <br>**emissions** | 30% reduction in power <br>portfolio emissions intensity <br>(2020-2025)<br>| •Successfully achieved 2025 financed emissions reduction targets for both the Upstream Energy and <br>Power portfolios.<br>•Cumulatively, Power portfolio emissions intensity has decreased by 35% from our updated 2020 <br>baseline (see page [51](#i12c1279a81884a37aee9a5181c6fa279_343) for more detail).<br>•Cumulatively, absolute financed emissions from the Upstream Energy portfolio have decreased by <br>41% from the 2020 baseline. |
| **Reducing our financed** <br>**emissions** | 15% reduction in energy <br>portfolio absolute emissions <br>(2020-2025)<br>| •Successfully achieved 2025 financed emissions reduction targets for both the Upstream Energy and <br>Power portfolios.<br>•Cumulatively, Power portfolio emissions intensity has decreased by 35% from our updated 2020 <br>baseline (see page [51](#i12c1279a81884a37aee9a5181c6fa279_343) for more detail).<br>•Cumulatively, absolute financed emissions from the Upstream Energy portfolio have decreased by <br>41% from the 2020 baseline. |
| **Reducing our** <br>**operational emissions** | 90% reduction in Scope 1 and <br>2 GHG emissions (market-<br>based<sup>1</sup>, against a 2018 <br>baseline) by the end of 2025<br>| •Achieved 2025 net zero operations targets:<br>–Reduced our Scope 1 and 2 market-based emissions by 97% against a 2018 baseline - exceeding <br>our 90% reduction target<br>–Continued to source 100% renewable electricity for our global real estate portfolio. |
| **Reducing our** <br>**operational emissions** | 100% renewable electricity <br>sourcing for our global real <br>estate portfolio<sup>2</sup> by the end of <br>2025<br>| •Achieved 2025 net zero operations targets:<br>–Reduced our Scope 1 and 2 market-based emissions by 97% against a 2018 baseline - exceeding <br>our 90% reduction target<br>–Continued to source 100% renewable electricity for our global real estate portfolio. |
| **Supporting our** <br>**communities** | LifeSkills: Upskill 8.7 million <br>people from 2023-2027<br>| •6.3 million people upskilled since 2023, making good progress towards our 2023-2027 target.<br>•Placed 154,776 people into work since 2023, making good progress towards our 2023-2027 target.<br>•126 businesses solving social and environmental challenges supported since 2023, on track to <br>support an additional 200 entrepreneurs over five years. |
| **Supporting our** <br>**communities** | LifeSkills: Place 250,000 <br>people into work from <br>2023-2027<br>| •6.3 million people upskilled since 2023, making good progress towards our 2023-2027 target.<br>•Placed 154,776 people into work since 2023, making good progress towards our 2023-2027 target.<br>•126 businesses solving social and environmental challenges supported since 2023, on track to <br>support an additional 200 entrepreneurs over five years. |
| **Supporting our** <br>**communities** | Unreasonable Impact <br>(partnership with the <br>Unreasonable Group): Support <br>a further 200 businesses <br>solving social and <br>environmental challenges from <br>2023-2027<br>| •6.3 million people upskilled since 2023, making good progress towards our 2023-2027 target.<br>•Placed 154,776 people into work since 2023, making good progress towards our 2023-2027 target.<br>•126 businesses solving social and environmental challenges supported since 2023, on track to <br>support an additional 200 entrepreneurs over five years. |
| Total Climate & sustainability: 8% out of 10% | Total Climate & sustainability: 8% out of 10% | Total Climate & sustainability: 8% out of 10% |

---

**Notes:**

1Market-based method is a GHG Protocol accounting method for Scope 2 emissions, that reflects the GHG emissions associated with the choices a consumer makes

regarding theirelectricity supplier or product, like the purchase of Energy Attribute Certificates (EACs). For more information please see the GHG Protocol Scope 2

Guidance: ghgprotocol.org/sites/default/files/2023-03/Scope%202%20Guidance.pdf

2On this page a reference to global real estate portfolio includes offices, campuses, branches, warehouses, and data centres within our operational control.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 143 |
|  |  |  |  |  |  |  |  | 143 |

---

Remuneration report (continued)

5) Vesting of the 2023-2025 LTIP cycle (continued)

---

| | | |
|:---|:---|:---|
| **Measure** | **Criteria** | **Performance commentary** |
| **Customers & clients**  |  |  |
| **Drive world-class** <br>**outcomes for customers** <br>**and clients** | Maintain client rankings and <br>market share in Barclays <br>Investment Bank | •Markets global revenue rank<sup>1</sup> was maintained at 6th over the period. Revenue share has <br>decreased slightly vs. 2022 (7.3% to 6.5%) but is on an upwards trajectory since 2024.<br>|
| **Drive world-class** <br>**outcomes for customers** <br>**and clients** | Maintain client rankings and <br>market share in Barclays <br>Investment Bank | •Investment Banking fee rank<sup>2</sup> was maintained at 6th. Fee share has been largely maintained vs. <br>2022 (3.1% to 3.0%).<br>|
| **Drive world-class** <br>**outcomes for customers** <br>**and clients** | Improve Net Promoter <br>Scores<br>| •Barclays UK: NPS score<sup>3</sup> improved by 14 points over the period, ending at +25.<br>•US Consumer Bank: Digital tNPS improved by 3 points and Contact Centre Agent Servicing <br>tNPS<sup>4</sup> increased by 8 points over the period<sup>5</sup>.<br>•UK Corporate Bank: overall client satisfaction<sup>6</sup> improved by 6 percentage points over the <br>period.<br>|
| **Drive world-class** <br>**outcomes for customers** <br>**and clients** | Reduce Barclays UK <br>customer complaints and <br>improve resolution time<br>| •Complaint volumes increased over the period driven by complaints associated with the IT <br>incident on 31 January 2025.<br>•94% of complaints were resolved within 56 days in 2025. Excluding complaints related to the IT <br>incident this would have been 98%.<br>|
| **Drive world-class** <br>**outcomes for customers** <br>**and clients** | Increase digital engagement | •Steady increase in the number of Barclays UK digitally active customers over the period to 13.9 <br>million.<br>|
| Total Customers & clients: 2.5% out of 5% | Total Customers & clients: 2.5% out of 5% | Total Customers & clients: 2.5% out of 5% |

---

**Notes:**

1Global Markets market share for Barclays is based on external reported revenues of peer banks BoA, BNP, CITI, DB, GS, JPM, MS and UBS.

2Investment Banking fee share for Barclays calculated by Dealogic for the period covering 1 January 2022 to 31 December 2025.

3Based on© Ipsos 2025, Financial Research Survey (FRS).

4US Consumer Bank Contact Center Agent Servicing tNPS measures US Consumer Bank customer experience across Contact Centre Agent Servicing, including

Care and Chat, Fraud, Disputes, and Credit. In 2022, Chat was not included.

5US Consumer Bank Consumer Bank Digital tNPS and Contact Centre Agent Servicing: Results for 2022 are reported at month end December 2022, 2023-2025 are a

full year average score.

6UK Corporate Bank OSAT (overall client satisfaction) calculated by Savanta based on proportion of clients surveyed rating Barclays' UK Corporate Bank as

'Excellent' or 'Very Good', data as at December 2022 and 2025.

---

| | | |
|:---|:---|:---|
| **Measure** | **Criteria** | **Performance commentary** |
| **Colleagues** |  |  |
| **Inclusion** | Improve inclusion indicators | •Inclusion Index score remains at 81% (consistent with 2024) but is 1 percentage point below 2022.  |
| **Engagement** | Maintain engagement at <br>healthy levels<br>| •Employee engagement levels are at 85% – 1 percentage point above 2022 and 4 percentage points <br>above the Qualtrics 2024 upper quartile Financial Services benchmark.<br>|
| **Culture** | Maintain culture indicators | •In 2025, 89% of employees have told us that they believe strongly in the goals and objectives of <br>Barclays, up 1 percentage point compared to 2022. <br>•The vast majority of colleagues believe they and their teams role model the Values and Mindset <br>every day (93% for Values and 92% for Mindset).<br>|
| Total Colleagues: 3% out of 5% | Total Colleagues: 3% out of 5% | Total Colleagues: 3% out of 5% |
| Overall Strategic non-financial outcome for the 2023-2025 LTIP: 13.5% out of 20% | Overall Strategic non-financial outcome for the 2023-2025 LTIP: 13.5% out of 20% | Overall Strategic non-financial outcome for the 2023-2025 LTIP: 13.5% out of 20% |

---

**Assessment of the Risk scorecard for the 2023-2025 LTIP**

A summary of the Committee's assessment against the Risk scorecard performance measure over the three-year performance period is

provided below.

---

| | |
|:---|:---|
| **Category** | **Performance commentary** |
| **Capital and** <br>**liquidity**<br>| •Group CET1 ratio is 14.3%, above the 13% to 14% target range. <br>•Stress testing confirmed the Group's resilience across capital, liquidity and profitability, ensuring continued viability under adverse conditions. <br>•Our Liquidity Coverage Ratio was well above the 100% regulatory requirement in the period. |
| **Control** <br>**environment**<br>| •Over the period, the business invested in the overall control environment, and made progress on simplifying and enhancing the Group-wide <br>framework.<br>•Particular areas of focus over the period included work to strengthen controls relating to cyber security and financial crime prevention and <br>detection, and to enhance processes in relation to regulatory reporting and regulatory change. |
| **Compliance** | •A key area of focus has been enhancing the financial crime control environment to address emerging threats and evolving laws, rules and <br>regulations.<br>•Compliance Risks were refreshed and re-categorised into six core risks, with Financial Crime Risk separated into a standalone principal risk <br>category, to reinforce the visibility and focus on this key area of risk to the business.  |
| **Overall Risk scorecard outcome for the 2023-2025 LTIP: 6.8% out of 10%** | **Overall Risk scorecard outcome for the 2023-2025 LTIP: 6.8% out of 10%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 144 |
|  |  |  |  |  |  |  |  | 144 |

---

Remuneration report (continued)

**LTIP awards granted during 2025**

Awards were granted to C.S. Venkatakrishnan and Anna Cross on 20 June 2025 under the 2025-2027 LTIP. The value used to calculate the

number of shares under each award was based on an adjusted fair value per share of £2.79925, which takes into account that dividends do not

accrue during the vesting period, with the expected dividend stream determined by an independent adviser. The table that follows provides

details of those awards.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **% of salary** | **Number of shares** | **Face value at grant** | **Performance period** |
| C.S. Venkatakrishnan | 550% | 3124051 | £8,745,000 | 2025-2027 |
| Anna Cross | 500% | 1696883 | £4,750,000 | 2025-2027 |

---

The performance measures for the 2025-2027 LTIP awards are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Performance measure** | **Weighting** | **Threshold** | **Maximum vesting** |
| **Financial measures** | **Financial measures** | **Financial measures** | **Financial measures** |
| Average RoTE (excluding <br>material items<sup>1</sup>)<br>| 50% | 10% of award vests for average of 2026 and 2027 RoTE of <br>10.0%, rising on a straight-line basis<br>| 50% of award vests for average of 2026 and <br>2027 RoTE of 14.0% or higher<br>|
| Relative total shareholder <br>return<sup>2</sup><br>| 25% | 6.25% vests for performance at the median of the peer group<sup>3</sup>, <br>rising on a straight-line basis<br>| 25% of award vests for performance at or above <br>the peer group<sup>3</sup> upper quartile<br>|
| **Strategic non-financial measures**<br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures <br>will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, <br>customers and clients, and will likely include the following: | **Strategic non-financial measures**<br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures <br>will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, <br>customers and clients, and will likely include the following: | **Strategic non-financial measures**<br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures <br>will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, <br>customers and clients, and will likely include the following: | **Strategic non-financial measures**<br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures <br>will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, <br>customers and clients, and will likely include the following: |
| Sustainability, customers &<br>clients<br>| 25% | Sustainability (including climate) – with measures to include:<br>•Financing the transition<br>•Reducing our financed emissions<br>•Achieving net zero operations<br>•Supporting our communities<br>Driving world-class outcomes for customers and clients – with measures to include:<br>•Improve customer and client satisfaction<br>•Reduce customer complaints<br>•Maintain rankings and market share in Barclays Investment Bank<br>•Increase digital engagement | Sustainability (including climate) – with measures to include:<br>•Financing the transition<br>•Reducing our financed emissions<br>•Achieving net zero operations<br>•Supporting our communities<br>Driving world-class outcomes for customers and clients – with measures to include:<br>•Improve customer and client satisfaction<br>•Reduce customer complaints<br>•Maintain rankings and market share in Barclays Investment Bank<br>•Increase digital engagement |

---

**Notes:**

1Material items are defined as those large, atypical one-offs that are called out in the financial reporting. The exclusion is not automatic, and the Committee will

determine whether each item should be treated as material for these purposes at the time that outcomes are determined.

2Performance assessed over the period from 1 January 2025 to 31 December 2027. Start and end total shareholder return will be the Q4 average for 2024 and 2027

respectively and will be measured in GBP for each company.

3The peer group is comprised of banks in the UK, Europe and North America of comparable size to Barclays and with a high degree of correlation to Barclays of

weekly share price returns. The peer group for the 2025-2027 LTIP award is Bank of America, BNP Paribas, Citigroup, Credit Agricole, Deutsche Bank, Goldman

Sachs, HSBC Holdings, ING Groep, Intesa Sanpaolo, JP Morgan Chase & Co, Lloyds Banking Group, Morgan Stanley, NatWest Group, Standard Chartered, and

UBS Group.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 145 |
|  |  |  |  |  |  |  |  | 145 |

---

Remuneration report (continued)

## Statement of the implementation of the
**Directors' Remuneration Policy in 2026**

An overview of how the Directors' Remuneration Policy (DRP) will be implemented in 2026 is provided alongside the summary of the

policy on page [130](#i12c1279a81884a37aee9a5181c6fa279_619).

**2026 salary and market competitiveness of the Executive Directors' total compensation opportunities** 

Pay benchmarking data is used as a reference point to ensure that the total compensation opportunities provided to the Executive Directors, which

are driven by the terms of the DRP and their salaries, are appropriately positioned relative to other international banks, which are considered the

most relevant comparators to Barclays based on size and complexity. Barclays has deep roots in the UK, supporting retail customers, small

businesses and corporations, and also includes a top-tier investment bank, with a strong global ranking, and has a significant and important US

presence. Our international banking peer group therefore consists of other large universal banks from continental Europe and the UK, and large

US universal and investment banks. Five of the 11 firms in the peer group are US-based, reflecting the Group's large US operations and key

competitors. Some of those peers are larger than Barclays, and it is recognised that market pay levels for executive directors of US companies are

often higher than those of UK companies. To maintain balance, the international banking peer group also includes other large UK-listed banks

most comparable to Barclays.

An annual review of the Executive Directors' salaries, conducted in the same way and at the same time as for the wider workforce, is a feature of

the DRP. The Committee reviewed the salary for each Executive Director as part of the year-end pay review process for colleagues across the

Group, taking into consideration the significant personal contribution each of them made during 2025, and their critical role in the delivery of our

strategy. The Committee determined that salary should increase by 3.2% for C.S. Venkatakrishnan and 5.3% for Anna Cross, to £1,641,000 and

£1,000,000 respectively, effective 1 March 2026. In reaching that decision, it considered the maximum total compensation opportunity for each

Executive Director, which is driven by their respective salaries, and noted that in each case maximum total compensation is materially below the

median of the international banking peer group, and in the lower quartile for the Group Finance Director. This is despite the new DRP, which

provides the EDs with higher maximum total compensation opportunities than they had under the previous DRP, after several peers also increased

their Executive Directors' pay opportunities materially last year.

The Committee also considered the context of the salary increase budgets offered for the wider UK workforce. The percentage salary increase for

C.S. Venkatakrishnan is in line with the salary increase budget offered for employees covered by collective bargaining with Unite the union –

c.4% for junior employees and c.3.2% overall (subject to agreement of the 2026 pay deal with Unite). Following the increase, his maximum total

compensation opportunity sits between the market lower quartile and median (in the 3rd quartile) compared to the equivalent opportunities across

international banking peers, as shown in the chart below. The percentage salary increase for Anna is slightly higher, reflecting her significant

contribution to performance in 2025, the competitive positioning of her maximum total compensation opportunity (in the lower quartile of the

international banking peer group), as well as internal relativities to other members of the Group Executive Committee. Even after the increase,

Anna's maximum total compensation opportunity remains in the lower quartile of the international banking peer group, as shown in the chart

below.

The charts also show a comparison of the maximum total compensation opportunity for each Executive Director with the equivalent roles at the

companies that make up the FTSE 30 (i.e. the 30 largest FTSE 100 constituents by market capitalisation). In this comparison the Executive

Directors' maximum total compensation opportunities are more competitive, but within the range of opportunities for the FTSE 30 group. The

Committee noted that it would be unlikely for the Group to fill either of the Executive Director roles by recruiting from other FTSE 30 companies

outside financial services, recognising the necessity for candidates for these roles to have the right breadth and depth of banking knowledge and

experience – particularly given Barclays' mix of businesses, as outlined above. However, this comparison is provided alongside the international

banking peer group for additional UK context.

**Executive Director maximum total compensation opportunity relative to market benchmarks**<br>

**Group Chief Executive**<br>C.S. Venkatakrishnan<br>

**International banking peer group**<br>

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** |

---

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** |

---

![25738](bcs-20251231_g119.gif)

**FTSE 30**<br>

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** |

---

![25743](bcs-20251231_g154.gif)

**Group Finance Director**<br>Anna Cross<br>

**International banking peer group**<br>

![25750](bcs-20251231_g120.gif)

**FTSE 30**<br>

---

| | | | |
|:---|:---|:---|:---|
| **A** | **B** | **C** | **D** |

---

![25755](bcs-20251231_g155.gif)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| A | Lower quartile | B | 3rd quartile | C | 2nd quartile | D | Upper quartile |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks |

---

![](bcs-20251231_g121.gif)

![](bcs-20251231_g122.gif)

**Notes:**

• Data reflects maximum total compensation opportunity, excluding pension and benefits.

• Market benchmark data was provided by Willis Towers Watson, based on publicly disclosed data in respect of each company's 2024 or 2024/25 financial years,

incorporating assumptions where companies do not disclose a maximum total compensation opportunity. For the FTSE 30, maximum total compensation

opportunities have been increased to assume modest salary increases of 3% since the underlying data was published, reflecting that maximum total compensation in

respect of 2026 will be higher than for 2025.

• Barclays' international banking peer group currently comprises the following international banks: Bank of America, BNP Paribas, Citigroup, Deutsche Bank,

Goldman Sachs, HSBC Holdings, JPMorgan Chase & Co, Lloyds Banking Group, Morgan Stanley, Standard Chartered, and UBS Group.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 146 |
|  |  |  |  |  |  |  |  | 146 |

---

Remuneration report (continued)

**Performance measures for the 2026 annual bonus**

Performance measures for the annual bonus are set each year to cover a range of financial and non-financial goals that support the key

strategic objectives of the Group, as described on page [133](#i557c9371847748b9a709822f98944be5_2880). For the 2026 annual bonus, no changes were made to the performance measures

compared to the 2025 annual bonus, which included several changes to reflect shareholder feedback in the context of the DRP set out in last

year's Remuneration report.

The performance measures and weightings that result are shown below:

---

| | | |
|:---|:---|:---|
| **Performance measure** | **Weighting** | **Metrics** |
| **Financial measures** | **Financial measures** | **Financial measures** |
| Profit before tax (with CET1 <br>underpin<sup>1</sup>) (excluding material <br>items<sup>2</sup>)<br>| 55% | A performance target range has been set for this financial measure, which will be disclosed in the next <br>Remuneration report.<br>|
| Cost: income ratio (excluding<br>material items<sup>2</sup>)<br>| 10% | A performance target range has been set for this financial measure, which will be disclosed in the next <br>Remuneration report.<br>|
| **Strategic non-financial measures** <br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress against each during the year. Performance against the <br>measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 15%. The measures are organised <br>around two categories and will likely include the following: | **Strategic non-financial measures** <br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress against each during the year. Performance against the <br>measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 15%. The measures are organised <br>around two categories and will likely include the following: | **Strategic non-financial measures** <br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress against each during the year. Performance against the <br>measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 15%. The measures are organised <br>around two categories and will likely include the following: |
| Customers, clients &<br>colleagues<br>| 10% | Driving world-class outcomes for customers and clients – with measures to include:<br>•Improve customer and client satisfaction<br>•Reduce customer complaints<br>•Maintain rankings and market share in Barclays Investment Bank<br>•Increase digital engagement<br>Protecting and strengthening our culture through our Purpose, Values and Mindset – with measures to <br>include:<br>•Maintain inclusion indicators<br>•Maintain engagement at healthy levels<br>•Maintain culture indicators<br>|
| Risk & operational excellence | 5% | Supporting a consistently excellent operating standard, risk management and controls:<br>•Performance measured against two categories – risk awareness and operational excellence – using a <br>combination of quantitative and qualitative metrics<br>|
| **Strategic objectives** | **Strategic objectives** | **Strategic objectives** |
| Strategic objectives  | 20% | Joint personal objectives:<br>•Deliver key financial targets including RoTE and capital distributions<br>•Maintain robust capital ratios across the Group and within the main operating entities<br>•Continue to reduce organisational complexity and leverage new digital capabilities<br>•Drive more balanced returns by deepening relationships with customers and clients and diversifying the <br>mix of businesses<br>•Deliver more stable income streams and continue growth in our home UK market<br>C.S. Venkatakrishnan:<br>•Continue to invest in talent and continue to grow a winning culture<br>•Continue to drive better customer and client experiences and outcomes, through technology and <br>improved offerings<br>•Drive delivery to a consistently excellent standard<br>•Drive leadership accountability to further strengthen our risk management and controls<br>Anna Cross:<br>•Continue to simplify, standardise and automate Group Finance processes to improve effectiveness and <br>efficiency<br>•Oversee the effective management of risk and control across Group Finance<br>•Manage capital and resources appropriately to ensure we comply with governance and regulatory <br>requirements<br>•Retain focus on the talent and culture agenda across Group Finance<br>|

---

**Notes:**

1Pay-out of the PBT element will also depend on the CET1 ratio at the end of the performance year. If the CET1 ratio is below the MDA hurdle at the end of the

performance year, the Committee will consider what part if any of this element should pay out.

2Material items are defined as those large, atypical one-offs that are called out in the financial reporting. As in previous years, the exclusion is not automatic, and the

Committee will determine whether each item should be treated as material for these purposes at the time that outcomes are determined.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 147 |
|  |  |  |  |  |  |  |  | 147 |

---

Remuneration report (continued)

**2026-2028 LTIP awards and performance measures**

The Committee decided to grant awards under the 2026-2028 LTIP cycle to C.S. Venkatakrishnan and Anna Cross with face values at grant

equal to 550% and 500% of salary respectively – which will be based on salary before applying the 1 March 2026 increases outlined earlier

in this Remuneration report.

As every year, the Committee carefully reviewed the performance measures for the Executive Directors' 2026-2028 LTIP. It considered the

ambitions and targets set out for 2026, as well as the new financial and business performance targets through to 2028, and concluded that the

measures adopted last year for the 2025-2027 LTIP should remain unchanged for the 2026-2028 LTIP, save a very small change to how the

RoTE measure is assessed. For the 2026-2028 LTIP, the RoTE assessment will be based on the average RoTE over the three-year

performance period, measuring progress against the 2026 target, as well as the new RoTE target for 2028, whereas the last two LTIP cycles

have assessed RoTE over a shorter, one- or two-year period.

The 2026-2028 LTIP award will be subject to the following forward-looking performance measures:

---

| | | | |
|:---|:---|:---|:---|
| **Performance measure** | **Weighting** | **Threshold** | **Maximum vesting** |
| **Financial measures** | **Financial measures** | **Financial measures** | **Financial measures** |
| Average RoTE (excluding<br>material items<sup>1</sup>)<br>| 50% | 10% of award vests for average 2026-2028 RoTE <br>of 10.5%, rising on a straight-line basis<br>| 50% of award vests for average 2026-2028 RoTE of <br>14.25% or higher<br>|
| Relative total shareholder<br>return<sup>2</sup><br>| 25% | 6.25% vests for performance at the median of the <br>peer group<sup>3</sup>, rising on a straight-line basis<br>| 25% of award vests for performance at or above the <br>peer group<sup>3</sup> upper quartile<br>|
| **Strategic non-financial measures**<br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures <br>will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, <br>customers and clients, and will likely include the following: | **Strategic non-financial measures**<br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures <br>will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, <br>customers and clients, and will likely include the following: | **Strategic non-financial measures**<br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures <br>will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, <br>customers and clients, and will likely include the following: | **Strategic non-financial measures**<br>The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures <br>will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, <br>customers and clients, and will likely include the following: |
| Sustainability, customers &<br>clients<br>| 25% | Sustainability (including climate) – with measures to include:<br>•Financing clients' transition<br>•Reducing our financed emissions<br>•Achieving net zero operations<br>•Supporting our communities<br>Driving world-class outcomes for customers and clients – with measures to include:<br>•Improve customer and client satisfaction<br>•Reduce customer complaints<br>•Maintain rankings and market share in Barclays Investment Bank<br>•Increase digital engagement | Sustainability (including climate) – with measures to include:<br>•Financing clients' transition<br>•Reducing our financed emissions<br>•Achieving net zero operations<br>•Supporting our communities<br>Driving world-class outcomes for customers and clients – with measures to include:<br>•Improve customer and client satisfaction<br>•Reduce customer complaints<br>•Maintain rankings and market share in Barclays Investment Bank<br>•Increase digital engagement |

---

**Notes:**

1Material items are defined as those large, atypical one-offs that are called out in the financial reporting. The exclusion is not automatic, and the Committee will

determine whether each item should be treated as material for these purposes at the time that outcomes are determined.

2Performance is assessed over the period from 1 January 2026 to 31 December 2028. Start and end total shareholder return will be the Q4 average for 2025 and 2028

respectively and will be measured in GBP for each company.

3The peer group is comprised of banks in the UK, Europe and North America of comparable size to Barclays and with a high degree of correlation to Barclays of

weekly share price returns. The peer group for the 2026-2028 LTIP award is Bank of America, BNP Paribas, Citigroup, Credit Agricole, Deutsche Bank, Goldman

Sachs, HSBC Holdings, JP Morgan Chase & Co, Lloyds Banking Group, Morgan Stanley, NatWest Group, Santander, Société Générale, Standard Chartered, and

UBS Group.

The award will vest in two tranches – 75% will vest on the third anniversary of grant, followed by a two-year holding period, and the

remaining 25% will vest on the fourth anniversary of grant, followed by a one-year holding period, such that all the shares that vest must be

retained until at least the fifth anniversary of grant (save for sales to cover taxes payable on vesting). The number of shares awarded to each

Executive Director will be based on the market share price on the date of grant, and additional shares will accrue equivalent to dividends paid

on unvested share awards (as is now permitted under the new UK bank pay regulations).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 148 |
|  |  |  |  |  |  |  |  | 148 |

---

Remuneration report (continued)

**Additional remuneration disclosures**

**Group performance graph and Group Chief Executive remuneration**

The performance graph below compares the total shareholder return of Barclays shares with the total shareholder return of the FTSE 100

index over the 10 years ended 31 December 2025. The FTSE 100 index has been selected because it represents a cross-section of leading UK

companies, of which Barclays is a long-standing constituent.

**Total shareholder return – rebased to 100 in 2015**<br>Year ended 31 December<br>

![438](bcs-20251231_g156.gif)

![](bcs-20251231_g157.gif)

**A**

![](bcs-20251231_g158.gif)

**B**

---

| | | | |
|:---|:---|:---|:---|
| ⏺ | A Barclays | ⏺ | B FTSE 100 |

---

**Group Chief Executive remuneration**

(£000)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2021** | **2022** | **2023** | **2024** | **2025** |
| **Group Chief Executive** | **Jes**<br>**Staley**<sup>1</sup><br>| **Jes**<br>**Staley**<sup>1</sup><br>| **Jes**<br>**Staley**<sup>1</sup><br>| **Jes**<br>**Staley**<sup>1</sup><br>| **Jes**<br>**Staley**<sup>1</sup><br>| **Jes**<br>**Staley**<sup>2</sup><br>| **C.S.**<br>**Venkata-**<br>**krishnan**<sup>3</sup><br>| **C.S.**<br>**Venkata-**<br>**krishnan**<br>| **C.S.**<br>**Venkata-**<br>**krishnan**<br>| **C.S.**<br>**Venkata-**<br>**krishnan**<sup>4</sup><br>| **C.S.**<br>**Venkata-**<br>**krishnan**<br>|
| Single total remuneration <br>figure for Group Chief <br>Executive<br>| 4233 | 3873 | 3362 | 5929 | 4220 | 2121 | 866 | 5197 | 4641 | 11622 | 15045 |
| Annual bonus award as <br>a % of maximum<br>| 60.0% | 48.5% | 48.3% | 75.0% | 38.6% | n/a<sup>2</sup> | 92.6% | 75.4% | 53.3% | 81.0% | 83.0% |
| Long-term incentive plan <br>vesting as a % of maximum<br>| n/a<sup>5</sup> | n/a<sup>5</sup> | n/a<sup>5</sup> | 48.5% | 23.0% | n/a<sup>2</sup> | n/a<sup>5</sup> | n/a<sup>5</sup> | n/a<sup>5</sup> | 67.5% | 77.3% |

---

**Notes:**

1Jes Staley's remuneration figures for performance years 2016 to 2020 reflect the single total figures of remuneration as disclosed at the time. These have not been

restated for the decision made by the Committee during 2023 that Jes Staley's unvested bonus and LTIP awards should be forfeited, as outlined in the Remuneration

report 2023.

2Jes Staley stepped down as Group Chief Executive on 31 October 2021. The remuneration shown for 2021 is in respect of his services as an Executive Director

between 1 January 2021 and 31 October 2021. This figure does not include variable remuneration as the Committee determined that Jes Staley should be ineligible

for 2021 bonus and should forfeit his unvested LTIP awards.

3The 2021 remuneration shown is in respect of C.S. Venkatakrishnan's services during 2021 following his appointment as Group Chief Executive on

1 November 2021.

4The 2024 remuneration figure in respect of C.S. Venkatakrishnan has been updated to reflect the LTIP amount based on the share price on the vesting date of the

first tranche of the 2022-2024 LTIP as the LTIP value disclosed in the 2024 Remuneration report was an estimate, based on the Q4 2024 average share price, as the

2024 Annual Report was finalised prior to the vesting date.

5Not applicable as the individual was not a participant in a long-term incentive cycle that vested in the period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 149 |
|  |  |  |  |  |  |  |  | 149 |

---

Remuneration report (continued)

**Group Chief Executive pay ratios**

The table below shows, for each year since 2019, the ratios of the Group Chief Executive's total remuneration to the total remuneration of

UK employees. The change in these pay ratios from 2024 to 2025 is explained below the table.

---

| | | | |
|:---|:---|:---|:---|
|  | **25th percentile** | **Median** | **75th percentile** |
| 2025<br> A | 360 x | 248 x | 148 x |
| 2024<sup>1</sup> A | 290 x | 201 x | 118 x |
| 2023<br> A | 122 x | 83 x | 49 x |
| 2022<br> A | 154 x | 101 x | 58 x |
| 2021<sup>2</sup> A | 95 x | 62 x | 35 x |
| 2020<sup>3</sup> A | 144 x | 95 x | 53 x |
| 2019<sup>3</sup> A | 213 x | 140 x | 77 x |

---

**Notes:**

12024 Group Chief Executive pay ratio figures have been updated to reflect the actual 2022-2024 LTIP value based on the share price at the time of vesting of the

first tranche. The LTIP value disclosed in the 2024 Remuneration report was an estimate, based on the Q4 2024 average share price.

22021 pay ratios reflect the sum of the single total figures for 2021 remuneration for C.S. Venkatakrishnan and Jes Staley, for their respective periods of service as

Group Chief Executive in 2021. Jes Staley was ineligible for an annual bonus in respect of 2021 after he stepped down as Group Chief Executive.

3The 2020 and 2019 ratios reflect the disclosed single total figures for 2020 and 2019 remuneration for Jes Staley and have not been restated for the decision made by

the Committee in 2023 that Jes Staley's unvested bonus and LTIP awards should be forfeited, as outlined in the Remuneration report 2023.

The Directors' Remuneration Report regulations provide three options that companies may use to calculate total pay for the employees at the

25th percentile, median and 75th percentile. Option A was selected as this is the most robust methodology, calculating total pay for all

employees on the same basis that the single total figure for remuneration is calculated for Executive Directors. Total pay for each employee

includes earned fixed pay, which is made up of salary, any Role Based Pay and any relevant allowances, annual incentives awarded for 2025

performance, and an estimate of pension and benefits for 2025 (based on what new UK hires at each corporate grade currently receive).

Other elements of pay such as overtime and shift allowances have been excluded as the amounts are not material. Calculations use full-time

equivalent pay data taken from our HR systems for all UK employees, using the employee population on 31 December for each year.

Total pay and fixed pay for the UK employees at the 25th percentile, median and 75th percentile are set out in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **25th percentile** | **25th percentile** | **Median** | **Median** | **75th percentile** | **75th percentile** |
|  | **Total pay** | **Fixed pay** | **Total pay** | **Fixed pay** | **Total pay** | **Fixed pay** |
| 2025 | £41,783 | £34,602 | £60,603 | £48,629 | £101,858 | £79,750 |
| 2024 | £40,094 | £33,277 | £57,854 | £46,628 | £98,224 | £77,333 |
| 2023 | £38,194 | £31,897 | £55,801 | £45,230 | £95,341 | £75,583 |
| 2022 | £33,711 | £28,300 | £51,493 | £41,608 | £89,911 | £71,071 |
| 2021 | £31,404 | £26,035 | £48,253 | £39,461 | £85,407 | £67,408 |
| 2020 | £29,380 | £24,706 | £44,631 | £37,460 | £79,324 | £64,272 |
| 2019 | £27,875  | £23,348 | £42,362 | £35,158 | £77,488 | £62,263 |

---

The pay ratios have increased between 2024 and 2025. This is due to the increase in the Group Chief Executive single total figure for remuneration,

though employee pay has also increased, up 4%, 5% and 4% at the 25th percentile, median and 75th percentile respectively.

The Group Chief Executive single total figure for 2025 remuneration is 29% higher than for 2024, largely due to two factors:

• The majority of the increase is due to share price appreciation over the lifetime of the 2023-2025 LTIP award. The share price increased

by 146% between the date of grant and the Q4 2025 average share price of £4.1493, on which the value vesting is estimated. This share

price increase accounts for 59% of the LTIP value. The analysis of pay for the wider workforce does not capture any similar benefits from

the increase to the share price, either on shares granted as part of deferred compensation or on shares employees acquired through

participation in the Group's all-employee share plans.

• The LTIP vesting outcome for the 2023-2025 LTIP is higher than for the previous LTIP due to improved performance against the

financial measures (2023-2025: 77.3%; 2022-2024: 67.5%). More information on the LTIP vesting outcome is provided from page [140](#i7ec9ae99edd74beaa193f2524793617f_30645).

The increase in the Group Chief Executive's maximum bonus opportunity, implemented following the approval of the DRP at the 2025 AGM, had

only a small inflationary impact on the single total figure for 2025 remuneration. This is because the increase in bonus opportunity is largely offset by

the fixed pay reduction, approved as part of the policy and effective 7 May 2025.

Excluding share price appreciation on the LTIP, the 2025 CEO pay ratios would be 226:1, 156:1 and 93:1 compared to the employee 25th percentile,

median and 75th percentile respectively.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 150 |
|  |  |  |  |  |  |  |  | 150 |

---

Remuneration report (continued)

The Group Chief Executive pay ratios are an outcome of all remuneration decisions for the Executive Directors and the wider workforce that are

made within the framework of the Group's remuneration philosophy. To ensure Executive Director remuneration outcomes are suitably

commensurate with those of the wider workforce, the Committee specifically considers each year whether the annual bonus and LTIP outcomes for

the Executive Directors appropriately reflect the Group's performance, and the remuneration outcomes for the wider workforce, when considering

whether a discretionary adjustment should be made to the Executive Directors' incentive outcomes. In respect of the Group Chief Executive's 2025

annual bonus and 2023-2025 LTIP award vesting, the Committee concluded that no discretionary adjustments were warranted. The considerations

are explained in more detail in the Committee Chair's annual statement.

As such, the Committee is satisfied that the single total figure for 2025 remuneration for the Group Chief Executive, the total pay and fixed pay

outcomes for UK employees, and the resulting pay ratios, reflect the application of the Group's remuneration philosophy and are commensurate with

the pay outcomes for the wider workforce.

**Annual percentage change in remuneration of Directors and employees**

The table below shows the percentage change in the Executive Directors' fixed pay, benefits and bonus each year between 2020 and 2025,

compared with the percentage change in each of those components of pay for UK-based employees of Barclays Group and for employees of

Barclays PLC, the Group's parent company. The percentage changes from 2024 to 2025 are explained below the table.

For the Executive Directors, year-on-year percentage change figures are calculated using the single total figures for remuneration, annualised

to a full-year equivalent where the individual served as an Executive Director for only part of the year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fixed pay** | **Benefits** | **Annual bonus** |
| 2024/2025 | C.S. Venkatakrishnan | (30%) | (20%) | 49% |
| 2024/2025 | Anna Cross | (31%) | 93% | 48% |
| 2024/2025 | Median UK employee | 4% | 10% | 12% |
| 2024/2025 | Median employee of Barclays PLC<sup>1</sup> | 0% | 1% | 37% |
| 2023/2024 | C.S. Venkatakrishnan | 3% | (55%) | 56% |
| 2023/2024 | Anna Cross | 3% | (12%) | 52% |
| 2023/2024 | Median UK employee | 3% | 13% | 12% |
| 2023/2024 | Median employee of Barclays PLC<sup>1</sup> | 2% | 2% | 20% |
| 2022/2023 | C.S. Venkatakrishnan | 3% | (38%) | (27%) |
| 2022/2023 | Anna Cross | 4% | 17% | (25%) |
| 2022/2023 | Median UK employee | 9% | 11% | (5%) |
| 2022/2023 | Median employee of Barclays PLC<sup>1</sup> | 1% | 10% | (43%) |
| 2021/2022 | C.S. Venkatakrishnan | 2% | 853% | (16%) |
| 2021/2022 | Anna Cross | n/a | n/a | n/a |
| 2021/2022 | Tushar Morzaria | 2% | 82% | (20%) |
| 2021/2022 | Median UK employee | 5% | 10% | 3% |
| 2021/2022 | Median employee of Barclays PLC<sup>1</sup> | 10% | 15% | (2%) |
| 2020/2021 | C.S. Venkatakrishnan | n/a | n/a | n/a |
| 2020/2021 | Tushar Morzaria | 2% | (10%) | 152% |
| 2020/2021 | Jes Staley | 1% | (12%) | n/a |
| 2020/2021 | Median UK employee | 5% | 6% | 42% |
| 2020/2021 | Median employee of Barclays PLC<sup>1</sup> | 11% | 0% | 38% |

---

**Note:**

1The Barclays PLC comparison is included because this is a statutory requirement, though Barclays PLC employs only a very small number of Head Office

employees (61 in 2025).

For C.S. Venkatakrishnan and Anna Cross, the 2024 to 2025 fixed pay changes reflect the fixed pay reductions agreed under the DRP,

effective 7 May 2025. The annual bonus outcomes for C.S. Venkatakrishnan and Anna Cross are up 49% and 48% respectively, largely due

to increases in their respective maximum bonus opportunities, also agreed as part of the DRP, and largely offset by the fixed pay reductions.

The percentage change in benefits is -20% for C.S. Venkatakrishnan and +93% for Anna Cross, reflecting relatively small changes in

absolute value – a decrease of c.£19,000 and an increase of c.£14,000 respectively.

For UK employees across the Group, the 4% increase in median fixed pay primarily reflects the salary increases awarded in early 2025

following last year's pay review process, while the 12% increase in median bonus reflects the increase in this year's Group incentive pool.

The 10% increase in benefits costs is largely due to an increase in the cost of providing private medical cover in 2025.

Barclays PLC only employs a very small number of predominantly senior Head Office employees (61 in 2025), and there is frequent

movement of employees between Barclays PLC and other entities within the Barclays Group. For comparison purposes, the Barclays PLC

figures are therefore based only on the 48 individuals who were employed by Barclays PLC in both years. The increase in median bonus is

larger for this population than the increase for UK-based employees of Barclays Group. This is due to some relatively large year-on-year

bonus increases across this very small population.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 151 |
|  |  |  |  |  |  |  |  | 151 |

---

Remuneration report (continued)

The table below shows the percentage change in fee each year between 2020 and 2025 for the Chairman and the Non-Executive Directors

serving on the Barclays PLC Board during 2025, including fees for Board Committee memberships and/or subsidiary board positions. The

changes in fees shown relate to changes in responsibilities of the Non-Executive Directors and annual fee increases. The Non-Executive

Directors appointed to the Barclays PLC Board during 2025 are not shown, as they did not receive relevant fees prior to 2025 so no

percentage change figures can be calculated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024/2025 fees**<sup>1,2</sup> | **2023/2024 fees**<sup>1</sup> | **2022/2023 fees**<sup>1</sup> | **2021/2022 fees**<sup>1</sup> | **2020/2021 fees**<sup>1</sup> |
| Nigel Higgins | 8% | 2% | 5% | 0% | 0% |
| Robert Berry<sup>3</sup> | 14% | 5% | 9% | n/a | n/a |
| Tim Breedon<sup>4</sup> | 3% | 0% | 1% | (19%) | 64% |
| Dawn Fitzpatrick<sup>5</sup> | 13% | 5% | 11% | 18% | 14% |
| Mary Francis | 2% | 4% | 24% | 5% | 8% |
| Brian Gilvary | 2% | (2%) | 2% | 3% | 95% |
| Sir John Kingman | 2% | 3% | n/a | n/a | n/a |
| Marc Moses<sup>6</sup> | 31% | 2% | n/a | n/a | n/a |
| Diane Schueneman<sup>7</sup> | 4% | (2%) | 12% | 4% | (4%) |
| Brian Shea<sup>8</sup> | 23% | n/a | n/a | n/a | n/a |
| Julia Wilson | 8% | 21% | 107% | 13% | n/a |

---

**Notes:**

1In the year that a Non-Executive Director was appointed to or stepped down from the Barclays PLC Board, fees for that year are annualised to a full-year equivalent.

Additional information has been provided in the notes that follow where 2024/2025 percentage changes in fees, which excludes benefits, were greater than 10%.

2Fees were increased by 8% for the Group Chairman and by 2% for the Non-Executive Director roles on the Barclays PLC Board and its Board Committees, with

effect from 1 January 2025.

3The increase in fees paid from 2024 to 2025 for Robert Berry was primarily driven by a review and increase in fees for Non-Executive Directors of Barclays Capital

Securities Limited.

4Tim Breedon stepped down from the Barclays PLC Board with effect from 30 April 2025.

5The increase in fees paid from 2024 to 2025 for Dawn Fitzpatrick was primarily driven by a review and increase in fees for Non-Executive Directors of Barclays

Capital Securities Limited.

6Marc Moses joined the Barclays Capital Securities Limited Board with effect from 1 January 2025 and was appointed as its Chair on 15 September 2025, therefore

increasing the fees paid from 2024 to 2025.

7Diane Schueneman stepped down from the Barclays PLC and Barclays Execution Services Limited Boards with effect from 31 January 2025.

8Brian Shea was appointed to the Barclays PLC and Barclays Execution Services Limited Boards with effect from 19 July 2024 and received pro-rata fees for that

year. For 2025, the full-year fees were paid. He was also appointed Chair of Barclays Execution Services Limited with effect from 1 February 2025 and received

pro-rata fees for this role that year, therefore increasing the fees paid from 2024 to 2025.

**Relative importance of spend on pay**

A year-on-year comparison of Group compensation costs and of distributions to shareholders is shown below. The distributions shown relate

to dividends paid and share buyback programmes completed during the year. The distributions for 2025 do not include the dividends and

share buyback programme announced on 10 February 2026.

**Group compensation costs**<br>£m<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![12334](bcs-20251231_g159.gif)

---

| | |
|:---|:---|
| A | Non-performance compensation costs<sup>10</sup> |
| B | Performance costs |

---

**Distributions to shareholders**<sup>9</sup><br>£m<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![12340](bcs-20251231_g160.gif)

---

| | |
|:---|:---|
| A | Share buybacks |
| B | Dividends |

---

**Notes:** 

9The chart shows the value of dividends paid and the repurchase of shares from share buyback programmes during the year. For example, for 2025, the figure

includes the 2025 interim dividend and the full year dividend declared in relation to 2024, and three share buyback programmes together totalling £2,229m. The

shareholder distributions announced on 10 February 2026 are not reflected in this chart.

10Relates to costs arising from salaries and other elements of fixed pay, social security costs, post-retirement benefits and other compensation costs.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 152 |
|  |  |  |  |  |  |  |  | 152 |

---

Remuneration report (continued)

**Chairman and Non-Executive Directors**

Remuneration for Non-Executive Directors reflects their responsibilities and time commitment, and the fees paid are comparable with those

paid in Barclays' international peer group, with a particular focus on the UK-headquartered banks. Fees shown reflect actual fees paid for

periods of service on the Board, any Board Committees and, where applicable, subsidiary Boards and Board Committees.

Non-Executive Directors are reimbursed expenses that are incurred for business reasons. Any tax that arises on these reimbursed expenses is

paid by Barclays.

**Chairman and Non-Executive Directors: Single total figure for 2025 remuneration** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fees** | **Fees** | **Benefits** | **Benefits** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **£000** | **£000** | **£000** | **£000** | **£000** | **£000** |
| **Chairman** |  |  |  |  |  |  |
| Nigel Higgins<sup>1</sup> | **925** | 857 | **12** | 9 | **937** | 866 |
| **Non-Executive Directors** |  |  |  |  |  |  |
| Robert Berry | **328** | 288 | **—** |  | **328** | 288 |
| Tim Breedon<sup>2</sup> | **136** | 396 | **—** |  | **136** | 396 |
| Dawn Fitzpatrick | **263** | 233 | **—** |  | **263** | 233 |
| Mary Francis | **222** | 218 | **—** |  | **222** | 218 |
| Brian Gilvary | **246** | 241 | **—** |  | **246** | 241 |
| Sir John Kingman | **601** | 589 | **—** |  | **601** | 589 |
| Diony Lebot<sup>3</sup> | **103** |  | **—** |  | **103** |  |
| Mary Mack<sup>4</sup> | **76** |  | **—** |  | **76** |  |
| Marc Moses | **253** | 193 | **—** |  | **253** | 193 |
| Diane Schueneman<sup>5</sup> | **37** | 425 | **—** |  | **37** | 425 |
| Brian Shea | **211** | 77 | **—** |  | **211** | 77 |
| Julia Wilson | **366** | 338 | **—** |  | **366** | 338 |

---

**Notes:**

1Nigel Higgins does not receive a fee in respect of his role as Chairman of Barclays Bank PLC.

2Tim Breedon stepped down from the Board with effect from 30 April 2025.

3Diony Lebot was appointed to the Board with effect from 17 March 2025.

4Mary Mack was appointed to the Board with effect from 1 June 2025.

5Diane Schueneman stepped down from the Board with effect from 31 January 2025.

**Chairman and Non-Executive Directors: Statement of implementation of remuneration policy in 2026**

The fees for the Chairman and Non-Executive Directors (including Board and Board Committee roles) are reviewed annually. A review was

undertaken in the early part of 2026 and the fees for the Chairman were increased by 8.1% and fees for the Non-Executive Directors were

increased by c.3.2% (with amounts rounded down to the nearest £100), both with effect from 1 January 2026. The Board intends to

undertake a more detailed review of Non-Executive Directors' fees over the coming year. The updated fees are set out in the table below, and

further information regarding fee increases is available in the Committee Chair's annual statement from page [116](#i12c1279a81884a37aee9a5181c6fa279_574).

---

| | | |
|:---|:---|:---|
|  | **1 January 2026** | **1 January 2025** |
|  | **£** | **£** |
| Chairman<sup>1</sup> | 1000000 | 925000 |
| Board member | 101400 | 98300 |
| **Additional responsibilities** |  |  |
| Senior Independent Director | 40500 | 39300 |
| Chair of Board Audit or Risk Committee | 90100 | 87400 |
| Chair of Board Remuneration Committee | 78900 | 76500 |
| Membership of Board Audit, Remuneration or Risk Committee | 33700 | 32700 |
| Membership of Board Nominations Committee | 16900 | 16400 |
| Membership of Board Sustainability Committee | 16000 | 15600 |

---

**Note:**

1 The Chairman does not receive any fees in addition to the Chairman fees shown above.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 153 |
|  |  |  |  |  |  |  |  | 153 |

---

Remuneration report (continued)

**Directors' shareholdings and share interests**

**Interests in Barclays PLC shares**

The table below shows the number of ordinary shares of 25p each of the Company (ordinary shares) owned beneficially by each person who

served as a Director during 2025 (including any ordinary shares owned beneficially by their connected persons). The holding of these

ordinary shares carries no additional or different voting rights to those of other holders or holdings of ordinary shares. The rights attaching to

ordinary shares are set out on page[113](#i3746ff88f59b471d94ba4f90669a2439_17432).

For the Executive Directors, the table shows the number of ordinary shares over which each holds awards that are subject either to deferral

terms or deferral terms plus performance measures, and the number of shares owned outright includes shares purchased by the Director as

well as shares received in relation to remuneration. The numbers shown for shares that are subject to performance measures represent the

maximum number of shares that may be released if those performance measures were to be satisfied in full. All Barclays employees,

including the Executive Directors, are prohibited from investment activities that may create conflicts of interest, and in particular from using

personal hedging strategies to undermine the risk alignment effects embedded in remuneration, or any other hedging in respect of Barclays

securities.

The total share interests at 6 February 2026, being the latest practicable date for inclusion in this report, were the same as shown below for all

Directors in service as at 31 December 2025. Each Director's individual shareholding constituted less than 1% of the issued share capital of

the Company as at 31 December 2025 and 6 February 2026. The Executive Directors and Non-Executive Directors do not currently

participate in any share option plans operated by Barclays.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interests in Barclays PLC shares as at 31 December 2025**<br>**(or date of retirement from the Board, if earlier)**<sup>1</sup> | **Owned outright** | **Unvested deferred awards** | **Unvested deferred awards** | **Total** |
| **Interests in Barclays PLC shares as at 31 December 2025**<br>**(or date of retirement from the Board, if earlier)**<sup>1</sup> | **Owned outright** | **Subject to** <br>**performance** <br>**measures**<br>| **Not subject to** <br>**performance** <br>**measures**<br>| **Total** |
| **Executive Directors** |  |  |  |  |
| C.S. Venkatakrishnan | 4897066 | 9093764 | 3306166 | 17296996 |
| Anna Cross | 1053937 | 5258511 | 652355 | 6964803 |
| **Chairman** |  |  |  |  |
| Nigel Higgins | 1908754 |  |  | 1908754 |
| **Non-Executive Directors** |  |  |  |  |
| Robert Berry | 30344 |  |  | 30344 |
| Tim Breedon<sup>2</sup> | 235449 |  |  | 235449 |
| Dawn Fitzpatrick | 974775 |  |  | 974775 |
| Mary Francis | 102534 |  |  | 102534 |
| Brian Gilvary | 184252 |  |  | 184252 |
| Sir John Kingman | 15680 |  |  | 15680 |
| Diony Lebot | 1616 |  |  | 1616 |
| Mary Mack | 907 |  |  | 907 |
| Marc Moses | 19121 |  |  | 19121 |
| Diane Schueneman<sup>3</sup> | 144962 |  |  | 144962 |
| Brian Shea | 6114 |  |  | 6114 |
| Julia Wilson | 46952 |  |  | 46952 |

---

**Notes:**

1Where American Depository Shares (ADS) are held, the ordinary shares equivalent is shown in the table. One ADS is the equivalent of four ordinary shares.

2Tim Breedon stepped down from the Board with effect from 30 April 2025 and as a result his share interests are shown as at that date.

3Diane Schueneman stepped down from the Board with effect from 31 January 2025 and as a result her share interests are shown as at that date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 154 |
|  |  |  |  |  |  |  |  | 154 |

---

Remuneration report (continued)

**Executive Directors' shareholdings and share interests** 

The charts below show the value of Barclays shares held as at 31 December 2025 by C.S. Venkatakrishnan and Anna Cross, in each case

using the Q4 2025 average Barclays ordinary share price of £4.1493.

Under the DRP, Executive Directors have a contractual obligation to build up the required shareholding within five years from their date of

appointment as an Executive Director. For C.S. Venkatakrishnan, the shareholding requirement is 550% of year-end salary, and for Anna

Cross it is 500% of year-end salary. For two years after stepping down as an Executive Director, they must maintain a shareholding at a level

equal to the shareholding required immediately prior to stepping down, or the actual number of shares held on stepping down if lower

(subject to the Committee determining that the resulting level of shareholding is appropriate given the relevant Executive Director's tenure).

Barclays shares held beneficially by each Executive Director count towards the shareholding requirement, as well as unvested shares that are

not subject to performance conditions (net of estimated income tax and social security). Unvested shares that are still subject to performance

conditions do not count towards the shareholding requirements, but contribute to aligning the Executive Directors' interests with those of

shareholders through share price exposure, and are therefore also shown below (net of estimated income tax and social security). For the

unvested shares subject to performance conditions, the proportion that is ultimately released may range from 0% to 100% depending on the

achievement of the performance measures for each award, and on continued employment in accordance with the relevant plan rules and the

DRP.

Executive Directors are issued a shareholding statement twice yearly, reminding them of the level of shareholding they are required to build

and maintain under the shareholding requirement, and informing them of the value of their current holdings. As at 31 December 2025, C.S.

Venkatakrishnan's and Anna Cross's shareholding exceeded their respective shareholding requirements.

After an Executive Director has stepped down, some of the continuing shareholding requirement will likely be met via shares held within the

Group's employee share plans and nominee accounts. In many cases this will be sufficient to cover the requirement in full. To the extent it is

not, compliance with the balance of the requirement will be monitored and maintained through self-certification.

**C.S. Venkatakrishnan**<br>£000<br>

---

| |
|:---|
| Actual |
| Requirement |

---

![6748](bcs-20251231_g161.gif)

![](bcs-20251231_g162.gif)

Based on 31 December 2025 salary of £1,590k.

**Anna Cross**<br>£000<br>

---

| |
|:---|
| Actual |
| Requirement |

---

![6798](bcs-20251231_g163.gif)

![](bcs-20251231_g162.gif)

Based on 31 December 2025 salary of £950k.

---

| | |
|:---|:---|
| A | Actual shareholdings, including unvested shares not subject to performance conditions (estimated after-tax value) |
| B | Unvested shares subject to performance conditions (estimated after-tax value), which do not count towards the shareholding requirement |
| C | Shareholding requirement  |

---

**Payments to former Directors** 

**Former Group Finance Director: Tushar Morzaria**

In 2025, Tushar Morzaria was provided with UK and US tax compliance services in respect of Barclays employment income.

**Former Group Finance Director: Chris Lucas**

As disclosed in the 2013 Remuneration report (page 115), Chris Lucas was eligible to receive life assurance cover, private medical cover and

payments under the Executive Income Protection Plan (EIPP). These benefits ceased on 22 September 2025.

**Former Non-Executive Director: Diane Schueneman** 

Following Diane Schueneman stepping down as a Non-Executive Director on 31 January 2025, she remained a member of the Barclays US

LLC (the US Intermediate Holding Company) Board. Diane received fees of $240,075 between 1 February 2025 and 31 December 2025 for

this role.

**Former Non-Executive Director: Tim Breedon** 

Following Tim Breedon stepping down as a Non-Executive Director on 30 April 2025, he remained the Chair and member of the Barclays

Bank Ireland PLC Board. Tim received fees of €240,267 between 1 May 2025 and 31 December 2025 for this role.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 155 |
|  |  |  |  |  |  |  |  | 155 |

---

Remuneration report (continued)

**Previous AGM voting outcomes**

The table below shows the shareholder voting results in respect of our 2024 Remuneration report and DRP approved by shareholders at the

AGM held on 7 May 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **For (% of votes cast** <br>**and total number)**<br>| **Against (% of votes cast** <br>**and total number)**<br>| **Withheld (total number)** |
| Vote on the 2024 Remuneration report at the 2025 AGM | 98.00% | 2.00% |  |
|  | 9825476891 | 200513221 | 11251816 |
| Vote on the Directors' Remuneration Policy at the 2025 AGM | 96.98% | 3.02% |  |
|  | 9709663457 | 302390857 | 25187614 |

---

**Barclays Board Remuneration Committee**

**Committee responsibilities**<br>The Board Remuneration Committee is responsible for overseeing remuneration at Barclays. The role of the Committee, as set out in its <br>Terms of Reference, is to: <br>•Set the overarching principles and parameters of remuneration policy across the Group<br>•Consider and approve the remuneration arrangements of (i) the Group Chair, (ii) the Executive Directors, (iii) members of the <br>Barclays Group Executive Committee and any other senior executives specified by the Committee from time to time, and (iv) all <br>other Group employees whose total annual compensation exceeds an amount determined by the Committee from time to time<br>•Exercise oversight over remuneration issues (including retirement benefits).<br>

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The Committee's Terms of Reference are available at<br>**home.barclays/who-we-are/our-governance/board-committees**<br>|

---

**Advisers to the Committee**

The Committee appointed PricewaterhouseCoopers (PwC) as its independent adviser in October 2017. The Committee considered the advice

provided by PwC to the Committee during the year and was satisfied that the advice is independent and objective. PwC is a signatory to the

voluntary code of conduct in relation to executive remuneration consulting in the UK. PwC was paid £194,902 (excluding VAT) in fees for

its advice to the Committee in 2025 relating to the remuneration of the Directors (either exclusively or along with other employees within the

Committee's Terms of Reference). In addition to advising the Committee, PwC provided unrelated consulting advice to the Group, covering

strategic business planning, regulatory compliance, governance, risk and controls, target operating model design, cost optimisation, taxation,

technology enablement, pensions and benefits, workforce and HR transformation, and sustainability including ESG frameworks.

Throughout 2025, Willis Towers Watson (WTW) provided the Committee with market data on compensation, as context when considering

incentive levels and remuneration packages. WTW was paid £79,000 (excluding VAT) in fees for these services. In addition to the services

provided to the Committee, WTW also provides market data on compensation for other roles below Board level, pensions and benefits

advice and brokerage services to the Barclays Group, and administration services to a number of the Group's pension funds.

In the course of its deliberations, the Committee also considered the views of the Group Chief Executive, the Group Human Resources

Director and the Group Reward and Performance Director/Co-Heads of Reward and Performance. The Group Finance Director and the

Group Chief Risk Officer provided regular updates on Group and business financial performance and risk matters respectively. The Head of

Corporate Communications attended when requested to advise on reward communications and disclosures. The Company Secretary advised

on governance-related matters. No Barclays employee or Director was responsible for decisions of the Committee relating to his or her own

remuneration. No other advisers provided services to the Committee in the year.

**Committee effectiveness in 2025**

An internal evaluation of the performance of the Committee was conducted for 2025, in line with the provisions of the Code. The results of

the review confirmed that the Committee was operating effectively. Further information on the review of the Board and its Committees can

be found in the Board Nominations Committee report from page[84](#i12c1279a81884a37aee9a5181c6fa279_544).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 156 |
|  |  |  |  |  |  |  |  | 156 |

---

Remuneration report (continued)

**Committee activity in 2025 and early 2026**

The following table summarises the Committee's activity during 2025<sup>1</sup>, and at the January and February 2026 meetings at which

remuneration decisions reported in this Remuneration report were finalised. The Committee is also regularly provided with updates on: the

operation of its Remuneration Control Framework, headcount and employee attrition, and extant LTIP performance.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **January**<br>**2025**<br>| **February**<br>**2025**<br>| **June** <br>**2025**<br>| **October** <br>**2025**<br>| **December**<br>**2025**<br>| **January**<br>**2026**<sup>2</sup><br>| **February**<br>**2026**<br>|
| **Overall** <br>**remuneration** | Finance and Risk updates | ▪ | ▪ |  | ▪ | ▪ | ▪ | ▪ |
| **Overall** <br>**remuneration** | Incentive funding including risk and <br>control adjustments<br>| ▪ | ▪ |  | ▪ | ▪ | ▪ | ▪ |
| **Overall** <br>**remuneration** | Remuneration report 2024 | ▪ | ▪ |  |  |  |  |  |
| **Overall** <br>**remuneration** | Group budgets for fixed pay increases | ▪ | ▪ |  | ▪ | ▪ | ▪ |  |
| **Overall** <br>**remuneration** | Wider workforce considerations | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ |
| **Overall** <br>**remuneration** | Incentive funding approach |  |  | ▪ |  |  |  |  |
| **Overall** <br>**remuneration** | Barclays' Fair Pay Agenda | ▪ | ▪ |  |  | ▪ | ▪ | ▪ |
| **Overall** <br>**remuneration** | Regulatory changes for Material Risk <br>Takers<br>|  |  | ▪ | ▪ | ▪ | ▪ |  |
| **Overall** <br>**remuneration** | All-colleague share award |  |  |  | ▪ | ▪ |  | ▪ |
| **Overall** <br>**remuneration** | Remuneration report 2025 |  |  |  |  | ▪ | ▪ | ▪ |
| **Executive** <br>**Directors'** <br>**and senior** <br>**executives'** <br>**remuneration** | Executive Directors' and senior executives' <br>bonus outcomes<br>| ▪ | ▪ |  |  | ▪ | ▪ | ▪ |
| **Executive** <br>**Directors'** <br>**and senior** <br>**executives'** <br>**remuneration** | Directors' Remuneration Policy | ▪ | ▪ |  |  |  |  |  |
| **Executive** <br>**Directors'** <br>**and senior** <br>**executives'** <br>**remuneration** | Annual bonus and LTIP performance <br>measures and target calibration<br>| ▪ | ▪ |  |  | ▪ | ▪ |  |
| **Governance** | Regulatory and stakeholder matters | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ |
| **Governance** | Discussion with independent adviser | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ |
| **Governance** | Remuneration Review Panel update |  |  | ▪ | ▪ | ▪ |  | ▪ |
| **Governance** | Review of Committee effectiveness |  | ▪ |  |  |  |  | ▪ |

---

**Notes:**

1During 2025, there were five scheduled Committee meetings and one ad hoc Committee meeting was called.

2Two meetings were held in January 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 157 |
|  |  |  |  |  |  |  |  | 157 |

---

**Other Governance**

This section aims to provide an overview of certain governance matters of

particular relevance to ESG ratings agencies and investors across a range of

sustainability matters. It covers topics such as our Code of Conduct,

whistleblowing, tax, financial crime, health and safety and how we manage our

data privacy and security as well as resilience. This section also includes our

approach to managing social and environmental impacts as well as our

Governance disclosures as part of the TCFD recommendations.

This section does not discuss general corporate governance matters.

Refer to the Board Governance report from page [71](#i12c1279a81884a37aee9a5181c6fa279_496) in the Annual

Report for information relating to the Board, ExCo and Board

Committees, our Board governance framework and how we complied

with the requirements of the 2024 UK Corporate Governance Code

during 2025.

---

| | |
|:---|:---|
| [Climate and sustainability governance](#i12c1279a81884a37aee9a5181c6fa279_634) | [158](#i12c1279a81884a37aee9a5181c6fa279_634) |
| Managing impacts in lending and financing | [163](#i12c1279a81884a37aee9a5181c6fa279_727) |
| Human rights / Modern slavery | [165](#i12c1279a81884a37aee9a5181c6fa279_754) |
| Our supply chain | [167](#i12c1279a81884a37aee9a5181c6fa279_760) |
| Supporting our customers | [168](#i12c1279a81884a37aee9a5181c6fa279_763) |
| The Barclays Way | [171](#i12c1279a81884a37aee9a5181c6fa279_769) |
| Whistleblowing | [172](#i12c1279a81884a37aee9a5181c6fa279_772) |
| Tax | [173](#i12c1279a81884a37aee9a5181c6fa279_775) |
| Financial crime | [175](#i12c1279a81884a37aee9a5181c6fa279_778) |
| Health and safety | [176](#i12c1279a81884a37aee9a5181c6fa279_781) |
| Managing data privacy, security and resilience | [177](#i12c1279a81884a37aee9a5181c6fa279_784) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 158 |
|  |  |  |  |  |  |  |  | 158 |

---

**Other Governance**

**Climate and sustainability governance**

**Oversight and management of climate and sustainability-related issues are embedded within our governance** 

**structure**<sup>1</sup>**.**

Barclays' climate and sustainability governance structure consists of the Barclays PLC Board (Board) and its Committees along with

Executive and Management Committees which span both business and legal entity lines. The Board sets the Group's climate and

sustainability strategy and oversees its implementation by senior management.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Climate and sustainability governance structure**<sup>2</sup> | **Climate and sustainability governance structure**<sup>2</sup> | **Climate and sustainability governance structure**<sup>2</sup> | **Climate and sustainability governance structure**<sup>2</sup> | **Climate and sustainability governance structure**<sup>2</sup> | **Climate and sustainability governance structure**<sup>2</sup> |
| **Barclays PLC Board**  | **Barclays PLC Board**  | **Barclays PLC Board**  | **Barclays PLC Board**  | **Barclays PLC Board**  | **Barclays PLC Board**  |
| **Group Executive Committee (Group ExCo)**  | **Group Executive Committee (Group ExCo)**  | **Group Executive Committee (Group ExCo)**  | **Group Risk Committee** | **Group Risk Committee** | **Group Risk Committee** |
| **Business / Legal Entity Functions / Committees and Forums** | **Business / Legal Entity Functions / Committees and Forums** | **Business / Legal Entity Functions / Committees and Forums** | **Business / Legal Entity Functions / Committees and Forums** | **Business / Legal Entity Functions / Committees and Forums** | **Business / Legal Entity Functions / Committees and Forums** |
| **Group** <br>**Chief Compliance** <br>**Officer**<br>| **Group**<br>**Chief Operating** <br>**Officer**<br>| **Group**<br>**Chief Risk** <br>**Officer**<br>| **Business** <br>**CEOs**<br>| **Group** <br>**Finance** <br>**Director**<br>| **Group**<br>**Head of** <br>**PPCR**<br>|
| **Group** <br>**Sustainability Chief** <br>**Information Officer**<br>| **Group**<br>**Head of** <br>**Climate Risk**<br>| **BX Risk and**<br>**Finance Chief** <br>**Operating** <br>**Officer**<br>| **Group Head** <br>**of Sustainable** <br>**and Transition** <br>**Finance**<br>| **Head of** <br>**Sustainability,** <br>**Group** <br>| **Head of** <br>**Sustainability,** <br>**Business**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Board Sustainability**<br>**Committee**<br>| **Board Risk** <br>**Committee**<br>| **Board Audit** <br>**Committee**<br>| **Board Remuneration** <br>**Committee**<br>|

---

**Board**

**Group Committees**

---

| | | | |
|:---|:---|:---|:---|
| **Group Sustainability** <br>**Committee**<br>| **Disclosure** <br>**Committee**<br>| **Group Reputation Risk** <br>**Committee**<br>| **Climate Risk** <br>**Committee**<br>|

---

**Business / Legal**

**Entity / Function**

---

| | | | |
|:---|:---|:---|:---|
| **Operational** <br>**Sustainability Steering** <br>**Committee**<br>| **BBPLC Business-Level** <br>**Committees for transaction** <br>**reviews**<br>| **Principal** <br>**Investments** <br>**Equity Committee**<br>| **Sustainability Change** <br>**Portfolio Governance** <br>**Board**<br>|

---

**Senior**

 **management**

**Notes:**

1The committees, forums and governance bodies described here are non-exhaustive and their construct and Terms of Reference may vary on a legal entity basis or

across the Group.

2The presentation of Group Committees and senior management is not directly illustrative of the committees / forums they report into.

**Climate and sustainability governance changes during 2025**

In 2025, two new leadership roles were established within Group Sustainability: Head of Sustainability, Group and Head of Sustainability,

Business, see page [162](#i12c1279a81884a37aee9a5181c6fa279_706). Both roles report to the Group Head of Sustainable and Transition Finance, and were created to enhance the Group's

ability to deliver on its sustainability ambitions by seeking to align strategic policy development with effective implementation of

sustainability policies and environmental and social risk management across Barclays.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 159 |
|  |  |  |  |  |  |  |  | 159 |

---

Other Governance (continued)

**Board and Board Committee oversight of climate and sustainability-related risks and opportunities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Roles and responsibilities of the Board and Board Committees with respect to climate and sustainability-related matters** | **Roles and responsibilities of the Board and Board Committees with respect to climate and sustainability-related matters** | **Roles and responsibilities of the Board and Board Committees with respect to climate and sustainability-related matters** | **Roles and responsibilities of the Board and Board Committees with respect to climate and sustainability-related matters** | **Roles and responsibilities of the Board and Board Committees with respect to climate and sustainability-related matters** |
| **Board** | **Board Sustainability** <br>**Committee**<br>| **Board Risk** <br>**Committee**<br>| **Board Audit** <br>**Committee**<br>| **Board Remuneration** <br>**Committee**<br>|
| Responsible for the overall <br>leadership of the Group <br>(with direct oversight of <br>strategy, culture and <br>strategic reputational <br>matters relating to the <br>Group). The Board sets the <br>Group's strategy, including <br>in respect of climate and <br>sustainability matters.<br>| Responsible for oversight of <br>climate matters and the Group's <br>sustainability agenda (including <br>in relation to nature and human <br>rights). The Committee <br>supports the Board in <br>considering the suitability and <br>monitoring the implementation <br>of the Group's climate and <br>sustainability strategy.<br>| Responsible for monitoring <br>principal risks (including <br>climate risk), considering the <br>Group's risk appetite and <br>tolerances, along with <br>reviewing the Group's risk <br>profile and commissioning, <br>receiving and considering <br>reports on key risk issues.<br>| Responsible for overseeing the <br>integrity of the Group's <br>financial disclosures and the <br>effectiveness of the internal <br>control environment. The <br>Committee oversees financial <br>and narrative reporting, which <br>encompasses climate and <br>sustainability disclosures <br>within the Annual Report.<br>| Responsible for setting the <br>overarching principles and <br>parameters of remuneration <br>policy across the Group. The <br>Committee has responsibility <br>for aligning Executive Director <br>remuneration with strategic <br>priorities, including in relation <br>to climate and sustainability <br>matters.<br>|

---

**Barclays PLC Board** 

The Board and, as appropriate, its

Committees are responsible for the oversight

of climate and sustainability matters,

including climate-related risks

and opportunities.

During 2025, the Board received four reports

from the Board Sustainability Committee,

with a key focus on the Barclays Transition

Update. Other matters covered included

updates on Barclays' approach to nature and

managing human rights risk. The Board also

received an update on the Group's sustainable

finance strategy. Please see the Key Board

activities section from page [80](#i12c1279a81884a37aee9a5181c6fa279_529) for further

detail about what the Board considered in

relation to climate and sustainability matters

in 2025.

Outside of formal Board briefings, the Group

Head of Public Policy and Corporate

Responsibility and Group Head of Sustainable

and Transition Finance also engaged with

Board members on matters relating to the

Group's climate and sustainability strategy.

The Board is supported in its work by its

Committees, each of which has its own

Committee Terms of Reference setting out its

remit and decision-making powers. The

Chairs of each Committee report regularly on

their Committee's work to the Board.

**Board Sustainability Committee**

During 2025, the Board Sustainability

Committee met four times. It played a key

role in reviewing the Barclays Transition

Update ahead of its approval by the Board. It

was kept updated on external developments

and stakeholder perspectives in relation to

climate and sustainability matters. The

Committee also continued to have oversight

of wider sustainability priorities, including

nature and human rights.

Please refer to the report of the

Board Sustainability Committee from

page [105](#i12c1279a81884a37aee9a5181c6fa279_556) for further detail on the work

of this Committee.

**Board Risk Committee (BRC)**

The Board Risk Committee plays an

important role in overseeing and challenging

the Group's progress towards achieving its

climate targets and assessing the impact of

climate risk on the Group's overall risk

profile and financial position.

During 2025, the BRC received regular

updates from the Head of Climate Risk.

These covered matters including external

regulatory trends, the global policy

environment, progress against financed

emissions reduction targets and actions

taken to address physical risks. The BRC

also received quarterly climate risk

dashboards during the year, providing

updates on key climate risk metrics.

The BRC received regular business risk

updates from the main business areas during

the year which included assessments of

principal risks, including climate risk.

Please refer to the report of the BRC from

page [100](#i12c1279a81884a37aee9a5181c6fa279_550) for further detail on the work of

this Committee.

**Board Audit Committee** 

The Board Audit Committee has oversight

of the climate and sustainability disclosures

within the Group's narrative reporting,

seeking views from the Board Sustainability

Committee on those disclosures where

appropriate. During 2025, the Board Audit

Committee received updates on

developments in sustainability reporting,

including those required by the European

Corporate Sustainability Reporting

Directive, and reviewed how the impacts of

climate and sustainability reporting

requirements are reflected in preparing the

Group's financial statements.

Please refer to the report of the Board Audit

Committee from page [92](#i12c1279a81884a37aee9a5181c6fa279_547)for further detail on

the work of this Committee.

**Board Remuneration Committee** 

The principal activities of the Board

Remuneration Committee include: setting the

Barclays Group Remuneration Policy;

determining the incentive pool, factoring in

climate and sustainability-related

performance measures that impact annual

bonus awards of all employees, and; aligning

Executive Director remuneration with

strategic priorities, including in relation to

climate and sustainability matters.

For 2025, performance against climate and

sustainability-related measures was

considered in the determination of the

incentive pool, impacting bonus awards of all

employees. Climate and sustainability-related

measures are also included in the 2026-2028

LTIP for the Executive Directors of Barclays

PLC as part of the broader category of

measures relating to Sustainability, customers

& clients, weighted at 25%. These measures

will likely include financing clients'

transition, reducing our financed emissions

and achieving net zero operations, as well as

supporting our communities.

Please refer to the Remuneration report from

page [116](#i12c1279a81884a37aee9a5181c6fa279_577) for further detail on the work of the

Board Remuneration Committee.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 160 |
|  |  |  |  |  |  |  |  | 160 |

---

Other Governance (continued)

**Management's role in assessing** 

**and managing sustainability and** 

**climate-related risks and** 

**opportunities** 

Oversight and management of Barclays'

climate and sustainability strategy continues

to be embedded in business-as-usual

management structures, including executive

committees. These committees are mandated

and form part of Barclays' formal

governance architecture. Each committee is

itself governed by Terms of Reference that

lay out the duties, decision-making authority

and escalation route of any material issues.

The executive management committees

receive regular briefings on matters

including climate change and consider both

risks and opportunities. Climate and

sustainability-related risks are assessed and

escalated where relevant through the various

risk forums.

**Group Executive Committee (Group ExCo)**

The Group Head of PPCR is a member of

Group ExCo and is accountable for ensuring

the Group's societal purpose is present in

strategic decision-making at the highest

levels in the organisation. The Group Head

of PPCR, and their team, regularly update

Group ExCo on a range of Public Policy and

Corporate Responsibility matters, covering

key government and regulatory policy,

regulator engagement and sustainability

matters. Updates provided to Group ExCo in

2025 on sustainability matters included

updates on the Barclays Transition Update,

planned enhancements to Barclays' approach

to human rights and the Group's sustainable

finance strategy.

The Group Chief Risk Officer is a member

of Group ExCo and is accountable for the

approach to managing climate-related

financial and operational risks to Barclays;

this is implemented within the Group's

Enterprise Risk Management Framework

(ERMF).

The Group Sustainability Committee,

established by Group ExCo in 2023,

continued to provide updates to Group ExCo

on a range of sustainability issues.

**Executive remuneration**<br>Annual bonus outcomes and Long Term <br>Incentive Plan (LTIP) award outcomes <br>for the Executive Directors of Barclays <br>PLC are assessed against a framework <br>of measures set by the Remuneration <br>Committee at the start of the <br>performance period for each award. <br>For the Executive Directors of Barclays <br>PLC, an element of their 2026-2028 <br>LTIP award will be driven by non-<br>financial performance measures, <br>including measures relating to climate <br>and sustainability. The climate and <br>sustainability-related measures will be <br>included as part of the broader category <br>of measures relating to Sustainability, <br>customers & clients, weighted at 25%. <br>The climate and sustainability measures <br>will likely include financing clients' <br>transition, reducing our financed <br>emissions and achieving net zero <br>operations, alongside other measures <br>relating to supporting our communities. <br>

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See the Remuneration report from <br>**page** [116](#i12c1279a81884a37aee9a5181c6fa279_574).<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Group Risk Committee (GRC)**

The GRC is the designated forum to review

and recommend, where necessary,

submissions to the BRC. The GRC is the

most senior risk executive body responsible

for reviewing and overseeing the risk

profile and risk practices of the Group. This

includes coverage of all principal risks

(including climate risk), and any other

material risks, to which the Group is

exposed.

In relation to climate, the GRC reviews and

recommends proposed risk appetite for

climate risk and relevant limits to the BRC.

The GRC oversees monitoring and reporting

of climate risk, reviews periodic updates on

exposures to climate risk (including physical

and transition risk metrics), progress against

financed emission reduction targets for

sectors and mitigation plans, external

developments and trends on climate risk,

results of scenario analysis and stress test

exercises including implications on risk

appetite and limits.

The GRC is also responsible for the

oversight of design and effectiveness of risk

frameworks for managing climate risk.

The GRC receives escalations from the

Climate Risk Committee, noting none were

received in 2025.

**Group Sustainability Committee (GSC)**

The GSC is a sub-committee of Group ExCo

and is chaired by the Group Head of PPCR.

GSC members include senior sustainability

representatives from across the businesses,

including the Group Head of Sustainable

and Transition Finance, as well as members

representing key functions across the Group.

The GSC is responsible for approving and

recommending sustainability matters on

behalf of Group ExCo to the Board

Sustainability Committee as appropriate.

The GSC is also responsible for

determining, agreeing or recommending

sustainability position statements,

frameworks, targets, relevant disclosures and

advocacy areas necessary to support strategy

delivery and agreeing the strategic change

priorities to support overall sustainability

strategy.

**Climate Risk Committee (CRC)**

The CRC was established in 2021 as a sub-

committee of the GRC to support the

oversight of climate risk. The authority of

the CRC is delegated by the GRC, and the

Group Head of Climate Risk is the Chair of

CRC.

The CRC has reviewed or approved a range

of updates, including those on risk appetite

and plans for embedding climate risk

considerations into business activities.

Additionally, quantitative and qualitative

metrics, emerging climate risk trends and

progress against targets are presented and

discussed at the CRC.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 161 |
|  |  |  |  |  |  |  |  | 161 |

---

Other Governance (continued)

**Disclosure Committee (DisCom)**

DisCom, which is chaired by the Group

Finance Director, has been set up as a sub-

committee of the Group ExCo. DisCom is

convened to review and monitor the

integrity of the Group's financial and

narrative statements and other information

provided to stakeholders, whether by means

of announcement or otherwise. In addition to

reporting to the Group ExCo, DisCom also

reports to the Board Audit Committee

(BAC).

DisCom is convened to undertake a number

of specific duties, including:

• financial reporting: to review and monitor

the integrity of the Group's financial

statements, interim management

statements, preliminary announcements

(if prepared), and any other formal

announcements relating to the Group's

financial performance; and

• narrative reporting: to review and monitor

the integrity of the Group's narrative

statements, including but not limited to

the BPLC, BBPLC and BBUKPLC

Annual Reports, the BPLC Country

Snapshot and the Modern Slavery

Statement.

**Group Reputation Risk** 

**Committee (GRRC)**

The GRRC is a sub-committee of the Group

ExCo which reviews and challenges, and

directs as appropriate, the management and

mitigation of Reputation Risk matters in the

Barclays Group as they are brought to the

attention of the GRRC via relevant

Reputation Risk assessment and escalation

processes. This includes Reputation Risk

associated with climate and sustainability-

related matters. The GRRC is co-chaired by

the Head of Public Policy and Corporate

Responsibility and Group Chief Compliance

Officer, and members include the Group

Risk Officer and Group General Counsel.

**Group Chief Executive (Group CEO)** 

The Group CEO is responsible for driving

Barclays' focus on external societal and

environmental stewardship, and overseeing

progress towards Barclays' ambition to be a

net zero bank by 2050. The Group CEO is

Chair of Group ExCo.

The Group CEO is closely involved in

identifying and promoting the development

of Barclays' climate and sustainable finance

growth opportunities in the transition to a

low-carbon economy.

The Group CEO chairs the Sustainable

Markets Initiative's (SMI) Financial Services

Task Force, leading the CEO-led group on

key themes including Nature and Transition

Technologies. Participation in the SMI, an

action-oriented, sector-led organisation,

provides Barclays an opportunity to work

with real economy players, providing

insights that help us to best support our

clients' transitions.

**Chief Risk Officer (CRO)**

The Group CRO is accountable for the

approach to managing climate-related

impacts on financial and operational risks to

Barclays. This encompasses management

and oversight of risk processes for

identification, assessment, measurement,

monitoring, limit setting and the supporting

governance.

**Group Head of PPCR**

The Group Head of PPCR leads the Group's

overall sustainability agenda. Specifically,

the role is responsible for overseeing the

development and implementation of

Barclays' sustainability strategy.

**Group Head of Sustainable and** 

**Transition Finance** 

The Group Head of Sustainable and

Transition Finance leads the Group

Sustainability team and the Sustainable

Finance teams, reporting jointly to the

Group Head of PPCR, the Global Co-Head

of Investment Banking and the Global Head

of Markets.

The role leads the strategic direction and

execution of Barclays' policies and practices

across a broad range of sustainability

matters, including climate change, nature

and human rights as well as the development

and execution of the Group's sustainable

finance strategy to support clients navigate

the opportunities and challenges of the

transition to a low-carbon economy. In these

capacities, the role includes driving

sustainable and transition finance growth,

strengthening client support and transition

advisory, as well as overseeing the

development of standards and metrics to

advance sustainable finance and supports

innovation in sustainable product

development.

**Group Head of Climate Risk**

The Group Head of Climate Risk is the

accountable executive for the management

and oversight of climate risk. The scope of

climate risk (which is a principal risk within

the ERMF) encompasses the management

of financial and operational risks from

climate change. The Group Head of Climate

Risk reports directly to the Group CRO and

is the Chair of CRC.

The Group Head of Climate Risk is

responsible for the development and

implementation of climate risk governance,

including ownership of Barclays' Climate

Risk Framework, Standard and Policy. The

Group Head of Climate Risk is also

responsible for integrating climate risk

considerations into existing risk

management processes and overseeing risk

management activities for climate risk,

including identifying, assessing, and

monitoring climate risk drivers and

proposing risk appetite, alongside setting

limits and controls for managing climate-

related impacts on financial and operational

risks . The Group Head of Climate Risk also

leads the development of climate risk

methodologies and Barclays' approach to

financed emissions calculation, including the

BlueTrack™ methodology.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 162 |
|  |  |  |  |  |  |  |  | 162 |

---

Other Governance (continued)

**Sustainability Chief Information Officer**

The Sustainability Chief Information Officer

(CIO) integrates technology, data, AI and

change execution expertise in a single

function. The Sustainability CIO works in

partnership with the business and functions

to deliver new and enhance existing

capabilities, which seek to enable and

accelerate delivery against Barclays'

sustainability strategy.

**Head of Sustainability, Group**

Leads development of Group-wide

sustainability policy and strategy, setting

Barclays' positioning on key sustainability

topics and driving innovation through pilots,

partnerships, and emerging commercial

opportunities. Represents Group

Sustainability externally with NGOs,

investors, and global platforms while

fostering collaboration and strategic

engagement across the organisation.

**Head of Sustainability, Business**

Leads the implementation of Group-wide

sustainability policies and environmental

and social risk management across Barclays,

providing specialist input on client and

transaction due diligence and our

Sustainable and Transition Finance

Frameworks. Works closely with clients to

understand their sustainability strategies and

supports delivery of programmes that embed

sustainability-related risk considerations,

supporting long-term business resilience and

growth.

**Implementation - business** 

**working-level committees, forums** 

**and reports** 

**Operational Sustainability Steering** 

**Committee** 

The Operational Sustainability Steering

Committee (OSSCo) is responsible for

oversight of Barclays Execution Services'

sustainability operations strategy. The

OSSCo is chaired by the Barclays Execution

Services Chief Operating Officer and

comprises leadership from Corporate Real

Estate Solutions (CRES) and Location

Strategy, Procurement, Functions

Technology, Climate Risk and Legal.

The OSSCo approves and monitors progress

against our sustainability operations targets

and milestones, reviews sustainability

operationsprogrammes and provides

strategic direction regarding the

prioritisation of initiative deliverables. The

OSSCo provides updates to the GSC

annually. The GSC is responsible for

approving and recommending sustainability

matters on behalf of Group ExCo to the

Board Sustainability Committee as

appropriate.

**BBPLC business-level committees for** 

**transaction reviews** 

Business-level committees are convened for

senior management to review transactions

with potential material Reputation Risk to

Barclays, These may include transactions

involving climate and sustainability-related

risks. Where particularly heightened risks

are identified, these transactions may be

escalated to the Group Reputation Risk

Committee. Matters reviewed by these

committees include transactions,

relationships, agreements, strategies and

other business activities.

**Principal Investments Equity Committee** 

The Principal Investments Equity

Committee (the 'Committee') undertakes the

senior approval responsibilities relating to

the execution and management of all

principal strategic equity and workout equity

transactions managed on behalf of Barclays

PLC and all other Barclays Group entities.

The formation and authority of this

Committee comes from the Group CEO,

acting through the Group ExCo.

The Committee consists of senior

stakeholders who meet on a regular basis

which, when considering the Barclays

Climate Ventures portfolio, includes the

Group Head of Sustainable and Transition

Finance.

**Sustainability Change Portfolio** 

**Governance Board** 

The Sustainability Change Portfolio

Governance Board is responsible for the

strategic integration, governance and control

(including budgetary), prioritisation, risk

management and approval of change

(subject to agreed tolerances) of the Group

Sustainability portfolio of work.

The Board is chaired by the Group Head

of Sustainable and Transition Finance.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 163 |
|  |  |  |  |  |  |  |  | 163 |

---

**Other Governance**

**Managing impacts in lending and financing**

At Barclays, we recognise the importance of

risk identification and management in the

provision of financial services to our

customers and clients.

This supports the longevity of our business

and also enhances our ability to serve our

clients and support them in improving

their own sustainability practices and

disclosures.

**Managing environmental and** 

**social impacts**

We have developed an approach for

sustainability-related matters which sits

under the management of the Reputation

Risk Principal Risk within the Barclays

Enterprise Risk Management Framework

(ERMF), and governs our identification,

assessment and management of

environmental and social impacts associated

with our client and customer relationships

and transactions in relevant sensitive sectors

and areas. This approach is defined in an

internal standard which reflects objectives

and responsibilities for all areas of Barclays.

Our position statements on Climate Change,

Forestry and Agricultural Commodities,

Protected Areas, and the Defence and

Security Sector set out our approach to

financing certain sensitive sectors.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details about these position <br>statements can be found on **page [164](#i12c1279a81884a37aee9a5181c6fa279_748) and** <br>**Sustainability Resource Hub**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Enhanced due diligence**

Clients in-scope of the above mentioned

position statements are subject to enhanced

due diligence, via a detailed Sustainability

Enhanced Due Diligence (SEDD)

questionnaire, which is used to evaluate their

performance on a range of environmental

and social issues and may be supplemented

by a review of client policies/procedures,

further client engagement and adverse media

checks as appropriate. This review generates

an outcome based on alignment with

position statements and identified

environmental and social issues. The review

outcome determines whether further review

by the Environmental and Social Risk

Management (ESRM) team within Group

Sustainability is required, Client engagement

may be undertaken as part of the periodic

review cycle (either annual or biennial). We

follow a risk-based approach where certain

clients require further risk assessment prior to

execution of transactions.

We undertook 770 (2024:775) reviews in

2025, being a combination of client reviews

and individual transaction reviews per sector

detailed below.

---

| | | |
|:---|:---|:---|
| **Sector** | **2025** | **2024** |
| Agriculture | **12** | 26 |
| Commodity Traders | **7** | 6 |
| Defence,<br>Aerospace & Security<br>| **490** | 426 |
| Infrastructure | **5** | 0 |
| Manufacturing | **5** | 1 |
| Metals & Mining | **23** | 26 |
| Oil & Gas | **89** | 106 |
| Paper & Forestry | **12** | 14 |
| Power & Utilities  | **113** | 128 |
| Other | **14** | 42 |
| **Total** | **770** | 775 |

---

**Engagement**

As part of our management of

environmental and social impacts, we may

require further client engagement in relation

to the specific environmental and social

issues that we have identified as part of our

SEDD process.

We have used this engagement as an

opportunity to gain a more detailed

understanding of the risks and challenges

that the client is facing and to better

understand any climate transition plan that

they may have.

**Escalation and decision-making**

We assess the risk of client relationships,

and associated transactions, through SEDD,

and escalate to the relevant business unit

review committee (e.g. IB Sustainability

Review Committee, BBPLC Transaction

Review Committee), where appropriate, for

consideration and, if transaction-related, a

decision on whether to proceed. Business

unit review committees comprise of business

management and representatives from the

control functions, including Reputation

Risk.

Should the front office business team or the

ESRM team believe the issues are

sufficiently material and the front office

business team wish to proceed, these clients/

relationships would be escalated to the

Group Reputation Risk Committee (GRRC)

for more senior consideration and decision.

GRRC includes representation from the

Group Executive Committee.

These Committees may make the following

determinations:

• approve the transaction or relationship;

• reject the transaction or relationship;

• approve the transaction or relationship

subject to prescribed modifications; and

• escalate the review of the transaction or

relationship to the Barclays Group CEO.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details about the roles of these <br>Committees and their activities during 2025 <br>are set out on **pages** [160](#i12c1279a81884a37aee9a5181c6fa279_664) **and** [161](#i12c1279a81884a37aee9a5181c6fa279_703)**.**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 164 |
|  |  |  |  |  |  |  |  | 164 |

---

Other Governance (continued)

**Equator Principles**

For project finance, we conduct assessments

for environmental and social risks and impacts

in line with the Equator Principles including,

where appropriate, relevant International

Finance Corporation (IFC) Performance

Standards. Barclays categorises projects based

on their risk and impact profile per Equator

Principles guidance and will conduct

commensurate due diligence (often with the

support of an independent consultant) and will

work with the client to address any material

identified gaps. Barclays was one of the four

banks that contributed to developing the

Principles ahead of their launch in 2003.

During 2025, 11 transactions (2024: six

transactions) reached financial close and were

reviewed for environmental and social risks

and impacts under the scope of the Equator

Principles.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details can be found at: **equator-**<br>**principles.com/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Equator Principles transactions in 2025**

---

| | | |
|:---|:---|:---|
|  | **Category** | **Category** |
| **Sector** | **A** | **B**<br>**C** |
| **Infrastructure** | **1** | **2** |
| **Power** | **2** | **6** |
| **Region** | **A** | **B**<br> **C** |
| **Americas** | **1** | **3** |
| **EMEA** | **2** | **5** |
| **Country designation** | **A** | **B**<br> **C** |
| **Designated** | **2** | **8** |
| **Non-designated** | **1** |  |
| **Independent review** | **A** | **B**<br> **C** |
| **Yes** | **3** | **8** |
| **No** |  |  |
| **Finance type** | **A** | **B**<br> **C** |
| **Project finance** | **3** | **8** |

---

**Category A:** Projects with potentially significant

adverse social or environmental risks and/or impacts

that are diverse, irreversible or unprecedented.

**Category B**: Projects with potentially limited adverse

social and environmental risks and/or impacts that

are few in number, generally site-specific, largely

reversible and readily

addressed through mitigation measures.

**Category C:** Projects with minimal or no social or

environmental risks and/or impacts.

**Sensitive sector and area** 

**position statements**

In addition to setting sector-specific

financed emissions reduction targets,

consistent with our Purpose and driven by

consideration of all relevant risks and other

factors, we have outlined our approach to

financing certain sensitive sectors and areas

in our position statements, each of which

contains various requirements and

expectations,taking into account regional

and jurisdictional considerations, and other

provisions relevant to how we apply them.

Our position statements are periodically

reviewed and updates considered in light of

the rapidly changing external environment,

including, for example, public policy, laws

and regulation, technological advancement,

geopolitical or regional developments.

Our approach is informed by engagement

with our stakeholders, including

shareholders, clients, subject specialists and

civil society groups.

Our Climate Change Statement sets out our

positions and approach to certain sensitive

sectors. In cases where clients are identified

as not meeting the non-mandatory

expectations and Barclays has an active

relationship with those clients, we encourage

them to adhere to these expectations; where

clients are unable or unwilling to do so over

time, we will review the relationship and

may reduce our support.

We believe we can best balance our climate

ambition, shareholder expectations and deliver

our strategy through working with clients on

their transition (including using tools such as

SEDD and Client Transition Framework

(CTF)), as well as financing clients'

transition and scaling climate technology.

Reflecting society's need for available and

affordable energy, we also remain a

significant provider of capital to the

conventional energy and power sector.

Financing for clients in this sector is

managed in line with Barclays' risk appetite,

with decisions informed by transition

progress, commercial returns, client

engagement and market realities.

Barclays' approach recognises that energy

security and transition progress must advance

in parallel and that continued investment in

both is critical to meeting evolving client needs

and supporting economic stability.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details on Sustainability Enhanced <br>Due Diligence can be found on **page** [163](#i12c1279a81884a37aee9a5181c6fa279_736)<br>and Client Transition Framework on **page** <br>[39](#i12c1279a81884a37aee9a5181c6fa279_271)**.**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Long-lead expansion policy exceptions**

The combined number and aggregate value

of new financing or renewal of existing

financing granted by exception in 2025

under the Non-diversified Group restriction

in the Climate Change Statement is detailed

below.

---

| | |
|:---|:---|
| **Non-diversified Groups, Exceptions** <br>**Granted**<br>| **Total** |
| Client Groups | **2** |
| Financing Transaction Count | **4** |
| Financing Transaction Value (£m) | **377** |

---

We will keep our policies, targets and

progress under review in light of the output

of both SEDD and CTF reviews, the

evolving landscape and the need to support

governments and clients, in our efforts to

meet our ambition to be a net zero bank by

2050. Additional positions and approaches to

financing sensitive sectors and areas are set

out in our position statements relating to

Forestry and Agricultural Commodities,

Protected Areas and Defence and Security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 165 |
|  |  |  |  |  |  |  |  | 165 |

---

Other Governance (continued)

---

| |
|:---|
| **Human rights** |
| **Barclays is continuing to develop and** <br>**enhance our approach to respecting** <br>**human rights.**<br>|

---

The Barclays Group Statement on Human

Rights, updated in 2024, reiterates our

commitment to respecting human rights as

defined in the International Bill of Human

Rights and the International Labour

Organization's (ILO) Declaration on

Fundamental Principles and Rights at Work.

Our approach is guided by the UN Guiding

Principles on Business and Human Rights

(UNGPs) and the OECD Guidelines for

Multinational Enterprises on Responsible

Business Conduct.

In 2025, Barclays continued to develop its

overall approach to human rights by

delivering training to various businesses and

functions across the Group, strengthening

our due diligence screening processes, and

increasing engagement with our clients on

human rights risks.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further information of our management <br>of environmental and social impacts in our <br>lending please see **page** [163](#i12c1279a81884a37aee9a5181c6fa279_727).<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Corporate culture**

We continue to work to build our colleagues'

understanding of human rights risk and

responsibilities. In 2025, Group

Sustainability delivered 15 human rights

trainings across the Group. For example, we

supported frontline bankers to better

understand human rights risks and potential

leverage opportunities in specific high-risk

sectors.

We also trained specific Risk functions, such

as Financial Crime and Business Banking

Client Risk Assessment, to empower

colleagues to better identify human rights

risk.

**Saliency assessments** 

In 2025, we initiated human rights saliency

assessments across all five business

divisions, namely the Investment Bank (IB),

Barclays UK (BUK), UK Corporate Bank

(UKCB), Private Bank and Wealth

Management (PBWM), and US Consumer

Bank (USCB), as well as Human Resources.

We have undertaken these assessments with

specialist external human rights support. We

are in the process of concluding the outputs

of this assessment and will aim to develop

an action plan in response to these

conclusions in 2026.

**Policies and enhanced** 

**due diligence**

We continue to monitor external

developments and review our approach to

human rights due diligence accordingly.

Our sustainability-related risk approach

currently includes SEDD for clients in-

scope of the Climate Change, Forestry and

Agricultural Commodities, Protected Areas,

and Defence and Security Statements (please

see 'Managing environmental and social

impacts' on page [163](#i12c1279a81884a37aee9a5181c6fa279_727) for further

information). Where the SEDD process

identifies a potential human rights issue, the

client will be referred to the Environmental

and Social Risk Management team for

additional review.

During 2025, we continued to strengthen our

approach to Equator Principles due

diligence. Our project finance volumes in

scope of the Equator Principles have grown

and we recognise this activity as a driver of

potential social and human rights risk. As

part of this, we have increased engagement

with clients around risks and impacts. This

included undertaking a site visit to a project

with a heightened risk profile, directly

engaging management teams during due

diligence to assess whether risks were being

managed appropriately, and providing

guidance on strengthening impact

management.

For example, Barclays provided financing

for an infrastructure project. During due

diligence, Group Sustainability identified

potential human rights and social risks

associated with the project. We had

extensive engagement with the client on

these risks and worked collaboratively with

the client, the deal teams, and other

financiers in further strengthening the

management of the risks and progressing

towards alignment with IFC Performance

Standards, including around stakeholder

engagement and land acquisition.

This included providing detailed feedback

on resettlement action plans and livelihood

restoration. As the final step in our due

diligence process, representatives from the

deal team and Group Sustainability jointly

engaged directly on the ground with local

community leaders, impacted residents, and

the project's environmental and site

management teams. These conversations

helped us to understand whether social and

human rights risks were being appropriately

managed.

![Focus areas for progress.gif](bcs-20251231_g164.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focus areas for progress** | **Focus areas for progress** | **Focus areas for progress** | **Focus areas for progress** | **Focus areas for progress** |
| **Corporate culture** | **Saliency** <br>**assessments**<br>| **Policies**<br>**and EDD**<br>| **Just**<br>**transition**<br>| **Remedy** |
| **Strengthen a** <br>**culture of respect** <br>**for human rights** <br>•Build capacity to <br>support colleagues' <br>understanding of <br>human rights risks <br>and responsibilities<br>| **Identify salient issues** <br>**beyond corporate** <br>**and investment bank** <br>**financing portfolios** <br>•Extend saliency <br>assessment to other <br>areas of the bank, <br>looking to engage <br>with internal and <br>external stakeholders<br>| **Enhance sustainability** <br>**policies and due** <br>**diligence to reflect salient** <br>**issues for corporate and** <br>**investment bank** <br>**financing portfolios** <br>•Review existing <br>sustainability policies <br>and EDD and work to <br>integrate salient issues <br>•Evolve our approach to <br>engaging with clients <br>when responding to <br>salient issues <br>| **Support a transition to** <br>**a low-carbon economy** <br>**which accounts for** <br>**the societal risks as well** <br>**as the opportunities**<br>•Continue industry <br>engagement to help <br>shape the definition and <br>implementation of a just <br>transition <br>| **Develop our approach** <br>**to remedy**<br>•Explore approach <br>to remedy in <br>engagement with clients <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 166 |
|  |  |  |  |  |  |  |  | 166 |

---

Other Governance (continued)

**Just transition**

Barclays aims to contribute to a just

transition that seeks to manage the negative

societal impacts of the transition on people,

maximise socio-economic opportunities for

people, and engage with affected people on

these impacts and opportunities. In pursuing

this aim, Barclays seeks to consider its

stakeholders, including its workers,

communities, customers, and supply chains.

Barclays is committed to respecting the

rights of people and communities in the

context of the transition.

We continued our involvement in the

Aberdeen Just Transition Collaboration with

Aberdeen City Council, BP, Shell UK, and

SSE, which is exploring ways to support a

just energy transition for local communities

and workers. In 2025, the collaboration

appointed a third-party partner to take this

work forward.

In 2025, Barclays also continued

engagement to help shape development of a

just transition approach for the financial

sector. For example, we continued our

engagement with the LSE Just Transition

Finance Lab, of which we are a founding

funder. We co-hosted a roundtable with the

lab exploring 'Gridlock or Greenlight? The

impact of social risks to the cost and pace of

the energy transition'. The event brought

together participants from financial

institutions, real-economy companies, and

civil society to explore how effective

management of these risks can preserve

commercial value, mitigate impacts, and

maximise opportunities for people to

achieve win-win outcomes for communities

and businesses as clean energy and grid

infrastructure scale.

Throughout 2025, we also actively engaged

with peers on how financial institutions can

advance a just transition, leading a session at

Thun Group on what a just transition means

for banks and how this connects with other

human rights and labour risks,

**Remedy** 

We continue to reflect on the financial

sector's approach to remedy, including how

considerations of remedy can be

incorporated into our human rights due

diligence and engagement with clients.

**Modern slavery and human rights** 

**in our supply chain**

We take the following steps with an intent to

identify, assess and manage the risk of

modern slavery and other adverse human

rights impacts in our supply chain.

**Risk assessments**

We continue to assess the inherent risk of

modern slavery across Barclays' TPSPs, as

outlined in our Barclays Group Statement on

Modern Slavery.

It remains challenging to identify the

inherent risk of modern slavery beyond Tier

1 of our supply chain. To strengthen our

approach, in 2025, we started to integrate

human rights and modern slavery risk-

related questions into our procurement

sourcing workflow, informed by our 2024

supply chain human rights saliency

assessment<sup>1</sup>.

We evaluate responses to this process to

determine whether due diligence is required.

**Management of modern slavery and** 

**adverse human rights risk**

We aim to embed modern slavery and

broader human rights considerations into our

procurement processes through:

• General contract terms, which can be

subject to negotiation, contain obligations

on TPSPs to respect human rights, and to

implement reasonable due diligence

procedures to help identify, prevent,

minimise and/or mitigate modern slavery

and human trafficking in TPSPs'

operations or supply chain delivering

products or services to Barclays.

• TPSP CoC, which sets our expectations

on:

• freely chosen employment,

• avoidance of child labour,

• avoidance of discrimination,

harassment and abuse,

• worker freedom of association and

collective bargaining,

• workplace arrangements, working

conditions and third-party employment

agencies,

• wages and benefits,

• occupational health and safety,

• grievances and whistleblowing, and

• privacy of workers.

**Ongoing TPSP due diligence** 

**and engagement** 

In 2025, we continued to ask TPSPs

identified for due diligence to register with

Sedex<sup>2</sup> and complete a self-assessment

questionnaire (SAQ), to allow us to gain

insights into their business practices, policies

and working conditions. The SAQ questions

are framed on the ETI Base Code

methodology<sup>3</sup>. Additionally, we have access

to SMETA<sup>4</sup> reports for TPSPs registered

with Sedex, which we plan to use, along

with the SAQs to understand how TPSPs

respond to findings raised.

**Assessing the effectiveness** 

**of our actions**

We had an ambition for our TPSPs making

up 70% of our addressable spend<sup>5</sup> to have a

modern slavery policy or standard in place by

end of 2025. In 2025, 74%<sup>6</sup> of our TPSPs had

a modern slavery policy or standard in place,

exceeding our ambition. In 2026, we aim to

review our approach to modern slavery-

related supply chain metrics. Further

information on our approach can be found in

our Barclays Group Statement on Modern

Slavery.

**Notes:**

1Refer to page 249 of Barclays PLC Annual

Report 2024 to find out more on our supply chain

human rights saliency assessment.

2Sedex (Supplier Ethical Data Exchange) is a

global technology company that specialises in

data, insights and professional services to

empower supply chain sustainability. Their

platform, tools and services enable businesses to

easily manage supplier sustainability risks and

improve on their social, environmental and

ethical performance.

3The Ethical Trading Initiative (ETI) Base Code is

founded on the ILO Conventions, and includes

assessment of all key labour exploitation and

child labour indicators, such as freely chosen

employment and no harsh or inhumane treatment

of workers.

4SMETA (Sedex Members Ethical Trading Audit)

methodology assesses the audited site against the

ETI Base Code, the standards of the ILO

Conventions and local law. The ILO Conventions

set out basic principles and rights at work.

5Addressable spend is a subset of external costs

incurred by Barclays in the normal course of

business where Procurement has oversight over

spend. It excludes costs such as regulatory fines

or charges, exchange fees, taxation, employee

expenses or litigation costs and property rent.

6We measure our performance by verifying the

percentage of managed TPSPs (by addressable

spend) that have self-certified to having: (i) a

standalone Modern Slavery Policy and related

Standards or; (ii) hold the Modern Slavery BS

25700:2022 Standard or; (iii) insert Modern

Slavery considerations into relevant policies, e.g.

Human Resources, Hiring of Workers, Supply

Chain. The 2025 key performance indicator is

based on supply chain data extracted on 14

January 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 167 |
|  |  |  |  |  |  |  |  | 167 |

---

Other Governance (continued)

---

| |
|:---|
| **Supporting our supply chain** |
| **With approximately 7,100 companies** <br>**from across 30 countries providing** <br>**goods and/or services to Barclays, our** <br>**supply chain helps our businesses** <br>**deliver for our customers, clients and** <br>**colleagues.**<br>|

---

The Barclays Group engages with Third-

Party Service Providers (TPSPs)<sup>1</sup>, seeking to

integrate sustainability considerations across

our supply chain.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Please see further details on our requirements <br>of our Third-Party Service Providers at:<br>**home.barclays/who-we-are/our-suppliers/**<br>**our-requirements-of-external-suppliers/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Third-Party Service Provider** 

**operational and reputational risk** 

**management**

Barclays asks its TPSPs to (i) make

responsible decisions that, where relevant,

take our stakeholders' needs into account in

both the short and long term and (ii) to

comply with all applicable laws, rules and

regulations within the geographies in which

they operate.

Barclays' standard approach<sup>2</sup> to TPSP

onboarding and contract renewal begins by

assessing the inherent risk associated with

the goods and/or services being provided in-

line with Barclays' TPSP risk assessment

process. TPSPs that are assessed as being

above a low risk of exposure from a

business risk perspective are subject to

Barclays' Supplier Control Obligations

(SCOs). Prior to contractual agreement and

service go-live, these TPSPs are required to

confirm adherence to the SCOs (subject to

negotiation) and the TPSP CoC.

TPSPs to whom the SCOs apply will be

actively managed and subject to controls

assurance on an annual basis to assess

whether the control requirements and

expectations outlined within the TPSP CoC

are being met. Where TPSPs are unable to

meet our expectations defined within the

SCOs and the TPSP CoC, the issue will be

managed, as appropriate, in-line with

Barclays' Issue Management Standard.The

TPSP CoC and SCOs are published on the

Barclays public website for all new and

existing TPSPs to view and are refreshed at

least annually to help ensure Barclays'

expectations continue to be met.

**Payment on time**

Prompt payment is critical to the cash flow

of every business, and especially to smaller

businesses within the supply chain as cash

flow issues are a major contributor to

business failure. We aim to pay our TPSPs

within clearly defined terms, and to help

ensure there is a proper process for dealing

with any issues that may arise. We measure

prompt payment globally by calculating the

percentage of TPSP spend paid within 45

days following invoice date. The

measurement applies against all invoices by

value over a three-month rolling average

period for all entities where invoices are

managed centrally. At the end of 2025, we

achieved 94% on-time payments to our

TPSPs, continuing to exceed our public

commitment to annually pay 85% of TPSPs

on time (by invoice value).

Barclays continues to enhance its processes

to improve faster payments to its TPSPs.

Through these efforts and its reporting

obligation under UK legislation, Barclays

PLC and its subsidiaries have for the second

consecutive year received the

GoodBusinessPays Fast Payer Award,

supported by the UK Department of

Business & Trade.

**Our supplier ecosystem**

At Barclays, we continue to engage with

suppliers of varying size<sup>3</sup> and mission<sup>4</sup>,with

the intent to build stronger value driven

partnerships that deliver innovative solutions

and enhance outcomes for our customers

and clients.

We expect our TPSPs to support our efforts

to build a robust supply chain by recruiting,

utilising and developing businesses of

varying size and mission.

**Notes:**

1TPSP means any entity that has entered into an

arrangement with Barclays in order to provide

business functions, activities, goods and/or

services to Barclays.

2Where financial institutions and market

counterparties provide services to Barclays, the

nature of the services leveraged may require an

alternate onboarding approach and as such some

control expectations may not be applicable. This

is assessed at the point of onboarding.

3Size: micro, small, and medium-sized enterprises

where revenue and/or employment eligibility

limits are defined by the local country standards.

4Mission: for- profit businesses aiming to achieve

local, social and environmental goals (i.e. Social

Enterprises and B Corp businesses)

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Please see further details on our climate <br>change initiatives in our supply chain within <br>our Achieving net zero operations section <br>from **page** [58](#i12c1279a81884a37aee9a5181c6fa279_400) within the[Climate and](#i12c1279a81884a37aee9a5181c6fa279_223)<br>[Sustainability report](#i12c1279a81884a37aee9a5181c6fa279_223)**.**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 168 |
|  |  |  |  |  |  |  |  | 168 |

---

Other Governance (continued)

**Supporting our retail customers** 

**Supporting customers** 

**through Barclays UK**

Barclays has a large retail presence in the

UK, offering a wide range of products and

services to more than 20 million customers

through Barclays UK.

**Access to banking**

Customers are looking for more convenient,

simpler ways to bank that fit their lives,

including banking digitally: we have over 13

million digitally active customers. We are

continuing to help deliver these solutions at

pace.

Alongside our investment in technology

enabling digital customers to access tools

and products whenever they need them, we

are transforming our physical locations

across the UK with a view to ensuring that

customers can still access banking face to

face when customers need us.

We are committed to ensuring all our

customers have the access to cash they need.

In 2025 we have continued to collaborate

with other banks, the Post Office and LINK

through our new Joint Venture Cash Access

UK Ltd, extending our network of Banking

Hubs and shared cash deposit solutions

across the UK. We are more than halfway

towards our joint commitment to open 350

Banking Hubs over the course of this

parliament, with 204 Shared Banking Hubs

opened by the end of the year and where we

maintain the highest face-to-face presence of

any high street bank each week.

We also recognise the importance of our

traditional branches to provide access to

banking services; we are now halfway

through the rollout of next generation 'Smart

ATMs' and are on track to complete this

transformation in 2026. These devices offer

full account servicing capability, which can

now be accessed through our banking app,

as well as via card. Nearly all our branches

now have these machines externally too,

meaning customers have greater access to

their accounts via our branch channel.

Recognising the shared challenge of digital

inclusion, we have welcomed the UK

Government's strategy on Financial

Inclusion, and are proud to be partnering

with other banks, broadcasters and

telecommunication firms to agree how we

can work together to improve digital

outcomes for all.

Alongside these changes, we are investing in

multi-skilled training for our colleagues, so

they are better able to serve customers in

ways that meet their needs today as well as

breaking down internal barriers to enable

quicker resolution of customer queries.

**Economic crime and scams**

We take our responsibility to protect our

customers' money very seriously and are proud

to have one of the lowest scam rates and

highest reimbursement rates in the industry<sup>1</sup>.

This is due to our continued investment in

robust security systems and our established

programme to educate customers and reduce

the likelihood of them falling victim to scams.

We have a dedicated Fraud and Scams hub

on the Barclays website, which hosts a

variety of content and resources to help the

public learn how to keep themselves safe.

Additionally, for each of the 450 million+<sup>2</sup>

payments our UK customers make every

month, our fraud detection systems and

machine learning models help detect in less

than a second if it is likely to be a fraudster

rather than the customer, or if our customer

appears at risk of being scammed. If the

transaction appears as risky, the customer is

presented with additional checks prior to the

payment being released.

We continue to invest in security features

aimed at providing protection against fraud

and scams, including 'App ID', which

allows customers to verify that they are

speaking to a Barclays colleague and not an

impersonator.

We are also part of the 'Do not originate'

scheme, created in partnership with the

telecommunications industry, UK Finance

and Ofcom, aimed at preventing our most

common inbound helpline phone numbers

from being used in a scam.

We are committed to providing measures

that help prevent Authorised Push Payment

(APP) scams taking place and building

increased consumer protection standards for

customers through both the UK Payment

Systems Regulator's (PSR) new APP Scam

Regulations that came into effect in October

2024 and the previous Contingent

Reimbursement Model code.

We are a founding member of Stop Scams

UK, a cross-industry group made up of

banks, telecoms and tech firms that have

come together to seek to put an end to scams

by collaborating, sharing best practices and

engaging with the government and

regulators to make it harder for scammers to

operate.

We have published a series of policy

recommendations to tackle the spread

of scams.

**Notes:**

1The PSR's latest report covering 2023 includes

the UK's 14 largest banking groups, along with

the data for 11 other smaller firms that were in

the top 20 highest receivers of fraud.

2450 million + payments covers all retail/ card

transactions and payments across all product

types.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Frontier Economics report on Tackling Fraud <br>and Scams: **home.barclays/news/press-**<br>**releases/2023/08/eight-in-ten-brits-feel-**<br>**unsafe-on-social-media-due-to-scammers/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Digital accessibility**

Digital services and workplace tools must be

designed and developed to be easy to see,

hear, understand and use for all customers

and colleagues, including people with

disabilities. There are legal obligations

under national and international laws and

regulations, alongside a moral duty to ensure

that people with disabilities are not left out

or left behind from using our digital

services.

All digital services and content must comply

with our Barclays digital accessibility

standards. These standards align to the

minimum conformance of the Web Content

Accessibility Guidelines (WCAG) v2.2 AA

level and apply to both internal projects as

well as external suppliers.

We have invested in accessibility training,

tooling and specialists to help embed

accessibility at scale along with effective

governance and oversight to meet increased

regulations.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The Barclays Accessibility Statement<br>**barclays.co.uk/who-we-are/our-suppliers/**<br>**our-requirements-of-external-suppliers/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 169 |
|  |  |  |  |  |  |  |  | 169 |

---

Other Governance (continued)

**Building financial wellbeing**

As part of our aim to deliver a world-class

money management experience and help

money work for our customers, particularly

with a focus on driving financial confidence,

we are delivering more educational content

on managing their money at all life stages.

We are providing knowledge and expertise

through our colleagues, including helping

customers to use our digital platforms via

the Digital Wings Platform. The Barclays

Money Management Hub gives us the

ability to provide proactive money

management information directly to

customers, giving them a better grasp on

their spending behaviours and steps they can

take to improve their financial wellbeing and

gain greater control over their finances.

We also have a range of early intervention

strategies which aim to support customers

whose account behaviours may be showing

signs of lacking financial resilience. These

strategies largely focus on proactive

communication with the customer, based on

sets of customer behavioural triggers, and

look to support customers to help them

maintain or regain control of their finances.

Where customers engage with these contact

strategies, our Barclays Financial Assistance

colleagues provide broad money

management advice and, where appropriate,

may suggest a range of solutions to manage

their financial situation. This suite of

solutions includes forbearance and non-

forbearance options.

**Gambling**

At Barclays, we recognise that gambling and

financial difficulty can sometimes go hand in

hand, and asking for help isn't always easy.

That's why we've invested in dedicated

training for our customer-facing colleagues,

equipping them to spot the signs and provide

meaningful support. For customers who need

extra help, our Specialist Colleagues are

ready to handle sensitive conversations with

care and guide them towards trusted charities

and organisations for further assistance.

Through the Barclays app, customers now

receive personalised insights and gentle

nudges designed to help them stay in control

of their spending. These include

notifications when gambling transactions

increase, prompts to review spending

patterns, and easy access to tools that can

help set limits or block gambling payments.

We seek to help empower customers with

timely, practical support before issues

escalate.

Barclays is also participating in the Money

Mental Health Policy Institute Gambling

Harms Action Labs, a cross-bank initiative

aimed at reducing gambling-related financial

and mental health harms. Our involvement

focuses on collaborative innovation,

customer empowerment, and data-driven

solutions to strengthen protections and

support for vulnerable customers.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details can be found at: <br>**barclays.co.uk/gambling-support/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Domestic abuse**

We are committed to supporting customers

affected by domestic abuse. Through our

ongoing partnership with Refuge – the UK's

largest domestic abuse service provider – we

help connect those impacted to specialist

advice and practical support. This includes

assisting survivors with opening bank

accounts and accessing essential banking

services, even when standard documentation

isn't available. We're proud to remain a

signatory to the UK Finance Domestic

Abuse Code of Practice, which sets out how

banks and building societies should protect

and empower customers who are survivors

of economic or financial abuse.

**Homelessness**

We continue to support customers who face

challenges providing standard

documentation – including those

experiencing homelessness – by helping

them open a basic current account. This

ensures access to essential banking services,

which can be a vital step towards financial

stability and independence.

Our approach includes working with trusted

charities and local organisations to verify

identity where traditional documents aren't

available, and providing guidance to make

the process as simple and stress-free as

possible. By removing barriers, we seek to

help give everyone the opportunity to

manage their money safely and securely.

**Bereavement**

Throughout 2025, we have continued to try

to make this extremely difficult time in

people's lives a little easier. Our programme

of work to enhance the customer experience

has included: launching a digital settlement

form to help customers stay in their channel

of choice, and delivering a series of webpage

and communication enhancements to make

it easier to navigate and understand

information.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details can be found at: <br>**barclays.co.uk/what-to-do-when-someone-**<br>**dies/notify-us/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Authorised users**

The Authorised User feature gives

customers the ability to manage their current

account with the help of a trusted person in

their life. Whether they need someone to

spend on their behalf or help managing their

finances, customers have access to a reliable

and accessible tool, at no additional cost.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further details can be found at: <br>**barclays.co.uk/ways-to-bank/authorised-**<br>**users/manage-account/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Specialist support team**

In 2025, circa 34,000 Barclays UK

colleagues completed the mandatory

Customers in Vulnerable Circumstances

annual eLearning module. This training

strengthens awareness and understanding of

vulnerability across both frontline and head

office teams. We have also continued to

deliver dedicated vulnerability induction

training for new colleagues, ensuring they

are equipped to identify and support

customers who may be vulnerable or

experiencing significant life events.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 170 |
|  |  |  |  |  |  |  |  | 170 |

---

Other Governance (continued)

**Accessibility & Vulnerability** 

**(A&V) Framework**

---

| |
|:---|
| 2025 |
| 2024 |
| 2023 |

---

In 2025, Barclays continued to enhance its

Accessibility & Vulnerability Framework to

help ensure equitable and inclusive service

for all customers. Key developments

include: streamlining colleague processes by

automating the Alternative Format journey,

reducing it from a two-step process to a

single step for greater efficiency; and

enhancing customer experience by

introducing a search functionality within the

digital journeys and prioritising adjustments

to help customers disclose themselves.

These improvements help ensure both

colleagues and customers benefit from a

more seamless and supportive journey when

managing vulnerable circumstances.

**Barclays UK Performance** 

**Framework** 

The Framework seeks to mitigate the risks

of inappropriate performance management

practices, including by (among other things)

seeking to ensure there is no undue pressure

on colleagues to sell products, which can

result in mis-selling. The Performance

Framework operates controls to provide

insight and subsequent oversight that the

business is operating aligned to the

expectations set out in the Performance

Framework Policy Standards.

**Basic current account**

Since 2015, we have been offering our basic

current account to individuals who may not

be eligible for a standard account to access

banking, including over the counter services,

access to ATMs, and digital banking and

free text alerts to manage finances. There

were over 590,000 Barclays basic current

accounts open at the end of December

2025<sup>1</sup>.

Access to a transactional bank account

enables consumers to benefit from bill

reductions through paying by direct debit

and access to cheaper goods and services on

the internet, to help them along their

financial journey. If their circumstances

change, customers on the basic current

account are able to apply for a standard

Barclays Current Account at any time.

Periodically we also review accounts to

upgrade customers from basic current

account to Barclays Bank Account where

eligible.

**Number of basic current accounts**<br>

![12906](bcs-20251231_g165.gif)

**Note:**

1In 2025, we upgraded more than 39,000

customers from our Barclays Basic Bank

Account to our Barclays Bank Account.

**Barclays' mortgages**

**and first-time buyers**

2025 saw a continued reduction in the rate

environment with multiple Bank of England

Base Rate decreases, leading to mortgage

rates decreasing – reducing the impact to

customers who are rolling off longer-term

fixed rates, however, we recognise for some

this can still create a rate shock and we seek

to continue to supporting these customers,

whether through our standard lending policy

or under the Mortgage Charter.

We remain focused on supporting those

buying their first home. This year saw us

launch 95% Loan-to-Value lending outside

of the Mortgage Guarantee Scheme to

support first-time buyers, along with a

number of changes following the FCA Rules

Clarification around stress testing and other

policy changes aimed at responsibly

increasing the borrowing power of

customers. In 2025, we have helped over

50,000 first-time buyer customers

accounting for approximately 35% of our

gross lending.

**Financial inclusion in our US** 

**consumer business**

The Community Reinvestment Act (CRA) is

a US federal law designed to encourage

financial institutions to help meet the needs

of borrowers in all segments of their

communities, including low and moderate-

income neighbourhoods. Barclays meets the

CRA requirement by supporting and

investing in local Community Development

Financial Institutions (CDFIs), small-

medium businesses and non-profits.

The success of CDFIs, small-medium

businesses and non-profits are key to a

thriving community. Barclays has

predefined goals with specific performance

targets that we must meet each year in order

to be considered in compliance with CRA

guidelines. Barclays has met its CRA goals

for 2025, evidencing that we are continuing

to invest in the communities where we live,

work and serve.

Barclays Bank Delaware (BBDE), including

Barclays US Consumer Bank (USCB), is

committed to fair and equitable treatment of

all prospective and existing customers

without regard to race, sex, colour, national

origin, religion, age, marital status,

disability, sexual orientation, military status,

gender identity, familial status, Limited

English Proficiency, receipt of public

assistance income, and good faith exercise

of rights under the Consumer Credit

Protection Act.

We place a high priority on fair treatment of

prospective and existing customers by

BBDE and maintain diligent oversight of

business practices and processes to ensure

fairness. We also believe our commitment to

fair lending and fair treatment principles and

practices aligns with Barclays' core Values

of Respect, Integrity, Service, Excellence,

and Stewardship. We strive to develop long-

term relationships by providing products and

services that meet prospective and existing

customer needs, avoid causing poor

outcomes for, or harm to, customers, clients

and markets arising from the delivery of the

firm's products and services, and place our

prospective and existing customers' interests

at the heart of our strategy, planning, and

decision-making processes.

No form of illegal discrimination will be

tolerated at BBDE or USCB and we

recognise that only through the efforts of all

colleagues can we ensure that all prospective

and existing customers receive fair and

equitable treatment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 171 |
|  |  |  |  |  |  |  |  | 171 |

---

Other Governance (continued)

**The Barclays Way**

The Barclays Way is our Code of Conduct. Together with

our policies and practices, this provides a clear path towards

achieving a positive and dynamic culture within the Group.

Our commitment to being a responsible

business includes seeking to ensure that:

• we conduct ourselves in line with The

Barclays Way, our Code of Conduct, to

create the best possible working

environment for our colleagues;

• we treat our customers fairly and the

products and services we deliver are

transparent and responsible;

• we operate in line with relevant laws and

regulations including those applicable to

financial crime; and

• we safeguard the data that has been

entrusted to us.

Our Code of Conduct reflects the trust that

millions of people place in us every day. We

know that trust is earned by repeatedly doing

the right thing. We believe the best way to

build that trust is to invest in our culture and

support our people in the choices they make

every day, with guidance and policies that

help them do this.

That starts with our Purpose, Values and

Mindset, and is locked into our organisation

through The Barclays Way, the touchstone

for everyone in Barclays on the standard of

conduct we expect, setting an unequivocal

tone from the top about who we are and

what we stand for.

The Barclays Way governs our way of

working across our business globally. It

constitutes a reference point covering all

aspects of colleagues' working relationships,

specifically but not exclusively with other

Barclays employees, customers and clients,

governments, regulators, business partners,

suppliers, competitors and the broader

community.

It is aligned to the Code of Professional

Conduct, published by the Chartered Banker

Professional Standards Board, which sets

out the ethical and professional attitudes and

behaviours expected of bankers. Barclays

subscribes to this code and is committed to

embedding its broad principles into our

business.

The Barclays Way includes information and

guidance on how employees are expected to

behave and take personal accountability for

making decisions. We apply a range of

criteria, aimed at building a sustainable,

strong and profitable business for the long

term and adding value to our business

relationships and the broader communities in

which we live and work. We provide

guidance across all key stakeholder groups,

including in relation to servicing our

---

| |
|:---|
| 2025 |
| 2024 |

---

customers and clients, promoting respect,

inclusion and performance in the workplace

and maintaining strong governance, robust

***" The Barclays Way is intrinsic***

***to the trust that millions of***

***customers, clients, other***

***stakeholders and shareholders,***

***place in us every day. That trust***

***is earned by consistently***

***delivering to the highest***

***standard, investing in our***

***culture, and supporting our***

***people to thrive at work."***

controls and strict ethical standards.

The Barclays Way also includes advice and

guidance on speaking up and raising

concerns. It is important for the success of

Barclays, and for the safety and wellbeing of

our customers, clients and colleagues, that

we encourage a culture that supports

speaking up when things aren't as they

should be. All colleagues are required to

undertake training on The Barclays Way.

We know that our success is measured not

only by our commercial performance, but

also by our contribution to society and the

way we work together for a better financial

future for all our stakeholders. We are

focused on the areas where we can have the

greatest long-term impact: investing in our

communities; managing the environmental

and social impacts of our business; and

working with our customers, clients and

communities as they navigate the

opportunities and challenges of the transition

to a low-carbon economy.

**Employee survey results**%<br>

**"I believe that my team and I do a good job** 

**of role modelling the Values every day"**

![3546](bcs-20251231_g166.gif)

**% of colleagues completing mandatory** <br>**training on The Barclays Way**<br>

100%

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The Barclays Way Code of Conduct is <br>available at**: home.barclays/citizenship/the-**<br>**way-we-do-business/code-of-conduct/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 172 |
|  |  |  |  |  |  |  |  | 172 |

---

Other Governance (continued)

**Whistleblowing**

We support a culture where colleagues feel safe to speak up.

At Barclays, we are committed to fostering a

culture where colleagues feel safe and

empowered to speak up. We strive to

provide a respectful and inclusive

environment, encouraging all colleagues to

raise concerns about actions or behaviours

that do not align with our Values.

According to the Autumn 2025 Your View

survey, 81% of global respondents agreed

that it is 'safe to speak up' at Barclays.

Colleagues are encouraged to speak up

directly to their management, Compliance,

HR or Legal. For those who may not feel

comfortable using these channels, the

Raising Concerns process offers an

alternative, ensuring every concern is

carefully assessed and referred to the most

appropriate team for review and, where

appropriate, investigation. All concerns are

taken seriously, managed with sensitivity

and confidentiality, and information about

reporting channels is available both

internally and externally.

One key avenue via which concerns are

reviewed is the whistleblowing programme,

which is highlighted to colleagues globally

through annual mandatory training, via our

colleague intranet page and through

communications and awareness sessions.

Whistleblowing relates to concerns that are

in the wider public interest, including

breaches of policy, law, regulation, or any

behaviour that could harm the Group's

reputation or financial wellbeing.

Concerns assessed by Raising Concerns as

whistleblowing are directed to a dedicated,

impartial team within the Compliance

function. All whistleblowing concerns are

taken seriously, and robust controls are in

place to protect the confidentiality and

identity of whistleblowers. Barclays

**1. Breach of controls, process or other**<br>

maintains a zero-tolerance approach to

retaliation against whistleblowers or anyone

providing information as part of an

**2. Retaliation**<br>

investigation. Any act of retaliation may

result in disciplinary action, up to and

including dismissal.

**3. Breach of policy**<br>

In 2025, the whistleblowing team received a

total of 56 (2024: 69) whistleblowing

concerns, including 9 (2024: 15) retaliation

**4. Financial crime**<br>

concerns.

Of the whistleblowing concerns closed in

2025, 16% (2024: 22%) were found to have

some level of substantiation, and other

issues were identified in a further 33%

(2024: 19%). No retaliation concerns closed

in 2025 were substantiated. As a result of

whistleblowing investigations, 35 (2024: 57)

actions were implemented to address issues

identified, including recommendations to

enhance processes and controls.

Oversight of the whistleblowing programme

is provided by the Chair of the Group Board

Audit Committee, who serves as the Group

Whistleblowers' Champion, the Chair of the

Barclays Bank UK PLC (BBUKPLC) Board

Audit Committee, who serves as the

BBUKPLC Whistleblowers' Champion, and

---

| |
|:---|
| **Whistleblowing cases closed by region** |
| ![Whistleblowing_MAP.gif](bcs-20251231_g167.gif) |

---

![](bcs-20251231_g168.gif)

**EMEA**

![](bcs-20251231_g169.gif)

**Americas**

**cases closed**

**in 2025**

**Whistleblowing cases opened by (top 4) categories**<br>

![114](bcs-20251231_g170.gif)

theChair of the Barclays Capital Securities

Limited (BCSL) Board Audit Committee,

who serves as the BCSL Whistleblowers'

Champion<sup>1</sup>.

These Champions are responsible for

ensuring the integrity, independence and

effectiveness of the whistleblowing

programme, supported by periodic impartial

reviews and assurance of the whistleblowing

process.

Barclays is a member of Protect, the UK

whistleblowing charity.

**Note**:

1Barclays Capital Securities Limited (BCSL),

which is authorised as a PRA-designated

investment firm.

![](bcs-20251231_g171.gif)

**APAC**

**5. Other**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 173 |
|  |  |  |  |  |  |  |  | 173 |

---

Other Governance (continued)

**Tax**

Barclays supports a fair and transparent tax system.

***"***

***We were shortlisted for***

***the 2025 PwC Building Trust***

***Award for Tax Reporting in the***

***FTSE 350 (Multinationals)***

***Group."***

Barclays takes a responsible approach to tax.

We have strong governance and risk

management over tax risk and are

committed to transparency around tax.

We know that it is important for our

stakeholders, including our investors,

customers and clients, regulators and tax

authorities to understand our approach to tax

and the tax contributions we make in the

countries in which we operate.

Our success in being able to clearly explain

our approach to tax and understand what

matters to our stakeholders is reflected in

Barclays being one of three companies

shortlisted for the 2025 PwC Building Trust

Award for Tax Reporting in the FTSE 350

(Multinationals) Group. This award, for

which we have been shortlisted every year

since 2022 and which we won in 2023,

recognises the clear explanations that

companies provide about their tax affairs

and responsiveness to both stakeholder

interest and the continually changing tax

transparency landscape.

**Taxes paid globally**<br>

£3,261m

**Taxes paid globally in more detail**<br>(£m)<br>

![13](bcs-20251231_g172.gif)

**2025 total tax contribution**<br>

£7,182m

**Tax contribution**

We continue to make substantial tax

contributions across the jurisdictions in

which we operate, both in terms of taxes

paid and taxes collected. Our total tax

contribution for 2025 was £7,182m. This

includes taxes paid of £3,261m which

represent a cost to us, and taxes collected on

behalf of governments of £3,921m.

Barclays was ranked as the fifth-largest UK

taxpayer, in terms of taxes paid, in the most

recent PwC Total Tax Contribution survey

of the One Hundred Group ('100 Group').

The 100 Group represents members of the

FTSE 100 along with several large UK

private companies. Over the last decade we

have paid over £14bn of taxes in the UK

alone.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details, see our Country Snapshot <br>report at: **home.barclays/annualreport**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Approach to tax**

Barclays is driven by a common Purpose:

working together for a better financial

future. Our approach to taxation, also known

as our tax strategy, is aligned with this

Purpose as well as our Values of Respect,

Integrity, Service, Excellence and

Stewardship.

**Our approach to tax has three core** 

**objectives:**

• Responsible approach to tax;

• Effective interaction with tax authorities;

---

| | | |
|:---|:---|:---|
| A | Corporation tax <br>and withholding <br>taxes<br>| **1,393** |
| B | Employer payroll <br>taxes<br>| **835** |
| C | Irrecoverable <br>VAT<br>| **731** |
| D | Bank levy | **237** |
| E | Other taxes <br>including business <br>rates<br>| **65** |

---

and

• Transparency in relation to our tax affairs.

We manage our tax affairs in accordance

with our Tax Principles, Tax Code of

Conduct and HMRC's Code of Practice on

Taxation for Banks and aim to file our

returns on time and pay the correct amount

of tax. We make clear disclosures to tax

authorities and we are committed to only

dealing with customer and client assets that

have been appropriately declared to the

relevant tax authority.

We are also committed to being a leader in

tax transparency. We have published details

of the taxes we pay by country and our

approach to tax every year since 2013, and

have chosen to expand our external

publications such as the Country Snapshot.

Our Country Snapshot is publicly available,

sets out our approach to tax in detail,

including our Tax Principles, and is

reviewed and approved annually by the

Barclays PLC Board.

**Key highlights from our approach** 

**to tax include:**

• We follow clear Tax Principles that we

have published. These allow us to balance

the needs of our stakeholders and make

clear that tax planning must support

genuine commercial activity;

• As a result of this approach, transactions

which artificially transfer profits into a

low tax jurisdiction would not be

consistent with our Tax Principles;

• We seek to comply with the spirit as well

as the letter of the law and we take

account of established practice in the

territories in which we operate. We are

transparent in both the disclosure of our

tax affairs to tax authorities as well as our

tax reporting to other stakeholders; and

• We aim to comply with all of our tax

obligations in the territories in which we

operate and where there is uncertainty we

may seek external tax advice in order to

help ensure our tax filings are appropriate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 174 |
|  |  |  |  |  |  |  |  | 174 |

---

Other Governance (continued)

**Tax governance, control** 

**and risk management**

As a global systemically important bank, our

Group-wide risk and governance procedures

are subject to continuous review and

scrutiny. More details on our approach to tax

governance, control and risk management

can be found in our Country Snapshot, the

key highlights of which include:

• Our Board has ultimate responsibility for

tax matters and the Board Audit

Committee is responsible for overseeing

the Group's tax matters;

• At Barclays, risks are identified and

managed through our ERMF, which

supports the business in its aim to embed

effective risk management and a strong

risk management culture. Under the

ERMF all risks, including tax risk, are

managed in accordance with a 'three lines

of defence' model;

• As part of the 'first line of defence' the

tax department identifies and manages tax

risk by developing appropriate policies,

standards and controls to apply across our

organisation. Risk and Compliance

comprise the 'second line of defence', and

Barclays Internal Audit is the 'third line

of defence', and these functions review,

challenge and provide assurance to the

Board in relation to the effectiveness of

governance, risk management and

controls including those relating to tax

risk;

• We are subject to the Sarbanes-Oxley Act

2002 control requirements in relation to

financial statements disclosures including

those related to tax;

• Our tax department comprises

appropriately qualified in-house

professionals who are subject to clear

standards including that they uphold our

Tax Principles and follow our Tax Code

of Conduct, which is an integral part of

how we operate;

• Our governance requires that suitably

qualified people are involved in decisions

related to tax, tax is fully taken into

account when making business decisions

and tax risk is identified, assessed and

kept under review; and

• We have no tolerance for tax evasion,

have measures in place to prevent tax

evasion facilitation and have well-

established mechanisms for speaking up

about unethical or unlawful behaviour

through our raising concerns and

whistleblowing processes, which apply

equally to tax matters.

**Stakeholder engagement and** 

**management of uncertainties** 

**related to tax**

Our reputation is very important to us and

we take our external stakeholders'

expectations into account when we make

decisions in relation to our tax affairs. More

details on our approach to stakeholder

engagement and managing stakeholder

concerns related to tax can be found in our

Country Snapshot, and key highlights

include:

• We believe that it is important to be

transparent in the disclosure of our tax

affairs both to tax authorities and

stakeholders more broadly;

• Our dealings with tax authorities are

handled proactively, constructively and

transparently, in real-time where possible;

• We recognise that early resolution of our

tax affairs is in everyone's interest. We

have ongoing engagement with tax

authorities to discuss their inquiries and

material issues in relation to our tax

affairs, and we respond to feedback from

tax authorities;

• Where we face significant uncertainty in

relation to the application of tax law, we

may seek to agree with the tax authority

how the tax law should apply;

• Where relevant we seek to reach

agreement with tax authorities using

mechanisms available to all taxpayers

including Advance Pricing Agreements

and Mutual Agreement Procedures to

clearly establish in which territories our

profits should be taxed;

• We engage with governments, tax

authorities and NGOs through public

consultations and other discussions to

assist with the development of tax policy

and the improvement of tax systems, and

maintain our transparency with these

stakeholders; and

• We co-operate with tax authorities

globally to reduce the scope for

individuals and companies to evade tax,

and have met all of our 2025 information

reporting obligations under the Common

Reporting Standard and Foreign Account

Tax Compliance Act.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The BPLC Board Audit Committee is <br>responsible for overseeing the Group's tax <br>matters. Please refer to **page** [96](#ia417351add194b1490fc0b71dacb9630_3-0-1-1-4418342) for details of <br>BPLC Board Audit Committee oversight of <br>tax-related matters.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 175 |
|  |  |  |  |  |  |  |  | 175 |

---

Other Governance (continued)

**Financial crime**

Barclays is committed to conducting its

global activities with integrity and

respecting its regulatory, ethical, and social

responsibilities to:

• Protect customers, employees, and others

with whom we do business; and

• Support governments, regulators, and law

enforcement in wider financial crime

prevention.

Barclays has no appetite for Financial Crime

Risk issues and events that are material,

systemic, not promptly remediated, not

reported to regulators in a timely manner

where required, and/or are likely to result in

regulatory enforcement.

The Financial Crime Risk Management

Framework (FCRMF) outlines how the

Group manages financial crime risk. The

Group Chief Compliance Officer is

accountable for developing, maintaining and

overseeing the Group-wide FCRMF.

The Financial Crime Risk Management

consists of processes and tools under three

categories:

• Risk identification, assessment and

testing;

• Risk mitigation and management; and

• Risk monitoring and reporting.

The FCRMF is supported by a Group-wide

Financial Crime Policy. The Financial

Crime Policy sets control objectives for the

first line of defence to manage four key

risks: anti-bribery and corruption (ABC);

anti-money laundering and counter-terrorist

financing (AML); anti-tax evasion

facilitation (ATEF) and; sanctions, including

proliferation financing. This combined

approach allows us to identify and manage

relevant synergies and connections between

these risks.

Employees are made aware that failure to

comply with the Financial Crime Policy may

give rise to disciplinary action, up to and

including dismissal.

**Anti-bribery and corruption**

Bribery and corruption comprises:

• Improperly obtaining or retaining

business;

• Improperly securing a business or

personal advantage;

• Inducing another person to perform their

role in breach of an expectation of good

faith, impartiality or trust; and

• Using entrusted authority or power for

personal/third party gain, to trade

influence or to obtain any other unethical

or illegal benefit.

Barclays and its employees are prohibited

from engaging in or facilitating any form of

bribery and corruption (giving and

receiving, directly or indirectly). The

Financial Crime Policy contains the

minimum risk-based control requirements

that all our businesses, legal entities and

employees must follow. The Financial

Crime Policy is designed to ensure that

Barclays' employees know how to identify

and manage the legal, regulatory and

reputational risks associated with all forms

of bribery and corruption.

**Anti-money laundering**

Money laundering, the processing of assets

derived from criminal activity, and terrorist

financing have been identified as major

threats to the international financial services

community and therefore to Barclays. The

Financial Crime Policy includes the

requirement for Barclays businesses and

legal entities to have adequate systems,

procedures, and controls in place to manage

the risk of Barclays being used to facilitate

money laundering and terrorist financing.

The requirements of UK legislation apply to

Barclays globally. As a transatlantic bank,

the Financial Crime Policy takes into

account US anti-money laundering

requirements, in addition to EU and other

jurisdictions in which we operate. Barclays

also takes into account guidance issued by

bodies such as the Wolfsberg Group.

**Anti-tax evasion facilitation** 

Tax evasion is a financial crime and a

predicate offence to money laundering in the

UK and many other countries in which we

operate. Barclays takes a zero-tolerance

approach to deliberate facilitation of tax

evasion in any country and has procedures in

place to prevent it. We also expect the same

from our employees and third parties

providing services for or on our behalf.

Barclays is committed to preventing tax

evasion facilitation by our employees or

third parties acting for or on our behalf.

**Sanctions** 

Sanctions are restrictions on activity with

targeted countries, regions, governments,

entities, individuals and industries that are

imposed by bodies such as the European

Union, the United Nations, (including but

not limited to the proliferation of nuclear,

chemical, or biological weapons). In order to

protect its reputation and other legitimate

business interests, in certain circumstances

Barclays' sanctions risk appetite may be

more conservative than its legal obligations.

The Financial Crime Policy is designed to

ensure that Barclays and its employees know

how to identify and manage the risks

associated with sanctions, including the risk

that activity is undertaken through Barclays

in breach of sanctions regulations.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details of the Barclays approach <br>to Financial Crime compliance and <br>prevention, please see our Financial Crime <br>Compliance Statement in the Sustainable <br>Resource Hub at**home.barclays/our-**<br>**sustainability-/sustainability-resource-hub/**<br>**statements-and-policy-positions/**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 176 |
|  |  |  |  |  |  |  |  | 176 |

---

Other Governance (continued)

**Health and safety**

**Policy and standard**

Barclays has a suite of health and safety

(H&S) policies and standards, and clear

roles and responsibilities for leadership and

colleagues. These combine under a single

high-level statement of commitment

endorsed by the Group ExCo.

**Health and safety management** 

**system**

Barclays has implemented and maintains a

comprehensive H&S management system

globally, which is certified to the

international standard ISO 45001 in the

USA, UK, India, Singapore, Hong Kong,

Dubai and Japan.

**Health and safety risk assessment** 

**and assurance** 

Barclays H&S management system is

validated through H&S assurance and risk

assessment programmes. Risk assessments

identify hazards and the control measures

required to proportionately manage the

associated risks, whilst H&S assurance

validates that control measures are designed

effectively, implemented and operating

effectively, and that site monitoring is taking

place.

While H&S legislative requirements vary

globally, our assurance and risk assessment

programmes apply a risk-based approach,

designed by our internal H&S team and

informed by their experience, specific

legislative requirements and relevant factors

such as building type, building criticality,

activities, and occupancy.

**Incident management** 

Barclays' incident reporting system ensures

incidents are recorded and investigated

appropriately, as required by local regulatory

statute, and escalated as required by

Barclays' risk management frameworks.

---

| | | |
|:---|:---|:---|
| **Measure** | **2025** | **2024** |
| Lost Time Incidents <br>(per 100 employees)<br>| **0.026** | 0.018 |

---

**Contractor management**

Suppliers are subject to a supplier H&S risk

evaluation during onboarding, annually

thereafter and when they notify a change in

service delivery. In addition, suppliers

complete an annual control obligation

review.

**Health and safety training** 

Colleagues complete regular mandatory

H&S training with additional information

and guidance provided on Barclays' H&S

intranet. This information includes risk

assessments, guidance and templates for

personal emergency evacuation plans,

display screen equipment assessments,

manual handling, occupational stress, and

lone working.

**Governance**

Key indicators (KIs) and control

environment characteristics (CECs) are

defined to support the oversight and

monitoring of Barclays' global H&S

performance. These are reviewed at least

annually and reported at least quarterly.

KIs include quantitative and qualitative

measures against defined tolerance.

Examples of KIs and CECs include:

• Annual review, or where change occurs,

of health and safety hazard risk

assessments;

• 100% of reported incidents are reviewed

(and investigated where required);

• 100% of regulatory reportable incidents

are reported within required timescale;

• Quarterly horizon scanning of new/

revised local H&S legislation;

• Completion of H&S site assurance visits

within required risk-rated frequencies;

• Completion of fire risk assessments

within required risk-rated frequencies;

and

• Provision of necessary mandatory H&S

training content.

Barclays' programme of internal control

testing supports the effective performance of

KIs and CECs, and enables improvement

opportunities to be identified and acted

upon. H&S performance is reported to the

Group H&S Forum which oversees effective

management of H&S globally. Barclays

operates a reward and recognition scheme

through which colleagues are recognised for

improving controls, including those

supporting the H&S management system.

**Management information** 

The H&S team collates and reviews

management information including incident,

risk assessment and H&S assurance data to

identify themes and trends. Relevant

insights, emerging themes and other

---

| |
|:---|
| **The Health and Safety Risk Management Framework overview is as follows:** |
| **Health and Safety Forum** |

---

information are reported to and reviewed by

the Group H&S Forum.

**2025 improvements**

---

| | |
|:---|:---|
| **Leadership** | **Statement of Commitment for Health and Safety** |

---

H&S improvements delivered in 2025

include:

![](bcs-20251231_g173.gif)

---

| | |
|:---|:---|
| **H&S Data** | **Data: Performance against commitment** |

---

• Extending ISO 45001 certification in line

![](bcs-20251231_g173.gif)

with our continuous improvement

---

| | | | |
|:---|:---|:---|:---|
| **Risk** <br>**Categories**<br>| **Premises** | **People** | **Physical Security** |
| **Risks** | Premises or infrastructure <br>incidents (excluding <br>Physical Security <br>incidents) result in harm to <br>people<br>| Harm to colleagues' <br>welfare as a result of <br>health and wellbeing-<br>related hazard <br>mismanagement<br>| Physical security incidents <br>resulting in harm to staff <br>or external parties <br>|

---

strategy;

• Embedding an improved H&S site

![](bcs-20251231_g173.gif)

assurance and fire risk assessment

execution schedule;

• Enhancing colleague accessibility for

completing display screen equipment

assessments; and

![](bcs-20251231_g173.gif)

---

| | | | |
|:---|:---|:---|:---|
| **Policies** | Premises – Property and <br>Health & Safety Policy<br>| Health Services & <br>Wellbeing Policy<br>| Physical Security Policy |

---

• Evolving driving for work programme to

create improved risk management

![](bcs-20251231_g173.gif)

information.

---

| | | | |
|:---|:---|:---|:---|
| **Standards** | Premises – Health & <br>Safety Standard<br>| Health Services & <br>Wellbeing Standard<br>| Physical Security <br>Standard<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 177 |
|  |  |  |  |  |  |  |  | 177 |

---

Other Governance (continued)

**Managing data privacy,** 

**security and resilience**

We have strict policies to protect privacy

and keep data secure.

**Data privacy**

Many of the jurisdictions in which the

Barclays Group operates have privacy and

data protection laws in effect. While these

may vary in detail, generally they reflect

internationally recognised privacy principles

found in the UN's Universal Declaration of

Human Rights, the European Convention on

Human Rights and the European Union's

Charter of Fundamental Rights.

We strive to operate in accordance with these

standards and recognise that respect for

privacy rights is a key element of good

corporate governance and social

responsibility. We strive to be transparent

about our use of personal information when

delivering our products and services and

acknowledge the responsibility we have for

safeguarding privacy.

As the Group increasingly adopts digital

solutions to deliver next-generation consumer

financial services, we appreciate our clients,

customers and others may wish to understand

how this may impact the use of their personal

information. A globally applicable Barclays

Data Privacy Policy and associated Standards

set out what is expected of all Group

businesses and functions when collecting,

using and sharing personal information.

To promote clear accountability, the Data

Privacy Policy and associated Standards

include responsibilities for the Business

Senior Manager who has ultimate

responsibility for the processing of personal

data within that business. An agreed

assurance programme measures compliance

with the Data Privacy Policy and associated

Standards. Barclays Group colleagues must

complete annual data privacy training which

is reviewed and refreshed each year, with

additional tailored training provided as

necessary. The Group Data Protection Officer

(GDPO) reports on data privacy issues to the

highest level of management.

Through client, customer and employee

privacy notices, we endeavour to explain

clearly and openly how and why we use

personal information and the legal grounds

we rely upon. When we receive complaints,

we seek to address these fairly. Several

jurisdictions also provide individuals with

specific rights, such as the right to have

access to or request deletion of their personal

information.

Barclays provides a publicly accessible

mailbox and secure channels via its website

to enable individuals to make their privacy

requests and receive responses from a

dedicated team.

Barclays requires its suppliers to comply with

data protection and privacy laws, regulations

and standards relevant to the jurisdictions in

which they operate and relevant to any

transferred personal data. Our requirements

are set out and principally managed through

our supplier contracts, which require that

suppliers commit to ensuring personal data

shared with them is safeguarded and

respected throughout the supply chain.

**Data security**

As detailed below, Barclays' Chief

Information Security Office operates controls

aimed at mitigating cybersecurity-related

risks and understanding internal and external

threats.

Barclays deploys controls designed to protect

its sensitive information and the data that has

been entrusted to us by customers and clients,

in line with our Standards, taking into

account findings from internal and external

reviews of our controls.

Barclays seeks to protect the security of data

we share with third parties, including by

conducting remote and on-site inspections of

certain suppliers to review their controls

against contractual obligations and industry

standards. A Third-Party Service Provider

Framework is in place which sets out control

requirements for business units to manage the

operational, reputational, conduct and legal

risks to Barclays through its supply chain.

The nature of such controls is described in

further detail below.

In operating under a hybrid working model,

we have continued to educate colleagues on

cybersecurity risks in order to help minimise

risks related to remote working, such as data

exploitation or leakage.

Barclays works with industry bodies and

cybersecurity vendors to learn and evolve

from risk events in other organisations. Our

teams use such intelligence to simulate

plausible cybersecurity and data compromise

scenarios that allow us to exercise, review

and improve our response and recovery plans

in preparation for evolving threats.

**Operational resilience**

The stability and resilience of our systems,

workforce and premises, and the continued

provision of third-party services, all have a

direct impact on the quality of our service.

Resilience and security are key priorities for

the Board. Barclays continues to strengthen

its resilience posture and is focused on its

ability to recover from a range of 'severe but

plausible' scenarios which could cause

detriment to its customers and clients and the

broader financial market. To enable this, we

define Group-wide business services and

their interdependencies across the Group,

including technology, third-party services

and our people and premises. Recovery plans

and business response plans have been

developed for a range of different disruption

events, such as cyber or data integrity

disruptions, technology failures, or the

unavailability of our colleagues. These

recovery plans are reviewed and validated

through regular testing which supports our

aim to reduce the volume and impact of

operational incidents year-on-year. We also

conduct regular assurance on third parties to

assess their capability.

Operational resilience is delivered through an

established and robust Operational Resilience

Framework which is underpinned by a

Policy, Standards, methodologies and

procedures, and is aligned to the

requirements and expectations defined by our

regulators. Our Operational Resilience

Framework is integrated with Barclays'

Enterprise Risk Management Framework

(ERMF) and sets the tone from the top. The

Standards are embedded within the Barclays

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 178 |
|  |  |  |  |  |  |  |  | 178 |

---

Other Governance (continued)

Controls Framework and provide a consistent

approach across the Group.

The Operational Recovery Planning Policy

and Standards drive the identification of the

business services that are most important to

Barclays, its customers, clients and the

markets in which Barclays operates. The

Standards also define requirements for setting

recovery targets, mapping of dependencies,

planning and testing.

Resilience and security are the responsibility

of everyone within the Group. All permanent

employees are required to complete annual

mandatory training on these topics.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Please refer to **page** [100](#i12c1279a81884a37aee9a5181c6fa279_550) for details of <br>Barclays PLC Board Risk Committee <br>oversight relating to operational resilience.<br>Please refer to the 'Material existing and <br>emerging risks' section in our Risk review on <br>**pages** [193](#i837ad8e4b7574c1db5afbfc076cff61b_26135) to [194](#i837ad8e4b7574c1db5afbfc076cff61b_26136) for further details on cyber <br>attacks, data management and information <br>protection.<br>Please refer to the 'Supervision and <br>regulation' section in our Risk review <br>on **page** [309](#i5fabad4c81c54e10b8fb686fdc2bc602_103026) for further details on <br>our regulatory approach to managing <br>such risks.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Chief Information Security Office**

Barclays' Chief Information Security Office

exists to keep the bank, its customers, clients,

and colleagues safe and secure, and to

support the resilience of our operations. It

supports Barclays' ability to operate in a

protected and secure environment, and

actively promotes a culture of security as

everyone's responsibility.

The Group Chief Information Security

Officer (CISO) heads Barclays' Chief

Information Security Office. Barclays' Group

CISO reports directly to the Group Co-Chief

Operating Officers (members of the Group

Executive Committee).Barclays' Group

CISO is responsible for assessing and

managing Barclays' risks from cybersecurity

threats, and overseeing key areas that include

cybersecurity operations (including cyber-

threat intelligence), proactive defence (which

includes penetration testing and vulnerability

management), security architecture and

engineering, cyber posture and assurance

(which includes third-party security

management), data security, and identity and

access management. The Group CISO is also

supported by a team of CISOs and BISOs

(Business Information Security Officers) for

business units, regions and jurisdictions.

Chief Information Security Office leaders

manage Barclays' cybersecurity activities and

are accountable for the day-to-day

monitoring of residual risk, identification of

gaps, oversight of remedial actions and

implementation of strategy. The Group CISO

has more than 25 years of experience

managing cybersecurity for global financial

institutions, leading large-scale initiatives

across all cybersecurity domains, including

cyber defence, application security,

vulnerability assessment, data protection,

third-party risk, cyber resilience, and security

engineering. The Group CISO and supporting

leadership team collectively have advanced

degrees and senior level experience

managing cybersecurity risks in a variety of

sectors, including those that represent critical

national infrastructure, such as health care,

telecommunications and financial

institutions. They are supported by teams of

subject matter experts and analysts in a

variety of specialisations.

Supporting the delivery of Barclays' cyber

and information security strategy are multiple

management committees, forums, and

councils, including Cyber Control Councils

for each of the 12 Standards supporting the

Group Information and Cybersecurity Policy

(as more fully described below). These Cyber

Control Standards Councils feed into the

Cybersecurity Risk Category Controls

Forum, the Group Controls Committee, the

Group Risk Committee, and ultimately the

Board Risk Committee. In addition, the

Group Co-Chief Operating Officers hold

business reviews that include management

updates on the status of cybersecurity across

the Group, and a standalone Chief Operating

Office Controls Forum that also escalates to

the Group Controls Committee. Barclays'

Operational Risk and Internal Audit functions

provide independent views of cyber risk

management from second and third line of

defence perspectives.

Barclays assesses its cybersecurity activities

against the industry-recognised National

Institute of Standards and Technology

(NIST) Cybersecurity Framework. Under

Barclays' ERMF, there is an Information and

Cyber Security Policy supported by 12

Standards which define the minimum

requirements for cybersecurity matters across

the Barclays Group.

The Policy is embedded into the Group's

ERMF with Standards to implement

cybersecurity risk management. The

Standards cover the following topics:

Cryptography, Network Security, Security

Configuration, Data Loss Prevention,

Vulnerability Management, Data Security,

Incident Response & Threat Intelligence,

Threat Management, Governance, Identity &

Access Management, Third Party

Information and Cyber Security, and

Application Security. The Group CISO

approves and is accountable for the

Information and Cyber Security Policy and

associated Standards. As part of our

programme, we periodically assess our

performance against these Standards and

identify areas for improvement and

remediation.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| **Governance** | Risk <br>review<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 179 |
|  |  |  |  |  |  |  |  | 179 |

---

Other Governance (continued)

The Board Risk Committee, within its

oversight of Operational Risk as a principal

risk, is responsible for overseeing risks

arising from cybersecurity threats. In 2025,

the Group CISO provided updates to the

Board Risk Committee about cybersecurity

risks facing the Group. Such updates

addressed topics that included the

cybersecurity threat environment and

ransomware attack preparedness,

measurement of Barclays' risk and control

posture, cybersecurity incident trends and

Barclays' response, plans to improve

Barclays' ability to recover from a material

cyber attack scenario, Barclays' vulnerability

management, privileged access to Barclays'

systems, and regulatory developments. In

addition, the Group Co-Chief Operating

Officers provided updates to the Board

detailing the progress being made to

strengthen cybersecurity capabilities and

reduce risk across the organisation as the

threat environment continues to evolve.

Engaging external security consultants to

conduct penetration tests, attack simulations

and other reviews to independently

benchmark Barclays' cybersecurity

capabilities is an important part of our

cybersecurity programme that allows us to

identify and remediate cybersecurity

weaknesses. In 2025, individual testing

activities were undertaken as part of the Chief

Information Security Office's threat-led

assurance model to assess Barclays' cyber

defence capabilities.

Barclays also engages and partners with

third-party security providers on certain

activities such as cyber recovery, software

vulnerability scanning, penetration testing,

distributed denial of service (DDoS) attack

prevention, phishing simulations, third-party

risk management, incident response, threat

intelligence, fraud prevention, and industry

benchmarking.

An important part of Barclays' security and

cybersecurity environment is its Joint

Operations Centres (JOCs), which operate

24/7 from three globally strategic locations,

linking Barclays' security professionals and

incident response managers with control

functions and business unit representatives.

The JOCs deliver security responsiveness by

uniting core security functions and providing

a central information and coordination point

for security incident management and

escalation, based on defined severity levels.

During escalating, significant incidents, the

Barclays Crisis Management Team monitors

the response by Incident Management

Teams, Resilience Leads, and others, and will

invoke the relevant Barclays Crisis

Leadership Teams (CLTs) if the severity of

the incident so requires. CLTs are business-

led teams at entity, business unit, and

regional levels that provide strategic

leadership in a crisis, maintain incident

management oversight, and co-ordinate key

decision-making.

To manage security risk from Barclays' third-

party suppliers, many of which perform

critical services for Barclays' businesses and

handle sensitive Barclays data, we have a set

of contractual Information and Cyber

Security Supplier Control Obligations that

are based on requirements in our internal

Standards. Using our dedicated Third Party

Security Management team's capabilities, as

well as third-party tooling, we conduct

assurance over our third parties and their

respective suppliers and partners against

those obligations. Activity is structured on a

risk-based approach that prioritises suppliers

that underpin our most important business

services. Identified issues are managed

formally, but we also engage proactively with

third-party suppliers to help them strengthen

their security and resilience posture. To

recognise the risk presented by third-party

suppliers, which are increasingly targeted by

threat actors, we regularly alert third-party

suppliers where we anticipate that they may

be more vulnerable and should take

preventative action.

Notwithstanding such third-party risk

management efforts, Barclays does not have

direct control over the cybersecurity of the

systems of its third parties and their

respective suppliers and partners, limiting the

Group's ability to effectively protect and

defend against certain threats.

**Certifications**

Barclays holds four ISO 27001 certifications

(i.e., the international standard on how to

manage information security), the Cyber

Essentials/Cyber Essentials Plus

Certification, and a UK certification for

Digital Banking.

**Training**

Barclays requires colleagues to complete

mandatory information security training at

least annually. Topics covered include

incident reporting procedures, protecting

sensitive data, device security, data leakage

prevention, social engineering awareness, and

password management. Consequences of

non-completion may include disciplinary

action and impact to compensation.

Barclays performs a number of key activities

related to identifying, investigating,

responding to and containing phishing,

including an operational process that

provides education and awareness through

phishing simulation exercises, and

management interventions for employees

who demonstrate susceptibility to phishing

lures. To report suspected phishing to

Barclays' JOCs for further investigation,

colleagues have a reporting tool integrated

into their email account and receive feedback

on whether the reported email was suspect or

genuine. Barclays uses metrics to continually

refine its phishing education and training.

![Risl Review Divider_1.jpg](bcs-20251231_g174.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 180 |
|  |  |  |  |  |  |  |  | 180 |

---

**Risk review**

The management of risk is a critical underpinning to

the execution of Barclays' strategy. The material risks

and uncertainties the Group faces across its business

and portfolios are key areas of management focus.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Page** | **Pillar 3** <br>**Report**<br>|
| **Risk management strategy**<br>Overview of Barclays' approach to risk <br>management. A detailed overview <br>together with more specific information <br>on policies that the Group determines <br>to be of particular significance in the current <br>operating environment can be found in <br>the Barclays PLC Pillar 3 Report 2025 or <br>at barclays.com | [Enterprise Risk Management](#i12c1279a81884a37aee9a5181c6fa279_796) Framework (ERMF) | [182](#i12c1279a81884a37aee9a5181c6fa279_796) | 105 |
| **Risk management strategy**<br>Overview of Barclays' approach to risk <br>management. A detailed overview <br>together with more specific information <br>on policies that the Group determines <br>to be of particular significance in the current <br>operating environment can be found in <br>the Barclays PLC Pillar 3 Report 2025 or <br>at barclays.com | [Segregation of duties – the 'Three Lines of Defence' model](#i12c1279a81884a37aee9a5181c6fa279_799) | [182](#i12c1279a81884a37aee9a5181c6fa279_799) | 105 |
| **Risk management strategy**<br>Overview of Barclays' approach to risk <br>management. A detailed overview <br>together with more specific information <br>on policies that the Group determines <br>to be of particular significance in the current <br>operating environment can be found in <br>the Barclays PLC Pillar 3 Report 2025 or <br>at barclays.com | [Principal risks](#i12c1279a81884a37aee9a5181c6fa279_802) | [183](#i12c1279a81884a37aee9a5181c6fa279_805) | 106 |
| **Risk management strategy**<br>Overview of Barclays' approach to risk <br>management. A detailed overview <br>together with more specific information <br>on policies that the Group determines <br>to be of particular significance in the current <br>operating environment can be found in <br>the Barclays PLC Pillar 3 Report 2025 or <br>at barclays.com | [Risk appetite](#i12c1279a81884a37aee9a5181c6fa279_805) | [183](#i12c1279a81884a37aee9a5181c6fa279_805) | 106 |
| **Risk management strategy**<br>Overview of Barclays' approach to risk <br>management. A detailed overview <br>together with more specific information <br>on policies that the Group determines <br>to be of particular significance in the current <br>operating environment can be found in <br>the Barclays PLC Pillar 3 Report 2025 or <br>at barclays.com | [Risk committees](#i12c1279a81884a37aee9a5181c6fa279_808) | [183](#i12c1279a81884a37aee9a5181c6fa279_808) | 108 |
| **Risk management strategy**<br>Overview of Barclays' approach to risk <br>management. A detailed overview <br>together with more specific information <br>on policies that the Group determines <br>to be of particular significance in the current <br>operating environment can be found in <br>the Barclays PLC Pillar 3 Report 2025 or <br>at barclays.com | [Barclays' risk culture](#i12c1279a81884a37aee9a5181c6fa279_802) | [183](#i12c1279a81884a37aee9a5181c6fa279_814) | 109 |
| **Risk management strategy**<br>Overview of Barclays' approach to risk <br>management. A detailed overview <br>together with more specific information <br>on policies that the Group determines <br>to be of particular significance in the current <br>operating environment can be found in <br>the Barclays PLC Pillar 3 Report 2025 or <br>at barclays.com | [Our Code of Conduct – the Barclays Way](#i12c1279a81884a37aee9a5181c6fa279_814) | [183](#i12c1279a81884a37aee9a5181c6fa279_811) | 110 |
| **Material existing and** <br>**emerging risks**<br>Insight into the level of risk across our <br>business and portfolios, the material existing <br>and emerging risks and uncertainties we face <br>and the key areas of management focus. | [Material existing and emerging risks potentially impacting more than one](#i12c1279a81884a37aee9a5181c6fa279_820)<br>[principal risk](#i12c1279a81884a37aee9a5181c6fa279_820)<br>| [184](#i12c1279a81884a37aee9a5181c6fa279_820) | N/A |
| **Material existing and** <br>**emerging risks**<br>Insight into the level of risk across our <br>business and portfolios, the material existing <br>and emerging risks and uncertainties we face <br>and the key areas of management focus. | [Climate risk](#i12c1279a81884a37aee9a5181c6fa279_823) | [190](#i12c1279a81884a37aee9a5181c6fa279_823) | N/A |
| **Material existing and** <br>**emerging risks**<br>Insight into the level of risk across our <br>business and portfolios, the material existing <br>and emerging risks and uncertainties we face <br>and the key areas of management focus. | [Credit risk](#i12c1279a81884a37aee9a5181c6fa279_826) | [191](#i12c1279a81884a37aee9a5181c6fa279_826) | N/A |
| **Material existing and** <br>**emerging risks**<br>Insight into the level of risk across our <br>business and portfolios, the material existing <br>and emerging risks and uncertainties we face <br>and the key areas of management focus. | [Market risk](#i12c1279a81884a37aee9a5181c6fa279_829) | [192](#i12c1279a81884a37aee9a5181c6fa279_829) | N/A |
| **Material existing and** <br>**emerging risks**<br>Insight into the level of risk across our <br>business and portfolios, the material existing <br>and emerging risks and uncertainties we face <br>and the key areas of management focus. | [Treasury and Capital risk](#i12c1279a81884a37aee9a5181c6fa279_832) | [192](#i12c1279a81884a37aee9a5181c6fa279_832) | N/A |
| **Material existing and** <br>**emerging risks**<br>Insight into the level of risk across our <br>business and portfolios, the material existing <br>and emerging risks and uncertainties we face <br>and the key areas of management focus. | [Liquidity risk](#i12c1279a81884a37aee9a5181c6fa279_835) | [192](#i12c1279a81884a37aee9a5181c6fa279_835) | N/A |
|  | [Capital risk](#i12c1279a81884a37aee9a5181c6fa279_838) | [193](#i12c1279a81884a37aee9a5181c6fa279_838) | N/A |
|  | [Interest rate risk in the banking book (IRRBB)](#i12c1279a81884a37aee9a5181c6fa279_841) | [193](#i12c1279a81884a37aee9a5181c6fa279_841) | N/A |
|  | [Operational risk](#i12c1279a81884a37aee9a5181c6fa279_844) | [193](#i12c1279a81884a37aee9a5181c6fa279_844) | N/A |
|  | [Tax risk](#i12c1279a81884a37aee9a5181c6fa279_847) | [197](#ic00d98ba33eb40a4aaa1d26766d9f1ae_2626) | N/A |
|  | [Model risk](#i12c1279a81884a37aee9a5181c6fa279_850) | [197](#i74e2fa3c75d5478283085b7453c96e34_1929) | N/A |
|  | [Compliance risk](#i12c1279a81884a37aee9a5181c6fa279_853) | [198](#i12c1279a81884a37aee9a5181c6fa279_853) | N/A |
|  | Financial crime risk | [198](#iaf8b387c50a24f458d4b2268ac7808e2_3869) | N/A |
|  | Reputation risk | [199](#i12c1279a81884a37aee9a5181c6fa279_859) | N/A |
|  | [Legal risk and legal, competition and regulatory matters](#i12c1279a81884a37aee9a5181c6fa279_862) | [199](#i8e3cfa1aeb384299ae08f012957043bb_10295) | N/A |

---

![Risl Review Divider_2.jpg](bcs-20251231_g175.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 181 |
|  |  |  |  |  |  |  |  | 181 |

---

Risk review (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Page** | **Pillar 3** <br>**Report**<br>|
| **Principal risk management**<br>Barclays' approach to risk management for <br>each principal risk with focus on organisation <br>and structure and roles and responsibilities. | [Climate risk management](#i12c1279a81884a37aee9a5181c6fa279_865) | [202](#i12c1279a81884a37aee9a5181c6fa279_865) | 116 |
| **Principal risk management**<br>Barclays' approach to risk management for <br>each principal risk with focus on organisation <br>and structure and roles and responsibilities. | [Credit risk management](#i12c1279a81884a37aee9a5181c6fa279_886) | [205](#i895d639a42fd4e7083edca90e0dbd62e_10848) | 119 |
| **Principal risk management**<br>Barclays' approach to risk management for <br>each principal risk with focus on organisation <br>and structure and roles and responsibilities. | [Market risk management](#i12c1279a81884a37aee9a5181c6fa279_892) | [206](#i448024ba44d84838ad8f5c9495296a72_4028) | 156 |
| **Principal risk management**<br>Barclays' approach to risk management for <br>each principal risk with focus on organisation <br>and structure and roles and responsibilities. | [Treasury and capital risk management](#i12c1279a81884a37aee9a5181c6fa279_895) | [207](#i12c1279a81884a37aee9a5181c6fa279_895) | 173 |
| **Principal risk management**<br>Barclays' approach to risk management for <br>each principal risk with focus on organisation <br>and structure and roles and responsibilities. | [Operational risk management](#i12c1279a81884a37aee9a5181c6fa279_898) | [209](#i12c1279a81884a37aee9a5181c6fa279_901) | 181 |
| **Principal risk management**<br>Barclays' approach to risk management for <br>each principal risk with focus on organisation <br>and structure and roles and responsibilities. | [Model risk management](#i12c1279a81884a37aee9a5181c6fa279_901) | [209](#i12c1279a81884a37aee9a5181c6fa279_898) | 186 |
| **Principal risk management**<br>Barclays' approach to risk management for <br>each principal risk with focus on organisation <br>and structure and roles and responsibilities. | [Compliance risk management](#i12c1279a81884a37aee9a5181c6fa279_904) | [210](#i37ccf2d067f74fe3b0a6ff888e69b68a_3242) | 189 |
|  | Financial crime risk management | [212](#i12c1279a81884a37aee9a5181c6fa279_910) | 191 |
|  | [Reputation risk management](#i12c1279a81884a37aee9a5181c6fa279_913) | [212](#i12c1279a81884a37aee9a5181c6fa279_913) | 193 |
|  | [Legal risk management](#i12c1279a81884a37aee9a5181c6fa279_916) | [212](#i12c1279a81884a37aee9a5181c6fa279_916) | 195 |
| **Climate risk performance** | [Carbon-related assets](#i12c1279a81884a37aee9a5181c6fa279_925) | [214](#i0fed5bad381c4916b93a4c3eac0d8bd0_1612) | N/A |
|  | [Elevated risk sectors](#i12c1279a81884a37aee9a5181c6fa279_925) | [214](#i12c1279a81884a37aee9a5181c6fa279_922) | N/A |
|  | [Financing (capital markets)](#i12c1279a81884a37aee9a5181c6fa279_934) | [217](#i12c1279a81884a37aee9a5181c6fa279_934) | N/A |
| **Credit risk performance** | Credit risk | [222](#i12c1279a81884a37aee9a5181c6fa279_946) | N/A |
|  | [Maximum exposure and effects of netting, collateral and risk transfer](#i12c1279a81884a37aee9a5181c6fa279_952) | [224](#i12c1279a81884a37aee9a5181c6fa279_952) | N/A |
|  | [Expected Credit Losses](#i12c1279a81884a37aee9a5181c6fa279_955) | [226](#i12c1279a81884a37aee9a5181c6fa279_955) | N/A |
|  | [Movement in gross exposures and impairment allowance including](#i12c1279a81884a37aee9a5181c6fa279_958)<br>[provisions for loan commitments and financial guarantees](#i12c1279a81884a37aee9a5181c6fa279_958) (audited)<br>| [231](#i12c1279a81884a37aee9a5181c6fa279_958) | N/A |
|  | [Management adjustments to models for impairment (audited)](#i12c1279a81884a37aee9a5181c6fa279_967) | [239](#i12c1279a81884a37aee9a5181c6fa279_967) | N/A |
|  | Climate risk ECL assessment | [242](#i12c1279a81884a37aee9a5181c6fa279_970) | N/A |
|  | [Measurement uncertainty and sensitivity analysis](#i12c1279a81884a37aee9a5181c6fa279_973) | [243](#i12c1279a81884a37aee9a5181c6fa279_973) | N/A |
|  | [Analysis of the concentration of credit risk](#i12c1279a81884a37aee9a5181c6fa279_982) | [252](#i12c1279a81884a37aee9a5181c6fa279_982) | N/A |
|  | [The approach to management and representation of credit quality](#i12c1279a81884a37aee9a5181c6fa279_985) | [254](#i12c1279a81884a37aee9a5181c6fa279_985) | N/A |
|  | [Analysis of specific portfolios and asset types](#i12c1279a81884a37aee9a5181c6fa279_994) | [262](#i12c1279a81884a37aee9a5181c6fa279_994) | N/A |
|  | [Forbearance](#i12c1279a81884a37aee9a5181c6fa279_1000) | [265](#i12c1279a81884a37aee9a5181c6fa279_1000) | N/A |
|  | Assets held for sale | [268](#i1859d99854b748afafe745c23dd3499d_4012) | N/A |
| **Market risk performance** | [Market risk overview and summary of performance](#i12c1279a81884a37aee9a5181c6fa279_1003) | [273](#i12c1279a81884a37aee9a5181c6fa279_1003) | 91 |
| **Treasury and capital** <br>**risk performance** | [Treasury and Capital risk](#i12c1279a81884a37aee9a5181c6fa279_1021) | [275](#i12c1279a81884a37aee9a5181c6fa279_1021) | N/A |
| **Treasury and capital** <br>**risk performance** | [Capital risk overview and summary of performance](#i12c1279a81884a37aee9a5181c6fa279_1030) | [286](#i12c1279a81884a37aee9a5181c6fa279_1030) | N/A |
|  | [Interest rate risk in the banking book](#i12c1279a81884a37aee9a5181c6fa279_1042) | [293](#i12c1279a81884a37aee9a5181c6fa279_1042) | N/A |
| **Operational risk performance** | [Operational risk overview and summary of performance](#i12c1279a81884a37aee9a5181c6fa279_1048) | [295](#i12c1279a81884a37aee9a5181c6fa279_1048) | 100 |
|  | [Operational risk profile](#i12c1279a81884a37aee9a5181c6fa279_1051) | [295](#i12c1279a81884a37aee9a5181c6fa279_1051) | 102 |
| **Model risk performance** | [Model risk overview](#i12c1279a81884a37aee9a5181c6fa279_1054) | [298](#i12c1279a81884a37aee9a5181c6fa279_1054) | N/A |
| **Compliance risk performance** | [Compliance risk overview](#i12c1279a81884a37aee9a5181c6fa279_1057) | [298](#i12c1279a81884a37aee9a5181c6fa279_1057) | N/A |
| **Financial Crime** <br>**risk performance**<br>| Financial Crime risk overview | [298](#i12c1279a81884a37aee9a5181c6fa279_1057) |  |
| **Reputation risk performance** | [Reputation risk overview](#i12c1279a81884a37aee9a5181c6fa279_1063) | [299](#iec1affe87335458d92d99b5170df0389_1644) | N/A |
| **Legal risk performance** | [Legal risk overview](#i12c1279a81884a37aee9a5181c6fa279_1066) | [299](#i12c1279a81884a37aee9a5181c6fa279_1066) | N/A |
| **Supervision and regulation** |  | [300](#i12c1279a81884a37aee9a5181c6fa279_1069) | N/A |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 182 |
|  |  |  |  |  |  |  |  | 182 |

---

**Risk management**

**Barclays' risk** 

**management strategy**

This section introduces the Group's approach to managing

and identifying risks, and for fostering a sound risk culture.

**Enterprise Risk Management** 

**Framework (ERMF)**

The ERMF governs the way in which the

Group identifies and manages its risks. It

outlines the highest level arrangements for

risk management by setting out standards,

objectives and key responsibilities of different

groups of employees of the Group.

It is approved by the Barclays PLC Board on

recommendation of the Group Board Risk

Committee and the Group Chief Risk Officer.

The ERMF sets out:

• principal risks faced by the Group, which

guide the organisation of risk management

processes

• risk appetite requirements. This helps

define the level of risk we are willing to

undertake in our business

• risk management and segregation of duties:

The ERMF defines a Three Lines of

Defence model

• roles and responsibilities for key risk

management and governance: The

accountabilities of the Group CEO, Group

CRO and other senior managers, as well as

an overview of Barclays PLC committees.

The ERMF is complemented by frameworks,

policies and standards which are mainly

aligned to individual principal risks:

• frameworks cover high level principles

guiding the management of principal risks,

and set out details of which policies are

needed, and high level governance

arrangements

• policies set out the control objectives and

high level requirements to address the key

principles articulated in their associated

frameworks. Policies state 'what' those

within scope are required to do

• standards set out the detail of the control

requirements to ensure the control

objectives set by the policies are met.

![Risk Management Strategy.gif](bcs-20251231_g176.gif)

---

| |
|:---|
| **Board Committees** |
| **Management Level**<br>**Committees/Forums**<br>|
| **Business Level**<br>**Committees/Forums**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| | **Barclays PLC Board** | **Barclays PLC Board** | **Barclays PLC Board** |
| | **Barclays PLC Board** <br>**Risk Committee**<br>| **Barclays PLC Board** <br>**Audit Committee**<br>| **Barclays PLC Board** <br>**Remuneration Committee**<br>|
| **Barclays Group**<br>**ExCo**<br>| **Group Risk Committee** | **Group Risk Committee** | **Group Remuneration** <br>**Review Panel**<br>|
|  | **Barclays Risk Committees**<br>**(aligned to product/risk type or business)** | **Barclays Risk Committees**<br>**(aligned to product/risk type or business)** |  |

---

**Segregation of duties – the 'Three Lines** 

**of Defence' model** 

The ERMF sets out a clear lines of defence

model. All colleagues are responsible for

understanding and managing risks within the

context of their individual roles and

responsibilities, as set out below.

• The first line comprises all employees

engaged in the revenue-generating and

client-facing areas of the Group and all

associated support functions, including

Finance, Operations, Treasury and Human

Resources. The first line is responsible for

identifying and managing the risks in

which they are engaged, operating within

applicable limits, and escalating risk

events or issues as appropriate.

Employees in the first line have primary

responsibility for their risks and their

activities are subject to oversight from the

relevant parts of the second and third

lines.

• The second line comprises the Risk and

Compliance functions. The role of the

second line is to establish the limits, rules

and constraints, and the frameworks,

policies and standards under which all

activities shall be performed, consistent

with the risk

• appetite of the Group, and to oversee the

performance of the Group against these

limits, rules and constraints.

• Controls for first line activities will

ordinarily be established by the control

officers operating within the control

framework of the firm. These will remain

subject to oversight by the second line.

• The third line of defence is Internal Audit,

and is responsible for providing

independent assurance over the

effectiveness of governance, risk

management and controls over current,

systemic and evolving risks.

• The Legal function provides support to all

areas of the bank and is not formally part

of any of the three lines of defence, The

Legal function is responsible for

proactively identifying, communicating

and providing legal advice on applicable

laws, rules and regulations. Except in

relation to the legal advice it provides or

procures, it is subject to second line

oversight with respect to its own

operational and compliance risks, as well

as with respect to the legal risk to which

the bank is exposed.

**Tesco Bank**

On 1 November 2024, the Group completed

the acquisition of Tesco Bank. Following the

acquisition, the Tesco Bank business has

begun to transition across to the Group risk

framework, with dispensations in place for

material divergences from existing Group

policy requirements. Full alignment and

changes to the Tesco Bank risk approach are

part of the wider integration programme and

activities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 183 |
|  |  |  |  |  |  |  |  | 183 |

---

Risk management (continued)

**Principal risks** 

The ERMF identifies ten principal risks

namely: climate risk, credit risk, market risk,

treasury and capital risk, operational risk,

model risk, compliance risk, financial crime,

reputation risk and legal risk. Financial crime

risk was elevated to a principal risk in the

ERMF, effective from 1 January 2025.

Previously, financial crime risk was

managed as part of compliance risk.

Recognising the increased external threat of

financial crime, this change will enhance

transparency and visibility of financial crime

risk within the Group and reinforce

independent assessment, management and

oversight of financial crime risk.

Each of the principal risks is overseen by an

accountable executive within the Group who

is responsible for overseeing and/or assigning

responsibilities for the framework, policies

and standards that set out associated

responsibilities and expectations and detail the

related requirements around risk management.

In addition, certain risks span across more

than one principal risk.

**Risk appetite** 

Risk appetite is defined as the level of risk

which the Group is prepared to accept in

carrying out its activities. It provides a basis

for ongoing dialogue between management

and Board with respect to the Group's current

and evolving risk profile, allowing strategic

and financial decisions to be made on an

informed basis.

Risk appetite is approved by the Barclays

PLC Board in aggregate and disseminated

across legal entities and businesses, supported

by limits to enable and control specific

exposures and activities that have material

concentration risk implications.

**Risk committees**

Barclays various risk committees consider

risk matters relevant to their business, and

escalate as required to the Group Risk

Committee (GRC), whose Chair, in turn,

escalates to the Barclays PLC Board Risk

Committees and the Barclays PLC Board.

In addition to setting the risk appetite of the

Group, the Board is responsible for approving

the ERMF, and reviewing reputation risk

matters. It receives regular information on the

risk profile of the Group, and has ultimate

responsibility for risk appetite and capital

plans.

Further, there are two Board-level committees

which oversee the application of the ERMF

and implementation of key aspects, the

Barclays PLC Board Risk Committee (BRC)

and the Barclays PLC Board Audit

Committee (BAC). Additionally, the Barclays

PLC Board Remuneration Committee

oversees pay practices focusing on aligning

pay to sustainable performance.

• The Barclays PLC Board Risk Committee

(BRC): the BRC monitors the Group's risk

profile against the agreed appetite. Where

actual performance differs from

expectations, the actions taken by

management are reviewed to ascertain that

the BRC is comfortable with them. The

BRC also reviews certain key risk

methodologies, the effectiveness of risk

management, and the Group's risk profile,

including the material issues affecting each

business portfolio and forward risk trends.

The committee also commissions regular

updates and in-depth analyses of significant

risk topics, which are presented by business

heads, the Group CRO or senior risk

managers.

• The Barclays PLC Board Audit Committee

(BAC): the BAC receives regular reports

on the effectiveness of internal control

systems, quarterly reports on material

control issues of significance, quarterly

papers on accounting judgements,

including a review of the adequacy of

impairment allowances.

• The Barclays PLC Board Remuneration

Committee (RemCo): the RemCo receives

proposals on ex-ante and ex-post risk

adjustments to variable remuneration based

on risk management performance including

events, issues and the wider risk profile.

These inputs are considered in the setting of

performance incentives.

The terms of reference and additional details

on membership and activities for each of the

principal Board committees are available

from the corporate governance section of the

Barclays website at: home.barclays/who-we-

are/our-governance/board-committees/

The GRC is the most senior executive body

responsible for reviewing and monitoring the

risk profile of the Group. This includes

coverage of all principal risks (with the

exception of certain decisions on matters

impacting reputation risk), and any other

material risks, to which the Group is exposed.

The GRC reviews and recommends the

proposed risk appetite and associated limits to

the BRC. The committee covers all business

units and legal entities of the Group and

incorporates specific coverage of Barclays

Bank Group.

Risk themes and horizon scanning reports,

highlighting emerging and forward looking

risks, are regularly presented to the BRC for

discussion and analysis. The themes are

derived and quantified from principal risk

horizon scanning and risk registers,

complemented by senior management and

BRC input. Watching brief items are collated

and informed along the risk themes as a list of

risks which may have a more limited impact

and likelihood in the near-term but have the

potential to develop and meet the risk theme

definition in the future. The inventory of risk

themes is updated regularly with key changes

presented to the BRC. Key risk themes are a

subset of the risk themes considered most

topical at that moment and material to the

Group considering the external environment.

The BRC semi-annually reviews and discusses

a report titled 'Key Risk Themes and

Management Actions'.

**Barclays' risk culture**

Risk culture can be defined as the norms,

attitudes and behaviours related to risk

awareness, risk taking and risk management.

This is reflected in how the Group identifies,

escalates and manages risk matters.

Barclays is committed to maintaining a robust

risk culture in which:

• management expect, model and reward the

right behaviours from a risk and control

perspective

• colleagues identify, manage and escalate

risk and control matters, and meet their

responsibilities around risk management.

The Group CEO works with the Executive

Management to embed a strong risk culture

within the firm, with particular regard to the

identification, escalation and management of

risk matters, in accordance with the ERMF.

This is supported by our Purpose, Values and

Mindset, as well by as by setting a standard of

consistent excellence. Specifically, all

employees regardless of their positions,

functions or locations must play their part in

the Group's risk management. Employees are

required to be familiar with risk management

policies which are relevant to their

responsibilities, know how to escalate actual

or potential risk issues, and have a role-

appropriate level of awareness of the risk

management process as defined by the ERMF.

**Our Code of Conduct – the Barclays Way**

Globally, all colleagues must attest to the

'Barclays Way', our Code of Conduct, and

comply with all frameworks, policies and

standards applicable to their roles. The Code

of Conduct outlines the Purpose, Values and

Mindset which govern our 'Barclays Way' of

working across our business globally. It

constitutes a reference point covering all

aspects of colleagues' working relationships,

and provides guidance on working with other

Barclays employees, customers and clients,

governments and regulators, business

partners, suppliers, competitors and the

broader community. See home.barclays/our-

sustainability-/sustainability-resource-hub/

statements-and-policy-positions/ for more

details.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 184 |
|  |  |  |  |  |  |  |  | 184 |

---

**Material existing and emerging risks**

**Material existing and emerging** 

**risks to the Group's future** 

**performance**

The Group has identified a broad range of

risks to which its businesses are exposed.

Material risks are those to which senior

management pay particular attention and

which could cause the delivery of the

Group's strategy, results of operations,

financial condition and/or prospects to differ

materially from expectations. Emerging

risks are those which have unknown

components, the impact of which could

crystallise over a longer time period. The

factors set out below should not be regarded

as a complete and comprehensive statement

of all the potential risks and uncertainties

which the Group faces. For example, certain

other factors beyond the Group's control,

including escalation of global conflicts, acts

of terrorism, natural disasters, pandemics

and similar events, although not detailed

below, could have a similar impact on the

Group.

**Material existing and emerging** 

**risks potentially impacting more** 

**than one principal risk**

**i) Business conditions, general economy** 

**and geopolitical issues** 

The Group's operations are subject to

changes in global and local economic and

market conditions, as well as geopolitical

developments, which may have a material

impact on the Group's business, results of

operations, financial condition and

prospects.

A deterioration in global or local economic

and market conditions may result in (among

other things): (i) deteriorating business,

consumer or investor confidence and lower

levels of investment and productivity, which

in turn may lead to lower customer and

client activity, including lower demand for

borrowing; (ii) higher default rates,

delinquencies, write-offs and impairment

charges as borrowers struggle with their debt

commitments; (iii) subdued asset prices,

which may impact the value of collateral

held by the Group and require the Group and

its clients to post additional collateral in

order to satisfy margin calls; (iv) mark-to-

market losses in trading portfolios resulting

from changes in factors such as

creditworthiness, securities prices and

solvency of counterparties; and (v) revisions

to calculated expected credit losses (ECLs)

leading to increases in impairment

allowances.

In addition, the Group's ability to borrow

from other financial institutions or raise

funding from external investors may be

affected by deteriorating economic

conditions and market disruption.

Geopolitical events can also cause financial

instability and affect economic growth.

During 2025, global economic conditions

have been marked by uncertainty driven by a

rapidly developing geopolitical

environment, the impact of US trade

policies, diverging monetary policies,

continued economic slowdown in China and

structural economic issues in the UK and the

EU. Without limitation, the Group has

observed the following macroeconomic risk

themes / trends:

• Limitations on economic output growth,

mostly driven by: (i) tight labour markets

and low productivity growth in the main

western economies; (ii) large fiscal

deficits; and (iii) uncertainty about the

impact of trade policies, export controls

and tariff implementation across the globe

dampening business and consumer

sentiment and economic activity through

constrained consumer spending and

business investment outside ofsectors

such as artificial intelligence (AI) and

defence. These factors could lead to

economic stagnation or even recessionary

dynamics across Europe, the UK and the

US which could have a material adverse

effect on the Group's results of operations

and profitability.

• In the US, executive and legislative

initiatives in areas such as trade, foreign

policy, energy, immigration, federal

government spending, regulatory and

institutional change, among others, has

led to uncertainty about the long term net

impact of these factors on the wider

economy and the overall effects on prices,

labour markets, consumer spending,

business sentiment and fiscal balances. A

significant proportion of the Group's

portfolio is located in the US, including a

major credit card portfolio and a range of

corporate and investment banking

exposures. If the aforementioned factors

have a long term negative impact on

interest rates, inflation, business

performance, employment,

competitiveness and economic output,

this could lead to higher levels of

impairment and/or lower revenues, which

could have a material adverse effect on

the Group's results of operations and

profitability.

• The US administration's approach to

foreign policy and regulatory and

institutional frameworks has departed

from that of previous administrations. The

challenges to the status quo could have

long term impacts on the US and its

trading partners and there is a risk that

this will result in disruption to the long

term standing of the US. A potential

deterioration of the perceived US

exceptionalism that drives demand for US

assets and sustains the USD's role as a

reserve currency could materialise in

episodes of uncertainty and volatility in

global financial markets that could

negatively impact the business

environments the Group and its clients

operate in.

• The adoption of tariffs and other

protectionist measures and

countermeasures could further complicate

the economic outlook for the EU, China

and other export-driven emerging markets

given their trade surpluses. A worsening

economic outlook for these markets could

have a material adverse effect on the

Group's business in the affected regions.

• The EU faces a number of structural

challenges and is vulnerable to adverse

geopolitical developments. Key

difficulties for the EU include heavily

indebted governments, a lack of

productivity growth, tight labour markets

and deteriorating demographics. In

addition, some of the EU's key economic

sectors, including automobiles, chemicals

and renewables among others, are under

pressure from competitive imports and

changing trade patterns. Uncertainty

surrounding NATO's future and pressure

to increase spending add to the

vulnerability. A deterioration in these

difficulties could adversely impact the

Group's business in the EU.

• In China, while headline GDP growth in

2025 has been broadly in line with its

target of around 5%, recently released

economic data has shown a weakening

with a continued property market slump

and a more challenging environment for

its export-driven sectors, while concerns

remain over the longer term risks of

deflation, weak domestic demand and an

ageing demographic, which will all have

led to a more uncertain outlook. The

combination of these risks pressuring the

financial sector and precipitating wider

systemic concerns could affect the

exposures of the Group across global

markets which are subject to contagion

effects.

• The UK, which is the Group's main retail

banking market, faces a number of

structural challenges. While the Labour

government has identified economic

growth as a priority, it has so far remained

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 185 |
|  |  |  |  |  |  |  |  | 185 |

---

Material existing and emerging risks (continued)

subdued, falling short of market

expectations. Furthermore, the fiscal

position of the UK has remained

challenging and there are risks of further

economic headwinds, such as supply chain

disruptions and trade fragmentation

leading to higher inflation, which could

have a material adverse effect on the

Group's results of operations and

profitability. The long term impact of the

Labour government's fiscal policy could

be detrimental for growth as well as for

business and consumer sentiment, with

risks to the Group's retail and corporate

businesses.

• Weak economic sentiment is also

reflected in the market's view of UK

assets, widening spreads for UK

government and UK corporate debt,

softening of the housing market and

lowering valuations of UK equities

compared with non-UK peers. This may

have a material adverse impact on the

collateral held by the Group in relation to

its secured lending portfolios and may

result in higher impairments and capital

requirements. The UK stock market in

particular continues to face structural

headwinds, ranging from economic

uncertainty and sectoral concentration to

limited domestic capital deployment and

regulatory constraints, potentially

undermining its competitiveness and

investor appeal, leaving the Group, and its

large UK corporate clients, indirectly

exposed to potential risks relating to

capital access and strategic positioning.

• The loss of 'the presumption of

conformity' is widely reported to have

raised costs for UK customers and clients

exporting to the EU as it results in their

products no longer being presumed to be

in line with corresponding EU rules. This,

together with the risk of regulatory

divergence between the UK and the EU

has had, and may continue to have, an

adverse impact on both the Group's EU

and UK operations. Efforts to recalibrate

the relationship between both parties are

ongoing with the first review of the EU–

UK Trade and Cooperation Agreement

(TCA) expected in 2026. The trend for the

EU–UK relationship is shifting from a

minimalist post-Brexit stance toward

structured cooperation on trade, climate,

security, mobility and

regulatory alignment, but risks to

materialisation remain.

A deterioration in the aforementioned

economic and business environment could

result in (among other things):

• A prolonged slowdown in the markets

where the Group operates, with lower

economic output, higher unemployment

and depressed property prices, which

could lead to increased impairments in

relation to a number of the Group's

portfolios (including, but not limited to,

the UK mortgage portfolio, the unsecured

lending portfolio (including credit cards)

and commercial real estate exposures).

• Increased market volatility (in particular

in currencies and interest rates), which

could impact the Group's trading book

positions and affect the underlying value

of assets held in the banking book,

including securities held by the Group for

liquidity purposes. In addition, market

confidence and depositor perceptions of

banking fragility as seen in certain

institutions in 2023 could increase the

severity and velocity of deposit outflows,

impacting the Group's liquidity position;

• A credit rating downgrade for one or

more members of the Group (either

directly or indirectly as a result of a

downgrade in the UK sovereign credit

ratings), which could significantly

increase the Group's cost of funding and/

or reduce its access to funding, widen

credit spreads and have a material adverse

impact on the Group's interest margins

and liquidity position; and/or

• A market-wide widening of credit spreads

or reduced investor appetite for the

Group's debt securities, which could

negatively impact the Group's cost of

and/or access to funding.

In addition to weak/unfavourable economic

conditions, other risk factors could adversely

affect the business environment in which the

Group operates:

• During 2025, financial markets volatility

and risk of disorderly markets have been

driven by developments in the

technological sector, where the

deployment of AI and high expectations

of returns have led to historic levels of

capital expenditure and equity valuations

on a select few, mostly US, corporations.

Concentration risk and a potential

valuation bubble if reality fails to meet

expectations could lead to strong market

corrections and negative wealth effects,

which in turn, may impact the wider

economy and cause a deterioration in the

business and economic environment.

• Economic activity is largely dependent on

data, technology, networks, infrastructure

and cybersecurity, heightening the risk

and potential impact of service

disruptions, either accidental or driven by

bad actors such as cybercriminals or state

sponsored actors using asymmetric

tactics.

• Financial institutions are often perceived

to have a role in global developments or

events like geopolitical conflicts, climate

change, digitalisation, fraud, money

laundering, and sanctions, which give rise

to reputational risks which are

complicated to navigate.

• Disruptions to global supply chains have

underlined the potential for further

adverse impacts on the markets in which

the Group operates. Further geopolitical

deterioration, particularly in Ukraine, the

Middle East and/or South China Sea, and

trade protectionism related de-coupling of

production chains could also have a

negative impact on the markets in which

the Group operates.

• Diverging financial, conduct and

prudential regulations between the

jurisdictions where the Group operates

increase the complexity and costs of

compliance. In particular, increasing

uncertainty and regulatory divergence

between different jurisdictions relating to

climate risk will add complexity and

increase costs for compliance against

varying regulatory expectations whilst

also making it difficult for the Group to

effectively and consistently manage

stakeholder expectations and climate risks

across its portfolios.

The circumstances mentioned above could

have a material adverse effect on the

Group's business, results of operations,

financial condition, prospects, liquidity,

capital position and credit ratings (including

potential credit rating agency changes of

outlooks or ratings), as well as on the

Group's customers, clients, employees and

suppliers.

**ii) The impact of interest rate changes** 

**on the Group's profitability**

The impact from changes to interest rates are

potentially significant for the Group,

especially given the uncertainty as to the size

and frequency of such changes, particularly

in the Group's main markets of the UK, the

US and the EU.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 186 |
|  |  |  |  |  |  |  |  | 186 |

---

Material existing and emerging risks (continued)

Interest rate cuts could put pressure on the

Group's net interest margins (the difference

between lending income and borrowing

costs) due to either a delay in passthrough or

a smaller passthrough of the interest rate

cuts to customer and client deposits. In that

scenario the maturing structural hedges

(portion maturing as part of the amortising

structure) will be replenished at lower rates

and this could adversely affect the

profitability and prospects of the Group.

Higher interest rates could result in higher

funding costs either due to higher

refinancing costs or due to deposit balance

mix changes as customers and counterparties

prefer switching into deposits that pay a

higher rate. In addition, interest rates

remaining higher for longer (due to either

smaller or less frequent than expected

interest rate cuts, or larger or more frequent

than expected interest rate increases), could

lead to generally weaker than expected

growth, reduced business confidence and

higher unemployment. This, combined with

the impact that higher interest rates may

have on the affordability of loan

arrangements for borrowers (especially

when combined with inflationary pressures),

could cause stress in the lending portfolio

and underwriting activity of the Group. This

could result in higher credit losses, driving

increased impairment charges which would

most notably impact retail unsecured

portfolios and wholesale non-investment

grade lending. This could have a material

effect on the Group's business, results of

operations, financial condition and

prospects.

In addition, changes in interest rates could

have an adverse impact on the value of the

securities held in the Group's liquid asset

portfolio. Consequently, this could create

more volatility than expected through the

Group's fair value through other

comprehensive income (FVOCI) reserve and

could adversely affect the profitability and

prospects of the Group.

**iii) Competition in the banking and** 

**financial services industry**

The Group operates in a highly competitive

environment in which it must evolve and

adapt to significant changes as a result of

regulatory reform, technological advances,

increased public scrutiny and changes to

market and economic conditions. The Group

expects that competition in the financial

services industry will remain intense and

may have a material adverse effect on the

Group's future business, results of

operations, financial condition and

prospects.

New competitors in the financial services

industry continue to emerge. For example,

technological advances and the growth of e-

commerce have made it possible for non-

banks to offer products and services that

traditionally were banking products such as

electronic securities trading, payments

processing and online automated

algorithmic-based investment advice.

Furthermore, payments processing and other

services could be significantly disrupted by

technologies, such as blockchain (used in

deposit tokenisations and stablecoins) and

'buy now pay later' lending, both of which

have been the subject of significant FCA

initiatives in recent years, with the FCA

starting to regulate 'buy now pay later'

lending from 15 July 2026. Furthermore, the

introduction of central bank digital

currencies could have a significant impact

on the banking system and the role of

commercial banks by disrupting the current

provision of banking products and services.

This disruption could allow new

competitors, some previously hindered by

banking regulation (such as certain

FinTechs), to provide customers with access

to banking facilities and increase the

disintermediation of banking services.

New technologies and changing consumer

behaviour have previously required, and

could continue to require, the Group to incur

additional costs to modify or adapt its

products or make additional capital

investments in its businesses to attract and

retain clients and customers or to match

products and services offered by its

competitors, including technology

companies. For example, the Group has

continued to take steps to expand its

investment in and to integrate AI

technologies. Such AI technologies and

services are rapidly evolving, and require

significant investment, including

development and operational costs, to meet

the changing needs and expectations of the

Group's customers and clients. For related

competition risks refer to c) "New and

emergent technology" in v) Operational Risk

below.

Ongoing or increased competition and/or

disintermediation of banking services may

put pressure on the pricing of the Group's

products and services, which could reduce

the Group's revenues and profitability, or

may cause the Group to lose market share,

particularly with respect to traditional

banking products such as deposits, bank

accounts and mortgage lending. This

competition may be on the basis of the

quality and variety of products and services

offered, transaction execution, innovation,

reputation and/or price. These factors may

be exacerbated by further regulatory change.

The failure of any of the Group's businesses

to meet the expectations of clients and

customers, whether due to general market

conditions, underperformance, a decision

not to offer a particular product or service,

branch closures, changes in client and

customer expectations or other factors, could

affect the Group's ability to attract or retain

clients and customers. Any such impact

could, in turn, reduce the Group's revenues.

**iv) Regulatory change agenda and impact** 

**on business model**

The Group's business is subject to ongoing

regulation and associated regulatory risks,

including the effects of changes in the laws,

regulations, policies, voluntary codes of

practice and interpretations of the foregoing

in the UK, the US, the EU, and the other

markets in which it operates. Many

legislative and regulatory changes that are

relevant to the Group's business may have

an effect beyond the country in which they

are enacted, either because the Group's

regulators, which include sectoral regulators

within the banking and finance industries

and legislators in national and supranational

governments deliberately enact laws and/or

regulations with extra-territorial effect or its

global operations mean that the Group gives

effect to local laws and regulations on a

wider basis.

In recent years, regulators and governments

have focused on reforming both the

prudential regulation of the financial

services industry and the ways in which the

business of financial services is conducted.

Measures taken include enhanced capital,

liquidity and funding requirements, the

structural separation or prohibition of certain

activities by banks, changes in the operation

of capital markets activities, the introduction

of tax levies and transaction taxes, changes

in compensation practices, and more

detailed requirements on how business is

conducted and clients and customers are

treated. Governments and regulators in the

UK, the US, the EU or elsewhere may

intervene further in relation to areas of

industry risk and/or regulatory risk already

identified, or in new areas, which could

adversely affect the Group.

Current and anticipated areas of particular

focus for the Group's regulators, where

regulatory changes could have a material

effect on the Group's business, financial

condition, results of operations, prospects,

capital, liquidity or funding position, and

reputation, include, but are not limited to:

• the continued focus by regulators,

international bodies, organisations and

unions on how institutions conduct

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---

Material existing and emerging risks (continued)

business, particularly with regard to the

delivery of fair outcomes for customers

and ensuring the orderly and transparent

operation of global financial markets,

including the FCA's ongoing consultation

regarding the imposition of a motor

finance customer compensation scheme,

the consumer duty in the UK, and the

FCA's review of the provision of

financial advice to consumers;

• the implementation of any conduct

measures as a result of regulators' focus

on and review of organisational culture,

employee behaviour and whistleblowing,

and the UK regulators' focus on firms'

management of non-financial misconduct

matters;

• the UK regulators' strategy for and

promotion of competitive markets and

growth, both domestically and

internationally, including an increasing

focus on streamlining and simplifying

regulation;

• following on from the simplification of

the UK listing regime in July 2024 and

the introduction of a new regime for

public offers and admission to trading of

securities in the UK in January 2026, the

reforms to the regulatory frameworks

supporting the wholesale financial

markets, including recent (and expected)

changes to the UK regime for asset

management, changes to the bond and

derivative transparency regime and

potential reforms regarding the quality

and accessibility of bond market data

through the establishment of a

consolidated tape;

• the increasing regulatory expectations and

requirements relating to various aspects of

operational resilience, including an

increasing focus on minimising the

impact of operational disruptions

(including digital operational disruptions

and IT systems failures) on the UK and

EU financial sector, the role of critical

third-party service providers to financial

institutions, and operational incident and

third party reporting requirements;

• the focus globally on technology adoption

and digital delivery, including the use of

AI, digital assets and digital money

(including central bank digital

currencies), payments and related

infrastructure, and cybersecurity. This

also includes the introduction of new and/

or enhanced laws and/or regulatory

standards in these areas, underpinned by

customer protection principles, and

actions by regulators that are designed to

support the use of AI in the financial

sector;

• the continued evolution of the UK's

regulatory framework following the UK's

withdrawal from the EU, particularly

following the implementation of the

Financial Services and Markets Act 2023

(FSMA 2023) which provides for the

ongoing revocation and repeal of

assimilated law relating to financial

services and, where relevant, its

replacement with rules enacted (or to be

enacted) by UK regulators, as well as any

areas of divergence between the UK and

EU regulatory regimes;

• the harmonisation of EU market access

for non-EU banks, which will limit the

Barclays Bank Group's ability to service

EU customers from the UK going

forward;

• the implementation of the reforms to the

finalisation of the Basel III package,

which includes changes to the RWA

approaches to credit risk, market risk,

counterparty risk, operational risk and

credit valuation adjustments risk,

implementation of the fundamental

review of the trading book (FRTB)

proposals, the application of input and

output floors and the leverage ratio, as

well as reforms to other aspects of

prudential regulation, including the large

exposures framework, and amendments to

the Bank of England's approach to setting

a minimum requirement for own funds

and eligible liabilities (MREL);

• the review of regulation of the US

banking sector under the current US

administration, including easing capital

requirements or other prudential

requirements;

• the review of regulation of the EU

financial sector with a view to enhancing

competitiveness of EU banks in

particular, which will likely include the

easing of regulatory burdens and capital

requirements, simplification of

regulations and an enhanced supervisory

role for the European Supervisory

Authorities;

• greater monitoring of, and

implementation of policies to address

capital requirements, liquidity risk, and

credit risk management and continuing

focus on review and assurance activities,

reporting methodology and data quality in

relation to these prudential requirements;

• increasing regulatory expectations of

firms around governance and risk

management frameworks, particularly for

the management of climate change and other

sustainability-related risks, enhanced

sustainability disclosure and reporting

obligations, corporate sustainability due

diligence obligations, anti-greenwashing

rules and requirements to develop and

disclose a climate transition plan, as well as

reactions to such initiatives, including taking

a different or opposing stance in relation to

legislation and rules related to sustainability,

and jurisdictional divergence, potentially

leading to conflict between initiatives;

• the incorporation of climate change

considerations, including transition risks

in particular, within the global prudential

framework;

• the operation of, and recent and

prospective reforms to, the UK ring-

fencing regime, which requires, among

other things, the separation of the retail

and SME deposit-taking activities of UK

banks from wholesale and investment

banking operations into a legally distinct,

operationally separate and economically

independent entity (i.e., a 'ring-fenced'

bank), which is not permitted to undertake

a range of activities;

• the introduction of measures in the UK

designed to preserve access to cash for

consumers (including the retention of

specific branches) and, more generally,

access to payment accounts;

• changes in national or supra-national

requirements regarding the ability to

offshore or outsource the provision of

services and resources or transfer material

risk or data to companies located in other

countries, which could impact the

Group's ability to implement globally

consistent and efficient operating models;

• financial crime, fraud and market abuse

standards and increasing expectations for

related control frameworks, to ensure

firms are adapting to new threats and are

protecting customers from cyber-enabled

crime and, in the UK, reforms relating to

authorised push payment fraud

reimbursements and the ability of

payment service providers to delay the

processing of transactions in certain

circumstances;

• the reform to corporate criminal liability

in the Economic Crime and Corporate

Transparency Act 2023 in the UK, which

also introduced a failure to prevent fraud

offence from September 2025, and

prospective amendments to further

expand the scope of corporate

criminal liability;

• the application and enforcement of

economic sanctions, including those with

extra-territorial effect and those arising

from geopolitical tensions;

• individual operating entities within the

Barclays Group may be required to

comply with additional regulatory

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Material existing and emerging risks (continued)

requirements in order to facilitate the

Barclays Group's resolution planning;

• continuing regulatory focus on data

privacy, including the processing of

personal data, safeguards against

unauthorised or improper access or

disclosure, adherence to cookie and

cookie banner compliance, and the use of

personal data in AI systems;

• continuing regulatory focus on policies

and procedures for identifying and

managing cybersecurity risks,

cybersecurity governance and the

corresponding disclosure and reporting

obligations;

• ongoing requirements to allocate and

monitor management accountability

within the Group (for example, the

requirements of the Senior Managers and

Certification Regime in the UK and

similar regimes elsewhere that are either

in effect, are due to come into effect in the

future or are under consideration,

including new rules in the EU applicable

to appointing senior managers), as well as

requirements relating to executive

remuneration and, separately, potential

reforms to the UK's SMCR; and

• continuing regulatory focus on the

effectiveness of internal systems and

controls and risk management

frameworks.

---

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|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on the regulatory <br>supervision of, and regulations applicable to, <br>the Group, refer to the Supervision and <br>regulation section on **page** [300](#i5fabad4c81c54e10b8fb686fdc2bc602_103022).<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**v) Change delivery and execution risks**

The Group constantly adapts and transforms

the way it conducts business in response to

changing customer behaviour and needs,

technological developments, regulatory

expectations, increased competition and cost

management initiatives. The Group's

strategy is focused on a plan to become

simpler, better and more balanced. This

strategy is intended to enable the Group to

improve its customer service, provide more

support to consumers and businesses, deliver

higher quality income growth and build

returns.

Accordingly, effective management of

transformation projects is required to

successfully deliver the Group's strategic

priorities, involving delivering on both

externally driven programmes and key

business initiatives to deliver revenue

growth, product enhancement and

operational efficiency outcomes. The

magnitude, complexity and, at times,

concurrent demands of the projects required

to meet these priorities can result in

heightened execution risk.

The ability to execute the Group's strategy

may be limited by operational capacity and

the increasing complexity of the regulatory

environment in which the Group operates. In

addition, whilst the Group continues to

pursue cost management initiatives, they

may not be as effective as expected and cost

saving targets may not be met.

The failure to successfully deliver or achieve

any of the expected benefits of these

strategic initiatives and/or the failure to meet

customer and stakeholder expectations could

have a material adverse effect on the

Group's business, results of operations,

financial condition, customer outcomes,

prospects and reputation.

The Group also needs to ensure that its

strategy and business model adapt to

changing national and international

standards, industry and scientific practices,

regulatory requirements and market

expectations regarding climate change,

which remain under continuous

development. The Group may face

challenges from changing circumstances and

external factors which are beyond the

Group's control, including the rapid growth

of energy demand, lingering geopolitical

uncertainty, and the lack of policy

consistency between, and within,

jurisdictions. Achieving the Group's climate-

related ambitions and targets will also

depend on a number of factors outside the

Group's control, including reliable forecasts

of hazards from physical climate models and

availability of data / models to measure /

assess climate impact on clients. The

pathway to net zero is uncertain, complex

and dependent on progress in various areas

such as advances in low-carbon

technologies, progress by clients towards

their own net zero goals, and supportive

public policies in markets where the Group

operates. If there is a lack of progress in the

aforementioned areas, the Group may fail to

achieve its climate related ambitions and

targets, and this could have a material

adverse effect on the Group's business,

operations, financial condition, prospects

and reputation.

**vi) Holding company structure of** 

**Barclays PLC and its dependency on** 

**distributions from its subsidiaries** 

Barclays PLC is a holding company and its

principal sources of income are, and are

expected to continue to be, distributions (in

the form of dividends and interest payments)

from operating subsidiaries which also hold

the principal assets of the Group. As a

separate legal entity, Barclays PLC relies on

such distributions in order to be able to meet

its obligations as they fall due (including its

payment obligations with respect to its debt

securities) and to create distributable

reserves for capital distributions (such as

dividends to ordinary shareholders and share

buybacks).

The ability of Barclays PLC's subsidiaries to

pay dividends and interest and Barclays

PLC's ability to receive such distributions

from its investments in its subsidiaries and

other entities will be subject not only to the

financial performance of such subsidiaries

and entities and prevailing macroeconomic

conditions but also to applicable laws,

capital regulations (including internal

MREL requirements) and other restrictions

(including restrictions imposed by

governments and/or regulators, which limit

management's flexibility in determining

capital distributions and capital allocation).

These laws, capital regulations and

restrictions could limit the payment of

dividends and distributions to Barclays PLC

by its subsidiaries and any other entities in

which it holds an investment from time to

time, which could restrict Barclays PLC's

ability to meet its obligations and/or to make

capital distributions (such as dividends to

ordinary shareholders and share buybacks).

**vii) Application of resolution measures** 

**and stabilisation powers under the UK** 

**Banking Act**

Under the UK Banking Act 2009, as

amended (Banking Act), substantial powers

are granted to the Bank of England (or, in

certain circumstances, HM Treasury), in

consultation with the PRA, the FCA and

HM Treasury, as appropriate, as part of the

UK's special resolution regime (SRR). These

powers enable the relevant UK resolution

authority to implement resolution measures

and stabilisation options with respect to a

UK bank or investment firm and certain of

its affiliates (currently including Barclays

PLC) (each, a relevant entity) in

circumstances in which the relevant UK

resolution authority is satisfied that the

resolution conditions

are met.

The SRR consists of five stabilisation

options: (i) private sector transfer of all or

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Material existing and emerging risks (continued)

part of the business or shares of the relevant

entity; (ii) transfer of all or part of the

business of the relevant entity to a 'bridge

bank' established by the Bank of England;

(iii) transfer to an asset management vehicle

wholly or partly owned by the Bank of

England; (iv) the cancellation, transfer or

dilution of the relevant entities' equity

(including Barclays PLC's ordinary share

capital) and write-down or conversion of the

relevant entity's capital instruments and

liabilities (the bail-in tool); and (v)

temporary public ownership (i.e.

nationalisation).

In addition, the relevant UK resolution

authority may, in certain circumstances, in

accordance with the Banking Act require the

permanent write-down or conversion into

equity of any outstanding Additional Tier 1

securities, Tier 2 securities or internal

eligible liabilities prior to, or together with,

the exercise of any stabilisation option. In

addition, any such action could result in the

dilution, transfer or cancellation of Barclays

PLC's ordinary share capital, and/or the

write-down or conversion of capital

instruments and internal eligible liabilities

and therefore reduce or extinguish Barclays

PLC's obligations to relevant shareholders

and or creditors. Measures that could be

taken to reduce or eliminate the risk of

resolution action being taken include

restricting Barclays PLC's ability to pay

dividends to ordinary shareholders.

Shareholders and creditors should assume

that, in a resolution situation, public

financial support will only be available to a

relevant entity as a last resort after the

relevant UK resolution authorities have

assessed and used, to the maximum extent

practicable, the available resolution tools,

including the bail-in tool (the Bank of

England's preferred approach for the

resolution of the Group is a bail-in strategy

with a single point of entry at Barclays

PLC). The exercise of any of such powers

under the Banking Act or any suggestion of

any such exercise could materially adversely

affect the value of Barclays PLC ordinary

shares, could lead to shareholders losing

some or all of their investment and could

mean that creditors may not recover all or

any of the sums they are owed.

The 'no creditor worse off' safeguard within

the Banking Act requires that no shareholder

or creditor must be left worse off from the

use of resolution powers than they would

have been if the relevant entity had entered

insolvent liquidation.

Whilst shareholders and creditors may be

entitled to compensation where there is

determined to have been a shortfall

following a valuation, there can be no

assurance that shareholders and creditors

would recover any such compensation

promptly or that such compensation will be

equivalent to the full losses that they have

incurred whether in resolution or otherwise.

**viii) M&A and strategic initiatives**

The Group may, from time to time, pursue

acquisitions, disposals or other strategic

initiatives which could subject it to a variety

of risks and uncertainties.

In connection with acquisitions, actual

results associated with acquired businesses

may differ from the anticipated results,

including with respect to: (i) overall future

performance of the assets and liabilities

acquired and the ability to capitalise on

anticipated growth opportunities; (ii) level of

integration achieved, and the cost and timing

of any integration and the resulting ability to

realise expected synergies; (iii) failure to

retain key employees, customers and

suppliers of the acquired business (iv) cost

and timing to achieve separation from any

legacy businesses; and (v) the extent to

which contingent risks arise in the acquired

business.

In connection with disposals, the Group may

be required to continue to provide

transitional services to the transferred

business for a period of time.

In respect of transactions announced but not

yet completed, it may be necessary to obtain

regulatory and other approvals, or satisfy

other conditions, before completion can

occur, and there can be no assurance that

such approvals will be obtained or such

conditions satisfied (either at all or on terms

which are acceptable to the Group).

Transactions that are announced may be

subject to lengthy delays or may not proceed

to completion.

Strategic activity of this nature is time-

consuming and could produce unforeseen

regulatory or operating difficulties, cause the

Group to incur additional expenses or

require incremental financial, capital,

management and other resources. The Group

may also be exposed to post-transactional

contractual claims in connection with

acquisitions, disposals or other strategic

activity.

Any of these risks could result in a failure to

realise the anticipated benefits of any such

strategic activity, or otherwise have a

material adverse effect on the Group's

results of operations, financial conditions

and prospects.

**ix) Card Partnerships**

The Group maintains several co-branded

credit cards and credit card partnership

agreements in the US and the UK. Such

arrangements are a means of reaching new

customers and expanding brand reach, but

there is significant competition among card

issuers for these relationships. A

deterioration in or failure to maintain these

credit card relationships with co-brand

partners, including non-renewal of contracts

with existing partners, early termination of

partnership arrangements due to a

contractual breach and changes in consumer

behaviour regarding spending patterns,

could have a negative impact on the Group's

business, results of operations, financial

condition and prospects.

**x) Evolving landscape with respect to** 

**artificial intelligence (including** 

**generative and agentic artificial** 

**intelligence) (AI) and machine learning** 

**technologies**

The use of rapidly evolving technologies

such as AI, by the Group and its third-party

service providers, while presenting

significant benefits, can also present risks

and challenges to the Group's business. Use

of AI (and particularly the growing use of

agentic AI) may expose the Group to

liability, reputational harm, regulatory

actions and threats of litigation, particularly

if such technology produces errors or

hallucinations, or results in output that is

biased, harmful, discriminatory or that

infringes the intellectual property or data

privacy rights of third parties, or otherwise if

such technology does not function as

intended.

The use of AI by the Group's third-party

service providers in their business activities,

whether or not disclosed or known to the

Group, could also expose the Group to risks.

While the Group believes it conducts

appropriate diligence prior to onboarding

third-party service providers, the failure of

one or more such service provider to meet

the Group's expectations may have an

adverse effect on the Group's operations or

financial condition, result in legal or

regulatory violations, jeopardise the Group's

intellectual property rights, cause the Group

to be in breach of its contracts or give rise to

issues pertaining to data privacy and data

protection. This may arise as a result of a

service provider, including by use of AI

tools in contravention of agreements with

the Group, inputting the Group's

confidential or proprietary information into

AI tools, sourcing data for development,

training or fine-tuning of the tool from

unlawful sources or in an otherwise

unlawful manner or implementing the roll-

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---

Material existing and emerging risks (continued)

out of new AI tools or functionalities

without the Group's approval. See "supplier

exposure" for more information regarding

risks arising with respect to suppliers.

In addition, laws and regulations focused on

the use and provision of AI technologies

may impose certain obligations on the

Group. For example, emerging AI

regulations may require the Group to

conduct complex impact assessments, risk

evaluations or other compliance reviews

prior to deploying AI tools for certain high-

risk applications, including automated

decision-making that affects individuals.

Such assessments can be resource-intensive,

time-consuming and may require input from

third party specialist advisers. Any failure to

conduct these assessments properly, or at all,

could result in regulatory enforcement

action, monetary penalties, mandatory

cessation of AI system usage, litigation and

potential liability, as well as other adverse

consequences. Furthermore, the regulatory

framework for AI continues to evolve and is

largely unsettled and fast-moving to varying

extents in the jurisdictions in which the

Group operates. Uncertainty in the legal

regulatory regime relating to AI may require

significant resources to modify and maintain

business practices to comply with laws, the

nature of which cannot be determined at this

time.

Several jurisdictions around the globe,

including Europe and certain U.S. states,

have already proposed or enacted laws

governing AI. For example, the EU

Artificial Intelligence Act (the "EU AI

Act"), which came into force on 1 August

2024, will generally become fully applicable

after a two-year transitional period, with

certain obligations taking effect at an earlier

or later time. The EU AI Act introduces

various requirements for AI systems and

models placed on the market or put into

service in the EU, including specific

transparency and other requirements for

general purpose AI systems and the models

on which they are based. In the US, while

the White House signed an Executive Order

Removing Barriers to American Leadership

in Artificial Intelligence which prioritises

deregulation, several states are considering

enacting or have already enacted regulations

concerning the use of artificial intelligence

technologies.

These include the California Transparency

in Frontier Artificial Intelligence Act, the

Utah Artificial Intelligence Consumer

Protection Amendments, the updated

California Consumer Privacy Act

regulations (which came into effect 1

January 2026) and the Colorado Consumer

Protections for Artificial Intelligence Act

(effective 30 June 2026). While the UK does

not currently have in place any general

statutory regulation of AI, some form of

regulation is anticipated, although its content

and timing is currently uncertain.

Other jurisdictions may decide to adopt

similar or more restrictive legislation that

may render the use of such technologies

challenging or risky. Divergence in

legislation and regulatory approach across

jurisdictions may make it harder for the

Group to conduct its business using AI, lead

to regulatory fines or penalties, require the

Group to change its product offerings or

business practices, or limit the Group's use

of AI. If the Group's use of AI is restricted,

it could lead to business disruption and the

Group's business may be less efficient or

may be at a competitive disadvantage.

Replacement of these technologies with

compliant alternatives could require

substantial capital expenditures or lead to a

loss of proprietary data or historical

optimisation. Additionally, if new

regulations substantially restrict the Group's

usage of AI to drive business efficiencies,

the Group could face significantly higher

operating costs to re-hire personnel or obtain

third-party support to perform tasks

previously handled by automated systems,

requiring costly and time-intensive

recruitment, training or outsourcing

arrangements. Moreover, the Group's

failure, or perceived failure, to comply fully

with developing laws and regulations

relating to AI or machine learning

technologies, or meet evolving and varied

stakeholder expectations and industry

standards, could harm the Group's business,

reputation, financial condition, and operating

results.

See "Processing errors" and "Model risk"

for more information regarding the potential

consequences of integrating AI into the

Group's product or service offerings, "Data

management, information protection and

AI" for more information relating to risks

relating to data protection and compliance

with existing and future laws and

regulations, and "Cyber attacks" for more

information on the cybersecurity risks

relating to AI technologies.

**Material existing and emerging** 

**risks impacting individual** 

**principal risks**

**i)Climate risk**

Climate risk is the risk of financial losses

arising from climate change, through

physical risks and risks associated with

transitioning to a lower carbon economy.

Climate risk is a principal risk under

Barclays' ERMF. The Climate Risk Policy

focuses on managing the impacts of climate

change across the Group's financial and

operational risk categories as defined in the

Climate Risk Framework. Climate risk may

also drive non-financial risks such as

reputational and legal risk, which continue

to be managed under their respective risk

frameworks.

Physical risks, such as acute weather events

(e.g. cyclones, hurricanes and floods) and

long-term climate pattern shifts (e.g.

droughts, temperature and precipitation

levels), can lead to damage to fixed assets,

operational disruptions, changes in

production outputs and increased costs

(among other things).

A transition to a low-carbon economy

requires policy and regulatory changes,

technological innovations, and reshaped

consumer behaviour and market sentiment.

This can lead to transition risks from

increased costs and reduced revenues.

The potential impacts of both physical and

transition risks on the economy may include

lower GDP growth, higher unemployment,

shortage of raw materials and products,

supply chain disruptions, significant

fluctuations in prices of assets (such as in the

real estate sector), and shifting demands for

goods and services. These impacts could

subsequently affect the business model and

profitability of both the Group and its

clients. There is significant uncertainty

surrounding the timeframes in which both

these physical and transition risks may

manifest, adding further challenges to the

Group in assessing, quantifying and

managing the risks associated with climate

change within its downstream financed

portfolios. Additionally, divergence in

climate policies and regulatory standards

across different jurisdictions may lead to

inconsistencies in reporting, risk assessment

methodologies and compliance

requirements, making it challenging for the

Group to adopt a unified approach to

managing climate risk and meeting

regulatory obligations.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 191 |
|  |  |  |  |  |  |  |  | 191 |

---

Material existing and emerging risks (continued)

This fragmentation increases operational

complexity and the cost of compliance, and

undermines the Group's ability to effectively

manage climate risks, including transition

risks associated with high-emitting clients.

In 2025, mounting evidence pointed to a rise

in physical risks, with acute events such as

wildfires, droughts, and flash floods

affecting multiple geographies globally. The

UK experienced its hottest summer on

record, with temperatures exceeding the

long-term average by 1.5°C. In the US, the

number of wildfires reported by the National

Interagency Fire Centre surpassed the 10-

year average, while proposed reforms to the

Federal Emergency Management Agency

(FEMA) raised concerns about future

disaster recovery capacity. There is also

evidence of chronic physical risks

materialising, with the Met Office's annual

State of the UK Climate Report confirming

that temperature and rainfall extremes are

becoming more prevalent. The

intensification of physical risks could

increase risks in the Group's portfolios (e.g.

UK mortgage portfolio) and also damage the

Group's facilities and infrastructure, leading

to a potential adverse impact on

its financial position.

The Group recognises climate risk as an

amplifier of existing risk categories, exerting

influence across multiple principal risk types

and heightening their severity. The Group's

wholesale credit corporate clients that are

most exposed to climate-related risks—

particularly those operating in high-emitting

sectors with limited transition preparedness

—are likely to experience operational and

financial challenges. Such vulnerabilities

can lead to a deterioration in

creditworthiness, thereby increasing credit

risk within the Group's portfolios. In

addition, both physical and transition risk

drivers have the potential to trigger price

shocks, devalue market instruments, prompt

deposit outflows, and erode the value of

sovereign bonds. These developments could

adversely impact the Group's liquidity

position and capital buffers, while also

necessitating adjustments to funding

strategies and capital planning requirements.

The Group's Risk Register process reflects

the potential effects of climate risk drivers

on the Group's principal risks and its

portfolios. Based on the 2025 assessment,

climate risk is assessed as having a higher

materiality rating within the Group Risk

Register for Credit Risk and Treasury &

Capital Risk than across other principal

risk categories.

The Group may face difficulties from

changing circumstances and external factors

which are beyond the Group's control,

which can provide challenges to the Group

in meeting its climate-related ambitions and

targets. These difficulties include

geopolitical issues, energy security and other

considerations such as policy environment,

technological advancements and market

dynamics for a low-carbon economy. The

pathway to net zero is uncertain, complex

and dependent on progress in various areas

such as advances in low-carbon

technologies, collective action by clients to

meet their own climate goals and supportive

government policies in markets where the

Group operates. Furthermore, the Group's

business and operations have been, and may

continue to be, adversely impacted by the

perception that its response to climate

change is ineffective, insufficient, or

otherwise inappropriate, which could result

in potential adverse impacts on its financial

position.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further information on Barclays approach <br>to climate change, refer to the [Climate Risk](#i12c1279a81884a37aee9a5181c6fa279_868)<br>[Management Section](#i12c1279a81884a37aee9a5181c6fa279_868)<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**ii) Credit risk**

Credit risk is the risk of loss to the Group

from the failure of clients, customers or

counterparties, including sovereigns, to fully

honour their obligations to the Group,

including the whole and timely payment of

principal, interest, collateral, and other

receivables. Credit risk is impacted by a

number of factors outside the Group's

control, including wider economic

conditions.

**a) Impairment**

Impairment is calculated in line with the

requirements of IFRS9. Loss allowances,

based on ECLs, are measured on a forward-

looking basis using a broad range of

financial metrics and application of complex

judgements. Accordingly, impairment

charges are potentially volatile and may not

successfully predict actual credit losses,

particularly under stressed conditions.

Failure by the Group to accurately estimate

credit losses through ECLs could have a

material adverse effect on the Group's

business, results of operations, financial

condition, and prospects.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details, refer to[Note 8](#i12c1279a81884a37aee9a5181c6fa279_1270). |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**b) Specific portfolios, sectors and** 

**concentrations**

The Group is subject to risks arising from

changes in credit quality and recovery rates

for loans and advances due from borrowers

and counterparties. Additionally, the Group

is subject to a concentration of those risks

where it has significant exposures to

borrowers and counterparties in specific

sectors, or to particular types of borrowers

and counterparties. Any deterioration in the

credit quality of such borrowers and

counterparties could lead to lower

recoverability from loans and advances, and

higher impairment charges. Accordingly, any

of the following areas of uncertainty could

have a material adverse impact on the

Group's business, results of operations,

financial condition, and prospects:

• Consumer affordability: higher inflation

and higher interest rates could increase the

cost of living and negatively impact a

customer's ability to service debt

payments, leading to increased arrears in

both unsecured and secured products. The

risk is further heightened with uncertainty

around global fiscal policy including

tariffs and sovereign debt which could

increase inflation and weaken economic

growth. Additionally, there is potential US

consumer credit weakness from all time

high consumer debt and student loan debt

which could strain consumer affordability,

leading to higher arrears and ECLs.

• UK Retail, Hospitality and Leisure: the

continuing cost of living pressures, falling

consumer confidence, or other

macroeconomic factors adversely affecting

consumers could trigger a contraction in

demand which, together with rising

business costs including from taxes, would

add pressure to sectors heavily reliant on

consumer discretionary spending. This

represents a potential risk in the Group's

UK corporate portfolio as a higher

probability of default exists for retailers,

hospitality and leisure providers and their

landlords while these pressures remain.

• Real Estate: UK property represents a

significant portion of the Group's overall

retail credit exposure. The Group remains

at risk of increased impairment from a

material fall in property prices. The impact

of affordability shocks as customers

switch from lower to higher rates has

continued to decrease during 2025 and

arrears rates have stabilised. Any future

increase in interest rates, however, would

likely lead to an increase in missed

payments and reduction in market demand

which would put downward pressure on

property prices and, in turn, impact the

Group's impairment and capital position.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 192 |
|  |  |  |  |  |  |  |  | 192 |

---

Material existing and emerging risks (continued)

Furthermore, certain segments of the

housing market could be subject to

specific valuation impacts (for example,

properties within the residential loan

portfolio may be exposed to physical or

transition climate risks). The Group's

corporate exposure is conservatively

positioned with low loan-to-value ratios

but remains vulnerable to a weak

commercial real estate market. Landlords

serving business tenants whose income is

based on discretionary consumer spending

are also at risk from reduced rent

collection.

• Leveraged Finance Underwriting: the

Group takes on non-investment grade

underwriting exposures, including single

name risk, particularly in the US and the

UK. The market environment has

remained constructive and highly

competitive in 2025, despite geopolitical

tensions and concern around the impact of

tariffs.

• Oil & Gas sector: In the short term, the

sector is vulnerable to geopolitical shifts

impacting supply and demand. In the

longer term, costs associated with the

transition to renewable sources of energy

may place greater financial demands on oil

and gas companies.

• Information Technology: companies may

struggle to monetise their technology

offerings, including usage of AI or

alternatively, may find their offerings

disrupted by other emerging new

technology. The Group's clients also face

heightened risk from data security

breaches and ransomware and/or cyber

attacks as well as from the malicious use

of AI, all of which could negatively impact

their ability to service debt obligations.

• Sovereign wholesale exposure: the Group

is exposed to sovereigns with sovereign

debt to GDP ratios above 100% with low

economic growth. Failure to reduce public

spending could cause debt levels to

become unmanageable and damage

investor confidence, potentially delaying

economic recovery which, in turn, could

materially adversely affect the Group's

results of operations including, but not

limited to, increased credit losses.

• Private Credit: the private credit industry

operates largely outside of the traditional

banking system and public markets, and is

characterised by risks associated with the

use of leverage, illiquid investments,

structural complexity and limited

disclosure.

As a result, certain other risks to which

the Group is exposed may be amplified by

its activities in the private credit sector. In

addition, due to the interconnectedness

between private credit and other areas of

economic activity and second order losses

resulting from private credit exposure,

private credit presents a risk to financial

system stability.

The Group also has large individual

exposures to single name counterparties

(such as brokers, central clearing houses,

dealers, banks, mutual and hedge funds, and

other institutional clients) in both its lending

and trading activities, including derivative

trades. The default of one such counterparty

could cause contagion across clients

involved in similar activities and/or

adversely impact asset values should margin

calls necessitate rapid asset disposals by that

counterparty to raise liquidity. In addition,

where such counterparty risk has been

mitigated by taking collateral, credit risk

may remain high if the collateral held cannot

be monetised or has to be liquidated at prices

which are insufficient to recover the full

amount of the loan or derivative exposure.

Any such defaults could have a material

adverse effect on the Group's results due to,

for example, increased credit losses and

higher impairment charges.

Impact to the creditworthiness of the

Group's clients, customers and

counterparties (particularly in high carbon

sectors), can also arise out of climate-related

legal actions or investigations commenced

against the Group's clients, customers and

counterparties (particularly in high carbon

sectors), where outcomes of such actions

have material financial impacts, which can

in turn increase credit risk within Group

portfolios.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on the Group's approach to <br>credit risk, refer to the [credit risk](#i12c1279a81884a37aee9a5181c6fa279_886)<br>[management](#i12c1279a81884a37aee9a5181c6fa279_886) and [credit risk performance](#i12c1279a81884a37aee9a5181c6fa279_946)<br>sections.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**iii) Market risk**

Market risk is the risk of loss arising from

potential adverse changes in the value of the

Group's assets and liabilities from

fluctuation in market variables including,

but not limited to, interest rates, foreign

exchange rates, equity prices, commodity

prices, credit spreads, implied volatilities

and asset correlations.

Economic and financial market uncertainties

remain elevated, amid ongoing geopolitical

conflicts, shifting trade policies,and

persistent inflationary pressures. A disruptive

transition to lower interest rate levels,

deteriorating trade, and intensifying

geopolitical tensions could heighten market

risks for the Group's portfolios.

In addition, the Group's trading business

could be vulnerable were there to be a

prolonged period of elevated asset price

volatility, particularly if it adversely affects

market liquidity. Such a scenario could

impact the Group's ability to execute client

trades and may also result in lower client

flow-driven income and/or market-based

losses on its existing portfolio of assets.

These can include higher hedging costs from

rebalancing risks that need to be managed

dynamically as market levels and their

associated volatilities change.

Changes in market conditions could have a

material adverse effect on the Group's

business, results of operations, financial

condition and prospects.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on the Group's approach to <br>market risk, refer to the [market risk](#i12c1279a81884a37aee9a5181c6fa279_892)<br>[management](#i12c1279a81884a37aee9a5181c6fa279_892) and [market risk performance](#i12c1279a81884a37aee9a5181c6fa279_1003)<br>sections.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**iv) Treasury and capital risk**

There are three primary types of treasury

and capital risk faced by the Group:

**a) Liquidity risk**

Liquidity risk is the risk that the Group is

unable to meet its contractual or contingent

obligations or that it does not have the

appropriate amount, tenor and composition

of funding and liquidity to support its assets.

This could cause the Group to fail to meet

regulatory and/or internal liquidity

requirements, make repayments of principal

or interest as they fall due or to support day-

to-day business activities. Key liquidity risks

that the Group faces include:

**•Stability of the Group's deposit funding** 

**profile:** deposits which are payable on

demand or at short notice could be

adversely affected by the Group failing to

preserve the current level of customer and

investor confidence or as a result of

competition in the banking industry.

**•Ongoing access to wholesale funding:**

the Group regularly accesses the money

and capital markets to provide short-term

and long-term unsecured and secured

funding to support its operations. A loss

of counterparty confidence, or adverse

market conditions, could lead to a

reduction in the tenor, or an increase in

the costs, of the Group's unsecured and

secured wholesale funding or affect the

Group's access to such funding.

**•Impacts of market volatility:** adverse

market conditions, with increased

volatility in asset prices, could: (i)

negatively impact the Group's liquidity

position through increased derivative

margin requirements and/or wider

haircuts when monetising liquidity pool

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 193 |
|  |  |  |  |  |  |  |  | 193 |

---

Material existing and emerging risks (continued)

securities; (ii) make it more difficult for

the Group to execute secured financing

transactions; and (iii) expose the Group to

currency risk leading to increased cash

flow currency mismatch.

**•Intraday liquidity usage:** increased cash

and collateral requirements for payments

and securities settlement systems could

negatively impact the Group's liquidity

position, as cash and liquid assets

required for intraday purposes are

unavailable to meet other outflows.

**•Off-balance sheet commitments:**

deterioration in economic and market

conditions could cause customers to draw

on off-balance sheet commitments

provided to them, for example revolving

credit facilities, negatively affecting the

Group's liquidity position.

**•Credit rating changes and impact on** 

**funding costs:** any reductions in a credit

rating (in particular, any downgrade

below investment grade) may affect the

Group's access to money or capital

markets and/or the terms on which the

Group is able to obtain market funding.

For example, this could lead to increased

costs of funding and wider credit spreads,

the triggering of additional collateral or

other requirements in derivative contracts

and other secured funding arrangements,

or limits on the range of counterparties

who are willing to enter into transactions

with the Group.

**b) Capital risk**

Capital risk is the risk that the Group has an

insufficient level or composition of capital to

support its normal business activities and to

meet its regulatory capital requirements

under normal operating environments and

stressed conditions (both actual and as

defined for internal planning or regulatory

stress testing purposes). This also includes

the risk from the Group's pension plans.

Key capital risks that the Group faces

include:

**•Failure to meet prudential capital** 

**requirements:** this could lead to the

Group being unable to support some or all

of its business activities, a failure to pass

regulatory stress tests, increased cost of

funding due to deterioration in investor

appetite and / or credit ratings and

restrictions on distributions (including in

respect of its shares and/or additional tier

1 instruments), leading to an inability to

comply with the Group's distribution

policy and/or the need to take additional

measures to strengthen the Group's

capital or leverage position.

**•Adverse changes in FX rates impacting** 

**capital ratios:** the Group has capital

resources, risk weighted assets and

leverage exposures denominated in

foreign currencies. Changes in foreign

currency exchange rates may adversely

impact the sterling equivalent value of

these items. As a result, the Group's

regulatory capital ratios are sensitive to

foreign currency movements. Failure to

appropriately manage the Group's balance

sheet to take account of foreign currency

movements could result in an adverse

impact on the Group's regulatory capital

and leverage ratios.

**•Adverse movements in the pension** 

**fund:** adverse movements in pension

assets and liabilities for defined benefit

pension schemes could result in deficits

on a technical provision and/or IAS 19

accounting basis. This could lead to the

Group making substantial additional

contributions to its pension plans and/or a

deterioration in its capital position. The

market value of pension fund assets might

decline or investment returns might

reduce. Under IAS 19, the liabilities

discount rate is derived from the yields of

high-quality corporate bonds. Therefore,

the valuation of the Group's defined

benefits schemes would be adversely

affected by a prolonged fall in the

discount rate due to a persistent low

interest rate and/or credit spread

environment. Inflation is another

significant risk driver to the pension fund

as the liabilities are adversely impacted by

an increase in long-term inflation

expectations.

**c) Interest rate risk in the banking book**

Interest rate risk in the banking book is the

risk that the Group is exposed to capital or

income volatility because of a mismatch

between the interest rate exposures of its

(non-traded) assets and liabilities. This also

includes credit spread risk in the banking

book, the risk that the Group is exposed to

capital or income volatility because of

changes in credit spreads on its (non-traded)

assets and liabilities. The Group's hedging

programmes for interest rate risk in the

banking book rely on behavioural

assumptions and, as a result, the

effectiveness of the hedging strategy cannot

be guaranteed. A potential mismatch in the

balance or duration of the hedging

assumptions could lead to earnings

deterioration if there are interest rate

movements which are not adequately

hedged. A decline in interest rates may also

compress net interest margins on retail and

corporate portfolios. In addition, the Group's

liquid asset portfolio is exposed to potential

capital and/or income volatility due to

movements in market rates and prices which

may have a material adverse effect on the

capital position of the Group.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on the Group's approach to <br>treasury and capital risk, refer to the [treasury](#i12c1279a81884a37aee9a5181c6fa279_895)<br>[and capital risk management](#i12c1279a81884a37aee9a5181c6fa279_895) and [treasury and](#i12c1279a81884a37aee9a5181c6fa279_1030)<br>[capital risk performance](#i12c1279a81884a37aee9a5181c6fa279_1030) sections.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**v) Operational risk**

Operational risk is the risk of loss to the

Group from inadequate or failed processes

or systems, human factors or due to external

events where the root cause is not due to

credit or market risks. Examples include:

**a) Operational resilience**

The Group functions in a highly competitive

market, with customers and clients that

expect consistent and smooth business

processes. The loss of or disruption to

business processing is a material inherent

risk within the Group and across the

financial services industry, which has

impacted the Group in the past and may

continue to impact the Group in the future,

whether arising through failures in the

Group's technology systems, cyber and/or

data integrity disruptions, unavailability of

services supplied by third parties, or

unavailability of personnel and premises.

A challenge for the Group, as for all

companies, is the ability to recover from and

remain within impact tolerance for a

pervasive cyber attack which impacts a

number of applications, data and

infrastructure services, or a third party.

Failure to build resilience and recovery

capabilities into business processes, or into

the services on which the Group's business

processes depend, may result in significant

customer harm, costs to reimburse losses

incurred by the Group's customers and

clients, and reputational damage. There are

also risks associated with increasing

regulatory focus and new developments on

operational resilience, which are considered

in risk factor (iv) 'Regulatory change agenda

and impact on business model' above.

**b) Cyber attacks**

Cyber attacks continue to be a global threat

inherent across all industries, with the

number and severity of attacks continuing to

rise. The financial sector remains a primary

target for cybercriminals, hostile nation

states (including nation-state-sponsored

groups), opportunists and hacktivists. The

Group experiences numerous attempts to

compromise its cybersecurity protections. In

2025, cybersecurity incidents experienced

by the Group included phishing and cyber

incidents within our supply chain.

The Group cannot provide absolute security

against cyber attacks. Malicious actors, who

are increasingly sophisticated in their

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 194 |
|  |  |  |  |  |  |  |  | 194 |

---

Material existing and emerging risks (continued)

methods, tactics, techniques and procedures,

seek to steal money, gain unauthorised

access to, destroy or manipulate data, and

disrupt operations. Further, some attacks

may not be recognised or discovered until

launched or after initial entry into the

environment, such as novel or zero-day

attacks that are launched before patches are

available and defences can be readied. Other

attacks may take advantage of the window

during which patching or the deployment of

other defences is underway, but not yet

complete. Malicious actors are also

increasingly developing methods to avoid

detection and alerting capabilities, including

by employing counter-forensic tactics,

making response activities more difficult.

Additionally, the Group's deployment of

agentic AI with access to systems, data and

third-party tools creates an expanded attack

surface for cyber attacks, as threat actors

may exploit inadequate permissioning

controls to manipulate agents into executing

unauthorised actions, accessing sensitive

information or initiating malicious

transactions beyond their intended scope,

and the autonomous nature of these systems

may enable attackers to conduct multi-step

attacks that evade traditional security

controls before detection occurs.

Cyber attacks can originate from a wide

variety of sources and target the Group in

numerous ways, including via the Group's

networks, systems, applications, devices, or

parties such as service providers and other

suppliers, counterparties, employees,

contractors, customers or clients, presenting

the Group with a vast and complex defence

perimeter.

Moreover, the Group does not have direct

control over the cybersecurity of the systems

of its clients, customers, counterparties and

third-party service providers and suppliers,

limiting the Group's ability to effectively

protect and defend against certain threats.

Some of the Group's third-party service

providers and suppliers have experienced

successful attempts to compromise their

cybersecurity. These have included incidents

resulting in the compromise of the Group's

data and ransomware attacks that disrupted

service providers' or suppliers' operations

and, in some cases, have had impacts on the

Group's operations. Such cyber attacks are

likely to continue. Many of the Group's'

agreements with third parties include

liability or indemnification provisions, but

the Group may not be able to recover

sufficiently, or at all, under these provisions

to adequately offset any losses or other

adverse impacts the Group may incur from

third party incidents.

Inadequacies in, or failures in the adherence

to, the Group's cybersecurity policies,

procedures or controls; failure to keep pace

with evolving technology; instances of

employee negligence, recklessness,

malfeasance, poor password management, or

susceptibility to social engineering;

misconfigurations in technology and

security infrastructure; authentication and

access management lapses; imperfect

control frameworks or operational

effectiveness; and human, governance or

technological error could also compromise

the Group's ability to successfully prevent

and defend against cyber attacks.

Furthermore, certain legacy technologies

that are at or approaching end-of-life may

not be able to maintain acceptable levels of

security.

The Group's assessment of its cybersecurity

risk reflects an elevated cybersecurity risk

profile due to factors such as the onset of AI,

which may be used to facilitate increasingly

sophisticated attacks including AI-enabled

social engineering; ongoing work to address

areas in need of enhancement identified

through cybersecurity testing; bad actors'

increasing ability to elude our defences and

take advantage of customer and employee

behaviours in novel ways; and geopolitical

events that could impact the Group directly,

or indirectly through its critical suppliers or

national infrastructure.

Certain cybersecurity risks to the Group may

be unknown to management and therefore

not fully accounted for in the Group's

cybersecurity assessments, strategy and

programme priorities.

The Group uses targeted external

independent reviews to help ensure that the

Group's assessment of cybersecurity risk is

comprehensive and dynamic, and the Group

continues to implement enhancements

identified through previous cybersecurity

testing and reviews.

Common types of cyber attacks include

deployment of malware to obtain covert

access to systems and data; ransomware

attacks that render systems and data

unavailable through encryption and attempts

to leverage business interruption or stolen

data for extortion; novel or zero-day exploits;

denial of service and distributed denial of

service attacks; infiltration via business email

compromise; social engineering, including

phishing, vishing and smishing; automated

attacks using botnets; third-party customer,

vendor, service provider and supplier account

takeover; malicious activity facilitated by an

insider; and credential validation or stuffing

attacks using login and password pairs from

unrelated breaches. A successful cyber attack

of any type has the potential to cause serious

harm to the Group or its clients and

customers, including exposure to potential

contractual liability, claims, litigation,

regulatory or other government action, loss of

existing or potential customers, damage to

the Group's brand and reputation, and other

financial loss. The impact of a successful

cyber attack is also likely to include

operational consequences (such as

unavailability of services, networks, systems,

devices or data), remediation of which could

come at significant cost.

While the Group maintains insurance

coverage that may, subject to relevant

retentions, cover certain types of losses

related to cybersecurity incidents, such

insurance coverage may be insufficient to

cover all losses and may not take into

account potential loss of business or other

financial harm.

A successful cyber attack may result in

significant fines and penalties to the Group.

In addition, any new regulatory measures

introduced to mitigate these risks are likely

to result in increased technology and

compliance costs for the Group.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on the Group's approach to <br>cyber attacks, see the **[operational risk](#i12c1279a81884a37aee9a5181c6fa279_898)**<br>**[performance](#i12c1279a81884a37aee9a5181c6fa279_898)** section. For further details on <br>cybersecurity regulation applicable to the <br>Group, refer to the **[Supervision and](#i12c1279a81884a37aee9a5181c6fa279_1069)**<br>**[regulation](#i12c1279a81884a37aee9a5181c6fa279_1069)**section.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**c) New and emergent technology** 

Technology is fundamental to the Group's

business and the financial services industry.

Technological advancements present

opportunities to develop new and innovative

ways of doing business across the Group,

with new solutions being developed both in-

house and in association with third party

companies.

The rapid development in AI is an area of

technological advancement that the Group is

monitoring closely. This includes the

identification of potential use cases for

responsible adoption of AI in the Group's

own operations as well as managing the

salient risks and other threats third party

usage of AI may pose, including with

respect to intellectual property ownership

and infringement, cybersecurity, antitrust

and fraud. For example, the Group may be

unable to protect certain materials created

using AI technologies with copyrights or

patents given the position of courts and

intellectual property offices in the US and in

some other jurisdictions on the need for a

certain level of human inventorship.

Additionally, inventions or works of

authorship created using AI technologies

may be based on, rely on, or contain

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 195 |
|  |  |  |  |  |  |  |  | 195 |

---

Material existing and emerging risks (continued)

materials that were used in the training of

such technologies and which are subject to

third-party intellectual property rights.

This could expose the Group to claims of

intellectual property infringement or

misappropriation. Other related risks include

exposure to open-source software risks when

using AI-based coding tools (that have been

developed using vast amounts of open-

source software) to write software. The use

of copyrighted materials in AI and machine

learning technology has not been fully

interpreted by courts, creating additional

uncertainty regarding potential intellectual

property risks.

In addition, while AI can present significant

benefits, it also presents significant and

evolving risks and challenges to the Group's

business, such as those related to algorithmic

fairness, data life-cycle management, data

ethics, data privacy and security and records

management (e.g. the risks arising from any

failure to appropriately identify and retain

prompts, logs, outputs and intermediate

artefacts from an AI process in accordance

with business needs, as set out in the

applicable retention schedule, and data

protection laws). AI also posesdata

sourcing, technology integration and process

issues and programme bias in decision-

making algorithms. Any of these risks could

impair the adoption and acceptance of AI

and result in regulatory investigations or

actions, litigation, client dissatisfaction,

reputational harm and adverse effects on its

business and financial condition. These risks

may be more significant for certain AI tools

(for example, agentic AI has the potential to

exacerbate certain risks, such as those

relating to data privacy and security, due to

its autonomous nature) or if AI is deployed

in an uncoordinated but widespread way

within the Group (particularly relating to the

use of AI agents).

If the output from AI in the Group's

products, systems or solutions is deemed to

be inaccurate or questionable, or if the use of

AI does not operate as anticipated or

perform as promised (including in relation to

confidential information and personal data),

the Group may be exposed to additional

liability, reputational harm, potential

regulatory enforcement and threats of

litigation, as further described at "Evolving

landscape with respect to artificial

intelligence (including generative and

agentic artificial intelligence) (AI) and

machine learning technologies," "Model

risk" and "Data management, information

protection and AI".

Alongside those risks associated with the

deployment of AI, risks could also arise

from decisions not to deploy the technology.

As the adoption of AI quickens, risks arising

from competition with the Group's peers are

intensified. Any failures to adequately

leverage AI technologies, or the adoption of

an overly conservative approach to AI

implementation, could cause the Group to

miss significant business opportunities, fall

behind competitors, and adversely affect its

growth prospects and financial performance.

Pressure to recruit personnel with specific

AI-based skill sets and to upskill existing

employees in this context may give rise to

significant costs and/or may be difficult to

sustain, and such steps do not necessarily

mitigate these risks from competitors.

**d) Fraud**

The nature of fraud is wide-ranging and

continues to evolve, as criminals seek

opportunities to target the Group's business

activities and exploit changes in customer

behaviour, product and channel use (such as

the increased use of digital products and

enhanced online services). Fraud attacks

vary, can be highly sophisticated (e.g.

leveraging deepfake and automation

capabilities), and be orchestrated by

organised crime groups or individuals.

Bad actors use various techniques to target

customers and colleagues directly (i.e. third

party fraud) or the Group directly (i.e. first

party fraud such as, for example,

intentionally providing false information to

Barclays for personal gain). Authorised Push

Payment (APP) scams are a growing fraud

type where customers are deceived to

transfer funds from their accounts to bad

actors. Fraud can also be committed by one

or more employees and workers of an entity

(i.e. internal fraud) or may manifest as

unauthorised trading fraud. The impact from

fraud can lead to customer harm, financial

losses to both the Group and its customers,

loss of business, missed business

opportunities, and reputational damage, all

of which could have a material adverse

impact on the Group's business, results of

operations, financial condition, and

prospects.

**e) Data management, information** 

**protection and AI**

The Group holds and processes large

volumes of data, including personal

information, financial data and other

confidential information, and the Group's

businesses are subject to complex and

evolving laws and regulations governing the

privacy and protection of data, including

Regulation (EU) 2016/679 (the General Data

Protection Regulation as it applies in the EU

and the UK).

This data could relate to: (i) the Group's

clients, customers, prospective clients and

customers and their employees; (ii) clients

and customers of the Group's clients and

customers and their employees; (iii) the

Group's suppliers, counterparties and other

external parties, and their employees; and

(iv) the Group's employees and prospective

employees.

This data may also be held and processed for

the Group by third-party vendors, partners,

or suppliers which therefore exposes the

Group to risks from vulnerabilities and non-

compliance in its supply chain.

The international nature of both the Group's

business and its IT infrastructure also means

that data and personal information may be

available in countries other than those from

where the information originated.

Accordingly, the Group must ensure that its

collection, use, transfer and storage of data,

including personal information, complies

with all applicable laws and regulations in

all relevant jurisdictions, which could: (i)

increase the Group's compliance and

operating costs; (ii) impact the development

of new products or services or the offering

of existing products or services; (iii) affect

how products and services are offered to

clients and customers; (iv) demand

significant oversight by the Group's

management; and (v) require the Group to

review some elements of the structure of its

businesses, operations and systems in less

efficient ways. Data, including personal

information, is subject to external as well as

internal (whether intentional or accidental)

security risks. Concerns regarding the

effectiveness of the Group's measures to

safeguard data, including personal

information, or even the perception that

those measures are inadequate, could expose

the Group to the risk of loss or unavailability

of data or data integrity issues and/or cause

the Group to lose existing or potential clients

and customers, and thereby reduce the

Group's revenues. Furthermore, any failure

or perceived failure by the Group to comply

with applicable privacy or data protection

laws and regulations may subject it to

potential contractual liability, claims,

litigation, regulatory or other government

action (including significant regulatory

fines) and require changes to certain

operations or practices which could also

inhibit the Group's development or

marketing of certain products or services or

increase the costs of offering them to

customers.

Any of these events could damage the

Group's reputation, subject the Group to

material fines or other monetary penalties,

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 196 |
|  |  |  |  |  |  |  |  | 196 |

---

Material existing and emerging risks (continued)

make the Group liable for the payment of

compensatory damages, divert

management's time and attention, lead to

enhanced regulatory oversight and otherwise

materially adversely affect its business,

results of operations, financial condition and

prospects.

Further, there is increased risk of

inadvertent disclosure of confidential

information or personal information in

connection with the utilisation of AI

technologies, whether through AI model

errors, data breaches, or other

vulnerabilities, which may also result in

stronger regulatory scrutiny, leading to legal

and regulatory investigations and

enforcement actions that could negatively

impact the Group's business, even if

unfounded. AI technologies are highly reliant

on the collection and analysis of large

amounts of data, which may be overbroad,

insufficient, or contain biased, inaccurate or

incomplete information.

There often exists a lack of transparency

regarding the sources of data (including

personal data) used to train or develop AI

technologies or how inputs are converted to

outputs and the Group may not be able to fully

validate this process and its accuracy

(particularly where it is part of a complex,

multi-step process and inaccurate or

incomplete information may be compounded

across many steps, such as in agentic AI

systems). This could result in outputs that

include or are derived from inaccurate,

incomplete or erroneous information, or that

include AI bias, AI hallucinations, harmful

content, discrimination, violation of privacy

law or intellectual property infringement or

misappropriation. Additionally, if the AI

model in a tool used by the Group has been

trained by a third party in a manner that is not

compliant with data protection laws, there is a

risk that the Group will be held liable in

certain jurisdictions (e.g. the EU).

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on data protection <br>regulation applicable to the Group, refer to <br>the [supervision and regulation](#i12c1279a81884a37aee9a5181c6fa279_1069) section and for <br>further detail on the associated risks, refer to <br>the sections entitled "Evolving landscape <br>with respect to artificial intelligence <br>(including generative and agentic artificial <br>intelligence) (AI) and machine learning <br>technologies" and "New and emergent <br>technology".<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**f) Algorithmic trading**

In some areas of the investment banking

business, trading algorithms are used to price,

trade and risk manage client and principal

transactions. An algorithmic error could result

in erroneous or duplicated transactions, a

system outage, or impact the Group's pricing

abilities, which could have a material adverse

effect on the Group's business, results of

operations, financial condition, prospects and

reputation.

**g) Processing errors**

The Group's businesses are highly

dependent on its ability to process and

monitor, on a daily basis, a very large

number of transactions, many of which are

highly complex and occur at high volumes

and frequencies, across numerous and

diverse markets in many currencies. Given

the Group's diverse customer base and

geographical reach and the increase in

volume, speed, frequency and complexity of

transactions, especially electronic

transactions (as well as the requirements to

report such transactions on a real-time basis

to clients, regulators and exchanges),

developing, maintaining and upgrading

operational systems and infrastructure

becomes more challenging.

The risk of systems or human error,

including errors produced through the

integration of AI technologies, in connection

with such transactions increases with these

developments, as well as the potential

consequences of such errors due to the speed

and volume of transactions involved and the

potential difficulty associated with

discovering errors quickly enough to limit

the resulting consequences. As the Group

works to implement AI technologies into the

Group's product and service offerings, these

challenges may become more significant, as

AI technologies give rise to risk of bias,

errors and hallucinations which may impact

the Group's ability to accurately execute,

track or report transactions. There can be no

assurances that AI usage will enhance the

Group's product or services offerings, and

any such errors or inaccuracies resulting

from AI usage could result in competitive or

reputational harm or increased legal liability

as further described in c) New and emergent

technology and vi) Model risk. Furthermore,

events that are wholly or partially beyond

the Group's control, such as a spike in

transaction volume, could adversely affect

the Group's ability to process transactions or

provide banking and payment services.

Processing errors could result in the Group,

among other things: (i) failing to provide

information, services and liquidity to clients

and counterparties in a timely manner; (ii)

failing to settle and/or confirm transactions;

(iii) causing funds transfers, capital markets

trades and/or other transactions to be

executed erroneously, illegally or with

unintended consequences; and (iv) adversely

affecting financial, trading or currency

markets.

Any of these events could materially

disadvantage the Group's customers, clients

and counterparties (including them suffering

financial loss) and/or result in a loss of

confidence in the Group which, in turn,

could have a material adverse effect on the

Group's business, results of operations,

financial condition and prospects. Any of

these events could

also lead to breaches of laws, rules or

regulations and, hence, regulatory

enforcement actions, which could result

in significant financial loss, imposition of

additional capital requirements,

enhanced regulatory supervision

and reputational damage.

**h) Supplier exposure**

The Group depends on suppliers for the

provision of many of its services and the

development of technology, including AI

technology. Whilst the Group depends on

suppliers, it remains fully accountable to its

customers and clients for risks arising from

the actions of suppliers and may not be able

to recover from its suppliers any amounts

paid to customers and clients for losses

suffered by them. The dependency on

suppliers and sub-contracting of outsourced

services introduces concentration risk where

the failure of specific suppliers could have

an impact on the Group's ability to continue

to provide material services to its customers.

In addition, the use of third-party AI

technologies, and the use of AI by suppliers,

may expose the Group to risk, as it can be

very difficult, if not impossible, to validate

the processes used by third-party AI

technology providers in their collection and

use of data in developing and training AI

technologies or the conversion of inputs to

outputs. Over-reliance on a small number of

suppliers of AI services may create

operational resilience and concentration risk,

heightening the potential for macro-level

disruption if any one provider experiences

outage, compromise, or model instability.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 197 |
|  |  |  |  |  |  |  |  | 197 |

---

Material existing and emerging risks (continued)

For further information on AI-related risks,

including in connection with suppliers,

please see the sections entitled "Evolving

landscape with respect to artificial

intelligence (including generative and

agentic artificial intelligence) (AI) and

machine learning technologies", "New and

emergent technology", "Data management,

information protection and AI," and "Model

risk". Failure to adequately manage supplier

risk could have a material adverse effect on

the Group's business, results of operations,

financial condition and prospects.

**i) Estimates and judgements relating to** 

**critical accounting policies and regulatory** 

**disclosures**

The preparation of financial statements

requires the application of accounting

policies and judgements to be made in

accordance with IFRS. Regulatory returns

and capital disclosures are prepared in

accordance with the relevant capital

reporting and liquidity requirements and also

require assumptions and estimates to be

made.

The key areas involving a higher degree of

judgement or complexity, or areas where

assumptions are significant to the

consolidated and individual financial

statements and regulatory returns and

disclosures, include credit impairment

provisions, taxes, fair value of financial

instruments, goodwill and intangible assets,

pensions and post-retirement benefits, the

calculation of RWAs, capital and liquidity

metrics, and provisions including conduct

and legal, competition and regulatory

matters (please refer to the notes to the

audited financial statements for further

details).

There is a risk that if the judgement

exercised, or the estimates or assumptions

used, subsequently turn out to be incorrect

or are altered as a result of assurance work

and subsequent feedback from the Group's

regulators, this could result in material

losses to the Group, beyond what was

anticipated or provided for, including as a

result of changes to treatments or stated

capital or liquidity positions in regulatory

returns and capital and liquidity disclosures.

If capital and liquidity requirements are not

met as a result of changes in interpretation,

compliance with the Group's distribution

policy could be impacted and/or additional

measures may be required to strengthen the

Group's capital or leverage position, which

may also lead to the Group's inability to

achieve stated targets.

Further development of accounting

standards and regulatory interpretations

could also materially impact the Group's

results of operations, financial condition and

prospects.

**j) Tax risk**

The Group is required to comply with the

domestic and international tax laws and

practice of all countries in which it has

business operations. There is a risk that the

Group could suffer losses due to additional

tax charges, other financial costs or

reputational damage as a result of failing to

comply with such laws and practice

(including where the Group's interpretation

of such laws differs from the interpretation

of tax authorities), or by failing to manage

its tax affairs in an appropriate manner, with

much of this risk attributable to the

international structure of the Group. In

addition, the introduction of new

international tax regimes, increasing tax

authority focus on reporting and disclosure

requirements around the world as well as the

digitalisation of the administration of tax

have the potential to increase the Group's

tax compliance obligations further.

In 2023, the UK Government enacted

legislation on the OECD Inclusive

Framework on Base Erosion and Profit

Shifting Pillar Two Framework introducing

a global minimum tax rate of 15%. The

UK's Pillar Two rules applied from 1

January 2024 and increased the Group's tax

compliance obligations. In the US, the

corporate alternative minimum tax on

adjusted financial statements income

introduced by the Inflation Reduction Act

became effective on 1 January 2023. These

tax regimes have required system and

process changes that introduce additional

operational risks.

**k) Ability to hire and retain appropriately** 

**qualified employees**

As a regulated financial institution, the

Group requires diversified and specialist

skilled colleagues. The Group's ability to

attract, develop and retain a diverse mix of

talent is key to the delivery of its core

business activity and strategy. This is

impacted by a range of external and internal

factors, such as the Group's reputation,

macroeconomic factors (including increased

competition for limited resources during

economic growth periods), governmental

factors (including labour, immigration and

related policies in the jurisdictions in which

the Group operates), regulatory factors

(including compensation restrictions for

senior executives), and operational factors

(including adequate processes and systems

to support the hiring and retention of

qualified employees).

Failure to attract or prevent the departure of

appropriately specialised employees could

have a material adverse effect on the

Group's business, results of operations,

financial condition and prospects.

Additionally, this may result in disruption to

service which could in turn lead to customer

harm and reputational damage.

**vi) Model risk**

Model risk is the potential for adverse

consequences from decisions based on

incorrect or misused model outputs and

reports. The Group relies on models to

support a broad range of business and risk

management activities, including informing

business decisions and strategies, measuring

and limiting risk, valuing exposures

(including the calculation of impairment),

conducting stress testing, calculating RWAs

and assessing capital adequacy, supporting

new business acceptance, risk and reward

evaluation, managing client assets, and

meeting reporting requirements.

Models are imperfect representations

of reality as they rely on simplifying

assumptions; as such they are subject to

intrinsic uncertainty as well as errors and

inappropriate use.

This may be exacerbated when dealing with

unprecedented scenarios, as was the case

during the COVID-19 pandemic, when

simplifying assumptions were required due to

the lack of reliable historical reference points

and data. Model uncertainty, errors and

inappropriate use may result in (among other

things) the Group making inappropriate

business decisions and/or inaccuracies or

errors in the Group's risk management and

regulatory reporting processes.

In addition, the rapid development of AI,

especially agentic AI, creates further

challenges due to the unique and heightened

risks presented by these model types. This

includes risks arising from AI hallucinating

and providing false information, the

exacerbation of bias and fairness risk due to

the automation of outcomes and the absence

or insufficiency of human oversight

(particularly relating to agentic AI). This

could result in a significant financial loss,

imposition of additional capital requirements,

enhanced regulatory supervision and

reputational damage, all of which could have

a material adverse effect on the Group's

business, results of operations, financial

condition and prospects.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on the Group's approach to <br>model risk, refer to the [model risk](#i12c1279a81884a37aee9a5181c6fa279_850)<br>[management](#i12c1279a81884a37aee9a5181c6fa279_850)and model risk performance <br>sections and the section on "New and <br>emergent technology".<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 198 |
|  |  |  |  |  |  |  |  | 198 |

---

Material existing and emerging risks (continued)

**vii) Compliance risk**

Compliance risk is the risk of poor outcomes

for, or harm to, customers, clients and

markets, arising from the delivery of the

Group's products and services (conduct risk)

and the risk to the Group, its clients,

customers or markets from a failure to

comply with the laws, rules and regulations

(LRR) applicable to the firm.

Previously, financial crime risk was

managed as part of compliance risk, but was

elevated to a principal risk in the ERMF,

effective from 1 January 2025.

Consequently, the Compliance Risk

taxonomy at the Group was revised to better

reflect material and emerging risks.

Compliance risks have been categorised into

six core areas, including:

**a) Wholesale conduct risk**

The Group's businesses are exposed to risk

of detriment to colleagues, customers or

market participants as a result of failures to

adhere to proper standards of wholesale

conduct when carrying out the Group's

business activities.

Examples of wholesale conduct which could

have a material adverse effect onbusiness

include: (i) undertaking business

communications via unauthorised channels

and / or inappropriate conduct or behaviour;

(ii) business conflicts of interest that lead to

the detriment of customers or market

participants; (iii) trade lifecycle processes

that do not meet regulatory requirements or

harm market participants; (iv) the risk of

engaging in insider dealing behaviours or

breaching of information barriers; and (v)

the risk of engaging or attempting to engage

in market manipulation.

**b) Customer protection risk**

The Group must ensure that its customers,

particularly those that are vulnerable, are

able to make well-informed decisions on

how best to use our financial services and

understand the protections available to them

if something goes wrong. Poor customer

outcomes can result from the failure to: (i)

design and distribute products and services

that deliver good customer outcomes; (ii)

remediate, provide redress, or appropriately

respond to complaints; (iii) identify and

safeguard client money and assets, including

deposits; (iv) manage investment products

and services in line with customer

expectation; and (v) provide customer

services that deliver good customer

outcomes.

**c) Product design and review risk**

Products and services must meet the needs

of clients, customers, markets and the Group

throughout their life cycle. However, there is

a risk that the design and review of the

Group's products and services fail to

reasonably consider and address potential or

actual negative outcomes for customers,

which may result in customer harm,

enforcement action (including regulatory

fines and/or sanctions), redress and

remediation and reputational damage. Both

the design and review of products and

services are a key area of focus for

regulators and the Group.

**d) Regulatory compliance risk** 

The Group must ensure that business

activities, and those carrying them out,

observe relevant laws, codes, rules and

regulations that are applicable to them. We

must also ensure our employees are

adequately supervised, manage personal

conflicts of interest, and disclose activities

which may harm customers, the Group and

the markets in which the Group operates.

Regulators around the world continue to

emphasise the importance of culture and

personal accountability and enforce the

adoption of adequate internal reporting and

whistleblowing procedures to help to

promote appropriate conduct and drive

positive outcomes for customers, colleagues,

clients and markets. The requirements and

expectations of the UK Senior Managers

Regime, Certification Regime and Conduct

Rules reinforce additional accountabilities

for individuals across the Group, with an

increased focus on governance and rigor,

with similar requirements also introduced in

other jurisdictions globally. Failure to meet

these requirements and expectations may

lead to regulatory sanctions, both for the

individuals and the Group.

**e) Data privacy risk**

The Group must ensure that personal data is

handled in a way that meets data privacy

laws, rules and regulations and the rights and

expectations of individuals. We do this by

establishing mechanisms to govern and

oversee the use of personal data and

managing personal data in line with

individuals' rights and expectations. Any

failure complying with applicable rules, laws

and regulations may subject the Group to

potential contractual liability, claims,

litigation, fines; reputational damage; and

cause enhanced regulatory oversight.

**f) Laws, rules and regulations risk**

The Group is subject to a range of laws,

rules and regulations. A failure to comply

with these may have an adverse effect on the

Group's business, customers and the

markets within which it operates and could

result in reputational damage, penalties,

damages or fines.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on the Group's approach to <br>compliance risk, refer to the [compliance risk](#i12c1279a81884a37aee9a5181c6fa279_853)<br>[management](#i12c1279a81884a37aee9a5181c6fa279_853)and [compliance risk](#i12c1279a81884a37aee9a5181c6fa279_904)<br>[performance](#i12c1279a81884a37aee9a5181c6fa279_904) sections.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**viii) Financial crime risk**

Financial crime risk is the risk that the

Group and its associated persons (employees

or third parties) commit or facilitate

financial crime, and/or the Group's products

and services are used to facilitate financial

crime.

Financial crime risk management

incorporates anti-bribery & corruption, anti-

money laundering (including terrorist

financing), tax evasion facilitation and

sanctions risks (including proliferation

financing). The Group is subject to laws and

regulations governing these areas, including

"failure to prevent" offences whereby the

Group may be liable for failure to prevent

crimes carried out by persons acting on its

behalf.

Bribery and corruption occur where a person

improperly obtains or retains business,

improperly secures a business or personal

advantage and induces another person to

perform their role in breach of an

expectation of good faith, impartiality, or

trust. Risks related to bribery and corruption

may arise for the Group in connection with

(i) employees/prospective employees who

have connections to external stakeholders,

Politically Exposed Persons, or public

officials; (ii) different types of payments and

expenses such as facilitation payment

requests, gifts and entertainment, charitable

donations, commercial sponsorships and

political donations; (iii) certain types of

funding provided to customers with

increased exposure to public officials; (iv)

third parties who are engaged by Barclays to

win or retain business; (v) Barclays

proprietary investments, joint ventures and

mergers and acquisition or (vi) suppliers

who act for and on behalf of the Group .

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 199 |
|  |  |  |  |  |  |  |  | 199 |

---

Material existing and emerging risks (continued)

Money laundering, the processing of assets

derived from criminal activity, and terrorist

financing have been identified as major

threats to the international financial services

community and therefore to the Group. The

UK has legislation designed to manage the

risk of money laundering and to combat

terrorism (together 'AML') and outlines the

offences and penalties for failing to comply.

This legislation, together with regulations,

rules and industry guidance, forms the

cornerstone of AML obligations for UK

firms. The requirements of UK legislation

apply to the Group globally and as a

transatlantic bank, Barclays AML standards

take account of US AML requirements, in

addition to the EU and other jurisdictions in

which we operate.

The Group also takes account of guidance

issued by bodies such as the Wolfsberg

Group.

Sanctions are restrictions on activity with

targeted countries, regions, governments,

entities, individuals, and industries that are

imposed by bodies such as the European

Union (EU), the United Nations (UN),

(including but not limited to the proliferation

of nuclear, chemical, or biological weapons).

As a global financial institution, The Group

must comply with applicable sanctions laws,

rules and regulations in every jurisdiction in

which it operates, or which apply to it

because of the place of incorporation of its

Group members. In order to protect its

reputation and other legitimate business

interests, in certain circumstances, Barclays'

sanctions risk appetite may be more

conservative than its legal obligations.

Tax evasion is a financial crime and a

predicate offence to money laundering in the

UK and in many other countries in which we

operate. The Group may be exposed to

facilitation risks associated with tax evasion

by virtue of its interactions with customers

and clients or in connection with employees

or third parties acting on our behalf.

Failure to appropriately manage these

financial crime risks may undermine market

integrity and may result in harm to the

Group's clients, customers, counterparties or

employees, diminished confidence in

financial products and services, damage to

the Group's reputation, regulatory breaches

and/or financial penalties. .

**ix) Reputation risk**

Reputation risk is the risk that an action,

transaction, investment, event, decision or

business relationship will reduce trust in the

Group's integrity and/or competence.

Any material lapse in standards of integrity,

compliance, customer service or operating

efficiency may represent a potential

reputation risk. Stakeholder expectations

constantly evolve, and so reputation risk is

dynamic and varies between geographical

regions, groups and individuals. A risk

arising in one business area can have an

adverse effect upon the Group's overall

reputation and any one transaction,

investment or event (in the perception of key

stakeholders) can reduce trust in the Group's

integrity and competence.

The Group's association with sensitive

topics and sectors has been, and in some

instances continues to be, an area of concern

for stakeholders, including: (i) the financing

of, and investments in, businesses which

operate in sectors that are sensitive because

of their relative carbon intensity or local

environmental impact; (ii) potential

association with human rights violations

(including combating modern slavery) in the

Group's operations or supply chain and by

clients and customers; and (iii) the financing

of businesses which manufacture and export

military and riot control goods and services.

Reputation risk could also arise from

negative public opinion about the actual, or

perceived, manner in which the Group

(including its employees, clients and other

associations) conducts its business activities,

or the Group's financial performance, as

well as actual or perceived practices in

banking and the financial services industry

generally.

Modern technologies, in particular online

social media channels and other broadcast

tools that facilitate communication with

large audiences in short time frames and

with minimal costs, may significantly

enhance and accelerate the distribution and

effect of damaging information and

allegations. Negative public opinion may

adversely affect the Group's ability to retain

and attract customers, in particular,

corporate and retail depositors, and to retain

and motivate staff. It could also have a

material adverse effect on the Group's

business, results of operations, financial

condition and prospects. Claims of potential

greenwashing arising from sustainability-

related statements made

by the Group may also give rise to

reputation risk.

In addition to the above, reputation risk has

the potential to arise from operational issues

or conduct matters which cause harm to

customers, clients, market integrity,

effective competition or the Group (refer to

'iv) Operational risk' above).

For further details on the Group's approach

to reputation risk, refer to the reputation risk

management and reputation risk

performance sections.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details on the Group's approach to <br>reputation risk, refer to the reputation risk <br>managementand reputation risk performance<br>sections.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**x) Legal risk and legal, competition and** 

**regulatory matters**

The Group conducts diverse activities in a

highly regulated global market which

exposes it and its employees to legal risk

arising from: (i) the multitude of laws, rules

and regulations that apply to the activities it

undertakes, which are highly dynamic, may

vary between jurisdictions and/or conflict

(particularly in relation to issues perceived

as politically sensitive, such as policies and

initiatives around diversity, equity and

inclusion or sustainability), and may be

unclear in their application to particular

circumstances especially in new and

emerging areas; and (ii) the diversified and

evolving nature of the Group's businesses

and business practices. In each case, this

exposes the Group and its employees to the

risk of investigation or enforcement action,

loss or the imposition of penalties, damages

or fines from the failure of members of the

Group to meet applicable laws, rules,

regulations or contractual requirements or to

assert or defend their intellectual property

rights. Legal risk may arise in relation to any

number of the material existing and

emerging risks identified above.

The risk of non-compliance with the

relevant rules and regulations may manifest

itself where regulatory rules take the form of

principles or outcome-based regulation.

Uncertainty in regulatory expectations

(including as a result of interpretation of

principles-based regulation) may also lead to

the risk that a regulator or another public

body may look back at the Group's

historical conduct and find that there has

been a mismatch between the prevailing

market practices at the relevant time and the

regulatory expectations, guidance or

interpretations that have since developed.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 200 |
|  |  |  |  |  |  |  |  | 200 |

---

Material existing and emerging risks (continued)

A breach of applicable laws, rules and/or

regulations by the Group or its employees

could result in criminal prosecution,

regulatory censure, withdrawal or restriction

of regulatory authorisations, licences and

permissions, potentially significant fines,

remedial orders and other sanctions in the

jurisdictions in which the Group operates.

Where clients, customers or other third

parties are harmed by the Group's conduct,

this may also give rise to civil legal

proceedings, including class actions. In this

regard, the growing claimant law firm

market and the globalisation of class actions

have enabled mass tort litigation and multi-

claimant litigation on matters relating to

competition, data breaches and

sustainability.

Any such litigation could lead to

unmeritorious or speculative claims,

inconsistent outcomes and the potential for

disproportionate costs and burdens for the

Group.

Clients and customers of the Group who

qualify as eligible complainants under the

Financial Services and Markets Act (as

amended) may also bring complaints against

the Group before the Financial Ombudsman

Service (FOS). As the Ombudsman has a

relatively high degree of discretion when

adjudicating complaints, dispute resolution

through the FOS is inherently more

uncertain than adjudication through the

courts in traditional civil legal proceedings.

FOS decisions have knock-on impacts on

the Group, as the Group is required under

the relevant regulatory rules to consider and

take appropriate measures to provide redress

to customers who may have suffered similar

detriments but have not complained.

Other legal disputes may also arise between

the Group and third parties relating to

matters such as breaches or enforcement of

legal rights or obligations arising under

contracts, statutes or common law. Adverse

findings in any such matters may result in

the Group being liable to third parties or

may result in the Group's rights not being

enforced or not being enforced in the

manner intended or desired by the Group.

Following the landmark Supreme Court

judgment in *Johnson v FirstRand Bank Ltd* 

*(London Branch) (t/a MotoNovo Finance)* 

*[2025] UKSC 33*, which found that an unfair

relationship under the Consumer Credit Act

1974 existed between a motor finance lender

and its customer based on the particular facts

of that case, the FCA is consulting on an

industry-wide compensation scheme for

affected motor finance customers.

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

nature, extent and timing of any remediation

action, if required, under the FCA

compensation scheme remain uncertain.

Further details of legal, competition and

regulatory matters to which the Group is

currently exposed are set out in Note 25. In

addition to matters specifically described in

Note 25, the Group is engaged in various

other legal proceedings which arise in the

ordinary course of business.

The Group is also subject to requests for

information, investigations and other

reviews (including skilled person reviews)

by regulators and other public bodies. These

may be in connection with business

activities in which the Group is, or has been,

engaged, or areas of particular regulatory

focus, such as financial crime, money

laundering or terrorist financing. In addition,

regulatory authorities' approaches and

expectations, including their policies and

priorities for enforcement investigations or

actions, may change from time to time. The

Group may also (from time to time) be

subject to claims and/or legal proceedings

and other investigations relating to financial

and non-financial disclosures made by

members of the Group (including, but not

limited to, regulatory capital and liquidity

reporting and sustainability disclosures).

Financial institutions, including the Group,

may face increasing litigation, conduct,

enforcement and contract liability risks

related to climate change, environmental

degradation and other social, governance

and sustainability-related issues as a result of

their business activities. There are an

increasing number of new climate and

sustainability-related laws and regulations,

many of which are beginning to diverge

between jurisdictions. Divergence has also

been notable in respect of diversity, equity

and inclusion, where the enforcement

landscape and legal obligations in certain

jurisdictions are increasingly at odds with

agendas in others. In particular, in the US,

changing federal enforcement priorities and

legal interpretations regarding diversity and

inclusion programmes present unknown and

evolving risks.

Broader climate and sustainability-related

legislation is also at risk of imposing

requirements on international companies

which do not align with regulatory

frameworks in other jurisdictions in which

those companies operate in some cases

meaning that multiple sets of diverging

jurisdictional requirements are being applied

to the same company.

There is growing demand from investors and

customers for sustainable products and

services as well as greater transparency in

respect of business operations. This has been

accompanied by increased regulatory and

NGO scrutiny which can create litigation or

enforcement risk, either for not disclosing

relevant information or due to the

information disclosed.

In particular, there has been an increasing

focus on greenwashing, with greater

consumer protection powers afforded to the

Competition and Markets Authority under

the Digital Markets, Competition and

Consumers Act 2024 which can be used to

tackle greenwashing.

Certain stakeholders have taken legal action

(including under "soft law" mechanisms)

against the Group and others (including

regulators, campaign groups and customers)

may decide to do so in the future for

allegedly financing or contributing to

climate change, environmental degradation

and other social, governance and

sustainability-related issues, or because the

Group's response to climate change or other

sustainability factors is perceived to be

ineffective, insufficient or inappropriate,

including relative to the Group's stated

ambitions.

On the other hand, laws, regulatory

processes and policies seeking to restrict or

prohibit doing certain business with entities

are often identified as "boycotting" or

"discriminating" against particular

industries. In certain jurisdictions there has

been a push towards policies and regulation

which restrict consideration of sustainability

factors in investment processes or otherwise,

in order to protect the energy and other high

carbon sectors from any risks of divestment

or challenges in accessing finance.

The outcome of legal, competition and

regulatory matters, both those to which the

Group is currently exposed and any others

which may arise in the future, is difficult to

predict (and any provision made in the

Group's financial statements relating to

those matters may not be sufficient to cover

actual losses).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 201 |
|  |  |  |  |  |  |  |  | 201 |

---

Material existing and emerging risks (continued)

In connection with such matters, the Group

may incur significant expense, regardless of

the ultimate outcome, and any such matters

could expose the Group to any of the

following outcomes: substantial monetary

damages or settlements (including with

respect to third-party litigation funding) and/

or fines; remediation of affected customers

and clients; other penalties and injunctive

relief; additional litigation; criminal

prosecution; the loss of any existing agreed

protection from prosecution; regulatory

restrictions on the Group's business

operations including the withdrawal or

restriction of authorisations, licences or

permissions; increased regulatory

compliance requirements or changes to laws

or regulations; suspension of operations;

public reprimands or censure; loss of

significant assets or business; a negative

effect on the Group's reputation; loss of

confidence by investors, counterparties,

clients and/or customers; risk of credit rating

agency downgrades; potential negative

impact on the availability and/or cost of

funding and liquidity; and/or dismissal or

resignation of key individuals.

In light of the uncertainties involved in legal,

competition and regulatory matters, there

can be no assurance that the outcome of a

particular matter or matters (including

formerly active matters or those arising after

the date of this Annual Report) will not have

a material adverse effect on the Group's

business, results of operations, financial

condition and prospects.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 202 |
|  |  |  |  |  |  |  |  | 202 |

---

**Principal risk management**

**Climate risk management**

In Barclays' Climate Risk Framework

(CRF), climate risk is defined as the risk of

financial losses arising from climate change,

through physical risks and risks associated

with transitioning to a lower carbon

economy.

**Overview**

The Group has developed the CRF for

managing financial and operational risks

stemming from climate change. It is

underpinned by the Climate Risk Policy and

Climate Risk Standard. The CRF, Climate

Risk Policy and Climate Risk Standard

apply to Barclays' business activities, with a

focus on lending, capital markets and

investments.

Barclays' approach to managing climate risk

is proportionate to the level of risk it faces,

with a focus on prioritising and monitoring

of material physical and transition risks

within Barclays' portfolios (for physical and

transition risk definitions, please see the

Barclays Climate Strategy section on [page](#i12c1279a81884a37aee9a5181c6fa279_238)

[68](#i12c1279a81884a37aee9a5181c6fa279_238)). The approach is customised to reflect

portfolio characteristics, size and exposure

to specific climate risk drivers.

Climate risk is recognised as a driver of

other existing financial risks (Credit,

Market, Treasury and Capital) and

operational risks, and is not treated as a

standalone risk type. The non-financial risks

(e.g. reputation risks) associated with

climate change continue to be managed

under their respective frameworks.

To operationalise its CRF, Barclays has and

continues to implement new processes,

tools, models and data repository as

applicable, whilst also enhancing its existing

ones. The Group regularly reviews its

approach and practices for alignment with

regulatory developments and industry-

standard practices for climate risk. Barclays

has designed and implemented targeted

controls to manage climate-related risks.

**Organisation, roles and responsibilities**

The Group Head of Climate Risk is the

accountable executive for the management

and oversight of climate risk.

On behalf of the Board, the BRC plays an

important role in overseeing and challenging

the Group's progress towards achieving its

climate targets and assessing the impact of

climate risks on the Group's overall risk

profile and financial position.The Group

and its legal entities have various

governance structures, including committees

and forums, to oversee and manage climate

risk effectively. Additionally, Heads of

Climate Risk have been appointed across

key Barclays legal entities (as applicable) to

support the oversight and management of

climate risk.

Barclays has implemented controls to

manage climate-related risks. The Climate

Risk Control Forum provides oversight of

climate related controls, including reviewing

risk events, policy and issues management.

Please see pages [160-161](#i12c1279a81884a37aee9a5181c6fa279_703) for further details

on the governance structures and primary

accountable executives responsible for

managing climate risk.

**Risk appetite**

Barclays' approach to setting risk appetite

for climate risk is aligned with its ambition

to be a net zero bank by 2050 and its

commitment to align its financing with the

goals and timelines of the Paris Agreement,

including working towards its 2030 financed

emissions reduction targets.Climate risk

considerations have been included in the risk

appetite qualitative statements and

quantitative constraints.

The risk appetite for climate risk is managed

through risk limits, triggers and indicators

set across different Principal Risks

(including Credit Risk, Market Risk and

Treasury & Capital Risk), portfolios, sectors,

asset classes and products. Regular

monitoring, reporting and governance

provide oversight so that exposures remain

within the appetite and corrective actions are

taken to address any breaches or excesses.

The Group continues to regularly review its

risk appetite and makes enhancements to

maintain alignment with the Group's

strategic objectives as a part of its business

planning process. The risk appetite is

formally reviewed and approved by the

Board annually.

Please see page 64 of the Barclays

Transition Update for further details on

Barclays' climate risk appetite.

**Risk Identification** 

Barclays employs a multi-layered risk

identification approach, beginning with the

analysis of transmission channels through

which climate risk can drive risks in

Barclays' traditional risk categories.

Horizon scanning is conducted to identify

emerging risk themes, potential risk drivers,

and key regulatory updates.

Assessments are performed to identify and

analyse the vulnerability of different

geographies and industry sectors to various

physical and transition risk drivers.

Countries and sectors judged to be at

elevated risk are subject to heightened risk

management. Refer to page [216](#i12c1279a81884a37aee9a5181c6fa279_931) for details

on sector exposures.

To identify property level physical hazards

for Barclays' asset-backed lending and

financing portfolios such as Private Bank

and Wealth Management, Mortgages and

Structured Lending and Financing

portfolios, Barclays uses third party data

providers in addition to the internal data

sources.

Climate risks identified through these

processes guide Barclays in defining

priorities and focus areas for granular

assessment within principal risk categories,

such as Credit, Market, and Operational risk.

The below table provides examples of how

Barclays' CRF considers potential key

effects of climate risk drivers on Barclays'

financial and operational Principal Risk

types.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 203 |
|  |  |  |  |  |  |  |  | 203 |

---

Principal risk management (continued)

---

| | |
|:---|:---|
| **Principal Risk** | **Example effects of climate risk drivers** |
| **Credit risk** | A changing climate (i.e. more frequent and more intense physical hazards) and society's response (i.e. increased transition <br>factors such as new policies or technologies to reduce carbon emissions) impacts credit risk. The impact on credit risk <br>relates to the failure of clients, customers or counterparties to meet their obligations as a result of physical and transition <br>risks, which may lead to potential losses and/or exposures outside Barclays' risk appetite in retail and wholesale credit <br>portfolios. Climate change can drive direct impacts such as damage to fixed assets from physical hazards, leading to <br>changes in output and increased costs. Indirect impacts may include material disruptions to supply chains and shifting <br>demand for goods and services. Transition risk factors such as low-carbon policies or technologies could also change the <br>value and creditworthiness of counterparties, clients and customers.<br>|
| **Market risk** | The impact on market risk relates to potential adverse changes in the value of Barclays' assets and liabilities from <br>fluctuations in market variables as a result of physical and transition risks, which may lead to potential losses due to <br>changes in equity and commodity prices and credit spreads. Either physical hazards or transition risk factors have the <br>potential to trigger large, sudden and negative price adjustments where climate risk has not yet been incorporated into <br>prices, driving additional market risk. Fluctuations in markets and prices in susceptible sectors or countries could drive <br>losses to the value of Barclays' assets and liabilities.<br>|
| **Treasury & capital risk** | The impact on treasury & capital risk relates to the impact on the capital requirements and liquidity funding requirements <br>as a result of physical and transition risks, which may lead to changes in capital plans, funding plan requirements, asset <br>and liabilities management and exposures to changes in interest rates. Climate events can drive treasury & capital risk as <br>counterparties draw down deposits and credit lines. Physical hazards or transition factors could lead to increased <br>volatility, which could in turn change the value of investments and drive changes to funding requirements and <br>accessibility, capital planning, capital requirements, or hedging methodologies.<br>|
| **Operational risk** | Physical hazards and transition risk factors can lead to impacts on Barclays' own operations including damage or <br>unsuitability of premises, disruption to business operations and supply chain and ability to recover from outages (e.g. <br>caused by workforce, technology and third-party service providers). For example, extreme weather events can impact the <br>operation of bank offices, branches, and support facilities such as data centres. The transition to a low-carbon economy <br>can lead to changes in operational processes; for example, to mitigate climate impacts we need to decarbonise our <br>buildings or requirements to achieve more carbon efficient buildings. Transition risks can also drive secondary impacts on <br>operational risks such as the risk of misreporting as a result of enhanced regulatory disclosures requirements, or physical <br>security breaches and branch closures as a result of protests related to Barclays' lending activities.<br>|

---

**Risk Register and Materiality Assessment**

Barclays uses its Risk Register process to

assess the potential effects of climate risk

drivers on principal risks and its portfolios.

The Group Risk Register contains risks that

may impact forward-looking business plans

of the Group and its key legal entities and

business units. The materiality of climate

risks is derived either quantitatively

(typically based on stress testing) or through

qualitative estimations. The potential impact

is evaluated based on an adverse but

plausible stress scenario. The Risk Register

process has been extended to cover

materiality assessment over the short,

medium and long term for climate risk

(please see page [33](#i12c1279a81884a37aee9a5181c6fa279_238) for further details).

Climate risk is assessed as having a higher

materiality rating within the Group Risk

Register for credit risk and treasury &

capital risk than across other principal risk

categories. The Group Risk Register is

refreshed on at least an annual basis and is

subsequently used to support strategic

planning and risk management activities.

**Risk assessment**

The Group has developed a suite of tools

and practices to assess climate risk,

leveraging both qualitative insights and

quantitative techniques. These tools and

practices enable evaluation of potential

exposures and vulnerabilities across

portfolios of other principal risk types.

For credit risk, Barclays has integrated

climate risk considerations into key

processes of the credit lifecycle, including

credit assessment, annual review and

transaction approval processes. The Climate

and Environmental Lens questionnaire is

used to evaluate climate physical risks,

climate transition risks and environmental

risks (as relevant) for corporate clients

operating in elevated risk sectors. The

outputs from Climate and Environmental

lens assessments are used to inform various

credit processes. Climate risk factors are

included in the downside cashflow

modelling within the credit analysis process,

and influence internal credit ratings when

there is demonstrable evidence that such

factors can have material adverse impact on

the counterparty's financial position.

For the UK Mortgage portfolio, where

appropriate, evaluation for climate risks is

considered in the property valuation and

credit-granting processes. Barclays actively

monitors concentrations of physical risk in

the BUK Mortgage portfolio and manages

these as appropriate - focus to date has been

on managing risk across the highest flood

risk bands. Additionally, Energy

Performance Certificate (EPC) ratings have

been identified and assessed for portfolios

that are particularly vulnerable to transition

risk.

For market risk, the impact of climate risk is

measured by applying a multi-asset

combined stress scenario, which stresses the

core risks susceptible to climate risks over

long and short-term horizons (short-term is

anything less than 10 days, while long-term

is anything longer than 10 days).The

estimated impact is calculated and reported

internally on a weekly basis. The pattern of

stress losses arising from the stress scenario

is used to estimate and set ongoing limits,

under which Barclays monitors and controls

market risk arising from climate change.

For treasury and capital risk (TCR), climate

risk considerations have also been

incorporated into the Internal Capital

Adequacy Assessment Process (ICAAP) and

Liquidity Adequacy Assessment Process

(ILAAP). The climate-related risk variables

and stress scenarios have been integrated in

the Group-wide internal stress testing

framework to understand and quantify

potential impact on Barclays' capital position

(refer to page [106](#i12c1279a81884a37aee9a5181c6fa279_463) for more details). Further,

TCR considerations also include the

assessment of liquidity and pension risk.

For liquidity risk, assessments are informed

by the application of industry and country

classifications and evaluated using internal

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 204 |
|  |  |  |  |  |  |  |  | 204 |

---

Principal risk management (continued)

stress testing and portfolio-specific analysis

to determine material areas of climate risk

(e.g. by asset class or product type) that

could impact funding and liquidity ratios.

For pension risk, key risk indicators based

on the impact of physical and transition risk

drivers on the pension fund have been

defined. These are reviewed and monitored

on a quarterly basis.

For operational risk, the primary objective is

to ensure resilience against physical climate-

related events. Climate risks are assessed

within existing business-as-usual operational

risk processes, with climate considerations

embedded into premises management and

operational recovery planning to strengthen

business continuity and response

capabilities. Climate risk factors have been

integrated into Structured Scenario

Assessments, which capture extreme but

plausible operational tail risks. In addition to

this, Barclays' material third party suppliers'

vulnerabilities to physical risk events are

assessed, and where appropriate, control

requirements are set to manage these risks.

For further details on reputational risk, refer

to the [Managing Impacts in lending and](#i12c1279a81884a37aee9a5181c6fa279_727)

[financing](#i12c1279a81884a37aee9a5181c6fa279_727)section.

Barclays' work on assessing climate-related

risks has focused on the short (0-1 year) and

medium term (1-5 years) horizons, in line

with our financial planning cycle. However,

the longer-term climate (> 5 years) risks

have been considered using both quantitative

approaches, such as reverse stress testing,

and qualitative analysis.

**Risk monitoring and reporting**

Barclays has adopted an integrated approach

to managing and mitigating climate risks,

combining continuous monitoring at a

portfolio level, and bottom-up transaction-

level assessments.

At the portfolio level, Barclays translates its

climate risk appetite into a series of limits,

triggers, and indicators to control risk-taking

across different Principal Risks (including

Credit Risk, Market Risk and Treasury &

Capital Risk), portfolios, material sectors,

asset classes and products. These limits are

subject to regular monitoring and reporting

to the relevant governance forums and

committees.

At a transaction level, Barclays integrates

climate considerations into credit

decisioning and underwriting processes.

Enhanced oversight and additional scrutiny

have been introduced for new deals

originated in elevated climate risk sectors,

particularly thosewhere Barclays has set

sector targets and/or external position

statements.Within the Global Markets

business activities (Lending/Underwriting

Structured Finance), new guidelines have

been implemented to support new

transactions and annual reviews across

portfolios (including Commercial /

Residential Real Estate, ABS, CLOs,

Structured Credits and Equities). The

guidelines and criteria for additional scrutiny

are reviewed and updated regularly.

Barclays' bespoke tool BlueTrack™ is used

for measuring emissions and setting

emission reduction sector targets for its

financed portfolio. Currently, BlueTrack™

covers nine sectors as mentioned in pages

[32-56](#i12c1279a81884a37aee9a5181c6fa279_232). Barclays has developed the Client

Transition Framework (CTF) to evaluate

corporate clients' progress towards low-

carbon business models. Details of the

clients in scope of the CTF and its

methodology are on page [39](#i12c1279a81884a37aee9a5181c6fa279_271). The client CTF

scores and emissions data from BlueTrack™

are further used to inform key risk

management practices, including risk

monitoring, setting limits, managing

concentrations, credit decisions and stress

testing exercises.

Stress testing, scenario analysis, ICAAP,

and ILAAP are also used by Barclays to

manage and mitigate financial risks. These

exercises help the assessment of Barclays'

resilience under adverse scenarios, with the

aim of ensuring the bank maintains

sufficient capital and liquidity buffers to

withstand shocks. For further details on

Barclays' approach to scenario analysis,

please see page [64-67](#id42fe49684914e4497df193f64de45ce_18132).

Climate risk-related management

information packs, including exposure and

risk metrics for climate risk, are produced

and reported to various committees and

governance forums, including CRC. The

oversight by committees within Group and

its legal entities seek to ensure proper

oversight and monitoring of climate-

sensitive exposures.

Barclays seeks to continuously monitor

regulatory developments, including

emerging disclosure standards on climate

and wider sustainability areas, and build

internal capabilities to meet these new

requirements. This also includes

strengthening our scenario analysis

capabilities and evaluating the feasibility of

conducting scenario analysis for longer time

horizons. During 2025, Barclays conducted

an exploratory exercise to extend climate

scenario analysis from a 5 year period to a

10 year period. We continue to reflect on the

outcomes of this exercise to deepen our

understanding and support the further

development of long term assessment

capabilities.

**Key enhancements**

Barclays remains committed to maintaining

a robust risk management framework for

climate risk, with a continued focus on

achieving greater maturity and integration

across its operational processes. In 2025,

notable enhancements were made in the

following areas:

• The climate risk models within Barclays'

capital assessment framework have been

further refined and updated in line with

the strategic plan to advance modelling

capabilities. These models undergo

independent model validation to ensure

robustness and regulatory alignment.

• The physical risk assessment capabilities

have been strengthened to ensure greater

consistency in scenario design across

diverse hazards and geographies. These

enhancements also enable the integration

of secondary transmission channels

including insurance market dynamics,

changes in consumer preferences and

additional macroeconomic variables.

• Barclays has continued to enhanced its

control environment for climate risk by

implementing new controls, reinforcing

existing ones and developing a

comprehensive control library to support

consistent monitoring and adherence.

• In response to regulatory requirements,

progress has been made within Barclays

Europe to embed nature risk into its stress

testing framework and ICAAP

assessments, compared with last year's

exploratory exercise. This includes

enhancements to stress testing models,

and the adoption of a joint climate- and

nature-informed scenario narrative. The

focus was on key nature-related risk

drivers, including pollution, water stress.

land use change, soil degradation, decline

in pollinators and waste management

(including recycling acceleration).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 205 |
|  |  |  |  |  |  |  |  | 205 |

---

Principal risk management (continued)

**Credit risk management (audited)**

The risk of loss to the Group from the failure

of clients, customers or counterparties,

including sovereigns, to fully honour their

obligations to the Group, including the

whole and timely payment of principal,

interest, collateral and other receivables.

**Overview**

The credit risk that the Group faces arises

from wholesale and retail loans and

advances together with the counterparty

credit risk arising from derivative contracts

with clients' trading activities, including debt

securities, settlement balances with market

counterparties, fair value through other

comprehensive income (FVOCI) assets and

reverse repurchase loans.

Credit risk management objectives are to:

• maintain a framework of controls to

oversee credit risk

• identify, assess and measure credit risk

clearly and accurately across the Group

and within each separate business, from

the level of individual facilities up to the

total portfolio

• control and plan credit risk taking in line

with external stakeholder expectations,

including risk return objectives, and

avoiding undesirable concentrations

• monitor credit risk and adherence to

agreed controls.

**Organisation, roles and responsibilities**

The first line of defence has primary

responsibility for managing credit risk

within the risk appetite and limits set by the

Risk function, supported by a defined set of

policies, standards and controls. In the

entities, business risk committees (attended

by the first line) monitor and review the

credit risk profile of each business unit,

where the most material issues are escalated

to the Retail Credit Risk Management

Committee, Wholesale Credit Risk

Management Committee and Group Risk

Committee.

Wholesale and retail portfolios are managed

separately to reflect the differing nature of

the assets; wholesale balances tend to be

larger and are managed on an individual

basis, while retail balances are greater in

number but lesser in value and are,

therefore, managed in aggregated segments.

The responsibilities of the credit risk

management teams in the businesses, the

sanctioning team and other shared services

include: sanctioning new credit agreements

(principally wholesale); setting strategies for

approval of transactions (principally retail);

setting risk appetite; monitoring risk against

limits and other parameters; maintaining

robust processes, data gathering, quality,

storage and reporting methods for effective

credit risk management; performing

effective turnaround and workout scenarios

for wholesale portfolios via dedicated

restructuring and recoveries teams;

maintaining robust collections and recovery

processes/units for retail portfolios; and

review and validation of credit risk

measurement models.

The credit risk management teams in each

legal entity are accountable to the relevant

Legal Entity CRO, who reports to the Group

CRO.

For wholesale portfolios, credit risk

managers are organised in sanctioning teams

by geography, industry and/or product. In

wholesale portfolios, credit risk approval is

undertaken by experienced credit risk

professionals operating within a clearly

defined delegated authority framework, with

only the most senior credit officers assigned

the higher levels of delegated authority. The

largest credit exposures, which are outside

the Risk Sanctioning Unit or Risk

Distribution Committee authority, require

the support of a Senior Credit Officer. For

exposures in excess of the Senior Credit

Officer's authority, approval by Group

Senior Credit Officer/Board Risk Committee

is also required. The Group Credit Risk

Committee, attended by Senior Credit

Officers, provides a formal mechanism for

the Group Senior Credit Officer to exercise

the highest level of credit authority over the

most material Group single name exposures.

**Credit risk mitigation**

The Group employs a range of techniques

and strategies to actively mitigate credit

risks. These can broadly be divided into

three types:

• netting and set-off

• collateral

• risk transfer.

**Netting and set-off**

Credit risk exposures can be reduced by

applying netting and set-off. For derivative

transactions, the Group's normal practice is,

on a legal entity basis, to enter into standard

master agreements with counterparties (e.g.

ISDAs). These master agreements typically

allow for netting of credit risk exposure to a

counterparty resulting from derivative

transactions against the obligations to the

counterparty in the event of default, and so

produce a lower net credit exposure. These

agreements may also reduce settlement

exposure (e.g. for foreign exchange

transactions) by allowing payments on the

same day in the same currency to be set-off

against one another.

**Collateral**

The Group has the ability to call on

collateral in the event of default of the

counterparty, comprising:

• home loans: a fixed charge over

residential property in the form of houses,

flats and other dwellings

• wholesale lending: a fixed charge over

commercial property and other physical

assets, in various forms

• other retail lending: includes charges over

other physical assets; second lien charges

over residential property; and finance

lease receivables

• derivatives: the Group also often seeks to

enter into a margin agreement (e.g. Credit

Support Annex) with counterparties with

which the Group has master netting

agreements in place. These annexes to

master agreements provide a mechanism

for further reducing credit risk, whereby

collateral (margin) is posted on a regular

basis (typically daily) to collateralise the

mark to market exposure of a derivative

portfolio measured on a net basis

• reverse repurchase agreements: collateral

typically comprises highly liquid

securities which have been legally

transferred to the Group subject to an

agreement to return them for a fixed price

• financial guarantees and similar off-

balance sheet commitments: cash

collateral may be held against these

arrangements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 206 |
|  |  |  |  |  |  |  |  | 206 |

---

Principal risk management (continued)

**Risk transfer**

A range of instruments including guarantees,

credit insurance, credit derivatives and

securitisation can be used to transfer credit

risk from one counterparty to another. These

mitigate credit risk in three main ways:

• if the risk is transferred to a counterparty

which is more creditworthy than the

original counterparty, then overall credit

risk is reduced

• where recourse to the first counterparty

remains, both counterparties must default

before a loss materialises. This is less

likely than the default of either

counterparty individually so credit risk is

reduced

• first loss exposures across pools of credit

risk can be hedged via synthetic

securitisation structures, typically via

CLN (credit linked notes) issuance. As

these are fully funded upfront they

provide for a direct reduction in credit

risk exposure on referenced pools.

In addition, referenced pools of assets can

be securitised with specific tranches of risk

sold to investors to provide direct reduction

in credit risk exposures.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Detailed policies are in place to appropriately <br>recognise and record credit risk mitigation. <br>For more information, refer to **pages 131** to <br>**134** of the Barclays PLC Pillar 3 Report 2025 <br>(unaudited).<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Governance and oversight of ECLs** 

**under IFRS 9**

The Group's organisational structure and

internal governance processes oversee the

estimation of ECL across several areas,

including: i) setting requirements in policy,

including key assumptions and the

application of key judgements; ii) the design

and execution of models; and iii) review of

ECL results.

i) Impairment policy requirements are set

and reviewed regularly, at a minimum

annually, to maintain adherence to

accounting standards. Key judgements

inherent in policy, including the estimated

life of revolving credit facilities and the

quantitative criteria for assessing the

significant increase in credit risk (SICR), are

separately supported by analytical study. In

particular, the quantitative thresholds used

for assessing SICR are subject to a number

of internal validation criteria, particularly in

retail portfolios where thresholds decrease as

the origination Probability of Default (PD)

of each facility increases. Key policy

requirements are also aligned to the Group's

credit risk management strategy and

practices, for example, wholesale customers

that are risk managed on an individual basis

are assessed for ECL on an individual basis

upon entering Stage 3; furthermore, key

internal risk management indicators of high

risk are used to set SICR policy, for

example, retail customers identified as high

risk account management are automatically

deemed to have met the SICR criteria.

ii) ECL is estimated in line with internal

policy requirements using models which are

validated by a qualified independent party to

the model development area, the

Independent Validation Unit (IVU), before

first use and on a regular basis, at a

minimum every three years. Each model is

designated an owner who is responsible for:

• model maintenance: monitoring of model

performance including backtesting by

comparing predicted ECL versus flow

into stage 3 and coverage ratios;

proposing material changes for

independent IVU approval; and

recalibrating model parameters on more

timely data

• proposing post-model adjustments (PMA)

to address model weaknesses or to

account for situations where known or

expected risk factors and information

have not been considered in the modelling

process. All PMAs relating to model

deficiencies, regardless of value are

approved by IVU for a set time period.

Material PMAs are approved before first

use whilst immaterial PMAs are approved

as part of IVU's annual review process.

PMAs representing Expert Judgement are

validated by Risk, as the second line of

defence and approved for a set time

period. The most material PMAs are also

approved by the CRO.

Models must also assess ECL across a range

of future economic conditions. These

economic scenarios are generated via an

independent model and ultimately set by the

Senior Scenario Review Committee.

minimum twice annually but more

frequently if deemed appropriate, and also to

align with the Group's medium term

planning exercise. Each model used in the

estimation of ECL, including key inputs, are

governed by a series of internal controls,

which include the validation of

completeness and accuracy of data in golden

source systems, documented data

transformations and documented lineage of

data transfers between systems.

iii) The Group Impairment Committee,

formed of members from both Finance and

Risk and attended by both the Group

Finance Director and the Group CRO (or

their delegates), is responsible for

overseeing impairment policy and practice

across the Group and will approve

impairment results. Reported results and key

messages are communicated to the BAC,

which has an oversight role and provides

challenge of key assumptions, including the

basis of the scenarios adopted. Impairment

results are then factored into management

decision making, including but not limited

to, business planning, risk appetite setting

and portfolio management.

**Market risk management** 

**(audited)**

The risk of loss arising from potential

adverse changes in the value of the Group's

assets and liabilities from fluctuation in

market variables including, but not limited

to, interest rates, foreign exchange, equity

prices, commodity prices, credit spreads,

implied volatilities and asset correlations.

**Overview**

Market risk arises primarily as a result of

client facilitation in wholesale markets,

involving market-making activities, risk

management solutions and execution of

syndications. Upon execution of a trade with

a client, the Group will look to hedge against

the risk of the trade moving in an adverse

direction. Mismatches between client

transactions and hedges result in market risk

due to changes in asset prices, volatility or

correlations.

**Organisation, roles and responsibilities** 

Market risk in the businesses resides

primarily in Investment Bank and Treasury.

These businesses have the mandate to

assume market risk. The front office and

Treasury trading desks are responsible for

managing market risk on a day-to-day basis,

where they are required to understand and

adhere to all limits applicable to their

businesses. The Market Risk team supports

the trading desks with the day-to-day limit

management of market risk exposures

through governance processes which are

outlined in supporting market risk policies

and standards.

Market risk oversight and challenge is

provided by business committees and Group

committees, including the Market Risk

Committee (MRC).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 207 |
|  |  |  |  |  |  |  |  | 207 |

---

Principal risk management (continued)

The objectives of market risk management

are to:

• identify, understand and control market

risk by robust measurement, limit setting,

reporting and oversight

• facilitate business growth within a

controlled and transparent risk

management framework

• control market risk in the businesses

according to the allocated appetite.

To meet the above objectives, a governance

structure is in place to manage these risks

consistent with the ERMF.

The BRC recommends market risk appetite

to the Board for their approval. The Market

Risk Principal Risk Lead (PR Lead) is

responsible for the Market Risk Control

Framework and, under delegated authority

from the Group CRO, agrees with the

business CROs a limit framework within the

context of the approved market risk appetite.

The Market Risk Committee (MRC) reviews

and makes recommendations concerning the

group-wide market risk profile. This

includes overseeing the operation of the

Market Risk Framework and associated

policies and standards, monitoring market

and regulatory changes, and reviewing limit

utilisation levels. The committee is chaired

by the PR Lead and attendees include the

business heads of market risk and business

aligned market risk managers.

In addition to MRC, the Investment Bank

Risk Committee ('IBRC') is the main forum

in which market risk exposures are

discussed and reviewed with senior business

heads. The Committee is chaired by the

BBPLC CRO and meets weekly, covering

current market events, notable market risk

exposures, and key risk topics. New

business initiatives are generally socialised

at IBRC before any changes to risk appetite

or associated limits are considered in other

governance committees.

The head of each business is accountable for

all market risks associated with its activities,

while the head of the market risk team

covering each business is responsible for

implementing the risk control framework for

market risk.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For more information on market risk <br>management, refer to the **Barclays PLC** <br>**Pillar 3 Report p156 to 165** (unaudited).<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Management value at risk (VaR)**

VaR is an estimate of the potential loss

arising from unfavourable market

movements if the current positions were to

be held unchanged for one business day. For

internal market risk management purposes, a

historical simulation methodology with a

one-year equally weighted historical period,

at the 95% confidence level is used for all

trading books and some banking books.

Limits are applied at the total level as well

as by risk factor type, which are then

cascaded down to particular trading desks

and businesses by the market risk

management function.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See the [market risk performance](#i12c1279a81884a37aee9a5181c6fa279_1003) section for a <br>review of management VaR.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Treasury and capital risk** 

**management**

This comprises:

**•Liquidity risk:** The risk that the Group is

unable to meet its contractual or

contingent obligations or that it does not

have the appropriate amount, tenor and

composition of funding and liquidity to

support its assets.

**•Capital risk:** The risk that the Group has

an insufficient level or composition of

capital to support its normal business

activities and to meet its regulatory capital

requirements under normal operating

environments and stressed conditions

(both actual and as defined for internal

planning or regulatory testing purposes).

This also includes the risk from the

Group's pension plans.

**•Interest rate risk in the banking book:** 

The risk that the Group is exposed to

capital or income volatility because of a

mismatch between the interest rate

exposures of its (non-traded) assets and

liabilities. This also includes credit spread

risk in the banking book, the risk that the

Group is exposed to capital or income

volatility because of changes in credit

spreads on its (non-traded) assets and

liabilities.

The Treasury function manages treasury and

capital risk exposure on a day-to-day basis

with the Group Treasury Committee acting

as the principal management body. The

Treasury and Capital Risk function is

responsible for oversight and provides

insight into key capital, liquidity, interest

rate risk in the banking book (IRRBB) and

pension risk management activities. The

assessment and management of the Group's

capital and liquidity position and IRRBB

and pension risk requires the use of

judgement, assumptions and estimates.

Please see the description of material

existing and emerging risks beginning on

page [184](#i12c1279a81884a37aee9a5181c6fa279_817) of this Annual Report for further

details on such judgements, assumptions and

estimates, including the potential risks

involved.

**Liquidity risk management** 

**(audited)**

**Overview**

The efficient management of liquidity is

essential to the Group in order to retain the

confidence of the financial markets and

maintain the sustainability of the business.

Treasury and Capital Risk have created a

framework to manage all liquidity risk

exposures under both normal and stressed

conditions. The framework is designed to

maintain liquidity resources that are sufficient

in amount, quality and funding tenor profile

to remain within the liquidity limits set by the

Barclays PLC Board. The Board sets

liquidity limits on both internal and

regulatory liquidity metrics.

**Organisation, roles and responsibilities**

Treasury has the primary responsibility for

managing liquidity risk within the set risk

appetite. Both Risk and Treasury contribute

to the production of the Internal Liquidity

Adequacy Assessment Process (ILAAP).

The Treasury and Capital Risk function is

responsible for the management and

governance of the liquidity risk mandate, as

defined by the Board.

The liquidity risk management framework

established by Treasury and Capital Risk is

designed to deliver the appropriate term and

structure of funding, consistent with the risk

appetite set by the Board. The framework

incorporates a range of ongoing business

management tools to monitor and stress test

the Group's balance sheet and recovery plan,

including limit setting. Limit setting and

transfer pricing are tools designed to control

the level of liquidity risk taken and drive the

appropriate mix of funds. Adherence to

limits reduces the likelihood that a liquidity

stress event could lead to an inability to meet

Group's obligations as they fall due.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 208 |
|  |  |  |  |  |  |  |  | 208 |

---

Principal risk management (continued)

The Board approves the Group funding plan,

internal stress tests, regulatory stress test

results, recovery plan and liquidity risk

qualitative statement that supports the Group

risk appetite. The Group Treasury

Committee is responsible for monitoring and

managing liquidity risk in line with the

Group's funding management objectives,

funding plan and risk appetite. The Treasury

and Capital Risk Committee monitors and

reviews the liquidity risk profile and control

environment, providing second line

oversight of the management of liquidity

risk. The BRC reviews the risk profile,

liquidity risk qualitative statement, and the

impact of stress scenarios on the Group

funding plan/forecast in order to agree the

Group's projected funding abilities. The

Group BRC also approves liquidity limits to

define the Group's risk appetite liquidity

constraint.

**Capital risk management (audited)**

**Overview**

Capital risk is managed through ongoing

monitoring and management of the capital

and leverage position, regular stress testing

and a robust capital governance framework.

The objectives of the framework are to

maintain adequate capital for the Group and

legal entities to withstand the impact of the

risks that may arise under normal and

stressed conditions, and maintain adequate

capital to cover current and forecast business

needs and associated risks to provide a

viable and sustainable business offering. The

Group aims to prudently manage its overall

leverage position (including risk of

excessive leverage) by utilising plausible

stress scenarios, reviewing and deploying

management actions in response to

deteriorating economic and commercial

positions. In order to manage contingent

leverage risk, the Group considers the

context from which the business

consumption arises, the impact of client

utilisation on leverage and the available

actions to manage.

**Organisation, roles and responsibilities**

Treasury has the primary responsibility for

managing and monitoring capital adequacy.

The Treasury and Capital Risk function

provides oversight of capital risk.

Production of the Barclays PLC Internal

Capital Adequacy Assessment Process

(ICAAP) is the responsibility of Treasury.

Capital risk management is underpinned by

a control framework and policy. The capital

management strategy, outlined in the Group

and legal entity capital plans, is developed in

alignment with the control framework and

policy for capital risk, and is implemented

consistently in order to deliver on the

Group's objectives.

The Board approves the Group capital plan,

internal stress tests and results of regulatory

stress tests, and the Group recovery plan.

The Group Treasury Committee is

responsible for monitoring and managing

capital risk in line with the Group's capital

management objectives, capital plan and risk

frameworks. The Treasury and Capital Risk

Committee monitors and reviews the capital

risk profile and control environment,

providing second line oversight of the

management of capital risk. The BRC

reviews the risk profile, and reviews risk

appetite at least annually and the impact of

stress scenarios on the Group capital plan/

forecast in order to agree the Group's

projected capital adequacy.

Local management assures compliance with

an entity's minimum regulatory capital

requirements by reporting to local Asset and

Liability Committees (ALCOs) with

oversight by the Group Treasury Committee,

as required. In 2025, Barclays complied with

all regulatory minimum capital

requirements. Contingent leverage risk is

managed by; i) setting comprehensive

leverage (and RWA) targets for each

business as part of the Treasury capital

management process, taking into account

adherence to early warning indicators and

maintain a healthy leverage ratio, and; ii)

Monitoring execution of actions taken to

course-correct as necessary.

The Group maintains a number of defined

benefit pension schemes for past and current

employees. The ability of schemes to meet

pension payments is achieved with

investments and contributions.

Pension risk arises because the market value

of pension fund assets might decline;

investment returns might reduce; or the

estimated value of pension liabilities might

increase. The Group monitors the pension

risks arising from its defined benefit pension

schemes and works with the relevant

pension fund's trustees to address shortfalls.

In these circumstances, the Group could be

required or might choose to make extra

contributions to the pension fund. The

Group's main defined benefit scheme was

closed to new entrants in 2012.

**Interest rate risk in the banking** 

**book management (IRRBB)**

**Overview**

Interest rate risk in the banking book is

driven by customer and counterparties

deposit taking and lending activities,

investments in the liquid asset portfolio and

funding activities. As per the Group's policy

to remain within the defined risk appetite,

hedging strategies are executed to mitigate

the various IRRBB risks that result from

these activities. However, the Group remains

susceptible to interest rate risk and other

non-traded market risks from the following

key sources:

• Interest rate and repricing risk: the risk

that net interest income could be

adversely impacted by a change in interest

rates, differences in the timing of interest

rate changes between assets and

liabilities, and other constraints on interest

rate changes as per product terms and

conditions.

• Customer behavioural risk: the risk that

net interest income could be adversely

impacted by the discretion that customers

and counterparties may have in respect of

being able to vary from their contractual

obligations with Barclays. This risk is

often referred to by industry regulators as

'embedded option risk'.

• Investment risks in the liquid asset

portfolio: the risk that the fair value of

assets held in the liquid asset portfolio

and associated risk management

portfolios could be adversely impacted by

market volatility, creating volatility in

capital directly.

**Organisation, roles and responsibilities**

The entity ALCOs and/or treasury

committees, together with the Group

Treasury Committee, are responsible for

monitoring and managing IRRBB risk in

line with the Group's management

objectives and risk frameworks. The GRC

and Treasury and Capital Risk Committee

monitors and reviews the IRRBB risk profile

and control environment, providing second

line oversight of the management of IRRBB.

The BRC reviews the interest rate risk

profile, including review of the risk appetite

at least annually and the impact of stress

scenarios on the interest rate risk of the

Group's banking books.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 209 |
|  |  |  |  |  |  |  |  | 209 |

---

Principal risk management (continued)

In addition, the Group's IRRBB policy sets

out the processes and key controls required

to identify all IRRBB risks arising from

banking book operations, to monitor the risk

exposures via a set of metrics with a

frequency in line with the risk management

horizon, and to manage these risks within

agreed risk appetite and limits.

**Operational risk management**

The risk of loss to the Group from

inadequate or failed processes or systems,

human factors or due to external events (for

example, fraud) where the root cause is not

due to credit or market risks.

**Overview**

The management of operational risk has

three key objectives:

• deliver and oversee an operational risk

capability owned and used by business

leaders to enable sound risk decisions

over the long term

• provide the frameworks, policies and

standards to enable management to meet

their risk management responsibilities

while the second line of defence provides

robust, independent, and effective

oversight and challenge

• deliver a consistent and aggregated

measurement of operational risk that will

provide clear and relevant insights, so that

the right management actions can be

taken to keep the operational risk profile

consistent with the Group's strategy, the

stated risk appetite and stakeholder needs.

The Group operates within a system of

internal controls that enables business to be

transacted and risk taken without exposing it

to unacceptable potential losses or

reputational damages.

**Organisation, roles and responsibilities**

The prime responsibility for the

management of operational risk and the

compliance with control requirements rests

within the business and functional units

where the risk arises. The operational risk

profile and control environment is reviewed

by management through business risk

committees and control committees.

Operational risk issues escalated from these

meetings are considered through the second

line of defence review meetings. Depending

on their nature, the outputs of these meetings

are presented to the Group Controls and

Risk Committee, the BRC or the BAC. In

addition, specific reports are prepared by

Operational Risk on a regular basis for the

GRC and the BRC.

Legal entities, businesses and functions are

required to report their operational risks on

both a regular and an event-driven basis. The

reports include a profile of the material risks

that may threaten the achievement of their

objectives and the effectiveness of key

controls, operational risk events and a

review of scenarios.

The Group Head of Operational Risk and

Risk Oversight is responsible for

establishing, owning and maintaining an

appropriate group-wide Operational Risk

Framework and for overseeing the portfolio

of operational risk across the Group.

The Operational Risk function acts in a

second line of defence capacity, and is

responsible for defining and overseeing the

implementation of the framework and

monitoring the Group's operational risk

profile, including risk-based review and

challenge. The Operational Risk function

alerts management when risk levels exceed

acceptable tolerance in order to drive timely

decision- making and actions by the first line

of defence.

**Operational risk categories**

Operational risks are grouped into risk

categories to support effective risk

management, measurement and reporting.

These comprise: Data & Records

Management Risk; Financial Reporting

Risk; Fraud Risk; Cyber & Information

Security Risk; Operational Recovery

Planning Risk; People Risk; Premises Risk;

Physical Security Risk; Risk Reporting Risk;

Change Delivery Management Risk;

Supplier Risk; Tax Risk; Technology Risk;

and Transaction Processing Risk.

The Operational Risk Taxonomy also

includes operational risks associated with

other Principal Risks, including Compliance,

Financial Crime, Legal, Climate, Model,

Reputation Risk and the operational failures

of Financial Principal Risk processes.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For definitions of the Group's Operational <br>Risk Categories and connected risks, refer to <br>the management of operational risk section in <br>pages 181 to 185 of the **Barclays PLC Pillar** <br>**3 Report 2025 (unaudited)**.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Model risk management**

The potential for adverse consequences from

decisions based on incorrect or misused

model outputs and reports.

**Overview**

The Bank uses models to support a broad

range of activities, including formulating

business strategies, informing business

decisions, identifying and measuring risks,

valuing exposures, conducting stress testing,

assessing adequacy of capital, managing

client assets, measuring compliance with

internal risk limits, maintaining the formal

control apparatus of the Group, meeting

financial and regulatory reporting and

disclosure requirement.

Since models are imperfect and incomplete

representations of reality, they may be

subject to uncertainty, errors and

inappropriate use affecting the accuracy of

their output. Model risk can lead to financial

loss, poor business and strategic decision

making, or damage to a bank's reputation.

**Organisation, roles and responsibilities**

Model Risk is a principal risk within the

ERMF and is centrally governed by the

Group's Model Risk Management (MRM)

function. MRM is an independent function

responsible for establishing and maintaining

the framework and the model inventory

needed to assess, manage, and report model

risk. The Global Head of MRM reports

directly to the Group Chief Risk Officer.

The Head of AI/ML Risk, reports into the

Global Head of MRM.

MRM establishes model risk policies and

standards, sets out and monitors model risk

appetite, validates and approves models,

reports on model risk, operates the controls

that govern models and maintains the

inventory of all models used by the Group

globally.

The Model Risk Framework, which is

owned by the Head of MRM, provides the

overview for management and governance

of Model risk in Barclays, including key

components such as the Model Risk Policy,

the AI Policy and supporting standards,

reporting and escalation paths for breaches

of policy.

The Model Risk Policy prescribes the end-

to-end requirements for the identification,

measurement and management of model risk

covering model documentation,

development, monitoring, annual assessment

and review, independent validation,

approval, and change and reporting

processes, and assigns clear roles and

responsibilities for the end-to-end

management of model risk.

The Artificial Intelligence (AI) Policy lays

out the requirements for management and

oversight of risks associated with use of AI

and is supported by the AI standard. The

primary objectives of this Policy are to:

• Define Ethical AI Principles to enable

ethical, lawful, and appropriate use of AI.

• Establish an enterprise-wide definition of

AI, define risks stemming from use of AI

and define prohibited, high, medium and

low risk uses of AI to enable consistent

identification of AI Systems, and the risks

associated with their use.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 210 |
|  |  |  |  |  |  |  |  | 210 |

---

Principal risk management (continued)

• Define governance and escalation

pathways to provide transparency on AI

use and associated risks to Senior

Management.

• Define control objective for AI training

and literacy.

MRM operates the Group Model Risk

Committee (GMRC), the purpose of which

is to review and monitor the Model Risk

profile and control environment across the

Model Risk portfolio and assess the

exposure against the approved appetite and

associated tolerances. The GMRC escalates

to the Group Risk Committee (GRC).

MRM also operates the Model Risk Control

Forum (MR CF) that oversees the consistent

and effective implementation of the

Operational Risk Framework (ORF) as

relating to Model Risk. The MR CF

escalates to the Group Controls Committee.

MRM reports on the model risk profile to

the Group Board Risk Committee, the Group

Risk Committee, key Barclays Legal Entity

risk and control committees and forums.

These committees consider Model Risk

matters relevant to them and escalate as

required in compliance with the Operation

of Committees Policy and internal

applicable governance policies.

Cross functional oversight of AI Risk in the

bank, is provided by the Group AI

Governance Council, under the mandate of

Head of AI/ML Risk.

The Head of AI/ML Risk is also responsible

for establishing the AI Risk Appetite, and

enabling reporting of compliance with the

AI Policy and AI Standard to the Group and

local entity Board Risk Committee(s).

In addition, the Model Strategy and

Oversight (MSO) Team, which is a first line

independent team, provides oversight of

strategic modelling decisions of material

models, in particular ensuring compliance

with regulations and relevant technical

standards, following a risk-based approach

focusing on material modelling issues,

including:

• Ensures a comprehensive / consistent

approach taken across the bank to deliver

material models requirements;

• Provides challenge to modelling decisions

taken by Model Owners and Developers;

• Participates in the requisite forum (i.e.

Group Model Management Steering

Committee) to facilitate Senior

Management oversight of the strategic

approach taken for the development/re-

development of material models and of

key model aspects of associated rating

systems within Barclays.

As per the ERMF, the first line of defence

(1LOD) is comprised of all employees

engaged in the revenue generating and client

facing areas of the firm as well as all

associated support functions, including

Finance, Treasury, Technology and

Operations, Human Resources, and

Administration. Employees of Risk and

Compliance are the second line of defence

(2LOD).

The 1LOD for Model Risk is represented by

1LOD areas developing, using and owning

models. 2LOD areas develop, use or employ

models as well. In such cases, these 2LOD

areas will be subject to independent

oversight from MRM and within the MRM

framework are considered as 1LOD. MRM

is the 2LOD for Model Risk.

**Compliance Risk management**

The risk of poor outcomes for, or harm to,

customers, clients and markets, arising from

the delivery of Barclays products and

services (Conduct Risk), and the risk to

Barclays, its clients, customers or markets

from a failure to comply with the laws, rules

and regulations (LRR) applicable to the

firm.

**Overview**

Compliance Risk incorporates wholesale

conduct, customer protection, data privacy,

regulatory compliance, product design and

review, and laws, rules and regulation risks.

Barclays has no appetite for material

breaches of LRR, or Compliance Risk issues

and events that are material, systemic, not

promptly remediated, not reported to

regulators in a timely manner where

required, and/or are likely to result in

regulatory enforcement.

**Organisation, roles and responsibilities**

The Compliance Risk Management

Framework (CRMF) outlines how the

Barclays Group manages and measures its

Compliance Risk Profile. The Group Chief

Compliance Officer is accountable for

developing, maintaining and overseeing a

group-wide CRMF. The Group Chief

Compliance Officer is responsible for

providing effective oversight of Compliance

Risk in line with the CRMF at the Entity and

Subsidiary level. This includes overseeing

the development and maintenance of the

relevant Compliance Risk policies and

associated standards, the monitoring of and

reporting on the consistent application and

the effectiveness of the implementation of

the controls by management, to manage

Compliance Risk. It is the responsibility of

the first line of defence to establish controls

to mitigate and monitor its compliance risk

exposure. The responsibility for LRR risk

management sits across various functions

and business units, including Legal, Chief

Controls Office, Risk and Compliance.

Senior managers are accountable within

their areas of responsibility for owning and

managing Compliance Risk in accordance

with the CRMF, as defined within their

regulatory Statement of Responsibilities, and

a dedicated team has been established in

Compliance to oversee and support senior

managers in LRR risk management.

Compliance as an independent second line

function oversees that Compliance Risks are

effectively identified, managed, monitored

and escalated, and has a key role in helping

Barclays achieve the right conduct outcomes

and evolve a compliance-focused culture.

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 211 |
|  |  |  |  |  |  |  |  | 211 |

---

Principal risk management (continued)

The Bank's Chief Compliance Officers

provides independent check and challenge to

Business Senior Management to ensure their

Compliance Risk management

accountabilities are carried out effectively,

including, but not limited to risk

assessments, mitigation plans and reporting.

The governance of Compliance Risk within

the Group is fulfilled through management

committees and forums operated by the first

and second lines of defence, with clear

escalation and reporting lines into Board

level committees. The Barclays Group and

Barclays Bank Group Risk Committee and

the Barclays Bank UK Group Risk

Committee are the primary second line

governance committee for the oversight of

the Compliance Risk profile and

responsibilities include the identification and

discussion of any emerging Compliance

Risk exposures in the Barclays Group and

Barclays Bank Group.

**Culture and conduct** 

We believe the stronger the Group's culture,

the better the choices our people will make

and the stronger the business will be for all

stakeholders. While the Group's culture helps

us reduce the impact of poor conduct on

customers, we also do not intend to repeat the

errors of the past.

The Group's most senior leaders spend

significant time setting the right tone at

Barclays, and the Purpose and Values are

now deeply embedded in their messages.

The Barclays Way sets out the standards and

behaviour all employees must demonstrate

and guides the execution of our business.

We also strengthen our culture with clear

and effective controls. We continue

investing to enhance controls to support the

Group's commitment to conducting all

activities with integrity.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For details of the Board's role in embedding <br>our Culture, Purpose, Values and Mindset, <br>please refer to **page** [81](#i12c1279a81884a37aee9a5181c6fa279_532) of the Directors' <br>Report. <br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**The Barclays Mindset**

The Barclays Mindset acts as an operating

manual for how to get things done. It

focuses on three key elements that are core

to our success – Empower, Challenge and

Drive. Research shows that when we

demonstrate behaviours aligned to these

three elements, outcomes are better,

colleagues are more engaged and they are

more likely to stay longer to build their

career at Barclays.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further details, see **page** [26](#i12c1279a81884a37aee9a5181c6fa279_145) in Strategy <br>for more information on the Barclays <br>Mindset.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Managing Compliance risks**

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | See **page** [104](#i23a103ac5ae741558ab88343a854ee8b_17-1-1-1-4390467) in the Directors' report in <br>addition to **pages** [198](#i12c1279a81884a37aee9a5181c6fa279_853) **and** [298](#i3ad78d84f75645f5bbf64c9412d2bbba_2868) in the risk <br>review section for more information on how <br>the Group defines, manages and mitigates <br>Compliance risks.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Product design and review risk**

It is important that the design of products and

services meets the needs of clients, customers

and markets as well as being aligned with

Barclays' policies. We do this by operating

two processes, which together form our

product design and review risk framework.

We have a process that supports the Group in

the approval and implementation of New and

Amended Products and Approval process

(known as the NAPA Process, set out in the

Barclays NAPA Policy and Standards).

This process outlines the requirements and

risk assessment standards that must be met to

help ensure that new and amended products

and services are appropriately designed prior

to their launch.

In addition we have a complementary process

that reviews the existing portfolio of products

and services throughout their lifecycle

(known as the Product Review Process, set

out in the Barclays Product Review Policy

and Standard). This process considers

information about the performance and

operation of the product or service through a

conduct lens.

Wherever a product or service is found to be

outside appetite, the product or service owner

must seek to ensure actions are taken to

address it. These actions are validated by

functional areas, including Legal and

Compliance.

Areas of Barclays that undertake Investment

activity also operate additional product

governance processes and controls, reflecting

the higher risk of these more complex

products and the importance of products and

services meeting the needs of Clients.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | The BPLC, BBPLC and BBUKPLC Board <br>Risk Committees review, on behalf of their <br>respective Boards, the management of <br>Compliance risk and the Compliance risk <br>profile for their respective entities. <br>Please refer to the report of the BPLC Board <br>Risk Committee on **pages** [100](#i12c1279a81884a37aee9a5181c6fa279_550) and [104](#i23a103ac5ae741558ab88343a854ee8b_17-1-1-1-4390467) and <br>the reports of the BBPLC and BBUKPLC <br>Board Risk Committees within the BBPLC <br>and BBUKPLC 2025 Annual Reports <br>available at **home.barclays/investor-**<br>**relations/reports-and-events/annual-**<br>**reports/ for more information.** <br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Customer communications**

It is important that engagement with

customers is open and honest and that we

treat them fairly to avoid foreseeable harm

and to make sure they are not exploited or

misled. The Group continues to take steps to

ensure that customers' needs and priorities

are understood before making

recommendations and that the

communications we provide allow informed

decisions to be made. We work to achieve

this through a number of controls which

focus on ensuring our customers receive

clear information in order to understand the

risks and benefits of the products we offer.

For example:

• communications are sufficient, targeted

and distributed to recipients whom

Barclays knows or reasonably believes

may stand to benefit from the

communication, and are communicated in

a manner and style that will be understood

by the average recipient (or likely

recipient),

• communications are withdrawn from

further circulation when they are no

longer accurate or fit for purpose, and

• customers do not receive inadequate

advice, misleading information,

unsuitable products or unacceptable

service.

The Group's processes include a review of

relevant communications which are

supported by the Compliance and Legal

functions to help ensure we meet both

internal customer engagement standards and

we are compliant with external regulations.

Furthermore annual mandatory training is

completed by marketing colleagues. The

training covers key customer and brand

standards along with the role and key

policies set by external regulators e.g.

regulatory requirements may require

communications to be provided that are

accessible to customers, or provide

customers with the option to 'opt out'.

**Remediation and redress**

Barclays recognises that customer harm may

occur as a result of our error, actions or

inactions, and that we must undertake

appropriate activity designed to ensure our

customers are put back in the position they

would have been in had the issue not

occurred.

Remediation can be proactive, where we

have identified the issue ourselves (for

example through identifying a pattern in

customer complaints), or reactive, where

identified by a third party such as a regulator

of Barclays.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 212 |
|  |  |  |  |  |  |  |  | 212 |

---

Principal risk management (continued)

Where it is appropriate, Barclays works to

ensure the operation of consistent principles

for remediation which includes timely

notification to the relevant regulatory bodies.

**Financial Crime Risk management**

The risk that Barclays and its associated

persons (employees or third parties) commit

or facilitate financial crime, and/or Barclays

products and services are used to facilitate

financial crime. Financial Crime undermines

market integrity and may result in: Harm to

clients, customers, counterparties or

employees; diminished confidence in

financial products and services; damage to

Barclays reputation; regulatory breaches;

and/or financial penalties.

**Overview** 

Financial Crime risk management

incorporates anti-bribery and corruption,

anti-money laundering (including terrorist

financing), tax evasion facilitation and

sanctions risks (including proliferation

financing).

Barclays has no appetite for Financial Crime

risk issues and events that are material,

systemic, not promptly remediated, not

reported to regulators in a timely manner

where required, and/or are likely to result in

regulatory enforcement. Barclays will enable

and support clients and customers to safely

pursue their financial objectives and avoid

causing negative impacts to the same

through regulatory or legislative breaches,

including potential or foreseeable harm,

caused by financial crime.

Barclays strives to prevent detect and report

financial crime through the execution of its

end-to-end control framework.

**Organisation, roles and responsibilities**

The Financial Crime Risk Management

Framework (FCRMF) outlines how the

Group manages and measures its Financial

Crime risk profile. The Group Chief

Compliance Officer is accountable for

developing and overseeing the

implementation of the FCRMF and the

Financial Crime Policy. This includes

defining the relevant control objectives,

principles and other core requirements for

the activities of the Group. It is the

responsibility of the first line of defence to

maintain and embed the necessary risk and

control environment for effective risk

management and to ensure accurate,

transparent and timely reporting on

Financial Crime risk to the relevant

governance fora.

Senior managers are accountable within

their areas of responsibility for the

identification and management of financial

crime risk in accordance with the FCRMF,

as defined within their regulatory Statement

of Responsibilities.

Financial Crime Compliance, as an

independent second line function, oversees

that financial crime risks are effectively

identified, managed, monitored and

escalated, providing check and challenge to

the business and ensuring that

accountabilities are carried out effectively.

The governance of Financial Crime Risk

within Barclays is fulfilled through

management committees and forums

operated by the first and second lines of

defence, with clear escalation and reporting

lines into Board level committees. The

Group Chief Compliance Officer provides

reporting as required by Executive and

Corporate Governance to support the

oversight of the Group Financial Crime Risk

profile.

In addition, Legal Entity and Regional Chief

Compliance Officers and entity Money

Laundering Reporting Officers (MLROs)

will provide reporting as required by their

entity Executive and Corporate (Board-

level) Governance arrangements to support

the oversight of the entity Financial Crime

Risk profile.

**Reputation Risk management**

The risk that an action, transaction,

investment, event, decision, or business

relationship will reduce trust in the Group's

integrity and/or competence.

**Overview**

A reduction of trust in the Group's integrity

and competence may reduce the

attractiveness of the Group to stakeholders

and could lead to negative publicity, loss of

revenue, regulatory or legislative action, loss

of existing and potential client business,

reduced workforce morale and difficulties in

recruiting talent. Ultimately it may destroy

shareholder value.

**Organisation, roles and responsibilities**

The Barclays PLC Board is responsible for

reviewing and monitoring the effectiveness

of the Barclays Group management of

reputation risk.

The Group Chief Compliance Officer is

responsible for developing and overseeing

the implementation of Reputation Risk

Management Framework, Policies and

Associated Standards. The Reputation Risk

Management Framework (RRMF) sets out

what is required to manage reputation risk

across the Group, including escalations to

the Group Reputation Risk Committee, as

required.

Each colleague is responsible for

identifying, assessing and escalating

reputation risk.

The Barclays Bank Group and Barclays

Bank UK Group are required to operate

within established reputation risk appetite,

and its component businesses prepare

reports for its respective Risk and Board

Risk Committees highlighting their most

significant current and potential reputation

risks and issues and how they are being

managed. These reports are a key internal

source of information for the quarterly

reputation risk reports which are prepared

for the Barclays Group ExCo and reviewed

by the Group Board twice yearly.

**Legal Risk management** 

The risk of loss or imposition of penalties,

damages or fines from the failure of the firm

to meet applicable laws, rules, regulations or

contractual requirements or assert or defend

its intellectual property rights.

**Overview** 

In conjunction with the Barclays Operational

Risk Framework, the Group wide Legal Risk

Management Framework (LRMF) comprises

a number of integrated components that

details how the Group identifies, manages

and measures its legal risk profile.

The multitude of laws and regulations across

the globe are highly dynamic and their

application to particular circumstances is

often unclear resulting in a high level of

inherent legal risk. The LRMF seeks to

mitigate legal risk through the

implementation of Group wide legal risk

policies requiring the engagement of legal

professionals to provide legal advice in

situations that have the potential for legal

risk, identification and management of legal

risks by those professionals, and escalation

of legal risk as necessary. Legal risk is also

mitigated by the requirements of the

Compliance Risk Management Framework

(CRMF), including the responsibility of

legal professionals to proactively identify,

communicate and provide legal advice on

applicable laws, rules and regulations.

Notwithstanding these mitigating actions,

the Group operates with a level of residual

legal risk, for which the Group has limited

tolerance.

**Organisation, roles and responsibilities**

The Group's businesses and functions have

responsibility for identifying and escalating

legal risk to the Legal Function, as well as

responsibility for adherence to control

requirements.

The Legal Function organisation and

coverage model aligns legal expertise to

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 213 |
|  |  |  |  |  |  |  |  | 213 |

---

Principal risk management (continued)

businesses, functions, products, activities

and geographic locations so that the Group

receives legal advice and support from

appropriate legal professionals, working in

partnership proactively to identify, manage

and escalate legal risks as necessary.

The senior management of the Legal

Function oversees, challenges and monitors

the legal risk profile and effectiveness of the

legal risk control environment across the

Group. The Legal Function provides support

to all areas of the bank and is not formally

part of any of the three lines of defence.

Except in relation to the legal advice it

provides or procures, the Legal Function is

subject to oversight from the second line of

defence with respect to its own operational

and compliance risks, as well as with respect

to the legal risk to which the bank is

exposed.

The Group General Counsel is responsible

for developing and maintaining the Group

wide LRMF. This includes defining the

relevant legal risk policies and producing the

Group wide qualitative statement for legal

risk as part of Barclays' risk appetite

statement. The legal entity General Counsels

are responsible for the adoption and effective

implementation of legal risk policies in the

respective legal entity.

The legal risk profile and control

environment is reviewed by management

through business risk committees and control

committees.

The Group Risk Committee is the most

senior executive body responsible for

reviewing and monitoring the effectiveness

of risk management across the Group.

Escalation paths from this committee exist to

the Barclays PLC Board Risk Committee.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 214 |
|  |  |  |  |  |  |  |  | 214 |

---

**Risk performance - Climate risk**

**Climate risk performance**

**Carbon-related assets**

According to TCFD, certain industry

segments are more likely to be financially

impacted than others due to their exposure to

certain transition and physical risk factors

for example, greenhouse gas (GHG)

emissions, extreme weather events like

storms, hurricanes etc and dependencies on

stable weather conditions for their

operations and products. These higher risk

industry segments are grouped into four key

areas: Energy; Transportation; Materials and

Buildings; and Agriculture, Food, and Forest

Products.

Barclays' exposures to the industries within

these groups are reported as carbon-related

assets and can be found in the table on the

following page.

**Elevated risk sectors** 

Barclays has assessed the physical and

transition risks associated with Corporate

and Financials sectors to identify and

categorise industry segments / activities with

heightened vulnerability to climate risks as

elevated sectors. In each sector there are a

range of vulnerabilities; whilst Barclays

distinguishes elevated activities within high-

level sectors, not all our clients in sectors

classified as elevated will have high carbon

intensity or physical risk vulnerability.

Residential Real Estate exposures are

included in this table as they are also

susceptible to climate-related risks, even

though Residential Real Estate is not

classified as an economic sector. The UK

mortgage portfolio exposures are included

with the Residential Real Estate and flagged

as elevated, while recognising that this

portfolio contains a range of vulnerabilities

to climate-related risks.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 215 |
|  |  |  |  |  |  |  |  | 215 |

---

Risk performance - Climate risk (continued)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> | **Carbon-related assets (Incl. sub-sector breakdown)**<sup>1</sup> |
|  |  |  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |  |
|  |  |  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |  |
|  | **Physical** <br>**Risk**<sup>2</sup><br>| **Transition** <br>**Risk**<sup>2</sup><br>| **Loans &** <br>**advances**<sup>3</sup><br>| **Loan** <br>**commitments**<sup>4</sup><br>| **Total** | **Of which:**<br>**Elevated**<br>| **Loans &** <br>**advances**<sup>3</sup><br>| **Loan** <br>**commitments**<sup>4</sup><br>| **Total** | **Of which:**<br>**Elevated**<br>| **%** <br>**Change**<br>|
| **Agriculture, food and forest** <br>**products (logging)**<br>|  |  | **3227** | **856** | **4083** | **4035** | **3430** | **803** | **4233** | **4179** | **(4%)** |
| Agriculture | ✔ | ✔ | 3227 | 856 | 4083 | 4035 | 3430 | 803 | 4233 | 4179 |  |
| **Energy and water** |  |  | **3951** | **16964** | **20915** | **20757** | **2846** | **17010** | **19856** | **19684** | **5%** |
| Power utilities<sup>5</sup> | ✔ | ✔ | 3521 | 15279 | 18800 | 18800 | 2284 | 15401 | 17685 | 17685 |  |
| Metals (waste and recycling) |  |  | 73 | 85 | 158 |  | 66 | 106 | 172 |  |  |
| Water utilities | ✔ | ✔ | 357 | 1600 | 1957 | 1957 | 496 | 1503 | 1999 | 1999 |  |
| **Manufacturing** |  |  | **5845** | **31063** | **36908** | **11887** | **5527** | **30519** | **36046** | **12344** | **2%** |
| Automotive |  | ✔ | 689 | 4213 | 4902 | 4670 | 673 | 4460 | 5133 | 4782 |  |
| Cements |  | ✔ | 67 | 214 | 281 | 281 | 34 | 303 | 337 | 337 |  |
| Chemicals  |  | ✔ | 387 | 3642 | 4029 | 3761 | 380 | 3729 | 4109 | 3736 |  |
| Food, beverage and tobacco  |  | ✔ | 918 | 5638 | 6556 | 652 | 925 | 5906 | 6831 | 814 |  |
| Manufacturing - others<sup>6</sup> |  | ✔ | 2819 | 14956 | 17775 | 562 | 2745 | 13368 | 16113 | 698 |  |
| Metals |  | ✔ | 285 | 251 | 536 | 229 | 281 | 387 | 668 | 262 |  |
| Oil and gas (refining) | ✔ | ✔ | 300 | 1262 | 1562 | 1562 | 118 | 1454 | 1572 | 1572 |  |
| Packaging manufacturers: <br>metal, glass and plastics<br>|  |  | 105 | 187 | 292 |  | 135 | 242 | 377 |  |  |
| Paper and forest products <br>(excluding logging)<br>|  |  | 260 | 545 | 805 |  | 219 | 544 | 763 |  |  |
| Steel |  | ✔ | 15 | 155 | 170 | 170 | 17 | 126 | 143 | 143 |  |
| **Materials and building** |  |  | **23910** | **13131** | **37041** | **1439** | **22786** | **12596** | **35382** | **1270** | **5%** |
| Construction and materials | ✔ |  | 1768 | 1524 | 3292 | 1439 | 1956 | 1326 | 3282 | 1270 |  |
| Real estate management and <br>development<br>|  |  | 22142 | 11607 | 33749 |  | 20830 | 11270 | 32100 |  |  |
| **Mining and quarrying** |  |  | **1240** | **7905** | **9145** | **9145** | **1406** | **7538** | **8944** | **8883** | **2%** |
| Mining (incl. diversified <br>miners)<sup>7</sup><br>| ✔ | ✔ | 129 | 1522 | 1651 | 1651 | 263 | 1612 | 1875 | 1814 |  |
| Oil and gas (extraction) | ✔ | ✔ | 1111 | 6383 | 7494 | 7494 | 1143 | 5926 | 7069 | 7069 |  |
| **Transport and storage** |  |  | **1930** | **7591** | **9521** | **6817** | **1735** | **7508** | **9243** | **6716** | **3%** |
| Aviation | ✔ | ✔ | 365 | 2412 | 2777 | 2684 | 232 | 2346 | 2578 | 2474 |  |
| Oil and gas (midstream) | ✔ | ✔ | 112 | 2502 | 2614 | 2614 | 163 | 2566 | 2729 | 2729 |  |
| Other transport services |  |  | 754 | 1442 | 2196 |  | 686 | 1318 | 2004 |  |  |
| Ports | ✔ |  | 101 | 25 | 126 | 126 | 87 | 88 | 175 | 175 |  |
| Road haulage |  | ✔ | 366 | 520 | 886 | 471 | 430 | 484 | 914 | 495 |  |
| Shipping |  | ✔ | 232 | 690 | 922 | 922 | 137 | 706 | 843 | 843 |  |
| **Wholesale and retail** <br>**distribution and leisure**<br>|  |  | **2362** | **6179** | **8541** | **4559** | **2487** | **5560** | **8047** | **4270** | **6%** |
| Oil and gas (wholesale) |  | ✔ | 766 | 1670 | 2436 | 2015 | 889 | 1340 | 2229 | 1882 |  |
| Others |  | ✔ | 1596 | 4509 | 6105 | 2544 | 1598 | 4220 | 5818 | 2388 |  |
| **Other financial institutions** |  |  | **534** | **542** | **1076** | **—** | **380** | **469** | **849** | **—** | **27%** |
| Real estate management and <br>development (REITs)<br>|  |  | 534 | 542 | 1076 |  | 380 | 469 | 849 |  |  |
| **Home Loans** |  |  | **177333** | **11879** | **189212** | **184252** | **168061** | **11433** | **179494** | **174520** | **5%** |
| Residential real estate | ✔ |  | 177333 | 11879 | 189212 | 184252 | 168061 | 11433 | 179494 | 174520 |  |
| **Carbon-related assets/** <br>**Elevated risk sector:** <br>**Grand total**<br>|  |  | **220332** | **96110** | **316442** | **242891** | **208658** | **93436** | **302094** | **231866** | **5%** |
| **Total Loans & advances &** <br>**Loan commitments**<br>|  |  | **429998** | **403314** | **833312** | **833312** | **414483** | **407799** | **822282** | **822282** | **1%** |
| **Carbon-related assets / Total** <br>**Loans & advances and Loan** <br>**commitments**<br>|  |  | **51%** | **24%** | **38%** | **29%** | **50%** | **23%** | **37%** | **28%** | **1%** |
| **Sub-total of sectors spanning** <br>**in multiple industries**<br>|  |  |  |  |  |  |  |  |  |  |  |
| Oil and gas |  |  | 2289 | 11817 | 14106 | 13685 | 2313 | 11286 | 13599 | 13252 | 4% |

---

**Notes:**

1As industries decarbonise, sectors will increasingly include both carbon and non-carbon related activities e.g. Power utilities will also include, in part, their generation

capacity from renewable energy sources.

2Physical risk and transition risk indicators are added for elevated risk sectors to indicate the primary drivers of risk. See page [33](#i12c1279a81884a37aee9a5181c6fa279_238) for further details.

3Loans & advances includes debt securities at amortised cost amounting to £68,475m (2024: £68,210m) of which carbon related assets are £1,233m (2024: £1,929m).

These carbon related assets comprise £414m (2024: £1,388m) in Materials and buildings, £281m (2024: £241m) in Other financial corporations, £391m (2024: £228m) in

Transport and storage, £131m (2024: £63m) in Energy and water and £15m (2024: £9m) in Wholesale and retail distribution and leisure.

4Loan commitments excludes the fair value exposures of £21,292m in 2025 (2024: £15.350m).

5Power utilities includes exposure towards renewable energy of £4,968m (2024: £3,565m).

6Manufacturing - others includes areas such as Medical and surgical equipment, Mining, quarrying and construction machinery, Special purpose machinery, Aerospace,

Soaps and detergents, Cleaning and polishing preparations, Brushes, Stationery goods, Valves and compressors, Agricultural machinery & tractors, etc.

7Diversified miners with minority interests in thermal coal mining are included in this category.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 216 |
|  |  |  |  |  |  |  |  | 216 |

---

Risk performance - Climate risk (continued)

**Nature priority sectors**

As per TNFD's recommendation, certain industry segments ("nature priority sectors") are considered to have material nature-related

dependencies and impacts.The table below shows Barclays exposure to these sectors which we have produced by mapping the industry

codes provided by the TNFD to Barclays Industry classifications.

The monitoring and reporting of our exposures to these priority sectors will evolve as approaches to nature-related risk management continue

to develop. As a results, metrics and methodologies applied may change in future. It is also important to note that nature-related risks within

a sector can vary substantially at the company or project level.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit exposures to nature priority sectors** <sup>1, 2</sup> | **Credit exposures to nature priority sectors** <sup>1, 2</sup> |  |  |  |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
|  | **(£m)** | **(£m)** | **(£m)** | **(£m)** | **(£m)** | **(£m)** |  |
|  | **Loans &** <br>**advances**<sup>3</sup><br>| **Loan** <br>**commitments**<sup>4</sup><br>| **Total** | **Loans &** <br>**advances**<sup>3</sup><br>| **Loan** <br>**commitments**<sup>4</sup><br>| **Total** | **%** <br>**change**<br>|
| Agriculture | 3227 | 856 | **4083** | 3430 | 803 | 4233 | (4%) |
| Food, Beverage and tobacco | 918 | 5638 | **6556** | 925 | 5906 | 6831 | (4%) |
| Paper and forest products | 260 | 545 | **805** | 219 | 544 | 763 | 6% |
| Oil and gas | 2289 | 11817 | **14106** | 2313 | 11286 | 13599 | 4% |
| Power utilities<sup>5</sup> | 3521 | 15279 | **18800** | 2284 | 15401 | 17685 | 6% |
| Cement | 67 | 214 | **281** | 34 | 303 | 337 | (17%) |
| Chemicals | 387 | 3642 | **4029** | 380 | 3729 | 4109 | (2%) |
| Construction and materials | 2073 | 2126 | **4199** | 2315 | 1941 | 4256 | (1%) |
| Manufacturing - personal care products | 43 | 1253 | **1296** | 49 | 578 | 627 | 107% |
| Manufacturing - semiconductors <br>and semiconductor equipments<br>| 270 | 733 | **1003** | 254 | 582 | 836 | 20% |
| Manufacturing - textiles, apparel and luxury <br>Goods<br>| 103 | 380 | **483** | 152 | 459 | 611 | (21%) |
| Metals | 285 | 251 | **536** | 347 | 453 | 800 | (33%) |
| Mining (incl. diversified miners)<sup>6</sup> | 129 | 1522 | **1651** | 263 | 1612 | 1875 | (12%) |
| Packaging manufacturers: metal, <br>glass and plastics<br>| 105 | 187 | **292** | 135 | 242 | 377 | (23%) |
| Steel | 15 | 155 | **170** | 17 | 126 | 143 | 19% |
| Automotive | 689 | 4213 | **4902** | 673 | 4460 | 5133 | (5%) |
| Aviation | 365 | 2412 | **2777** | 232 | 2346 | 2578 | 8% |
| Other transport services | 754 | 1442 | **2196** | 686 | 1318 | 2004 | 10% |
| Ports | 101 | 25 | **126** | 87 | 88 | 175 | (28%) |
| Road haulage | 366 | 520 | **886** | 430 | 484 | 914 | (3%) |
| Shipping | 232 | 690 | **922** | 137 | 706 | 843 | 9% |
| Pharmaceuticals | 111 | 6260 | **6371** | 345 | 6491 | 6836 | (7%) |
| Sewerage, waste collection, treatment and <br>disposal<br>| 234 | 471 | **705** | 244 | 484 | 728 | (3%) |
| Water utilities | 357 | 1600 | **1957** | 512 | 1508 | 2020 | (3%) |
| **Nature priority sector assets: Grand total** | **16901** | **62231** | **79132** | **16463** | **61850** | **78313** | **1%** |
| **Total Loans and advances and Loan** <br>**commitments**<br>| **429998** | **403314** | **833312** | **414483** | **407799** | **822282** | **1%** |
| **Nature priority sectors assets / Total Loans** <br>**and advances and Loan commitments**<br>| **4%** | **15%** | **9%** | **4%** | **15%** | **10%** | **(1%)** |

---

**Notes:**

1The scope of nature priority sector mapping is based on our periodic assessment of version 1 of the TNFD published in September 2023.

2The TNFD highlights real estate development as a priority sector for nature. Barclays has £34,825m (2024: £32,949m) of Loans and advances and Loan

commitments to Real estate management and development related to nature priority sectors, of which the majority is from real estate investment activity. As a result,

this has been excluded from the priority sector assets for Nature.

3Loans and advances includes debt securities at amortised cost amounting to £68,475m (2024: £68,210m) of which nature related assets are £522m (2024: £291m).

These nature related assets comprise £391m (2024: £228m) in Transport and storage and £131m (2024: £63m) in Energy and water.

4Loan commitments excludes the fair value exposures of £21,292m in 2025 (2024: £15.350m).

5Power utilities includes exposure towards renewable energy of £4,968m (2024: £3,565m).

6Diversified miners with minority interests in thermal coal mining are included in this category

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 217 |
|  |  |  |  |  |  |  |  | 217 |

---

Risk performance - Climate risk (continued)

**Financing**

To facilitate greater understanding and transparency of our capital markets financing, we disclose the total capital raised for clients across all

sectors using data sourced from Dealogic. We have provided the breakdown of our 2024 and 2025 financing below. We have constructed

this table based on the mapping of issuers' industry assignment in Dealogic data and Barclays' internal industry taxonomy called Barclays

Industry Classification (BIC). Financing volumes are reported on a manager-proceeds basis including bonds, equities, loans and securitised

bonds and no modifications have been made by Barclays. This data represents a third party view of our financing and is subject to Dealogic's

league table methodology, which pro-rates volume across lead-managers. We are presenting the data in this format to support transparency

and comparability but it should be noted that this data is subject to further analysis and methodological enhancements, before it is included in

BlueTrack™.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Carbon-related sectors in wholesale credit (Dealogic Industry Classification)**<sup>1</sup> | **Carbon-related sectors in wholesale credit (Dealogic Industry Classification)**<sup>1</sup> | **Carbon-related sectors in wholesale credit (Dealogic Industry Classification)**<sup>1</sup> | **Carbon-related sectors in wholesale credit (Dealogic Industry Classification)**<sup>1</sup> | **Carbon-related sectors in wholesale credit (Dealogic Industry Classification)**<sup>1</sup> | **Carbon-related sectors in wholesale credit (Dealogic Industry Classification)**<sup>1</sup> |
|  | **31.12.2025** <br>**(£m)**<br>| **Of which:**<br>**Elevated**<br>| **31.12.2024** <br>**(£m)**<br>| **Of which:**<br>**Elevated**<br>| **% Change** |
| **Agriculture, food and forest products** | **44** | **44** | **95** | **95** | **(54)%** |
| Agriculture | 44 | 44 | 95 | 95 |  |
| **Energy and water** | **24702** | **24702** | **28979** | **28979** | **(15%)** |
| Power utilities<sup>2</sup> | 22569 | 22569 | 27868 | 27868 |  |
| Water utilities | 2133 | 2133 | 1111 | 1111 |  |
| **Manufacturing** | **38765** | **11755** | **31901** | **10973** | **22%** |
| Automotive | 5888 | 5888 | 5347 | 5347 |  |
| Cements | 140 | 140 | 344 | 344 |  |
| Chemicals  | 2674 | 2674 | 4146 | 3894 |  |
| Food, beverage and tobacco  | 7133 | 347 | 7591 | 115 |  |
| Manufacturing - others | 19950 | 988 | 10618 | 49 |  |
| Metals | 554 | 499 | 1280 | 623 |  |
| Oil and gas (refining) | 614 | 614 | 601 | 601 |  |
| Packaging manufacturers: metal, glass and plastics | 502 |  | 1056 |  |  |
| Paper and forest products | 705 |  | 918 |  |  |
| Steel | 605 | 605 |  |  |  |
| **Materials and building** | **7218** | **900** | **6190** | **731** | **17%** |
| Construction and materials | 1133 | 900 | 810 | 731 |  |
| Real estate management and development | 6085 |  | 5380 |  |  |
| **Mining and quarrying** | **7683** | **7683** | **6290** | **6244** | **22%** |
| Mining (Incl. diversified miners)<sup>3</sup> | 843 | 843 | 585 | 539 |  |
| Oil and gas (extraction) | 6840 | 6840 | 5705 | 5705 |  |
| **Transport & storage** | **16156** | **13447** | **17190** | **15182** | **(6%)** |
| Aviation | 3822 | 3822 | 4292 | 4292 |  |
| Oil and gas (midstream) | 7979 | 7979 | 10076 | 10076 |  |
| Other transport services | 1763 |  | 1620 |  |  |
| Ports |  |  | 64 | 64 |  |
| Road haulage | 954 | 8 | 633 | 245 |  |
| Shipping | 1638 | 1638 | 505 | 505 |  |
| **Wholesale and retail distribution and leisure** | **4722** | **2508** | **4160** | **1066** | **14%** |
| Oil and gas (wholesale) | 776 | 484 | 235 | 100 |  |
| Others | 3946 | 2024 | 3925 | 966 |  |
| **Other financial institutions** | **1919** | **—** | 1774 |  | **8%** |
| Real estate management and development (REITs) | 1919 |  | 1774 |  |  |
| **Carbon-related assets/ Elevated risk sector: Grand total** | **101209** | **61039** | **96579** | **63270** | **5%** |
| **Capital market financing total** | **425697** |  | **415433** |  | **2%** |
| **Financing to carbon-related sector / Total capital market financing %** | **24%** |  | **23%** |  | **1%** |
| **Sub-total of sectors spanning in multiple industries** |  |  |  |  |  |
| Oil and gas | 16209 | 15917 | 16617 | 16482 | (2)% |

---

**Notes:**

1As industries decarbonise, sectors will increasingly include both carbon and non-carbon related activities e.g. Power utilities will also include, in part, their

generation capacity from renewable energy sources.

2Power utilities includes exposures towards renewable energy of £3,024m (2024: £2,428m).

3Diversified miners with minority interests in thermal coal mining are included in this category.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 218 |
|  |  |  |  |  |  |  |  | 218 |

---

Risk performance - Climate risk (continued)

**Subsidence: Total Volume of stock (as % of total UK Mortgages** 

**portfolio) per risk band**

Subsidence is driven by the interplay of precipitation, temperature

and soil type factors, which result in volumetric changes to the soil.

Increased volatility in weather conditions, as a result of climate

change, contributes to the acceleration of subsidence impacts. Some

areas, particularly those with high concentrations of clay soil, for

example London, are more susceptible to subsidence. This shrink-

swell impact can cause localised property level impacts, resulting in

impacts to the valuation of a property, or impacts to affordability

through remediation costs and high insurance premiums.

Barclays works with a third-party climate data provider to support

climate risk data enhancements within the UK Mortgages portfolio.

This includes the ability to map subsidence risk at a property level

granularity. The subsidence risk scoring is based on soil properties,

in particular the extent to which the soil will shrink under hot and

dry weather conditions, as well as the predicted temperature and

probability of extreme rainfall. These variables are combined with

subsidence claims per postcode to generate a pseudo-quantitative

score, where a property in class 9 is around nine times as likely as a

property in class 1 to make a subsidence claim. A small proportion

of the UK Mortgage portfolio is not mapped to a subsidence risk

score (c.6.3%). This is due either to a lack of data coverage (i.e. the

property is not covered by underlying maps), or a lack of certainty in

address matching.

---

| | | | |
|:---|:---|:---|:---|
| | | **As at** <br>**30 September 2025**<br>| **As at** <br>**30 September 2024**<br>|
| **Risk** <br>**Band**<br>| **Qualitative** <br>**Risk Score**<br>| **Volume %** | **Volume %** |
| 0 | No Subsidence Risk | - | - |
| 1 | Low | 9.6 | 9.6 |
| 2 | Low | 36.2 | 36.1 |
| 3 | Low | 23.2 | 23.4 |
| 4 | Moderate | 4.7 | 4.7 |
| 5 | Moderate | 4.4 | 4.6 |
| 6 | Moderate | 3.3 | 3.3 |
| 7 | High | 2.3 | 2.4 |
| 8 | High | 0 | 0 |
| 9 | High | 0.2 | 0.2 |
| 10 | Very High | 5.1 | 5.3 |
| 11 | Very High | 0 | 0 |
| 12 | Very High | 2.5 | 2.6 |
| 13 | Very High | 0 | 0 |
| 14 | Very High | 0 | 0 |
| 15 | Very High | 2.1 | 2.2 |
| Missing |  | 6.3 | 5.6 |

---

**Note:**

Data collected from 3rd party source based on one quarter lag. 30 September 2025

closest available dataset.

**Flood: Total Volume of stock (as % of total UK Mortgages** 

**portfolio) per risk band**

Flooding in the UK is forecast to increase over time, with the

potential for this increase to accelerate if greenhouse gas emissions

are not reduced. The increased risk of flooding has the potential to

impact the valuation of properties directly, as well as indirectly

where areas may become high risk and property demand falls.

Remediation costs, high insurance premiums or potential lack of

insurance coverage have the potential to impact affordability.

Barclays works with a third-party climate data provider to support

climate risk data enhancements within the UK Mortgages portfolio.

This has enabled Barclays to move from postcode level to property

level flood data granularity. Flood Risk bands are based on average

annual loss, generated using flood hazard frequency and flood depth

from tidal, surface, pluvial and fluvial flooding and accounting for

the mitigating impact of flood defences where these are present.

Properties in the Moderate and High Risk bands are expected to face

above average insurance costs given their elevated exposure to flood

risk. Those within the Very High band and which meet certain

requirements (e.g. owner-occupied, built before-2009, are a single

residential unit or a building comprising of two or three residential

units) are considered likely to be eligible for Flood Re (a

government subsidised flood insurance scheme) until the scheme's

expected expiry in 2039.

---

| | | |
|:---|:---|:---|
|  | **As at** <br>**30 September 2025**<br>| **As at** <br>**30 September 2024**<br>|
| **Risk Band** | **Volume %** | **Volume %** |
| Negligible | 80.2 | 80.9 |
| Very Low | 7.4 | 7.6 |
| Low | 1.8 | 1.8 |
| Moderate | 1.6 | 1.6 |
| High | 2.6 | 2.6 |
| Very High | 1.2 | 1.2 |
| Missing | 5.3 | 4.3 |

---

**Note:**

Data collected from 3rd party source based on one quarter lag. 30 September 2025

closest available dataset.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 219 |
|  |  |  |  |  |  |  |  | 219 |

---

Risk performance - Climate risk (continued)

**Flood: Very High & High Flood Risk Exposure per region (as % of Total Regional Exposure)**

The map below represents the proportion of properties within the UK Mortgages portfolio at High and Very High risk of flood per region

as a percentage of the total regional exposure (excluding Kensington Mortgage Company originated properties). The flood metrics are

presented on current risk levels and are based on average annual loss, generated using flood hazard frequency and flood depth from tidal,

surface, pluvial and fluvial flooding and accounting for the mitigating impact of flood defences where these are present. The mapping

covers c.95% of the UK Mortgages portfolio on a total exposure basis - the remaining c.5% of properties are not currently mapped to

flood risk ratings on a property level basis as a result of a lack of data coverage (i.e. the property is not covered by underlying maps), or a

lack of certainty in address matching.

**% of Total Lending** (as % of total UK Mortgages balances) <br>High: 2.5% Very High: 1.0% <br>

![Flood Map_2025.gif](bcs-20251231_g177.gif)

---

| |
|:---|
| **Scotland** % of Total Lending: 3.9% of which: <br>High: 1.8% Very High: 0.9% <br>|
| **North West** % of Total Lending: 6.3% of which:<br>High: 2.8% Very High: 1.8% <br>|
| **Northern Ireland**% of Total Lending: 0.9% of which: <br>High: 1.1% Very High: 0.5% <br>|
| **West Midlands** % of Total Lending: 5.4% of which: <br>High: 1.6% Very High: 0.5% <br>|
| **Wales** % of Total Lending: 2.3% of which:<br>High: 2.3% Very High: 0.6%<br>|
| **South West**% of Total Lending: 6.5% of which: <br>High: 2.4% Very High: 0.9% <br>|

---

---

| |
|:---|
| **North East**% of Total Lending: 2.0% of which: <br>High: 1.2% Very High: 0.7% <br>|
| **Yorks & the Humber** % of Total Lending: 4.3% of which: <br>High: 2.3% Very High: 1.3% <br>|
| **East Midlands** % of Total Lending: 4.8% of which: <br>High: 2.6% Very High: 2.9% <br>|
| **East of England** % of Total Lending: 12.2% of which: <br>High: 2.4% Very High: 1.0%<br>|
| **London** % of Total Lending: 31.0% of which:<br>High: 2.6% Very High: 0.6% <br>|
| **South East** % of Total Lending: 20.4% of which: <br>High: 3.1% Very High: 1.0 % <br>|

---

**Darker shades indicate higher proportion of high or very high flood risk exposure**

**High and Very High Flood Risk are shown as % of regional exposure**

**Note:**

Data collected from third party source based on one quarter lag. 30 September 2025 closest available dataset.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 220 |
|  |  |  |  |  |  |  |  | 220 |

---

Risk performance - Climate risk (continued)

**Coastal Erosion: Total Volume of stock (as % of total UK Mortgages portfolio) per risk band**

Coastal Erosion is defined as the loss or displacement of land, or the long-term removal of sediment and rocks along the coastline due to the

action of waves, currents, tides, wind-driven water, waterborne ice, or other impacts of storms. The increased volatility of weather

conditions, as a result of climate change contribute to the acceleration of coastal erosion impacts.

Coastal erosion risk is calculated using the modelled hazard level and the likelihood of that particular hazard impacting the value of the

property. For example, a score of 100 (Very High Risk) might be assigned to a property within an area of predicted coastline retreat. In this

situation, the likelihood of the ground collapsing is high (the coastal erosion data has determined that the current surface will no longer exist

in a defined number of years) and the potential severity of damage to the property is also high (the building itself could partially or

completely collapse into the sea).

---

| | | |
|:---|:---|:---|
|  | **As at 30 September 2025** | **As at 30 September 2024** |
| **Risk Band** | **Volume %** | **Volume %** |
| Negligible | 93.7 | 94.4 |
| Low | - | - |
| Moderate | - | - |
| Very High | - | - |
| Missing | 6.3 | 5.6 |

---

**Note**

Data collected from 3rd party source based on one quarter lag, 30 September 2025 closest available dataset.

**Current and Potential Energy Performance Certificate (EPC): Total Volume of stock (as % of total UK Mortgages portfolio) per** 

**EPC rating**

The transition risk in the UK Mortgages portfolio is assessed via the distribution of Current & Potential EPC ratings across the portfolio. One

of the levers to decarbonise the UK housing stock for the UK Government is to tighten energy efficiency requirements. In 2024, the UK

Government announced that the minimum EPC rating of rental properties will be raised to EPC C (from EPC E) by 2030. It is anticipated

that any tightening of Minimum Energy Efficiency Standards (MEES) will focus initially on buy-to-let properties. Buy-to-Let properties

which are privately rented are currently required to have a minimum EPC rating of E. The transition risk identified has the potential to

impact the valuation of properties directly, alongside impacting affordability as properties which fall under MEES may no longer be able to

be rented out or the landlord may need to pay for retrofitting to be brought up to standard.

EPC ratings range from A (most efficient) to G (least efficient). Current & Potential EPC ratings are used as the basis for assessing expected

energy costs but do not give a precise picture of emission intensity. The UK Mortgages portfolio is mapped to the Government EPC Register.

Properties may not feature on the Government EPC Register as some properties may have never been required to have an EPC rating (not

been sold or rented out since 2007), their EPC rating may have expired (EPC ratings are valid for 10 years) or the property may be in

Scotland or Northern Ireland (which use separate databases). Whilst Barclays' proportion of 'missing EPC ratings' has declined year on year,

the issue of missing EPC ratings is prevalent across the industry.

**Current EPC: Residential and Buy-to-let balances and volume of stock per EPC rating as at September 2025**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Current EPC** <br>**Rating**<br>| **Residential** <br>**Mortgage Balances**<br>| **Balance as %** <br>**of Residential** <br>**Mortgages portfolio**<br>| **Volume as %** <br>**of Residential** <br>**Mortgages portfolio**<br>| **Buy-to-Let** <br>**Mortgage Balances**<br>| **Balance as %** <br>**of Buy-to-Let** <br>**Mortgages portfolio**<br>| **Volume as %** <br>**of Buy-to-Let** <br>**Mortgages portfolio**<br>|
|  | **£m** | **%** | **%** | **£m** | **%** | **%** |
| A | 1011 | 0.7 | 0.5 | 17 | 0.1 | 0.1 |
| B | 24534 | 16.5 | 15.3 | 1724 | 11 | 9.2 |
| C | 31462 | 21.1 | 20.3 | 5176 | 32.9 | 33.9 |
| D | 45311 | 30.4 | 28.2 | 5285 | 33.6 | 34.1 |
| E | 16364 | 11 | 9.4 | 1308 | 8.3 | 8.4 |
| F | 3632 | 2.4 | 2 | 80 | 0.5 | 0.5 |
| G | 685 | 0.5 | 0.4 | 23 | 0.1 | 0.1 |
| Missing | 25988 | 17.4 | 23.9 | 2105 | 13.5 | 13.7 |
| **Total** | **148987** | **100** | **100** | **15718** | **100** | **100** |

---

**Note:**

1 Data matching provided by 3rd party source based on one quarter lag, 30 September 2025 closest available dataset - EPC monitoring based on 30 September 2025

portfolio and 30 September 2025 Government EPC Register. If no valid EPC is mapped, the expired EPC (where available) is included as a proxy.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 221 |
|  |  |  |  |  |  |  |  | 221 |

---

Risk performance - Climate risk (continued)

**EPC: Residential and Buy-to-let balances and volume of stock per EPC rating as at September 2024**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Current EPC** <br>**Rating**<br>| **Residential** <br>**Mortgage Balances**<br>| **Balance as %** <br>**of Residential** <br>**Mortgages portfolio**<br>| **Volume as %** <br>**of Residential** <br>**Mortgages portfolio**<br>| **Buy-to-Let** <br>**Mortgage Balances**<br>| **Balance as %** <br>**of Buy-to-Let** <br>**Mortgages portfolio**<br>| **Volume as %** <br>**of Buy-to-Let** <br>**Mortgages portfolio**<br>|
|  | **£m** | **%** | **%** | **£m** | **%** | **%** |
| A | 601 | 0.4 | 0.3 | 19 | 0.1 | 0.1 |
| B | 23205 | 16.5 | 15.2 | 1940 | 11 | 9.1 |
| C | 26952 | 19.1 | 18.4 | 5456 | 30.9 | 31.8 |
| D | 42000 | 29.8 | 27.4 | 5986 | 33.9 | 34.2 |
| E | 16695 | 11.9 | 9.9 | 1587 | 9 | 9.2 |
| F | 3817 | 2.7 | 2.1 | 98 | 0.6 | 0.6 |
| G | 723 | 0.5 | 0.4 | 25 | 0.1 | 0.1 |
| Missing | 26769 | 19.1 | 26.3 | 2529 | 14.4 | 14.9 |
| **Total** | **140762** | **100** | **100** | **17640** | **100** | **100** |

---

**Note:**

1Data matching provided by 3rd party source based on one quarter lag, 30 September 2024 closest available dataset - EPC monitoring based on Sept-24 portfolio and

Sept-24 Government EPC Register. If no valid EPC is mapped, the expired EPC (where available) is included as a proxy.

**Potential EPC**<sup>1</sup>**: Residential and Buy-to-let balances and volume of stock per EPC rating as at September 2025**<sup>2</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Potential EPC** <br>**Rating**<br>| **Residential** <br>**Mortgage Balances**<br>| **Balance as %**<br> **of Residential** <br>**Mortgages portfolio**<br>| **Volume as %** <br>**of Residential** <br>**Mortgages portfolio**<br>| **Buy-to-Let** <br>**Mortgage Balances**<br>| **Balance as %** <br>**of Buy-to-Let** <br>**Mortgages portfolio**<br>| **Volume as %** <br>**of Buy-to-Let** <br>**Mortgages portfolio**<br>|
|  | **£m** | **%** | **%** | **£m** | **%** | **%** |
| A | 15459 | 10.4 | 9.8 | 412 | 2.6 | 2.9 |
| B | 59211 | 39.7 | 38.3 | 7253 | 46.1 | 46.6 |
| C | 39260 | 26.4 | 22.7 | 5268 | 33.5 | 32.7 |
| D | 6874 | 4.6 | 4.2 | 596 | 3.8 | 3.7 |
| E | 1769 | 1.2 | 1 | 69 | 0.4 | 0.4 |
| F | 349 | 0.2 | 0.2 | 11 | 0.1 | 0.1 |
| G | 76 | 0.1 | 0 | 3 | 0 | 0 |
| Missing | 25989 | 17.4 | 23.8 | 2106 | 13.5 | 13.6 |
| **Total** | **148987** | **100** | **100** | **15718** | **100** | **100** |

---

**Note:**

1The potential EPC is the EPC rating that a property can reasonably be expected to achieve if the recommended energy efficiency upgrades are undertaken.

2Data matching provided by 3rd party source based on one quarter lag, 30 September 2025 closest available dataset - EPC monitoring based on Sept-25 portfolio and

Sept-25 Government EPC Register. If no valid EPC is mapped, the expired EPC (where available) is included as a proxy.

**Potential EPC: Residential and Buy-to-let balances and volume of stock per EPC rating as at September 2024**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Potential EPC** <br>**Rating**<br>| **Residential** <br>**Mortgage Balances**<br>| **Balance as %** <br>**of Residential** <br>**Mortgages portfolio**<br>| **Volume as %** <br>**of Residential** <br>**Mortgages portfolio**<br>| **Buy-to-Let** <br>**Mortgage Balances**<br>| **Balance as %** <br>**of Buy-to-Let** <br>**Mortgages portfolio**<br>| **Volume as %** <br>**of Buy-to-Let** <br>**Mortgages portfolio**<br>|
|  | **£m** | **%** | **%** | **£m** | **%** | **%** |
| A | 13892 | 9.9 | 9.3 | 474 | 2.7 | 2.9 |
| B | 52672 | 37.4 | 36 | 8017 | 45.4 | 45.8 |
| C | 37461 | 26.6 | 22.4 | 5802 | 32.9 | 31.8 |
| D | 7471 | 5.3 | 4.6 | 716 | 4.1 | 4 |
| E | 2012 | 1.4 | 1.1 | 87 | 0.5 | 0.5 |
| F | 398 | 0.3 | 0.2 | 13 | 0.1 | 0.1 |
| G | 87 | 0.1 | 0.1 | 3 | 0 | 0 |
| Missing | 26769 | 19 | 26.3 | 2528 | 14.3 | 14.9 |
| **Total** | **140762** | **100** | **100** | **17640** | **100** | **100** |

---

**Note:**

1Data matching provided by 3rd party source based on one quarter lag, 30 September 2024 closest available dataset - EPC monitoring based on Sept-24 portfolio and

Sept-24 Government EPC Register. If no valid EPC is mapped, the expired EPC (where available) is included as a proxy.

**Business Banking - Livestock & Dairy Exposure**

Given methane's global warming potential the Livestock & Dairy sector is a significant contributor to the UK's emissions footprint and is

therefore susceptible to the transition risks of climate change, namely changes in Consumer sentiment, or policy, via introduction of potential

emissions taxation. The Client Transition Tool is completed for Barclays Bank UK Business Banking clients in Livestock & Dairy sectors

for all new or refinanced lending to assess transition trajectories against Barclays' targets and benchmarks. This tool provides further

granularity on clients' transition plans and progress. The Client Transition Tool has been enhanced in 2025 to make it easier for Relationship

Manager's to complete on behalf of clients and increase the consistency in scoring Alongside this, Barclays Bank UK have also implemented

an improved Climate and Environment Lens questionnaire for clients in elevated climate risk sectors to provide enhanced insight into the

climate risk of Barclays Bank UK clients.

The Barclays Bank UK Group utilises exposure data to identify what proportion of the Business Banking Agriculture portfolio consists of

lending to Dairy & Livestock clients.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 222 |
|  |  |  |  |  |  |  |  | 222 |

---

**Risk performance - Credit risk**

**Credit risk**

**Credit risk: summary of contents**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Page** |  |  |  |
| Credit risk represents a significant risk and mainly arises from <br>exposure to loans and advances together with the counterparty <br>credit risk arising from derivative contracts entered into with <br>clients. | Credit risk overview and summary of performance | [223](#i12c1279a81884a37aee9a5181c6fa279_949) |  |  |  |
| Credit risk represents a significant risk and mainly arises from <br>exposure to loans and advances together with the counterparty <br>credit risk arising from derivative contracts entered into with <br>clients. | Maximum exposure and effects of netting, collateral and risk transfer | [224](#i12c1279a81884a37aee9a5181c6fa279_952) |  |  |  |
| This section outlines the expected credit loss allowances, the <br>movements in allowances during the period, material <br>management adjustments to model output and measurement <br>uncertainty and sensitivity analysis. | Expected Credit Losses | [226](#i12c1279a81884a37aee9a5181c6fa279_955) |  |  |  |
| This section outlines the expected credit loss allowances, the <br>movements in allowances during the period, material <br>management adjustments to model output and measurement <br>uncertainty and sensitivity analysis. | •Loans and advances at amortised cost by geography | [226](#i650ecf7e37704ea58bd83a53a5c4b67a_3611) |  |  |  |
| This section outlines the expected credit loss allowances, the <br>movements in allowances during the period, material <br>management adjustments to model output and measurement <br>uncertainty and sensitivity analysis. | •Loans and advances at amortised cost by product | [230](#i650ecf7e37704ea58bd83a53a5c4b67a_3608) |  |  |  |
| This section outlines the expected credit loss allowances, the <br>movements in allowances during the period, material <br>management adjustments to model output and measurement <br>uncertainty and sensitivity analysis. | •Movement in gross exposure and impairment allowance <br>including provisions for loan commitments and financial <br>guarantees<br>| [231](#i12c1279a81884a37aee9a5181c6fa279_958) |  |  |  |
| This section outlines the expected credit loss allowances, the <br>movements in allowances during the period, material <br>management adjustments to model output and measurement <br>uncertainty and sensitivity analysis. | •Stage 2 decomposition | [238](#i12c1279a81884a37aee9a5181c6fa279_961) |  |  |  |
| This section outlines the expected credit loss allowances, the <br>movements in allowances during the period, material <br>management adjustments to model output and measurement <br>uncertainty and sensitivity analysis. | Management adjustments to models for impairment | [239](#i12c1279a81884a37aee9a5181c6fa279_967) |  |  |  |
| This section outlines the expected credit loss allowances, the <br>movements in allowances during the period, material <br>management adjustments to model output and measurement <br>uncertainty and sensitivity analysis. | Measurement uncertainty and sensitivity analysis | [243](#i12c1279a81884a37aee9a5181c6fa279_973) |  |  |  |
| The Group reviews and monitors risk concentrations in a <br>variety of ways. This section outlines performance against key <br>concentration risks. | Analysis of the concentration of credit risk | [252](#i12c1279a81884a37aee9a5181c6fa279_982) |  |  |  |
| The Group reviews and monitors risk concentrations in a <br>variety of ways. This section outlines performance against key <br>concentration risks. | •Credit risk concentration by Industry for contractual maturity, <br>staging and geography<br>| [252](#i12c1279a81884a37aee9a5181c6fa279_982) |  |  |  |
| The Group reviews and monitors risk concentrations in a <br>variety of ways. This section outlines performance against key <br>concentration risks. | Approach to management and representation of credit quality | [254](#i12c1279a81884a37aee9a5181c6fa279_985) |  |  |  |
| The Group reviews and monitors risk concentrations in a <br>variety of ways. This section outlines performance against key <br>concentration risks. | •Asset credit quality | [254](#i259e62d81cae404c8c141881520ecb93_2785) |  |  |  |
| The Group reviews and monitors risk concentrations in a <br>variety of ways. This section outlines performance against key <br>concentration risks. | •Debt securities | [254](#i259e62d81cae404c8c141881520ecb93_2786) |  |  |  |
| The Group reviews and monitors risk concentrations in a <br>variety of ways. This section outlines performance against key <br>concentration risks. | •Balance sheet credit quality | [255](#i259e62d81cae404c8c141881520ecb93_2787) |  |  |  |
| The Group reviews and monitors risk concentrations in a <br>variety of ways. This section outlines performance against key <br>concentration risks. | •Credit exposures by internal PD grade | [257](#i12c1279a81884a37aee9a5181c6fa279_988) |  |  |  |
| Credit risk monitors exposure performance across a range of <br>significant portfolios. | Analysis of specific portfolios and asset types | [262](#i12c1279a81884a37aee9a5181c6fa279_994) |  |  |  |
| Credit risk monitors exposure performance across a range of <br>significant portfolios. | •Secured home loans | [262](#i12c1279a81884a37aee9a5181c6fa279_994) |  |  |  |
| Credit risk monitors exposure performance across a range of <br>significant portfolios. | •Retail Credit cards and Retail Other  | [264](#i12c1279a81884a37aee9a5181c6fa279_997) |  |  |  |
| The Group monitors exposures to assets where there is a <br>heightened likelihood of default and assets where an actual <br>default has occurred. From time to time, suspension of certain <br>aspects of client credit agreements are agreed, generally <br>during temporary periods of financial difficulties where the <br>Group is confident that the client will be able to remedy the <br>suspension. This section outlines the current exposure to <br>assets with this treatment. | Forbearance | [265](#i1859d99854b748afafe745c23dd3499d_4003) |  |  |  |
| The Group monitors exposures to assets where there is a <br>heightened likelihood of default and assets where an actual <br>default has occurred. From time to time, suspension of certain <br>aspects of client credit agreements are agreed, generally <br>during temporary periods of financial difficulties where the <br>Group is confident that the client will be able to remedy the <br>suspension. This section outlines the current exposure to <br>assets with this treatment. | •Retail forbearance programmes | [266](#i1859d99854b748afafe745c23dd3499d_4016) |  |  |  |
| The Group monitors exposures to assets where there is a <br>heightened likelihood of default and assets where an actual <br>default has occurred. From time to time, suspension of certain <br>aspects of client credit agreements are agreed, generally <br>during temporary periods of financial difficulties where the <br>Group is confident that the client will be able to remedy the <br>suspension. This section outlines the current exposure to <br>assets with this treatment. | •Wholesale forbearance programmes | [267](#i1859d99854b748afafe745c23dd3499d_4000) |  |  |  |
| The Group monitors exposures to assets where there is a <br>heightened likelihood of default and assets where an actual <br>default has occurred. From time to time, suspension of certain <br>aspects of client credit agreements are agreed, generally <br>during temporary periods of financial difficulties where the <br>Group is confident that the client will be able to remedy the <br>suspension. This section outlines the current exposure to <br>assets with this treatment. |  |  |  |  |  |
| The Group monitors exposures to assets where there is a <br>heightened likelihood of default and assets where an actual <br>default has occurred. From time to time, suspension of certain <br>aspects of client credit agreements are agreed, generally <br>during temporary periods of financial difficulties where the <br>Group is confident that the client will be able to remedy the <br>suspension. This section outlines the current exposure to <br>assets with this treatment. |  |  | This section provides an analysis of credit risk on debt <br>securities and derivatives. | Analysis of debt securities | [267](#i1859d99854b748afafe745c23dd3499d_4001) |
| The Group monitors exposures to assets where there is a <br>heightened likelihood of default and assets where an actual <br>default has occurred. From time to time, suspension of certain <br>aspects of client credit agreements are agreed, generally <br>during temporary periods of financial difficulties where the <br>Group is confident that the client will be able to remedy the <br>suspension. This section outlines the current exposure to <br>assets with this treatment. |  |  | This section provides an analysis of credit risk on debt <br>securities and derivatives. | Analysis of derivatives | [268](#i1859d99854b748afafe745c23dd3499d_4018) |
| This section provides an analysis of credit risk on assets held <br>for sale<br>| Assets held for sale | [268](#i1859d99854b748afafe745c23dd3499d_4012) |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 223 |
|  |  |  |  |  |  |  |  | 223 |

---

Risk performance - Credit risk (continued)

**Credit Risk**

All disclosures in this section, pages [223](#i12c1279a81884a37aee9a5181c6fa279_949) to

[272](#i7032d23103014ab9862aa87bf4d49fdd_0-0-1-15-4390467) are unaudited unless otherwise stated.

**Overview**

Credit risk represents a significant risk to the

Group, arising primarily from loans and

advances and counterparty credit risk from

derivative contracts with clients.

The credit risk disclosures exclude financial

assets not subject to credit risk, such as

equity securities, and certain contingent

liabilities including performance guarantees.

These disclosures are materially aligned with

the recommendations of the Taskforce on

Disclosures about Expected Credit Losses

(DECL).

**Summary of performance in the** 

**year**

**Gross exposure**

Gross loans and advances, including debt

securities at amortised cost, increased by

£15.7bn to £435.3bn (2024: £419.6bn)

principally driven by growth in UK

Mortgages (£9.2bn), UK Corporate Banking

(£4.4bn),UK Cards (£1.4bn), IB (£1.1bn),

and a £0.9bn increase in USCB from the

partnership with GM. Offsets included

£(1.0)bn ESHLA repayments, £(0.8)bn

government scheme lending repayments in

Business Banking, and the impact of a

stronger sterling against the US dollar

(c.7%).

**Partnership with General Motors (GM)**

Barclays USCB entered into an exclusive

co-branded credit card partnership with GM

on August 22, 2025. As at December 31,

2025, gross loans and advances at amortised

cost include£1.3bn of balances arising from

this arrangement, comprising £1.2bn of

consumer and £0.1bn of the business card

receivables, together with an associated

impairment allowance of £0.1bn.

**Exposure net of risk mitigation**

The Group's net exposure to credit risk

increased by 3% to £1,108bn (2024:

£1,074bn), primarily reflecting higher cash

and balances at central banks (£19.6bn), cash

collateral and settlement balances (£11bn)

and increased holding of trading portfolio

assets (£11.1bn). This was partially offset by

a decrease in assets at fair value through

other comprehensive income (£4.8bn) and a

decrease in assets held for sale driven by the

disposal of the German consumer finance

business (£3.7bn). Overall, the credit risk

mitigation held against total exposure

remained broadly stable at 41% (2024: 42%).

**Credit quality**

Delinquencies remained broadly stable across

the Group, supported by a range of ongoing

risk management actions designed to

maintain the Group's defensive position amid

macroeconomic headwinds. The Corporate

loan portfolio continued to benefit from high-

quality exposures and credit protection, and

single name charges remained idiosyncratic

in nature.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further analysis of the credit quality of assets <br>is presented in the approach to management <br>and representation of credit quality section.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Stage movements**

Stage 2 gross exposures decreased by

£(6.5)bn, primarily reflecting transfers to

Stage 1 following the rebuild of UK

Mortgages impairment models, which now

better capture consumer behaviour, and the

impact of a stronger sterling against the US

dollar.

Stage 3 balances increased to £7.5bn (2024:

£7.4bn) due to single name charges in IB,

partially offset by repayments in Business

Banking.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Refer to **page** [226](#i12c1279a81884a37aee9a5181c6fa279_955) for further details. |
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Scenario**

Global growth slows modestly as rising US

tariffs and retaliatory measures disrupt trade

flows, though domestic demand in advanced

economies remains resilient. For Q425,

macroeconomic scenarios have been

refreshed and are designed around a wide

range of economic outcomes, with the

Downside 2 (DS2) scenario broadly aligned

to Barclays' 2025 Internal Stress Test

(IST25), incorporating climate-related

drivers.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Refer to the Barclays' resilience to climate <br>scenarios on **page** [64](#i12c1279a81884a37aee9a5181c6fa279_466) for further details.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**ECL**

Impairment allowances on loans and

advances at amortised cost including off-

balance sheet exposures, increased to £5.7bn

(2024: £5.5bn) largely attributable to a single

name charge in IB, elevated US

macroeconomic uncertainty, GM portfolio

acquisition and Tesco stage migration. This

was partially offset by UK Cards model

remediation and a stronger sterling against

the US dollar. On-balance sheet coverage

remained strong and stable at1.2% (2024:

1.2%).

**Credit impairment charges/(releases)**

Credit impairment charges increased to

£2,279m(2024: £1,982m) reflecting

acquisition of the GM portfolio, a single

name charge in IB and elevated US

macroeconomic uncertainty.

**Management adjustments**

Economic uncertainty adjustments increased

to £115m (2024: £78m), reflecting an

additional provision for elevated US

macroeconomic uncertainty following tariff

developments. This was partially offset by

the retirement of adjustments following the

rebuild of UK Mortgages impairment

models, which now better capture consumer

responses to the macroeconomic outlook.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Refer to the Management adjustment to <br>models for impairment section on page [239](#i12c1279a81884a37aee9a5181c6fa279_967)<br>for further details.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Climate**

Barclays assesses climate-related physical

and transition risks through scenario analysis

and targeted reviews of climate-sensitive

portfolios. The DS2 scenario is broadly

aligned with the climate-aware IST25, and

selected portfolios incorporate enhanced

customer-level climate-risk modelling.

**Assets Held for Sale**

The sale of the German consumer finance

business, previously classified as held for

sale, has been completed. The 'Held for Sale'

section continues to include credit risk

disclosures for a co-branded card portfolio in

the USCB.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Further detail can be found in the Financial <br>statements section in Note 8 Credit <br>impairment charges/(releases). Description of <br>terminology can be found in the glossary, <br>available at **home.barclays/annualreport.**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | Refer to the [credit risk management](#i12c1279a81884a37aee9a5181c6fa279_886) section <br>for the details of governance, policies and <br>procedures.<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 224 |
|  |  |  |  |  |  |  |  | 224 |

---

Risk performance - Credit risk (continued)

**Maximum exposure and effects of netting, collateral and risk transfer**

The following tables present a reconciliation between the Group's maximum exposure and its net exposure to credit risk, reflecting the

financial effects of risk mitigation reducing the Group's exposure.

The Group mitigates the credit risk to which it is exposed through netting and set-off, collateral and risk transfer. Further detail on the Group's

policies to each of these forms of credit enhancement is presented on pages 131 to 132 of the Barclays PLC Pillar 3 Report 2025 (unaudited).

**Collateral obtained**

Where collateral has been obtained in the event of default, the Group does not, ordinarily, use such assets for its own operations and they are

usually sold on a timely basis. The carrying value of assets held by the Group as at 31 December 2025, as a result of the enforcement of

collateral, was£47m (2024: £12m).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Maximum exposure and effects of netting, collateral and risk transfer (audited)** | **Maximum exposure and effects of netting, collateral and risk transfer (audited)** | **Maximum exposure and effects of netting, collateral and risk transfer (audited)** | **Maximum exposure and effects of netting, collateral and risk transfer (audited)** |  |  |  |
|  | **Maximum** <br>**exposure**<br>| **Netting and** <br>**set-off**<br>| **Cash** <br>**collateral**<br>| **Non-cash** <br>**collateral**<br>| **Risk** <br>**transfer**<br>| **Exposure** <br>**net of risk** <br>**mitigation**<br>|
| **As at 31 December 2025** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **On-balance sheet:** |  |  |  |  |  |  |
| **Cash and balances at central banks** | **229752** | **—** | **—** | **—** | **—** | **229752** |
| **Cash collateral and settlement balances** | **130532** | **—** | **—** | **—** | **—** | **130532** |
| **Loans and advances at amortised cost:** |  |  |  |  |  |  |
| Retail mortgages | **177333** | **—** | **(11)** | **(177294)** | **(6)** | **22** |
| Retail credit cards | **36952** | **—** | **—** | **—** | **—** | **36952** |
| Retail other | **13914** | **—** | **(1064)** | **(2657)** | **(43)** | **10150** |
| Corporate loans | **133324** | **(2977)** | **(1429)** | **(76288)** | **(9683)** | **42947** |
| **Total loans and advances at amortised cost** | **361523** | **(2977)** | **(2504)** | **(256239)** | **(9732)** | **90071** |
| **Of which credit-impaired (Stage 3):** |  |  |  |  |  |  |
| Retail mortgages | **1883** | **—** | **—** | **(1883)** | **—** | **—** |
| Retail credit cards - excluding POCI | **486** | **—** | **—** | **—** | **—** | **486** |
| Retail credit cards - POCI | **24** | **—** | **—** | **—** | **—** | **24** |
| Retail other - excluding POCI | **116** | **—** | **—** | **(90)** | **—** | **26** |
| Retail other - POCI | **15** | **—** | **—** | **—** | **—** | **15** |
| Corporate loans | **2355** | **—** | **(22)** | **(1410)** | **(426)** | **497** |
| **Total credit-impaired loans and advances at amortised cost** | **4879** | **—** | **(22)** | **(3383)** | **(426)** | **1048** |
| **Debt securities at amortised cost** | **68475** | **—** | **—** | **(136)** | **—** | **68339** |
| **Reverse repurchase agreements and other similar secured lending** | **17622** | **—** | **—** | **(17622)** | **—** | **—** |
| **Trading portfolio assets:** |  |  |  |  |  |  |
| Debt securities | **94359** | **—** | **—** | **(639)** | **—** | **93720** |
| Traded loans | **12249** | **—** | **—** | **(4907)** | **—** | **7342** |
| **Total trading portfolio assets** | **106608** | **—** | **—** | **(5546)** | **—** | **101062** |
| **Financial assets at fair value through the income statement:** |  |  |  |  |  |  |
| Loans and advances | **47672** | **—** | **(17)** | **(43588)** | **—** | **4067** |
| Debt securities | **3214** | **—** | **—** | **(359)** | **—** | **2855** |
| Reverse repurchase agreements | **132488** | **—** | **(1396)** | **(130734)** | **—** | **358** |
| Other financial assets | **83** | **—** | **—** | **—** | **—** | **83** |
| **Total financial assets at fair value through the income statement** | **183457** | **—** | **(1413)** | **(174681)** | **—** | **7363** |
| **Derivative financial instruments** | **252459** | **(194743)** | **(30758)** | **(12646)** | **(4121)** | **10191** |
| **Financial assets at fair value through other comprehensive income** | **74390** | **—** | **—** | **(2390)** | **(134)** | **71866** |
| **Other assets** | **847** | **—** | **(1)** | **—** | **—** | **846** |
| **Assets held for sale** | **5801** | **—** | **—** | **—** | **—** | **5801** |
| **Total on-balance sheet** | **1431466** | **(197720)** | **(34676)** | **(469260)** | **(13987)** | **715823** |
| **Off-balance sheet:** |  |  |  |  |  |  |
| Contingent liabilities | **25374** | **—** | **(1768)** | **(768)** | **(194)** | **22644** |
| Loan commitments | **424606** | **—** | **(492)** | **(52384)** | **(2437)** | **369293** |
| **Total off-balance sheet** | **449980** | **—** | **(2260)** | **(53152)** | **(2631)** | **391937** |
| **Total** | **1881446** | **(197720)** | **(36936)** | **(522412)** | **(16618)** | **1107760** |

---

The above table excludes any credit risk mitigation that does not impact the expected credit loss for financial assets measured at amortised

cost. Off-balance sheet exposures are shown gross of provisions of £416m (2024: £439m), see Note 24 for further details. In addition to the

above, the Group holds forward starting reverse repos with notional contract amounts of £81.5bn (2024: £108.6bn) which are fully

collateralised. Corporate loans at amortised cost include £1.8bn (2024: £3.3bn) of BBLS, CBILS and CLBILS supported by UK government

guarantees of £1.8bn (2024: £3.2bn), which are included within the Risk transfer column in the table. Reported off-balance sheet loan

commitments also include exposures relating to financial assets classified as assets held for sale.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 225 |
|  |  |  |  |  |  |  |  | 225 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Maximum exposure and effects of netting, collateral and risk transfer (audited)** | **Maximum exposure and effects of netting, collateral and risk transfer (audited)** | **Maximum exposure and effects of netting, collateral and risk transfer (audited)** | **Maximum exposure and effects of netting, collateral and risk transfer (audited)** |  |  |  |
|  | **Maximum** <br>**exposure**<br>| **Netting and** <br>**set-off**<br>| **Cash** <br>**collateral**<br>| **Non-cash** <br>**collateral**<br>| **Risk** <br>**transfer**<br>| **Exposure** <br>**net of risk** <br>**mitigation**<br>|
| **As at 31 December 2024** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **On-balance sheet:** |  |  |  |  |  |  |
| **Cash and balances at central banks** | 210184 |  |  |  |  | 210184 |
| **Cash collateral and settlement balances** | 119843 |  |  |  |  | 119843 |
| **Loans and advances at amortised cost:** |  |  |  |  |  |  |
| Retail mortgages | 168061 |  | (22) | (168026) |  | 13 |
| Retail credit cards | 34779 |  |  |  |  | 34779 |
| Retail other | 13808 |  | (1106) | (2502) | (36) | 10164 |
| Corporate loans | 129625 | (3006) | (1107) | (67909) | (11548) | 46055 |
| **Total loans and advances at amortised cost** | 346273 | (3006) | (2235) | (238437) | (11584) | 91011 |
| **Of which credit-impaired (Stage 3):** |  |  |  |  |  |  |
| Retail mortgages | 1875 |  |  | (1874) |  | 1 |
| Retail credit cards - excluding POCI | 396 |  |  |  |  | 396 |
| Retail credit cards - POCI | 40 |  |  |  |  | 40 |
| Retail other - excluding POCI | 217 |  | (21) | (175) |  | 21 |
| Retail other - POCI | 17 |  |  |  |  | 17 |
| Corporate loans | 2490 |  | (32) | (1108) | (415) | 935 |
| **Total credit-impaired loans and advances at amortised cost** | 5035 |  | (53) | (3157) | (415) | 1410 |
| **Debt securities at amortised cost** | 68210 |  |  | (583) | (90) | 67537 |
| **Reverse repurchase agreements and other similar secured lending** | 4734 |  |  | (4734) |  |  |
| **Trading portfolio assets:** |  |  |  |  |  |  |
| Debt securities | 78014 |  |  | (657) |  | 77357 |
| Traded loans | 13470 |  |  | (878) |  | 12592 |
| **Total trading portfolio assets** | 91484 |  |  | (1535) |  | 89949 |
| **Financial assets at fair value through the income statement:** |  |  |  |  |  |  |
| Loans and advances | 45068 |  | (17) | (41766) |  | 3285 |
| Debt securities | 2965 |  |  | (182) |  | 2783 |
| Reverse repurchase agreements | 141773 |  | (2429) | (138905) |  | 439 |
| Other financial assets | 110 |  |  |  |  | 110 |
| **Total financial assets at fair value through the income statement** | 189916 |  | (2446) | (180853) |  | 6617 |
| **Derivative financial instruments** | 293530 | (230434) | (30637) | (12633) | (5284) | 14542 |
| **Financial assets at fair value through other comprehensive income** | 78055 |  |  | (1104) | (246) | 76705 |
| **Other assets** | 891 |  | (1) |  |  | 890 |
| **Assets held for sale** | 9544 |  |  |  |  | 9544 |
| **Total on-balance sheet** | 1412664 | (233440) | (35319) | (439879) | (17204) | 686822 |
| **Off-balance sheet:** |  |  |  |  |  |  |
| Contingent liabilities | 25346 |  | (2664) | (441) | (248) | 21993 |
| Loan commitments | 423149 |  | (550) | (55327) | (1899) | 365373 |
| **Total off-balance sheet** | 448495 |  | (3214) | (55768) | (2147) | 387366 |
| **Total**  | 1861159 | (233440) | (38533) | (495647) | (19351) | 1074188 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 226 |
|  |  |  |  |  |  |  |  | 226 |

---

Risk performance - Credit risk (continued)

**Expected Credit Losses**

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

Total loans and advances at amortised cost in the credit risk performance 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.

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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** |
|  | **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** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2**  | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
| **As at 31 December 2025** | **£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** <br>**World**<br>| **89783** | **6516** | **3737** | **—** | **100036** | **482** | **936** | **1820** | **—** | **3238** |
| **Total loans and** <br>**advances at amortised** <br>**cost**<br>| **328579** | **30664** | **7530** | **39** | **366812** | **891** | **1708** | **2690** | **—** | **5289** |
| Debt Securities at <br>amortised cost<br>| **68126** | **371** | **—** | **—** | **68497** | **13** | **9** | **—** | **—** | **22** |
| **Total loans and** <br>**advances at amortised** <br>**cost including Debt** <br>**Securities**<br>| **396705** | **31035** | **7530** | **39** | **435309** | **904** | **1717** | **2690** | **—** | **5311** |
| Off-balance sheet loan <br>commitments and <br>financial guarantee <br>contracts<sup>2</sup><br>| **410493** | **16473** | **812** | **5** | **427783** | **144** | **240** | **32** | **—** | **416** |
| **Total**<sup>3,4</sup> | **807198** | **47508** | **8342** | **44** | **863092** | **1048** | **1957** | **2722** | **—** | **5727** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 227 |
|  |  |  |  |  |  |  |  | 227 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
| **As at 31 December 2025** | **£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** <br>**advances at amortised** <br>**cost**<br>| **327688** | **28956** | **4840** | **39** | **361523** | **0.3** | **5.6** | **35.7** | **—** | **1.4** |
| Debt securities at <br>amortised cost<br>| **68113** | **362** | **—** | **—** | **68475** | **—** | **2.4** | **—** | **—** | **—** |
| **Total loans and** <br>**advances at amortised** <br>**cost including debt** <br>**securities**<br>| **395801** | **29318** | **4840** | **39** | **429998** | **0.2** | **5.5** | **35.7** | **—** | **1.2** |
| Off-balance sheet loan <br>commitments and <br>financial guarantee <br>contracts<sup>2</sup><br>| **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** |

---

**Notes:**

1Includes 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%.

2Excludes 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.

3Other 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.

4The annualised loan loss rate is 52bps after applying the total impairment charge of £2,279m.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 228 |
|  |  |  |  |  |  |  |  | 228 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** |
|  | **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** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2**  | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
| **As at 31 December 2024** | **£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** <br>**World**<br>| 85348 | 7098 | 2959 |  | 95405 | 415 | 944 | 1671 |  | 3030 |
| **Total loans and** <br>**advances at amortised** <br>**cost**<br>| 306774 | 37153 | 7359 | 57 | 351343 | 938 | 1751 | 2381 |  | 5070 |
| Debt securities at <br>amortised cost<br>| 64988 | 3245 |  |  | 68233 | 12 | 11 |  |  | 23 |
| **Total loans and** <br>**advances at amortised** <br>**cost including debt** <br>**securities**<br>| 371762 | 40398 | 7359 | 57 | 419576 | 950 | 1762 | 2381 |  | 5093 |
| Off-balance sheet loan <br>commitments and <br>financial guarantee <br>contracts<sup>2</sup><br>| 412255 | 18728 | 1168 | 6 | 432157 | 164 | 250 | 25 |  | 439 |
| **Total**<sup>3,4</sup> | 784017 | 59126 | 8527 | 63 | 851733 | 1114 | 2012 | 2406 |  | 5532 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 229 |
|  |  |  |  |  |  |  |  | 229 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** | **Loans and advances at amortised cost by geography (audited)** |
|  | **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** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
| **As at 31 December 2024** | **£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** <br>**World**<br>| 84933 | 6154 | 1288 |  | 92375 | 0.5 | 13.3 | 56.5 |  | 3.2 |
| **Total loans and** <br>**advances at amortised** <br>**cost**<br>| 305836 | 35402 | 4978 | 57 | 346273 | 0.3 | 4.7 | 32.4 |  | 1.4 |
| Debt securities at <br>amortised cost<br>| 64976 | 3234 |  |  | 68210 |  | 0.3 |  |  |  |
| **Total loans and** <br>**advances at amortised** <br>**cost including debt** <br>**securities**<br>| 370812 | 38636 | 4978 | 57 | 414483 | 0.3 | 4.4 | 32.4 |  | 1.2 |
| Off-balance sheet loan <br>commitments and <br>financial guarantee <br>contracts<sup>2</sup><br>| 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 |

---

**Notes:**

1Includes 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%.

2Excludes 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.

3Other 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.

4The annualised loan loss rate is 46bps after applying the total impairment charge of £1,982m.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 230 |
|  |  |  |  |  |  |  |  | 230 |

---

Risk performance - Credit risk (continued)

**Loans and advances at amortised cost by product (audited)**

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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost by product (audited)** | **Loans and advances at amortised cost by product (audited)** | **Loans and advances at amortised cost by product (audited)** | **Loans and advances at amortised cost by product (audited)** | **Loans and advances at amortised cost by product (audited)** | **Loans and advances at amortised cost by product (audited)** | **Loans and advances at amortised cost by product (audited)** | **Loans and advances at amortised cost by product (audited)** | **Loans and advances at amortised cost by product (audited)** |
|  |  | **Stage 2** | **Stage 2** | **Stage 2** | **Stage 2** |  |  |  |
| **As at 31 December 2025** | **Stage 1** | **Not past** <br>**due**<br>| **<=30 days** <br>**past due**<br>| **>30 days** <br>**past due**<br>| **Total** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
| **Gross exposure** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail mortgages | **161654** | **11072** | **2033** | **724** | **13829** | **1967** | **—** | **177450** |
| Retail credit cards | **33723** | **3832** | **317** | **330** | **4479** | **2055** | **24** | **40281** |
| Retail other | **12349** | **1398** | **207** | **113** | **1718** | **349** | **15** | **14431** |
| Corporate loans | **120853** | **10409** | **71** | **158** | **10638** | **3159** | **—** | **134650** |
| **Total** | **328579** | **26711** | **2628** | **1325** | **30664** | **7530** | **39** | **366812** |
| **Impairment allowance** |  |  |  |  |  |  |  |  |
| Retail mortgages | **17** | **9** | **4** | **3** | **16** | **84** | **—** | **117** |
| Retail credit cards | **566** | **840** | **138** | **216** | **1194** | **1569** | **—** | **3329** |
| Retail other | **101** | **126** | **28** | **29** | **183** | **233** | **—** | **517** |
| Corporate loans | **207** | **298** | **7** | **10** | **315** | **804** | **—** | **1326** |
| **Total** | **891** | **1273** | **177** | **258** | **1708** | **2690** | **—** | **5289** |
| **Net exposure** |  |  |  |  |  |  |  |  |
| Retail mortgages | **161637** | **11063** | **2029** | **721** | **13813** | **1883** | **—** | **177333** |
| Retail credit cards | **33157** | **2992** | **179** | **114** | **3285** | **486** | **24** | **36952** |
| Retail other | **12248** | **1272** | **179** | **84** | **1535** | **116** | **15** | **13914** |
| Corporate loans | **120646** | **10111** | **64** | **148** | **10323** | **2355** | **—** | **133324** |
| **Total** | **327688** | **25438** | **2451** | **1067** | **28956** | **4840** | **39** | **361523** |
| **Coverage ratio** | **%** | **%** | **%** | **%** | **%** | **%** | **%** | **%** |
| Retail mortgages | **—** | **0.1** | **0.2** | **0.4** | **0.1** | **4.3** | **—** | **0.1** |
| Retail credit cards | **1.7** | **21.9** | **43.5** | **65.5** | **26.7** | **76.4** | **—** | **8.3** |
| Retail other | **0.8** | **9.0** | **13.5** | **25.7** | **10.7** | **66.8** | **—** | **3.6** |
| Corporate loans | **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** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |
| **Gross exposure** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail mortgages | 146690 | 16790 | 2034 | 772 | 19596 | 1962 |  | 168248 |
| Retail credit cards | 31126 | 4435 | 303 | 279 | 5017 | 1903 | 40 | 38086 |
| Retail other | 12450 | 1056 | 211 | 106 | 1373 | 378 | 17 | 14218 |
| Corporate loans | 116508 | 10849 | 144 | 174 | 11167 | 3116 |  | 130791 |
| **Total** | 306774 | 33130 | 2692 | 1331 | 37153 | 7359 | 57 | 351343 |
| **Impairment allowance** |  |  |  |  |  |  |  |  |
| Retail mortgages | 38 | 42 | 13 | 7 | 62 | 87 |  | 187 |
| Retail credit cards | 553 | 959 | 122 | 166 | 1247 | 1507 |  | 3307 |
| Retail other | 138 | 76 | 17 | 18 | 111 | 161 |  | 410 |
| Corporate loans | 209 | 316 | 7 | 8 | 331 | 626 |  | 1166 |
| **Total** | 938 | 1393 | 159 | 199 | 1751 | 2381 |  | 5070 |
| **Net exposure** |  |  |  |  |  |  |  |  |
| Retail mortgages | 146652 | 16748 | 2021 | 765 | 19534 | 1875 |  | 168061 |
| Retail credit cards | 30573 | 3476 | 181 | 113 | 3770 | 396 | 40 | 34779 |
| Retail other | 12312 | 980 | 194 | 88 | 1262 | 217 | 17 | 13808 |
| Corporate loans | 116299 | 10533 | 137 | 166 | 10836 | 2490 |  | 129625 |
| **Total** | 305836 | 31737 | 2533 | 1132 | 35402 | 4978 | 57 | 346273 |
| **Coverage ratio** | % | % | % | % | % | % | % | % |
| Retail mortgages |  | 0.3 | 0.6 | 0.9 | 0.3 | 4.4 |  | 0.1 |
| Retail credit cards | 1.8 | 21.6 | 40.3 | 59.5 | 24.9 | 79.2 |  | 8.7 |
| Retail other | 1.1 | 7.2 | 8.1 | 17.0 | 8.1 | 42.6 |  | 2.9 |
| Corporate loans | 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 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 231 |
|  |  |  |  |  |  |  |  | 231 |

---

Risk performance - Credit risk (continued)

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

**financial guarantees (audited)**

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 year. '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 (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** |
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding** <br>**POCI** | **Stage 3 excluding** <br>**POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Retail mortgages** |  |  |  |  |  |  |  |  |  |  |
| **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 year | **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-<br>measurement and movements due to <br>exposure and risk parameter changes<br>| **(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 year<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-<br>measurement and movements due to <br>exposure and risk parameter changes<sup>4</sup><br>| **(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** |

---

**Notes:**

1Refinements 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 year. 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.

2The £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 year.

3Business 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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 232 |
|  |  |  |  |  |  |  |  | 232 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** |
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding** <br>**POCI** | **Stage 3 excluding** <br>**POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Retail other** |  |  |  |  |  |  |  |  |  |  |
| **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 year | **4683** | **37** | **494** | **58** | **37** | **34** | **—** | **—** | **5214** | **129** |
| Refinements to models used for calculation | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Net drawdowns, repayments, net re-<br>measurement and movements due to <br>exposure and risk parameter changes<sup>1</sup><br>| **(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 year<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-<br>measurement and movements due to <br>exposure and risk parameter changes<br>| **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** |

---

**Notes:**

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.

2The £43m of gross disposals reported within Retail other and £280m of gross disposals reported within Corporate loans relate to debt sales undertaken during the

year.

3Business activity in the year reported within Corporate loans include £0.1bn related to acquisition of the GM co-branded card portfolio within USCB.

4Refinements 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 year. 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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 233 |
|  |  |  |  |  |  |  |  | 233 |

---

Risk performance - Credit risk (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of ECL movement to credit impairment charge/(release) for the period** |  |  |  |  |  |
|  | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail mortgages | **(20)** | **(42)** | **20** | **—** | **(42)** |
| Retail credit cards | **13** | **(53)** | **1455** | **—** | **1415** |
| Retail other | **(37)** | **72** | **219** | **—** | **254** |
| Corporate loans | **(1)** | **(14)** | **500** | **—** | **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)** | **—** | **(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 credit impairment charge for the year** |  |  |  |  | **2279** |

---

**Notes:**

1In 2025, gross write-offs amounted to £1,459m and post write-off recoveries amounted to £83m. Net write-offs represent gross write-offs less post write-off

recoveries and amounted to £1,376m.

2Recoveries and reimbursements include £84m 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.

3ECL charge on assets held for sale relate to the charges on a co-branded card portfolio in USCB and the German consumer finance business.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 234 |
|  |  |  |  |  |  |  |  | 234 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> |
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding** <br>**POCI** | **Stage 3 excluding** <br>**POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Retail mortgages** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2025** | **11093** | **—** | **340** | **—** | **2** | **—** | **—** | **—** | **11435** | **—** |
| Net transfers between stages | **131** | **—** | **(141)** | **—** | **10** | **—** | **—** | **—** | **—** | **—** |
| Business activity in the year | **8970** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **8970** | **—** |
| Net drawdowns, repayments, net re-<br>measurement and movement due to <br>exposure and risk parameter changes<br>| **(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 year | **28148** | **18** | **341** | **3** | **1** | **—** | **—** | **—** | **28490** | **21** |
| Net drawdowns, repayments, net re-<br>measurement and movement due to <br>exposure and risk parameter changes<br>| **(6183)** | **(24)** | **(1845)** | **9** | **(72)** | **—** | **(1)** | **—** | **(8101)** | **(15)** |
| Limit management and final repayments | **(13584)** | **(8)** | **(220)** | **(9)** | **(24)** | **—** | **—** | **—** | **(13828)** | **(17)** |
| Disposal<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 year | **625** | **—** | **1** | **—** | **—** | **—** | **—** | **—** | **626** | **—** |
| Net drawdowns, repayments, net re-<br>measurement and movement due to <br>exposure and risk parameter changes<br>| **(341)** | **(5)** | **7** | **—** | **12** | **—** | **—** | **—** | **(322)** | **(5)** |
| Limit management and final repayments | **(797)** | **—** | **(33)** | **—** | **(20)** | **—** | **—** | **—** | **(850)** | **—** |
| Disposal<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 year | **48961** | **28** | **2701** | **61** | **405** | **—** | **—** | **—** | **52067** | **89** |
| Net drawdowns, repayments, net re-<br>measurement and movement due to <br>exposure and risk parameter changes<br>| **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** |

---

**Notes:**

1Loan commitments reported also include exposure relating to financial assets classified as held for sale.

2The gross disposals reported within Retail credit cards and Retail other relate to the German consumer finance business; sale of which was completed in Q125.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 235 |
|  |  |  |  |  |  |  |  | 235 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** |
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding** <br>**POCI** | **Stage 3 excluding** <br>**POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Retail mortgages** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 150202 | 50 | 19469 | 105 | 2424 | 428 |  |  | 172095 | 583 |
| Transfers from Stage 1 to Stage 2 | (10013) | (5) | 10013 | 5 |  |  |  |  |  |  |
| Transfers from Stage 2 to Stage 1 | 6591 | 29 | (6591) | (29) |  |  |  |  |  |  |
| Transfers to Stage 3 | (388) |  | (530) | (10) | 918 | 10 |  |  |  |  |
| Transfers from Stage 3 | 82 | 3 | 142 | 2 | (224) | (5) |  |  |  |  |
| Business activity in the year | 22881 | 8 | 792 | 4 | 7 |  |  |  | 23680 | 12 |
| Refinements to models used for calculation |  |  |  |  |  |  |  |  |  |  |
| Net drawdowns, repayments, net re-<br>measurement and movements due to exposure <br>and risk parameter changes<br>| (7297) | (37) | (918) | 36 | (53) | 23 |  |  | (8268) | 22 |
| Final repayments | (12680) | (5) | (2099) | (11) | (394) | (24) |  |  | (15173) | (40) |
| Disposals<sup>1</sup> | (2688) | (5) | (682) | (40) | (699) | (328) |  |  | (4069) | (373) |
| Write-offs |  |  |  |  | (17) | (17) |  |  | (17) | (17) |
| **As at 31 December 2024** | 146690 | 38 | 19596 | 62 | 1962 | 87 |  |  | 168248 | 187 |
| **Retail credit cards** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 30409 | 523 | 5578 | 1630 | 1720 | 1333 |  |  | 37707 | 3486 |
| Transfers from Stage 1 to Stage 2 | (2093) | (66) | 2093 | 66 |  |  |  |  |  |  |
| Transfers from Stage 2 to Stage 1 | 1933 | 461 | (1933) | (461) |  |  |  |  |  |  |
| Transfers to Stage 3 | (702) | (26) | (1079) | (469) | 1781 | 495 |  |  |  |  |
| Transfers from Stage 3 | 26 | 13 | 25 | 10 | (51) | (23) |  |  |  |  |
| Business activity in the year<sup>2</sup> | 7217 | 184 | 400 | 118 | 32 | 29 | 40 |  | 7689 | 331 |
| Refinements to models used for calculation<sup>3</sup> |  | 5 |  | (29) |  | 4 |  |  |  | (20) |
| Net drawdowns, repayments, net re-<br>measurement and movements due to exposure <br>and risk parameter changes<br>| 658 | (450) | 838 | 628 | (7) | 1143 |  |  | 1489 | 1321 |
| Final repayments | (136) | (7) | (41) | (16) | (5) | (3) |  |  | (182) | (26) |
| Transfers to assets held for sale<sup>4</sup> | (5495) | (64) | (689) | (161) | (57) | (46) |  |  | (6241) | (271) |
| Disposals<sup>1</sup> | (691) | (20) | (175) | (69) | (407) | (322) |  |  | (1273) | (411) |
| Write-offs |  |  |  |  | (1103) | (1103) |  |  | (1103) | (1103) |
| **As at 31 December 2024** | 31126 | 553 | 5017 | 1247 | 1903 | 1507 | 40 |  | 38086 | 3307 |
| **Retail other** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 8469 | 59 | 1343 | 118 | 493 | 176 |  |  | 10305 | 353 |
| Transfers from Stage 1 to Stage 2 | (619) | (8) | 619 | 8 |  |  |  |  |  |  |
| Transfers from Stage 2 to Stage 1 | 423 | 27 | (423) | (27) |  |  |  |  |  |  |
| Transfers to Stage 3 | (209) | (2) | (151) | (30) | 360 | 32 |  |  |  |  |
| Transfers from Stage 3 | 82 | 1 | 52 | 4 | (134) | (5) |  |  |  |  |
| Business activity in the year<sup>2</sup> | 7590 | 105 | 252 | 30 | 24 | 22 | 17 |  | 7883 | 157 |
| Refinements to models used for calculation |  |  |  |  |  |  |  |  |  |  |
| Net drawdowns, repayments, net re-<br>measurement and movements due to exposure <br>and risk parameter changes<br>| (265) | (33) | (125) | 13 | 59 | 116 |  |  | (331) | 96 |
| Final repayments | (3021) | (11) | (194) | (5) | (273) | (41) |  |  | (3488) | (57) |
| Disposals<sup>1</sup> |  |  |  |  | (46) | (34) |  |  | (46) | (34) |
| Write-offs |  |  |  |  | (105) | (105) |  |  | (105) | (105) |
| **As at 31 December 2024** | 12450 | 138 | 1373 | 111 | 378 | 161 | 17 |  | 14218 | 410 |

---

**Notes:**

1The £4.1bn of gross disposals reported within Retail mortgages include £3.2bn sale of the Italian mortgage portfolio and £0.8bn of transfer of facilities to a non-

consolidated SPV for the purpose of securitisation. The £1.3bn of gross disposals reported within Retail credit cards include £0.9bn sale of the outstanding US Cards

receivables to Blackstone and £0.4bn of other debt sales undertaken during the year. The £46m of gross disposals reported within Retail other relate to debt sales

undertaken during the year.

2Business activity in the year reported within Retail credit cards and Retail other includes an acquisition of Tesco Bank, comprising £4.2bn of credit card

receivables and £4.1bn of unsecured personal loans.

3Refinements to models used for calculation reported within Retail credit cards include a £(31)m movement in UK Cards and a £11m movement in the US Cards

portfolio. These reflect model enhancements made during the year. 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 across the businesses.

4Transfers to assets held for sale reported within Retail credit cards relate to a co-branded card portfolio within USCB.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 236 |
|  |  |  |  |  |  |  |  | 236 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** | **Loans and advances at amortised cost (audited)** |
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding** <br>**POCI** | **Stage 3 excluding** <br>**POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Corporate loans** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 112505 | 287 | 13302 | 414 | 2554 | 598 |  |  | 128361 | 1299 |
| Transfers from Stage 1 to Stage 2 | (3810) | (28) | 3810 | 28 |  |  |  |  |  |  |
| Transfers from Stage 2 to Stage 1 | 3316 | 75 | (3316) | (75) |  |  |  |  |  |  |
| Transfers to Stage 3 | (1073) | (6) | (892) | (37) | 1965 | 43 |  |  |  |  |
| Transfers from Stage 3 | 269 | 14 | 230 | 22 | (499) | (36) |  |  |  |  |
| Business activity in the year | 27032 | 45 | 897 | 36 | 415 | 26 |  |  | 28344 | 107 |
| Refinements to models used for calculation<sup>1</sup> |  | (6) |  | 42 |  |  |  |  |  | 36 |
| Net drawdowns, repayments, net re-<br>measurement and movements due to <br>exposure and risk parameter changes<br>| 4191 | (124) | (531) | 4 | (631) | 341 |  |  | 3029 | 221 |
| Final repayments | (25861) | (46) | (2322) | (98) | (363) | (21) |  |  | (28546) | (165) |
| Transfers to assets held for sale<sup>2</sup> | (49) | (1) | (9) | (3) | (1) | (1) |  |  | (59) | (5) |
| Disposals<sup>3</sup> | (12) | (1) | (2) | (2) | (2) | (2) |  |  | (16) | (5) |
| Write-offs |  |  |  |  | (322) | (322) |  |  | (322) | (322) |
| **As at 31 December 2024** | 116508 | 209 | 11167 | 331 | 3116 | 626 |  |  | 130791 | 1166 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of ECL movement to credit impairment charge/(release) for the period** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail mortgages | (7) | (3) | 4 |  | (6) |
| Retail credit cards | 114 | (153) | 1645 |  | 1606 |
| Retail other | 79 | (7) | 124 |  | 196 |
| Corporate loans | (76) | (78) | 353 |  | 199 |
| **ECL movement excluding assets held for sale ,disposals and write-offs**<sup>4</sup> | 110 | (241) | 2126 |  | 1995 |
| ECL movement on loan commitments and financial guarantees | (9) | (37) | (19) |  | (65) |
| ECL movement on other financial assets | 3 | 5 | (3) |  | 5 |
| ECL movement on debt securities at amortised cost | 1 | (5) |  |  | (4) |
| Recoveries and reimbursements<sup>5</sup> | (21) | 20 | (90) |  | (91) |
| ECL charge on assets held for sale<sup>6</sup> |  |  |  |  | 74 |
| Total exchange and other adjustments |  |  |  |  | 68 |
| **Total credit impairment charge for the year** |  |  |  |  | 1982 |

---

**Notes:**

1Refinements to models used for calculation reported within Corporate loans include a £69m movement in IB and a £(33)m movement in the ESHLA portfolio. These

reflect model enhancements made during the year. 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 across the businesses.

2Transfers to assets held for sale reported within Corporate loans relate to a co-branded card portfolio within USCB.

3The £16m of gross disposals reported within Corporate loans relate to debt sales undertaken during the year.

4In 2024, gross write-offs amounted to £1,547m and post write-off recoveries amounted to £76m. Net write-offs represent gross write-offs less post write-off

recoveries and amounted to £1,471m.

5Recoveries and reimbursements include £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 £76m.

6ECL charge on assets held for sale relate to the German consumer finance business.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 237 |
|  |  |  |  |  |  |  |  | 237 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> | **Loan commitments and financial guarantees (audited)**<sup>1</sup> |
|  | **Stage 1** | **Stage 1** | **Stage 2** | **Stage 2** | **Stage 3 excluding** <br>**POCI** | **Stage 3 excluding** <br>**POCI** | **Stage 3 POCI** | **Stage 3 POCI** | **Total** | **Total** |
|  | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** | **Gross** <br>**exposure**<br>| **ECL** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Retail mortgages** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 7776 |  | 448 |  | 4 |  |  |  | 8228 |  |
| Net transfers between stages | (47) |  | 41 |  | 6 |  |  |  |  |  |
| Business activity in the year | 8048 |  |  |  |  |  |  |  | 8048 |  |
| Net drawdowns, repayments, net re-<br>measurement and movement due to <br>exposure and risk parameter changes<br>| (4336) |  | (106) |  | (7) |  |  |  | (4449) |  |
| Limit management and final repayments | (348) |  | (43) |  | (1) |  |  |  | (392) |  |
| **As at 31 December 2024** | 11093 |  | 340 |  | 2 |  |  |  | 11435 |  |
| **Retail credit cards** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 144791 | 59 | 2807 | 54 | 142 |  |  |  | 147740 | 113 |
| Net transfers between stages | (1940) | 30 | 1853 | (30) | 87 |  |  |  |  |  |
| Business activity in the year | 31376 | 13 | 226 | 5 | 2 |  | 6 |  | 31610 | 18 |
| Net drawdowns, repayments, net re-<br>measurement and movement due to <br>exposure and risk parameter changes<br>| 2148 | (36) | (1969) | 4 | (88) |  |  |  | 91 | (32) |
| Limit management and final repayments | (13904) | (13) | (402) | (20) | (21) |  |  |  | (14327) | (33) |
| **As at 31 December 2024** | 162471 | 53 | 2515 | 13 | 122 |  | 6 |  | 165114 | 66 |
| **Retail other** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 8607 | 6 | 535 | 2 | 44 |  |  |  | 9186 | 8 |
| Net transfers between stages | (9) |  | (8) |  | 17 |  |  |  |  |  |
| Business activity in the year | 781 | 2 | 1 |  |  |  |  |  | 782 | 2 |
| Net drawdowns, repayments, net re-<br>measurement and movement due to <br>exposure and risk parameter changes<br>| 110 | (2) | (77) | (2) | (13) |  |  |  | 20 | (4) |
| Limit management and final repayments | (1073) |  | (11) |  | (23) |  |  |  | (1107) |  |
| **As at 31 December 2024** | 8416 | 6 | 440 |  | 25 |  |  |  | 8881 | 6 |
| **Corporate loans** |  |  |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 212889 | 108 | 20418 | 231 | 847 | 44 |  |  | 234154 | 383 |
| Net transfers between stages | 1241 | 29 | (1555) | (32) | 314 | 3 |  |  |  |  |
| Business activity in the year | 50411 | 33 | 1666 | 31 | 193 |  |  |  | 52270 | 64 |
| Net drawdowns, repayments, net re-<br>measurement and movement due to <br>exposure and risk parameter changes<br>| 10109 | (39) | (1383) | 70 | (46) | (14) |  |  | 8680 | 17 |
| Limit management and final repayments | (44375) | (26) | (3713) | (63) | (289) | (8) |  |  | (48377) | (97) |
| **As at 31 December 2024** | 230275 | 105 | 15433 | 237 | 1019 | 25 |  |  | 246727 | 367 |

---

**Note:**

1Loan commitments reported also include exposure relating to financial assets classified as held for sale.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 238 |
|  |  |  |  |  |  |  |  | 238 |

---

Risk performance - Credit risk (continued)

**Stage 2 decomposition**

Stage 2 exposures are predominantly identified using quantitative tests where the lifetime probability of default (PD) has deteriorated more

than a pre-determined amount since origination during the year. This is augmented by inclusion of accounts meeting the designated high risk

criteria (including watchlist) for the portfolio under the qualitative test.

A small number of accounts (3.2% of impairment allowance and 2.3% of gross exposure) included within Stage 2 are not otherwise

identified by the quantitative or qualitative tests but are more than 30 days past due. The percentage triggered by these backstop criteria is a

measure of the effectiveness of the Stage 2 criteria in identifying deterioration prior to delinquency. These balances include items in the UK

Corporate Bank and Investment Bank for reasons such as outstanding interest and fees rather than principal balances.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost**<sup>1</sup> | **Loans and advances at amortised cost**<sup>1</sup> | **Loans and advances at amortised cost**<sup>1</sup> |  |  |  |  |  |  |
|  | **Gross Exposure** | **Gross Exposure** | **Gross Exposure** | **Gross Exposure** | **Impairment Allowance** | **Impairment Allowance** | **Impairment Allowance** | **Impairment Allowance** |
|  | **Quantitative** <br>**test**<br>| **Qualitative** <br>**test**<br>| **30 days past** <br>**due backstop**<br>| **Total Stage 2** | **Quantitative** <br>**test**<br>| **Qualitative** <br>**test**<br>| **30 days past** <br>**due backstop**<br>| **Total Stage 2** |
| **As at 31 December 2025**<sup>2</sup> | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail mortgages | **9824** | **3470** | **463** | **13757** | **13** | **2** | **1** | **16** |
| Retail credit cards | **1267** | **660** | **16** | **1943** | **259** | **127** | **12** | **398** |
| Retail other | **1051** | **430** | **31** | **1512** | **146** | **20** | **12** | **178** |
| Corporate loans | **5285** | **1618** | **33** | **6936** | **131** | **48** | **1** | **180** |
| **Total UK** | **17427** | **6178** | **543** | **24148** | **549** | **197** | **26** | **772** |
| Retail mortgages | **3** | **17** | **52** | **72** | **—** | **—** | **—** | **—** |
| Retail credit cards | **1830** | **661** | **45** | **2536** | **597** | **172** | **27** | **796** |
| Retail other | **36** | **125** | **45** | **206** | **5** | **—** | **—** | **5** |
| Corporate loans | **2211** | **1467** | **24** | **3702** | **83** | **50** | **2** | **135** |
| **Total Rest of the World** | **4080** | **2270** | **166** | **6516** | **685** | **222** | **29** | **936** |
| Retail mortgages | **9827** | **3487** | **515** | **13829** | **13** | **2** | **1** | **16** |
| Retail credit cards | **3097** | **1321** | **61** | **4479** | **856** | **299** | **39** | **1194** |
| Retail other | **1087** | **555** | **76** | **1718** | **151** | **20** | **12** | **183** |
| Corporate loans | **7496** | **3085** | **57** | **10638** | **214** | **98** | **3** | **315** |
| **Total Stage 2** | **21507** | **8448** | **709** | **30664** | **1234** | **419** | **55** | **1708** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As at 31 December 2024**<sup>2</sup> | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail mortgages | 9143 | 9681 | 683 | 19507 | 42 | 15 | 4 | 61 |
| Retail credit cards | 1719 | 345 |  | 2064 | 367 | 73 |  | 440 |
| Retail other | 746 | 464 | 8 | 1218 | 94 | 15 | 1 | 110 |
| Corporate loans | 5406 | 1743 | 117 | 7266 | 143 | 52 | 1 | 196 |
| **Total UK** | **17014** | **12233** | **808** | **30055** | **646** | **155** | **6** | **807** |
| Retail mortgages | 3 | 13 | 73 | 89 | 1 |  |  | 1 |
| Retail credit cards | 2200 | 744 | 9 | 2953 | 620 | 183 | 4 | 807 |
| Retail other | 15 | 72 | 68 | 155 |  | 1 |  | 1 |
| Corporate loans | 2985 | 903 | 13 | 3901 | 103 | 32 |  | 135 |
| **Total Rest of the World** | **5203** | **1732** | **163** | **7098** | **724** | **216** | **4** | **944** |
| Retail mortgages | 9146 | 9694 | 756 | 19596 | 43 | 15 | 4 | 62 |
| Retail credit cards | 3919 | 1089 | 9 | 5017 | 987 | 256 | 4 | 1247 |
| Retail other | 761 | 536 | 76 | 1373 | 94 | 16 | 1 | 111 |
| Corporate loans | 8391 | 2646 | 130 | 11167 | 246 | 84 | 1 | 331 |
| **Total Stage 2** | **22217** | **13965** | **971** | **37153** | **1370** | **371** | **10** | **1751** |

---

**Notes:**

1Where balances satisfy more than one of the above three criteria for determining a significant increase in credit risk, the corresponding gross exposure and

impairment allowance have been assigned in order of categories presented.

2Exposure exclude the portfolios which have been classified as assets held for sale.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 239 |
|  |  |  |  |  |  |  |  | 239 |

---

Risk performance - Credit risk (continued)

**Management adjustments to models for impairment (audited)**

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 (audited)** | **Management adjustments to models for impairment allowance presented by product and geography (audited)** | **Management adjustments to models for impairment allowance presented by product and geography (audited)** | **Management adjustments to models for impairment allowance presented by product and geography (audited)** | **Management adjustments to models for impairment allowance presented by product and geography (audited)** | **Management adjustments to models for impairment allowance presented by product and geography (audited)** | **Management adjustments to models for impairment allowance presented by product and geography (audited)** |  |  |
| | **Impairment** <br>**allowance pre** <br>**management** <br>**adjustments**<sup>1</sup> | **Economic** <br>**uncertainty** <br>**adjustments**<br>**(a)** | **Other** <br>**adjustments**<br>**(b)** | **Management** <br>**adjustments**<sup>2</sup><br>**(a+b)** | **Total** <br>**impairment** <br>**allowance**<sup>3</sup> | **Proportion of** <br>**Management** <br>**adjustments to** <br>**total** <br>**impairment** <br>**allowance** |  |  |
| | **Impairment** <br>**allowance pre** <br>**management** <br>**adjustments**<sup>1</sup> | **Economic** <br>**uncertainty** <br>**adjustments**<br>**(a)** | **Other** <br>**adjustments**<br>**(b)** | **Management** <br>**adjustments**<sup>2</sup><br>**(a+b)** | **Total** <br>**impairment** <br>**allowance**<sup>3</sup> | **Proportion of** <br>**Management** <br>**adjustments to** <br>**total** <br>**impairment** <br>**allowance** | **As at 31 December 2025** | **£m** |
| Retail mortgages | **76** | **—** | **15** | **15** | **91** | **16.5** |  |  |
| Retail credit cards | **761** | **—** | **—** | **—** | **761** | **—** |  |  |
| Retail other | **406** | **—** | **85** | **85** | **491** | **17.3** |  |  |
| Corporate loans | **714** | **39** | **53** | **92** | **806** | **11.4** |  |  |
| **Total UK**  | **1957** | **39** | **153** | **192** | **2149** | **8.9** |  |  |
| Retail mortgages | **25** | **—** | **1** | **1** | **26** | **3.8** |  |  |
| Retail credit cards | **2505** | **31** | **87** | **118** | **2623** | **4.5** |  |  |
| Retail other | **27** | **—** | **—** | **—** | **27** | **—** |  |  |
| Corporate loans | **823** | **44** | **13** | **57** | **880** | **6.5** |  |  |
| **Total Rest of the World** | **3380** | **75** | **101** | **176** | **3556** | **4.9** |  |  |
| **Total** | **5337** | **114** | **254** | **368** | **5705** | **6.5** |  |  |
| Debt securities at amortised cost | **21** | **1** | **—** | **1** | **22** | **4.5** |  |  |
| **Total including debt securities at amortised cost** | **5358** | **115** | **254** | **369** | **5727** | **6.4** |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As at 31 December 2024** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| Retail mortgages | 51 | 36 | 71 | 107 | 158 | 67.7 |
| Retail credit cards | 787 |  | (22) | (22) | 765 | (2.9) |
| Retail other | 298 |  | 90 | 90 | 388 | 23.2 |
| Corporate loans | 759 | 42 | 39 | 81 | 840 | 9.6 |
| **Total UK**  | **1895** | **78** | **178** | **256** | **2151** | **11.9** |
| Retail mortgages | 29 |  |  |  | 29 |  |
| Retail credit cards | 2631 |  | (23) | (23) | 2608 | (0.9) |
| Retail other | 24 |  | 4 | 4 | 28 | 14.3 |
| Corporate loans | 695 |  | (2) | (2) | 693 | (0.3) |
| **Total Rest of the World** | **3379** | **—** | **(21)** | **(21)** | **3358** | **(0.6)** |
| **Total** | **5274** | **78** | **157** | **235** | **5509** | **4.3** |
| Debt securities at amortised cost | 30 |  | (7) | (7) | 23 | (30.4) |
| **Total including debt securities at amortised cost** | **5304** | **78** | **150** | **228** | **5532** | **4.1** |

---

**Notes:**

1Includes £4.3bn (2024: £4.7bn) of modelled ECL, £0.7bn (2024: £0.5bn) of individually assessed impairments, £(0.2)bn (2024: £(0.3)bn) of ECL from assets held

for sale (co-branded card portfolio) and £0.6bn (2024: £0.4bn) of ECL from benchmarked exposures and debt securities.

2Management adjustments related to other financial assets subject to impairment not included in the table above include cash collateral and settlement balances £1m

(2024: £(1)m), reverse repurchase agreements £1m (2024: £(2)m) and financial assets at fair value through other comprehensive income £nil (2024: £(2)m) within

the IB portfolio.

3Total impairment allowance consists of ECL stock on drawn and undrawn exposures.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 240 |
|  |  |  |  |  |  |  |  | 240 |

---

Risk performance - Credit risk (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Economic uncertainty adjustments presented by stage (audited)** | **Economic uncertainty adjustments presented by stage (audited)** | **Economic uncertainty adjustments presented by stage (audited)** | **Economic uncertainty adjustments presented by stage (audited)** | **Economic uncertainty adjustments presented by stage (audited)** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **As at 31 December 2025** | **£m** | **£m** | **£m** | **£m** |
| Retail mortgages | **—** | **—** | **—** | **—** |
| Retail credit cards | **—** | **—** | **—** | **—** |
| Retail other | **—** | **—** | **—** | **—** |
| Corporate loans | **23** | **10** | **6** | **39** |
| **Total UK**  | **23** | **10** | **6** | **39** |
| Retail mortgages | **—** | **—** | **—** | **—** |
| Retail credit cards | **—** | **31** | **—** | **31** |
| Retail other | **—** | **—** | **—** | **—** |
| Corporate loans | **13** | **31** | **—** | **44** |
| **Total Rest of the World** | **13** | **62** | **—** | **75** |
| **Total** | **36** | **72** | **6** | **114** |
| Debt securities at amortised cost | **1** | **—** | **—** | **1** |
| **Total including debt securities at amortised cost** | **37** | **72** | **6** | **115** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **As at 31 December 2024** | **£m** | **£m** | **£m** | **£m** |
| Retail mortgages | 7 | 18 | 11 | 36 |
| Retail credit cards |  |  |  |  |
| Retail other |  |  |  |  |
| Corporate loans | 26 | 10 | 6 | 42 |
| **Total UK**  | **33** | **28** | **17** | **78** |
| Retail mortgages |  |  |  |  |
| Retail credit cards |  |  |  |  |
| Retail other |  |  |  |  |
| Corporate loans |  |  |  |  |
| **Total Rest of the World** | **—** | **—** | **—** | **—** |
| **Total** | **33** | **28** | **17** | **78** |
| Debt securities at amortised cost |  |  |  |  |
| **Total including debt securities at amortised cost** | **33** | **28** | **17** | **78** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 241 |
|  |  |  |  |  |  |  |  | 241 |

---

Risk performance - Credit risk (continued)

**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 (2024: £78m) and include:**

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

**Retail mortgages (UK) £nil (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 (2024: £nil):** This adjustment reflects elevated US macroeconomic uncertainty, with impacts yet to

materialise in consumer behaviour

**Corporateloans (UK) £39m (2024: £42m):** This adjustment reflects potential cross-default risk on Barclays' lending in respect of clients

who have taken out Bounce Back Loans

**Corporateloans (ROW) £44m (2024: £nil):** This adjustment reflects elevated US macroeconomic uncertainty, with impacts yet to

materialise in borrower behaviour

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

**Retail mortgages (UK) £nil (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 (2024: £150m) and include:**

**Retail mortgages (UK) £15m (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 (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 (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 (2024: £90m) and Corporate loans (UK) £53m (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 (2024: £(2)m):** This adjustment reflects provisioning for the GM business cards portfolio acquired during the

year

**Debt securities £nil (2024: £(7)m):**The movement is driven by the retirement of the Exposure at Default recalibration adjustment following

model remediation in the IB portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 242 |
|  |  |  |  |  |  |  |  | 242 |

---

Risk performance - Credit risk (continued)

**Climate Risk ECL assessment**

Barclays performed a credit risk assessment of physical and transition risks due to climate change. This was delivered through a combination

of a scenario approach and targeted reviews of specific portfolios identified as more susceptible to climate risk.

**Scenario Approach:** The IFRS 9 Downside 2 scenario has been updated and aligned to the 2025 Internal Stress Test scenario which is

climate aware, ensuring that climate is being considered within the modelled ECL output via existing macroeconomic variables.

**Specific Approach:** The approach reviewed portfolios previously identified from both internal and external stress tests as more susceptible to

climate risks. In particular, climate modelling techniques were utilised to inform customer level PD and LGD spreads of physical and

transition risk due to climate change for i) the UK Mortgages portfolio (both PD and LGD) and ii) Wholesale elevated risk sector exposures

(PD only). The output of this review did not provide variances in ECL deemed sufficiently certain to warrant raising an additional climate-

related charge in 2025.

Whilst there have been no separately identifiable charges relating to climate risk in the 2025 reported ECL, it is acknowledged that

impairment could increase over time as risks become more tangible and impact consumers and clients through physical risks or via impacts

from the transition to a low carbon economy. Therefore, Barclays continues to review credit risk outputs to determine if any additional

physical or transition climate risks are identified that are not sufficiently captured via model output.

Refer to the Barclays resilience to climate scenarios on page [64](#i12c1279a81884a37aee9a5181c6fa279_466) for further details.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 243 |
|  |  |  |  |  |  |  |  | 243 |

---

Risk performance - Credit risk (continued)

**Measurement uncertainty and sensitivity analysis**

The measurement of modelled ECL involves complexity and judgement, including estimation of probabilities of default (PD), loss given

default (LGD), a range of unbiased future economic scenarios, estimation of expected lives, estimation of exposures at default (EAD) and

assessing significant increases in credit risk. The Group uses a five-scenario model to calculate ECL. An external consensus forecast is

assembled from key sources, including HM Treasury (short and medium term forecasts) and Bloomberg (based on median of economic

forecasts) which forms the Baseline scenario. In addition, two adverse scenarios (Downside 1 and Downside 2) and two favourable scenarios

(Upside 1 and Upside 2) are derived, with associated weightings. The adverse scenarios are calibrated to a broadly similar severity to the

Group's internal stress tests and stress scenarios provided by regulators whilst also considering IFRS 9 specific sensitivities and non-linearity.

The favourable scenarios are designed to reflect plausible upside risks to the Baseline scenario which are broadly consistent with the

scenarios include key economic variables, (including GDP, unemployment, House Price Index (HPI) and base rates in both the UK and US

markets), and expanded variables using statistical models based on historical correlations. The upside and downside shocks are designed to

evolve over afive-year stress horizon, with all five scenarios converging to a steady state after approximately seven years. The same

scenarios used in the estimation of expected credit losses are also used to inform the Group's internal planning.

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 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 [246](#ie17d44575bd84c7db09e6ab2290ae088_1-0-1-1-4390467).

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 pages[239](#i84f24375151b43c58c3e5d179b1832d6_4613)to[241](#i84f24375151b43c58c3e5d179b1832d6_4615).

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

scenario and the macroeconomic variables by scenario using 'specific bases' i.e. the most extreme position of each variable in the context of

the scenario, for example, the highest unemployment for downside scenarios and the lowest unemployment for upside scenarios. 5-year

average tables and movement over time graphs provide additional transparency. Annual paths show quarterly averages for the year

(unemployment and base rate) or change in the year (GDP and HPI).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 244 |
|  |  |  |  |  |  |  |  | 244 |

---

Risk performance - Credit risk (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average macroeconomic variables used in the calculation of ECL (audited)** | **Average macroeconomic variables used in the calculation of ECL (audited)** | **Average macroeconomic variables used in the calculation of ECL (audited)** | **Average macroeconomic variables used in the calculation of ECL (audited)** | **Average macroeconomic variables used in the calculation of ECL (audited)** | **Average macroeconomic variables used in the calculation of ECL (audited)** |
| **As at 31 December 2025** | **2025** | **2026** | **2027** | **2028** | **2029** |
| **Baseline** | **%** | **%** | **%** | **%** | **%** |
| UK GDP<sup>1</sup> | **1.5** | **1.1** | **1.4** | **1.4** | **1.4** |
| UK unemployment<sup>2</sup> | **4.7** | **4.9** | **4.8** | **4.8** | **4.7** |
| UK HPI<sup>3</sup> | **1.5** | **2.9** | **2.5** | **4.3** | **3.8** |
| UK bank rate<sup>6</sup> | **4.2** | **3.4** | **3.4** | **3.5** | **3.6** |
| US GDP<sup>1</sup> | **2.1** | **2.0** | **2.0** | **2.0** | **2.0** |
| US unemployment<sup>4</sup> | **4.2** | **4.5** | **4.4** | **4.4** | **4.4** |
| US HPI<sup>5</sup> | **3.2** | **1.7** | **1.9** | **2.6** | **2.6** |
| US federal funds rate<sup>6</sup> | **4.2** | **3.4** | **3.3** | **3.3** | **3.5** |
| **Downside 2**  | **Downside 2**  | **Downside 2**  | **Downside 2**  | **Downside 2**  | **Downside 2**  |
| UK GDP<sup>1</sup> | **1.5** | **(2.5)** | **(1.2)** | **2.8** | **1.1** |
| UK unemployment<sup>2</sup> | **4.7** | **5.8** | **7.7** | **6.9** | **5.7** |
| UK HPI<sup>3</sup> | **1.5** | **(24.9)** | **(5.1)** | **9.6** | **14.2** |
| UK bank rate<sup>6</sup> | **4.2** | **2.3** | **0.5** | **0.4** | **1.1** |
| US GDP<sup>1</sup> | **2.1** | **(2.7)** | **(2.8)** | **1.6** | **2.4** |
| US unemployment<sup>4</sup> | **4.2** | **5.7** | **8.0** | **7.9** | **5.9** |
| US HPI<sup>5</sup> | **3.2** | **(8.2)** | **(1.7)** | **7.2** | **7.7** |
| US federal funds rate<sup>6</sup> | **4.2** | **3.6** | **2.4** | **1.4** | **1.2** |
| **Downside 1**  | **Downside 1**  | **Downside 1**  | **Downside 1**  | **Downside 1**  | **Downside 1**  |
| UK GDP<sup>1</sup> | **1.5** | **(0.7)** | **0.1** | **2.1** | **1.3** |
| UK unemployment<sup>2</sup> | **4.7** | **5.3** | **6.3** | **5.8** | **5.2** |
| UK HPI<sup>3</sup> | **1.5** | **(11.8)** | **(1.3)** | **6.9** | **8.9** |
| UK bank rate<sup>6</sup> | **4.2** | **2.9** | **2.0** | **1.9** | **2.4** |
| US GDP<sup>1</sup> | **2.1** | **(0.3)** | **(0.4)** | **1.8** | **2.2** |
| US unemployment<sup>4</sup> | **4.2** | **5.1** | **6.2** | **6.1** | **5.1** |
| US HPI<sup>5</sup> | **3.2** | **(3.3)** | **0.1** | **4.9** | **5.1** |
| US federal funds rate<sup>6</sup> | **4.2** | **3.6** | **2.8** | **2.4** | **2.4** |
| **Upside 2**  | **Upside 2**  | **Upside 2**  | **Upside 2**  | **Upside 2**  | **Upside 2**  |
| UK GDP<sup>1</sup> | **1.5** | **2.7** | **3.7** | **2.9** | **2.4** |
| UK unemployment<sup>2</sup> | **4.7** | **4.3** | **4.0** | **3.9** | **3.8** |
| UK HPI<sup>3</sup> | **1.5** | **11.9** | **8.4** | **5.1** | **4.1** |
| UK bank rate<sup>6</sup> | **4.2** | **3.1** | **2.3** | **2.3** | **2.6** |
| US GDP<sup>1</sup> | **2.1** | **2.8** | **3.1** | **2.8** | **2.8** |
| US unemployment<sup>4</sup> | **4.2** | **3.9** | **3.7** | **3.7** | **3.7** |
| US HPI<sup>5</sup> | **3.2** | **6.2** | **4.7** | **4.8** | **4.9** |
| US federal funds rate<sup>6</sup> | **4.2** | **3.0** | **2.5** | **2.5** | **2.5** |
| **Upside 1** | **Upside 1** | **Upside 1** | **Upside 1** | **Upside 1** | **Upside 1** |
| UK GDP<sup>1</sup> | **1.5** | **1.9** | **2.6** | **2.2** | **1.9** |
| UK unemployment<sup>2</sup> | **4.7** | **4.6** | **4.4** | **4.4** | **4.3** |
| UK HPI<sup>3</sup> | **1.5** | **7.4** | **5.4** | **4.7** | **3.9** |
| UK bank rate<sup>6</sup> | **4.2** | **3.2** | **2.8** | **2.8** | **3.1** |
| US GDP<sup>1</sup> | **2.1** | **2.4** | **2.6** | **2.4** | **2.4** |
| US unemployment<sup>4</sup> | **4.2** | **4.2** | **4.1** | **4.1** | **4.1** |
| US HPI<sup>5</sup> | **3.2** | **4.0** | **3.3** | **3.7** | **3.7** |
| US federal funds rate<sup>6</sup> | **4.2** | **3.3** | **2.8** | **2.8** | **3.0** |

---

**Notes:**

1Average Real GDP seasonally adjusted change in year.

2Average UK unemployment rate 16-year+.

3Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index.

4Average US civilian unemployment rate 16-year+.

5Change in year end US HPI = FHFA house price index, relative to prior year end.

6Average rate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 245 |
|  |  |  |  |  |  |  |  | 245 |

---

Risk performance - Credit risk (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As at 31 December 2024** | **2024** | **2025** | **2026** | **2027** | **2028** |
| **Baseline** | **%** | **%** | **%** | **%** | **%** |
| UK GDP<sup>1</sup> | 1.0 | 1.4 | 1.5 | 1.6 | 1.5 |
| UK unemployment<sup>2</sup> | 4.3 | 4.4 | 4.5 | 4.4 | 4.4 |
| UK HPI<sup>3</sup> | 2.8 | 3.3 | 1.6 | 4.5 | 3.0 |
| UK bank rate<sup>6</sup> | 5.1 | 4.3 | 4.0 | 4.0 | 3.8 |
| US GDP<sup>1</sup> | 2.7 | 2.0 | 2.0 | 2.0 | 2.0 |
| US unemployment<sup>4</sup> | 4.1 | 4.3 | 4.2 | 4.2 | 4.2 |
| US HPI<sup>5</sup> | 6.5 | 2.6 | 2.7 | 3.0 | 3.0 |
| US federal funds rate<sup>6</sup> | 5.1 | 4.1 | 4.0 | 3.8 | 3.8 |
| **Downside 2**  | **Downside 2**  | **Downside 2**  | **Downside 2**  | **Downside 2**  | **Downside 2**  |
| UK GDP<sup>1</sup> | 1.0 | (2.3) | (1.3) | 2.6 | 2.3 |
| UK unemployment<sup>2</sup> | 4.3 | 6.2 | 8.1 | 6.6 | 5.5 |
| UK HPI<sup>3</sup> | 2.8 | (24.8) | (5.2) | 10.0 | 14.6 |
| UK bank rate<sup>6</sup> | 5.1 | 3.5 | 1.7 | 0.6 | 1.1 |
| US GDP<sup>1</sup> | 2.7 | (1.3) | (1.3) | 3.3 | 2.9 |
| US unemployment<sup>4</sup> | 4.1 | 5.8 | 7.2 | 6.2 | 5.5 |
| US HPI<sup>5</sup> | 6.5 | (8.0) | (0.7) | 5.2 | 4.0 |
| US federal funds rate<sup>6</sup> | 5.1 | 2.5 | 0.6 | 0.8 | 1.5 |
| **Downside 1**  | **Downside 1**  | **Downside 1**  | **Downside 1**  | **Downside 1**  | **Downside 1**  |
| UK GDP<sup>1</sup> | 1.0 | (0.5) | 0.1 | 2.1 | 1.9 |
| UK unemployment<sup>2</sup> | 4.3 | 5.3 | 6.3 | 5.5 | 5.0 |
| UK HPI<sup>3</sup> | 2.8 | (11.6) | (1.8) | 7.2 | 8.7 |
| UK bank rate<sup>6</sup> | 5.1 | 3.9 | 2.9 | 2.3 | 2.4 |
| US GDP<sup>1</sup> | 2.7 | 0.3 | 0.4 | 2.7 | 2.4 |
| US unemployment<sup>4</sup> | 4.1 | 5.1 | 5.7 | 5.2 | 4.9 |
| US HPI<sup>5</sup> | 6.5 | (2.7) | 1.0 | 4.1 | 3.5 |
| US federal funds rate<sup>6</sup> | 5.1 | 3.4 | 2.3 | 2.3 | 2.7 |
| **Upside 2** | **Upside 2** | **Upside 2** | **Upside 2** | **Upside 2** | **Upside 2** |
| UK GDP<sup>1</sup> | 1.0 | 3.0 | 3.7 | 2.9 | 2.4 |
| UK unemployment<sup>2</sup> | 4.3 | 3.8 | 3.4 | 3.5 | 3.5 |
| UK HPI<sup>3</sup> | 2.8 | 11.9 | 8.4 | 5.1 | 4.1 |
| UK bank rate<sup>6</sup> | 5.1 | 3.9 | 2.9 | 2.8 | 2.8 |
| US GDP<sup>1</sup> | 2.7 | 2.8 | 3.1 | 2.8 | 2.8 |
| US unemployment<sup>4</sup> | 4.1 | 3.8 | 3.5 | 3.5 | 3.5 |
| US HPI<sup>5</sup> | 6.5 | 6.2 | 4.7 | 4.8 | 4.9 |
| US federal funds rate<sup>6</sup> | 5.1 | 3.7 | 3.3 | 3.1 | 2.8 |
| **Upside 1** | **Upside 1** | **Upside 1** | **Upside 1** | **Upside 1** | **Upside 1** |
| UK GDP<sup>1</sup> | 1.0 | 2.2 | 2.6 | 2.2 | 2.0 |
| UK unemployment<sup>2</sup> | 4.3 | 4.1 | 4.0 | 4.0 | 4.0 |
| UK HPI<sup>3</sup> | 2.8 | 7.6 | 4.9 | 4.8 | 3.5 |
| UK bank rate<sup>6</sup> | 5.1 | 4.1 | 3.5 | 3.4 | 3.3 |
| US GDP<sup>1</sup> | 2.7 | 2.4 | 2.6 | 2.4 | 2.4 |
| US unemployment<sup>4</sup> | 4.1 | 4.0 | 3.9 | 3.9 | 3.9 |
| US HPI<sup>5</sup> | 6.5 | 4.4 | 3.7 | 3.9 | 3.9 |
| US federal funds rate<sup>6</sup> | 5.1 | 4.0 | 3.8 | 3.6 | 3.3 |

---

**Notes:**

1Average Real GDP seasonally adjusted change in year.

2Average UK unemployment rate 16-year+.

3Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to prior year end.

4Average US civilian unemployment rate 16-year+.

5Change in year end US HPI = FHFA house price index, relative to prior year end.

6Average rate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 246 |
|  |  |  |  |  |  |  |  | 246 |

---

Risk performance - Credit risk (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Scenario weighting (audited)**<sup>1</sup> | **Scenario weighting (audited)**<sup>1</sup> | **Scenario weighting (audited)**<sup>1</sup> | **Scenario weighting (audited)**<sup>1</sup> | **Scenario weighting (audited)**<sup>1</sup> | **Scenario weighting (audited)**<sup>1</sup> |
|  | **Upside 2** | **Upside 1** | **Baseline** | **Downside 1** | **Downside 2** |
|  | **%** | **%** | **%** | **%** | **%** |
| **As at 31 December 2025** |  |  |  |  |  |
| Scenario weighting | **14.4** | **27.4** | **38.5** | **12.7** | **7.0** |
| **As at 31 December 2024** |  |  |  |  |  |
| Scenario weighting | 17.4 | 26.8 | 32.5 | 14.7 | 8.6 |

---

**Note**

1For further details on changes to scenario weights see page [243](#i12c1279a81884a37aee9a5181c6fa279_973).

Specific bases shows 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 represents the lowest and highest cumulative position relative to the start point, in the 20 quarter

period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Macroeconomic variables (specific bases) (audited)**<sup>1</sup> | **Macroeconomic variables (specific bases) (audited)**<sup>1</sup> | **Macroeconomic variables (specific bases) (audited)**<sup>1</sup> | **Macroeconomic variables (specific bases) (audited)**<sup>1</sup> | **Macroeconomic variables (specific bases) (audited)**<sup>1</sup> | **Macroeconomic variables (specific bases) (audited)**<sup>1</sup> |
|  | **Upside 2** | **Upside 1** | **Baseline** | **Downside 1** | **Downside 2** |
| **As at 31 December 2025** | **%** | **%** | **%** | **%** | **%** |
| UK GDP<sup>2</sup> | **14.5** | **10.8** | **1.4** | **(0.3)** | **(3.5)** |
| UK unemployment<sup>3</sup> | **3.8** | **4.3** | **4.8** | **6.5** | **8.1** |
| UK HPI<sup>4</sup> | **34.6** | **24.9** | **3.0** | **(12.6)** | **(28.0)** |
| UK bank rate | **2.3** | **2.8** | **3.6** | **4.6** | **4.6** |
| US GDP<sup>2</sup> | **14.6** | **12.4** | **2.0** | **(0.2)** | **(4.6)** |
| US unemployment<sup>3</sup> | **3.7** | **4.1** | **4.4** | **6.6** | **8.8** |
| US HPI<sup>4</sup> | **26.2** | **19.3** | **2.4** | **(1.5)** | **(8.1)** |
| US federal funds rate | **2.5** | **2.8** | **3.5** | **4.3** | **4.3** |
| **As at 31 December 2024** |  |  |  |  |  |
| UK GDP<sup>2</sup> | 15.0 | 11.6 | 1.4 | 0.2 | (2.9) |
| UK unemployment<sup>3</sup> | 3.4 | 3.9 | 4.4 | 6.5 | 8.4 |
| UK HPI<sup>4</sup> | 36.3 | 25.9 | 3.0 | (11.3) | (26.8) |
| UK bank rate | 2.8 | 3.3 | 4.2 | 5.3 | 5.3 |
| US GDP<sup>2</sup> | 14.9 | 12.8 | 2.2 | 0.4 | (2.1) |
| US unemployment<sup>3</sup> | 3.5 | 3.8 | 4.2 | 5.9 | 7.5 |
| US HPI<sup>4</sup> | 30.1 | 24.4 | 3.5 | 1.1 | (4.0) |
| US federal funds rate | 2.8 | 3.3 | 4.2 | 5.3 | 5.3 |

---

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) (audited)**<sup>1</sup> | **Macroeconomic variables (5 year averages) (audited)**<sup>1</sup> | **Macroeconomic variables (5 year averages) (audited)**<sup>1</sup> | **Macroeconomic variables (5 year averages) (audited)**<sup>1</sup> | **Macroeconomic variables (5 year averages) (audited)**<sup>1</sup> | **Macroeconomic variables (5 year averages) (audited)**<sup>1</sup> |
|  | **Upside 2** | **Upside 1** | **Baseline** | **Downside 1** | **Downside 2** |
| **As at 31 December 2025** | **%** | **%** | **%** | **%** | **%** |
| UK GDP<sup>5</sup> | **2.7** | **2.0** | **1.4** | **0.9** | **0.3** |
| UK unemployment<sup>6</sup> | **4.1** | **4.5** | **4.8** | **5.5** | **6.2** |
| UK HPI<sup>7</sup> | **6.1** | **4.5** | **3.0** | **0.6** | **(2.0)** |
| UK bank rate | **2.9** | **3.2** | **3.6** | **2.7** | **1.7** |
| US GDP<sup>5</sup> | **2.7** | **2.4** | **2.0** | **1.1** | **0.1** |
| US unemployment<sup>6</sup> | **3.9** | **4.1** | **4.4** | **5.4** | **6.3** |
| US HPI<sup>7</sup> | **4.8** | **3.6** | **2.4** | **1.9** | **1.5** |
| US federal funds rate | **2.9** | **3.2** | **3.5** | **3.1** | **2.5** |
| **As at 31 December 2024** |  |  |  |  |  |
| UK GDP<sup>5</sup> | 2.6 | 2.0 | 1.4 | 0.9 | 0.5 |
| UK unemployment<sup>6</sup> | 3.7 | 4.0 | 4.4 | 5.3 | 6.1 |
| UK HPI<sup>7</sup> | 6.4 | 4.7 | 3.0 | 0.8 | (1.6) |
| UK bank rate | 3.5 | 3.9 | 4.2 | 3.3 | 2.4 |
| US GDP<sup>5</sup> | 2.9 | 2.5 | 2.2 | 1.7 | 1.2 |
| US unemployment<sup>6</sup> | 3.7 | 3.9 | 4.2 | 5.0 | 5.8 |
| US HPI<sup>7</sup> | 5.4 | 4.5 | 3.5 | 2.4 | 1.2 |
| US federal funds rate | 3.6 | 4.0 | 4.2 | 3.2 | 2.1 |

---

**Notes:**

1UK 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).

2Maximum 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.

3Lowest quarter in Upside scenarios; 5-year average in Baseline; highest quarter in Downside scenarios. Period based on 20 quarters from Q125 (2024: Q124).

4Maximum 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.

55-year yearly average CAGR, starting 2024 (2024: 2023).

65-year average, Period based on 20 quarters from Q125 (2024: Q124).

75-year quarter end CAGR, starting Q424 (2024: Q423).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 247 |
|  |  |  |  |  |  |  |  | 247 |

---

Risk performance - Credit risk (continued)

The graphs below plot the historical data for the quarterly, year on year GDP growth rate (Q v Q-4) and the quarterly unemployment rate in

the UK and US as well as the forecasted data under each of the five scenarios.

**UK GDP**<br>(%)<br>

![9270](bcs-20251231_g178.gif)

![](bcs-20251231_g179.gif)

**U1**

![](bcs-20251231_g180.gif)

**U2**

![](bcs-20251231_g181.gif)

![](bcs-20251231_g182.gif)

![](bcs-20251231_g183.gif)

**B**

**L**

![](bcs-20251231_g184.gif)

![](bcs-20251231_g185.gif)

**D1**

![](bcs-20251231_g186.gif)

![](bcs-20251231_g187.gif)

**D2**

![](bcs-20251231_g188.gif)

**US GDP**<br>(%)<br>

![9274](bcs-20251231_g189.gif)

**UK unemployment**<br>(%)<br>

![9278](bcs-20251231_g190.gif)

![](bcs-20251231_g187.gif)

**D2**

![](bcs-20251231_g185.gif)

**D1**

![](bcs-20251231_g191.gif)

![](bcs-20251231_g192.gif)

![](bcs-20251231_g183.gif)

**B**

**L**

![](bcs-20251231_g193.gif)

![](bcs-20251231_g194.gif)

![](bcs-20251231_g195.gif)

![](bcs-20251231_g180.gif)

**U2**

![](bcs-20251231_g179.gif)

**U1**

**US unemployment**<br>(%)<br>

![9282](bcs-20251231_g196.gif)

![](bcs-20251231_g187.gif)

**D2**

![](bcs-20251231_g180.gif)

**U2**

![](bcs-20251231_g179.gif)

**U1**

![](bcs-20251231_g183.gif)

**B**

**L**

![](bcs-20251231_g197.gif)

![](bcs-20251231_g198.gif)

![](bcs-20251231_g199.gif)

![](bcs-20251231_g200.gif)

![](bcs-20251231_g185.gif)

**D1**

![](bcs-20251231_g201.gif)

![](bcs-20251231_g185.gif)

**D1**

![](bcs-20251231_g202.gif)

![](bcs-20251231_g183.gif)

**B**

**L**

![](bcs-20251231_g203.gif)

![](bcs-20251231_g204.gif)

![](bcs-20251231_g187.gif)

**D2**

![](bcs-20251231_g205.gif)

![](bcs-20251231_g179.gif)

**U1**

![](bcs-20251231_g180.gif)

**U2**

![](bcs-20251231_g206.gif)

GDP growth based on year on year growth each quarter (Q/(Q-4)).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 248 |
|  |  |  |  |  |  |  |  | 248 |

---

Risk performance - Credit risk (continued)

**ECL sensitivity analysis (audited)**

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** |
| **As at 31 December 2025** | **Weighted**<sup>1</sup> | **Upside 2** | **Upside 1** | **Baseline** | **Downside 1** | **Downside 2** |
| **Stage 1 Model exposure (£m)** |  |  |  |  |  |  |
| Retail mortgages | **149004** | **151314** | **150144** | **148760** | **146786** | **144360** |
| Retail credit cards<sup>2</sup> | **61320** | **61096** | **61204** | **61325** | **61569** | **61724** |
| Retail other | **6260** | **6378** | **6326** | **6268** | **6106** | **5927** |
| Corporate loans<sup>2</sup> | **220292** | **222057** | **221337** | **220646** | **218634** | **213827** |
| **Stage 1 Model ECL (£m)** |  |  |  |  |  |  |
| Retail mortgages | **3** | **1** | **2** | **2** | **6** | **13** |
| Retail credit cards<sup>2</sup> | **561** | **523** | **541** | **561** | **599** | **637** |
| Retail other | **32** | **30** | **31** | **31** | **35** | **38** |
| Corporate loans<sup>2</sup> | **231** | **201** | **212** | **221** | **274** | **329** |
| **Stage 1 Coverage (%)** |  |  |  |  |  |  |
| Retail mortgages | **—** | **—** | **—** | **—** | **—** | **—** |
| Retail credit cards | **0.9** | **0.9** | **0.9** | **0.9** | **1.0** | **1.0** |
| Retail other | **0.5** | **0.5** | **0.5** | **0.5** | **0.6** | **0.6** |
| Corporate loans | **0.1** | **0.1** | **0.1** | **0.1** | **0.1** | **0.2** |
| **Stage 2 Model exposure (£m)** |  |  |  |  |  |  |
| Retail mortgages | **13586** | **11276** | **12446** | **13830** | **15804** | **18230** |
| Retail credit cards<sup>2</sup> | **5307** | **5133** | **5224** | **5301** | **5478** | **5759** |
| Retail other | **1164** | **1046** | **1098** | **1156** | **1318** | **1497** |
| Corporate loans<sup>2</sup> | **18172** | **16264** | **17037** | **17836** | **19979** | **24927** |
| **Stage 2 Model ECL (£m)** |  |  |  |  |  |  |
| Retail mortgages | **16** | **6** | **8** | **11** | **33** | **79** |
| Retail credit cards<sup>2</sup> | **1183** | **1099** | **1138** | **1175** | **1277** | **1415** |
| Retail other | **81** | **67** | **72** | **77** | **102** | **134** |
| Corporate loans<sup>2</sup> | **477** | **383** | **415** | **454** | **604** | **879** |
| **Stage 2 Coverage (%)** |  |  |  |  |  |  |
| Retail mortgages | **0.1** | **0.1** | **0.1** | **0.1** | **0.2** | **0.4** |
| Retail credit cards | **22.3** | **21.4** | **21.8** | **22.2** | **23.3** | **24.6** |
| Retail other | **7.0** | **6.4** | **6.6** | **6.7** | **7.7** | **9.0** |
| Corporate loans | **2.6** | **2.4** | **2.4** | **2.5** | **3.0** | **3.5** |
| **Stage 3 Model exposure (£m)**<sup>3</sup> |  |  |  |  |  |  |
| Retail mortgages | **1621** | **1621** | **1621** | **1621** | **1621** | **1621** |
| Retail credit cards<sup>2</sup> | **2158** | **2158** | **2158** | **2158** | **2158** | **2158** |
| Retail other | **128** | **128** | **128** | **128** | **128** | **128** |
| Corporate loans<sup>2</sup> | **3650** | **3650** | **3650** | **3650** | **3650** | **3650** |
| **Stage 3 Model ECL (£m)** |  |  |  |  |  |  |
| Retail mortgages | **43** | **32** | **35** | **38** | **59** | **98** |
| Retail credit cards<sup>2</sup> | **1592** | **1548** | **1573** | **1596** | **1632** | **1663** |
| Retail other | **79** | **76** | **77** | **77** | **80** | **87** |
| Corporate loans<sup>2,4</sup> | **60** | **57** | **57** | **59** | **64** | **71** |
| **Stage 3 Coverage (%)** |  |  |  |  |  |  |
| Retail mortgages | **2.7** | **2.0** | **2.2** | **2.3** | **3.6** | **6.0** |
| Retail credit cards | **73.8** | **71.7** | **72.9** | **74.0** | **75.6** | **77.1** |
| Retail other | **61.7** | **59.4** | **60.2** | **60.2** | **62.5** | **68.0** |
| Corporate loans<sup>4</sup> | **1.6** | **1.6** | **1.6** | **1.6** | **1.8** | **1.9** |
| **Total Model ECL (£m)** |  |  |  |  |  |  |
| Retail mortgages | **62** | **39** | **45** | **51** | **98** | **190** |
| Retail credit cards<sup>2</sup> | **3336** | **3170** | **3252** | **3332** | **3508** | **3715** |
| Retail other | **192** | **173** | **180** | **185** | **217** | **259** |
| Corporate loans<sup>2,4</sup> | **768** | **641** | **684** | **734** | **942** | **1279** |
| **Total Model ECL** | **4358** | **4023** | **4161** | **4302** | **4765** | **5443** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 249 |
|  |  |  |  |  |  |  |  | 249 |

---

Risk performance - Credit risk (continued)

---

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

---

**Notes:**

1Model 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.

2Model 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.

3Model 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.

4Material 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.

5ECL 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 weighting 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 £1,279

under the Downside 2 scenario, driven by a decrease in UK and US GDP.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 250 |
|  |  |  |  |  |  |  |  | 250 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Scenarios**<sup>1</sup> | **Scenarios**<sup>1</sup> | **Scenarios**<sup>1</sup> | **Scenarios**<sup>1</sup> | **Scenarios**<sup>1</sup> | **Scenarios**<sup>1</sup> |
| **As at 31 December 2024** | **Weighted**<sup>2</sup> | **Upside 2** | **Upside 1** | **Baseline** | **Downside 1** | **Downside 2** |
| **Stage 1 Model exposure (£m)** |  |  |  |  |  |  |
| Retail mortgages | 139086 | 140828 | 140079 | 139188 | 136671 | 134861 |
| Retail credit cards | 63937 | 63821 | 63859 | 63894 | 63980 | 63975 |
| Retail other | 7952 | 8074 | 8025 | 7968 | 7804 | 7614 |
| Corporate loans | 213905 | 216064 | 215215 | 214293 | 212007 | 207062 |
| **Stage 1 Model ECL (£m)** |  |  |  |  |  |  |
| Retail mortgages | 1 |  | 1 | 1 | 3 | 6 |
| Retail credit cards | 535 | 512 | 523 | 534 | 560 | 586 |
| Retail other | 34 | 32 | 32 | 33 | 36 | 40 |
| Corporate loans | 270 | 235 | 247 | 258 | 311 | 363 |
| **Stage 1 Coverage (%)** |  |  |  |  |  |  |
| Retail mortgages |  |  |  |  |  |  |
| Retail credit cards  | 0.8 | 0.8 | 0.8 | 0.8 | 0.9 | 0.9 |
| Retail other | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 |
| Corporate loans | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| **Stage 2 Model exposure (£m)** |  |  |  |  |  |  |
| Retail mortgages | 20401 | 18178 | 19072 | 20134 | 23359 | 26339 |
| Retail credit cards | 6904 | 6747 | 6817 | 6889 | 7052 | 7310 |
| Retail other | 1232 | 1110 | 1159 | 1215 | 1380 | 1570 |
| Corporate loans | 21197 | 18889 | 19793 | 20827 | 23238 | 28340 |
| **Stage 2 Model ECL (£m)** |  |  |  |  |  |  |
| Retail mortgages | 4 | 1 | 2 | 3 | 8 | 16 |
| Retail credit cards | 1473 | 1387 | 1422 | 1459 | 1567 | 1714 |
| Retail other | 81 | 68 | 72 | 77 | 101 | 134 |
| Corporate loans | 532 | 424 | 461 | 505 | 655 | 932 |
| **Stage 2 Coverage (%)** |  |  |  |  |  |  |
| Retail mortgages |  |  |  |  |  | 0.1 |
| Retail credit cards | 21.3 | 20.6 | 20.9 | 21.2 | 22.2 | 23.4 |
| Retail other | 6.6 | 6.1 | 6.2 | 6.3 | 7.3 | 8.5 |
| Corporate loans | 2.5 | 2.2 | 2.3 | 2.4 | 2.8 | 3.3 |
| **Stage 3 Model exposure (£m)**<sup>3</sup> |  |  |  |  |  |  |
| Retail mortgages | 1062 | 1062 | 1062 | 1062 | 1062 | 1062 |
| Retail credit cards | 2197 | 2197 | 2197 | 2197 | 2197 | 2197 |
| Retail other | 158 | 158 | 158 | 158 | 158 | 158 |
| Corporate loans | 4051 | 4051 | 4051 | 4051 | 4051 | 4051 |
| **Stage 3 Model ECL (£m)** |  |  |  |  |  |  |
| Retail mortgages | 19 | 12 | 14 | 17 | 29 | 41 |
| Retail credit cards | 1625 | 1585 | 1606 | 1627 | 1663 | 1695 |
| Retail other | 92 | 90 | 91 | 92 | 95 | 97 |
| Corporate loans<sup>4</sup> | 71 | 66 | 67 | 69 | 79 | 89 |
| **Stage 3 Coverage (%)** |  |  |  |  |  |  |
| Retail mortgages | 1.8 | 1.1 | 1.3 | 1.6 | 2.7 | 3.9 |
| Retail credit cards | 74.0 | 72.1 | 73.1 | 74.1 | 75.7 | 77.2 |
| Retail other | 58.2 | 57.0 | 57.6 | 58.2 | 60.1 | 61.4 |
| Corporate loans<sup>4</sup> | 1.8 | 1.6 | 1.7 | 1.7 | 2.0 | 2.2 |
| **Total Model ECL (£m)** |  |  |  |  |  |  |
| Retail mortgages | 24 | 13 | 17 | 21 | 40 | 63 |
| Retail credit cards | 3633 | 3484 | 3551 | 3620 | 3790 | 3995 |
| Retail other | 207 | 190 | 195 | 202 | 232 | 271 |
| Corporate loans<sup>4</sup> | 873 | 725 | 775 | 832 | 1045 | 1384 |
| **Total Model ECL** | 4737 | 4412 | 4538 | 4675 | 5107 | 5713 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 251 |
|  |  |  |  |  |  |  |  | 251 |

---

Risk performance - Credit risk (continued)

---

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

---

**Notes:**

1Model 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.

2Model 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.

3Model 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.

4Material 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.

5ECL 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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 252 |
|  |  |  |  |  |  |  |  | 252 |

---

Risk performance - Credit risk (continued)

**Analysis of the concentration of credit risk**

A concentration of credit risk exists when a number of counterparties are located in a common geographical region or are engaged in similar

activities and have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by

changes in economic or other conditions. The Group implements limits on concentrations in order to mitigate the risk.

The table below presents an industry credit risk concentration analysis of loans and advances at amortised cost net of impairment allowance

including breakdown by geographical location of the counterparty or customers, impairment stage, maturity and an indicator of inclusion in

carbon-related sectors. A further table is included with geography, impairment stage and maturity allocation of debt securities at amortised

cost, off- balance sheet commitments and financial guarantees and contingent liabilities at amortised cost.

Further detail on the Group policies with regard to managing concentration risk is presented in the Barclays PLC Pillar 3 Report 2025

(unaudited).

**Credit risk concentration by Industry for contractual maturity, staging and geography**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** |
| **Industry** | **Geography (audited)** | **Geography (audited)** | **Geography (audited)** | **Geography (audited)** | **Geography (audited)** | **Stage (audited)** | **Stage (audited)** | **Stage (audited)** | **Stage (audited)** | **Maturity** | **Maturity** | **Maturity** | **Maturity** | **Carbon** <br>**related** <br>**sectors**<sup>1</sup> |
| **Industry** | **United** <br>**Kingdom**<br>| **Americas** | **Europe** | **Others** | **Total** | **Stage 1** | **Stage 2** | **Stage 3**<sup>4</sup> | **Total** | **< 1 year** | **1-5** <br>**Years**<br>| **>5** <br>**years**<br>| **Total** | **Carbon** <br>**related** <br>**sectors**<sup>1</sup> |
| **As at 31 December** <br>**2025**<br>| **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |  |
| Agriculture, Food <br>and Forest Products<br>| **3153** | **—** | **74** | **—** | **3227** | **2649** | **412** | **166** | **3227** | **642** | **1239** | **1346** | **3227** | Yes |
| Mining and <br>Quarrying<br>| **689** | **358** | **221** | **8** | **1276** | **1233** | **36** | **7** | **1276** | **834** | **347** | **95** | **1276** | Yes |
| Manufacturing | **3841** | **1150** | **760** | **361** | **6112** | **4327** | **1574** | **211** | **6112** | **3068** | **2472** | **572** | **6112** | Yes |
| Government and <br>central bank<br>| **2538** | **—** | **118** | **478** | **3134** | **2979** | **37** | **118** | **3134** | **153** | **455** | **2526** | **3134** |  |
| Banks | **717** | **3435** | **1746** | **2740** | **8638** | **8638** | **—** | **—** | **8638** | **8591** | **46** | **1** | **8638** |  |
| Energy and water | **2219** | **1069** | **294** | **324** | **3906** | **3559** | **177** | **170** | **3906** | **866** | **1730** | **1310** | **3906** | Yes |
| Materials and <br>Building <br>| **20677** | **2414** | **398** | **365** | **23854** | **21356** | **2199** | **299** | **23854** | **4761** | **13251** | **5842** | **23854** | Yes |
| Wholesale and <br>retail distribution <br>and leisure<br>| **7846** | **675** | **251** | **509** | **9281** | **7492** | **1574** | **215** | **9281** | **3433** | **5083** | **765** | **9281** |  |
| Transport and <br>storage<br>| **928** | **344** | **205** | **125** | **1602** | **1377** | **112** | **113** | **1602** | **344** | **1070** | **188** | **1602** | Yes |
| Home Loans | **175327** | **118** | **832** | **1056** | **177333** | **161637** | **13813** | **1883** | **177333** | **1983** | **8912** | **166438** | **177333** | Yes |
| Business and other <br>services<br>| **13154** | **5614** | **4024** | **1354** | **24146** | **20677** | **2679** | **790** | **24146** | **7252** | **14640** | **2254** | **24146** |  |
| Other Financial <br>Institutions<br>| **6021** | **30761** | **8521** | **2845** | **48148** | **46359** | **1523** | **266** | **48148** | **15074** | **27033** | **6041** | **48148** |  |
| Cards, unsecured <br>loans and other <br>personal lending<br>| **27615** | **20939** | **1410** | **902** | **50866** | **45405** | **4820** | **641** | **50866** | **10508** | **20291** | **20067** | **50866** |  |
| **Total loans and** <br>**advances at** <br>**amortised cost**<br>| **264725** | **66877** | **18854** | **11067** | **361523** | **327688** | **28956** | **4879** | **361523** | **57509** | **96569** | **207445** | **361523** |  |
| Debt securities at <br>amortised cost³<br>| **28143** | **19395** | **17523** | **3414** | **68475** | **68113** | **362** | **—** | **68475** | **10664** | **31655** | **26156** | **68475** |  |
| **Total loans and** <br>**advances at** <br>**amortised cost** <br>**including debt** <br>**securities**<br>| **292868** | **86272** | **36377** | **14481** | **429998** | **395801** | **29318** | **4879** | **429998** | **68173** | **128224** | **233601** | **429998** |  |
| Contingent <br>liabilities<br>| 5521 | 12320 | 5084 | 1544 | **24469** | 22448 | 1905 | 116 | **24469** | 24469 |  |  | **24469** |  |
| Loan commitments | 118101 | 239886 | 35665 | 9662 | **403314** | 388045 | 14568 | 701 | **403314** | 403294 | 17 | 3 | **403314** |  |
| **Total off-balance** <br>**sheet²**<br>| **123622** | **252206** | **40749** | **11206** | **427783** | **410493** | **16473** | **817** | **427783** | **427763** | **17** | **3** | **427783** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 253 |
|  |  |  |  |  |  |  |  | 253 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** | **Loans and advances at amortised cost net of impairment allowance** |
| **Industry** | **Geography (audited)** | **Geography (audited)** | **Geography (audited)** | **Geography (audited)** | **Geography (audited)** | **Stage (audited)** | **Stage (audited)** | **Stage (audited)** | **Stage (audited)** | **Maturity** | **Maturity** | **Maturity** | **Maturity** | **Carbon** <br>**related** <br>**sectors¹** |
| **Industry** | **United** <br>**Kingdom**<br>| **Americas** | **Europe** | **Others** | **Total** | **Stage 1** | **Stage 2** | **Stage 3**<sup>4</sup> | **Total** | **< 1 year** | **1-5** <br>**Years**<br>| **>5 years** | **Total** | **Carbon** <br>**related** <br>**sectors¹** |
| **As at 31 December** <br>**2024**<br>| **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |  |
| Agriculture, Food <br>and Forest Products<br>| 3430 |  |  |  | **3430** | 2518 | 484 | 428 | **3430** | 769 | 1109 | 1552 | **3430** | Yes |
| Mining and <br>Quarrying<br>| 515 | 708 | 189 |  | **1412** | 1335 | 76 | 1 | **1412** | 346 | 1060 | 6 | **1412** | Yes |
| Manufacturing | 3578 | 1418 | 828 | 349 | **6173** | 4764 | 1237 | 172 | **6173** | 3151 | 2715 | 307 | **6173** | Yes |
| Government and <br>central bank<br>| 3373 |  | 2 | 342 | **3717** | 3674 | 43 |  | **3717** | 254 | 291 | 3172 | **3717** |  |
| Banks | 730 | 3573 | 1301 | 2721 | **8325** | 8323 | 2 |  | **8325** | 8166 | 159 |  | **8325** |  |
| Energy and water | 2109 | 401 | 203 | 287 | **3000** | 2537 | 206 | 257 | **3000** | 809 | 1300 | 891 | **3000** | Yes |
| Materials and <br>Building<br>| 18502 | 2816 | 399 | 220 | **21937** | 18987 | 2536 | 414 | **21937** | 4535 | 10944 | 6458 | **21937** | Yes |
| Wholesale and <br>retail distribution <br>and leisure<br>| 7934 | 831 | 294 | 616 | **9675** | 7850 | 1565 | 260 | **9675** | 3647 | 4943 | 1085 | **9675** |  |
| Transport and <br>storage<br>| 763 | 421 | 300 | 96 | **1580** | 1321 | 164 | 95 | **1580** | 480 | 925 | 175 | **1580** | Yes |
| Home Loans | 166181 | 113 | 899 | 868 | **168061** | 146652 | 19534 | 1875 | **168061** | 1674 | 9585 | 156802 | **168061** | Yes |
| Business and other <br>services<br>| 13266 | 5196 | 3646 | 1031 | **23139** | 19301 | 3049 | 789 | **23139** | 6510 | 13524 | 3105 | **23139** |  |
| Other Financial <br>Institutions<br>| 6772 | 30791 | 7121 | 2553 | **47237** | 45689 | 1474 | 74 | **47237** | 16552 | 24002 | 6683 | **47237** |  |
| Cards, unsecured <br>loans and other <br>personal lending<br>| 26745 | 20079 | 994 | 769 | **48587** | 42885 | 5032 | 670 | **48587** | 10505 | 19218 | 18864 | **48587** |  |
| **Total loans and** <br>**advances at** <br>**amortised cost**<br>| **253898** | **66347** | **16176** | **9852** | **346273** | **305836** | **35402** | **5035** | **346273** | **57398** | **89775** | **199100** | **346273** |  |
| Debt securities at <br>amortised cost³<br>| 25939 | 19721 | 15558 | 6992 | **68210** | 64976 | 3234 |  | **68210** | 7051 | 32631 | 28528 | **68210** |  |
| **Total loans and** <br>**advances at** <br>**amortised cost** <br>**including debt** <br>**securities**<br>| **279837** | **86068** | **31734** | **16844** | **414483** | **370812** | **38636** | **5035** | **414483** | **64449** | **122406** | **227628** | **414483** |  |
| Contingent <br>liabilities<br>| 5721 | 10742 | 5514 | 2381 | **24358** | 21028 | 2835 | 495 | **24358** | 24358 |  |  | **24358** |  |
| Loan commitments | 114458 | 243619 | 41361 | 8361 | **407799** | 391227 | 15893 | 679 | **407799** | 407731 | 68 |  | **407799** |  |
| **Total off-balance** <br>**sheet²**<br>| **120179** | **254361** | **46875** | **10742** | **432157** | **412255** | **18728** | **1174** | **432157** | **432089** | **68** | **—** | **432157** |  |

---

**Notes:**

1Refer to Carbon related assets table on page [215](#i5b9c779b305d420c8736b32876bc39c7_0-0-1-12-4390467) for more details on the "Exposures towards sectors that highly contribute to carbon related assets" under the

respective Industry sectors.

2The Off-balance sheet contingent liabilities and loan commitments excludes the fair value balance of £22,197m in 2025 (2024: £16,338m) and includes exposures

relating to financial assets classified as assets held for sale.

3Debt securities at amortised cost primarily includes £40,375m (2024: £39,699m) in Government and central bank, £25,064m (2024: £24,007m) in other financial

institutions, £414m (2024: £1,388m) in materials & building and £802m (2024: £1,249m) in Banks.

- For analysis of Debt securities by issuer, refer to "Analysis of Debt Securities" on page [267](#i1859d99854b748afafe745c23dd3499d_4001).

4Loans and advances stage 3 includes POCI assets of £39m (2024: £57m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 254 |
|  |  |  |  |  |  |  |  | 254 |

---

Risk performance - Credit risk (continued)

**The approach to management and representation of credit quality**

**Asset credit quality**

The credit quality distribution is based on the IFRS 912-month probability of default (PD) at the reporting date to ensure comparability with

other ECL disclosures in the Expected Credit Losses section.

The following internal measures are used to determine credit quality for loans:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PD Range %** | **Internal Default** <br>**Grade Band** | **Default Probability** | **Default Probability** | **Default Probability** | **Credit Quality** <br>**description** | **Moody's** | **Standard and** <br>**Poor's** |
| **PD Range %** | **Internal Default** <br>**Grade Band** | **>Min** | **Mid** | **<=Max** | **Credit Quality** <br>**description** | **Moody's** | **Standard and** <br>**Poor's** |
| 0.00 to < 0.15 | **1** | **0.00%** | **0.01%** | **0.02%** | **Strong** | **Aaa, Aa1, Aa2** | **AAA, AA+,** <br>**AA, AA-**<br>|
| 0.00 to < 0.15 | **2** | **0.02%** | **0.03%** | **0.03%** | **Strong** | **Aa3** | **AA-** |
| 0.00 to < 0.15 | **3** | **0.03%** | **0.04%** | **0.05%** | **Strong** | **A1, A2, A3** | **A+, A** |
| 0.00 to < 0.15 | **4** | **0.05%** | **0.08%** | **0.10%** | **Strong** | **A1, A2, A3** | **A-** |
| 0.00 to < 0.15 | **5** | **0.10%** | **0.13%** | **0.15%** | **Strong** | **Baa1** | **BBB+** |
| 0.15 to < 0.25 | **6** | **0.15%** | **0.18%** | **0.20%** | **Strong** | **Baa2** | **BBB** |
| 0.15 to < 0.25 | **7** | **0.20%** | **0.23%** | **0.25%** | **Strong** | **Baa2** | **BBB-** |
| 0.25 to < 0.50 | **8** | **0.25%** | **0.28%** | **0.30%** | **Strong** | **Baa3** | **BBB-** |
| 0.25 to < 0.50 | **9** | **0.30%** | **0.35%** | **0.40%** | **Strong** | **Baa3** | **BB+** |
| 0.25 to < 0.50 | **10** | **0.40%** | **0.45%** | **0.50%** | **Strong** | **Ba1** | **BB+** |
| 0.50 to < 0.75 | **11** | **0.50%** | **0.55%** | **0.60%** | **Strong** | **Ba1** | **BB** |
| 0.50 to < 0.75 | **12** | **0.60%** | **0.68%** | **0.75%** | **Satisfactory** | **Ba2** | **BB** |
| 0.75 to < 2.50 | **12** | **0.75%** | **0.98%** | **1.20%** | **Satisfactory** | **Ba2, Ba3** | **BB, BB-** |
| 0.75 to < 2.50 | **13** | **1.20%** | **1.38%** | **1.55%** | **Satisfactory** | **Ba3** | **BB-** |
| 0.75 to < 2.50 | **14** | **1.55%** | **1.85%** | **2.15%** | **Satisfactory** | **B1** | **B+** |
| 0.75 to < 2.50 | **15** | **2.15%** | **2.33%** | **2.50%** | **Satisfactory** | **B1, B2** | **B+** |
| 2.50 to < 10.00 | **15** | **2.50%** | **2.78%** | **3.05%** | **Satisfactory** | **B1, B2** | **B+** |
| 2.50 to < 10.00 | **16** | **3.05%** | **3.75%** | **4.45%** | **Satisfactory** | **B2** | **B** |
| 2.50 to < 10.00 | **17** | **4.45%** | **5.40%** | **6.35%** | **Satisfactory** | **B3** | **B** |
| 2.50 to < 10.00 | **18** | **6.35%** | **7.50%** | **8.65%** | **Satisfactory** | **B3, Caa1** | **B-** |
| 2.50 to < 10.00 | **19** | **8.65%** | **9.33%** | **10.00%** | **Satisfactory** | **Caa2** | **B-** |
| 10.00 to < 100.00 | **19** | **10.00%** | **10.68%** | **11.35%** | **Satisfactory** | **Caa2** | **B-** |
| 10.00 to < 100.00 | **20** | **11.35%** | **15.00%** | **18.65%** | **Higher Risk**  | **Caa2** | **CCC+** |
| 10.00 to < 100.00 | **21** | **18.65%** | **30.00%** | **99.99%** | **Higher Risk**  | **Caa3, Ca, C** | **CCC, CCC-,** <br>**CC, C**<br>|
| 100.00 (Default) | **22** | **100%** | **100%** | **100%** | **Credit** <br>**Impaired** | **D** | **D** |
| 100.00 (Default) | **22** | **100%** | **100%** | **100%** | **Credit** <br>**Impaired** | **D** | **D** |

---

For retail clients, a range of analytical tools is used to derive the probability of default of clients at inception and on an ongoing basis.

For loans that are not past due, these descriptions can be summarised as follows:

**Strong:** there is a very high likelihood of the asset being recovered in full.

**Satisfactory:** while there is a high likelihood that the asset will be recovered and therefore, of no cause for concern to the Group, the asset

may not be collateralised, or may relate to unsecured retail facilities. At the lower end of this grade there are customers that are being more

carefully monitored, for example, corporate customers which are indicating some evidence of deterioration, home loans with a high loan to

value, and unsecured retail loans operating outside normal product guidelines.

**Higher risk:** there is concern over the obligor's ability to make payments when due. However, these have not yet converted to actual

delinquency. There may also be doubts over the value of collateral or security provided. However, the borrower or counterparty is continuing

to make payments when due and is expected to settle all outstanding amounts of principal and interest.

Loans that are past due are monitored closely, with impairment allowances raised as appropriate and in line with the Group's impairment

policies. These loans are all considered higher risk for the purpose of this analysis of credit quality.

**Debt securities**

For assets held at fair value, the carrying value on the balance sheet will include, among other things, the credit risk of the issuer. Most listed

and some unlisted securities are rated by external rating agencies. The Group mainly uses external credit ratings provided by Standard &

Poor's, Fitch or Moody's. Where such ratings are not available or are not current, the Group will use its own internal ratings for the

securities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 255 |
|  |  |  |  |  |  |  |  | 255 |

---

Risk performance - Credit risk (continued)

**Balance sheet credit quality**

The following tables present the credit quality of the Group's assets exposed to credit risk.

**Overview**

As at 31 December 2025, the ratio of the Group's on-balance sheet assets classified as strong (0.0 to <0.60%) remained stable at 87%

(2024: 86%) of total assets exposed to credit risk. Further analysis of debt securities by issuer and issuer type and netting and collateral

arrangements on derivative financial instruments is presented in the Analysis of debt securities section and Analysis of derivatives section.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance sheet credit quality (audited)** | **Balance sheet credit quality (audited)** | **Balance sheet credit quality (audited)** | **Balance sheet credit quality (audited)** |  |  |  |  |  |
|  | **PD Range** | **PD Range** | **PD Range** | **Total** | **PD range** | **PD range** | **PD range** | **Total** |
|  | **0.0 to** <br>**<0.60%**<br>| **0.60 to** <br>**<11.35%**<br>| **11.35 to** <br>**100%**<br>| **Total** | **0.0 to** <br>**<0.60%**<br>| **0.60 to** <br>**<11.35%**<br>| **11.35 to** <br>**100%**<br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **%** | **%** | **%** | **%** |
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |
| **Cash and balances at central banks** | **229752** | **—** | **—** | **229752** | **100** | **—** | **—** | **100** |
| **Cash collateral and settlement balances** | **117555** | **12970** | **7** | **130532** | **90** | **10** | **—** | **100** |
| **Loans and advances at amortised cost:** |  |  |  |  |  |  |  |  |
| Retail mortgages | **167674** | **6805** | **2854** | **177333** | **94** | **4** | **2** | **100** |
| Retail credit cards | **12288** | **22612** | **2052** | **36952** | **33** | **61** | **6** | **100** |
| Retail other | **7928** | **5601** | **385** | **13914** | **57** | **40** | **3** | **100** |
| Corporate loans  | **100457** | **28503** | **4364** | **133324** | **76** | **21** | **3** | **100** |
| **Total loans and advances at amortised cost** | **288347** | **63521** | **9655** | **361523** | **80** | **17** | **3** | **100** |
| **Debt securities at amortised cost** | **67920** | **495** | **60** | **68475** | **99** | **1** | **—** | **100** |
| **Reverse repurchase agreements and other** <br>**similar secured lending**<br>| **15672** | **1950** | **—** | **17622** | **89** | **11** | **—** | **100** |
| **Trading portfolio assets:** |  |  |  |  |  |  |  |  |
| Debt securities | **79724** | **14144** | **491** | **94359** | **84** | **15** | **1** | **100** |
| Traded loans | **5339** | **5241** | **1669** | **12249** | **43** | **43** | **14** | **100** |
| **Total trading portfolio assets** | **85063** | **19385** | **2160** | **106608** | **80** | **18** | **2** | **100** |
| **Financial assets at fair value through the income** <br>**statement:**<br>|  |  |  |  |  |  |  |  |
| Loans and advances | **27093** | **20037** | **542** | **47672** | **57** | **42** | **1** | **100** |
| Debt securities | **2030** | **930** | **254** | **3214** | **63** | **29** | **8** | **100** |
| Reverse repurchase agreements | **96857** | **35131** | **500** | **132488** | **73** | **27** | **—** | **100** |
| Other financial assets | **64** | **19** | **—** | **83** | **77** | **23** | **—** | **100** |
| **Total financial assets at fair value through the** <br>**income statement**<br>| **126044** | **56117** | **1296** | **183457** | **68** | **31** | **1** | **100** |
| **Derivative financial instruments** | **237405** | **14617** | **437** | **252459** | **94** | **6** | **—** | **100** |
| **Financial assets at fair value through other** <br>**comprehensive income**<br>| **74328** | **62** | **—** | **74390** | **100** | **—** | **—** | **100** |
| **Other assets** | **780** | **65** | **2** | **847** | **92** | **8** | **—** | **100** |
| **Assets held for sale** | **2461** | **3130** | **210** | **5801** | **42** | **54** | **4** | **100** |
| **Total on-balance sheet** | **1245327** | **172312** | **13827** | **1431466** | **87** | **12** | **1** | **100** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 256 |
|  |  |  |  |  |  |  |  | 256 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance sheet credit quality (audited)** | **Balance sheet credit quality (audited)** | **Balance sheet credit quality (audited)** | **Balance sheet credit quality (audited)** |  |  |  |  |  |
|  | **PD Range** | **PD Range** | **PD Range** | **Total** | **PD range** | **PD range** | **PD range** | **Total** |
|  | **0.0 to** <br>**<0.60%**<br>| **0.60 to** <br>**<11.35%**<br>| **11.35 to** <br>**100%**<br>| **Total** | **0.0 to** <br>**<0.60%**<br>| **0.60 to** <br>**<11.35%**<br>| **11.35 to** <br>**100%**<br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **%** | **%** | **%** | **%** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |
| **Cash and balances at central banks** | 210184 |  |  | 210184 | 100 |  |  | 100 |
| **Cash collateral and settlement balances** | 104446 | 15371 | 26 | 119843 | 87 | 13 |  | 100 |
| **Loans and advances at amortised cost:** |  |  |  |  |  |  |  |  |
| Retail mortgages | 160441 | 5332 | 2288 | 168061 | 96 | 3 | 1 | 100 |
| Retail credit cards | 11157 | 21779 | 1843 | 34779 | 32 | 63 | 5 | 100 |
| Retail other | 6014 | 7390 | 404 | 13808 | 44 | 53 | 3 | 100 |
| Corporate loans  | 95560 | 29303 | 4762 | 129625 | 73 | 23 | 4 | 100 |
| **Total loans and advances at amortised cost** | 273172 | 63804 | 9297 | 346273 | 79 | 18 | 3 | 100 |
| **Debt securities at amortised cost** | 67645 | 565 |  | 68210 | 99 | 1 |  | 100 |
| **Reverse repurchase agreements and** <br>**other similar secured lending**<br>| 2966 | 1768 |  | 4734 | 63 | 37 |  | 100 |
| **Trading portfolio assets:** |  |  |  |  |  |  |  |  |
| Debt securities | 65994 | 11478 | 542 | 78014 | 84 | 15 | 1 | 100 |
| Traded loans | 2543 | 7442 | 3485 | 13470 | 19 | 55 | 26 | 100 |
| **Total trading portfolio assets** | 68537 | 18920 | 4027 | 91484 | 75 | 21 | 4 | 100 |
| **Financial assets at fair value through the income** <br>**statement:**<br>|  |  |  |  |  |  |  |  |
| Loans and advances | 25051 | 19444 | 573 | 45068 | 56 | 43 | 1 | 100 |
| Debt securities | 1756 | 1156 | 53 | 2965 | 59 | 39 | 2 | 100 |
| Reverse repurchase agreements | 103571 | 37565 | 637 | 141773 | 74 | 26 |  | 100 |
| Other financial assets | 88 | 22 |  | 110 | 80 | 20 |  | 100 |
| **Total financial assets at fair value through** <br>**the income statement**<br>| 130466 | 58187 | 1263 | 189916 | 68 | 31 | 1 | 100 |
| **Derivative financial instruments** | 275232 | 18104 | 194 | 293530 | 94 | 6 |  | 100 |
| **Financial assets at fair value through** <br>**other comprehensive income**<br>| 78005 | 50 |  | 78055 | 100 |  |  | 100 |
| **Other assets** | 815 | 69 | 7 | 891 | 91 | 8 | 1 | 100 |
| **Assets held for sale** | 1178 | 8235 | 131 | 9544 | 12 | 87 | 1 | 100 |
| **Total on-balance sheet** | 1212646 | 185073 | 14945 | 1412664 | 86 | 13 | 1 | 100 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 257 |
|  |  |  |  |  |  |  |  | 257 |

---

Risk performance - Credit risk (continued)

**Credit exposures by internal PD grade**

The below tables represent credit risk profiles by PD grade for loans and advances at amortised cost, contingent liabilities and loan

commitments.

Stage 1 higher risk assets, presented gross of associated collateral held, are of weaker credit quality but have not significantly deteriorated

since origination.

IFRS 9 Stage 1 and Stage 2 classification is not dependent solely on the absolute probability of default but on elements that determine a

significant increase in credit risk, including relative movement in probability of default since initial recognition. There is therefore no direct

relationship between credit quality and IFRS 9 stage classification.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **11602** | **68** | **—** | **—** | **11670** | **—** | **—** | **—** | **—** | **—** | **11670** | **—** |
| 4 - 5 | 0.05 to <0.15% | Strong | **91122** | **2291** | **—** | **—** | **93413** | **2** | **1** | **—** | **—** | **3** | **93410** | **—** |
| 6 - 8 | 0.15 to <0.30% | Strong | **39834** | **2907** | **—** | **—** | **42741** | **5** | **2** | **—** | **—** | **7** | **42734** | **—** |
| 9 - 11 | 0.30 to <0.60% | Strong | **17191** | **2681** | **—** | **—** | **19872** | **10** | **2** | **—** | **—** | **12** | **19860** | **0.1** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **1548** | **2704** | **—** | **—** | **4252** | **—** | **4** | **—** | **—** | **4** | **4248** | **0.1** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **296** | **2265** | **—** | **—** | **2561** | **—** | **4** | **—** | **—** | **4** | **2557** | **0.2** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **61** | **913** | **—** | **—** | **974** | **—** | **3** | **—** | **—** | **3** | **971** | **0.3** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **1967** | **—** | **1967** | **—** | **—** | **84** | **—** | **84** | **1883** | **4.3** |
| **Total** |  |  | **161654** | **13829** | **1967** | **—** | **177450** | **17** | **16** | **84** | **—** | **117** | **177333** | **0.1** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **1749** | **38** | **—** | **—** | **1787** | **40** | **23** | **—** | **—** | **63** | **1724** | **3.5** |
| 4 - 5 | 0.05 to <0.15% | Strong | **2360** | **5** | **—** | **—** | **2365** | **3** | **—** | **—** | **—** | **3** | **2362** | **0.1** |
| 6 - 8 | 0.15 to <0.30% | Strong | **3082** | **5** | **—** | **—** | **3087** | **7** | **—** | **—** | **—** | **7** | **3080** | **0.2** |
| 9 - 11 | 0.30 to <0.60% | Strong | **5132** | **12** | **—** | **—** | **5144** | **22** | **—** | **—** | **—** | **22** | **5122** | **0.4** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **11536** | **125** | **—** | **—** | **11661** | **127** | **8** | **—** | **—** | **135** | **11526** | **1.2** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **9431** | **2344** | **—** | **—** | **11775** | **321** | **368** | **—** | **—** | **689** | **11086** | **5.9** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **433** | **1950** | **—** | **—** | **2383** | **46** | **795** | **—** | **—** | **841** | **1542** | **35.3** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **2055** | **24** | **2079** | **—** | **—** | **1569** | **—** | **1569** | **510** | **75.5** |
| **Total** |  |  | **33723** | **4479** | **2055** | **24** | **40281** | **566** | **1194** | **1569** | **—** | **3329** | **36952** | **8.3** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **46** | **1** | **—** | **—** | **47** | **—** | **—** | **—** | **—** | **—** | **47** | **—** |
| 4 - 5 | 0.05 to <0.15% | Strong | **454** | **6** | **—** | **—** | **460** | **1** | **—** | **—** | **—** | **1** | **459** | **0.2** |
| 6 - 8 | 0.15 to <0.30% | Strong | **889** | **12** | **—** | **—** | **901** | **2** | **—** | **—** | **—** | **2** | **899** | **0.2** |
| 9 - 11 | 0.30 to <0.60% | Strong | **6491** | **63** | **—** | **—** | **6554** | **28** | **3** | **—** | **—** | **31** | **6523** | **0.5** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **2894** | **266** | **—** | **—** | **3160** | **23** | **11** | **—** | **—** | **34** | **3126** | **1.1** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **1515** | **1066** | **—** | **—** | **2581** | **39** | **67** | **—** | **—** | **106** | **2475** | **4.1** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **60** | **304** | **—** | **—** | **364** | **8** | **102** | **—** | **—** | **110** | **254** | **30.2** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **349** | **15** | **364** | **—** | **—** | **233** | **—** | **233** | **131** | **64.0** |
| **Total** |  |  | **12349** | **1718** | **349** | **15** | **14431** | **101** | **183** | **233** | **—** | **517** | **13914** | **3.6** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 258 |
|  |  |  |  |  |  |  |  | 258 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **41676** | **405** | **—** | **—** | **42081** | **6** | **6** | **—** | **—** | **12** | **42069** | **—** |
| 4 - 5 | 0.05 to <0.15% | Strong | **25812** | **40** | **—** | **—** | **25852** | **8** | **—** | **—** | **—** | **8** | **25844** | **—** |
| 6 - 8 | 0.15 to <0.30% | Strong | **14313** | **577** | **—** | **—** | **14890** | **12** | **22** | **—** | **—** | **34** | **14856** | **0.2** |
| 9 - 11 | 0.30 to <0.60% | Strong | **17115** | **612** | **—** | **—** | **17727** | **33** | **3** | **—** | **—** | **36** | **17691** | **0.2** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **17605** | **3447** | **—** | **—** | **21052** | **85** | **50** | **—** | **—** | **135** | **20917** | **0.6** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **4140** | **3603** | **—** | **—** | **7743** | **57** | **100** | **—** | **—** | **157** | **7586** | **2.0** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **192** | **1954** | **—** | **—** | **2146** | **6** | **134** | **—** | **—** | **140** | **2006** | **6.5** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **3159** | **—** | **3159** | **—** | **—** | **804** | **—** | **804** | **2355** | **25.5** |
| **Total** |  |  | **120853** | **10638** | **3159** | **—** | **134650** | **207** | **315** | **804** | **—** | **1326** | **133324** | **1.0** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **55073** | **512** | **—** | **—** | **55585** | **46** | **29** | **—** | **—** | **75** | **55510** | **0.1** |
| 4 - 5 | 0.05 to <0.15% | Strong | **119748** | **2342** | **—** | **—** | **122090** | **14** | **1** | **—** | **—** | **15** | **122075** | **—** |
| 6 - 8 | 0.15 to <0.30% | Strong | **58118** | **3501** | **—** | **—** | **61619** | **26** | **24** | **—** | **—** | **50** | **61569** | **0.1** |
| 9 - 11 | 0.30 to <0.60% | Strong | **45929** | **3368** | **—** | **—** | **49297** | **93** | **8** | **—** | **—** | **101** | **49196** | **0.2** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **33583** | **6542** | **—** | **—** | **40125** | **235** | **73** | **—** | **—** | **308** | **39817** | **0.8** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **15382** | **9278** | **—** | **—** | **24660** | **417** | **539** | **—** | **—** | **956** | **23704** | **3.9** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **746** | **5121** | **—** | **—** | **5867** | **60** | **1034** | **—** | **—** | **1094** | **4773** | **18.6** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **7530** | **39** | **7569** | **—** | **—** | **2690** | **—** | **2690** | **4879** | **35.5** |
| **Total** |  |  | **328579** | **30664** | **7530** | **39** | **366812** | **891** | **1708** | **2690** | **—** | **5289** | **361523** | **1.4** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** | **Credit risk profile by internal PD grade for retail mortgages (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | 26799 | 649 |  |  | 27448 | 1 |  |  |  | 1 | 27447 |  |
| 4 - 5 | 0.05 to <0.15% | Strong | 90420 | 6864 |  |  | 97284 | 16 | 3 |  |  | 19 | 97265 |  |
| 6 - 8 | 0.15 to <0.30% | Strong | 18574 | 4417 |  |  | 22991 | 8 | 6 |  |  | 14 | 22977 | 0.1 |
| 9 - 11 | 0.30 to <0.60% | Strong | 9829 | 2945 |  |  | 12774 | 12 | 10 |  |  | 22 | 12752 | 0.2 |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 863 | 2741 |  |  | 3604 | 1 | 19 |  |  | 20 | 3584 | 0.6 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | 83 | 1681 |  |  | 1764 |  | 16 |  |  | 16 | 1748 | 0.9 |
| 20 - 21 | 11.35 to <100% | Higher Risk | 122 | 299 |  |  | 421 |  | 8 |  |  | 8 | 413 | 1.9 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 1962 |  | 1962 |  |  | 87 |  | 87 | 1875 | 4.4 |
| **Total** |  |  | **146690** | **19596** | **1962** | **—** | **168248** | **38** | **62** | **87** | **—** | **187** | **168061** | 0.1 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 259 |
|  |  |  |  |  |  |  |  | 259 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for retail credit cards**<sup>3</sup> **(audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | 119 |  |  |  | 119 |  |  |  |  |  | 119 |  |
| 4 - 5 | 0.05 to <0.15% | Strong | 1706 | 4 |  |  | 1710 | 2 |  |  |  | 2 | 1708 | 0.1 |
| 6 - 8 | 0.15 to <0.30% | Strong | 3592 | 5 |  |  | 3597 | 9 |  |  |  | 9 | 3588 | 0.3 |
| 9 - 11 | 0.30 to <0.60% | Strong | 5758 | 10 |  |  | 5768 | 26 |  |  |  | 26 | 5742 | 0.5 |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 10298 | 171 |  |  | 10469 | 179 | 12 |  |  | 191 | 10278 | 1.8 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | 9330 | 2907 |  |  | 12237 | 290 | 446 |  |  | 736 | 11501 | 6.0 |
| 20 - 21 | 11.35 to <100% | Higher Risk | 323 | 1920 |  |  | 2243 | 47 | 789 |  |  | 836 | 1407 | 37.3 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 1903 | 40 | 1943 |  |  | 1507 |  | 1507 | 436 | 77.6 |
| **Total** |  |  | **31126** | **5017** | **1903** | **40** | **38086** | **553** | **1247** | **1507** | **—** | **3307** | **34779** | **8.7** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** | **Credit risk profile by internal PD grade for retail other (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | 76 | 1 |  |  | 77 | 1 |  |  |  | 1 | 76 | 1.3 |
| 4 - 5 | 0.05 to <0.15% | Strong | 575 | 5 |  |  | 580 | 2 |  |  |  | 2 | 578 | 0.3 |
| 6 - 8 | 0.15 to <0.30% | Strong | 774 | 6 |  |  | 780 | 4 |  |  |  | 4 | 776 | 0.5 |
| 9 - 11 | 0.30 to <0.60% | Strong | 4539 | 59 |  |  | 4598 | 11 | 3 |  |  | 14 | 4584 | 0.3 |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 5762 | 239 |  |  | 6001 | 82 | 10 |  |  | 92 | 5909 | 1.5 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | 656 | 887 |  |  | 1543 | 21 | 41 |  |  | 62 | 1481 | 4.0 |
| 20 - 21 | 11.35 to <100% | Higher Risk | 68 | 176 |  |  | 244 | 17 | 57 |  |  | 74 | 170 | 30.3 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 378 | 17 | 395 |  |  | 161 |  | 161 | 234 | 40.8 |
| **Total** |  |  | 12450 | 1373 | 378 | 17 | 14218 | 138 | 111 | 161 |  | 410 | 13808 | 2.9 |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for corporate loans**<sup>3</sup> **(audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | 41412 | 228 | 3 |  | 41643 | 6 | 1 | 2 |  | 9 | 41634 |  |
| 4 - 5 | 0.05 to <0.15% | Strong | 24082 | 145 |  |  | 24227 | 10 |  |  |  | 10 | 24217 |  |
| 6 - 8 | 0.15 to <0.30% | Strong | 11933 | 575 |  |  | 12508 | 9 | 2 |  |  | 11 | 12497 | 0.1 |
| 9 - 11 | 0.30 to <0.60% | Strong | 16861 | 377 |  |  | 17238 | 23 | 3 |  |  | 26 | 17212 | 0.2 |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 16673 | 3766 |  |  | 20439 | 79 | 44 |  |  | 123 | 20316 | 0.6 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | 5331 | 3857 |  |  | 9188 | 73 | 128 |  |  | 201 | 8987 | 2.2 |
| 20 - 21 | 11.35 to <100% | Higher Risk | 216 | 2219 |  |  | 2435 | 9 | 153 |  |  | 162 | 2273 | 6.7 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 3113 |  | 3113 |  |  | 624 |  | 624 | 2489 | 20.0 |
| **Total** |  |  | 116508 | 11167 | 3116 |  | 130791 | 209 | 331 | 626 |  | 1166 | 129625 | 0.9 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 260 |
|  |  |  |  |  |  |  |  | 260 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** | **Credit risk profile by internal PD grade for loans and advances at amortised cost**<sup>3</sup> **(audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | 68406 | 878 | 3 |  | 69287 | 8 | 1 | 2 |  | 11 | 69276 |  |
| 4 - 5 | 0.05 to <0.15% | Strong | 116783 | 7018 |  |  | 123801 | 30 | 3 |  |  | 33 | 123768 |  |
| 6 - 8 | 0.15 to <0.30% | Strong | 34873 | 5003 |  |  | 39876 | 30 | 8 |  |  | 38 | 39838 | 0.1 |
| 9 - 11 | 0.30 to <0.60% | Strong | 36987 | 3391 |  |  | 40378 | 72 | 16 |  |  | 88 | 40290 | 0.2 |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 33596 | 6917 |  |  | 40513 | 341 | 85 |  |  | 426 | 40087 | 1.1 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | 15400 | 9332 |  |  | 24732 | 384 | 631 |  |  | 1015 | 23717 | 4.1 |
| 20 - 21 | 11.35 to <100% | Higher Risk | 729 | 4614 |  |  | 5343 | 73 | 1007 |  |  | 1080 | 4263 | 20.2 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 7356 | 57 | 7413 |  |  | 2379 |  | 2379 | 5034 | **32.1** |
| **Total** |  |  | 306774 | 37153 | 7359 | 57 | 351343 | 938 | 1751 | 2381 |  | 5070 | 346273 | 1.4 |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1-3 | 0.0 to <0.05% | Strong | **8837** | **—** | **—** | **—** | **8837** | **1** | **—** | **—** | **—** | **1** | **8836** | **—** |
| 4-5 | 0.05 to <0.15% | Strong | **3920** | **178** | **—** | **—** | **4098** | **2** | **—** | **—** | **—** | **2** | **4096** | **—** |
| 6-8 | 0.15 to <0.30% | Strong | **3645** | **5** | **—** | **—** | **3650** | **2** | **—** | **—** | **—** | **2** | **3648** | **0.1** |
| 9-11 | 0.30 to <0.60% | Strong | **2025** | **92** | **—** | **—** | **2117** | **3** | **—** | **—** | **—** | **3** | **2114** | **0.1** |
| 12-14 | 0.60 to <2.15% | Satisfactory | **2773** | **230** | **—** | **—** | **3003** | **12** | **3** | **—** | **—** | **15** | **2988** | **0.5** |
| 15-19 | 2.15 to <11.35% | Satisfactory | **1163** | **691** | **—** | **—** | **1854** | **15** | **16** | **—** | **—** | **31** | **1823** | **1.7** |
| 20-21 | 11.35 to <100% | Higher Risk | **85** | **709** | **—** | **—** | **794** | **1** | **84** | **—** | **—** | **85** | **709** | **10.7** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **116** | **—** | **116** | **—** | **—** | **23** | **—** | **23** | **93** | **19.8** |
| **Total** |  |  | **22448** | **1905** | **116** | **—** | **24469** | **36** | **103** | **23** | **—** | **162** | **24307** | **0.7** |
| **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** | **Credit risk profile by internal PD grade for contingent liabilities**<sup>1</sup> **(audited)** |
|  |  |  | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1-3 | 0.0 to <0.05% | Strong | 8132 | 310 |  |  | 8442 | 1 | 1 |  |  | 2 | 8440 |  |
| 4-5 | 0.05 to <0.15% | Strong | 4934 |  |  |  | 4934 | 2 |  |  |  | 2 | 4932 |  |
| 6-8 | 0.15 to <0.30% | Strong | 2717 | 391 |  |  | 3108 | 2 |  |  |  | 2 | 3106 | 0.1 |
| 9-11 | 0.30 to <0.60% | Strong | 2177 | 119 |  |  | 2296 | 4 |  |  |  | 4 | 2292 | 0.2 |
| 12-14 | 0.60 to <2.15% | Satisfactory | 2309 | 563 |  |  | 2872 | 12 | 7 |  |  | 19 | 2853 | 0.7 |
| 15-19 | 2.15 to <11.35% | Satisfactory | 730 | 937 |  |  | 1667 | 22 | 36 |  |  | 58 | 1609 | 3.5 |
| 20-21 | 11.35 to <100% | Higher Risk | 29 | 515 |  |  | 544 |  | 82 |  |  | 82 | 462 | 15.1 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 495 |  | 495 |  |  | 16 |  | 16 | 479 | 3.2 |
| **Total** |  |  | 21028 | 2835 | 495 |  | 24358 | 43 | 126 | 16 |  | 185 | 24173 | **0.8** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 261 |
|  |  |  |  |  |  |  |  | 261 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1-3 | 0.0 to <0.05% | Strong | **99493** | **254** | **—** | **—** | **99747** | **4** | **—** | **—** | **—** | **4** | **99743** | **—** |
| 4-5 | 0.05 to <0.15% | Strong | **91508** | **890** | **—** | **—** | **92398** | **7** | **—** | **—** | **—** | **7** | **92391** | **—** |
| 6-8 | 0.15 to <0.30% | Strong | **59653** | **768** | **—** | **—** | **60421** | **6** | **1** | **—** | **—** | **7** | **60414** | **—** |
| 9-11 | 0.30 to <0.60% | Strong | **70160** | **696** | **—** | **—** | **70856** | **8** | **—** | **—** | **—** | **8** | **70848** | **—** |
| 12-14 | 0.60 to <2.15% | Satisfactory | **52220** | **2994** | **—** | **—** | **55214** | **38** | **28** | **—** | **—** | **66** | **55148** | **0.1** |
| 15-19 | 2.15 to <11.35% | Satisfactory | **14387** | **5332** | **—** | **—** | **19719** | **40** | **42** | **—** | **—** | **82** | **19637** | **0.4** |
| 20-21 | 11.35 to <100% | Higher Risk | **624** | **3634** | **—** | **—** | **4258** | **5** | **66** | **—** | **—** | **71** | **4187** | **1.7** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **696** | **5** | **701** | **—** | **—** | **9** | **—** | **9** | **692** | **1.3** |
| **Total** |  |  | **388045** | **14568** | **696** | **5** | **403314** | **108** | **137** | **9** | **—** | **254** | **403060** | **0.1** |
| **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** | **Credit risk profile by internal PD grade for loan commitments**<sup>1'2</sup> **(audited)** |
|  |  |  | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at December 31 2024** | **As at December 31 2024** | **As at December 31 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1-3 | 0.0 to <0.05% | Strong | 92589 | 342 |  |  | 92931 | 3 |  |  |  | 3 | 92928 |  |
| 4-5 | 0.05 to <0.15% | Strong | 82489 | 342 |  |  | 82831 | 8 |  |  |  | 8 | 82823 |  |
| 6-8 | 0.15 to <0.30% | Strong | 63004 | 1071 |  |  | 64075 | 12 | 1 |  |  | 13 | 64062 |  |
| 9-11 | 0.30 to <0.60% | Strong | 70770 | 904 |  |  | 71674 | 19 | 1 |  |  | 20 | 71654 |  |
| 12-14 | 0.60 to <2.15% | Satisfactory | 68038 | 3179 |  |  | 71217 | 36 | 12 |  |  | 48 | 71169 | 0.1 |
| 15-19 | 2.15 to <11.35% | Satisfactory | 13633 | 6535 |  |  | 20168 | 41 | 50 |  |  | 91 | 20077 | 0.5 |
| 20-21 | 11.35 to <100% | Higher Risk | 704 | 3520 |  |  | 4224 | 2 | 60 |  |  | 62 | 4162 | 1.5 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 673 | 6 | 679 |  |  | 9 |  | 9 | 670 | 1.3 |
| **Total** |  |  | 391227 | 15893 | 673 | 6 | 407799 | 121 | 124 | 9 |  | 254 | 407545 | 0.1 |

---

**Notes:**

1 Excludes loan commitments and financial guarantees of £22.2bn (2024: £16.3bn) carried at fair value.

2Reported off-balance sheet loan commitments also include exposures relating to financial assets classified as assets held for sale.

3Exposures reported within Retail credit cards and Corporate loans does not include co-branded card portfolio which is classified as assets held for sale.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 262 |
|  |  |  |  |  |  |  |  | 262 |

---

Risk performance - Credit risk (continued)

**Analysis of specific portfolios and asset types**

This section provides an analysis of principal portfolios and businesses, in particular, home loans, credit cards, unsecured loans and other

retail lending.

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

---

| | | |
|:---|:---|:---|
| **Home loans principal portfolios** | **Home loans principal portfolios** | **Home loans principal portfolios** |
|  | **Barclays UK** | **Barclays UK** |
| **As at 31 December** | **2025** | **2024** |
| Gross loans and advances (£m) | **172415** | 163197 |
| >90 day arrears, excluding recovery book (%) | **0.1** | 0.2 |
| Annualised gross charge-off rates (%) | **0.5** | 0.5 |
| Recovery book proportion of outstanding balances (%) | **0.6** | 0.6 |
| Recovery book impairment coverage ratio (%)<sup>1</sup> | **4.3** | 3.7 |

---

**Note:**

1Recovery Book Impairment Coverage Ratio excludes KMC.

Within the UK home loans portfolio:

• Gross loans and advances increased by £9.2bn (5.6%) reflecting a £10.2bn (7.0%) increase in Residential,partially offset by a decrease of

£0.9bn (5.0%) in Buy-to-Let (BTL).

• Owner-occupied interest-only home loans comprised 13% (2024: 15%) of total balances. The average balance weighted LTV on owner

occupied loans increased to 55.1% (2024: 52.7%).

• BTL home loans comprised 9.9% (2024: 11.0%) of total balances. In BTL, the average balance weighted LTV increased to 56.9% (2024:

55.7%).

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **Home loans principal portfolios - distribution of balances by LTV**<sup>1</sup> | **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** | **%** | **%** | **%** | **%** | **%** | **%** | **%** | **%** | **%** | **%** | **%** | **%** |
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| <=75% | **73.4** | **6.9** | **0.9** | **81.2** | **3.3** | **14.1** | **49.9** | **67.3** | **—** | **0.1** | **2.5** | **—** |
| >75% and <=90% | **16.0** | **1.0** | **0.1** | **17.1** | **4.3** | **6.3** | **11.7** | **22.3** | **—** | **0.3** | **7.3** | **0.1** |
| >90% and <=100% | **1.7** | **—** | **—** | **1.7** | **0.8** | **0.5** | **5.4** | **6.7** | **—** | **0.7** | **22.7** | **0.2** |
| >100% | **—** | **—** | **—** | **—** | **—** | **0.1** | **3.6** | **3.7** | **—** | **2.9** | **31.3** | **5.9** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| <=75% | 74.5 | 10.7 | 0.9 | 86.1 | 8.3 | 15.8 | 18.7 | 42.8 |  | 0.1 | 1.8 |  |
| >75% and <=90% | 11.8 | 1.2 | 0.1 | 13.1 | 10.2 | 24.2 | 9.7 | 44.1 | 0.1 | 1.7 | 13.0 | 0.3 |
| >90% and <=100% | 0.8 |  |  | 0.8 | 1.3 | 2.3 | 4.0 | 7.6 | 0.1 | 4.9 | 35.8 | 0.8 |
| >100% |  |  |  |  | 0.2 | 1.4 | 3.9 | 5.5 | 1.6 | 45.9 | 68.7 | 24.8 |

---

**Note:**

1Portfolio 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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 263 |
|  |  |  |  |  |  |  |  | 263 |

---

Risk performance - Credit risk (continued)

---

| | | |
|:---|:---|:---|
| **Home loans principal portfolios – average LTV** |  |  |
|  | **Barclays UK** | **Barclays UK** |
| **As at 31 December** | **2025** | **2024** |
| **Overall portfolio LTV (%):** |  |  |
| Balance weighted % | **55.2** | 53.0 |
| Valuation weighted % | **41.5** | 39.7 |
| **For >100% LTVs:** |  |  |
| Balances £m | **49** | 30 |
| Marked to market collateral £m | **47** | 26 |
| Average LTV: Balance weighted % | **143.8** | 190.3 |
| Average LTV: Valuation weighted % | **120.6** | 142.0 |
| % of Balances in Recoveries | **18.0** | 30.7 |

---

---

| | | |
|:---|:---|:---|
| **Home loans principal portfolios - new lending** |  |  |
|  | **Barclays UK** | **Barclays UK** |
| **As at 31 December 2025** | **2025** | **2024** |
| New Home loan bookings (£m) | **34326** | 23895 |
| New home loan proportion above 90% LTV (%) | **2.8** | 0.9 |
| Average LTV on new home loan: balance weighted (%) | **69.6** | 65.5 |
| Average LTV on new home loan: valuation weighted (%) | **61.1** | 56.3 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 264 |
|  |  |  |  |  |  |  |  | 264 |

---

Risk performance - Credit risk (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Retail Credit Cards and Retail Other** | **Retail Credit Cards and Retail Other** | **Retail Credit Cards and Retail Other** | **Retail Credit Cards and Retail Other** | **Retail Credit Cards and Retail Other** | **Retail Credit Cards and Retail Other** |
|  | **Gross exposure** | **30 day arrears** <br>**rate, excluding** <br>**recoveries book**<br>| **90 day arrears** <br>**rate, excluding** <br>**recoveries book**<br>| **Annualised** <br>**gross write-off** <br>**rates**<br>| **Annualised net** <br>**write-off rates**<br>|
|  | **£m** | **%** | **%** | **%** | **%** |
| **As at 31 December 2025** |  |  |  |  |  |
| **Barclays UK** |  |  |  |  |  |
| UK cards<sup>1</sup> | **17169** | **0.8** | **0.2** | **1.0** | **0.8** |
| UK personal loans<sup>1</sup> | **8515** | **1.1** | **0.5** | **0.7** | **0.6** |
| Barclays Partner Finance | **1210** | **0.7** | **0.3** | **1.2** | **1.2** |
| **Barclays US Consumer Bank** |  |  |  |  |  |
| US cards<sup>2</sup> | **29100** | **3.0** | **1.6** | **3.4** | **3.2** |
| **As at 31 December 2024** |  |  |  |  |  |
| **Barclays UK** |  |  |  |  |  |
| UK cards<sup>1</sup> | 15781 | 0.7 | 0.2 | 1.1 | 0.9 |
| UK personal loans<sup>1</sup> | 8051 | 1.0 | 0.4 | 0.7 | 0.5 |
| Barclays Partner Finance | 1609 | 0.6 | 0.3 | 1.0 | 1.0 |
| **Barclays US Consumer Bank** |  |  |  |  |  |
| US cards<sup>2</sup> | 28548 | 3.0 | 1.6 | 3.8 | 3.7 |

---

**Note:**

1Includes Tesco Bank. Tesco Bank arrears rates are calculated using POCI balances adjusted to fair value.

2Includes 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** | **Retail Credit Cards and Retail Other held for sale** | **Retail Credit Cards and Retail Other held for sale** | **Retail Credit Cards and Retail Other held for sale** | **Retail Credit Cards and Retail Other held for sale** | **Retail Credit Cards and Retail Other held for sale** |
|  | **Gross exposure** | **30 day arrears** <br>**rate, excluding** <br>**recoveries book**<br>| **90 day arrears** <br>**rate, excluding** <br>**recoveries book**<br>| **Annualised** <br>**gross write-off** <br>**rates**<br>| **Annualised net** <br>**write-off rates**<br>|
| **As at 31 December 2025** |  |  |  |  |  |
| Barclays US Consumer Bank | **5988** | **1.8** | **0.9** | **2.1** | **1.9** |
| **As at 31 December 2024** |  |  |  |  |  |
| Barclays US Consumer Bank | 6241 | 1.3 | 0.5 | 2.0 | 2.0 |
| Head Office - German consumer finance business | 3733 | 1.8 | 0.9 | 1.3 | 1.2 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 265 |
|  |  |  |  |  |  |  |  | 265 |

---

Risk performance - Credit risk (continued)

**Forbearance**

Forbearance measures consist of concessions towards a debtor that is experiencing or about to experience difficulties in meeting their

financial commitments ('financial difficulties').

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** | **Analysis of forbearance programmes** |
|  | **Balances** | **Balances** | **Balances** | **Balances** | **Balances** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** |
|  | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |
| Barclays UK<sup>1</sup> | **46** | **120** | **868** | **5** | **1039** | **—** | **22** | **235** | **—** | **257** |
| Barclays US Consumer Bank | **—** | **—** | **495** | **—** | **495** | **—** | **—** | **239** | **—** | **239** |
| Head Office | **4** | **—** | **1** | **—** | **5** | **—** | **—** | **—** | **—** | **—** |
| **Total retail** | **50** | **120** | **1364** | **5** | **1539** | **—** | **22** | **474** | **—** | **496** |
| Barclays UK | **61** | **156** | **210** | **—** | **427** | **—** | **4** | **32** | **—** | **36** |
| Barclays Investment Bank | **—** | **348** | **1094** | **—** | **1442** | **—** | **23** | **272** | **—** | **295** |
| Barclays UK Corporate Bank | **2** | **427** | **131** | **—** | **560** | **—** | **8** | **44** | **—** | **52** |
| Barclays Private Bank and Wealth Management | **—** | **11** | **57** | **—** | **68** | **—** | **—** | **3** | **—** | **3** |
| Head Office | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Total wholesale** | **63** | **942** | **1492** | **—** | **2497** | **—** | **35** | **351** | **—** | **386** |
| **Group total** | **113** | **1062** | **2856** | **5** | **4036** | **—** | **57** | **825** | **—** | **882** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |
| Barclays UK | 58 | 108 | 596 |  | 762 |  | 15 | 133 |  | 148 |
| Barclays US Consumer Bank |  |  | 448 |  | 448 |  |  | 209 |  | 209 |
| Head Office | 4 | 1 | 7 |  | 12 |  |  | 2 |  | 2 |
| **Total retail** | 62 | 109 | 1051 |  | 1222 |  | 15 | 344 |  | 359 |
| Barclays UK | 74 | 91 | 431 |  | 596 |  | 2 | 37 |  | 39 |
| Barclays Investment Bank |  | 361 | 514 |  | 875 |  | 14 | 103 |  | 117 |
| Barclays UK Corporate Bank | 2 | 597 | 109 |  | 708 |  | 11 | 41 |  | 52 |
| Barclays Private Bank and Wealth Management |  | 1 | 205 |  | 206 |  |  | 16 |  | 16 |
| Head Office |  |  |  |  |  |  |  |  |  |  |
| **Total wholesale** | 76 | 1050 | 1259 |  | 2385 |  | 27 | 197 |  | 224 |
| **Group total** | 138 | 1159 | 2310 |  | 3607 |  | 42 | 541 |  | 583 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** |
|  | **Balances** | **Balances** | **Balances** | **Balances** | **Balances** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** | **Impairment allowance** |
|  | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |
| **Head Office** |  |  |  |  |  |  |  |  |  |  |
| German consumer finance business | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |
| **Head Office** |  |  |  |  |  |  |  |  |  |  |
| German consumer finance business | 1 | 1 | 25 |  | 27 |  |  | 18 |  | 18 |

---

Retail balances on forbearance reflected the inclusion of Tesco Bank in Barclays UK.

Wholesale forborne balances rose overall in 2025, principally driven by material new cases in Barclays Investment Bank offset by cases

returning to live and balance reductions on remaining cases in Barclays UK Corporate Bank, Barclays Private Bank and Wealth Management

and Barclays UK.

**Note:**

1Tesco Bank balances included for 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 266 |
|  |  |  |  |  |  |  |  | 266 |

---

Risk performance - Credit risk (continued)

**Retail forbearance programmes**

Forbearance on the Group's principal retail portfolios is presented below. The principal portfolios account for 98% (2024: 98%) of total retail

forbearance balances.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of Key Portfolios in Forbearance Programmes** | **Analysis of Key Portfolios in Forbearance Programmes** | **Analysis of Key Portfolios in Forbearance Programmes** | **Analysis of Key Portfolios in Forbearance Programmes** | **Analysis of Key Portfolios in Forbearance Programmes** | **Analysis of Key Portfolios in Forbearance Programmes** | **Analysis of Key Portfolios in Forbearance Programmes** |
|  | **Balances on Forbearance** <br>**Programmes** | **Balances on Forbearance** <br>**Programmes** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**balance** <br>**weighted** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**valuation** <br>**weighted** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
|  | **Total** | **% of gross retail** <br>**loans and** <br>**advances** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**balance** <br>**weighted** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**valuation** <br>**weighted** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
|  | **Total** | **% of gross retail** <br>**loans and** <br>**advances** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**balance** <br>**weighted** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**valuation** <br>**weighted** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
|  | **£m** | **£m** | **%** | **%** | **£m** | **%** |
| **As at 31 December 2025** |  |  |  |  |  |  |
| **Barclays UK** |  |  |  |  |  |  |
| UK Home Loans | **574** | **0.3** | **51.2** | **40.8** | **12** | **2.1** |
| UK cards<sup>1</sup> | **308** | **1.8** | **n/a** | **n/a** | **146** | **47.4** |
| UK personal loans<sup>1</sup> | **114** | **1.3** | **n/a** | **n/a** | **69** | **60.5** |
| Barclays Partner Finance | **12** | **1.0** | **n/a** | **n/a** | **8** | **65.0** |
| **Barclays US Consumer Bank** |  |  |  |  |  |  |
| US cards | **495** | **1.7** | **n/a** | **n/a** | **239** | **48.3** |
| **As at 31 December 2024** |  |  |  |  |  |  |
| **Barclays UK** |  |  |  |  |  |  |
| UK Home Loans | 473 | 0.3 | 51.3 | 41.8 | 10 | 2.1 |
| UK cards | 192 | 1.7 | n/a | n/a | 76 | 39.6 |
| UK personal loans | 51 | 1.3 | n/a | n/a | 34 | 66.7 |
| Barclays Partner Finance | 16 | 1.0 | n/a | n/a | 9 | 56.3 |
| **Barclays US Consumer Bank** |  |  |  |  |  |  |
| US cards | 448 | 1.6 | n/a | n/a | 209 | 46.7 |
| **Head Office** |  |  |  |  |  |  |
| Italy Mortgages | 12 | 30.0 | 78.5 | 48.9 | 2 | 16.7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** | **Analysis of Portfolios- held for sale in Forbearance Programmes** |
|  | **Balances on Forbearance** <br>**Programmes** | **Balances on Forbearance** <br>**Programmes** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**balance** <br>**weighted** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**valuation** <br>**weighted** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
|  | **Total** | **% of gross retail** <br>**loans and** <br>**advances** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**balance** <br>**weighted** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**valuation** <br>**weighted** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
|  | **Total** | **% of gross retail** <br>**loans and** <br>**advances** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**balance** <br>**weighted** | **Marked to** <br>**market LTV of** <br>**forbearance** <br>**balances:** <br>**valuation** <br>**weighted** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
|  | **£m** | **£m** | **%** | **%** | **£m** | **%** |
| **As at 31 December 2025** |  |  |  |  |  |  |
| **Head Office** |  |  |  |  |  |  |
| German consumer finance business | **—** | **—** | **—** | **—** | **—** | **—** |
| **As at 31 December 2024** |  |  |  |  |  |  |
| **Head Office** |  |  |  |  |  |  |
| German consumer finance business | 27 | 0.7 | n/a | n/a | 18 | 66.7 |

---

**Note:**

1Tesco Bank balances included for 2025.

**UKhome loans:** Forbearance balances increased to £574m (2024: £473m) due to a sustained level of new flow, combined with high

retention from the elevated inflow in 2024.

**UK cards**: Balances on forbearance increased to £308m (2024: £192m) due to the inclusion of Tesco Bank and the proportionof the portfolio

on forbearance remained relatively stable.

**UK personal loans**: Balances on forbearance increased to£114m (2024: £51m), due to the inclusion of Tesco Bank and the proportion of the

portfolio on forbearance remained stable.

**Barclays Partner Finance:** Balances on forbearance reduced to £12m (2024: £16m) in line with the reduction in the overall portfolio.

**US cards:** Forbearance balances increased to £495m (2024: £448m) reflecting an increase in new enrolments in 2025 following delinquency

trends through the year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 267 |
|  |  |  |  |  |  |  |  | 267 |

---

Risk performance - Credit risk (continued)

**Wholesale forbearance programmes**

The table below details balance information for wholesale forbearance cases.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Analysis of wholesale balances in forbearance programmes** | **Analysis of wholesale balances in forbearance programmes** | **Analysis of wholesale balances in forbearance programmes** | **Analysis of wholesale balances in forbearance programmes** | **Analysis of wholesale balances in forbearance programmes** |
|  | **Balances on forbearance** <br>**programmes** | **Balances on forbearance** <br>**programmes** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
|  | **Total balances** | **% of gross** <br>**wholesale loans** <br>**and advances** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
| | **Total balances** | **% of gross** <br>**wholesale loans** <br>**and advances** | **Impairment** <br>**allowances** <br>**marked against** <br>**balances on** <br>**forbearance** <br>**programmes** | **Total balances** <br>**on forbearance** <br>**programmes** <br>**coverage ratio** |
| | **£m** | **%** | **£m** | **%** |
| **As at 31 December 2025** |  |  |  |  |
| Barclays UK | **427** | **2.3** | **36** | **8.4%** |
| Barclays Investment Bank | **1442** | **1.9** | **295** | **20.5%** |
| Barclays UK Corporate Bank | **560** | **1.9** | **52** | **9.3%** |
| Barclays Private Bank and Wealth Management | **68** | **1.1** | **3** | **4.4%** |
| **Total** | **2497** | **1.9** | **386** | **15.5%** |
| **As at 31 December 2024** |  |  |  |  |
| Barclays UK | 596 | 2.9 | 39 | 6.5% |
| Barclays Investment Bank | 875 | 1.2 | 117 | 13.4% |
| Barclays UK Corporate Bank | 708 | 2.7 | 52 | 7.3% |
| Barclays Private Bank and Wealth Management | 206 | 3.4 | 16 | 7.8% |
| **Total** | 2385 | 1.8 | 224 | 9.4% |

---

**Analysis of debt securities**

Debt securities include government securities held as part of the Group's treasury management portfolio for liquidity and regulatory

purposes, and are for use on a continuing basis in the activities of the Group.

The following tables provide an analysis of debt securities held by the Group for trading and investment purposes by issuer type. Further

information on the credit quality of debt securities is presented in the Balance sheet credit quality section.

As of December 2025, of the total £238bn (2024: £224bn) bonds positions, £48bn (2024: £46bn) is from US Government Bonds and £36bn

(2024: £28bn) is from UK Government bonds.

---

| | | |
|:---|:---|:---|
| **Debt securities** | **Debt securities** | **Debt securities** |
|  | **2025** | **2024** |
| **As at 31 December** | **£m** | **£m** |
| **Of which issued by:**  |  |  |
| Governments and other public bodies | **141715** | 134786 |
| Corporate and other issuers | **45638** | 45559 |
| US agency | **23730** | 17262 |
| Mortgage and asset backed securities | **26988** | 26354 |
| **Total** | **238071** | 223961 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 268 |
|  |  |  |  |  |  |  |  | 268 |

---

Risk performance - Credit risk (continued)

**Analysis of derivatives**

The tables below set out the fair values of the derivative assets together with the value of those assets subject to enforceable counterparty

netting arrangements for which the Group holds offsetting liabilities and eligible collateral.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative assets (audited)** | **Derivative assets (audited)** | **Derivative assets (audited)** | **Derivative assets (audited)** | **Derivative assets (audited)** | **Derivative assets (audited)** | **Derivative assets (audited)** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Balance sheet**<br>**assets** <br>| **Counterparty**<br>**netting**<br>| **Net**<br>**exposure**<br>| **Balance sheet**<br>**assets** <br>| **Counterparty**<br>**netting**<br>| **Net**<br>**exposure**<br>|
| **As at 31 December** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Foreign exchange | **76887** | **58029** | **18858** | 126098 | 98677 | 27421 |
| Interest rate | **93241** | **65415** | **27826** | 95796 | 70138 | 25658 |
| Credit derivatives | **7851** | **6350** | **1501** | 6898 | 5728 | 1170 |
| Equity and stock index | **72339** | **63100** | **9239** | 62912 | 54237 | 8675 |
| Commodity derivatives | **2141** | **1849** | **292** | 1826 | 1654 | 172 |
| **Total derivative assets** | **252459** | **194743** | **57716** | 293530 | 230434 | 63096 |
| **Cash collateral held** |  |  | **30758** |  |  | 30637 |
| **Net exposure less collateral** |  |  | **26958** |  |  | 32459 |

---

Derivative asset exposures would be £226bn (2024: £261bn) lower than reported under IFRS if netting were permitted for assets and

liabilities with the same counterparty or for which the Group holds cash collateral. Similarly, derivative liabilities would be £218bn (2024:

£254bn) lower reflecting counterparty netting and collateral placed. In addition, non-cash collateral of£13bn (2024: £13bn) was held in

respect of derivative assets. The Group received collateral from clients in support of over the counter derivative transactions. These

transactions are generally undertaken under International Swaps and Derivative Association (ISDA) agreements governed by either UK or

New York law.

**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.

**Loans and advances by product**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** | **Loans and advances to customers classified as assets held for sale (audited)** |
|  | **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 December 2025** | **£m** | **£m** | **%** | **£m** | **£m** | **%** | **£m** | **£m** | **%** | **£m** | **£m** | **%** |
| Retail credit cards - US | **5468** | **65** | **1.2** | **466** | **124** | **26.6** | **54** | **44** | **81.5** | **5988** | **233** | **3.9** |
| Retail credit cards - Germany | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Retail other - Germany | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Corporate loans - US | **43** | **1** | **2.3** | **6** | **2** | **33.3** | **—** | **—** | **—** | **49** | **3** | **6.1** |
| **Total Rest of the World** | **5511** | **66** | **1.2** | **472** | **126** | **26.7** | **54** | **44** | **81.5** | **6037** | **236** | **3.9** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| Retail credit cards - US | 5495 | 64 | 1.2 | 689 | 161 | 23.4 | 57 | 46 | 80.7 | 6241 | 271 | 4.3 |
| Retail credit cards - Germany | 1908 | 18 | 0.9 | 307 | 29 | 9.4 | 93 | 69 | 74.2 | 2308 | 116 | 5.0 |
| Retail other - Germany | 1134 | 16 | 1.4 | 220 | 33 | 15.0 | 71 | 48 | 67.6 | 1425 | 97 | 6.8 |
| Corporate loans - US | 49 | 1 | 2.0 | 9 | 3 | 33.3 | 1 | 1 | 100.0 | 59 | 5 | 8.5 |
| **Total Rest of the World** | 8586 | 99 | 1.2 | 1225 | 226 | 18.4 | 222 | 164 | 73.9 | 10033 | 489 | 4.9 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 269 |
|  |  |  |  |  |  |  |  | 269 |

---

Risk performance - Credit risk (continued)

**Stage 2 decomposition**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans and advances at amortised cost classified as held for sale** | **Loans and advances at amortised cost classified as held for sale** | **Loans and advances at amortised cost classified as held for sale** | **Loans and advances at amortised cost classified as held for sale** | **Loans and advances at amortised cost classified as held for sale** |  |  |  |  |
|  | **Gross Exposure** | **Gross Exposure** | **Gross Exposure** | **Gross Exposure** | **Impairment Allowance** | **Impairment Allowance** | **Impairment Allowance** | **Impairment Allowance** |
|  | **Quantitative** <br>**test**<br>| **Qualitative** <br>**test**<br>| **30 days past** <br>**due backstop**<br>| **Total Stage 2** | **Quantitative** <br>**test**<br>| **Qualitative** <br>**test**<br>| **30 days past** <br>**due backstop**<br>| **Total Stage 2** |
| **As at 31 December 2025** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail credit cards - US  | **365** | **100** | **1** | **466** | **98** | **25** | **1** | **124** |
| Retail credit cards - Germany | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Retail other - Germany  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Corporate loan - US | **6** | **—** | **—** | **6** | **2** | **—** | **—** | **2** |
| **Total Stage 2** | **371** | **100** | **1** | **472** | **100** | **25** | **1** | **126** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As at 31 December 2024** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail credit cards - US | 564 | 123 | 2 | 689 | 130 | 30 | 1 | 161 |
| Retail credit cards - Germany | 209 | 96 | 2 | 307 | 19 | 9 | 1 | 29 |
| Retail other - Germany  | 207 | 11 | 2 | 220 | 31 | 1 | 1 | 33 |
| Corporate loan - US | 7 | 2 |  | 9 | 2 | 1 |  | 3 |
| **Total Stage 2** | 987 | 232 | 6 | 1225 | 182 | 41 | 3 | 226 |

---

**Management adjustments to models for impairment (audited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Management adjustments to models for impairment allowance presented by product (audited)** | **Management adjustments to models for impairment allowance presented by product (audited)** | **Management adjustments to models for impairment allowance presented by product (audited)** | **Management adjustments to models for impairment allowance presented by product (audited)** | **Management adjustments to models for impairment allowance presented by product (audited)** | **Management adjustments to models for impairment allowance presented by product (audited)** | **Management adjustments to models for impairment allowance presented by product (audited)** |
|  | **Impairment** <br>**allowance pre** <br>**management** <br>**adjustments** | **Economic** <br>**uncertainty** <br>**adjustments**<sup>1</sup><br>**(a)** | **Other** <br>**adjustments**<br>**(b)** | **Management** <br>**adjustments** <br>**(a+b)** | **Total** <br>**impairment** <br>**allowance** | **Proportion of** <br>**Management** <br>**adjustments to** <br>**total** <br>**impairment** <br>**allowance** |
|  | **Impairment** <br>**allowance pre** <br>**management** <br>**adjustments** | **Economic** <br>**uncertainty** <br>**adjustments**<sup>1</sup><br>**(a)** | **Other** <br>**adjustments**<br>**(b)** | **Management** <br>**adjustments** <br>**(a+b)** | **Total** <br>**impairment** <br>**allowance** | **Proportion of** <br>**Management** <br>**adjustments to** <br>**total** <br>**impairment** <br>**allowance** |
| **As at 31 December 2025** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| Retail credit cards - US  | **232** | **5** | **—** | **5** | **237** | **2.1** |
| Retail credit cards - Germany | **—** | **—** | **—** | **—** | **—** | **—** |
| Retail other - Germany | **—** | **—** | **—** | **—** | **—** | **—** |
| Corporate loans - US  | **3** | **—** | **—** | **—** | **3** | **—** |
| **Total Rest of the World** | **235** | **5** | **—** | **5** | **240** | **2.1** |
| **As at 31 December 2024** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| Retail credit cards - US  | 277 |  |  |  | 277 |  |
| Retail credit cards - Germany | 101 |  | 16 | 16 | 117 | 13.7 |
| Retail other - Germany | 80 |  | 17 | 17 | 97 | 17.5 |
| Corporate loans - US  | 5 |  |  |  | 5 |  |
| **Total Rest of the World** | **463** | **—** | **33** | **33** | **496** | **6.7** |

---

**Note:**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 270 |
|  |  |  |  |  |  |  |  | 270 |

---

Risk performance - Credit risk (continued)

**Credit exposures by internal PD grade**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 4 - 5 | 0.05 to <0.15% | Strong | **165** | **—** | **—** | **—** | **165** | **—** | **—** | **—** | **—** | **—** | **165** | **—** |
| 6 - 8 | 0.15 to <0.30% | Strong | **953** | **—** | **—** | **—** | **953** | **3** | **—** | **—** | **—** | **3** | **950** | **0.3** |
| 9 - 11 | 0.30 to <0.60% | Strong | **1351** | **1** | **—** | **—** | **1352** | **6** | **—** | **—** | **—** | **6** | **1346** | **0.4** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **1795** | **5** | **—** | **—** | **1800** | **18** | **—** | **—** | **—** | **18** | **1782** | **1.0** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **1149** | **226** | **—** | **—** | **1375** | **34** | **35** | **—** | **—** | **69** | **1306** | **5.0** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **55** | **234** | **—** | **—** | **289** | **4** | **89** | **—** | **—** | **93** | **196** | **32.2** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **54** | **—** | **54** | **—** | **—** | **44** | **—** | **44** | **10** | **81.5** |
| **Total** |  |  | **5468** | **466** | **54** | **—** | **5988** | **65** | **124** | **44** | **—** | **233** | **5755** | **3.9** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 4 - 5 | 0.05 to <0.15% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 6 - 8 | 0.15 to <0.30% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 9 - 11 | 0.30 to <0.60% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Total** |  |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 4 - 5 | 0.05 to <0.15% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 6 - 8 | 0.15 to <0.30% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 9 - 11 | 0.30 to <0.60% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Total** |  |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 271 |
|  |  |  |  |  |  |  |  | 271 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2025** | **As at 31 December 2025** | **As at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 4 - 5 | 0.05 to <0.15% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 6 - 8 | 0.15 to <0.30% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 9 - 11 | 0.30 to <0.60% | Strong | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | **2** | **—** | **—** | **—** | **2** | **—** | **—** | **—** | **—** | **—** | **2** | **—** |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | **41** | **—** | **—** | **—** | **41** | **1** | **—** | **—** | **—** | **1** | **40** | **2.4** |
| 20 - 21 | 11.35 to <100% | Higher Risk | **—** | **6** | **—** | **—** | **6** | **—** | **2** | **—** | **—** | **2** | **4** | **33.3** |
| 22 | 100% | Credit <br>Impaired<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Total** |  |  | **43** | **6** | **—** | **—** | **49** | **1** | **2** | **—** | **—** | **3** | **46** | **6.1** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - US (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong |  |  |  |  |  |  |  |  |  |  |  |  |
| 4 - 5 | 0.05 to <0.15% | Strong |  |  |  |  |  |  |  |  |  |  |  |  |
| 6 - 8 | 0.15 to <0.30% | Strong |  |  |  |  |  |  |  |  |  |  |  |  |
| 9 - 11 | 0.30 to <0.60% | Strong |  |  |  |  |  |  |  |  |  |  |  |  |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 5495 |  |  |  | 5495 | 64 |  |  |  | 64 | 5431 | 1.2 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory |  | 689 |  |  | 689 |  | 161 |  |  | 161 | 528 | 23.4 |
| 20 - 21 | 11.35 to <100% | Higher Risk |  |  |  |  |  |  |  |  |  |  |  |  |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 57 |  | 57 |  |  | 46 |  | 46 | 11 | 80.7 |
| **Total** |  |  | 5495 | 689 | 57 |  | 6241 | 64 | 161 | 46 |  | 271 | 5970 | 4.3 |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail credit cards - Germany (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | 62 |  |  |  | 62 |  |  |  |  |  | 62 |  |
| 4 - 5 | 0.05 to <0.15% | Strong | 289 |  |  |  | 289 | 1 |  |  |  | 1 | 288 | 0.3 |
| 6 - 8 | 0.15 to <0.30% | Strong | 152 |  |  |  | 152 | 1 |  |  |  | 1 | 151 | 0.7 |
| 9 - 11 | 0.30 to <0.60% | Strong | 250 |  |  |  | 250 | 1 |  |  |  | 1 | 249 | 0.4 |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 928 | 5 |  |  | 933 | 9 |  |  |  | 9 | 924 | 1.0 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | 227 | 229 |  |  | 456 | 6 | 15 |  |  | 21 | 435 | 4.6 |
| 20 - 21 | 11.35 to <100% | Higher Risk |  | 73 |  |  | 73 |  | 14 |  |  | 14 | 59 | 19.2 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 93 |  | 93 |  |  | 69 |  | 69 | 24 | 74.2 |
| **Total** |  |  | 1908 | 307 | 93 |  | 2308 | 18 | 29 | 69 |  | 116 | 2192 | 5.0 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 272 |
|  |  |  |  |  |  |  |  | 272 |

---

Risk performance - Credit risk (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Retail other - Germany (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong | 1 |  |  |  | 1 |  |  |  |  |  | 1 |  |
| 4 - 5 | 0.05 to <0.15% | Strong | 25 |  |  |  | 25 |  |  |  |  |  | 25 |  |
| 6 - 8 | 0.15 to <0.30% | Strong | 110 |  |  |  | 110 |  |  |  |  |  | 110 |  |
| 9 - 11 | 0.30 to <0.60% | Strong | 294 |  |  |  | 294 | 1 |  |  |  | 1 | 293 | 0.3 |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 534 | 17 |  |  | 551 | 6 | 4 |  |  | 10 | 541 | 1.8 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory | 170 | 182 |  |  | 352 | 9 | 22 |  |  | 31 | 321 | 8.8 |
| 20 - 21 | 11.35 to <100% | Higher Risk |  | 21 |  |  | 21 |  | 7 |  |  | 7 | 14 | 33.3 |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 71 |  | 71 |  |  | 48 |  | 48 | 23 | 67.6 |
| **Total** |  |  | 1134 | 220 | 71 |  | 1425 | 16 | 33 | 48 |  | 97 | 1328 | 6.8 |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** | **Credit risk profile by internal PD grade classified as assets held for sale for Corporate loans - US (audited)** |
| | | | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** | **Gross carrying amount** |  | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** | **Allowance for ECL** |  | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **PD Range** | **Credit** <br>**quality** <br>**description** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Stage 1** | **Stage 2** | **Stage 3** <br>**excluding** <br>**POCI**<br>| **Stage 3** <br>**POCI**<br>| **Total** | **Net** <br>**exposure** | **Coverage** <br>**ratio** |
| **Grade** | **%** | **Credit** <br>**quality** <br>**description** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **%** |
| **As at 31 December 2024** | **As at 31 December 2024** | **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 - 3 | 0.0 to <0.05% | Strong |  |  |  |  |  |  |  |  |  |  |  |  |
| 4 - 5 | 0.05 to <0.15% | Strong |  |  |  |  |  |  |  |  |  |  |  |  |
| 6 - 8 | 0.15 to <0.30% | Strong |  |  |  |  |  |  |  |  |  |  |  |  |
| 9 - 11 | 0.30 to <0.60% | Strong |  |  |  |  |  |  |  |  |  |  |  |  |
| 12 - 14 | 0.60 to <2.15% | Satisfactory | 49 |  |  |  | 49 | 1 |  |  |  | 1 | 48 | 2.0 |
| 15 - 19 | 2.15 to <11.35% | Satisfactory |  | 9 |  |  | 9 |  | 3 |  |  | 3 | 6 | 33.3 |
| 20 - 21 | 11.35 to <100% | Higher Risk |  |  |  |  |  |  |  |  |  |  |  |  |
| 22 | 100% | Credit <br>Impaired<br>|  |  | 1 |  | 1 |  |  | 1 |  | 1 |  | 100.0 |
| **Total** |  |  | 49 | 9 | 1 |  | 59 | 1 | 3 | 1 |  | 5 | 54 | 8.5 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 273 |
|  |  |  |  |  |  |  |  | 273 |

---

**Risk performance - Market risk**

**Market risk**

**Summary of contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Outlines key measures used to summarise the market risk <br>profile of the bank such as value at risk (VaR).<br>| Market risk overview and summary of performance | [273](#i12c1279a81884a37aee9a5181c6fa279_1003) |
| The Group discloses details on management measures of <br>market risk. Total management VaR includes all trading <br>positions and is presented on a diversified basis by risk factor. <br>This section also outlines the macroeconomic conditions <br>modelled as part of the Group's risk management framework. | Traded market risk | [273](#i12c1279a81884a37aee9a5181c6fa279_1012) |
| The Group discloses details on management measures of <br>market risk. Total management VaR includes all trading <br>positions and is presented on a diversified basis by risk factor. <br>This section also outlines the macroeconomic conditions <br>modelled as part of the Group's risk management framework. | Review of management measures | [273](#i12c1279a81884a37aee9a5181c6fa279_1015) |
| The Group discloses details on management measures of <br>market risk. Total management VaR includes all trading <br>positions and is presented on a diversified basis by risk factor. <br>This section also outlines the macroeconomic conditions <br>modelled as part of the Group's risk management framework. | •The daily average, maximum and minimum values of management VaR | [274](#i12c1279a81884a37aee9a5181c6fa279_1018) |
| The Group discloses details on management measures of <br>market risk. Total management VaR includes all trading <br>positions and is presented on a diversified basis by risk factor. <br>This section also outlines the macroeconomic conditions <br>modelled as part of the Group's risk management framework. |  |  |

---

**Market risk**

All disclosures in this section are unaudited

unless otherwise stated.

**Overview**

This section contains key statistics

describing the market risk profile of the

Group. The market risk management section

provides a description of management VaR.

**Measures of market risk in the** 

**Group and accounting measures**

Traded market risk measures such as VaR

and balance sheet exposure measures have

fundamental differences:

• balance sheet measures show accruals-

based balances or marked to market

values as at the reporting date;

• VaR measures also take account of

current marked to market values, but in

addition hedging effects between

positions are considered;

• market risk measures are expressed in

terms of changes in value or volatilities as

opposed to static values.

For these reasons, it is not possible to

present direct reconciliations of traded

market risk and accounting measures.

**Summary of performance in the** 

**period**

Average Management VaR decreased 31%

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.

**Traded market risk review**

**Review of management measures**

The following disclosures provide details on

management measures of market risk. Refer

to the market risk management section of the

Barclays PLC Pillar 3 Report 2025

(unaudited) for more detail on management

measures and the differences when

compared to regulatory measures.

The table below shows the total

management VaR on a diversified basis by

risk factor. Total management VaR includes

all trading positions in IB and Treasury and

it is calculated with a one-day holding

period, measured to a confidence level of

95%.

Limits are applied against each risk factor

VaR as well as total management VaR,

which are then cascaded further by risk

managers to each business.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 274 |
|  |  |  |  |  |  |  |  | 274 |

---

Risk performance - Market risk (continued)

**The daily average, high and low values of management VaR**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Management VaR (95%, one day) (audited)**  | **Management VaR (95%, one day) (audited)**  | **Management VaR (95%, one day) (audited)**  | **Management VaR (95%, one day) (audited)**  | **Management VaR (95%, one day) (audited)**  | **Management VaR (95%, one day) (audited)**  | **Management VaR (95%, one day) (audited)**  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average** | **High**<sup>1</sup> | **Low**<sup>1</sup> | **Average** | **High**<sup>1</sup> | **Low**<sup>1</sup> |
| **For the year ended 31 December** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Credit risk  | **15** | **21** | **11** | 21 | 27 | 17 |
| Interest rate risk  | **15** | **25** | **5** | 15 | 25 | 7 |
| Equity risk  | **7** | **14** | **4** | 6 | 12 | 2 |
| Basis risk  | **6** | **9** | **4** | 5 | 8 | 4 |
| Spread risk  | **5** | **7** | **3** | 5 | 7 | 3 |
| Foreign exchange risk  | **5** | **10** | **3** | 4 | 9 | 2 |
| Commodity risk  | **—** | **1** | **—** |  | 1 |  |
| Inflation risk  | **5** | **8** | **3** | 4 | 5 | 2 |
| Diversification effect<sup>1</sup> | **(40)** | **n/a** | **n/a** | (34) | n/a | n/a |
| **Total management VaR** | **18** | **30** | **8** | 26 | 36 | 15 |

---

**Note:**

1Diversification 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 VaR reported as a whole. Consequently, a diversification

effect balance for the high and low VaR figures would not be meaningful and is therefore omitted from the above table.

**Group Management VaR**<br>(£m)<br>

![678](bcs-20251231_g207.gif)

---

| | | |
|:---|:---|:---|
| January 2024 | January 2025 | December 2025 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 275 |
|  |  |  |  |  |  |  |  | 275 |

---

**Risk performance - Treasury and Capital risk**

**Treasury and Capital risk**

**Treasury and Capital risk: summary of contents**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Page** |  |  |  |
| **Liquidity risk performance** |  |  |  |  |  |
| The risk that the firm is unable to meet its contractual or contingent obligations or that it <br>does not have the appropriate amount, tenor and composition of funding and liquidity to <br>support its assets. <br>This section provides an overview of the Group's liquidity risk. | Liquidity overview and summary of performance | [276](#ie257a4ad00054873b4e68155f6d207b4_15533) |  |  |  |
| The risk that the firm is unable to meet its contractual or contingent obligations or that it <br>does not have the appropriate amount, tenor and composition of funding and liquidity to <br>support its assets. <br>This section provides an overview of the Group's liquidity risk. | •Liquidity risk stress testing | [276](#ie257a4ad00054873b4e68155f6d207b4_15511) |  |  |  |
| The risk that the firm is unable to meet its contractual or contingent obligations or that it <br>does not have the appropriate amount, tenor and composition of funding and liquidity to <br>support its assets. <br>This section provides an overview of the Group's liquidity risk. | •Internal Liquidity Stress Test | [276](#ie257a4ad00054873b4e68155f6d207b4_15527) |  |  |  |
| The risk that the firm is unable to meet its contractual or contingent obligations or that it <br>does not have the appropriate amount, tenor and composition of funding and liquidity to <br>support its assets. <br>This section provides an overview of the Group's liquidity risk. | •Liquidity regulation | [277](#ie257a4ad00054873b4e68155f6d207b4_15517) |  |  |  |
| The risk that the firm is unable to meet its contractual or contingent obligations or that it <br>does not have the appropriate amount, tenor and composition of funding and liquidity to <br>support its assets. <br>This section provides an overview of the Group's liquidity risk. | •Liquidity Coverage Ratio | [277](#ie257a4ad00054873b4e68155f6d207b4_15529) |  |  |  |
| The risk that the firm is unable to meet its contractual or contingent obligations or that it <br>does not have the appropriate amount, tenor and composition of funding and liquidity to <br>support its assets. <br>This section provides an overview of the Group's liquidity risk. | •Net Stable Funding Ratio | [278](#ie257a4ad00054873b4e68155f6d207b4_15512) |  |  |  |
| The liquidity pool is held unencumbered and is intended to offset stress outflows. | Liquidity pool | [278](#ie257a4ad00054873b4e68155f6d207b4_15513) |  |  |  |
| The liquidity pool is held unencumbered and is intended to offset stress outflows. | •Composition of the liquidity pool | [278](#i26f3b27dd3b143a892c9413bc8b2dfa5_0-0-1-9-4390467) |  |  |  |
| The liquidity pool is held unencumbered and is intended to offset stress outflows. | •Liquidity pool by currency | [278](#i895ff6704fb348a29b30f4db4f85e6ed_0-0-1-1-4390467) |  |  |  |
| The liquidity pool is held unencumbered and is intended to offset stress outflows. | •Management of the liquidity pool | [279](#ie257a4ad00054873b4e68155f6d207b4_15518) |  |  |  |
| The liquidity pool is held unencumbered and is intended to offset stress outflows. | •Contingent liquidity | [279](#ie257a4ad00054873b4e68155f6d207b4_15514) |  |  |  |
| The basis for sound liquidity risk management is a funding structure that reduces the <br>probability of a liquidity stress leading to an inability to meet funding obligations as they <br>fall due. | Funding structure and funding relationships | [279](#ie257a4ad00054873b4e68155f6d207b4_15531) |  |  |  |
| The basis for sound liquidity risk management is a funding structure that reduces the <br>probability of a liquidity stress leading to an inability to meet funding obligations as they <br>fall due. | •Deposit funding | [280](#ie257a4ad00054873b4e68155f6d207b4_15524) |  |  |  |
| The basis for sound liquidity risk management is a funding structure that reduces the <br>probability of a liquidity stress leading to an inability to meet funding obligations as they <br>fall due. | •Wholesale funding | [280](#ie257a4ad00054873b4e68155f6d207b4_15537) |  |  |  |
| Provides details on the contractual maturity of all financial instruments and other assets <br>and liabilities.<br>| Contractual maturity of financial assets and liabilities | [282](#i621ec928834d4ed0914f1749e0d716d9_3184) |  |  |  |
| **Capital risk performance** |  |  |  |  |  |
| Capital risk is the risk that the firm has an insufficient level or composition of capital to <br>support its normal business activities and to meet its regulatory capital requirements under <br>normal operating environments or stressed conditions (both actual and as defined for <br>internal planning or regulatory testing purposes). This also includes the risk from the firm's <br>pension plans. <br>This section details the Group's capital position providing information on both capital <br>resources and capital requirements. It also provides details of the leverage ratios and <br>exposures. | Capital risk overview and summary of performance | [286](#i12c1279a81884a37aee9a5181c6fa279_1030) |  |  |  |
| Capital risk is the risk that the firm has an insufficient level or composition of capital to <br>support its normal business activities and to meet its regulatory capital requirements under <br>normal operating environments or stressed conditions (both actual and as defined for <br>internal planning or regulatory testing purposes). This also includes the risk from the firm's <br>pension plans. <br>This section details the Group's capital position providing information on both capital <br>resources and capital requirements. It also provides details of the leverage ratios and <br>exposures. | Regulatory minimum capital, leverage and MREL <br>requirements<br>| [286](#ib24a925f4e054aca905e3b3d43b23eff_1950) |  |  |  |
| Capital risk is the risk that the firm has an insufficient level or composition of capital to <br>support its normal business activities and to meet its regulatory capital requirements under <br>normal operating environments or stressed conditions (both actual and as defined for <br>internal planning or regulatory testing purposes). This also includes the risk from the firm's <br>pension plans. <br>This section details the Group's capital position providing information on both capital <br>resources and capital requirements. It also provides details of the leverage ratios and <br>exposures. | •Capital | [286](#ib24a925f4e054aca905e3b3d43b23eff_1950) |  |  |  |
| Capital risk is the risk that the firm has an insufficient level or composition of capital to <br>support its normal business activities and to meet its regulatory capital requirements under <br>normal operating environments or stressed conditions (both actual and as defined for <br>internal planning or regulatory testing purposes). This also includes the risk from the firm's <br>pension plans. <br>This section details the Group's capital position providing information on both capital <br>resources and capital requirements. It also provides details of the leverage ratios and <br>exposures. | •Leverage | [286](#ib24a925f4e054aca905e3b3d43b23eff_1951) |  |  |  |
| Capital risk is the risk that the firm has an insufficient level or composition of capital to <br>support its normal business activities and to meet its regulatory capital requirements under <br>normal operating environments or stressed conditions (both actual and as defined for <br>internal planning or regulatory testing purposes). This also includes the risk from the firm's <br>pension plans. <br>This section details the Group's capital position providing information on both capital <br>resources and capital requirements. It also provides details of the leverage ratios and <br>exposures. | •Leverage | [286](#ib24a925f4e054aca905e3b3d43b23eff_1951) | This section outlines the Group's capital ratios, capital composition, and provides <br>information on significant movements in CET1 capital during the year. | Analysis of capital resources | [287](#i1952c18a2c0c4c1f881e287e7dca4d52_2785) |
| Capital risk is the risk that the firm has an insufficient level or composition of capital to <br>support its normal business activities and to meet its regulatory capital requirements under <br>normal operating environments or stressed conditions (both actual and as defined for <br>internal planning or regulatory testing purposes). This also includes the risk from the firm's <br>pension plans. <br>This section details the Group's capital position providing information on both capital <br>resources and capital requirements. It also provides details of the leverage ratios and <br>exposures. | •Leverage | [286](#ib24a925f4e054aca905e3b3d43b23eff_1951) | This section outlines the Group's capital ratios, capital composition, and provides <br>information on significant movements in CET1 capital during the year. | Capital ratios | [287](#i6cad9fce071c4fcab86e1e7bd4a2b2fe_0-0-1-1-4390467) |
| Capital risk is the risk that the firm has an insufficient level or composition of capital to <br>support its normal business activities and to meet its regulatory capital requirements under <br>normal operating environments or stressed conditions (both actual and as defined for <br>internal planning or regulatory testing purposes). This also includes the risk from the firm's <br>pension plans. <br>This section details the Group's capital position providing information on both capital <br>resources and capital requirements. It also provides details of the leverage ratios and <br>exposures. | •Leverage | [286](#ib24a925f4e054aca905e3b3d43b23eff_1951) | This section outlines the Group's capital ratios, capital composition, and provides <br>information on significant movements in CET1 capital during the year. | •Capital resources | [287](#i6cad9fce071c4fcab86e1e7bd4a2b2fe_7-0-1-1-4390467) |
| •Movement in CET1 capital | [288](#i851aedd73d9d48f69594be6b4a437ca1_0-0-1-1-4390467) | This section outlines the Group's capital ratios, capital composition, and provides <br>information on significant movements in CET1 capital during the year. |  |  |  |
| This section outlines risk weighted assets by risk type, business and macro drivers. | Analysis of risk weighted assets | [289](#i1952c18a2c0c4c1f881e287e7dca4d52_2803) |  |  |  |
| This section outlines risk weighted assets by risk type, business and macro drivers. | •Risk weighted assets by risk type and business | [289](#i1952c18a2c0c4c1f881e287e7dca4d52_2804) |  |  |  |
| This section outlines risk weighted assets by risk type, business and macro drivers. | •Movement analysis of risk weighted assets | [289](#ie1a942ae6137494cac724e45c087d6e9_1-0-1-1-4390467) |  |  |  |
| This section outlines the Group's leverage ratios, leverage exposure composition, and <br>provides information on significant movements in the IFRS and leverage balance sheet. | Analysis of leverage ratios and exposures | [290](#i1952c18a2c0c4c1f881e287e7dca4d52_2782) |  |  |  |
| This section outlines the Group's leverage ratios, leverage exposure composition, and <br>provides information on significant movements in the IFRS and leverage balance sheet. | •Leverage ratios and exposures | [290](#i1952c18a2c0c4c1f881e287e7dca4d52_2782) |  |  |  |
| The Group discloses the two sources of foreign exchange risk that it is exposed to. | Foreign exchange risk | [290](#i1952c18a2c0c4c1f881e287e7dca4d52_2787) |  |  |  |
| The Group discloses the two sources of foreign exchange risk that it is exposed to. | •Transactional foreign currency exposure | [290](#i1952c18a2c0c4c1f881e287e7dca4d52_2795) |  |  |  |
| The Group discloses the two sources of foreign exchange risk that it is exposed to. | •Translational foreign exchange exposure | [290](#i1952c18a2c0c4c1f881e287e7dca4d52_2789) |  |  |  |
| The Group discloses the two sources of foreign exchange risk that it is exposed to. | •Functional currency of operations | [290](#i1952c18a2c0c4c1f881e287e7dca4d52_2796) |  |  |  |
| A review focusing on the UK retirement fund, which represents the majority of the <br>Group's total retirement benefit obligation. | Pension risk review | [291](#i12c1279a81884a37aee9a5181c6fa279_1039) |  |  |  |
| A review focusing on the UK retirement fund, which represents the majority of the <br>Group's total retirement benefit obligation. | •Assets and liabilities | [291](#i9a69090ef98842b8b9147190cacdac62_2021) |  |  |  |
| A review focusing on the UK retirement fund, which represents the majority of the <br>Group's total retirement benefit obligation. | •IAS 19 position | [291](#if5880c5a7a584208a0ebf12b74afab91_0-0-1-1-4390467) |  |  |  |
| A review focusing on the UK retirement fund, which represents the majority of the <br>Group's total retirement benefit obligation. | •Risk measurement | [292](#i9a69090ef98842b8b9147190cacdac62_2015) |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 276 |
|  |  |  |  |  |  |  |  | 276 |

---

Risk performance - Treasury and Capital risk (continued)

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **Interest rate risk in the banking book performance** | **Interest rate risk in the banking book performance** | **Interest rate risk in the banking book performance** |
| A description of the non-traded market risk framework is provided.<br>The Group discloses a sensitivity analysis on pre-tax net interest income for non-trading <br>financial assets and liabilities. The analysis is carried out by business unit and currency.<br>The Group measures some non-traded market risks, in particular prepayment, recruitment, <br>and residual risk using an economic capital methodology.<br>The Group discloses the overall impact of a parallel shift in interest rates on other <br>comprehensive income and cash flow hedges.<br>The Group measures the volatility of the value of the FVOCI instruments in the liquidity <br>pool through non-traded market risk VaR. | Net interest income sensitivity | [293](#if86d8a4b80d54ab190d9031d18bbd03e_2137) |
| A description of the non-traded market risk framework is provided.<br>The Group discloses a sensitivity analysis on pre-tax net interest income for non-trading <br>financial assets and liabilities. The analysis is carried out by business unit and currency.<br>The Group measures some non-traded market risks, in particular prepayment, recruitment, <br>and residual risk using an economic capital methodology.<br>The Group discloses the overall impact of a parallel shift in interest rates on other <br>comprehensive income and cash flow hedges.<br>The Group measures the volatility of the value of the FVOCI instruments in the liquidity <br>pool through non-traded market risk VaR. | •by currency | [293](#i12c1279a81884a37aee9a5181c6fa279_1042) |
| A description of the non-traded market risk framework is provided.<br>The Group discloses a sensitivity analysis on pre-tax net interest income for non-trading <br>financial assets and liabilities. The analysis is carried out by business unit and currency.<br>The Group measures some non-traded market risks, in particular prepayment, recruitment, <br>and residual risk using an economic capital methodology.<br>The Group discloses the overall impact of a parallel shift in interest rates on other <br>comprehensive income and cash flow hedges.<br>The Group measures the volatility of the value of the FVOCI instruments in the liquidity <br>pool through non-traded market risk VaR. | Analysis of equity sensitivity | [294](#if86d8a4b80d54ab190d9031d18bbd03e_2154) |
| A description of the non-traded market risk framework is provided.<br>The Group discloses a sensitivity analysis on pre-tax net interest income for non-trading <br>financial assets and liabilities. The analysis is carried out by business unit and currency.<br>The Group measures some non-traded market risks, in particular prepayment, recruitment, <br>and residual risk using an economic capital methodology.<br>The Group discloses the overall impact of a parallel shift in interest rates on other <br>comprehensive income and cash flow hedges.<br>The Group measures the volatility of the value of the FVOCI instruments in the liquidity <br>pool through non-traded market risk VaR. | Volatility of the FVOCI portfolio in the liquidity pool | [294](#i12c1279a81884a37aee9a5181c6fa279_1045) |

---

**Liquidityrisk**

All disclosures in this section are unaudited

unless otherwise stated.

**Overview**

The Group's liquidity risk is managed

within the Principal Risk: Treasury and

Capital Risk Framework which is designed

to enable the Group to maintain liquidity

resources that are sufficient in amount and

quality, and a funding profile that is

appropriate to meet the Group's Risk

Appetite and PRA Regulatory requirements.

The liquidity risk framework is delivered

via a combination of policy formation,

review and governance, analysis, stress

testing, limit setting and monitoring.

This section provides an analysis of the

Group's: (i) summary of performance, (ii)

liquidity risk stress testing, iii) liquidity

regulation, iv) liquidity pool, (v) funding

structure and funding relationships, (vi)

credit ratings, and (vii) contractual maturity

of financial assets and liabilities.

For further detail on liquidity risk

governance and framework, refer to pages

174 to 179 in the Barclays PLC Pillar 3

Report 2025 (unaudited).

**Key metrics**

Liquidity Coverage Ratio<sup>1</sup>

170%

Net Stable Funding Ratio<sup>2</sup>

135%

1LCR represents average of the last 12 spot

month end ratios.

2NSFR represents average of the last four spot

quarter end ratios.

**Summary of performance**

The liquidity pool at £338bn (December

2024: £297bn) reflects the Group's prudent

approach to liquidity management. The

Average Liquidity Coverage Ratio (LCR)

remained well above the 100% regulatory

requirement at 170% (December 2024:

172%), equivalent to a surplus of £131bn

(December 2024: £127bn).

The Net Stable Funding Ratio (NSFR)

(average of last four quarter ends) was

135% (December 2024: 135%), which

represents a surplus of £166bn (December

2024: £163bn) above the 100% regulatory

requirement.

During the year, the Group issued £16.1bn

of minimum requirement for own funds and

eligible liabilities (MREL) instruments in a

range of tenors and currencies.

Barclays Bank PLC continued to issue in

the shorter-term and medium-term markets

and Barclays Bank UK PLC continued to

issue in the shorter-term markets and

maintain active secured funding

programmes. This funding capacity enables

the respective entities to maintain their

stable and diversified funding bases.

The Group's reliance on short-term

wholesale funding, as measured by the

proportion of wholesale funding maturing in

less than one year increased year-on-year to

38% (December 2024: 30%).

**Liquidity risk stress testing** 

The Group defines its risk appetite liquidity

constraint by setting limits on internal

liquidity risk stress tests and external

regulatory metics, namely the LCR and

NSFR.

**Internal Liquidity Stress Test (ILST)**

The Internal Liquidity Stress Test measures

the potential contractual and contingent

stress outflows under a range of internally

defined stress scenarios, which are then

used to determine the size of the liquidity

pool that is immediately available to meet

anticipated outflows should a stress occur.

As part of the ILST, the Group runs four

liquidity stress scenarios, aligned to the

PRA's prescribed stresses:

• 90 days market-wide stress event

• 30 days Barclays-specific stress event

• 30 days combined market-wide and

Barclays-specific stress event

• 12 months market wide stress.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 277 |
|  |  |  |  |  |  |  |  | 277 |

---

Risk performance - Treasury and Capital risk (continued)

**Key ILST assumptions** 

For the year ended 31 December 2025

---

| | |
|:---|:---|
| **Drivers of Liquidity Risk** | **ILST Combined stress – key assumptions** |
| **Secured and Unsecured Funding Risk** | Zero rollover of maturing wholesale unsecured funding |
| **Secured and Unsecured Funding Risk** | Partial loss of repo capacity on non-extremely liquid repos at contractual maturity date |
| **Secured and Unsecured Funding Risk** | Roll of repo for extremely liquid repo at wider haircut at contractual maturity date |
| **Secured and Unsecured Funding Risk** | Withdrawal of contractual buyback obligations, excess client futures margin, Prime Brokerage (PB) <br>client cash and overlifts<br>|
| **Buffer Monetisation Risk** | Haircuts applied to the market value of marketable assets held in the liquidity buffer, as well as <br>inability to monetise assets<br>|
| **Deposits Risk** | Retail and Corporate deposit outflows as counterparties seek to diversify their deposit balances |
| **Settlement Risk** | Liquidity held to meet increased intraday liquidity usage due to payment and receipts volatility, loss <br>of unsecured credit lines and haircuts applied to collateral values used to back secured credit lines<br>|
| **Settlement Risk** | Liquidity support to liquidity buffer in the event of an operational outage |
| **Intra-Group Liquidity Risk** | Liquidity support for material subsidiaries. Surplus liquidity held within certain subsidiaries is not <br>taken as a benefit to the wider Group<br>|
| **Cross-Currency Liquidity Risk** | Deterioration in FX market capacity that may result in restriction in net currency positions (managed <br>as a separate framework)<br>|
| **Facilities Risk** | Drawdown on committed facilities based on facility and counterparty type |
| **Facilities Risk** | Drawing on credit card facilities based on modelling purchase and payment factors |
| **Facilities Risk** | Partial drawdown on the mortgage portfolio |
| **Rating Downgrade Risk** | Collateral outflows due to a two-notch credit rating downgrade |
| **Derivatives & Collateral Risk** | Increase in the Group's initial margin requirement across all major exchanges |
| **Derivatives & Collateral Risk** | Variation margin outflows from collateralised risk positions |
| **Derivatives & Collateral Risk** | Outflow of collateral owing but not called |
| **Derivatives & Collateral Risk** | Loss of internal sources of funding within the PB synthetics business |
| **Franchise-Viability Risk** | Liquidity held to enable the firm to meet select non-contractual obligations to ensure market <br>confidence in the firm is maintained, including debt buy-backs, swap tear-ups and increased prime <br>brokerage margin debits<br>|
| **Concentration Risk** | Funding from counterparties providing greater than 1% of total funding |

---

As at 31 December 2025, the Group held eligible liquid assets well in excess of 100% of net stress outflows of the 30 days combined

scenario, which has the highest net outflows of the three short-term liquidity stress scenarios and the 12 month market-wide scenario.

**Liquidity regulation**

Barclays Group monitors its position against both the LCR and NSFR according to the PRA regulatory requirements which include certain

Basel III standards that were retained in the UK regulatory framework from 1 January 2022 as part of the UK's withdrawal from the EU. 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 (HQLA) to survive an acute stress scenario lasting for 30 days. The NSFR has been developed to promote a sustainable and stable

structure of assets and liabilities.

**Liquidity Coverage Ratio (LCR)**

The external LCR requirement is designed to promote short-term resilience of a bank's liquidity risk profile by holding sufficient High

Quality Liquid Assets (HQLA) to survive an acute stress scenario lasting for 30 days.

---

| | | |
|:---|:---|:---|
| **Liquidity Coverage Ratio (LCR)**<sup>1</sup> | **2025** | **2024** |
| **As at 31 December** | **£bn** | **£bn** |
| LCR Eligible High Quality Liquid Assets (HQLA) | **321** | 304 |
| Net stress outflows | **(190)** | (177) |
| **Surplus** | **131** | 127 |
| Liquidity coverage ratio | **170%** | 172% |

---

**Note:**

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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 278 |
|  |  |  |  |  |  |  |  | 278 |

---

Risk performance - Treasury and Capital risk (continued)

**Net Stable Funding Ratio (NSFR)**

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

defined 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 was 135% at December 2025 (December 2024: 135%) (average of last

four quarter ends) equivalent to a surplus of £166bn (2024: £163bn) above the regulatory requirement and demonstrates Barclays' stable

balance sheet funding profile.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Net Stable Funding Ratio (NSFR)**<sup>1</sup> | **£bn** | **£bn** |
| Total Available Stable Funding | **639** | 630 |
| Total Required Stable Funding | **473** | 467 |
| **Surplus** | **166** | 163 |
| Net Stable Funding Ratio | **135%** | 135% |

---

**Note:**

1Represents average of the last four spot quarter end ratios.

To define the risk appetite liquidity constraint, Barclays establishes minimum LCR, NSFR and ILST 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.

**Liquidity pool** 

The Group liquidity pool as at 31 December 2025 was £338bn (2024: 297bn). In 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 is intended to offset stress outflows. It comprises the following cash and unencumbered assets.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composition of the Group liquidity pool as at 31 December 2025** | **Composition of the Group liquidity pool as at 31 December 2025** | **Composition of the Group liquidity pool as at 31 December 2025** | **Composition of the Group liquidity pool as at 31 December 2025** | **Composition of the Group liquidity pool as at 31 December 2025** | **Composition of the Group liquidity pool as at 31 December 2025** | **Composition of the Group liquidity pool as at 31 December 2025** | **Composition of the Group liquidity pool as at 31 December 2025** |
|  | **LCR eligible High Quality Liquid Assets (HQLA)**<sup>1</sup> | **LCR eligible High Quality Liquid Assets (HQLA)**<sup>1</sup> | **LCR eligible High Quality Liquid Assets (HQLA)**<sup>1</sup> | **LCR eligible High Quality Liquid Assets (HQLA)**<sup>1</sup> | **LCR eligible High Quality Liquid Assets (HQLA)**<sup>1</sup> | **Liquidity pool** | **Liquidity pool** |
|  | **Cash** | **Level 1** | **Level 2A** | **Level 2B** | **Total** | **2025** | **2024** |
|  | **£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 |
| **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 |

---

**Notes:**

1The LCR eligible HQLA is adjusted for operational restrictions upon consolidation under Article 8 of the Liquidity Coverage Ratio section of the PRA rulebook

(CRR) such as trapped liquidity within Barclays subsidiaries. It also reflects differences in eligibility of assets between the LCR and Barclays' Liquidity Pool.

2Includes cash held at central banks and surplus cash at central banks related to payment schemes. Of which over 99.5% (2024: over 98%) was placed with the Bank

of England, US Federal Reserve, European Central Bank, Bank of Japan and Swiss National Bank.

3Of which over 85% (2024: over 85%) comprised UK, US, French, German, Japanese, Swiss and Dutch securities.

The Group liquidity pool is well diversified by major currency and the Group monitors ILST stress scenarios for major currencies.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Liquidity pool by currency** |  |  |  |  |  |
|  | **USD** | **EUR** | **GBP** | **Other**  | **Total** |
|  | **£bn** | **£bn** | **£bn** | **£bn** | **£bn** |
| **Liquidity pool as at 31 December 2025** | **111** | **66** | **124** | **37** | **338** |
| Liquidity pool as at 31 December 2024 | 92 | 75 | 109 | 21 | 297 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 279 |
|  |  |  |  |  |  |  |  | 279 |

---

Risk performance - Treasury and Capital risk (continued)

**Management of the liquidity pool**

The composition of the liquidity 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 risk by issuer, currency and asset type. Given the returns

generated by these highly liquid assets, the risk and reward profile is continuously managed.

As at 31 December 2025, 68% (2024: 60%) of the liquidity pool was located in Barclays Bank PLC, 17% (2024: 23%) in Barclays Bank UK

PLC and 9% (2024: 9%) in Barclays Bank Ireland PLC. The residual portion of the liquidity pool is held outside of these entities,

predominantly in the US subsidiaries, to meet entity-specific stress outflows and local regulatory requirements. To the extent the use of this

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.

**Contingent liquidity**

In addition to the Group liquidity pool, the Group has access to other unencumbered assets which provide a source of contingent liquidity.

While these are not relied on in the Group's ILST, a portion of these assets may be monetised in a stress to generate liquidity through their

use as collateral for secured funding or through outright sale.

In a Barclays-specific, market-wide or combined liquidity stress, liquidity available via market sources could be severely disrupted. In

circumstances where market liquidity is unavailable or available only at significantly elevated prices, the Group could generate liquidity via

central bank facilities. To this end, as at 31 December 2025, the Group had £81.9bn (December 2024: £87.9bn) of assets positioned at

various central banks.

For more detail on the Group's other unencumbered assets, see pages 201 to 205 in the Barclays PLC Pillar 3 Report 2025 (unaudited).

**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 are summarised below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** |  | **2025** | **2024** |
| **Assets** | **£bn** | **£bn** | **Liabilities** | **£bn** | **£bn** |
| Loans and advances at amortised cost<sup>1</sup> | **400** | 392 | Deposits at amortised cost | **586** | 561 |
| Group liquidity pool | **338** | 297 | <1 Year wholesale funding | **84** | 55 |
|  |  |  | >1 Year wholesale funding | **136** | 131 |
| Reverse repurchase agreements, trading <br>portfolio assets, cash collateral and <br>settlement balances<br>| **471** | 433 | Repurchase agreements, trading portfolio <br>liabilities, cash collateral and settlement <br>balances<br>| **359** | 358 |
| Derivative financial instruments | **252** | 294 | Derivative financial instruments | **241** | 279 |
| Other assets<sup>2</sup> | **83** | 102 | Other liabilities | **60** | 62 |
|  |  |  | Equity | **78** | 72 |
| **Total assets** | **1544** | 1518 | **Total liabilities** | **1544** | 1518 |

---

**Notes:**

1Adjusted for liquidity pool debt securities reported at amortised costs of £30bn (December 2024: £22bn).

2Other assets include fair value assets that are not part of reverse repurchase agreements or trading portfolio assets, and other asset categories.

![](bcs-20251231_g208.gif)

<sup>1</sup>FSCS insured deposit limit increased from £85,000 to £120,000 from Dec 1, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 280 |
|  |  |  |  |  |  |  |  | 280 |

---

Risk performance - Treasury and Capital risk (continued)

**Deposit funding**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** |
| **Funding of loans and advances** | **Loans and** <br>**advances,debt** <br>**securities at** <br>**amortised cost**<br>| **Deposits at** <br>**amortised cost**<br>| **Loan: deposit**<br>**ratio**<sup>1</sup><br>| **Loan: deposit**<br>**ratio**<br>|
| **As at 31 December 2025** | **£bn** | **£bn** | **%** | **%** |
| Barclays UK | **230** | **245** | **94** | 92 |
| Barclays UK Corporate Bank | **30** | **89** | **34** | 31 |
| Barclays Private Bank and Wealth Management | **15** | **72** | **21** | 21 |
| Barclays Investment Bank | **130** | **156** | **83** | 88 |
| Barclays US consumer Bank | **22** | **24** | **92** | 91 |
| Head Office | **3** | **—** |  |  |
| **Barclays Group** | **430** | **586** | **73** | 74 |

---

**Note:**

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

As at 31 December 2025, £254bn (2024: £233bn) of deposits at amortised cost were insured through the UK Financial Services

Compensation Scheme (FSCS)<sup>1</sup> and other similar schemes. In addition to these customer deposits £4.1bn (2024: £8.0bn) of other liabilities

are insured by other governments.

Contractually, current accounts are repayable on demand and savings accounts at short notice. In practice, their observed maturity is typically

longer than their contractual maturity. Similarly, repayment profiles of certain types of assets e.g. mortgages, overdrafts and credit card

lending, differ from their contractual profiles. The Group therefore assesses the behavioural maturity of both customer assets and liabilities to

identify structural balance sheet funding gaps. In doing so, it applies quantitative modelling and qualitative assessments which take into

account historical experience, current customer composition, and macroeconomic projections.

The Group's broad base of customers, numerically and by depositor type, helps protect against unexpected fluctuations in balances and hence

provides a stable funding base for the Group's operations and liquidity needs.

**Wholesale funding**

Barclays Bank Group and Barclays Bank UK Group maintain access to a variety of sources of wholesale funds in major currencies, including

those available from term investors across a variety of distribution channels and geographies, short-term funding markets and repo markets.

Barclays Bank Group has direct access to US, European and Asian capital markets through its global investment banking operations and to

long-term investors through its clients worldwide. Key sources of wholesale funding include money markets, certificates of deposit,

commercial paper, medium term issuances (including structured notes) and securitisations.

Key sources of wholesale funding for Barclays Bank UK Group include money markets, certificates of deposit, commercial paper, covered

bonds and other securitisations.

The Group expects to continue issuing public wholesale debt from Barclays PLC (the Parent company), in order to maintain compliance with

indicative MREL requirements and maintain a stable and diverse funding base by type, currency and market. During the year, the Group

issued£16.1bn of MREL instruments from Barclays PLC in a range of different currencies and tenors.

Barclays Bank PLC continued to issue in the shorter-term markets and medium-term notes programmes. Barclays Bank UK PLC continued

to issue in the shorter-term markets and maintain active secured funding programmes. This funding capacity enables the respective entities to

maintain their stable and diversified funding bases.

As at 31 December 2025, the Group's total wholesale funding outstanding (excluding repurchase agreements) was £220.1bn (2024:

£186.0bn), of which £20.4bn (2024: £20.5bn) was secured funding and £199.7bn (2024: £165.5bn) unsecured funding. Unsecured funding

includes £88.0bn (2024: £78.9bn) of privately placed senior unsecured notes issued through a variety of distribution channels including

intermediaries and private banks.

Wholesale funding of £83.9bn (2024: £55.0bn) matures in less than one year, representing 38% (December 2024: 30%) of total wholesale

funding outstanding. This includes £28.4bn (2024: £22.0bn) related to term funding<sup>2</sup>. Although not a requirement, the liquidity pool

exceeded the wholesale funding maturing in less than one year by £254bn (2024: £242bn).

Barclays Bank Group and Barclays Bank UK Group also support various central bank monetary initiatives, such as the Bank of England's

Term Funding Scheme with additional incentives for SMEs (TFSME), and the European Central Bank's Targeted Long-Term Refinancing

Operations (TLTRO). These are reported under 'repurchase agreements and other similar secured borrowing' on the balance sheet.

In addition, Barclays repaid £8.4bn of its TFSME drawings reducing its outstanding balance to £10bn at year end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 281 |
|  |  |  |  |  |  |  |  | 281 |

---

Risk performance - Treasury and Capital risk (continued)

---

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

---

**Notes:**

1The 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.

2Term 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 was more than one year.

3Includes structured notes of £73.5bn, of which £21.8bn matures within one year.

**Currency composition of wholesale debt**

As at 31 December 2025, the proportion of wholesale funding by major currencies was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency composition of wholesale funding** |  |  |  |  |
|  | **USD** | **EUR** | **GBP** | **Other** |
|  | **%** | **%** | **%** | **%** |
| Certificates of deposit and commercial paper | **73** | **26** | **—** | **1** |
| Asset backed commercial paper | **86** | **6** | **8** | **—** |
| Senior unsecured (Public benchmark) | **61** | **23** | **12** | **4** |
| Senior unsecured (Privately placed) | **60** | **17** | **5** | **18** |
| Covered bonds / Asset backed securities | **66** | **14** | **20** | **—** |
| Subordinated liabilities | **54** | **26** | **15** | **5** |
| **Total as at 31 December 2025** | **64** | **21** | **6** | **9** |
| Total as at 31 December 2024 | 66 | 18 | 7 | 9 |

---

To manage cross currency refinancing risk, the Group manages to currency mismatch limits, which limit risk at specific maturities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 282 |
|  |  |  |  |  |  |  |  | 282 |

---

Risk performance - Treasury and Capital risk (continued)

**Contractual maturity of financial assets and liabilities** 

The table below provides detail on the contractual maturity of all financial instruments and other assets and liabilities. Derivatives (other than

those designated in a hedging relationship) and trading portfolio assets and liabilities are included in the 'not more than one month' column at

their fair value. Liquidity risk on these items is not managed on the basis of contractual maturity since they are not held for settlement

according to such maturity and will frequently be settled before contractual maturity at fair value. Derivatives designated in a hedging

relationship are included according to their contractual maturity.

Open-dated financial assets and liabilities are included within 'not more than one month' due to the availability of withdrawals or

redemptions at any time, without notice.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** |
| **As at 31 December 2025** | **Not more** <br>**than one** <br>**month**<br>| **Over one** <br>**month but** <br>**not more** <br>**than three** <br>**months**<br>| **Over three** <br>**months but** <br>**not more** <br>**than six** <br>**months**<br>| **Over six** <br>**months but** <br>**not more** <br>**than one** <br>**year**<br>| **Over one** <br>**year but not** <br>**more than** <br>**three years**<br>| **Over three** <br>**years but** <br>**not more** <br>**than five** <br>**years**<br>| **Over five** <br>**years**<br>| **Total**  |
| **As at 31 December 2025** | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  |
| **Assets** |  |  |  |  |  |  |  |  |
| Cash and balances at central banks | **229752** | **—** | **—** | **—** | **—** | **—** | **—** | **229752** |
| Cash collateral and settlement balances | **87432** | **43100** | **—** | **—** | **—** | **—** | **—** | **130532** |
| Debt securities at amortised cost | **390** | **5136** | **1776** | **3362** | **18130** | **13525** | **26156** | **68475** |
| Loans and advances at amortised cost to banks and <br>customers<br>| **23738** | **6113** | **7690** | **19968** | **58229** | **38340** | **207445** | **361523** |
| Reverse repurchase agreements and other similar <br>secured lending<br>| **10826** | **338** | **520** | **406** | **1971** | **2816** | **745** | **17622** |
| Trading portfolio assets | **190061** | **—** | **—** | **—** | **—** | **—** | **—** | **190061** |
| Financial assets at fair value through the income <br>statement<br>| **146471** | **13492** | **4506** | **4153** | **10863** | **3036** | **4336** | **186857** |
| Derivative financial instruments | **249744** | **146** | **201** | **371** | **1622** | **302** | **73** | **252459** |
| Financial assets at fair value through other <br>comprehensive income<br>| **1370** | **2064** | **483** | **885** | **13412** | **22875** | **33305** | **74394** |
| Assets included in disposal groups classified as held <br>for sale<br>| **—** | **—** | **5932** | **—** | **—** | **—** | **—** | **5932** |
| Other financial assets | **743** | **47** | **43** | **6** | **5** | **2** | **1** | **847** |
| **Total financial assets** | **940527** | **70436** | **21151** | **29151** | **104232** | **80896** | **272061** | **1518454** |
| **Other assets** |  |  |  |  |  |  |  | **25711** |
| **Total assets** |  |  |  |  |  |  |  | **1544165** |
| **Liabilities** |  |  |  |  |  |  |  |  |
| Deposits at amortised cost from banks and <br>customers<br>| **462723** | **42184** | **38930** | **33970** | **6563** | **699** | **544** | **585613** |
| Cash collateral and settlement balances | **84836** | **32747** | **—** | **—** | **—** | **—** | **—** | **117583** |
| Repurchase agreements and other similar secured <br>borrowing<br>| **10174** | **4507** | **75** | **3030** | **4354** | **—** | **3030** | **25170** |
| Debt securities in issue | **6206** | **10732** | **23120** | **13302** | **17566** | **16036** | **32071** | **119033** |
| Subordinated liabilities | **—** | **—** | **1522** | **400** | **1870** | **1063** | **8099** | **12954** |
| Trading portfolio liabilities | **57737** | **—** | **—** | **—** | **—** | **—** | **—** | **57737** |
| Financial liabilities designated at fair value | **162852** | **29816** | **16489** | **14172** | **31413** | **19693** | **19673** | **294108** |
| Derivative financial instruments | **240147** | **23** | **53** | **13** | **258** | **100** | **214** | **240808** |
| Liabilities included in disposal groups classified <br>as held for sale<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Other financial liabilities | **4602** | **4** | **30** | **53** | **196** | **154** | **813** | **5852** |
| **Total financial liabilities** | **1029277** | **120013** | **80219** | **64940** | **62220** | **37745** | **64444** | **1458858** |
| **Other liabilities** |  |  |  |  |  |  |  | **7071** |
| **Total liabilities** |  |  |  |  |  |  |  | **1465929** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 283 |
|  |  |  |  |  |  |  |  | 283 |

---

Risk performance - Treasury and Capital risk (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** | **Contractual maturity of financial assets and liabilities (audited)** |
| **As at 31 December 2024** | **Not more** <br>**than one** <br>**month**<br>| **Over one** <br>**month but** <br>**not more** <br>**than three** <br>**months**<br>| **Over three** <br>**months but** <br>**not more** <br>**than six** <br>**months**<br>| **Over six** <br>**months but** <br>**not more** <br>**than one** <br>**year**<br>| **Over one** <br>**year but not** <br>**more than** <br>**three years**<br>| **Over three** <br>**years but** <br>**not more** <br>**than five** <br>**years**<br>| **Over five** <br>**years**<br>| **Total**  |
| **As at 31 December 2024** | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  |
| **Assets** |  |  |  |  |  |  |  |  |
| Cash and balances at central banks | 210184 |  |  |  |  |  |  | 210184 |
| Cash collateral and settlement balances | 82661 | 37182 |  |  |  |  |  | 119843 |
| Debt securities at amortised cost | 233 | 1009 | 2218 | 3591 | 20231 | 12400 | 28528 | 68210 |
| Loans and advances at amortised cost to banks and <br>customers<br>| 24290 | 6237 | 8327 | 18544 | 57020 | 32755 | 199100 | 346273 |
| Reverse repurchase agreements and other similar <br>secured lending<br>| 1390 | 37 | 292 | 359 | 1676 | 980 |  | 4734 |
| Trading portfolio assets | 166453 |  |  |  |  |  |  | 166453 |
| Financial assets at fair value through the income <br>statement<br>| 152935 | 11628 | 4489 | 4494 | 10174 | 5568 | 4446 | 193734 |
| Derivative financial instruments | 291006 | 293 | 512 | 710 | 783 | 79 | 147 | 293530 |
| Financial assets at fair value through other <br>comprehensive income<br>| 1473 | 1067 | 351 | 944 | 14239 | 23511 | 36474 | 78059 |
| Assets included in disposal groups classified as held <br>for sale<br>|  | 3710 |  |  | 6144 |  |  | 9854 |
| Other financial assets | 786 | 29 | 55 | 18 | 2 |  | 1 | 891 |
| **Total financial assets** | 931411 | 61192 | 16244 | 28660 | 110269 | 75293 | 268696 | 1491765 |
| **Other assets** |  |  |  |  |  |  |  | 26437 |
| **Total assets** |  |  |  |  |  |  |  | 1518202 |
| **Liabilities** |  |  |  |  |  |  |  |  |
| Deposits at amortised cost from banks and customers | 450889 | 40688 | 34512 | 26999 | 5283 | 1505 | 787 | 560663 |
| Cash collateral and settlement balances | 76655 | 29574 |  |  |  |  |  | 106229 |
| Repurchase agreements and other similar secured <br>borrowing<br>| 18771 | 1823 | 84 | 8537 | 10200 |  |  | 39415 |
| Debt securities in issue | 2928 | 16868 | 5859 | 3469 | 17477 | 15378 | 30423 | 92402 |
| Subordinated liabilities |  | 96 | 65 | 80 | 2126 | 1583 | 7971 | 11921 |
| Trading portfolio liabilities | 56908 |  |  |  |  |  |  | 56908 |
| Financial liabilities designated at fair value | 160429 | 23084 | 16739 | 15328 | 28320 | 19050 | 19274 | 282224 |
| Derivative financial instruments | 278616 | 27 | 18 | 17 | 282 | 263 | 192 | 279415 |
| Liabilities included in disposal groups classified as <br>held for sale<br>|  | 3726 |  |  |  |  |  | 3726 |
| Other financial liabilities | 4957 | 4 | 30 | 61 | 202 | 140 | 739 | 6133 |
| **Total financial liabilities** | 1050153 | 115890 | 57307 | 54491 | 63890 | 37919 | 59386 | 1439036 |
| **Other liabilities** |  |  |  |  |  |  |  | 6685 |
| **Total liabilities** |  |  |  |  |  |  |  | 1445721 |

---

Expected maturity date may differ from the contractual dates, to account for:

• trading portfolio assets and liabilities and derivative financial instruments, which may not be held to maturity as part of the Group's trading

strategies

• corporate and retail deposits, reported under deposits at amortised cost, are repayable on demand or at short notice on a contractual basis. In

practice, their behavioural maturity is typically longer than their contractual maturity, and therefore these deposits provide stable funding for the

Group's operations and liquidity needs because of the broad base of customers, both numerically and by depositor type

• loans to corporate and retail customers, which are included within loans and advances at amortised cost and financial assets at fair value, may be

repaid earlier in line with terms and conditions of the contract

• debt securities in issue, subordinated liabilities, and financial liabilities designated at fair value, may include early redemption features.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 284 |
|  |  |  |  |  |  |  |  | 284 |

---

Risk performance - Treasury and Capital risk (continued)

**Contractual maturity of financial liabilities on an undiscounted basis** 

The table below presents the cash flows payable by the Group under financial liabilities by remaining contractual maturities at the balance

sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows of all financial liabilities (i.e. nominal values).

The balances in the below table do not agree directly to the balances in the consolidated balance sheet as the table incorporates all cash flows,

on an undiscounted basis, related to both principal as well as those associated with all future coupon payments.

Derivative financial instruments held for trading and trading portfolio liabilities are included in the 'not more than one month' column at their

fair value. Open-dated financial liabilities are also included within 'not more than one month'.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual maturity of financial liabilities - undiscounted (audited)** | **Contractual maturity of financial liabilities - undiscounted (audited)** | **Contractual maturity of financial liabilities - undiscounted (audited)** | **Contractual maturity of financial liabilities - undiscounted (audited)** | **Contractual maturity of financial liabilities - undiscounted (audited)** | **Contractual maturity of financial liabilities - undiscounted (audited)** | **Contractual maturity of financial liabilities - undiscounted (audited)** | **Contractual maturity of financial liabilities - undiscounted (audited)** | **Contractual maturity of financial liabilities - undiscounted (audited)** |
|  | **Not more** <br>**than one** <br>**month**<br>| **Over one** <br>**month but** <br>**not more** <br>**than three** <br>**months**<br>| **Over three** <br>**months but** <br>**not more** <br>**than six** <br>**months**<br>| **Over six** <br>**months but** <br>**not more** <br>**than one** <br>**year**<br>| **Over one** <br>**year but not** <br>**more than** <br>**three years**<br>| **Over three** <br>**years but** <br>**not more** <br>**than five** <br>**years**<br>| **Over five** <br>**years**<br>| **Total**  |
|  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  |
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |
| Deposits at amortised cost from banks and <br>customers<br>| **462812** | **42491** | **39430** | **34773** | **6917** | **777** | **805** | **588005** |
| Cash collateral and settlement balances | **84850** | **32908** | **—** | **—** | **—** | **—** | **—** | **117758** |
| Repurchase agreements and other similar secured <br>borrowing<br>| **10185** | **4520** | **75** | **3111** | **4498** | **—** | **3627** | **26016** |
| Debt securities in issue | **6217** | **10793** | **23413** | **13619** | **18533** | **18178** | **48191** | **138944** |
| Subordinated liabilities | **—** | **—** | **1562** | **418** | **1975** | **1263** | **10502** | **15720** |
| Trading portfolio liabilities | **57737** | **—** | **—** | **—** | **—** | **—** | **—** | **57737** |
| Financial liabilities designated at fair value | **162942** | **29981** | **16677** | **14449** | **32852** | **21679** | **34103** | **312683** |
| Derivative financial instruments | **240103** | **67** | **54** | **13** | **278** | **115** | **415** | **241045** |
| Liabilities included in disposal groups classified <br>as held for sale<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Other financial liabilities | **4606** | **16** | **48** | **89** | **323** | **262** | **3977** | **9321** |
| **Total financial liabilities** | **1029452** | **120776** | **81259** | **66472** | **65376** | **42274** | **101620** | **1507229** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |
| Deposits at amortised cost from banks and <br>customers<br>| 451093 | 40992 | 34963 | 27670 | 5579 | 1752 | 1025 | 563074 |
| Cash collateral and settlement balances | 76658 | 29745 |  |  |  |  |  | 106403 |
| Repurchase agreements and other similar secured <br>borrowing<br>| 18790 | 1832 | 84 | 8822 | 10953 |  |  | 40481 |
| Debt securities in issue | 2937 | 16981 | 5938 | 3593 | 18365 | 17563 | 46183 | 111560 |
| Subordinated liabilities |  | 96 | 65 | 80 | 2283 | 1777 | 10726 | 15027 |
| Trading portfolio liabilities | 56908 |  |  |  |  |  |  | 56908 |
| Financial liabilities designated at fair value | 160604 | 23256 | 16968 | 15709 | 29999 | 21427 | 34407 | 302370 |
| Derivative financial instruments | 278620 | 27 | 18 | 17 | 304 | 307 | 403 | 279696 |
| Liabilities included in disposal groups classified <br>as held for sale<br>|  | 3726 |  |  |  |  |  | 3726 |
| Other financial liabilities | 4963 | 16 | 49 | 96 | 322 | 239 | 4149 | 9834 |
| **Total financial liabilities** | 1050573 | 116671 | 58085 | 55987 | 67805 | 43065 | 96893 | 1489079 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 285 |
|  |  |  |  |  |  |  |  | 285 |

---

Risk performance - Treasury and Capital risk (continued)

**Maturity of off-balance sheet commitments given**

The table below presents the maturity split of the Group's off-balance sheet commitments given at the balance sheet date. The amounts

disclosed in the table are the undiscounted cash flows (i.e. nominal values) on the basis of earliest opportunity at which they are available.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Maturity analysis of off-balance sheet commitments given (audited)** | **Maturity analysis of off-balance sheet commitments given (audited)** | **Maturity analysis of off-balance sheet commitments given (audited)** | **Maturity analysis of off-balance sheet commitments given (audited)** | **Maturity analysis of off-balance sheet commitments given (audited)** | **Maturity analysis of off-balance sheet commitments given (audited)** | **Maturity analysis of off-balance sheet commitments given (audited)** | **Maturity analysis of off-balance sheet commitments given (audited)** | **Maturity analysis of off-balance sheet commitments given (audited)** |
|  | **Not more than** <br>**one month**<br>| **Over one** <br>**month but not** <br>**more than** <br>**three months**<br>| **Over three** <br>**months but not** <br>**more than six** <br>**months**<br>| **Over six** <br>**months but** <br>**not more than** <br>**one year**<br>| **Over one** <br>**year but not** <br>**more than** <br>**three years**<br>| **Over three** <br>**years but not** <br>**more than five** <br>**years**<br>| **Over five** <br>**years**<br>| **Total**  |
|  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  | **£m**  |
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |
| Contingent liabilities and financial <br>guarantees<br>| **25372** | **—** | **1** | **1** | **—** | **—** | **—** | **25374** |
| Documentary credits and other short-term <br>trade related transactions<br>| **1103** | **—** | **—** | **—** | **—** | **—** | **—** | **1103** |
| Standby facilities, credit lines and other <br>commitments<sup>1</sup><br>| **423420** | **—** | **—** | **—** | **63** | **17** | **3** | **423503** |
| **Total off-balance sheet commitments** <br>**given**<br>| **449895** | **—** | **1** | **1** | **63** | **17** | **3** | **449980** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |
| Contingent liabilities and financial <br>guarantees<br>| 25322 | 22 | 1 | 1 |  |  |  | 25346 |
| Documentary credits and other short-term <br>trade related transactions<br>| 1432 | 1 |  |  |  |  |  | 1433 |
| Standby facilities, credit lines and other <br>commitments<sup>1</sup><br>| 421648 |  |  |  | 68 |  |  | 421716 |
| **Total off-balance sheet commitments** <br>**given**<br>| 448402 | 23 | 1 | 1 | 68 |  |  | 448495 |

---

**Note:**

1Includes exposures relating to financial assets classified as assets held for sale.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 286 |
|  |  |  |  |  |  |  |  | 286 |

---

Risk performance - Treasury and Capital risk (continued)

**Capital risk**

All disclosures in this section are unaudited

unless otherwise stated.

**Overview** 

The CET1 ratio, among other metrics, is a

measure of the capital strength and resilience

of Barclays. Maintenance of our capital

resources is vital in order to meet the overall

regulatory capital requirement, to withstand

the impact of the risks that may arise under

normal and stressed conditions, and maintain

adequate capital to cover current and forecast

business needs and associated risks to

provide a viable and sustainable business

offering.

This section provides an overview of the

Group's: (i) CET1 capital, leverage and own

funds and eligible liabilities requirements;

(ii) capital resources; (iii) risk weighted

assets (RWAs); (iv) leverage ratios and

exposures; and (v) own funds and eligible

liabilities.

More details on monitoring and managing

capital risk may be found in the risk

management sections of the Barclays PLC

Pillar 3 Report 2025 (unaudited).

**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.

**Key metrics**

Common Equity Tier 1 ratio

14.3%

UK leverage ratio

5.1%

Own funds and eligible liabilities ratio

as a percentage of RWAs

35.8%

**Summary of performance** 

**in the period**

The Group continues to be in excess of

overall capital, leverage and MREL

regulatory requirements.

The CET1 ratio increased to 14.3%

(December 2024: 13.6%).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). The c.80bps increase in 2025 was

driven by a CET1 capital increase of £2.5bn

to £51.1bn and an RWA decrease of £1.4bn

to £356.8bn

Significant movements in the year were:

• 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

• 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

**Minimum capital requirements**

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.

**Minimum leverage requirements**

As at 31 December 2025, the Group was

subject to a UK leverage ratio requirement

of 4.1%. This comprises 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.

**Minimum requirements for own** 

**funds and eligible liabilities**

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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 287 |
|  |  |  |  |  |  |  |  | 287 |

---

Risk performance - Treasury and Capital risk (continued)

**Capital resources**

---

| | | |
|:---|:---|:---|
| **Capital ratios**<sup>1, 2</sup> |  |  |
| **As at 31 December** | **2025** | **2024** |
| CET1 | **14.3%** | 13.6% |
| Tier 1 (T1) | **17.9%** | 16.9% |
| Total regulatory capital | **20.4%** | 19.6% |
| MREL ratio as a percentage of total RWAs | **35.8%** | 34.4% |
| **Own funds and eligible liabilities** |  |  |
|  | **2025** | **2024** |
| **As at 31 December** | **£m** | **£m** |
| **Total equity excluding non-controlling interests per the balance sheet** | **77784** | 71821 |
| Less: other equity instruments (recognised as AT1 capital) | **(12725)** | (12075) |
| Adjustment to retained earnings for foreseeable ordinary share dividends  | **(778)** | (786) |
| Adjustment to retained earnings for foreseeable repurchase of shares | **(271)** |  |
| Adjustment to retained earnings for foreseeable other equity coupons | **(36)** | (35) |
| **Other regulatory adjustments and deductions** |  |  |
| Additional value adjustments (PVA) | **(1956)** | (2051) |
| Goodwill and intangible assets | **(8255)** | (8272) |
| Deferred tax assets that rely on future profitability excluding temporary differences | **(1069)** | (1451) |
| Fair value reserves related to gains or losses on cash flow hedges | **666** | 2930 |
| Excess of expected losses over impairment | **(436)** | (403) |
| Gains or losses on liabilities at fair value resulting from own credit | **904** | 981 |
| Defined benefit pension fund assets | **(2398)** | (2367) |
| Direct and indirect holdings by an institution of own CET1 instruments | **(14)** | (1) |
| Adjustment under IFRS 9 transitional arrangements | **—** | 138 |
| Other regulatory adjustments | **(346)** | 129 |
| **CET1 capital** | **51070** | 48558 |
| **AT1 capital**  |  |  |
| Capital instruments and related share premium accounts | **12758** | 12108 |
| Other regulatory adjustments and deductions | **(33)** | (32) |
| **AT1 capital** | **12725** | 12076 |
| **T1 capital** | **63795** | 60634 |
| **T2 capital** |  |  |
| Capital instruments and related share premium accounts | **8835** | 9150 |
| Qualifying T2 capital (including minority interests) issued by subsidiaries | **55** | 367 |
| Other regulatory adjustments and deductions | **(71)** | (33) |
| **Total regulatory capital** | **72614** | 70118 |
| **Less : Ineligible T2 capital (including minority interests) issued by subsidiaries** | **(55)** | (367) |
| **Eligible liabilities** | **55106** | 53547 |
| **Total own funds and eligible liabilities**<sup>3</sup> | **127665** | 123298 |
| **Total RWAs (Unaudited)** | **356774** | 358127 |

---

**Notes:**

12024 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.

22024 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.

3As 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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 288 |
|  |  |  |  |  |  |  |  | 288 |

---

Risk performance - Treasury and Capital risk (continued)

---

| | |
|:---|:---|
| **Movement in CET1 capital** |  |
|  | **2025** |
|  | **£m** |
| **Opening balance as at 1 January** | **48558** |
| Profit for the period attributable to equity holders | **7172** |
| Own credit relating to derivative liabilities | **(15)** |
| Ordinary share dividends paid and foreseen | **(1200)** |
| Purchased and foreseeable share repurchase | **(2500)** |
| Other equity coupons paid and foreseen | **(998)** |
| **Increase in retained regulatory capital generated from earnings** | **2459** |
| Net impact of share schemes | **190** |
| Fair value through other comprehensive income reserve | **773** |
| Currency translation reserve | **(1132)** |
| Other reserves | **(68)** |
| **Decrease in other qualifying reserves** | **(237)** |
| Pension remeasurements within reserves | **(14)** |
| Defined benefit pension fund asset deduction | **(31)** |
| **Net impact of pensions** | **(45)** |
| Additional value adjustments (PVA) | **95** |
| Goodwill and intangible assets | **17** |
| Deferred tax assets that rely on future profitability excluding those arising from temporary differences | **382** |
| Excess of expected loss over impairment | **(33)** |
| Direct and indirect holdings by an institution of own CET1 instruments | **(13)** |
| Adjustment under IFRS 9 transitional arrangements | **(138)** |
| Other regulatory adjustments | **25** |
| **Increase in regulatory capital due to adjustments and deductions** | **335** |
| **Closing balance as at 31 December** | **51070** |

---

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

• £7.2bn of capital generated from profit partially offset by distributions of £4.7bn comprising:

-£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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 289 |
|  |  |  |  |  |  |  |  | 289 |

---

Risk performance - Treasury and Capital risk (continued)

**Risk weighted assets**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (RWAs) by risk type and business** | **Risk weighted assets (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** <br>**risk**<br>| **Total** <br>**RWAs**<br>|
|  | **Std** | **IRB** | **Std** | **IRB** | **Settlement** <br>**risk**<br>| **CVA** | **Std** | **IMA** |  |  |
| **As at 31 December 2025** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Barclays UK | **16731** | **55037** | **132** | **8** | **—** | **43** | **177** | **—** | **13697** | **85825** |
| Barclays UK Corporate Bank | **3878** | **18341** | **89** | **312** | **1** | **4** | **31** | **343** | **3510** | **26509** |
| Barclays Private Bank & Wealth <br>Management<br>| **4981** | **580** | **112** | **19** | **—** | **11** | **39** | **240** | **2054** | **8036** |
| Barclays Investment Bank | **44961** | **49750** | **21986** | **19442** | **165** | **3030** | **12018** | **20111** | **25238** | **196701** |
| Barclays US Consumer Bank | **21050** | **1004** | **—** | **1** | **—** | **—** | **—** | **—** | **5393** | **27448** |
| Head Office | **5405** | **5439** | **1** | **5** | **—** | **—** | **219** | **59** | **1127** | **12255** |
| **Barclays Group** | **97006** | **130151** | **22320** | **19787** | **166** | **3088** | **12484** | **20753** | **51019** | **356774** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |
| Barclays UK | 15516 | 55301 | 146 | 11 |  | 74 | 228 |  | 13181 | 84457 |
| Barclays UK Corporate Bank | 3932 | 15680 | 106 | 336 |  | 12 | 16 | 548 | 3282 | 23912 |
| Barclays Private Bank & Wealth <br>Management<br>| 5058 | 434 | 118 | 31 |  | 16 | 44 | 330 | 1859 | 7890 |
| Barclays Investment Bank | 40957 | 49231 | 21889 | 24094 | 70 | 2913 | 12442 | 23023 | 24164 | 198783 |
| Barclays US Consumer Bank | 21019 | 966 |  |  |  |  |  |  | 4864 | 26849 |
| Head Office | 6580 | 8162 | 1 | 20 |  | 4 |  | 212 | 1257 | 16236 |
| **Barclays Group** | 93062 | 129774 | 22260 | 24492 | 70 | 3019 | 12730 | 24113 | 48607 | 358127 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movement analysis of risk weighted assets** | **Movement analysis of risk weighted assets** | **Movement analysis of risk weighted assets** | **Movement analysis of risk weighted assets** | **Movement analysis of risk weighted assets** | **Movement analysis of risk weighted assets** |
|  | **Credit risk**  | **Counterparty** <br>**credit risk**<br>| **Market risk** | **Operational risk** | **Total RWAs** |
| **Risk weighted assets** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2024** | **222836** | **49841** | **36843** | **48607** | **358127** |
| Book size | **13766** | **(1994)** | **(3031)** | **2412** | **11153** |
| Acquisitions and disposals | **(3322)** | **—** | **—** | **—** | **(3322)** |
| Book quality | **(1888)** | **(618)** | **—** | **—** | **(2506)** |
| Model updates | **304** | **68** | **—** | **—** | **372** |
| Methodology and policy | **(305)** | **(229)** | **—** | **—** | **(534)** |
| Foreign exchange movement<sup>1</sup> | **(4234)** | **(1707)** | **(575)** | **—** | **(6516)** |
| **Total RWA movements** | **4321** | **(4480)** | **(3606)** | **2412** | **(1353)** |
| **As at 31 December 2025** | **227157** | **45361** | **33237** | **51019** | **356774** |

---

**Note:**

1Foreign exchange movements does not include 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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 290 |
|  |  |  |  |  |  |  |  | 290 |

---

Risk performance - Treasury and Capital risk (continued)

**Leverage ratios and exposures**

---

| | | |
|:---|:---|:---|
| **Leverage ratios**<sup>1</sup> |  |  |
|  | **2025** | **2024** |
| **As at 31 December** | **£m** | **£m** |
| UK leverage ratio<sup>2</sup> | **5.1%** | 5.0% |
| T1 capital | **63795** | 60634 |
| UK leverage exposure | **1247313** | 1206502 |
| Average UK leverage ratio | **4.7%** | 4.6% |
| Average T1 capital | **63277** | 60291 |
| Average UK leverage exposure | **1358364** | 1308335 |

---

**Notes:**

12024 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.

2Although 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.

**Foreignexchange risk (audited)**

The Group is exposed to two sources of foreign exchange risk.

**a) Transactional foreign currency exposure**

Transactional foreign currency exposures represent exposure on banking assets and liabilities, denominated in currencies other than the

functional currency of the transacting entity.

The Group's risk management policies are designed to prevent the holding of significant open positions in foreign currencies outside the

trading portfolio managed by Barclays Investment bank which is monitored through VaR.

Banking book transactional foreign exchange risk outside of Barclays Investment bank is monitored on a daily basis by the market risk

function and minimised by the businesses.

**b) Translational foreign exchange exposure**

The Group's investments in overseas subsidiaries and branches create capital resources denominated in foreign currencies, principally USD

and EUR. Changes in the GBP value of the net investments due to foreign currency movements are captured in the currency translation

reserve, resulting in a movement in CET1 capital.

The Group's strategy is to minimise the volatility of the CET1 ratios caused by foreign exchange movements, by matching the CET1 capital

movements to the revaluation of the Group's foreign currency RWA exposures.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Functional currency of operations (audited)** | **Functional currency of operations (audited)** | **Functional currency of operations (audited)** | **Functional currency of operations (audited)** | **Functional currency of operations (audited)** | **Functional currency of operations (audited)** | **Functional currency of operations (audited)** |
|  | **Foreign** <br>**currency net** <br>**investments**<br>| **Borrowings** <br>**which hedge the** <br>**net investments**<br>| **Derivatives** <br>**which hedge the** <br>**net investments**<br>| **Structural** <br>**currency** <br>**exposures pre-**<br>**economic hedges**<br>| **Other equity** <br>**Instruments**<br>| **Remaining** <br>**structural** <br>**currency** <br>**exposures**<br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **31 December 2025** |  |  |  |  |  |  |
| USD | **26370** | **(4406)** | **(2141)** | **19823** | **(5450)** | **14373** |
| EUR | **10195** | **(6097)** | **—** | **4098** | **(1310)** | **2788** |
| INR | **1489** | **—** | **(1259)** | **230** | **—** | **230** |
| JPY | **544** | **(177)** | **—** | **367** | **—** | **367** |
| Other currencies | **2007** | **(8)** | **(989)** | **1010** | **(1127)** | **(117)** |
| **Total** | **40605** | **(10688)** | **(4389)** | **25528** | **(7887)** | **17641** |
| **31 December 2024** |  |  |  |  |  |  |
| USD | 28012 | (6243) | (2230) | 19539 | (5846) | 13693 |
| EUR | 9549 | (5655) |  | 3894 | (264) | 3630 |
| INR | 1403 |  | (992) | 411 |  | 411 |
| JPY | 628 | (215) |  | 413 |  | 413 |
| Other currencies | 2037 | (76) | (792) | 1169 | (849) | 320 |
| **Total** | 41629 | (12189) | (4014) | 25426 | (6959) | 18467 |

---

Other equity instruments relate to exposures arising on foreign currency denominated preference share and AT1 instruments. These are

accounted for at historical cost under IFRS and do not qualify as hedges for accounting purposes. The gain or loss arising from changes in

the GBP value of these instruments is recognised on redemption in retained earnings.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 291 |
|  |  |  |  |  |  |  |  | 291 |

---

Risk performance - Treasury and Capital risk (continued)

During 2025, total structural currency exposure net of hedging instruments decreased to £17.6bn (2024: £18.5bn). Foreign currency

net investments decreased to £40.6bn (2024: £41.6bn) driven predominantly by a £1.6bn decrease in USD, offset by £0.6bn increase in

EUR. The hedges (excluding economic hedges) associated with these investments decreased to £15.1bn (2024: £16.2bn).

**Pension risk review**

From 1 July 2025, the Barclays Bank UK Retirement Fund (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.

The UKRF is closed to new entrants and there is no new final salary benefit being accrued. Existing active members accrue a combination of

a contributory cash balance benefit and a voluntary defined contribution element. Pension risk arises as the market value of the pension fund

assets may decline, investment returns may reduce or the estimated value of the pension liabilities may increase.

The UKRF represents approximately 95.3% (2024: 96%) of the Barclays Group's total retirement benefit obligations globally, comprising

approximately 91.5% in the Barclays Bank Section and approximately 3.8% in the Barclays UK Section.

Refer to the Management of pension risk section in the Barclays PLC Pillar 3 Report 2025 (unaudited) for more information on how pension

risk is managed.

**Assets**

The Trustee Board of the UKRF defines its overall long-term investment strategy for each of the Barclays Bank Section and Barclays UK

Section, investing across a broad range of asset classes. This results in a diversified portfolio comprising both return seeking assets and

liability matching assets, designed to better align with future pension obligations. The two most significant risks within the asset portfolio are

exposure to credit spreads and growth assets. The split of scheme assets is shown within Note 32 to the financial statements.

The fair value of the UKRF assets was £21.7bn as at 31 December 2025 (2024<sup>1</sup>: £21.9bn), comprising £20.9bn in the Barclays Bank Section

and £799m in the Barclays UK Section.

**Liabilities**

The UKRF retirement benefit obligations are a series of future cash flows with relatively long duration. On an IAS 19 basis these cash flows

are sensitive to changes in the expected long-term price inflation rate (RPI) and the discount rate (GBP AA corporate bond yield):

• An increase in long-term expected inflation corresponds to an increase in liabilities;

• A decrease in the discount rate corresponds to an increase in liabilities.

Pension risk is generated through the Group's defined benefit schemes and this risk is set to reduce over time as the main defined benefit

scheme is closed to new entrants. The charts below outline the shape of the UKRF Barclays Bank Section and Barclays UK Section's

liability cash flow profile respectively as at 31 December 2025 that takes account of the future inflation indexing of payments to

beneficiaries.

**Barclays Bank Section**

The majority of the liability cash flows (approximately 97%) fall within the next 40 years, with payments peaking between 0 and 10 years

and declining thereafter. The precise shape of the cash flow profile is sensitive to changes in inflation and longevity expectations, as well as

member behaviour, including transfers out of the scheme. Transfers out accelerate the timing of benefit payments and therefore bring

forward the associated liability cash flows.

For more detail on the UKRF's financial and demographic assumptions, see Note 32 to the financial statements.

**Barclays Bank Section - Proportion of liability cash flows**<br>(%)<br>

![1059](bcs-20251231_g209.gif)

---

| | | |
|:---|:---|:---|
| A | 0-10 years | 34.4 |
| B | 11-20 years | 33.5 |
| C | 21-30 years | 20.1 |
| D | 31-40 years | 9.5 |
| E | 41-50 years | 2.4 |
| F | 51+ years | 0.2 |

---

**Barclays Bank Section - Net IAS 19 position**<sup>1</sup><br>(£bn)<br>

---

| |
|:---|
| 6 |
| 5 |
| 4 |
| 3 |
| 2 |
| 1 |
| 0 |

---

![1066](bcs-20251231_g210.gif)

The graph above illustrates the movement in the UKRF Barclays Bank Section's net IAS 19 position over the past four years. In 2025,

favourable market movements largely offset the proportional transfer out of the surplus resulting from sectionalisation. From 1st July 2025

onward, the figures shown relate solely to the Barclays Bank Section.

Refer to Note 32 to the financial statements for the sensitivity of the UKRF liabilities to changes in key assumptions.

**Note:**

1Figures prior to 1 July 2025 refer to the UKRF before sectionalisation

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 292 |
|  |  |  |  |  |  |  |  | 292 |

---

Risk performance - Treasury and Capital risk (continued)

**Barclays UK Section**

The majority of the liability cash flows (approximately 86%) fall within the next 20 years, with payments peaking between 11 and 20 years

and declining thereafter. The shape of the cash flow profile is sensitive to changes in inflation expectations and member behaviour, including

transfers out of the scheme. Transfers out accelerate the timing of benefit payments and therefore bring forward the associated liability cash

flows.

Further information on the financial and demographic assumptions applied to the Barclays UK Section is provided in Note 32 to the financial

statements.

**Barclays UK Section - Proportion of liability cash flows**<br>(%)<br>

![1799](bcs-20251231_g211.gif)

---

| | | |
|:---|:---|:---|
| A | 0-10 years | 38 |
| B | 11-20 years | 48 |
| C | 21-30 years | 14 |
| D | 31+ years | 0 |

---

**Barclays UK Section - Net IAS 19 position**

The Barclays UK Section's net IAS 19 position was £69m as at 31 December 2025, with the increase primarily driven by positive equity

market returns.

**Risk measurement**

In line with Barclays' risk management framework, the assets and liabilities of the UK Retirement Fund (UKRF) are modelled within a

Value-at-Risk (VaR) framework to assess the volatility of the pension position at a total portfolio level for each of the Barclays Bank Section

and the Barclays UK Section. This approach enables the risks, diversification and liability matching characteristics of the UKRF's

obligations and investments to be adequately captured. VaR is measured and monitored on a quarterly basis. Risks are reviewed and reported

regularly at forums including the Board Risk Committee, the Group Risk Committee and the Pensions Executive Board. The VaR model

takes into account the valuation of the liabilities on an IAS 19 basis (see Note 32 to the financial statements). The Trustee receives quarterly

VaR measures on a funding basis.

The UKRF Barclays Bank Section pension liability is sensitive to post-retirement mortality assumptions, which are reviewed regularly (See

Note 32 to the financial statements). To mitigate part of this risk the Barclays Bank Section has entered into longevity reinsurance contracts

approximately 70% of current pensioner liabilities. By contrast, benefits under the UKRF Barclays UK Section are provided as a lump sum

at retirement rather than a lifetime pension, and therefore the Barclays UK section is not exposed to post-retirement longevity risk.

In addition, the impact of pension risk to the Group is taken into account as part of the stress testing process. Stress testing is performed

internally on at least an annual basis. The UKRF exposure is also included as part of regulatory stress tests.

Barclays defined benefit pension schemes affect capital in two ways:

• An IAS 19 deficit is treated as a liability on the Group's balance sheet. Movement in a deficit due to remeasurements, including actuarial

losses, are recognised immediately through Other Comprehensive Income and as such reduces shareholders' equity and CET1 capital. An

IAS 19 surplus is treated as an asset on the balance sheet and increases shareholders' equity; however, it is deducted for the purposes of

determining CET1 capital.

• In the Group's statutory balance sheet an IAS 19 surplus or deficit is partially offset by a deferred tax liability or asset respectively. These

may or may not be recognised for calculating CET1 capital depending on the overall deferred tax position of the Group at the particular

time.

Pension risk is taken into account in the Pillar 2A capital assessment undertaken by the Prudential Regulation Authority (PRA) at least

annually. The resulting Pillar 2A requirement forms part of the Group's overall capital requirement.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 293 |
|  |  |  |  |  |  |  |  | 293 |

---

Risk performance - Treasury and Capital risk (continued)

**Interest rate risk in the banking**

**book**

All disclosures in this section are unaudited

unless otherwise stated.

**Overview**

The treasury and capital risk framework

covers interest rate sensitive exposures held

in the banking book, mostly relating to

amortised cost accounted and fair value

through other comprehensive income

(FVOCI) instruments. The potential

volatility of net interest income is measured

by an Annual Earnings at Risk (AEaR)

metric which is monitored regularly and

reported to senior management and the

Barclays PLC Board Risk Committee as part

of the limit monitoring framework.

For further detail on the interest rate risk in

the banking book governance and

framework refer to page 177 in the Barclays

PLC Pillar 3 Report 2025 (unaudited).

**Key metrics**

AEaR

## -£6 m
AEaR across the Group from a -25bps

Shock to forward interest rate curves.

**Summary of performance in the** 

**period**

Barclays PLC's strategy remains to stabilise

income over time. The reduction in NII

sensitivity during the year to a -25 basis

points interest rate shock is driven by

increased structural hedge duration

reflecting the observed stability in deposit

balances during the year.

**Net interest income sensitivity**

The table below shows a sensitivity analysis

on pre-tax net interest income for non-traded

financial assets and liabilities, including the

effect of any hedging. This analysis is not a

forward guidance on NII and is intended as a

quantification of risk exposure utilising the

NII metric as described in the Barclays PLC

Pillar 3 Report 2025 (unaudited), which

includes documentation of the main model

assumptions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net interest income sensitivity (AEaR) by currency (audited)** |  |  |  |  |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **+25 basis points** | **-25 basis points** | **+25 basis points** | **-25 basis points** |
| **As at 31 December** | **£m** | **£m** | **£m** | **£m** |
| GBP | **31** | **(41)** | 56 | (76) |
| USD | **(43)** | **42** | (30) | 30 |
| EUR | **(4)** | **3** | (5) | 5 |
| **Other currencies** | **11** | **(10)** | 3 | (3) |
| **Total** | **(5)** | **(6)** | 24 | (44) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 294 |
|  |  |  |  |  |  |  |  | 294 |

---

Risk performance - Treasury and Capital risk (continued)

**Analysis of equity sensitivity**

Equity sensitivity measures the overall impact of a +/-25bps movement in interest rates on retained earnings, FVOCI, cash flow hedging

reserves and pensions. For non-NII items a DV01 metric is used, which is an indicator of the shift in value for a 1bp movement in the yield

curve.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Analysis of equity sensitivity (audited)** | | | | |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **+25 basis**<br>**points**<br>| **-25 basis**<br>**points**<br>| **+25 basis**<br>**points**<br>| **-25 basis**<br>**points**<br>|
| **As at 31 December** | **£m** | **£m** | **£m** | **£m** |
| Net interest income | **(5)** | **(6)** | 24 | (44) |
| Taxation effects on the above | **1** | **2** | (6) | 11 |
| **Effect on profit for the year** | **(4)** | **(4)** | 18 | (33) |
| **As percentage of net profit after tax** | **(0.1%)** | **(0.1%)** | 0.3% | (0.5%) |
| Effect on profit for the year (per above) | **(4)** | **(4)** | 18 | (33) |
| Fair value through other comprehensive income reserve | **(193)** | **200** | (189) | 196 |
| Cash flow hedge reserve | **(1211)** | **1211** | (907) | 907 |
| Taxation effects on the above | **393** | **(395)** | 307 | (309) |
| **Effect on equity** | **(1015)** | **1012** | (771) | 761 |
| **As percentage of equity** | **(1.3%)** | **1.3%** | (1.1%) | 1.0% |

---

Movements in the FVOCI reserve impact CET1 capital. However, movements in the cash flow hedging reserve and pensions remeasurement

reserve recognised in FVOCI do not affect CET1 capital.

**Volatility of the FVOCI portfolio in the liquidity pool**

Changes in value of FVOCI exposures flow directly through capital via the FVOCI reserve. The volatility of the value of the FVOCI

investments in the liquidity pool is captured and managed through a value measure rather than an earning measure, i.e. non-traded market

risk VaR. Daily VaR is calculated using a historical simulation methodology with a one-year equally weighted historical period, at the 95%

confidence level.

Although the underlying methodology to calculate the non-traded VaR is identical to the one used in traded management VaR, the two

measures are not directly comparable. The non-traded VaR represents the volatility to capital driven by the FVOCI exposures. These

exposures are in the banking book and do not meet the criteria for trading book treatment.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of volatility of the FVOCI portfolio in the liquidity pool** | **Analysis of volatility of the FVOCI portfolio in the liquidity pool** | **Analysis of volatility of the FVOCI portfolio in the liquidity pool** | **Analysis of volatility of the FVOCI portfolio in the liquidity pool** | **Analysis of volatility of the FVOCI portfolio in the liquidity pool** | **Analysis of volatility of the FVOCI portfolio in the liquidity pool** | **Analysis of volatility of the FVOCI portfolio in the liquidity pool** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average** | **High** | **Low** | **Average** | **High** | **Low** |
| **For the year ended 31 December** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Non-traded market value at risk (daily, 95%) | **49** | **60** | **32** | 61 | 70 | 50 |

---

Daily Value at Risk has been lower on an average in 2025 relative to 2024 driven by a combination of position changes and market volatility

reduction.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 295 |
|  |  |  |  |  |  |  |  | 295 |

---

**Risk performance - Operational risk**

**Operational risk**

All disclosures in this section are unaudited unless otherwise stated.

**Overview**

Operational risks are inherent in the Group's

business activities, and it is not cost effective

or possible to attempt to eliminate all

operational risks. The Operational Risk

Framework is therefore focused on

identifying operational risks, assessing them

and managing them within the Group's

approved risk appetite

The Operational Risk principal risk

comprises the following Risks Categories:

Change Delivery Management Risk, Data

and Records Management Risk; Financial

Reporting Risk; Fraud Risk; Cyber &

Information Security Risk; Operational

Recovery Planning Risk; People Risk;

Physical Security Risk; Premises Risk; Risk

Reporting Risk; Supplier Risk; Tax Risk;

Technology Risk and Transaction

Processing Risk. The operational risk profile

is also informed by a number of Connected

Risks: Resilience, Third Party Service

Provider and Model Connected Risk. These

Connected Risks represent material threats

to the Group, which extend across multiple

risk categories, and therefore require a co-

ordinated approach to overseeing the risk

exposure and/or consolidated reporting.

For definitions of these risks refer to 180 to

184 of the Barclays PLC Pillar 3 Report

2025. To provide complete coverage of the

potential adverse impacts on the Group

arising from operational risk, the

Operational Risk Taxonomy extends beyond

the risks listed above to cover operational

risks associated with other Principal Risks

too.

This section provides an analysis of the

Group's operational risk profile, including

events above the Group's reportable

threshold, which have had a financial impact

in 2025. The Group's operational risk profile

is informed by bottom-up risk assessments

undertaken by each business unit and top-

down qualitative review for each risk type.

Fraud, Transaction Processing, Cyber and

Information Security continue to be

highlighted as key operational risk

exposures.

For information on compliance risk events,

see the compliance risk section.

**Key metrics**

83%

of the Group's net reportable operational

risk events had a loss value of £50,000 or

less

86%

of events by number are due to External

Fraud

51%

of losses are from events aligned to External

Fraud

49%

of losses are from events aligned to

Execution, Delivery and Process

Management

**Summary of performance**

 **in the period**

During 2025, total operational risk losses<sup>1</sup>

increased to £143m (2024: £127m) while the

number of recorded events for 2025(2,943)

increased from the level for 2024 (2,392).

The total operational risk losses for the year

were mainly driven by events falling within

the Execution, Delivery & Process

Management and External Fraud categories,

which tend to be high volume and low

impact events.

**Operational risk profile**

Within operational risk, there are a large

number of smaller value risk events. In

2025,83% (2024: 86%) of the Group's

reportable operational risk events by volume

had a value of less than £50,000 each.

Cumulatively, events under this £50,000

threshold accounted for only 33% (2024:

31%) of the Group's total net operational

risk losses. A small proportion of

operational risk events have a material

impact on the financial results of the Group.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 296 |
|  |  |  |  |  |  |  |  | 296 |

---

Risk performance - Operational risk (continued)

The analysis below presents the Group's operational risk events by Basel event category:

**Operational risk events by Basel event category**<sup>1</sup>

**% of total risk events by count**

**Internal fraud**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![505](bcs-20251231_g212.gif)

**External fraud**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![510](bcs-20251231_g213.gif)

**Execution delivery**<br>**and process management**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![515](bcs-20251231_g214.gif)

**Employment practices**<br>**and workplace safety**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![520](bcs-20251231_g215.gif)

**Damage to physical assets**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![525](bcs-20251231_g216.gif)

**Clients, products**<br>**and business practices**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![530](bcs-20251231_g217.gif)

**Business disruption** <br>**and system failures**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![535](bcs-20251231_g218.gif)

**% of total risk events by value**

**Internal fraud**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![1090](bcs-20251231_g219.gif)

**External fraud**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![1095](bcs-20251231_g220.gif)

**Execution delivery**<br>**and process management**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![1101](bcs-20251231_g221.gif)

**Employment practices**<br>**and workplace safety**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![1106](bcs-20251231_g222.gif)

**Damage to physical assets**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![1111](bcs-20251231_g223.gif)

**Clients, products**<br>**and business practices**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![1116](bcs-20251231_g224.gif)

**Business disruption** <br>**and system failures**<br>

---

| |
|:---|
| 2025 |
| 2024 |

---

![1121](bcs-20251231_g225.gif)

**Note**

1The data disclosed includes operational risk losses for reportable events impacting the Barclays Group

business areas, having impact of > £10,000 and excludes events that are compliance or legal risk, aggregate

and boundary events. A boundary event is an operational risk event that results in a credit risk impact. Due

to the nature of risk events that keep evolving, prior year losses are updated.

• External Fraud remains the category with

the highest frequency of events at 86% of

total events in 2025 (2024: 84%). Impacts

from events arising from External Fraud

increased in 2025 to £72m (2024: £53m)

and accounted for 51% of total 2025

losses (2024: 42%). In this category, high

volume, low impact events are driven by

transactional fraud linked to debit and

credit card activity, as well as the growing

incidence of Authorised Push Payment

(APP) scams, where customers are

deceived into transferring funds to bad

actors.

• Execution, Delivery and Process

Management impacts increased to £70m

(2024: £49m) and accounted for 49%

(2024: 39%) of total operational risk

losses. The events in this category are

typical of the banking industry as a whole

where high volumes of transactions are

processed on a daily basis, mapping

mainly to Barclays Transaction

Processing risk type. The overall

frequency of events in this category

decreased to 14% of total events by

volume (2024: 16%).

Fraud remains an industry-wide threat with

criminals using varied techniques to target

customers and colleagues directly (i.e., Third

Party Fraud), or the Group directly (i.e., First

Party Fraud). In the UK and Europe,

Authorised Push Payment (APP) Scams

particularly continue to be a growing fraud

type where customers are deceived to

transfer funds from their account to a bad

actor. The Group continues to work closely

with external partners on various fraud

prevention initiatives and continues to

improve the fraud control environment

through focused investment in enhancing

fraud prevention systems and tools to combat

the increasing level of fraud attempts whilst

minimising disruption to genuine

transactions. Fraud can also be committed by

one or more employees across any of the

Group entities (i.e., Internal Fraud or

Unauthorised Trading Fraud) and the Group

maintains a robust control environment to

limit exposure.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 297 |
|  |  |  |  |  |  |  |  | 297 |

---

Risk performance - Operational risk (continued)

Operational resilience has remained a key

area of focus for the Group over the past

year, with global events demonstrating that

severe but plausible disruption is no longer

theoretical. The evolving threat landscape,

characterised by increasing cyber

sophistication, geopolitical tension, supplier

disruption and interconnected financial

market infrastructures, highlights the need

for resilience to be designed, embedded,

tested and sustained across our important

business services, if we are to avoid

intolerable harm. The Group remains

committed to sustained and disciplined

investment in end-to-end resilience

capabilities, as expectations evolve and the

external operating environment becomes

increasingly complex.

Operational risk associated with

cybersecurity remains a top focus for the

Group. The sophistication of threat actors

continues to grow as noted by multiple

external risk events observed throughout the

year. Ransomware attacks across the global

Barclays supplier base were observed and

the Group worked closely with the affected

suppliers to manage potential impacts to the

Group and its clients and customers. The

Group's cybersecurity incidents did not

materially impact the Group's business

strategy, results of operations, or financial

condition, and there were no material loss

events associated with cybersecurity

recorded within the event categories above.

The Group businesses are highly dependent

on its ability to process and monitor, on a

daily basis, a very large number of

transactions, many of which are highly

complex and occur at high volumes and

frequencies, across numerous and diverse

markets in many currencies.

Given the Group's diverse customer base

and geographical reach and the increase in

volume, speed, frequency and complexity of

transactions, especially electronic

transactions (as well as the requirements to

report such transactions on a real-time basis

to clients, regulators and exchanges),

developing, maintaining and upgrading

operational systems and infrastructure

becomes more challenging. The Group

continues to focus on automation and

simplification programmes to improve the

overall control environment and manage the

risk of processing errors as well as ensuring

scalability of operations.

---

| | |
|:---|:---|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) | For further information, refer to the <br>[Operational Risk Management section](#i12c1279a81884a37aee9a5181c6fa279_898)**.**<br>|
| ![ReadMore_Arrow.gif](bcs-20251231_g23.gif) |  |

---

**Note:** total External Fraud losses in 2025 including

those from events with impact <£10,000 amounted to

£180m (2024: £171m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 298 |
|  |  |  |  |  |  |  |  | 298 |

---

**Risk performance - Model risk, Compliance risk, Financial Crime risk,** 

**Reputation risk and Legal Risk**

**Model risk, Compliance risk, Financial Crime risk, Reputation risk and** 

**Legal risk**

All disclosures in this section are unaudited unless otherwise stated.

**Model risk**

Barclays is committed to continuously

improving model risk management and

made a number of enhancements in 2025,

including:

• Progressed with the established regulatory

remediation programme to meet PRA's

Supervisory Statement 1/23 Model risk

management principles for banks. Key

updates include enhancements to model

development, validation and monitoring

practices, establishment of additional

roles and responsibilities with regards to

models, introduction of quantitative

processes framework and defined

monitoring framework principles and

design.

• Introduced Artificial Intelligence(AI)

Standard in support of the AI Policy,

further developed of approach to AI

validation, including Generative AI, and

design of associated governance

framework.

• Expanded model risk framework to

provide transparency around risk themes

(Data and Technology) outside the Model

Risk Framework that may impact model

outputs.

**Compliance risk**

Barclays is committed to continuing to drive

the right culture throughout all levels of the

organisation. Barclays will continue to

enhance effective management of

Compliance Risk and appropriately consider

the relevant tools, governance and

management information in decision-making

processes. Focus on the management of

Compliance Risk is ongoing and, alongside

other relevant business and control

management information, the Compliance

Risk Dashboard is a key component of this.

Barclays continues to review the role and

impact of Compliance Risk events and

issues in the remuneration process at both

the individual and business level.

The Compliance Risk Taxonomy was

refreshed and re-categorised into six core

risks, namely wholesale conduct, customer

protection, data privacy, regulatory

compliance, product design and review and

laws, rules and regulation risks. Financial

Crime Risk was also separated into a

standalone principal risk category, to

reinforce the visibility and focus on this key

area of risk to the business.

Businesses have continued to assess and

prioritise the consideration of driving good

customer outcomes as we deliver the

Group's strategic change agenda. As part of

the 2025 Medium-Term Planning Process

material Compliance Risks associated with

strategic and financial plans were assessed

and businesses ensured that driving good

outcomes for customers is at the heart of

these plans.

Throughout 2025, Compliance Risks,

including outcomes for our customers, were

raised by each business area for

consideration by the relevant Board level

committees. These Committees reviewed the

risks raised and whether management's

proposed actions were appropriate to

mitigate the risks effectively.

Barclays continued to incur costs in relation

to litigation and conduct matters, please

refer to Note 25 Legal, competition and

regulatory matters and Note 23 Provisions,

for further details. Costs include customer

redress and remediation. Resolution of these

matters remains a necessary and important

part of delivering the Group's strategy and

an ongoing commitment to improve

oversight of culture and conduct.

The control environment and compliance

risk profile, informed by the Compliance

Risk Dashboards, are presented to the

respective Board Risk Committees and

senior management. The Compliance Risk

Dashboards set out key indicators in relation

to Compliance risk and continue to allow

effective oversight and decision-making and

ensure the Group operates within Risk

Appetite. Adherence to tolerances is

assessed by the business through the key

indicators as part of the Compliance Risk

Dashboard governance process.

Barclays remains focused on the continuous

improvements being made to manage risk

effectively with an emphasis on enhancing

governance and management information to

identify risk at earlier stages.

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Risk performance - Model risk, Compliance risk, Financial Crime risk,

Reputation risk and Legal Risk (continued)

**Financial Crime risk**

Barclays is committed to driving a strong

financial crime risk management culture

across all levels of the organisation.

Effective 1 January 2025, the Barclays

Group elevated financial crime risk -

incorporating anti-bribery and corruption,

anti-money laundering (including terrorist

financing), anti-tax evasion facilitation and

sanctions risks (including proliferation

financing) - to a principal risk within the

Enterprise Risk Management Framework

(ERMF), reflecting the evolving external

threat landscape and regulatory expectations.

During 2025, the financial crime principal

risk was embedded, with financial crime and

compliance risks being reported separately

to the Board.

A key area of focus has been enhancing the

financial crime control environment to

address emerging threats and evolving laws,

rules and regulations. Throughout 2025, the

Board and relevant committees received

updates on the Group's financial crime risk

profile and emerging risks in the context of

the macroeconomic, regulatory and

geopolitical outlook. These risks continue to

be monitored on an ongoing basis.

Effective 1st January 2026, the combined

Financial Crime Policy was replaced by four

policies that set detailed requirements for

managing anti-bribery and corruption, anti-

money laundering, anti-tax evasion

facilitation and sanctions risks. This

approach supports differentiated reporting

and oversight of risk management across the

four financial crime risks.

To further embed financial crime as a

principal risk, the Barclays updated its

financial crime risk appetite statement.

Recognising the risk-based approach to

financial crime risk management, Barclays

financial crime risk appetite, approved by

the Group Executive Committee, is that

"Barclays has no appetite for Financial

Crime Risk issues and events that are

material, systemic, not promptly remediated,

not reported to regulators in a timely manner

where required, and/or are likely to result in

regulatory enforcement".

The Group continued to incur costs in

relation to litigation and conduct matters,

refer to Note 25 Legal, competition and

regulatory matters and Note 23 Provisions

for further details. Costs include customer

redress and remediation, as well as fines and

settlements. Resolution of these matters

remains a necessary and important part of

delivering the Group's strategy and an

ongoing commitment to improve oversight

of culture and conduct.

**Reputation risk**

Barclays is committed to identifying

reputation risks and issues as early as

possible and managing them appropriately.

At a Group level throughout 2025,

reputation risks and issues were overseen by

the Board which reviews the processes and

policies which Barclays identifies and

manages reputation risk. Within the

Barclays Bank UK Group and the Barclays

Bank Group reputation risks and issues were

overseen by the respective risk and Board

risk committees. The top live and emerging

reputation risks and issues within the

Barclays Bank UK Group and the Barclays

Bank Group are included within an over-

arching twice yearly report at the respective

Board level.

The Board reviews reputation risks escalated

by businesses and considers whether

management's proposed actions, for

example attaching conditions to proposed

client transactions or increased engagement

with impacted stakeholders, were

appropriate to mitigate the risks effectively.

The Board also received regular updates

with regard to key reputation risks and

issues, including: Barclays response to

global conflicts; association with sensitive

sectors; access to banking; lending practices

and the resilience of key Barclays systems

and processes.

The Group continued to incur costs in

relation to litigation and conduct matters,

please refer to Note 25 Legal, competition

and regulatory matters and Note 23

Provisions, for further details. Costs include

customer redress and remediation, as well as

fines and settlements. Resolution of these

matters remains an ongoing commitment to

improve oversight of culture and conduct

and management of reputation risks.

**Legal risk**

The Group remains committed to continuous

improvements in managing legal risk

effectively. During 2025, the Group wide

LRMF was updated in line with other

Principal Risk Frameworks to provide

consistency in the bank's risk management

documentation. The Group wide LRMF

continues to complement the CRMF, which

includes the responsibility of the Legal

Function to proactively identify,

communicate and provide legal advice on

applicable laws, rules and regulations.

Other improvements during 2025 included a

review and update of the supporting legal

risk policies, standards and mandatory

training, reinforced by ongoing engagement

with and education of the Group's

businesses and functions by Legal Function

colleagues. Legal risk tolerances and legal

risk appetite have also been reviewed.

Tolerance adherence is assessed through key

indicators, which are also used to evaluate

the legal risk profile and are reviewed, at

least annually, through the relevant risk and

control committees. Mandatory controls to

manage legal risks are set out in the legal

risk standards and are subject to ongoing

monitoring. The CRMF referred to above

(and described in more detail on page [298](#i12c1279a81884a37aee9a5181c6fa279_1057))

also mitigates legal risk.

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**Supervision and regulation**

**Supervision of the Group** 

The Group's operations, including its

overseas branches, subsidiaries and

associates, are subject to a large number of

rules and regulations applicable to the

conduct of banking and other financial

services business in each of the jurisdictions

in which the Group operates. These apply to

business operations, impact financial returns

and include capital, leverage and liquidity

requirements, authorisation, registration and

reporting requirements, restrictions on

certain activities, and conduct of business

regulations, amongst other applicable

regulatory requirements.

Regulatory developments in one or more

jurisdictions may impact the Group globally.

We focus particularly on UK, US and EU

regulation in this Report due to the location

of the Group's principal areas of business.

Regulations elsewhere may also have a

significant impact on the Group due to the

location of its branches, subsidiaries and, in

some cases, clients. For more information on

the risks related to the supervision and

regulation of the Group, including

regulatory change, see the material existing

and emerging risk entitled 'Regulatory

Change agenda and impact on Business

Model' in the Material existing and

emerging risks section.

**Supervision in the UK**

In the UK, day-to-day regulation and

supervision of the Group is divided between

the Prudential Regulation Authority (PRA)

(a division of the Bank of England (BoE))

and the Financial Conduct Authority (FCA).

In addition, the Financial Policy Committee

(FPC) of the BoE has influence on the

prudential requirements that may be

imposed on the banking system through its

powers of direction and recommendation.

Certain members of the Group are also

subject to regulatory initiatives undertaken

by the UK Payment Systems Regulator

(PSR), as a participant in payment systems

regulated by the PSR. The Government is

proposing that the FCA take on all of the

PSR's responsibilities and relevant members

of the Group will continue to be subject to

payment supervision by the FCA when this

transfer of powers comes into effect.

Members of the Group may also be subject

to claims managed by the Financial

Ombudsman Service (FOS) which, whilst

not a regulator, provides a means of redress

in customer disputes without the

involvement of the UK courts. In July 2025,

the FCA consulted on modernising the

redress system administered by the FOS

with the aim of identifying areas of

duplication and/or complexity and

improving the role that the FOS plays in

customer disputes.

Barclays Bank PLC and Barclays Bank UK

PLC are both authorised with permission to

accept deposits, amongst other things, and

are subject to prudential supervision by the

PRA and to conduct regulation and

supervision by the FCA. Barclays Bank UK

PLC is the ring-fenced bank within the

Barclays Group. Barclays Bank PLC is the

non ring-fenced bank within the Barclays

Group.

Barclays Bank PLC is subject to prudential

supervision on a solo-consolidated basis and

the Barclays Bank UK Group is subject to

prudential supervision on a sub-consolidated

basis and on an individual basis.

The Group as a whole is also subject to

prudential supervision by the PRA on a

group consolidated basis. Barclays PLC has

been approved by the PRA as a financial

holding company.

Barclays Capital Securities Limited (BCSL),

which provides clients with access to

equities and equity financing services across

European and Asian markets, is authorised

and subject to prudential supervision by the

PRA as a PRA-designated investment firm

and is subject to conduct regulation and

supervision by the FCA.

Certain members of the Barclays Group are

regulated on a solo basis by the FCA,

including Barclays Investment Solutions

Limited, Barclays Asset Management

Limited, Clydesdale Financial Services

Limited and Kensington Mortgage Company

Limited. The Group also has appointed

representative arrangements in place: (i)

Barclays Execution Services Limited is an

appointed representative of Barclays Bank

PLC and Barclays Bank UK PLC; (ii)

Barclays Global Service Centre Private

Limited is an appointed representative of

Barclays Bank PLC, Barclays Bank UK

PLC and Clydesdale Financial Services

Limited;, and (iii) Tesco Stores Limited is an

introducer appointed representative of

Barclays Bank UK PLC. These are

arrangements under which the appointed

representative is permitted to carry on

certain regulated activities in the UK which

its principal takes responsibility for and

oversees. Appointed representative

arrangements must comply with certain

statutory and FCA rules, including on

prescribed contractual terms and ongoing

monitoring and supervision of the appointed

representative by the principal.

The PRA's supervision of the Group is

conducted through a variety of regulatory

tools, including the collection of information

by way of prudential returns or cross-firm

reviews, reports obtained from skilled

persons, information gathering, stress

testing, regular supervisory visits and regular

continuous assessment meetings with the

Group's management and relevant

stakeholders to discuss matters such as

strategy, governance, controls, financial

resilience, operational resilience, risk

management, and recovery and resolution.

Further, the BoE, as the UK resolution

authority, informs prudential requirements

and sets requirements for the Group relating

to resolution preparedness.

The FCA's supervision of the UK firms in

the Group is carried out through a

combination of proactive engagement

meetings, regular supervisory visits,

information gathering and regular meetings

with the Group's management and relevant

stakeholders to discuss matters such as

business and customer strategy, fair

treatment of customers, and financial crime

controls, as well as cross-sectoral reviews

which analyse the different areas of the

market and the risks that may lie ahead.

The FCA and the PRA also apply the Senior

Managers and Certification Regime (the

SMCR) which imposes a regulatory

approval, individual accountability and

fitness and propriety framework in respect of

senior individuals within relevant firms.

FCA supervision has focused on strategic

transformation, financial crime controls,

conduct risk and customer/client outcomes

under the consumer duty (which now applies

to both open and closed products), firm

culture and non-financial misconduct, fraud

controls and reimbursement, access to cash,

the fair treatment of vulnerable customers,

operational resilience (including cyber risk),

the controls framework and payment

account access and closures.

PRA supervision has focused on strategic

transformation, financial and operational

resilience (including cyber risk),

governance, capital risk management, model

risk management, data risk management,

systems and controls, climate risk and

resolvability, where resolvability is reviewed

in conjunction with the Resolution

Directorate (a division of the BoE).

Both the PRA and the FCA apply standards

that generally either anticipate or go beyond

requirements established by global or EU

standards, whether in relation to capital,

leverage and liquidity, resolvability and

resolution or matters of conduct. The UK is

in the process of reviewing, repealing and,

where relevant, replacing the EU legislation

that was onshored into UK law following the

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Supervision and regulation (continued)

UK's departure from the EU (known as

"assimilated law"). The Financial Services

and Markets Act 2023 (FSMA 2023)

established a framework for the revocation

of assimilated law relating to financial

services. However, the Government is not

expected to revoke assimilated law relating

to financial services unless the FCA and/or

PRA have drafted and consulted on rules in

the relevant areas, where it is appropriate

that the provisions are replaced.

There is a significant volume of assimilated

law for the UK Government to repeal and

replace, so this process remains ongoing and

the regulatory landscape continues to

develop. There is potential for an increase in

regulatory implementation costs to adapt

systems and controls, as a result of these

developments, although areas of divergence

from assimilated law have been limited to

date.

FSMA 2023 also introduced the framework

for the 'designated activities regime' (DAR).

The DAR framework allows HM Treasury

to designate certain activities which do not

require regulatory authorisation to carry

them out, but which are currently subject to

FCA and PRA supervision under assimilated

law. In January 2025, the Financial Services

and Markets Act 2000 (Designated

Activities) (Supervision and Enforcement)

Regulations 2025 came into effect. These

Regulations give the FCA supervisory and

enforcement powers in respect of short

selling and consumer composite investment

activities.

**Supervision in the EU**

The Group's operations in the EU are

authorised and regulated by a combination

of its home regulators and host regulators in

the EU countries where the Group operates.

Barclays Bank Ireland PLC is licensed as a

credit institution by the Central Bank of

Ireland (CBI) and is therefore subject to

supervision by the CBI as home state or

competent authority under various EU

financial services directives and regulations.

It is further designated as a significant

institution falling under direct supervision

on a solo basis by the European Central

Bank (ECB) for prudential purposes.

Barclays Bank Ireland PLC's EU branches

are also subject to direct supervision for

local conduct purposes by national

supervisory authorities in the EU

jurisdictions where they are established.

Barclays Bank Ireland PLC is subject to the

requirements set by the Single Resolution

Board (SRB) as its resolution authority.

The Group provides the majority of its

cross-border banking and investment

services to EEA clients via Barclays Bank

Ireland PLC. Additionally, Barclays Bank

PLC and BCSL are authorised in certain

EEA Member States to enable them to

continue to conduct a limited range of

activities without a physical presence,,

including accessing EEA trading venues and

interdealer trading. Directive (EU)

2024/1619 (CRD VI) contains a prohibition

on providing core banking services, such as

lending and deposit-taking into the EU from

a third country entity, subject to certain

exemptions. These CRD VI changes are

currently pending Member State

implementation from January 2026 and

should enter into force in the majority of

jurisdictions from January 2027. As a result

of CRD VI, Barclays Bank PLC and BCSL

may be limited in their ability to provide

certain core banking services into the EU

from January 2027. Barclays Bank PLC has

a branch in Paris (to facilitate access to

TARGET 2), which is regulated by the

Autorité de Contrôle Prudentiel et de

Résolution (ACPR) and will also be subject

to new regulatory requirements under CRD

VI. On 21 January 2026, Barclays Bank Ireland

PLC announced that it had commenced the

implementation of its plan to re-domicile its

registered office from Dublin to Paris, which

is to be effected by changing its corporate

form to a Societas Europaea followed by a

transfer of its registered office. The change

of corporate form will be effected via a court

approved merger process, which

commenced in Q4 2025 and is expected to

complete in Q4 2026. Following completion

of the merger, Barclays Bank Ireland PLC

(then to be named, with effect from

completion of the merger, Barclays Europe

SE) intends to apply for the relocation of its

registered office to Paris. Following this re-

domiciliation, Barclays Europe SE would be

subject to supervision by the ACPR, the

Autorité de Marchés Financiers and the

European Central Bank. The re-

domiciliation is subject to certain conditions,

including the approval of those regulators. It

is expected to be completed in H1 2027.

**Supervision in the US**

Barclays PLC, Barclays Bank PLC and its

New York branch, and Barclays Bank PLC's

US subsidiaries are subject to a

comprehensive regulatory framework

involving numerous statutes, rules and

regulations in the US. For example, the

Group's US activities and operations are

subject to supervision and regulation by the

Board of Governors of the Federal Reserve

System (FRB), as well as additional

supervision, requirements and restrictions

imposed by other federal and state regulators

and self-regulatory organisations (SROs). In

some cases, US requirements may impose

restrictions on the Group's global activities,

in addition to its activities in the US.

Barclays PLC, Barclays Bank PLC, Barclays

US Holdings Limited (BUSHL), Barclays

US LLC (BUSL), and Barclays Group US

Inc. (BGUS) are regulated as bank holding

companies (BHCs) by the FRB.

BUSL is the Group's ultimate US holding

company that holds substantially all of the

Group's US subsidiaries (including Barclays

Capital Inc. (BCI) and Barclays Bank

Delaware). BUSL is subject to requirements

in respect of capital adequacy, capital

planning and stress testing, risk management

and governance, liquidity, leverage limits,

large exposure limits, restrictions on

activities and financial regulatory reporting.

Barclays Bank PLC's New York branch is

also subject to enhanced prudential

standards relating to, among other things,

liquidity and risk management.

Barclays PLC, Barclays Bank PLC, BUSHL

and BUSL have financial holding company

(FHC) status under the Bank Holding

Company Act of 1956. FHC status allows

these entities to engage in a variety of

financial and related activities, directly or

through subsidiaries, including underwriting,

dealing and market making in securities.

Failure to maintain FHC status could result

in increasingly stringent penalties and,

ultimately, in the closure or cessation of

certain operations in the US.

In addition to oversight by the FRB,

Barclays Bank PLC's New York branch and

many of the Group's subsidiaries are

regulated by additional US authorities based

on the location or activities of those entities.

The New York branch of Barclays Bank

PLC is subject to supervision and regulation

by the New York State Department of

Financial Services (NYSDFS). Barclays

Bank Delaware, a Delaware chartered bank,

is subject to supervision and regulation by

the Delaware Office of the State Bank

Commissioner, the Federal Deposit

Insurance Corporation (FDIC), the FRB and

the Consumer Financial Protection Bureau

(CFPB). The deposits of Barclays Bank

Delaware are insured by the FDIC, up to

applicable limits. Barclays PLC, Barclays

Bank PLC, BUSHL, BUSL, and BGUS are

required to act as a source of strength for

Barclays Bank Delaware. This could, among

other things, require these entities to provide

capital support to Barclays Bank Delaware if

it fails to meet applicable regulatory capital

requirements.

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Supervision and regulation (continued)

The Group's US securities broker/dealer and

investment banking operations are

conducted primarily through BCI, and are

also subject to ongoing supervision and

regulation by the Securities and Exchange

Commission (SEC), the Financial Industry

Regulatory Authority (FINRA) and other

government agencies and SROs under US

federal and state securities laws. BCI is also

registered as a Futures Commission

Merchant with the Commodity Futures

Trading Commission (CFTC), through

which the Group conducts its US futures and

options on futures business, including client

clearing operations, which are subject to

ongoing supervision and regulation by the

CFTC, the National Futures Association and

other SROs.

Under the US framework for regulating

swaps and security-based swaps established

under Title VII of the Dodd-Frank Act, the

CFTC has regulatory authority over swaps,

the SEC has regulatory authority over

security-based swaps, and the CFTC and

SEC jointly regulate mixed swaps (as such

terms are defined in the relevant legislation).

The Group's activities related to US swaps

and security-based swaps are principally

conducted by Barclays Bank PLC and are

subject to ongoing supervision and

regulation by the CFTC and the SEC,

respectively. Barclays Bank PLC is

registered as a swap dealer with the CFTC

and conditionally registered as a security-

based swap dealer with the SEC. Barclays

Bank PLC is also subject to the FRB swaps

rules with respect to margin and capital

requirements. In addition, Barclays Bank

Ireland PLC is registered as a swap dealer

with the CFTC and is subject to the FRB

swaps rules with respect to margin and

capital.

**Supervision in Asia Pacific, Middle East** 

**and Africa**

The Group's operations in Asia Pacific,

Middle East and Africa are supervised and

regulated by a broad range of national

banking and financial services regulators.

**Prudential regulation**

**Prudential regulation in the UK**

Certain Basel III standards were originally

implemented in EU and UK law through the

Capital Requirements Regulation (CRR) and

the Capital Requirements Directive IV (CRD

IV), as amended by CRR II and CRD V.

These standards were retained in the UK

regulatory framework via a series of

onshoring instruments when the UK

withdrew from the EU. Under the

assimilated law version of the CRR (the UK

CRR), the Group is subject to a binding

Pillar 1 minimum capital requirement to

satisfy a Common Equity Tier 1 (CET1)

ratio of 4.5% of risk-weighted assets

(RWAs), a Tier 1 capital ratio of 6.0% of

RWAs and a total capital ratio of 8.0% of

RWAs. However, in practice the Group is

required to and does hold capital

significantly in excess of this requirement.

Additional capital requirements apply to the

Group including Pillar 2A minimum

requirements and capital buffers, including

the capital conservation buffer (CCB), the

countercyclical capital buffer (CCyB), the

other systemically important institutions (O-

SII) buffer and the global systemically

important institutions (G-SII) buffer, as well

as PRA buffer requirements (the Pillar 2B),

as explained further below.

Global systemically important banks (G-

SIBs), such as the Barclays Group, are

subject to a number of additional prudential

requirements, including the requirement to

hold additional loss-absorbing capacity and

additional capital buffers (including via the

G-SII buffer requirement) above the level

otherwise required by Basel III standards.

The Group is subject to a 'combined buffer

requirement' consisting of (i) a CCB of

2.5% of RWAs, (ii) systemic risk buffers

(G-SII and O-SII buffers) and (iii) a CCyB

of 1% of RWAs. The level of the G-SII

buffer is set by the PRA which follows the

Basel Committee on Banking Supervision

G-SIB framework. The G-SII buffer ranges

from 1% to 3.5% of RWAs in line with a

bank's systemic importance and must be met

with CET1 capital. On 27 November 2025,

the FSB published an update to its list of G-

SIBs, maintaining the 1.5% G-SII buffer that

applies to the Group. The O-SII buffer can

be set between 0% and 3% and has to be met

solely with CET1 capital. The O-SII buffer

rate applicable to Barclays Bank UK PLC is

currently set by the PRA at 1% of RWAs.

The CCyB is used to help ensure capital

levels respond to the risk environment. By

increasing the CCyB when vulnerabilities

are judged to be building up, the FPC seeks

to ensure banks have an additional cushion

of capital with which to absorb potential

losses, enhancing their resilience and

helping to ensure the stable provision of

financial services. The CCyB is composed

of UK and overseas elements, set by

authorities in individual jurisdictions. In the

UK, the CCyB rate is set by the FPC and is

calculated by reference to banks' relevant

UK exposures. The CCyB rate applicable to

the Group is currently 1%. Like the CCB,

the CCyB must be met entirely with CET1

capital.

The PRA requires UK firms to hold

additional capital to cover risks which the

PRA assesses are not fully captured by the

Pillar 1 capital requirement. The PRA sets

this additional capital requirement (Pillar

2A) at least annually, derived from each

firm's individual capital guidance.

Under current PRA rules, the Pillar 2A

requirement must be met with at least

56.25% CET1 capital, no more than 43.75%

additional Tier 1 (AT1) capital and no more

than 25% tier 2 capital. In addition, the

capital that firms use to meet their minimum

requirements (Pillar 1 and Pillar 2A) cannot

be counted towards meeting the combined

buffer requirement. In February and October

2025, the PRA issued two policy statements

(PS2/25 and PS18/25) regarding changes to

the Pillar 2A capital framework, including

retiring the refined methodology for

calculating Pillar 2A requirements in light of

incoming proposals to implement Basel III

standards (discussed further below) and

streamlining firm-specific capital

communications. In January 2026, the final

rules retiring the refined methodology to

Pillar 2A were published as part of PS2/26.

The PRA may also impose a confidential

'PRA buffer' to cover risks over a forward

looking planning horizon, including with

regard to firm-specific stresses or

management and governance weaknesses.

The PRA buffer must be met separately to

the combined buffer requirement, and must

be met fully with CET1 capital.

On 2 December 2025, the FPC published its

assessment of the appropriate level of capital

requirements for the UK banking system.

The FPC judged that the appropriate

benchmark for the system-wide level of tier

1 capital is now at around 13% of RWAs,

compared with 14% of RWAs in 2015.

As at 31 December 2025, the Group's

overall capital requirement for CET1

(excluding any applicable PRA buffer) was

12.2% comprising a 4.5% Pillar 1 minimum,

a 2.5% CCB, a 1.5% G-SII buffer, a 2.7%

Pillar 2A requirement and a 1% CCyB.

On 22 April 2025, the PRA announced that

it will introduce new rules that require firms

to manage their step-in risk, that is, the risk

which a bank incurs when it provides

financial support to an unconsolidated entity

that is facing stress in the absence of, or in

excess of, any contractual obligations to

provide such support. The PRA's

supervisory statement concerning step-in

risk takes effect from 1 January 2026 and

will require firms to put in place policies and

processes to identify and evaluate their

relationship with certain unconsolidated

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Supervision and regulation (continued)

entities where they act as a sponsor, invest in

their debt or equity, or have other

contractual or non-contractual exposures that

lead them to be exposed to the performance

of the entity. Additionally, they must

consider whether there are any indicators of

significant step-in risk in relation to those

entities that have been assessed as being

material and determining whether mitigating

action is needed when significant step-in risk

is identified.

In December 2023, the PRA published its

first collection of near-final policy proposals

for implementing certain remaining Basel III

standards (Basel 3.1), including revised

frameworks for market risk, operational risk

and Credit Valuation Adjustment (CVA)

risk. A second policy statement was

published by the PRA in September 2024,

including near-final rules on credit risk and

credit risk mitigation, the implementation of

an output floor (requiring reported RWAs

calculated under standardised and modelled

approaches to be a minimum of 72.5% of

fully standardised calculations), and

disclosure and reporting. The

implementation date for these standards has

been extended to 1 January 2027, with a

transitional period to ensure full

implementation by 1 January 2030. In

addition, with effect from 1 January 2026,

the PRA has made amendments to the Own

Funds and Eligible Liabilities (CRR) Part

and Definition of Capital Part of the PRA

Rulebook, among others, to assimilate

provisions of the onshored CRR into the

PRA Rulebook, with certain changes.

Further, on 28 October 2025, through PS

19/25, the PRA issued "near final"

provisions proposed to take effect on 1

January 2027. As well as transposing certain

UK CRR provisions into the PRA Rulebook,

including those on securitisation, groups and

consolidation, settlement risk and

counterparty credit risk, with accompanying

changes to PRA guidance, the near-final

provisions implement a number of policy

changes, in particular in relation to

securitisation. In January 2026, through

PS3/26, the PRA published the final policy

materials and confirmed that there is no

substantive difference between these and the

near final rules published as part of PS19/25.

In PS1/26, the PRA announced that it is

taking forward adjustments to the

implementation of the comprehensive

amendments to the market risk framework

under Basel 3.1, known as the Fundamental

Review of the Trading Book (FRTB), and is

seeking to implement the majority of these

changes from 1 January 2027 (except the

introduction of a new internal model

approach (FRTB-IMA), the implementation

of which will be delayed to 1 January 2028).

PRA CP14/24 proposed certain changes to

the large exposures (LE) framework. A

number of the proposals took effect on 1

January 2026. The PRA has removed the

option for firms to exempt exposures to the

UK deposit guarantee scheme (DGS) for

large exposure limits, as well as the option

for firms to use immovable property as

credit risk mitigation (CRM) for large

exposure purposes and it has eliminated the

stricter requirements on large exposures to

certain French counterparties. The PRA is

expected to finalise the remaining proposals

in CP14/24 in 2026. These proposals include

(i) removing the possibility for firms to use

internal model (IM) methods to calculate

exposure values to securities financing

transactions (SFTs), (ii) amending the limits

to trading book exposures for third-party

exposures and for intra-group exposures and

(iii) introducing a mandatory substitution

approach to calculate the effect of the use of

CRM techniques.

Additional minimum prudential

requirements that apply to the Group to

ensure that sufficient resources are

maintained to provide loss absorption in a

resolution context are discussed in the sub-

section titled 'TLAC and MREL' below.

In May 2025, the PRA published a policy

statement (PS6/25), amending Supervisory

Statement SS5/21, on its approach to the

supervision of international firms. Although

the policy statement is primarily relevant to

non-UK banks and investment firms, parts

of the policy statement are also relevant to

UK banks and set out the PRA's updated

expectations regarding their booking model

arrangements.

**Prudential regulation in the EU**

In the EU, Barclays Bank Ireland PLC is

subject to CRR and CRD, each as amended,

which implement the Basel III framework.

Under this framework, Barclays Bank

Ireland PLC is identified as an O-SII by the

CBI, which has imposed an O-SII buffer on

Barclays Bank Ireland PLC of 1%.

The implementation of the final part of

Basel III (Basel 3.1) is effected through

CRR III, which has applied since January

2025, save for those provisions relating to

the Fundamental Review of the Trading

Book (or FRTB), which have been deferred

until January 2027 by the European

Commission through a Delegated

Regulation. The European Commission is

also consulting on the approach for

implementing the FRTB. The European

Banking Authority (EBA) has issued a no-

action letter recommending that competent

authorities not prioritise enforcement of the

new boundaries of the trading book. Given

the most recent revision to the timetable for

the implementation of Basel 3.1 in the UK to

January 2027 (which was triggered by

uncertainties in relation to the US

implementation), this currently aligns the

EU with the UK. The EU implementation

otherwise largely follows Basel 3.1 and has

significant overlap with the proposed UK

rules, save for important divergences, for

example on certain exposure classes, risk

weights and application of models.

The European Commission has also

proposed a new approach to securitisation

from a prudential perspective with a view to

stimulating the market in securitised

products.

**Prudential regulation in the US**

In the US, the Barclays Bank Group

(including BUSL) is subject to prudential

requirements for large domestic US banking

organisations, foreign banking organisations

and their intermediate holding companies

(IHCs) set by the FRB and other US

regulatory agencies. BUSL is a "Category

III" IHC. BUSL (and Barclays Bank

Delaware) is subject to reduced (calibrated

at 85%) standardised liquidity requirements,

including the liquidity coverage ratio and the

net stable funding ratio (NSFR).

BUSL is also subject to the FRB's rules

regarding single counterparty credit limits

(SCCL). The SCCL apply to the largest US

BHCs and foreign banks' (including the

Group's) US operations. The SCCL creates

two separate limits for foreign banks, the

first on combined US operations (CUSO)

and the second on the US IHC (BUSL). The

SCCL for BUSL, as a US BHC, requires

that exposure to an unaffiliated counterparty

of BUSL not exceed 25% of BUSL's tier 1

capital. With respect to the CUSO, the

SCCL rule allows certification to the FRB

that a foreign bank complies with

comparable home country regulation.

Barclays Bank PLC has complied with the

CUSO requirement since 1 January 2022. To

date, Barclays Bank PLC has not relied on

home country certification.

**Stress testing**

The Group and certain of its members are

subject to supervisory stress testing

exercises in a number of jurisdictions,

designed to assess the resilience of banks to

adverse economic or financial developments

and ensure that they have robust, forward-

looking capital planning processes that

account for the risks associated with their

business profile. Assessment by regulators is

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Supervision and regulation (continued)

on both a quantitative and qualitative basis,

the latter focusing on such elements as data

provision and stress testing capability,

including model risk management and

internal management processes and controls.

**Recovery and Resolution**

**Stabilisation and resolution framework**

The current UK framework for recovery and

resolution was established by the Banking

Act 2009, as amended. The EU framework

was established by the 2014 Bank Recovery

and Resolution Directive (BRRD), as

amended by BRRD II.

The BoE, as the UK resolution authority, has

the power to resolve a UK financial

institution that is failing or likely to fail by

exercising certain stabilisation tools,

including (i) bail-in: the cancellation,

transfer or dilution of a relevant entity's

equity and write-down or conversion of the

claims of a relevant entity's unsecured

creditors (including holders of capital

instruments) and conversion of those claims

into equity as necessary to restore solvency;

(ii) the transfer of all or part of a relevant

entity's business to a private sector

purchaser; and (iii) the transfer of all or part

of a relevant entity's business to a "bridge

bank" controlled by the BoE. When

exercising any of its stabilisation powers, the

BoE must generally provide that

shareholders bear first losses, followed by

creditors in accordance with the priority of

their claims in insolvency.

In order to enable the exercise of its

stabilisation powers, the BoE may impose a

temporary stay on the rights of creditors to

terminate, accelerate or close out contracts,

or override events of default or termination

rights that might otherwise be invoked as a

result of a resolution action and modify

contractual arrangements in certain

circumstances (including a variation of the

terms of any securities). HM Treasury may

also amend the law for the purpose of

enabling it to use its powers under this

regime effectively, potentially with

retrospective effect.

In addition and distinct from bail-in, the

BoE has the power to permanently write-

down, or convert into equity, tier 1 capital

instruments, tier 2 capital instruments and

internal eligible liabilities at the point of

non-viability of an institution pursuant to

broader resolution powers under the

Banking Act.

The BoE's preferred approach for the

resolution of the Group is a bail-in strategy

with a single point of entry at Barclays PLC.

Under such a strategy, Barclays PLC's

subsidiaries would remain operational while

Barclays PLC's capital instruments and

eligible liabilities would be written down or

converted to equity in order to recapitalise

the Group and allow for the continued

provision of services and operations

throughout the resolution. The order in

which the bail-in tool is applied reflects the

hierarchy of capital instruments under

applicable UK legislation and rules, and

otherwise respecting the hierarchy of claims

in an ordinary insolvency. Accordingly, the

more subordinated the claim, the more likely

losses will be suffered by owners of the

claim.

The PRA has made rules that require

authorised firms to draw up recovery plans

and resolution packs. Recovery plans are

designed to outline credible actions that

authorised firms could implement in the

event of severe stress in order to restore their

business to a stable and sustainable

condition. The submission of resolution

packs was suspended by the PRA in 2018

until further notice and replaced by annual

resolution reporting. It continues to be

suspended pending PRA assessment of areas

of potential duplication between different

reporting expectations. The Barclays Group,

however, is required to provide the PRA

with a recovery plan periodically, although

the Group maintains and refreshes this on an

annual basis.

Removal of potential impediments to an

orderly resolution of a banking group or one

or more of its subsidiaries is considered as

part of the BoE's resolution planning for

each firm, and the BoE can require firms to

make significant changes in order to

enhance their resolvability through

exercising its various powers to direct to

address any firm relevant issues. Under the

BoE's Resolvability Assessment Framework

(RAF), firms are required to have in place

capabilities covering three resolvability

outcomes: (i) adequate financial resources;

(ii) being able to continue to do business

through resolution and restructuring; and

(iii) being able to communicate and co-

ordinate within the firm and with authorities.

Barclays Group's second self-assessment

report on resolvability under the RAF was

submitted to the PRA/BoE in 2023 and the

BoE's assessment on the report was

published in August 2024. The BoE

identified that there were no shortcomings,

deficiencies or substantive impediments in

the Group's capabilities that could impede

Barclays' ability to execute the preferred

resolution strategy. The BoE did note that

there were three areas for further

enhancement relating to the provision of

timely valuations, in respect of operational

continuity in resolution relating to the

inclusion of resolution-resilient language in

service contracts, and restructuring planning.

Barclays is taking steps to ensure that these

enhancements are made as part of Barclays'

broader commitment to further embed, test

and refine the Group's resolution

capabilities and operational preparedness for

resolution. In January 2025, amendments to

the PRA rules were introduced that require

firms to make submissions under the

relevant resolution rules on a 'periodic' basis

rather than the previous fixed two-year

cycles (PS1/25). The BoE and PRA require

firms to submit their next resolution self-

assessment in 2026, with a public disclosure

to be made in 2027.

While regulators in many jurisdictions have

indicated a preference for single point of

entry resolution for the Group, additional

resolution or bankruptcy provisions may

apply to certain non-UK Group entities or

branches.

In the EU, Barclays Bank Ireland PLC is

required by the ECB to submit a standalone

BRRD compliant recovery plan on an

annual basis. As a Significant Institution

under direct ECB supervision, Barclays

Bank Ireland PLC falls within the remit of

the Single Resolution Board (SRB). Under

the provisions of the BRRD and EU Single

Resolution Mechanism Regulation (SRMR),

the SRB is required to determine the optimal

resolution strategy for Barclays Bank Ireland

PLC and, also, to prepare a resolution plan

for the bank. The SRB undertakes this work

within the context of the BoE's preferred

resolution strategy of single point of entry

with bail in at Barclays PLC. In order to

carry out its mandate, the SRB collects

detailed structural and other information

from Barclays Bank Ireland PLC on a

regular basis, as well as engaging with the

bank to identify and address impediments to

resolution. This work is done in coordination

with the BoE, as the Group's resolution

authority. Barclays Bank Ireland PLC meets

the SRB's requirements for resolution as set

out in the SRB's 'Expectations for Banks'.

In April 2023, the European Commission

also proposed certain reforms to strengthen

the EU's bank crisis management and

deposit insurance (CMDI) framework,

including extending depositor protection to

public entities and client money deposited in

certain types of client funds. The EU

legislative process remains ongoing and the

future of this proposal is not yet clear in the

new legislative cycle of 2024-2029.

In the US, Title I of the Dodd-Frank Act

(DFA), as amended, and the implementing

regulations issued by the FRB and the FDIC

require each foreign-based bank holding

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Supervision and regulation (continued)

company with assets of $250bn or more,

including those within the Group, to prepare

and submit a plan for the orderly resolution

of subsidiaries and operations that are

domiciled in the US or conducted in whole

or material part in the US in the event of

future material financial distress or failure.

The Group submitted a "targeted plan" in

December 2021. The agencies did not

identify any shortcomings or deficiencies

with the Group's 2021 US Resolution Plan.

In August 2024, the FRB and FDIC finalised

new guidance for foreign triennial full filers

(such as the Group) that would affect the

content required to be included in the US

Resolution Plan. The final guidance

generally represents an expansion of the

current 165(d) resolution planning guidance

applicable to the Group. The Group

submitted its "full" US Resolution Plan in

respect of its US operations on 1 October

2025. BUSL may also be resolved under the

Orderly Liquidation Authority established

by Title II of the DFA, a regime for the

orderly liquidation of systemically important

financial institutions by the FDIC, as an

alternative to proceedings under the US

Bankruptcy Code. In addition, the licensing

authorities of Barclays Bank PLC New York

branch and of Barclays Bank Delaware have

the authority to take possession of the

business and property of the applicable

branch or entity they license and/or to

revoke or suspend such license.

**TLAC and MREL**

The Group is under the supervision of the

BoE, as the UK resolution authority, and is

subject to a Minimum Requirement for Own

Funds and Eligible Liabilities (MREL),

which includes a component reflecting the

FSB's standards on total loss absorbing

capacity (TLAC).

Since 1 January 2022, G-SIBs with

resolution entities incorporated in the UK

have been required to meet an MREL

equivalent to the higher of: (i) two times the

sum of their Pillar 1 and Pillar 2A

requirements; or (ii) the higher of two times

their leverage ratio requirement or 6.75% of

leverage exposures. The Barclays Group is

also required to meet binding external

MRELs in 2025 on the basis of a bail-in

resolution strategy comprising a binding

minimum capital requirement of 12.8% of

RWAs, MREL of 25.7% of RWAs, and a

loss-absorbing capacity (MREL plus

buffers) of 30.5% of RWAs. Internal MREL

for material subsidiaries is subject to a scalar

in the 75-90% range of the external

requirement that would apply to the

subsidiary if it were a resolution entity.

The starting point for the scalar is 90% for

ring-fenced bank sub-groups. On 15 July

2025, the BoE published a policy statement

on amendments to its statement of policy

(the MREL SoP) regarding its approach to

setting MREL, which took effect on 1

January 2026. The focus of the amendments

is consolidation and simplification through

the restatement (where appropriate and with

modifications) of provisions relating to

TLAC in the MREL SoP.

Barclays Bank Ireland PLC is subject to the

SRB's MREL policy, as issued in May

2024, in respect of the internal MREL that it

will be required to issue to the Group. The

SRB's current calibration of internal MREL

for non-resolution entities is expressed as

two ratios that have to be met in parallel: (a)

two times the sum of: (i) the firm's Pillar 1

requirement; and (ii) its Pillar 2 requirement;

and (b) two times the leverage ratio

requirement. The SRB's policy does not

apply any scalar in respect of the internal

MREL requirement. Under the SRB MREL

policy, a bank specific adjustment and a

market confidence charge can be applied by

the SRB to MREL requirements. Since 1

January 2024, a revised deduction regime

applies for the indirect subscription of

instruments eligible for internal MREL to

avoid the double-counting of MREL

elements at the level of intermediate entities

within a resolution group.

In the US, the FRB's TLAC rule includes

provisions that require BUSL to have: (i) a

specified outstanding amount of eligible

long-term debt; (ii) a specified outstanding

amount of TLAC (consisting of common

and preferred equity regulatory capital plus

eligible long-term debt); and (iii) a specified

common equity buffer. In addition, the

FRB's TLAC rule prohibits BUSL, for so

long as the Group's overall resolution plan

treats BUSL as a non-resolution entity, from

issuing TLAC to entities other than those

within the Group.

**The Financial Services Compensation** 

**Scheme (FSCS)**

The UK has a statutory compensation fund

called the Financial Services Compensation

Scheme (FSCS), which is intended to protect

customers on the failure of authorised

financial services firms, and which is funded

by way of annual levies on most authorised

firms. The maximum cover under the FSCS

in relation to a deposit is £120,000 per

eligible depositor per bank.

The Bank Resolution (Recapitalisation) Act

2025 introduced a new option for funding

the continuity of banking services through

the recapitalisation of a failing firm. The

funds needed for recapitalisation may now

be provided by the FSCS at the direction of

the Bank of England and subsequently

recouped via a levy on firms. This option

may support the sale of all, or part, of the

firm to a private sector purchaser or a

transfer to a bridge bank, where that is

judged to be in the public interest. This

expands the functions of the FSCS in

relation to the failure of deposit takers

beyond enabling the making of

compensation payments to eligible

depositors of failed banks to include

enabling the making of recapitalisation

payments where required to do so by the

Bank of England acting as resolution

authority.

**Structural reform**

In the UK, the Financial Services (Banking

Reform) Act 2013 put in place a framework

for ring-fencing certain operations of large

banks. Ring-fencing requires, among other

things, the separation of the retail and SME

deposit-taking activities of UK banks from

wholesale and investment banking

operations into a legally distinct,

operationally separate and economically

independent entity (i.e., a 'ring-fenced

bank'), which is not permitted to undertake a

range of activities. Under FSMA, the PRA is

required to review its ring-fencing rules

every five years following the rules coming

into force, with the first report having been

published in January 2024. The PRA intends

to consult in due course on targeted reforms

to its ring-fencing rules as a result of its

review, although the overall conclusion was

that most of those rules are performing

satisfactorily. Separately, HM Treasury has

introduced legislative amendments to

implement near-term reforms to the ring-

fencing regime which took effect in

February 2025. These reforms have,

amongst other measures, increased the core

deposit threshold (which determines whether

a UK bank is subject to the ring-fencing

regime) from £25bn to £35bn, exempted

predominantly retail-focused banks from the

ring-fencing regime by introducing a

secondary threshold (referred to as the

trading assets exemption), permitted ring-

fenced banks to establish branches and

subsidiaries outside of the UK or the EEA

(subject to PRA rules) and introduced a new

four-year transition period for UK non-ring-

fenced banks to comply with the ring-

fencing regime following mergers or

acquisitions.

In the UK Chancellor's 2025 Mansion

House speech the UK Government

committed to meaningful reform of the UK's

ring-fencing regime, with HM Treasury

confirming it will undertake a short review

of the ring-fencing regime, working with the

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Supervision and regulation (continued)

Bank of England and reporting into the

Economic Secretary to HM Treasury. The

review will focus on allowing ring-fenced

banks to provide more products and services

to UK businesses, addressing inefficiencies

in how ring-fencing is applied to banking

groups, and examining the case for allowing

banks to share resources and services more

flexibly across the ring-fence. The review is

expected to report by early 2026. In the EU,

structural reform is taking the form of

further integration of the banking union and

on the financial markets side the Savings

and Investment Union (SIU), which intends

to further consolidate and integrate financial

and capital markets in the EU. This will

coincide with an increasing focus on

legislation by way of directly applicable

regulations and the intended transfer of

further supervisory powers to the European

Supervisory Authorities (ESAs), including,

in particular, the European Securities and

Markets Authority (ESMA). Aside from the

SIU, which consists of a number of

initiatives, structural reform in the EU will

also occur through the Retail Investment

Strategy (RIS), which intends to incentivise

further retail investment in the EU. Under

the RIS, retail investors should receive a

higher level of investor protection, the use of

inducements will be limited, information to

client will focus on value for money over

less tangible aspects and there will be

increasing efforts to improve financial

literacy and crack down on financial

influencers and other unregulated

investment advisers.

US regulation places further substantive

limits on the activities that may be

conducted by banks and holding companies,

including foreign banking organisations

such as the Group. The 'Volcker Rule',

which was part of the DFA and which came

into effect in the US in 2015, prohibits

banking entities from undertaking certain

proprietary trading activities and limits such

entities' ability to sponsor or invest in

certain private equity funds and hedge funds

(in each case broadly defined). As required

by the rule, the Group has developed and

implemented an extensive compliance and

monitoring programme addressing

proprietary trading and covered fund

activities (both inside and outside of the

US).

**Market infrastructure regulation**

In recent years, regulators as well as global-

standard setting bodies such as the

International Organization of Securities

Commissions (IOSCO) have focused on

improving transparency and reducing risk in

markets, particularly risks related to over-

the-counter (OTC) derivative transactions.

This focus has resulted in a variety of new

regulations across the G20 countries and

beyond that require or encourage on-venue

trading, clearing, posting of margin and

disclosure of pre-trade and post-trade

information.

The wholesale financial markets in the EU

are facing reform to further harmonise

supervision of financial markets and market

infrastructure and integrate the approach to

the EU financial markets under the Markets

in Financial Instruments Directive and

Markets in Financial Instruments Regulation

(collectively referred to as MiFID II), which

will affect how the Group transacts with

counterparties and customers in the EU and

how it packages its investment services.

Various aspects of MiFID II and related

legislation have been subject to change as a

result of the EU's ongoing focus on

regulatory simplification and the

development of the SIU, with a goal of

increasing the involvement of investors in

the EU financial markets. As part of this, in

December 2025 the European Commission

announced its plan for the further

development of capital market integration

and supervision within the EU, which will

lead to significant central securities

depositories (CSDs), central counterparties

(CCPs) and trading venues being subjected

to direct supervision by the ESMA. This

follows the trend of granting ESMA

supervisory powers over key market

infrastructure parties, such as trade

repositories, consolidated tape providers and

credit rating agencies.

In the UK, FSMA 2023 introduced reforms

to remove certain requirements which were

previously applicable to trading in wholesale

markets and to promote investment in line

with the Wholesale Markets Review. Other

changes, for example on trade transparency

requirements have been progressed by way

of amendments to regulatory rules and

guidance and an FCA review of the UK

transaction reporting regime is underway.

**Regulation of the derivatives market** 

The European Market Infrastructure

Regulation (EMIR) imposes requirements in

the EU and the UK which are designed to

improve transparency and reduce the risks

associated with the derivatives market.

EMIR has operational and financial impacts

on the Group, including by imposing

collateral requirements on the Group, as well

as a requirement to centrally clear certain

OTC derivatives contracts with certain

market participants. Following the UK's

departure from the EU, EMIR rules were

onshored into English law and now form

part of UK assimilated law (UK EMIR).

Access to the clearing services of certain

Central Counterparties (CCPs) used by

Group entities is currently permitted under

temporary equivalence and recognition

regimes in the UK and the EU.

In the UK, the temporary recognition regime

for non-UK CCPs has now been extended

until the end of December 2027. Targeted

amendments to the UK EMIR reporting

framework were implemented in September

2024, which aimed to align the regime with

international guidance (where appropriate).

In August 2025, the PRA published a policy

statement on amendments to trade repository

reporting requirements under UK EMIR.

The implementation date for these changes

is 26 January 2026.

In the EU, access to the clearing services of

certain non-EU CCPs used by Group entities

is permitted through recognised third

country CCPs. For UK CCPs, this

recognition is currently envisaged to end on

30 June 2028. In April 2024, amendments to

the EU EMIR reporting requirements

(relating to the details and formats of

reports, for example) introduced by

regulatory and implementing technical

standards under the EMIR REFIT

Regulation took effect. Further proposals to

amend the EU EMIR framework

(Regulation (EU) 2024/2987 and Directive

(EU) 2024/2994, referred to collectively as

EMIR 3) came into force on 24 December

2024. The changes introduced by EMIR 3

seek to reduce the reliance and exposure to

third-country CCPs and enhance the

competitiveness of CCPs in the EU. EMIR 3

will require EU entities to clear a

representative amount of their trades through

EU authorised CCPs, as part of the new

"active account" regime which requires

certain financial and non-financial

counterparties exceeding the clearing

threshold in defined categories of derivative

contracts to hold at least one clearing

account at CCPs authorised in the EU. These

changes aim to reduce the concentration of

exposures to systemically important UK

CCPs in particular, but other EMIR 3

changes will also apply. For example, EMIR

3 will amend the intragroup transactions

definition, removing the need for

equivalence decisions to have been issued,

which may make it easier to rely on the

relevant intragroup exemptions in respect of

clearing and margin requirements.

US regulators have imposed similar rules as

in the EU with respect to the mandatory on-

venue trading and clearing of certain

derivatives, and post-trade transparency, as

well as in relation to the margining of OTC

derivatives.

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Supervision and regulation (continued)

In December 2017, the CFTC and the

European Commission recognised the

trading venues of each other's jurisdiction to

allow market participants to comply with

mandatory on-venue trading requirements

while trading on certain venues recognised

by the other jurisdiction. In August 2024, the

CFTC extended temporary relief that would

permit trading venues and market

participants located in the UK to continue to

rely on this mutual recognition framework

following the withdrawal of the UK from the

EU.

Certain participants in US swap markets are

required to register with the CFTC as 'swap

dealers' or 'major swap participants' and/or,

with the SEC as 'security-based swap

dealers' or 'major security-based swap

participants'. Such registrants are subject to

CFTC and/or SEC regulation and oversight.

Barclays Bank PLC is registered with the

CFTC as a swap dealer and conditionally

registered with the SEC as a security-based

swap dealer. In addition, Barclays Bank

Ireland PLC is registered as a Swap Dealer

with the CFTC.

Accordingly, Barclays Bank PLC and

Barclays Bank Ireland PLC are both subject

to CFTC rules on business conduct, record-

keeping and reporting, and Barclays Bank

PLC is subject to SEC rules on business

conduct, record-keeping and reporting.

However, since Barclays Bank PLC and

Barclays Bank Ireland PLC are non-US

swap dealers, and Barclays Bank PLC is a

non-US security-based swap dealer, whether

and the extent to which such CFTC or SEC

requirements apply to any particular swap

transaction may depend on whether the

counterparty to such swap transaction is a

US person or guaranteed by or affiliated

with a US person, or whether the transaction

is arranged, negotiated, or executed by US-

based Barclays personnel.

Additionally, Barclays Bank PLC and

Barclays Bank Ireland PLC have elected to

comply with certain CFTC/SEC

requirements, as applicable, through

'substituted compliance' with EU/UK

requirements pursuant to relevant

determinations and related relief issued by

the CFTC and the SEC, as applicable.

Barclays Bank PLC and Barclays Bank

Ireland PLC are subject to FRB rules on

capital and margin.

In 2024, the CFTC adopted amendments to

its capital and financial reporting

requirements for swap dealers. The new

rules codify certain no-action relief and add

specificity as to existing reporting

requirements.

**Other significant regulatory** 

**developments in the US**

In 2024, the standard settlement cycle in the

U.S. for most broker-dealer transactions in

securities was shortened from two business

days after the trade (T+2) to one business

day after the trade (T+1). The UK and EU

markets will seek to introduce similarly

shortened settlement cycles.

On 13 October 2023, the SEC adopted new

rules to establish broad reporting

requirements of the terms of securities loans

to FINRA for public dissemination, and

requiring FINRA to make publicly available

certain information it receives regarding

those lending transactions. On the same day,

the SEC also adopted new rules requiring a

wide range of firms to file monthly reports

with the SEC for large short positions in

equity securities on a new Form SHO and

amendments to the National Market System

plan governing the Consolidated Audit Trail,

which adds an additional reporting

requirement for CAT-reporting firms relying

on the bona fide market maker exception to

Reg SHO's locate requirement. These

reporting rules (with respect to the securities

lending and monthly large short positions

reporting requirements, but not the bona fide

market maker identifier) were successfully

challenged in court, and have been

remanded to allow the agency to consider

the rules' cumulative impact. On 3

December 2025, the SEC provided an

extension of the compliance dates for large

short position reporting to 2 January 2028

and for securities lending reporting to 28

September 2028.On 13 December 2023, the

SEC adopted rule amendments under the

Exchange Act that, among other things, will

mandate central clearing of certain US

Treasury securities transactions and amend

the broker-dealer customer protection rule as

it applies to margin posted for certain

transactions in US Treasury securities. These

rule amendments could impose additional

costs on the Group's Treasury securities

trading activity. Although there is some

discussion as to whether deadlines for

implementation might be extended, the

amended rule's compliance date has been

extended to 31 December 2026 for cash

transactions and 30 June 2027 for

repurchase transactions.

On 18 September 2024, the SEC

unanimously amended certain rules under

Regulation NMS (National Market System)

to adopt variable minimum pricing

increments, reduce access fee caps for

protected quotations, and require that the

amount of exchange fees and rebates be

determinable at the time of execution,

among other changes. The rule survived a

recent challenge and the SEC has extended

the compliance timelines for the

amendments regarding the minimum pricing

increment and access fee caps until

November 2026 and the exchange fee

determinability rule until February 2026.

On 20 December 2024, the SEC adopted

amendments to the broker-dealer customer

protection rule to require certain broker-

dealers to perform their reserve

computations for accounts of customers and

proprietary accounts of broker-dealers and

make any required deposits into their reserve

bank accounts daily rather than weekly. As a

result of the amendments, BCI will be

required to adjust its existing processes to

move from a weekly to a daily computation.

The compliance date for the rule change was

initially 31 December 2025; however, the

SEC has extended the compliance date until

30 June 2026.

**Other regulation**

**Consumer protection, non-financial** 

**misconduct, SMCR reform, access to** 

**cash, account closures and push payment** 

**fraud**

The FCA's consumer duty has effect in

relation to new and existing products or

services that are open to sale or renewal, as

well as closed products and services. The

duty sets higher expectations for the

standard of care that firms provide to retail

customers and impacts all aspects of

Barclays' retail businesses, including every

retail customer journey, product and service

as well as Barclays' relationships with

partners, suppliers and third parties.

There are ongoing costs for the industry as a

result of extensive monitoring and evidential

requirements in respect of the consumer

duty. The FCA has engaged with the

industry on streamlining its rules in light of

the introduction of the consumer duty, and

will continue to look for opportunities to

streamline requirements and reduce

complexity for businesses. The consumer

duty remains a priority for the FCA for its

supervision of the retail banking industry

and its expectations for firms to embed the

consumer duty into their culture and purpose

continue in 2026. Other areas of strategic

priority for the FCA's supervision include

the fair treatment of customers in financial

difficulty, access for customers to payment

accounts and banking services (discussed

further below), compliance with operational

resilience rules, the continued management

of financial crime and fraud risks, and the

role of banks in developing sustainable

finance offerings and the importance of

ensuring that sustainability-related claims

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Supervision and regulation (continued)

associated with products are clear, fair and

not misleading.

The FCA is consulting on a new regulatory

regime in the UK for previously unregulated

buy-now-pay later consumer credit

(CP25/23).

The FCA is consulting on an industry-wide

compensation scheme for motor finance

customers who were treated unfairly,

following the landmark Supreme Court

judgement in *Johnson v FirstRand Bank Ltd* 

*(London Branch) (t/a MotoNovo Finance)* 

[2025] UKSC 33. In *Johnson*, the Supreme

Court found that an unfair relationship under

the Consumer Credit Act 1974 existed

between a motor finance lender and its

customer, based on the particular facts of the

case. The final terms of the compensation

scheme remain uncertain pending responses

to the FCA's consultation paper and

publication of the FCA's Policy Statement

and final scheme rules, which is currently

expected in early 2026. Accordingly, the

legal and regulatory outcomes and the

nature, extent and timing of any remediation

action, if required, remain uncertain.

On 12 December 2025, following its 2 July

2025 consultation paper (CP25/18). the FCA

published its policy statement in relation to

tackling non-financial misconduct in

financial services (PS25/23). The policy

statement provides firms with more power to

take robust action against serious

misconduct and provides further clarity on

situations where non-financial misconduct

amounts to a breach of the FCA's rules. The

new guidance comes into force on 1

September 2026 alongside the new FCA rule

explicitly covering bullying, harassment and

violence.

In July 2025, the PRA and the FCA both

released consultation papers (CP18/25 and

CP25/21) regarding SMCR reform,

including allowing greater flexibility for

firms where unexpected or temporary

changes in management are required. The

UK government is also considering the

abolition of the certification regime to

replace this with a more proportionate

approach.

FSMA 2023 introduced new provisions

under which HM Treasury may designate

current account providers that have a

significant role in the provision of UK cash

access and empowered the FCA to make

rules to ensure the reasonable provision of

cash access services. In September 2024, the

FCA introduced new rules which require

designated firms to consider the impact of a

closure of cash access facilities (branches,

shared banking hubs and cash machines that

provide cash deposit or withdrawal services)

on their customers' everyday banking needs

and the availability and provision of

alternatives. Barclays Bank UK PLC has

been designated as a relevant current

account provider and is therefore subject to

the rules.

HM Treasury previously announced plans

to increase the notice period for closing

accounts to 90 days and introduce a

requirement to provide reasons for the

decision to exit (save in financial crime

exits), which have now been enshrined

through statutory instrument (The Payment

Services and Payment Accounts (Contract

Termination)(Amendment) Regulations

2025) that are to take effect from April

2026. FSMA 2023 contains provisions

mandating that the Payment Systems

Regulator (PSR) and any successor regulator

(including, as described above, the potential

transfer of the PSRs functions to the FCA)

require the reimbursement of authorised

push payment scams by payment service

providers, including Barclays. This new

reimbursement requirement took effect in

October 2024. It has imposed a maximum

reimbursement limit of £85,000 with costs

split 50:50 between the sending and

receiving firms. Similar but less stringent

rules will apply in the EU with the expected

adoption in 2026 of the proposed

amendment to the Payment Services

Directive and the new Payment Services

Regulation (together known as PSD3). In

the EU, new initiatives such as the proposed

Regulation on Financial Data Access

(FIDA) establish a framework on data

sharing between financial institutions at the

initiative of customers, allowing financial

institutions to better tailor products and

services. In the US, changing federal

enforcement priorities and legal

interpretations regarding diversity and

inclusion programmes present unknown and

evolving risks.

**Data protection** 

Most jurisdictions where the Group operates

have adopted or are considering

comprehensive laws concerning data

protection and privacy. Regulations

regarding data protection are increasing in

number, as well as levels of enforcement, as

manifested in increased amounts of fines

and the severity of other penalties. We

expect that personal privacy and data

protection will continue to receive attention

and focus from regulators, as well as public

scrutiny and attention. As the global data

protection regulatory landscape continues to

evolve, non-compliance with applicable

requirements may result in regulatory fines

and other penalties. In response to ongoing

legal and regulatory developments, Barclays

will continue to assess potential regulatory

nexus arising from its operational and

geographic footprint.

The EU's General Data Protection

Regulation (GDPR) and the UK's General

Data Protection Regulation (UK GDPR)

provide a framework of rights and duties

designed to safeguard personal data and

apply to the activities conducted from an

establishment in the EU or the UK,

respectively. The extraterritorial effect of the

GDPR and the UK GDPR means entities

established outside the EU or the UK may

fall respectively within the GDPR or the UK

GDPR's ambit when offering goods or

services to EU/UK based customers or

clients or conducting behavioural

monitoring of individuals in the EU/UK.

The UK's Data (Use and Access) Act 2025

(DUAA) became law on 19 June 2025, with

the first provisions coming into force on 19

August. One of the effects on the DUAA is a

divergence between the EU GDPR and UK

GDPR, including the threshold approach to

international data transfers, and more

flexible rules for automated decision-

making. Most provisions of the EU's Data

Act (Regulation (2023/2854) came into

effect on 12 September 2025. The Act aims

to enhance the availability and reuse of data

generated by consumers and businesses,

particularly from connected products and

related services, by granting users easier

access to their data and enabling share

between service providers.

The data regime in China is likely to

continue to evolve, governing the collection,

processing and cross-border transfers of

China-based individuals' personal data and

restricted data as defined in national and

sectoral rules (e.g., macro/derived

characteristics data which, if tampered with,

divulged or destroyed, may endanger

China's economic operation, social stability,

national security - among other things -

having regard to the volume and granularity

of the data). In India, the implementation

rules of the Digital Personal Data Protection

Act, 2023 (namely Digital Personal Data

Protection Rules, 2025) has been published

on 13 November 2025 to fully implement

the Act in 2027 in a phased manner for a

robust mechanism of privacy protection and

rights. Except under certain exemptions, its

scope would include the processing of

personal data in India and would extend to

the processing of, and offering goods and

services to, India-based individuals outside

of India.

In the US, Barclays Bank Delaware is

subject to the US Gramm-Leach-Bliley Act

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Supervision and regulation (continued)

(GLBA) and the California Consumer

Privacy Act of 2018, as amended by the

California Privacy Rights Act of 2020

(CPRA). The GLBA limits the use and

disclosure of non-public personal

information to non-affiliated third parties,

and requires financial institutions to provide

written notice of their privacy policies and

practices and implement certain information

security policies and practices. Any

violations of the GLBA could subject

Barclays Bank Delaware to additional

reporting requirements or regulatory

investigation or audits by the financial

regulators. More broadly, the Group's US

operations are subject to the CPRA which

applies to personal information that is not

collected, processed, sold or disclosed

subject to the GLBA. The CPRA requires

applicable members of the Group to both

provide California residents with additional

disclosures regarding the collection, use and

sharing of personal information and grant

California residents access, deletion,

correction and other rights, including the

right to opt-out of certain sales or transfers

of personal information and the right to limit

the processing of sensitive personal

information to certain purposes.

Additionally, in September 2025, the

California Privacy Protection Agency

amended the CPRA regulations, with

various implementation deadlines through

2028. The amended CPRA regulations

contain significant updates, including

compliance obligations for use of automated

decision making technologies to make a

signification decision (including financial,

lending and employment-related decisions)

about a consumer, risk assessment

obligations and requirements to conduct

cybersecurity audits. Any violations of the

CPRA may be subject to enforcement by the

California Privacy Protection Agency and

the California Attorney General and the

imposition of monetary penalties, as well as

potential lawsuits arising from the private

right of action provided to California

residents in the case of certain data breaches.

Bills proposed in the United States Congress

and in the legislatures of various US states

from time to time, if enacted, may have

further impact on the data privacy practices

of Barclays' US operations. In addition, all

50 states have laws including obligations to

provide notification of security breaches of

computer databases that contain personal

information to affected individuals, state

officers and others.

In May 2024, the SEC adopted amendments

to expand the scope of and introduce new

requirements under Regulation S-P, a set of

privacy rules adopted pursuant to the GLBA

and the Fair and Accurate Credit

Transactions Act of 2003 that govern the

treatment of non-public personal

information about consumers by certain

financial institutions, including BCI. In

addition to expanding the scope of customer

information protected under Regulation S-

P's safeguards and disposal rules, the

amendments will require covered financial

institutions to (i) develop, implement and

maintain written policies and procedures for

an incident response programme reasonably

designed to detect, respond to and recover

from unauthorised access to or use of

customer information, (ii) notify individuals

whose sensitive customer information was,

or is reasonably likely to have been,

accessed or used without authorisation as

soon as practicable, but not later than 30

days, after becoming aware that an incident

has or is reasonably likely to have occurred

and (iii) establish, maintain and enforce

written policies and procedures reasonably

designed to require oversight and monitoring

of service providers, including by requiring

relevant service providers to provide

notification to the covered institution as

soon as possible, but no later than 72 hours,

after becoming aware of a breach in security

has occurred resulting in unauthorised

access to a customer information system

maintained by the service provider.

In October 2024, the CFPB released its final

rule titled "Required Rulemaking on

Personal Financial Data Rights" as required

to implement Section 1033 of the Consumer

Financial Protection Act of 2010. The final

rule requires banks, credit unions and other

financial service providers that meet the

definition of covered data providers to make

covered data regarding covered products and

services available in an electronic form to

consumers and authorised third parties,

subject to a number of requirements. The

final rule also sets out criteria a third party

must satisfy in order to be an authorised

third party and therefore access consumers'

data, including certifying to the relevant

consumer it will satisfy certain obligations

regarding the collection, use and retention of

covered data and obtaining express and

informed consumer consent.

Compliance with this rule will be phased in

over several years, with the first set of

requirements taking effect from 1 April

2026, and with Barclays Bank Delaware

becoming subject to the rule on 1 April

2027. However, in August 2025, the CFPB

released an Advanced Notice of Proposed

Rulemaking, titled "Personal Financial Data

Rights Reconsideration", to seek comments

related to implementation of Section 1033,

and, in October 2025, the US District Court

for the Eastern District of Kentucky issued a

preliminary injunction preventing the CFPB

from enforcing the Required Rulemaking on

Personal Financial Data Rights while the

rule is reconsidered.

Finally, jurisdictions are increasingly

enacting data localisation laws that require

certain categories of data to be stored within

specific geographic boundaries or not be

accessible in certain specified foreign

jurisdictions or by certain foreign actors. For

example, the Department of Justice's final

rule implementing Executive Order 14117

prohibits or restricts certain transactions that

may enable access by countries of concern

or covered persons to US Government-

related data or Americans' bulk sensitive

personal data. In a review of its cross-border

data transfer process, the Group found no

transactions implicated by the rule and is

implementing measures to ensure continued

compliance with the rule.

**Cybersecurity, cryptoassets and** 

**operational resilience**

Regulators globally continue to focus on

cybersecurity risk management,

organisational operational resilience and

overall soundness across all financial

services firms, with customer and market

expectations of uninterrupted access to

financial services remaining at an all-time

high.

The regulatory focus has been further

heightened by the increasing number of

high-profile ransomware and other supply

chain attacks seen across the industry in

recent years and the growing reliance of

financial services on Cloud and other third

party service providers. This is evidenced by

the continuing introduction of new laws and

regulatory frameworks directed at enhancing

resilience of both firms and their critical

third party providers. The UK operational

resilience framework introduced in March

2021 requires in-scope firms to identify their

important business services, set impact

tolerances metrics for the maximum

tolerable level of disruption for each

important business service, and carry out an

annual self-assessment of the firm's

operational resilience, which is approved by

the board and informed by the firm's

scenario testing regime. In December 2024,

the FCA and the PRA each published a

consultation paper (CP24/28 and CP17/24

respectively) on proposals for firms to report

operational incidents and their material third

party arrangements to enhance the

operational resilience framework. The

FCA's consultation period ended in March

2025 and we are still expecting publication

of its finalised rules. The PRA has stated

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Supervision and regulation (continued)

that the proposed implementation date for its

proposals will be no earlier than the second

half of 2026. The UK Government's

response to its consultation on proposed

legislative measures on ransomware was

published in July 2025, considering

proposals for the introduction of a

ransomware payment prevention regime and

mandatory incident reporting. It is unclear at

this stage whether or how these proposals

will be reflected in legislation and/or

regulation, but if progressed they would

constitute the first specific measures in UK

law to counter ransomware payment.

On 17 July 2024, the Basel Committee on

Banking Supervision (BCBS) finalised

revisions to the prudential framework for

banks' exposures to cryptoassets. The

standards set out minimum requirements,

which means implementation by BCBS

members may result in stricter standards that

may include outright prohibition in bank

dealings in certain cryptoassets.

Implementation of the standards by member

jurisdictions, including the PRA and BoE,

was expected by 1 January 2026, although

the BCBS announced in November 2025

that it intends to conduct a further, targeted

review of the standards. Furthermore, on 6

November 2023, the PRA published a 'Dear

CEO' letter setting out its expectations for

deposit-takers which plan to introduce

innovations in the use of deposits, e-money

and regulated stablecoins. In this letter, the

PRA provided that deposit-taking entities

must only provide innovations in digital

money to retail customers in the form of

deposits, and any issuance of e-money or

regulated stablecoins to retail customers

must be done from separate non-deposit

taking entities within the banking group.

Separately, amendments to the Money

Laundering, Terrorist Financing and

Transfer of Funds (Information on the

Payer) Regulations 2017 (MLRs) have

brought cryptoassets within the scope of

AML restrictions, including customer due

diligence requirements and the FATF travel

rule. Banks must therefore comply with

these requirements when facilitating

transactions in cryptoassets.The Financial

Services and Markets Act 2000

(Cryptoassets) Regulations 2026 will

introduce new regulated activities in relation

to certain categories of cryptoassets from 25

October 2027, and enable the FCA to issue

directions, guidance and rules in advance of

full commencement on 25 October 2027.

FSMA 2023 introduced a new regime for

designated critical third party providers

(CTPs). In November 2024, the FCA, PRA,

and BoE jointly released the final rules and

expectations for designated CTPs with the

final rules having taken effect from 1

January 2025. Whilst the new rules apply to

designated CTPs themselves, there may be

additional impact and costs for the Group

incurred in connection with updating

existing supplier arrangements to reflect the

new CTP requirements where suppliers are

designated as critical CTPs. The EU's

Digital Operational Resilience Act (DORA)

entered into force in January 2023 and has

applied from 17 January 2025, introducing

comprehensive and sector specific regulation

on Information Communication

Technologies (ICT) incident reporting,

testing and third party risk management, and

provides for direct oversight of critical third

party providers servicing the EU financial

services sector. Firms which do not meet the

regulations under DORA can face

significant fines and other regulatory

measures. Particularly for systemic banks,

(digital) operational resilience and

cybersecurity are at the forefront of the

ECB's and other supervisory authorities'

priorities. The EU's Network and

Information Security (NIS) Directive, which

aimed to improve the resilience of network

and information systems in the EU against

cybersecurity risks, has been updated. The

revised version, NIS2, applies from 18

October 2024 and imposes stricter security,

governance and incident reporting

requirements. Failure to comply can lead to

significant fines and senior manager liability

among other things. By 17 April 2025, EU

member states were required to identify and

list the specific entities that fall within the

scope of NIS2. The extraterritorial effect of

NIS2 means entities established outside the

EU may fall within its ambit if providing

certain services in the EU. The UK's

original NIS Directive was transposed into

UK law under the NIS Regulations 2018.

These regulations are set to be strengthened

under the new Cyber Security and

Resilience Bill , which was introduced to

Parliament on 12 November 2025. The Bill

aims to enhance national resilience by

expanding the scope of the regulations to

cover more digital services and supply

chains, increase incident reporting and grant

regulators greater powers to collect

information and investigate potential

vulnerabilities. In 2023, the SEC adopted

disclosure rules regarding cybersecurity risk

management, governance and incident

reporting by US-listed companies, including

foreign private issuers such as Barclays PLC

and Barclays Bank PLC. Pursuant to those

rules, if Barclays PLC or Barclays Bank

PLC are required or determine to disclose

material cybersecurity incidents under home

country or stock exchange rules, they are

required to also furnish this information with

the SEC on the SEC's website, in

accordance with their obligations as foreign

private issuers. In late 2023, the New York

Department of Financial Services (NYDFS)

amended its cybersecurity regulation

applying to the New York Branch of

Barclays Bank PLC, with various

implementation deadlines through

November 2025. The NYDFS's amended

cybersecurity regulation contains significant

updates, including enhanced notification

requirements, cybersecurity governance

obligations, and requirements applicable to

cybersecurity policies and procedures. In

May 2025, requirements to conduct

automated scans or manual reviews of

information systems for vulnerability

management, to implement policies

governing access privileges and to

implement certain controls for monitoring

and responding to threats (such as controls

designed to protect against malicious code)

went into effect, and in November 2025,

requirements to expand multi-factor

authentication and to implement policies and

procedures for the creation and maintenance

of an asset inventory became effective. The

existing and anticipated requirements

specified in the UK, EU, and US for

increased controls will serve to improve

industry standardisation and resilience

capabilities, enhancing Barclays' ability to

deliver services during periods of potential

disruption. Such measures are resulting in

increased technology and compliance costs

for the Group.

**Artificial intelligence** 

A number of jurisdictions where the

Barclays Group operates have adopted or are

considering adopting new laws regulating

artificial intelligence (AI).

The EU's Artificial Intelligence Act (EU AI

Act), which entered into force on 1 August

2024, provides rights and duties designed to

ensure the safe and ethical deployment of

AI. The EU AI Act requires organisations to

ensure suitable levels of AI literacy within

their workforce (albeit this obligation may

be removed as a result of the EU's Digital

Omnibus proposals put forward in

November 2025) and categorises AI systems

based on their level of risk. It has a phased

approach to compliance, with the literacy

obligations and the first set of requirements

prohibiting certain uses of AI having applied

from 2 February 2025, and rules on general

purpose AI models having applied from 2

August 2025. It also establishes a rigorous

compliance regime for high-risk AI

applications (which provisions apply from 2

August 2027, subject to possible delay under

the EU's Digital Omnibus proposals). The

extraterritorial effect of the EU AI Act

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Supervision and regulation (continued)

means entities established outside the EU

fall with the EU AI Act's ambit if they

provide or deploy AI in the EU or the output

of their AI is used in the EU.

In the U.S. on the other hand, some states

are considering enacting or have already

enacted comprehensive laws that adopt risk-

based frameworks and principles (such as

Colorado's An Act Concerning Consumer

Protections In Interactions with AI Systems

and the Texas Responsible AI Governance

Act), while other states are focusing on

applications perceived as higher-risk (such

as laws regulating the use of automated

decision tools and AI in recruitment, hiring,

promotion, and other employment

decisions). Comprehensive state laws

impose heightened obligations on

developers and deployers of high-risk AI

systems (which include tools that make

financial, lending and employment-related

decisions), such as by requiring impact

assessments, transparency disclosures and

risk-management controls. Laws regulating

higher risk applications, such as New York

City Local Law 144 and amendments to

civil rights laws in California and Illinois,

require employers to conduct bias audits,

provide transparency through notice to

candidates and employees, ensure such

systems do not discriminate against

applicants or employees on the basis of

protected classes, and maintain records of

automated-decision system data and audit

results. Notably, however, in December

2025, President Trump signed an executive

order outlining various plans to attempt to

restrict certain U.S. states from enforcing

their own AI laws, in favour of a "single

national framework". The Group is

continuing to monitor these developments

and the applicability of state laws regulating

AI.

**Regulatory initiatives on sustainability** 

*Regulatory initiatives on sustainability in the* 

*UK*

In the UK, the FCA published final rules on

the UK Sustainability Disclosure

Requirements regime in November 2023

which set out new requirements to prepare

sustainability-related product and entity

level disclosures for certain firms, as well as

a new sustainable investment labelling

regime and anti-greenwashing rule

applicable to all authorised firms. The new

anti-greenwashing rule (and associated

guidance) came into force on 31 May 2024

and the labelling regime was made available

from 31 July 2024, whilst the disclosure

regime continues to be implemented on a

phased basis from late 2024 until the end of

2026. In April 2025, the FCA confirmed that

it had paused plans to extend the SDR and

investment labels regime to portfolio

management.

The Digital Markets, Competition and

Consumers Act 2024 (DMCCA) received

Royal Assent in May 2024, introducing

major updates to UK competition and

consumer protection laws. These reforms

included the expansion of the powers held

by the Competition and Markets Authority

(CMA), in relation to digital markets,

merger control and antitrust rules, as well as

consumer law.

As a result of these reforms, the CMA is

able to directly impose significant fines of

up to 10% of global turnover for breaches of

consumer protection law. As one of the

regulators entrusted with consumer

protection in the UK, the CMA has been

actively focusing on misleading

environmental claims. The CMA has the

ability to investigate potential breaches of

consumer protection laws by financial

services firms also, and the FCA will be able

to make recommendations to the CMA to

exercise its powers under the DMCCA. The

DMCCA also simplifies and enhances the

process by which the regulators may obtain

enforcement orders and undertakings for

breaches of consumer law. The Advertising

Standards Authority is responsible for

regulating the content of advertisements,

sales promotions and direct marketing in the

UK, and has also been focusing on

greenwashing, including investigating and

making rulings against advertisements from

financial services firms due to

greenwashing.

In its election manifesto, the Government

stated that it would mandate UK regulated

financial institutions and FTSE 100

companies to develop and implement

credible transition plans that align with the

1.5°C goal of the Paris Agreement.

Consequently, it consulted on how best to

take that commitment forward in June to

September 2025 but has yet to publish the

outcome. The UK's Transition Plan

Taskforce (TPT) concluded its work on a

disclosure framework for transition plans in

October 2024, with the International

Financial Reporting Standards (IFRS)

Foundation now assuming responsibility for

the TPT's disclosure materials. In June

2025, the IFRS Foundation published a

guidance document about transition plans,

building on the material developed by the

TPT. If the Government and UK regulators

do mandate transition plan disclosures, it is

widely expected that the work of the TPT

will likely form the basis of these

requirements.

In September 2024, the Government

published information on its framework to

create UK Sustainability Reporting

Standards (UK SRS).

Subject to an affirmative endorsement

decision, and following a consultation

process, the Government would create the

first two UK Sustainability Reporting

Standards, based on those of the

International Sustainability Standards Board

(ISSB) (IFRS S1 on general requirements

for disclosure of sustainability related

financial information and IFRS S2 on

climate-related disclosures) and these

standards will form part of a wider

Sustainability Disclosure Reporting (SDR)

framework led by HM Treasury. The

Government carried out its consultation on

the UK SRS in June to September 2025 and

is expected to publish the first two UK

Sustainability Reporting Standards (SRS) in

early 2026. As there is some overlap

between IFRS S2 and the TPT Disclosure

Framework, the FCA reviewed, through its

consultation on implementing UK-endorsed

ISSB standards, the possibility of

strengthening its expectations for transition

plan disclosures with reference to the TPT

Disclosure Framework, as noted above. In

addition, TCFD-aligned reporting

requirements apply to UK publicly quoted

companies, large private companies and

LLPs (in addition to existing TCFD-related

reporting requirements under the UK Listing

Rules).

On 3 December 2025, the PRA published a

policy statement (PS25/25) providing

feedback to responses the PRA received in

relation to consultation paper 10/25

(Updates to SS3/19 (Enhancing banks' and

insurers' approaches to managing the

financial risks from climate change)). The

PRA also published a supervisory statement

(SS5/25) which replaces SS3/19 and sets out

updated PRA expectations for firms'

approaches to managing climate-related

risks, reflecting new international standards

and embedding improved understanding of

climate-related risks. It aims to ensure that

firms build the capabilities and resilience

needed to effectively manage these risks.

SS5/25 took effect on 3 December 2025.

The PRA confirmed in PS25/25 that firms

will be expected to carry out an internal

review of their current status in meeting the

expectations set out in SS5/25 within six

months of commencement and the PRA

does not expect firms to close identified

gaps within the six-month review period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 312 |
|  |  |  |  |  |  |  |  | 312 |

---

Supervision and regulation (continued)

*Regulatory initiatives on sustainability in the* 

*EU*

The EU Regulation on Sustainable Finance

Disclosures Regulation (SFDR) and related

Delegated Regulations require financial

market participants (FMPs) to disclose how

they integrate environmental, social and

governance factors in their investment

decisions for certain financial products and

to publish principal adverse impact

statements. The SFDR applies to entities

established in the EU and in-scope products

marketed in the EU, regardless of the

location of the entity. The SFDR is currently

under review by the Commission, which has

published a draft amending regulation.

ESMA has also published guidelines for

funds in-scope of SFDR regarding the use of

sustainability-related terms in their names.

In addition, the EU Taxonomy Regulation

provides for a general framework for the

development of an EU-wide classification

system for environmentally sustainable

economic activities. It sets mandatory entity-

level disclosure requirements for companies

which fall under the scope of the EU

Accounting Directive, in relation to

eligibility and alignment of their business

activities with the EU Taxonomy

Regulation. The EU Taxonomy Regulation

also imposes product level disclosure

obligations for FMPs on the extent to which

their financial products are Taxonomy

aligned or not.

In February 2025, the European

Commission published the Omnibus I

Package which aims to simplify certain EU

sustainability-related regulations, the main

changes being those to the Corporate

Sustainability Reporting Directive (CSRD)

and the Directive on Corporate

Sustainability Due Diligence (CSDDD).

The CSRD introduced significant

sustainability related reporting obligations

covering a wide range of topics beyond

climate change for various entities, including

EU banks and certain non-EU companies

and banks (by virtue of having EU listings

or significant business in the EU), with

reporting to commence on a phased basis

from the financial year 2024. One of the

component parts of the Omnibus I Package

is the "Stop-the-Clock" Directive, which

came into force in April 2025 and delays the

reporting start date for unlisted large

companies and listed SMEs by two years.

Another component of the Omnibus I

Package is a "Quick Fix" Delegated Act,

which came into force in November 2025

and extends a number of phase-in provisions

and reliefs for companies that started

reporting for financial year 2024. The last

major component of the Omnibus I Package

is the "Requirements" Proposal, which

amends substantive provisions of the CSRD

and CSDDD including the scope of

application, reporting in relation to the value

chain, and transition plan requirements

under the CSDDD. The EU Parliament and

Council of the European Union reached a

provisional political agreement on the

"Requirements" Proposal in December

2025. Related technical sustainability reporting

standards (i.e., the European Sustainability

Reporting Standards, or the 'ESRS') were

published in 2023 but are currently being

revised in order to reduce the amount of data

collection. Disclosure requirements apply to

companies in respect of their global

operations, and not just their operations

within the EU. The European Commission

was also expected to develop assurance

standards to support the requirements

introduced by the CSRD to put sustainability

reporting on a similar footing to financial

reporting audit requirements. However, the

European Commission has announced that it

will deprioritise work on the assurance

standards until 1 October 2027. Until

adopted, Member States are free to apply

national standards for assurance in the

meantime.

CRR II established, for certain large

financial institutions, a Pillar 3 disclosure

framework for information on

environmental, social and governance risks,

including physical risks and transition risks.

Amendments included in the CRR III and

CRD VI banking package will extend the

scope of these disclosures and the emphasis

on sustainability, with a number of new

sustainability-related requirements,

including the development of mandatory

prudential transition plans and new

supervisory powers for competent

authorities specifically relating to

sustainability risk, including assessment of

prudential transition plans and sustainability

risk governance and risk management

processes now being part of the Supervisory

Review and Evaluation Process. The ECB

has made, and continues to regard, the

supervision of the approach of institutions to

sustainability risk a priority.

In July 2024, the Directive on Corporate

Sustainability Due Diligence (CSDDD)

entered into force, and will require certain

EU and non-EU entities to carry out due

diligence in relation to their own operations

and 'chain of activities', in order to identify

and prevent, bring to an end or mitigate the

actual and potential adverse impact of their

own operations, the operations of their

subsidiaries or of their business partners on

human rights and the environment. For

regulated financial undertakings, CSDDD

currently covers own operations and the

upstream value chain but not the activities of

their downstream business partners that

receive their financial services and products.

These obligations will apply after

transposition into national laws in each EU

Member State on a phased basis from July

2029. The CSDDD previously required in-

scope companies to adopt and put into effect

a climate transition plan. However, this

requirement will be removed under the

"Requirements" Proposal of the Omnibus I

Package.

The CSDDD has the potential to be a

particularly significant measure, with failure

to comply with obligations under the

CSDDD potentially giving rise to the

imposition of administrative fines based on

net worldwide turnover.

*Regulatory initiatives on sustainability in the* 

*US*

Barclays may be impacted by various

sustainability-related regulatory and

legislative developments in the US at both

the federal and state level. The rules adopted

by the SEC in March 2024 that would have

required US-listed companies (including

foreign private issuers such as Barclays PLC

and Barclays Bank PLC) to disclose

extensive climate-related information have

been stayed by the SEC pending the

outcome of ongoing litigation, which the

SEC has declined to defend. However, bills

proposed or adopted by the legislatures of

certain US states may still impose climate-

related disclosure or other sustainability-

related requirements. In California, the

Climate Corporate Data Accountability Act

(SB-253) and the Greenhouse Gases:

Climate-Related Financial Risk Act

(SB-261) adopted in 2023, require both

public and private U.S.-based companies

(including U.S. subsidiaries of non-U.S.

companies) that do business in California to

publish and submit climate-related financial

risk reports with the California Air

Resources Board (CARB) and report

greenhouse gas emissions data in

2026. However, in response to an injunction

granted by the Ninth Circuit Court of

Appeals in the ongoing litigation against

SB-261 and SB-253, CARB confirmed on 1

December 2025 that it would not take

enforcement action against any entity that

does not post and submit a climate-related

financial risk report pursuant to SB-261 by

the 1 January 2026 statutory deadline. In

New York, proposed legislation – the

Climate Corporate Data Accountability Act

(S. 3456 / A. 4282) – was introduced in

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | **Risk** <br>**review**<br>| Financial <br>review<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 313 |
|  |  |  |  |  |  |  |  | 313 |

---

Supervision and regulation (continued)

2025, and is a refreshed version of prior

proposed legislation. As an example of

legislation and initiatives taking a different

or opposing position on sustainability

matters, in 2021, Texas adopted anti-boycott

legislation prohibiting Texas state entities

from entering into contracts with companies

that boycott energy companies. Barclays is

monitoring such legislative developments

and their impact on Barclays' US operations

and reporting obligations.

**Sanctions and financial crime**

The UK Bribery Act 2010 introduced a new

form of corporate criminal liability focused

broadly on a company's failure to prevent

bribery on its behalf. The Criminal Finances

Act 2017 introduced new corporate criminal

offences of failing to prevent the facilitation

of UK and overseas tax evasion. The

Economic Crime and Corporate

Transparency Act 2023 (ECCTA) extends

the concept of corporate criminal liability

such that certain economic crimes (such as

fraud and false accounting) committed by

"senior managers" acting within the scope of

their actual or apparent authority, can be

attributed to the company, for the purposes

of holding the company criminally liable.

The ECCTA has also created a new offence,

in force from 1 September 2025, of failing to

prevent a person associated with the Group

from committing fraud for the benefit of the

Group. These offences have broad

application and in certain circumstances may

have extraterritorial impact on entities,

persons or activities located outside the UK,

including Barclays PLC's subsidiaries

outside the UK. If enacted, reforms proposed

under the draft Crime and Policing Bill 2025

would expand corporate criminal liability to

all criminal offences (and not just certain

economic crimes, as is currently the case

under ECCTA), if any such offence is

committed by a senior manager acting

within the scope of their authority.

The UK Bribery Act requires the Group to

have adequate procedures to prevent bribery

which, due to the extraterritorial nature of

the Act, makes this both complex and costly.

Additionally, the Criminal Finances Act

requires the Group to have reasonable

procedures in place to prevent the criminal

facilitation of tax evasion by persons acting

for, or on behalf of, the Group. The ECCTA

similarly requires the Group to have

reasonable procedures in place to prevent a

person associated with the Group from

committing fraud.

The Sanctions and Anti-Money Laundering

Act 2018 (the Sanctions Act) became law in

the UK in 2018. Following the UK's

withdrawal from the EU, the Sanctions Act

allowed for the adoption of an autonomous

UK sanctions regime which came into force

in 2021, as well as a more flexible licensing

regime post-Brexit. This regime applies

within the UK and in relation to the conduct

of all UK persons wherever they are in the

world; it also applies to overseas branches of

UK companies (including the Barclays Bank

PLC New York branch).

Within the EU, there is a system of

autonomous sanctions by which the

European Council adopts a decision made

by the EU's Common Foreign and Security

Policy. The measures stated in the Council

decision are either implemented at the EU

level, by way of Regulation, or at a national

level in Member States. Regulations are

binding and directly effective throughout the

EU. Each measure will specify the territorial

scope of the relevant sanctions but these can

apply broadly within the territory of any EU

Member States and to EU nationals

wherever they are located as well as to third

country branches of EU companies. The

EU's anti-money laundering regime has

been implemented through a series of the

Fourth to Sixth Anti-Money Laundering

Directives, which Member States are then

required to transpose into their local law –

the Fourth and Fifth Anti-Money

Laundering Directives (2015/849 and

2018/843) set out the current requirements

for Member States to transpose in respect of

AML. In order to harmonise its approach to

anti-money laundering, the EU has

introduced a new Sixth Anti-Money

Laundering Directive (EU) 2024/1640,

which will repeal and replace the previous

Directives and which Member States will be

required to implement by 2027, and the

Anti-Money Laundering Regulation (EU)

2024/1624, which will have direct effect in

Member States, with most provisions in

force from 2027. Furthermore, the Anti-

Money Laundering Agency Regulation (EU)

2024/1620 establishes the Authority for

Anti-Money Laundering and Countering the

Financing of Terrorism (AMLA) which will

have direct supervisory powers over the 40

most systemic financial institutions in the

EU and will indirectly impact other market

parties.

In the US, the Bank Secrecy Act, the USA

PATRIOT Act 2001, the Anti-Money

Laundering Act of 2020 and regulations

thereunder contain numerous anti-money

laundering and anti-terrorist financing

requirements for financial institutions. In

addition, the Group is subject to the US

Foreign Corrupt Practices Act, which

prohibits, among other things, corrupt

payments to foreign government officials. It

is also subject to various economic sanctions

and similar laws, regulations and executive

orders administered by the US government,

which prohibit or restrict some or all

business activities and other dealings with or

involving certain individuals, entities,

groups, countries and territories.

In some cases, US state and federal

regulations addressing sanctions, money

laundering and other financial crimes may

impact entities, persons or activities located

or undertaken outside the US, including

Barclays PLC and its subsidiaries. US

government authorities have aggressively

enforced these laws, and expanded

authorities threatening the imposition of

sanctions, against financial institutions in

recent years. As a result of the conflict in

Ukraine, there has been an increased

regulatory focus on sanctions compliance in

various jurisdictions, including the US, UK

and EU. Government authorities have

significant discretion in the administration of

such restrictions, which may rapidly change

or diverge across jurisdictions and, in some

cases, conflict with local laws of other

jurisdictions. Failure of a financial

institution to ensure compliance with such

laws could have serious legal, financial and

reputational consequences for the institution.

![Risl Review Divider_1.jpg](bcs-20251231_g174.jpg)

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 314 |
|  |  |  |  |  |  |  |  | 314 |

---

**Financial review**

A review of the Group's performance, including

the key performance indicators, and the contribution of each

of our businesses to the overall performance of the Group.

---

| | |
|:---|:---|
| | **Page** |
| [Key performance indicators](#i12c1279a81884a37aee9a5181c6fa279_1075) | [315](#i12c1279a81884a37aee9a5181c6fa279_1075) |
| [Consolidated summary income statement](#i12c1279a81884a37aee9a5181c6fa279_1078) | [317](#i12c1279a81884a37aee9a5181c6fa279_1078) |
| [Income statement commentary](#i12c1279a81884a37aee9a5181c6fa279_1081) | [318](#i12c1279a81884a37aee9a5181c6fa279_1084) |
| [Consolidated summary balance sheet](#i12c1279a81884a37aee9a5181c6fa279_1090) | [319](#i12c1279a81884a37aee9a5181c6fa279_1090) |
| [Balance sheet commentary](#i12c1279a81884a37aee9a5181c6fa279_1093) | [320](#i12c1279a81884a37aee9a5181c6fa279_1093) |
| [Analysis of results by business](#i12c1279a81884a37aee9a5181c6fa279_1102) | [321](#i12c1279a81884a37aee9a5181c6fa279_1102) |
| [Non-IFRS performance measures](#i12c1279a81884a37aee9a5181c6fa279_1153) | [330](#i12c1279a81884a37aee9a5181c6fa279_1153) |

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 315 |
|  |  |  |  |  |  |  |  | 315 |

---

**Key performance indicators**

In assessing the financial performance of the Group, management uses a range of KPIs which focus on the Group's financial strength, the

delivery of sustainable returns and cost management. KPIs reflect the targets and ambitions followed during 2025.

**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. Refer to the non-IFRS performance measures section for further information and calculations of non-IFRS

performance measures included throughout this section and the most directly comparable IFRS measures.

---

| | | |
|:---|:---|:---|
| **Definition** | **Why is it important and how the Group performed** |  |
| **Common Equity Tier 1 (CET1)** <br>**ratio**<br>Capital requirements are part of the <br>regulatory framework governing how banks <br>and depository institutions are supervised. <br>Capital ratios express a bank's capital as a <br>percentage of its risk weighted assets <br>(RWAs) as defined by the PRA.<br>CET1 ratio is a measure of capital as defined <br>within the Definition of Capital section of <br>the PRA's Prudential and Resolution Policy - <br>Banking Index.<br>| The Group's capital management objective is to maximise <br>shareholder value by prudently managing the level and mix of <br>its capital to: ensure the Group and all of its subsidiaries are <br>appropriately capitalised relative to their regulatory minimum <br>and stressed capital requirements, support the Group's risk <br>appetite, growth and strategic options, while seeking to <br>maintain a robust credit proposition for the Group.<br>The CET1 ratio increased to 14.3% (December 2024: 13.6%), <br>as CET1 capital increased by £2.5bn to £51.1bn and RWAs <br>decreased by £1.4bn to £356.8bn. <br>Taking into account the £1.0bn share buyback announced at <br>FY25 Results, the CET1 ratio as at 31 December 2025 would <br>be reduced to 14.0% (at the top-end of the 13-14% target <br>range).<br>**Group target: a CET1 ratio in the range of 13-14%.**<sup>1</sup><br>| **CET1 ratio**<br>14.3%<br>2024: 13.6%<br>2023: 13.8%<br>|
| **Return on average shareholders'** <br>**equity (RoE)**<br>RoE is calculated as profit after tax <br>attributable to ordinary shareholders, as a <br>proportion of average shareholders' equity <br>excluding non-controlling interests and other <br>equity instruments.<br>| This measure indicates the return generated by the <br>management of the business based on shareholders' equity. <br>RoE for the Group was 9.8% (2024: 9.1%, 2023: 7.6%).<br>| **Group RoE**<br>9.8%<br>2024: 9.1%<br>2023: 7.6%<br>|
| **Return on average tangible** <br>**shareholders' equity (RoTE)**<br>RoTE is calculated as Group attributable <br>profit, as a proportion of average tangible <br>shareholders' equity.<br>| This measure indicates the return generated by the <br>management of the business based on ordinary shareholders' <br>tangible equity. Achieving a target RoTE demonstrates the <br>organisation's ability to execute its strategy and align <br>management's interests with the shareholders'. RoTE lies at <br>the heart of the Group's capital allocation and performance <br>management process.<br>The Group performed in line with RoTE guidance in 2025. <br>Statutory Group RoTE was 11.3% (FY24: 10.5%). All <br>divisions delivered double-digit RoTE in FY25<br>**2025 Group guidance: RoTE of c.11%**<sup>1</sup><br>**2026: targeting Group RoTE**<sup>2</sup> **of greater than 12%**<sup>3</sup><br>| **Group RoTE** <br>11.3%<br>2024: 10.5%<br>2023: 9.0%<br>|
| **Notes:**<br>1Group RoTE guidance was updated at Q325 Results, from c.11% to greater than 11%.<br>2Management does not assess forward-looking "return on equity" (target RoE) as a performance indicator of the business, and therefore reconciliation of the <br>forward-looking non IFRS measure "return on tangible equity" (target RoTE) to an equivalent IFRS measure is not available without unreasonable efforts.<br>3Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and are subject to change. | **Notes:**<br>1Group RoTE guidance was updated at Q325 Results, from c.11% to greater than 11%.<br>2Management does not assess forward-looking "return on equity" (target RoE) as a performance indicator of the business, and therefore reconciliation of the <br>forward-looking non IFRS measure "return on tangible equity" (target RoTE) to an equivalent IFRS measure is not available without unreasonable efforts.<br>3Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and are subject to change. | **Notes:**<br>1Group RoTE guidance was updated at Q325 Results, from c.11% to greater than 11%.<br>2Management does not assess forward-looking "return on equity" (target RoE) as a performance indicator of the business, and therefore reconciliation of the <br>forward-looking non IFRS measure "return on tangible equity" (target RoTE) to an equivalent IFRS measure is not available without unreasonable efforts.<br>3Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and are subject to change. |

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 316 |
|  |  |  |  |  |  |  |  | 316 |

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Key performance indicators (continued)

---

| | | |
|:---|:---|:---|
| **Definition** | **Why is it important and how the Group performed** |  |
| **Total operating expenses** | Barclays views total operating expenses as a key strategic area <br>for banks; those who actively manage costs and control them <br>effectively will gain a strong competitive advantage.<br>Group total operating expenses increased to £17.7bn (2024: <br>£16.7bn). Group operating costs, which exclude litigation and <br>conduct charges and UK regulatory levies, increased to <br>£17.0bn (FY24: £16.2bn), reflecting Tesco Bank run rate and <br>integration costs, further investment spend, business growth, <br>and inflation, partially offset by c.£700m of cost efficiency <br>savings.<br>Litigation and conduct charges of £0.4bn (FY24: £0.2bn), <br>included a £235m charge for motor finance redress in Q325.<br>| **Total operating expenses**<br>£17.7bn<br>2024: £16.7bn<br>2023: £16.9bn<br>|
| **Cost: income ratio**<br>Total operating expenses divided by total <br>income.<br>| This is a measure management uses to assess the productivity <br>of the business operations. Managing the cost base is a key <br>execution priority for management and includes a review of <br>all categories of discretionary spending and an analysis of how <br>we can run the business to ensure that costs increase at a <br>slower rate than income.<br>The Group cost: income ratio was 61% (2024: 62%), in line <br>with our guidance of c.61%, driven by continued cost <br>discipline and positive operating leverage.<br>**2025 Group target: a cost:income ratio of c.61%.**<br>**2026: targeting Group cost:income ratio of high 50s** <br>**in percentage terms.**<sup>1</sup><br>| **Cost: income ratio**<br>61%<br>2024: 62%<br>2023: 67%<br>|
| **Note:**<br>1Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and are subject to change. | **Note:**<br>1Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and are subject to change. | **Note:**<br>1Our targets and guidance are based on management's current expectations as to the macroeconomic environment and the business and are subject to change. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 317 |
|  |  |  |  |  |  |  |  | 317 |

---

**Consolidated summary income statement**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024¹** | **2023** | **2022** | **2021** |
| **For the year ended 31 December** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Interest income | **36189** | 38326 | 35075 | 19096 | 11240 |
| Interest expense | **(21688)** | (25390) | (22366) | (8524) | (3167) |
| **Net interest income** | **14501** | 12936 | 12709 | 10572 | 8073 |
| Fee and commission income | **11282** | 10847 | 10121 | 9637 | 9880 |
| Fee and commission expense | **(3784)** | (3600) | (3592) | (3038) | (2206) |
| **Net fee and commission income** | **7498** | 7247 | 6529 | 6599 | 7674 |
| Other income | **7141** | 6605 | 6140 | 7785 | 6193 |
| **Total income** | **29140** | 26788 | 25378 | 24956 | 21940 |
| Operating costs | **(17040)** | (16195) | (16714) | (14957) | (14092) |
| UK regulatory levies | **(313)** | (320) | (180) | (176) | (170) |
| Litigation and conduct | **(392)** | (220) | (37) | (1597) | (397) |
| **Total operating expenses** | **(17745)** | (16735) | (16931) | (16730) | (14659) |
| **Other net income/(expenses)** | **23** | 37 | (9) | 6 | 260 |
| **Profit before impairment** | **11418** | 10090 | 8438 | 8232 | 7541 |
| Credit impairment (charges)/releases | **(2279)** | (1982) | (1881) | (1220) | 653 |
| **Profit before tax** | **9139** | 8108 | 6557 | 7012 | 8194 |
| Tax charge | **(1926)** | (1752) | (1234) | (1039) | (1138) |
| **Profit after tax** | **7213** | 6356 | 5323 | 5973 | 7056 |
| Non-controlling interests | **(41)** | (49) | (64) | (45) | (47) |
| Other equity instrument holders | **(997)** | (991) | (985) | (905) | (804) |
| **Attributable profit** | **6175** | 5316 | 4274 | 5023 | 6205 |
| **Selected financial statistics** |  |  |  |  |  |
| Basic earnings per ordinary share | **43.8p** | 36.0p | 27.7p | 30.8p | 36.5p |
| Diluted earnings per ordinary share | **42.3p** | 34.8p | 26.9p | 29.8p | 35.6p |
| Return on average shareholders' equity | **9.8%** | 9.1% | 7.6% | 8.9% | 11.2% |
| Return on average tangible shareholders' equity | **11.3%** | 10.5% | 9.0% | 10.4% | 13.1% |
| Cost: income ratio | **61%** | 62% | 67% | 67% | 67% |

---

The financial information above is extracted from the published accounts. This information should be read together with the information

included in the accompanying consolidated financial statements.

1Q424 and FY24 included the £556m day 1 gain from the acquisition of Tesco Bank.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 318 |
|  |  |  |  |  |  |  |  | 318 |

---

**Consolidated summary income statement**

**2025 compared to 2024**

• Barclays delivered a profit before tax of £9,139m (FY24: £8,108m), RoE of 9.8%, (FY24: 9.1%), RoTE of 11.3% (FY24: 10.5%) and

EPS of 43.8p (FY24: 36.0p)

• The Group has a diverse income profile across businesses and geographies. The year-on-year appreciation of average GBP against USD

negatively impacted income and profits, and positively impacted credit impairment charges and total operating expenses

• Group income increased9% to £29,140mdriven by higher structural hedge income, higher income in Global Markets across FICC and

Equities, Tesco Bank NII and lending growth, partially offset by the non-repeat of the £556m day 1 gain from the acquisition of Tesco

Bank in the prior year

• Group total operating expenses increased to£17,745m (FY24: £16,735m)

• Group operating costs increased5%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)

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

• Credit impairment charges increased to £2,279m (FY24: £1,982m), primarily driven by the impact of the GM portfolio acquisition, an IB

single name charge and elevated US macroeconomic uncertainty. Total coverage ratio remained stable at 1.2% (December 2024: 1.2%)

• The effective tax rate (ETR) was 21.1% (FY24: 21.6%). The 2025 ETR included tax relief on payments made under Additional Tier 1

(AT1) instruments and on holdings of inflation-linked government bonds

• Attributable profit was £6,175m (FY24: £5,316m)

Please refer to the Financial review section in the Annual Report on Form 20-F for the year ended 31 December 2024 for a comparative

discussion of the 2024 financial results compared to 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 319 |
|  |  |  |  |  |  |  |  | 319 |

---

**Consolidated summary balance sheet**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **As at 31 December** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Assets** |  |  |  |  |  |
| Cash and balances at central banks | **229752** | 210184 | 224634 | 256351 | 238574 |
| Cash collateral and settlement balances | **130532** | 119843 | 108889 | 112597 | 92542 |
| Debt securities at amortised cost | **68475** | 68210 | 56749 | 45487 | 31831 |
| Loans and advances at amortised cost to banks | **8638** | 8327 | 9459 | 10015 | 9698 |
| Loans and advances at amortised cost to customers | **352885** | 337946 | 333288 | 343277 | 319922 |
| Reverse repurchase agreements and other similar secured lending at <br>amortised cost<br>| **17622** | 4734 | 2594 | 776 | 3227 |
| Trading portfolio assets | **190061** | 166453 | 174605 | 133813 | 147035 |
| Financial assets at fair value through the income statement | **186857** | 193734 | 206651 | 213568 | 191972 |
| Derivative financial instruments | **252459** | 293530 | 256836 | 302380 | 262572 |
| Financial assets at fair value through other comprehensive income | **74394** | 78059 | 71836 | 65062 | 61753 |
| Other assets | **32490** | 37182 | 31946 | 30373 | 25159 |
| **Total assets** | **1544165** | 1518202 | 1477487 | 1513699 | 1384285 |
| **Liabilities** |  |  |  |  |  |
| Deposits at amortised cost from banks | **20413** | 13203 | 14472 | 19979 | 17819 |
| Deposits at amortised cost from customers | **565200** | 547460 | 524317 | 525803 | 501614 |
| Cash collateral and settlement balances | **117583** | 106229 | 94084 | 96927 | 79371 |
| Repurchase agreements and other similar secured borrowings at <br>amortised cost<br>| **25170** | 39415 | 41601 | 27052 | 28352 |
| Debt securities in issue | **119033** | 92402 | 96825 | 112881 | 98867 |
| Subordinated liabilities | **12954** | 11921 | 10494 | 11423 | 12759 |
| Trading portfolio liabilities | **57737** | 56908 | 58669 | 72924 | 54169 |
| Financial liabilities designated at fair value | **294108** | 282224 | 297539 | 271637 | 250960 |
| Derivative financial instruments | **240808** | 279415 | 250044 | 289620 | 256883 |
| Other liabilities | **12923** | 16544 | 17578 | 16193 | 13450 |
| **Total liabilities** | **1465929** | 1445721 | 1405623 | 1444439 | 1314244 |
| **Equity** |  |  |  |  |  |
| Called up share capital and share premium | **4178** | 4186 | 4288 | 4373 | 4536 |
| Other equity instruments | **12725** | 12075 | 13259 | 13284 | 12259 |
| Other reserves | **1628** | (468) | (77) | (2192) | 1770 |
| Retained earnings | **59253** | 56028 | 53734 | 52827 | 50487 |
| **Total equity excluding non-controlling interests** | **77784** | 71821 | 71204 | 68292 | 69052 |
| Non-controlling interests | **452** | 660 | 660 | 968 | 989 |
| **Total equity** | **78236** | 72481 | 71864 | 69260 | 70041 |
| **Total liabilities and equity** | **1544165** | 1518202 | 1477487 | 1513699 | 1384285 |
| Net asset value per ordinary share | **469p** | 414p | 382p | 347p | 339p |
| Tangible net asset value per share | **409p** | 357p | 331p | 295p | 291p |
| Number of ordinary shares of Barclays PLC (in millions) | **13867** | 14420 | 15155 | 15871 | 16752 |
| Year-end USD exchange rate | **1.34** | 1.25 | 1.28 | 1.20 | 1.35 |
| Year-end EUR exchange rate | **1.15** | 1.21 | 1.15 | 1.13 | 1.19 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 320 |
|  |  |  |  |  |  |  |  | 320 |

---

**Balance sheet commentary**

**2025 compared to 2024**

**Total assets**

Total assets increased £26.0bn to £1,544.2bn.

Cash and balances at central banks increased by £19.6bn to £229.8bn primarily driven by a higher liquidity pool, funded by increased

wholesale funding and deposit growth across businesses.

Loans and advances at amortised cost to banks and customers increased £15.3bn to £361.5bn driven by an increase in Barclays UK and

UKCB lending, reflecting growth in mortgages and cards lending in Retail Banking and the strategic focus to grow customer lending in

UKCB.

Reverse repurchase agreements and other similar secured lending at amortised cost increased £12.9bn to £17.6bn due to growth in secured

financing balances.

Trading portfolio assets increased £23.6bn to £190.1bn 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 £6.9bn to £186.9bn 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 £41.1bn to £252.5bn 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.

**Total liabilities**

Total liabilities increased £20.2bn to £1,465.9bn.

Deposits at amortised cost to banks and customers increased £25.0bn to £585.6bn driven by deposit growth in International Corporate Bank,

treasury and UKCB, partially offset by the strengthening of spot GBP against USD.

Derivative financial instrument liabilities decreased £38.6bn to £240.8bn 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.

Financial liabilities designated at fair value increased £11.9bn to £294.1bn driven by increase in client activity and growth in financing

balances partially offset by increased netting opportunities and the strengthening of spot GBP against USD.

**Total shareholders' equity**

Total shareholders' equity increased£6.0bn to £77.8bn.

Retained earnings increased £3.3bn to £59.3bn, mainly due to profits of £6.2bn and net movements on employee share schemes of £0.5bn

offset by share repurchases of £2.2bn and dividends of £1.2bn.

Other equity instruments increased to £12.7bn, due to issuance of four AT1 instruments (£3.8bn) partially offset by three redemptions

(£3.1bn). AT1 securities are perpetual subordinated contingent convertible securities structured to qualify as AT1 instruments under

prevailing capital rules applicable as at the relevant issue date.

Other reserves increased by £2.1bn during the year, resulting in a closing balance of a £1.6bn gain. This change was mainly due to a£2.3bn

gain in the cash flow hedging reserve driven by fair value gains on interest rate swaps from a decrease in GBP and USD forward curves, and

transferred losses from de-designated hedges, Additional significant movements within other reserves included a£0.8bn gain in the fair

value through other comprehensive income (FVOCI) reserve, reducing the loss to £1.1bn. This was largely due to a decrease in the USD

rates curve and a tightening of the Euro asset swap spread. These gains were partially offset by a£1.1bn loss in the currency translation

reserve which resulted in a closing accumulated gain of £2.5bn, principally reflecting movements in USD exchange rates.

Net asset value per share increased to 469p (December 2024: 414p).

TNAV per share increased to409p (December 2024: 357p) as EPS of 43.8p, and a 16p benefit from the cash flow hedging reserve were

partially offset by an 8p reduction from dividends paid during FY25. The impact of the share buybacks executed throughout 2025 was

broadly neutral to TNAV per share due to an increase in the Barclays share price.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 321 |
|  |  |  |  |  |  |  |  | 321 |

---

**Analysis of results by business**

**Barclays UK**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024¹** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Income statement information** |  |  |  |
| Net interest income | **7653** | 6627 | 6431 |
| Net fee, commission and other income | **1055** | 1647 | 1156 |
| **Total income** | **8708** | 8274 | 7587 |
| Operating costs  | **(4746)** | (4235) | (4393) |
| UK regulatory levies | **(85)** | (78) | (30) |
| Litigation and conduct | **(51)** | (16) | 8 |
| **Total operating expenses** | **(4882)** | (4329) | (4415) |
| Other net income | **—** |  |  |
| **Profit before impairment** | **3826** | 3945 | 3172 |
| Credit impairment charges | **(413)** | (365) | (304) |
| **Profit before tax** | **3413** | 3580 | 2868 |
| Attributable profit | **2443** | 2465 | 1962 |
| **Performance measures** |  |  |  |
| Return on average allocated equity | **15.5%** | 16.9% | 14.0% |
| Return on average allocated tangible equity | **20.7%** | 23.1% | 19.2% |
| Average allocated equity | **£15.8bn** | £14.6bn | £14.0bn |
| Average allocated tangible equity | **£11.8bn** | £10.7bn | £10.2bn |
| Cost: income ratio | **56%** | 52% | 58% |
| Loan loss rate (bps) | **18** | 16 | 14 |
| Net interest margin | **3.63%** | 3.29% | 3.13% |
| **Key facts** |  |  |  |
| UK mortgage balances | **£172.4bn** | £163.1bn | £163.5bn |
| Mortgage gross lending flow | **£34.3bn** | £23.9bn | £22.7bn |
| Average LTV of mortgage portfolio<sup>2</sup> | **55%** | 53% | 54% |
| Average LTV of new mortgage lending<sup>2</sup> | **70%** | 66% | 63% |
| Number of branches | **206** | 221 | 306 |
| Digitally active customers<sup>3</sup> | **13.9m** | 13.4m | 12.7m |
| 30 day arrears rate - total UK cards | **0.8%** | 0.7% | 0.9% |
| 90 day arrears rate - total UK cards | **0.2%** | 0.2% | 0.2% |
| Number of employees (full time equivalent) | **17900** | 18000 | 6800 |
| **Balance sheet information** |  |  |  |
| Loans and advances to customers at amortised cost | **£216.5bn** | £207.7bn | £202.8bn |
| Total assets | **£299.6bn** | £299.8bn | £293.1bn |
| Customer deposits at amortised cost | **£244.6bn** | £244.2bn | £241.1bn |
| Loan: deposit ratio | **94%** | 92% | 92% |
| Risk weighted assets | **£85.8bn** | £84.5bn | £73.5bn |

---

**Notes:**

1Q424 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.

2Average 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.

3Excludes Tesco Bank.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 322 |
|  |  |  |  |  |  |  |  | 322 |

---

Analysis of results by business (continued)

**Analysis of Barclays UK**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024¹** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Analysis of total income** |  |  |  |
| Retail Banking | **6582** | 6270 | 5693 |
| Business Banking | **2126** | 2004 | 1894 |
| **Total income** | **8708** | 8274 | 7587 |
| **Analysis of credit impairment (charges)/releases** |  |  |  |
| Retail Banking | **(374)** | (394) | (332) |
| Business Banking | **(39)** | 29 | 28 |
| **Total credit impairment charges** | **(413)** | (365) | (304) |
| **Analysis of loans and advances to customers at amortised cost** |  |  |  |
| Retail Banking | **£198.6bn** | £188.0bn | £179.8bn |
| Business Banking | **£17.9bn** | £19.7bn | £23.0bn |
| **Total loans and advances to customers at amortised cost** | **£216.5bn** | £207.7bn | £202.8bn |
| **Analysis of customer deposits at amortised cost** |  |  |  |
| Retail Banking | **£192.7bn** | £191.4bn | £185.4bn |
| Business Banking | **£51.9bn** | £52.8bn | £55.7bn |
| **Total customer deposits at amortised cost** | **£244.6bn** | £244.2bn | £241.1bn |

---

**2025 compared to 2024**

• Profit before tax decreased5% to £3,413m. Barclays UK delivered a RoE of 15.5% (FY24:16.9%) and RoTE of 20.7% (FY24: 23.1%)

supported by robust income, the integration of Tesco Bank, disciplined cost management and normalising levels of impairment

underpinned by strong asset quality

• Total income increased5% to £8,708m. NII increased15% 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 decreased36% to £1,055mprimarily driven

by the non-repeat of the day 1 gain from the acquisition of Tesco Bank

• Total operating expensesincreased13% 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

• 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

**Note:**

1FY24 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

Please refer to the Financial review section in the Annual Report on Form 20-F for the year ended 31 December 2024 for a comparative

discussion of the 2024 financial results compared to 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 323 |
|  |  |  |  |  |  |  |  | 323 |

---

Analysis of results by business (continued)

**Barclays UK Corporate Bank**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Income statement information** |  |  |  |
| Net interest income | **1480** | 1206 | 1160 |
| Net fee, commission, trading and other income  | **584** | 574 | 610 |
| **Total income** | **2064** | 1780 | 1770 |
| Operating costs | **(989)** | (935) | (905) |
| UK regulatory levies | **(29)** | (37) | (8) |
| Litigation and conduct | **(39)** | (1) | 1 |
| **Total operating expenses** | **(1057)** | (973) | (912) |
| Other net expenses | **—** |  | (3) |
| **Profit before impairment** | **1007** | 807 | 855 |
| Credit impairment (charges)/releases | **(37)** | (76) | 27 |
| **Profit before tax** | **970** | 731 | 882 |
| Attributable profit | **648** | 490 | 584 |
| **Performance measures** |  |  |  |
| Return on average allocated equity | **18.9%** | 16.0% | 20.5% |
| Return on average allocated tangible equity | **18.9%** | 16.0% | 20.5% |
| Average allocated equity | **£3.4bn** | £3.1bn | £2.9bn |
| Average allocated tangible equity (£bn) | **£3.4bn** | £3.1bn | £2.9bn |
| Cost: income ratio | **51%** | 55% | 52% |
| Loan loss rate (bps) | **12** | 29 | (10) |
| **Key facts** |  |  |  |
| Number of employees (full time equivalent) | **1900** | 1900 | 1800 |
| **Balance sheet information** |  |  |  |
| Loans and advances to customers at amortised cost | **£30.0bn** | £25.4bn | £26.4bn |
| Deposits at amortised cost | **£88.7bn** | £83.1bn | £84.9bn |
| Risk weighted assets | **£26.5bn** | £23.9bn | £20.9bn |
| **Analysis of total income**  | **£m** | **£m** | **£m** |
| Corporate lending | **357** | 267 | 262 |
| Transaction banking | **1707** | 1513 | 1508 |
| **Total income** | **2064** | 1780 | 1770 |

---

**2025 compared to 2024**

• Profit before tax increased33% to £970m. UKCB delivered a RoE of 18.9%(FY24: 16.0%), 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

• Total income increased16% 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 increased9% 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

• 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

Please refer to the Financial review section in the Annual Report on Form 20-F for the year ended 31 December 2024 for a comparative

discussion of the 2024 financial results compared to 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 324 |
|  |  |  |  |  |  |  |  | 324 |

---

Analysis of results by business (continued)

**Barclays Private Bank and Wealth Management**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Income statement information** |  |  |  |
| Net interest income | **799** | 767 | 768 |
| Net fee, commission and other income  | **581** | 542 | 440 |
| **Total income** | **1380** | 1309 | 1208 |
| Operating costs | **(994)** | (911) | (795) |
| UK regulatory levies | **(10)** | (9) | (4) |
| Litigation and conduct | **(9)** |  | 2 |
| **Total operating expenses** | **(1013)** | (920) | (797) |
| Other net income | **—** |  |  |
| **Profit before impairment** | **367** | 389 | 411 |
| Credit impairment charges | **8** | (6) | (4) |
| **Profit before tax** | **375** | 383 | 407 |
| Attributable profit | **291** | 288 | 330 |
| **Performance measures** |  |  |  |
| Return on average allocated equity | **24.3%** | 25.7% | 29.9% |
| Return on average allocated tangible equity | **26.3%** | 28.1% | 32.7% |
| Average allocated equity | **£1.2bn** | £1.1bn | £1.1bn |
| Average allocated tangible equity (£bn) | **£1.1bn** | £1.0bn | £1.0bn |
| Cost: income ratio | **73%** | 70% | 66% |
| Loan loss rate (bps) | **(5)** | 4 | 3 |
| **Key facts** |  |  |  |
| Net new assets under management<sup>1</sup> | **£3.3bn** | £3.7bn |  |
| Number of employees (full time equivalent) | **2100** | 1900 | 2100 |
| **Balance sheet information** |  |  |  |
| Loans and advances to customers at amortised cost  | **£14.7bn** | £14.5bn | £13.6bn |
| Deposits at amortised cost | **£72.0bn** | £69.5bn | £60.3bn |
| Risk weighted assets | **£8.0bn** | £7.9bn | £7.2bn |
| Invested assets<sup>2</sup> | **£140.6bn** | £124.6bn | £108.8bn |
| Of which |  |  |  |
| Assets under management<sup>1</sup> | **£52.9bn** | £47.7bn | £41.7bn |
| Assets under supervision<sup>1</sup> | **£87.7bn** | £76.9bn | £67.1bn |
| Client assets and liabilities<sup>3</sup> | **£227.6bn** | £208.9bn | £182.9bn |

---

**2025 compared to 2024**

• Profit before tax decreased2% to £375mwith RoE of 24.3% (FY24: 25.7%) and 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

• Total income increased5% to £1,380m, driven by growth in deposit, invested asset and loan balances from net new inflows and market

movements

• Total operating expenses increased10% to £1,013m, reflecting higher investment spend to support business growth ambitions, with

ongoing efficiency savings offsetting inflationary headwinds

• 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)

**Notes:**

1Refer to page 373 for further information on net new assets under management, assets under management and assets under supervision.

2Invested 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.

3Client assets and liabilities refers to deposits, lending and invested assets.

Please refer to the Financial review section in the Annual Report on Form 20-F for the year ended 31 December 2024 for a comparative

discussion of the 2024 financial results compared to 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 325 |
|  |  |  |  |  |  |  |  | 325 |

---

Analysis of results by business (continued)

**Barclays Investment Bank**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Income statement information** |  |  |  |
| Net interest income | **1334** | 1031 | 1393 |
| Net trading income | **7197** | 6241 | 6040 |
| Net fee, commission and other income | **4524** | 4533 | 3602 |
| **Total income** | **13055** | 11805 | 11035 |
| Operating costs | **(7927)** | (7666) | (7619) |
| UK regulatory levies | **(181)** | (187) | (123) |
| Litigation and conduct | **(28)** | (55) | 5 |
| **Total operating expenses** | **(8136)** | (7908) | (7737) |
| Other net income | **—** |  |  |
| **Profit before impairment** | **4919** | 3897 | 3298 |
| Credit impairment charges | **(305)** | (123) | (102) |
| Profit before tax  | **4614** | 3774 | 3196 |
| Attributable profit | **3092** | 2513 | 2041 |
| **Performance measures** |  |  |  |
| Return on average allocated equity | **10.6%** | 8.5% | 7.0% |
| Return on average allocated tangible equity | **10.6%** | 8.5% | 7.0% |
| Average allocated equity | **£29.1bn** | £29.7bn | £29.0bn |
| Average allocated tangible equity (£bn) | **£29.1bn** | £29.7bn | £29.0bn |
| Income over average risk weighted assets | **6.6%** | 5.8% | 5.5% |
| Cost: income ratio | **62%** | 67% | 70% |
| Loan loss rate (bps) | **23** | 10 | 9 |
| **Key facts** |  |  |  |
| Number of employees (full time equivalent) | **7200** | 7100 | 7100 |
| **Balance sheet information** |  |  |  |
| Loans and advances to customers at amortised cost | **£70.0bn** | £69.7bn | £62.7bn |
| Loans and advances to banks at amortised cost | **£7.4bn** | £6.8bn | £7.3bn |
| Debt securities at amortised cost | **£52.9bn** | £47.9bn | £38.9bn |
| **Loans and advances at amortised cost** | **£130.3bn** | £124.4bn | £108.9bn |
| Trading portfolio assets | **£189.5bn** | £166.1bn | £174.5bn |
| Derivative financial instrument assets | **£251.5bn** | £291.6bn | £255.1bn |
| Financial assets at fair value through the income statement | **£183.6bn** | £190.4bn | £202.5bn |
| Cash collateral and settlement balances | **£121.6bn** | £111.1bn | £102.3bn |
| Deposits at amortised cost | **£156.1bn** | £140.5bn | £132.7bn |
| Derivative financial instrument liabilities | **£240.6bn** | £279.0bn | £249.7bn |
| Risk weighted assets  | **£196.7bn** | £198.8bn | £197.3bn |
| **Analysis of total income** | **£m** | **£m** | **£m** |
| FICC | **5429** | 4667 | 4845 |
| Equities | **3225** | 2875 | 2373 |
| **Global Markets** | **8654** | 7542 | 7218 |
| Advisory | **676** | 661 | 593 |
| Equity capital markets | **278** | 351 | 219 |
| Debt capital markets | **1510** | 1492 | 1148 |
| **Banking fees and underwriting** | **2464** | 2504 | 1960 |
| Corporate lending | **247** | 153 | 213 |
| Transaction banking | **1690** | 1606 | 1644 |
| **International Corporate Bank** | **1937** | 1759 | 1857 |
| **Investment Banking** | **4401** | 4263 | 3817 |
| **Total income** | **13055** | 11805 | 11035 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 326 |
|  |  |  |  |  |  |  |  | 326 |

---

Analysis of results by business (continued)

**2025 compared to 2024**

• IB has a diverse income profile across businesses and geographies. The 3% appreciation of average GBP against USD adversely impacted

income and profits, and positively impacted credit impairment charges and total operating expenses

• Profit before tax increased to £4,614m (FY24: £3,774m). RoE of 10.6% (FY24:8.5%) and RoTE of 10.6% (FY24: 8.5%), were 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

• Total income increased11% to £13,055m, including adverse average FX impacts

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

• FICC income increased 16% to £5,429m, reflecting continued support provided to clients through a range of environments, including a

strong performance in Macro, Securitised products and Credit, and sustained strength in Fixed Income Financing

• Equities income increased 12% to £3,225m (up 17% excluding the prior year £125m fair value gain on Visa B shares in Q124), reflecting

growth in Prime Financing due to increased client balances and Cash from strong client activity across products

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

◦ Banking fees and underwriting income decreased 2% to £2,464m, primarily driven by a 21% decline in Equity Capital Markets fees due

to a strong prior year comparator, which included a large UK rights issue in Q224, partially offset by Debt Capital Markets and Advisory

◦ International Corporate Bank income increased 10% to £1,937m. Corporate lending income increased to £247m due to net gains on fair

value lending and cost of hedging (c.£130m)<sup>1</sup>. Transaction banking income increased 5% to £1,690m, as higher income from growth in

deposit balances was partially offset by margin compression due to change in deposits product mix

• Total operating expenses increased3% to £8,136m, driven by inflationary headwinds, higher performance costs and expenses associated

with supporting the business strategy, partially offset by efficiency savings and FX

• Credit impairment charges were £305m (FY24: £123m), primarily driven by a single name charge in Q325 and elevated US

macroeconomic uncertainty booked in Q125

• 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

**Note:**

1FY25 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.

Please refer to the Financial review section in the Annual Report on Form 20-F for the year ended 31 December 2024 for a comparative

discussion of the 2024 financial results compared to 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 327 |
|  |  |  |  |  |  |  |  | 327 |

---

Analysis of results by business (continued)

**Barclays US Consumer Bank**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Income statement information** |  |  |  |
| Net interest income | **2820** | 2659 | 2604 |
| Net fee, commission and other income  | **861** | 667 | 664 |
| **Total income** | **3681** | 3326 | 3268 |
| Operating costs | **(1637)** | (1612) | (1650) |
| UK regulatory levies | **—** |  |  |
| Litigation and conduct | **(8)** | (14) | (6) |
| **Total operating expenses** | **(1645)** | (1626) | (1656) |
| Other net income | **—** |  |  |
| **Profit before impairment** | **2036** | 1700 | 1612 |
| Credit impairment charges | **(1521)** | (1293) | (1438) |
| **Profit before tax** | **515** | 407 | 174 |
| Attributable profit | **390** | 302 | 131 |
| **Performance measures** |  |  |  |
| Return on average allocated equity | **9.5%** | 8.1% | 3.4% |
| Return on average allocated tangible equity | **11.0%** | 9.1% | 4.1% |
| Average allocated equity | **£4.1bn** | £3.7bn | £3.8bn |
| Average allocated tangible equity | **£3.5bn** | £3.3bn | £3.2bn |
| Cost: income ratio | **45%** | 49% | 51% |
| Loan loss rate (bps) | **496** | 431 | 514 |
| Net interest margin  | **11.14%** | 10.65% | 10.85% |
| **Key facts** |  |  |  |
| US cards 30 day arrears rate | **3.0%** | 3.0% | 2.9% |
| US cards 90 day arrears rate | **1.6** | 1.6% | 1.5% |
| US cards customer FICO score distribution<sup>1</sup> |  |  |  |
| <660 | **13%** | 12% | 12% |
| >660 | **87%** | 88% | 88% |
| End net receivables (reported) ($bn) | **36.6** | 33.1 | 32.2 |
| Number of employees (full time equivalent) | **2300** | 2300 | 600 |
| **Balance sheet information** |  |  |  |
| Loans and advances to customers at amortised cost  | **£21.1bn** | £20.0bn | £24.2bn |
| Deposits at amortised cost | **£24.2bn** | £23.3bn | £19.7bn |
| Risk weighted assets | **£27.4bn** | £26.8bn | £24.8bn |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 328 |
|  |  |  |  |  |  |  |  | 328 |

---

Analysis of results by business (continued)

**2025 compared to 2024**

• The 3% appreciation of average GBP against USD adversely impacted income and profits, and positively impacted credit impairment

charges and total operating expenses

• Profit before tax increased to £515m (FY24: £407m). RoE of9.5% (FY24: 8.1%) and RoTE of 11.0% (FY24: 9.1%), reflected 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 macroeconomic uncertainty.

• Total income increased11% 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

• 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

**Notes:**

1Based on average open customer accounts.

2Including a co-branded card portfolio classified as assets held for sale.

Please refer to the Financial review section in the Annual Report on Form 20-F for the year ended 31 December 2024 for a comparative

discussion of the 2024 financial results compared to 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 329 |
|  |  |  |  |  |  |  |  | 329 |

---

Analysis of results by business (continued)

**Head Office**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Income statement information** |  |  |  |
| Net interest income  | **415** | 646 | 353 |
| Net fee, commission and other income | **(163)** | (352) | 157 |
| **Total income** | **252** | 294 | 510 |
| Operating costs | **(747)** | (836) | (1352) |
| UK regulatory levies | **(8)** | (9) | (14) |
| Litigation and conduct | **(257)** | (134) | (48) |
| **Total operating expenses** | **(1012)** | (979) | (1414) |
| Other net income/ (expenses) | **23** | 37 | (6) |
| **Loss before impairment** | **(737)** | (648) | (910) |
| Credit impairment charges | **(11)** | (119) | (60) |
| **Loss before tax** | **(748)** | (767) | (970) |
| Attributable loss | **(689)** | (742) | (774) |
| **Performance measures** |  |  |  |
| Average allocated equity | **£9.3bn** | £6.5bn | £5.0bn |
| Average allocated tangible equity | **£5.7bn** | £2.9bn | £1.1bn |
| **Key facts** |  |  |  |
| Number of employees (full time equivalent) | **61600** | 61800 | 74000 |
| **Balance sheet information** |  |  |  |
| Risk weighted assets | **£12.3bn** | £16.2bn | £19.0bn |

---

**2025 compared to 2024**

• 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

• 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

Please refer to the Financial review section in the Annual Report on Form 20-F for the year ended 31 December 2024 for a comparative

discussion of the 2024 financial results compared to 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 330 |
|  |  |  |  |  |  |  |  | 330 |

---

**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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 331 |
|  |  |  |  |  |  |  |  | 331 |

---

Non-IFRS performance measures (continued)

**Margins analysis**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended 31 December** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| **For the year ended 31 December** | **Net** <br>**interest** <br>**income**<br>| **Average** <br>**customer** <br>**assets**<br>| **Net** <br>**interest** <br>**margin**<br>| **Net** <br>**interest** <br>**income**<br>| **Average** <br>**customer** <br>**assets**<br>| **Net** <br>**interest** <br>**margin**<br>| **Net** <br>**interest** <br>**income**<br>| **Average** <br>**customer** <br>**assets**<br>| **Net** <br>**interest** <br>**margin**<br>|
| **For the year ended 31 December** | **£m** | **£m** | **%** | **£m** | **£m** | **%** | **£m** | **£m** | **%** |
| Barclays UK | **7653** | **210925** | **3.63** | 6627 | 201152 | 3.29 | 6431 | 205667 | 3.13 |
| Barclays UK Corporate Bank | **1480** | **26142** | **5.66** | 1206 | 22776 | 5.30 | 1160 | 23207 | 5.00 |
| Barclays Private Bank and Wealth Management | **799** | **14827** | **5.39** | 767 | 13983 | 5.49 | 768 | 13935 | 5.51 |
| Barclays US Consumer Bank<sup>1</sup> | **2820** | **25313** | **11.14** | 2659 | 24978 | 10.65 | 2604 | 23999 | 10.85 |
| Group excluding IB and Head Office<sup>1</sup> | **12752** | **277207** | **4.60** | 11259 | 262889 | 4.28 | 10963 | 266808 | 4.11 |
| Barclays Investment Bank | **1334** |  |  | 1031 |  |  | 1393 |  |  |
| Head Office | **415** |  |  | 646 |  |  | 353 |  |  |
| Barclays Group Net interest income | **14501** |  |  | 12936 |  |  | 12709 |  |  |

---

**Note:**

1Includes average customer assets balances classified as held for sale.

The Group excluding IB and Head Office Net interest margin increased by 32 bps from 4.28% to 4.60% in 2025, due to higher structural

hedge income, partially offset by adverse product dynamics in deposits.

**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<sup>1</sup>.

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.

Cash flow hedges on the net externalised risk position have likewise been adjusted through designation/de-designation activity throughout

the year, with associated reserve amounts recycled back to the income statement over the life of the respective designations.

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.

**Note:**

1Structural hedging derivatives are a component of the net externalised interest rate risk. The net externalised risk position is managed within the cash flow hedging

reserve. Note 14 includes details of the net externalised interest rate risk position in "Interest Rate derivatives designated as cash flow hedges"

on page [372](#ib1e7da33a51741aea4143b93bad92c82_0-0-1-2-4390467) and cash flow hedge of interest rate risk on page [377](#i5d7220faae8340a29b82f3f95d85c297_6032).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 332 |
|  |  |  |  |  |  |  |  | 332 |

---

Non-IFRS performance measures (continued)

**Returns**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** |
| **Return on average tangible equity** | **Barclays UK** | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**and Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head Office** | **Barclays** <br>**Group**<br>|
| **Return on average tangible equity** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Attributable profit/(loss)** | **2443** | **648** | **291** | **3092** | **390** | **(689)** | **6175** |
| Average equity  | **£15.8bn** | **£3.4bn** | **£1.2bn** | **£29.1bn** | **£4.1bn** | **£9.3bn** | **£62.9bn** |
| Average goodwill and intangibles | **£(4.0)bn** | **—** | **£(0.1)bn** | **—** | **£(0.6)bn** | **£(3.6)bn** | **£(8.3)bn** |
| **Average tangible equity**  | **£11.8bn** | **£3.4bn** | **£1.1bn** | **£29.1bn** | **£3.5bn** | **£5.7bn** | **£54.6bn** |
| **Return on average tangible equity** | **20.7%** | **18.9%** | **26.3%** | **10.6%** | **11.0%** | **n/m** | **11.3%** |
| Barclays Group average tangible shareholder's equity based on a CET1 ratio of 13.5% was £53.6bn | Barclays Group average tangible shareholder's equity based on a CET1 ratio of 13.5% was £53.6bn | Barclays Group average tangible shareholder's equity based on a CET1 ratio of 13.5% was £53.6bn | Barclays Group average tangible shareholder's equity based on a CET1 ratio of 13.5% was £53.6bn | Barclays Group average tangible shareholder's equity based on a CET1 ratio of 13.5% was £53.6bn | Barclays Group average tangible shareholder's equity based on a CET1 ratio of 13.5% was £53.6bn | Barclays Group average tangible shareholder's equity based on a CET1 ratio of 13.5% was £53.6bn | Barclays Group average tangible shareholder's equity based on a CET1 ratio of 13.5% was £53.6bn |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** |
| **Return on average tangible equity** | **Barclays UK** | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**and Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head Office** | **Barclays** <br>**Group**<br>|
| **Return on average tangible equity** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Attributable profit/(loss)** | **2465** | **490** | **288** | **2513** | **302** | **(742)** | **5316** |
| Average equity  | £14.6bn | £3.1bn | £1.1bn | £29.7bn | £3.7bn | £6.5bn | £58.7bn |
| Average goodwill and intangibles | £(3.9)bn |  | £(0.1)bn |  | £(0.4)bn | £(3.6)bn | £(8.0)bn |
| **Average tangible equity**  | **£10.7bn** | **£3.1bn** | **£1.0bn** | **£29.7bn** | **£3.3bn** | **£2.9bn** | **£50.7bn** |
| **Return on average tangible equity** | **23.1%** | **16.0%** | **28.1%** | **8.5%** | **9.1%** | **n/m** | **10.5%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** |
| **Return on average tangible equity** | **Barclays UK** | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**and Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head Office** | **Barclays** <br>**Group**<br>|
| **Return on average tangible equity** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Attributable profit/(loss)** | **1962** | **584** | **330** | **2041** | **131** | **(774)** | **4274** |
| Average equity  | £14.0bn | £2.9bn | £1.1bn | £29.0bn | £3.8bn | £5.0bn | £55.8bn |
| Average goodwill and intangibles | £(3.8)bn |  | £(0.1)bn |  | £(0.6)bn | £(3.9)bn | £(8.4)bn |
| **Average tangible equity**  | **£10.2bn** | **£2.9bn** | **£1.0bn** | **£29.0bn** | **£3.2bn** | **£1.1bn** | **£47.4bn** |
| **Return on average tangible equity** | **19.2%** | **20.5%** | **32.7%** | **7.0%** | **4.1%** | **n/m** | **9.0%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 333 |
|  |  |  |  |  |  |  |  | 333 |

---

Non-IFRS performance measures (continued)

**Reconciliation of total operating expenses to operating costs**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Total operating expenses | **(17745)** | (16735) | (16931) |
| UK regulatory levies | **(313)** | (320) | (180) |
| Litigation and conduct | **(392)** | (220) | (37) |
| **Operating costs** | **(17040)** | (16195) | (16714) |

---

**Reconciliation of group net interest income excluding IB and Head Office**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Total Barclays Group net interest income | **14501** | 12936 | 12709 |
| Barclays Investment Bank | **1334** | 1031 | 1393 |
| Head Office | **415** | 646 | 353 |
| **Group NII excluding IB and Head Office** | **12752** | 11259 | 10963 |

---

**Tangible net asset value per share**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Total equity excluding non-controlling interests | **77784** | 71821 | 71204 |
| Other equity instruments | **(12725)** | (12075) | (13259) |
| **Shareholders' equity attributable to ordinary shareholders of the parent** | **65059** | 59746 | 57945 |
| Goodwill and intangibles | **(8284)** | (8275) | (7794) |
| **Tangible shareholders' equity attributable to ordinary shareholders of the parent** | **56775** | 51471 | 50151 |
| Shares in issue<sup>1</sup> | **13,867m** | 14,420m | 15,155m |
| **Net asset value per share** | 469p | 414p | 382p |
| **Tangible net asset value per share** | **409p** | 357p | 331p |

---

**Note:**

1The 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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 334 |
|  |  |  |  |  |  |  |  | 334 |

---

Non-IFRS performance measures (continued)

**Return on equity**

---

| | | | |
|:---|:---|:---|:---|
|  | **Profit/(loss)** <br>**attributable to** <br>**ordinary equity** <br>**holders of the parent**<br>| **Average equity** | **Return on average** <br>**equity**<br>|
|  | **£m** | **bn** | **%** |
| **For the year ended 31 December 2025** |  |  |  |
| Barclays UK | 2443 | 15.8 | 15.5 |
| Barclays UK Corporate Bank | 648 | 3.4 | 18.9 |
| Barclays Private Bank and Wealth Management | 291 | 1.2 | 24.3 |
| Barclays Investment Bank | 3092 | 29.1 | 10.6 |
| Barclays US Consumer Bank | 390 | 4.1 | 9.5 |
| Head Office | (689) | 9.3 | n/m |
| **Barclays Group** | 6175 | 62.9 | 9.8 |
| **For the year ended 31 December 2024** |  |  |  |
| Barclays UK | 2465 | 14.6 | 16.9 |
| Barclays UK Corporate Bank | 490 | 3.1 | 16.0 |
| Barclays Private Bank and Wealth Management | 288 | 1.1 | 25.7 |
| Barclays Investment Bank | 2513 | 29.7 | 8.5 |
| Barclays US Consumer Bank | 302 | 3.7 | 8.1 |
| Head Office | (742) | 6.5 | n/m |
| **Barclays Group** | 5316 | 58.7 | 9.1 |
| **For the year ended 31 December 2023** |  |  |  |
| Barclays UK | 1962 | 14.0 | 14.0 |
| Barclays UK Corporate Bank | 584 | 2.9 | 20.5 |
| Barclays Private Bank and Wealth Management | 330 | 1.1 | 29.9 |
| Barclays Investment Bank | 2041 | 29.0 | 7.0 |
| Barclays US Consumer Bank | 131 | 3.8 | 3.4 |
| Head Office | (774) | 5.0 | n/m |
| **Barclays Group** | 4274 | 55.8 | 7.6 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 335 |
|  |  |  |  |  |  |  |  | 335 |

---

**Appendix: Loan loss rate Calculations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** |
| **Loan loss rate** | **Barclays UK** | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**and Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head Office** | **Barclays** <br>**Group**<br>|
| **Loan loss rate** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Credit impairment (charges)/ releases** | **(413)** | **(37)** | **8** | **(305)** | **(1521)** | **(11)** | **(2279)** |
| **Gross loans and advances held at amortised cost** <br>**(including portfolios reclassified as held for sale)**<sup>1</sup><br>| **£231.9bn** | **£30.2bn** | **£15.1bn** | **£131.0bn** | **£30.6bn** | **£2.5bn** | **£441.3bn** |
| **Loan loss rate (bps)** | **18** | **12** | **(5)** | **23** | **496** | **n/m** | **52** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** |
| **Loan loss rate** | **Barclays UK** | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**and Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head Office** | **Barclays** <br>**Group**<br>|
| **Loan loss rate** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Credit impairment charges** | **(365)** | **(76)** | **(6)** | **(123)** | **(1293)** | **(119)** | **(1982)** |
| **Gross loans and advances held at amortised cost** <br>**(including portfolios reclassified as held for sale)**<sup>1</sup><br>| **£227.5bn** | **£25.8bn** | **£14.7bn** | **£124.9bn** | **£30.0bn** | **£6.7bn** | **£429.6bn** |
| **Loan loss rate (bps)** | **16** | **29** | **4** | **10** | **431** | **n/m** | **46** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** | **For the year ended 31 December 2023** |
| **Loan loss rate** | **Barclays UK** | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**and Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head Office** | **Barclays** <br>**Group**<br>|
| **Loan loss rate** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Credit impairment (charges)/ releases** | **(304)** | **27** | **(4)** | **(102)** | **(1438)** | **(60)** | **(1881)** |
| **Gross loans and advances held at amortised cost** <br>**(including portfolios reclassified as held for sale)**<sup>1</sup><br>| **£223.3bn** | **£26.6bn** | **£13.8bn** | **£109.4bn** | **£28.0bn** | **£8.2bn** | **£409.3bn** |
| **Loan loss rate (bps)** | **14** | **(10)** | **3** | **9** | **514** | **n/m** | **46** |

---

**Note:**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| **Financial** <br>**review**<br>| Financial <br>statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 336 |
|  |  |  |  |  |  |  |  | 336 |

---

**Appendix: Income over RWAs Calculations**

**Income over RWAs**

---

| | | | |
|:---|:---|:---|:---|
| **Barclays Investment Bank** | **Year ended** <br>**31.12.25**<br>| **Year ended** <br>**31.12.24**<br>| **Year ended** <br>**31.12.23**<br>|
| **Barclays Investment Bank** | **£m** | **£m** | **£m** |
| **Income** | **13055** | **11805** | **11035** |
| **Average RWAs** | **£198.6bn** | **£202.7bn** | **£199.2bn** |
| **Income over average RWAs** | **6.6%** | **5.8%** | **5.5%** |

---

![Risl Review Divider_1.jpg](bcs-20251231_g174.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 337 |
|  |  |  |  |  |  |  |  | 337 |

---

**Financial statements**

Detailed analysis of our statutory accounts,

independently audited and providing in-depth

disclosure on the financial performance of the Group.

---

| | | | |
|:---|:---|:---|:---|
| | | **Page** | **Note** |
| **Consolidated financial statements** | [Independent Auditor's Report](#i12c1279a81884a37aee9a5181c6fa279_1195) (PCAOB ID: 1118) | [339](#i12c1279a81884a37aee9a5181c6fa279_1201) |  |
|  | [Consolidated income statement](#i12c1279a81884a37aee9a5181c6fa279_1213) | [342](#i12c1279a81884a37aee9a5181c6fa279_1213) |  |
|  | [Consolidated statement of comprehensive income](#i12c1279a81884a37aee9a5181c6fa279_1216) | [343](#i12c1279a81884a37aee9a5181c6fa279_1216) |  |
|  | [Consolidated balance sheet](#i12c1279a81884a37aee9a5181c6fa279_1219) | [344](#i12c1279a81884a37aee9a5181c6fa279_1219) |  |
|  | [Consolidated statement of changes in equity](#i12c1279a81884a37aee9a5181c6fa279_1222) | [345](#i12c1279a81884a37aee9a5181c6fa279_1222) |  |
|  | [Consolidated cash flow statement](#i12c1279a81884a37aee9a5181c6fa279_1228) | [347](#i12c1279a81884a37aee9a5181c6fa279_1228) |  |
|  | [Parent company accounts](#i12c1279a81884a37aee9a5181c6fa279_1231) | [348](#i12c1279a81884a37aee9a5181c6fa279_1231) |  |
| **Notes to the financial statements** | Material [accounting policies](#i12c1279a81884a37aee9a5181c6fa279_1243) | [351](#i12c1279a81884a37aee9a5181c6fa279_1243) | 1 |
| **Financial performance and returns** | [Segmental reporting](#i12c1279a81884a37aee9a5181c6fa279_1246) | [355](#i12c1279a81884a37aee9a5181c6fa279_1246) | 2 |
|  | [Net interest income](#i12c1279a81884a37aee9a5181c6fa279_1255) | [357](#i12c1279a81884a37aee9a5181c6fa279_1255) | 3 |
|  | [Net fee and commission income](#i12c1279a81884a37aee9a5181c6fa279_1258) | [358](#i12c1279a81884a37aee9a5181c6fa279_1258) | 4 |
|  | [Net trading income](#i12c1279a81884a37aee9a5181c6fa279_1261) | [360](#i12c1279a81884a37aee9a5181c6fa279_1261) | 5 |
|  | [Net investment income](#i12c1279a81884a37aee9a5181c6fa279_1264)/(expense) | [360](#i12c1279a81884a37aee9a5181c6fa279_1264) | 6 |
|  | Infrastructure, administrative and general expenses | [360](#i12c1279a81884a37aee9a5181c6fa279_1267) | 7 |
|  | [Credit impairment charges](#i12c1279a81884a37aee9a5181c6fa279_1270) | [361](#i12c1279a81884a37aee9a5181c6fa279_1270) | 8 |
|  | [Tax](#i12c1279a81884a37aee9a5181c6fa279_1273) | [365](#i12c1279a81884a37aee9a5181c6fa279_1273) | 9 |
|  | [Earnings per share](#i12c1279a81884a37aee9a5181c6fa279_1276) | [369](#i12c1279a81884a37aee9a5181c6fa279_1276) | 10 |
|  | [Dividends on ordinary shares](#i12c1279a81884a37aee9a5181c6fa279_1279) | [369](#i12c1279a81884a37aee9a5181c6fa279_1279) | 11 |
| **Assets and liabilities held at fair value** | [Trading portfolio](#i12c1279a81884a37aee9a5181c6fa279_1282) | [370](#i12c1279a81884a37aee9a5181c6fa279_1282) | 12 |
|  | [Financial assets at fair value through](#i12c1279a81884a37aee9a5181c6fa279_1285)<br>[the income statement](#i12c1279a81884a37aee9a5181c6fa279_1285)<br>| [370](#i12c1279a81884a37aee9a5181c6fa279_1285) | 13 |
|  | [Derivative financial instruments](#i12c1279a81884a37aee9a5181c6fa279_1288) | [371](#i12c1279a81884a37aee9a5181c6fa279_1288) | 14 |
|  | [Financial assets at fair value through other comprehensive income](#i12c1279a81884a37aee9a5181c6fa279_1291) | [378](#i12c1279a81884a37aee9a5181c6fa279_1291) | 15 |
|  | [Financial liabilities designated at fair value](#i12c1279a81884a37aee9a5181c6fa279_1294) | [378](#i12c1279a81884a37aee9a5181c6fa279_1294) | 16 |
|  | [Fair value of financial instruments](#i12c1279a81884a37aee9a5181c6fa279_1297) | [379](#i12c1279a81884a37aee9a5181c6fa279_1297) | 17 |
|  | [Offsetting financial assets and financial liabilities](#i12c1279a81884a37aee9a5181c6fa279_1306) | [391](#i12c1279a81884a37aee9a5181c6fa279_1306) | 18 |
| **Assets at amortised cost** <br>**and other investments** | [Property, plant and equipment](#i12c1279a81884a37aee9a5181c6fa279_1312) | [392](#i12c1279a81884a37aee9a5181c6fa279_1312) | 19 |
| **Assets at amortised cost** <br>**and other investments** | [Leases](#i12c1279a81884a37aee9a5181c6fa279_1315) | [394](#i12c1279a81884a37aee9a5181c6fa279_1315) | 20 |
| **Assets at amortised cost** <br>**and other investments** | [Goodwill and intangible assets](#i12c1279a81884a37aee9a5181c6fa279_1318) | [396](#i12c1279a81884a37aee9a5181c6fa279_1318) | 21 |

---

![Risl Review Divider_2.jpg](bcs-20251231_g175.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 338 |
|  |  |  |  |  |  |  |  | 338 |

---

Financial statements (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Page** | **Note** |
| **Accruals, provisions, contingent** <br>**liabilities and legal proceedings** | [Other liabilities](#i12c1279a81884a37aee9a5181c6fa279_1321) | [400](#i12c1279a81884a37aee9a5181c6fa279_1321) | 22 |
| **Accruals, provisions, contingent** <br>**liabilities and legal proceedings** | [Provisions](#i12c1279a81884a37aee9a5181c6fa279_1324) | [400](#i12c1279a81884a37aee9a5181c6fa279_1324) | 23 |
|  | [Contingent liabilities and commitments](#i12c1279a81884a37aee9a5181c6fa279_1327) | [402](#i12c1279a81884a37aee9a5181c6fa279_1327) | 24 |
|  | [Legal, competition and regulatory matters](#i12c1279a81884a37aee9a5181c6fa279_1330) | [402](#i12c1279a81884a37aee9a5181c6fa279_1330) | 25 |
| **Capital instruments,** <br>**equity and reserves** | [Subordinated liabilities](#i12c1279a81884a37aee9a5181c6fa279_1336) | [407](#i12c1279a81884a37aee9a5181c6fa279_1336) | 26 |
| **Capital instruments,** <br>**equity and reserves** | [Ordinary shares, share premium and other equity](#i12c1279a81884a37aee9a5181c6fa279_1339) | [409](#i12c1279a81884a37aee9a5181c6fa279_1339) | 27 |
|  | [Reserves](#i12c1279a81884a37aee9a5181c6fa279_1342) | [410](#i12c1279a81884a37aee9a5181c6fa279_1342) | 28 |
|  | [Non-controlling interests](#i12c1279a81884a37aee9a5181c6fa279_1345) | [411](#i12c1279a81884a37aee9a5181c6fa279_1345) | 29 |
| **Employee benefits** | [Staff costs](#i12c1279a81884a37aee9a5181c6fa279_1348) | [412](#i12c1279a81884a37aee9a5181c6fa279_1348) | 30 |
|  | [Share-based payments](#i12c1279a81884a37aee9a5181c6fa279_1351) | [413](#i12c1279a81884a37aee9a5181c6fa279_1351) | 31 |
|  | [Pensions and post-retirement benefits](#i12c1279a81884a37aee9a5181c6fa279_1354) | [415](#i12c1279a81884a37aee9a5181c6fa279_1354) | 32 |
| **Scope of consolidation** | [Principal subsidiaries](#i12c1279a81884a37aee9a5181c6fa279_1357) | [421](#i12c1279a81884a37aee9a5181c6fa279_1357) | 33 |
|  | [Structured entities](#i12c1279a81884a37aee9a5181c6fa279_1360) | [422](#i12c1279a81884a37aee9a5181c6fa279_1360) | 34 |
|  | [Investments in associates and joint ventures](#i12c1279a81884a37aee9a5181c6fa279_1363) | [425](#i12c1279a81884a37aee9a5181c6fa279_1363) | 35 |
|  | [Securitisations](#i12c1279a81884a37aee9a5181c6fa279_1366) | [426](#i12c1279a81884a37aee9a5181c6fa279_1366) | 36 |
|  | [Assets pledged, collateral received and assets transferred](#i12c1279a81884a37aee9a5181c6fa279_1369) | [428](#i12c1279a81884a37aee9a5181c6fa279_1369) | 37 |
| **Other disclosure matters** | [Related party transactions and Directors' remuneration](#i12c1279a81884a37aee9a5181c6fa279_1372) | [430](#i12c1279a81884a37aee9a5181c6fa279_1372) | 38 |
|  | [Auditor's remuneration](#i12c1279a81884a37aee9a5181c6fa279_1375) | [432](#i12c1279a81884a37aee9a5181c6fa279_1375) | 39 |
|  | Assets and liabilities included in disposal group classified as held for sale | [432](#i12c1279a81884a37aee9a5181c6fa279_1381) | 40 |
|  | [Barclays PLC (the Parent company)](#i12c1279a81884a37aee9a5181c6fa279_1387) | [433](#i12c1279a81884a37aee9a5181c6fa279_1387) | 41 |
|  | [Related undertakings](#i12c1279a81884a37aee9a5181c6fa279_1393) | [434](#i12c1279a81884a37aee9a5181c6fa279_1393) | 42 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 339 |
|  |  |  |  |  |  |  |  | 339 |

---

**Independent Auditor's Report**

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and Board of Directors Barclays PLC:**

**Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting** 

We have audited the accompanying consolidated balance sheets of Barclays PLC and subsidiaries (the Company) as of December 31, 2025

and 2024, the related consolidated income statements, consolidated statements of comprehensive income, consolidated statements of changes

in equity, and consolidated cash flow statements for each of the years in the three-year period ended December 31, 2025, and the related

notes and specific disclosures described in Note 1 of the consolidated financial statements as being part of the consolidated financial

statements (collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting

as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of

Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the

Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period

ended December 31, 2025, in conformity with International Financial Reporting Standards, as issued by the International Accounting

Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as

of December 31, 2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of

Sponsoring Organizations of the Treadway Commission.

**Basis for Opinions**

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over

financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying

Management's report on internal control over financial reporting. Our responsibility is to express an opinion on the Company's consolidated

financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public

accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be

independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the

Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to

obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or

fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the

consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also

included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an

understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the

design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures

as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

**Definition and Limitations of Internal Control Over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of

records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally

accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of

management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized

acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any

evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or

that the degree of compliance with the policies or procedures may deteriorate.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that

were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to

the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of

critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by

communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to

which they relate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 340 |
|  |  |  |  |  |  |  |  | 340 |

---

Independent Auditor's Report (continued)

**Impairment allowance for loans and advances at amortized cost, including off-balance sheet elements of the allowance**

As discussed in note 8 to the consolidated financial statements, and in the Credit risk management (audited) disclosures on pages 178 to 227,

the Company's impairment allowance for loans and advances, including off-balance sheet elements at amortised cost was £5.7bn as at

December 31, 2025.

We identified the assessment of impairment allowance for loans and advances at amortised cost, including off balance sheet elements as a

critical audit matter. A high degree of audit effort, including specialised skills and knowledge was required because it involved significant

measurement uncertainty. Complex and subjective auditor judgement was required to assess the following:

• Model estimations – Complex and subjective auditor judgement was applied in assessing the Company's modelled estimations of

Expected Credit Losses ("ECL") due to the inherently judgemental nature of the underlying modelling techniques and assumptions,

including the use of either the IFRS 9 Probability of Default ("PD") models, the Loss Given Default ("LGD") models and the Exposure at

Default ("EAD") models or an appropriate proxy. Certain IFRS 9 models and assumptions are the key drivers of complexity and

uncertainty, and minor changes to these could have a significant effect on the Company's calculation of the ECL estimate.

• Economic scenarios – Complex and subjective auditor judgement was applied in assessing the forward-looking economic scenarios used

by the Company as an input to calculate ECL, the probability weightings applied to them and the complexity of models used to derive the

probability weightings.

• Qualitative adjustments – Complex and subjective auditor judgement was applied in assessing certain qualitative adjustments to the

model-driven impairment allowance due to the inherent estimation uncertainty associated with these adjustments.

The following are the primary procedures we performed to address this critical audit matter.

• We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's process for estimating the

impairment allowance for loans and advances at amortised cost, including off-balance sheet elements. This included controls relating to

(1) model validation, implementation and monitoring, (2) the authorisation and calculation of qualitative adjustments and management

overlays, (3) the selection and implementation of economic variables and the controls over the economic scenario selection and

probabilities, and (4) credit reviews that determine customer risk ratings used in the models for a population of wholesale customers.

• We involved credit risk modelling professionals with specialised skills and knowledge, who assisted in the following:

• Evaluating the Company's impairment methodologies for compliance with IFRS 9;

• Inspecting model code for the calculation of certain components of the ECL model to assess its consistency with the Company's

modelling methodology;

• Evaluating model changes (including the updated model code) for a selection of models which were changed or updated during the year

as to whether they were appropriate by assessing the updated model methodology against the applicable accounting standard;

• Reperforming the calculation of certain adjustments to assess consistency with the qualitative adjustment methodologies;

• Evaluating the model output for a selection of models by inspecting the corresponding model functionality and independently

implementing the model by rebuilding the model code and comparing our independent output with management's output;

• Assessing the appropriateness of certain assumptions by inspecting and evaluating management's documented methodology for how

the assumption is determined; and

• Reperforming and assessing, for a selection of models, the reasonableness of the model predictions by comparing them against actual

results and evaluating the resulting differences.

• In addition, we involved economic professionals with specialised skills and knowledge, who assisted in:

• Assessing the reasonableness of the Company's methodology and models used for determining the economic scenarios used and the

probability weightings applied to them;

• Assessing key economic variables which included comparing a selection of economic variables to external sources; and

• Assessing the overall reasonableness of the economic forecasts by comparing the Company's forecasts to our own modelled forecasts.

**Valuation of certain level 3 and level 2 financial instruments recorded at fair value**

As discussed in Note 17 to the Company's consolidated financial statements, the balances of financial assets and liabilities recorded at fair

value as at December 31, 2025 were £704bn and £593bn, respectively. This includes Level 3 assets (£24bn) and liabilities (£8bn)

respectively. The Company has Level 2 financial assets at fair value of £512bn and financial liabilities at fair value of £540bn . The

Company is required to apply valuation techniques which often involve the exercise of significant judgement and the use of assumptions and

valuation models over Level 3 and certain Level 2 financial assets and liabilities.

We identified the valuation of level 3 and certain level 2 financial instruments recorded at fair value as a critical audit matter. This is because

there was significant measurement uncertainty associated with the fair value estimates of these instruments and subjective auditor judgement,

including specialised skills and knowledge, was required to evaluate pricing data inputs, valuation models and fair value adjustments

("FVA"), including portfolio-level FVAs related to credit, collateralisation and funding (commonly referred to as "XVAs").

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 341 |
|  |  |  |  |  |  |  |  | 341 |

---

Independent Auditor's Report (continued)

The following are the primary procedures we performed to address this critical audit matter:

• We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's process to measure fair

value of these portfolios. This included controls related to (1) the independent price verification (IPV) of certain pricing data inputs, (2)

the determination or calculation of FVAs, including exit price adjustments (to mark the portfolio to bid or offer prices), model

shortcoming reserves to address model limitations and XVAs, and (3) the validation, completeness, implementation and usage of

valuation models including assessment of the impact of model limitations and assumptions.

• For a selection of collateral disputes identified by management, we challenged management's valuation where significant fair value

differences were observable through comparison with the market participant's valuation on the other side of the trade. We also utilised

collateral dispute data to identify fair value financial instruments with significant fair value differences against market counterparties and

selected these to independently reprice.

• We performed a retrospective review by inspecting significant gains and losses on a selection of new fair value financial instruments,

historical exit prices on similar instruments and restructurings throughout the audit period and evaluated whether these data points

indicated elements of fair value not incorporated into the current valuation methodologies. We also inspected movements in unobservable

inputs throughout the period to challenge whether any gain or loss generated was appropriate.

• We involved valuation professionals with specialised skills and knowledge, who assisted in the following:

• Independently re-pricing a selection of fair value financial instruments and challenging management on the valuations where they were

outside our tolerance; and

• Challenging the appropriateness of significant models and methodologies used in calculating fair values, risk exposures and in

calculating FVAs and XVAs, including comparison to industry practice.

• We inspected trading revenue arising on level 3 positions to assess whether material gains or losses generated were in line with the

accounting standards.

**UK Pension Scheme – Defined Benefit Obligation (DBO) assumptions**

As discussed in Note 32 to the consolidated financial statements, the total fair value of the Company's defined benefit obligation as of

December 31, 2025 was £19.3bn, of which £18.4bn was related to the UK Retirement Fund (UKRF). The determination of the Company's

defined benefit pension obligation with respect to these plans is dependent on certain actuarial assumptions, including the discount rate,

inflation rate (or retail price index) and mortality assumptions.

We identified the valuation of the defined benefit obligation in respect of UKRF as a critical audit matter. Subjective and complex auditor

judgement, including specialized skills and knowledge, was required in evaluating the discount rates, retail price index ('RPI') and mortality

assumptions used, as small changes would have a significant impact on the measurement of the defined benefit obligation.

The following are the primary procedures we performed to address this critical audit matter:

• We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's defined benefit obligation

process, this included controls related to management's review of IAS 19 assumptions including discount rate, RPI and mortality

assumptions, and;

• We involved actuarial professionals with specialized skills and knowledge who assisted in assessing the Company's discount rate, RPI

and mortality assumptions by evaluating those assumptions against expectations derived from external sources.

/s/KPMG LLP

We have served as the Company's auditor since 2017.

London, United Kingdom

February 9, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 342 |
|  |  |  |  |  |  |  |  | 342 |

---

**Consolidated financial statements**

**Consolidated income statement**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | **2024** | **2023** |
| **For the year ended 31 December** | **Notes** | **£m** | **£m** | **£m** |
| Interest and similar income | 3 | **36189** | 38326 | 35075 |
| Interest and similar expense | 3 | **(21688)** | (25390) | (22366) |
| **Net interest income** |  | **14501** | 12936 | 12709 |
| Fee and commission income | 4 | **11282** | 10847 | 10121 |
| Fee and commission expense | 4 | **(3784)** | (3600) | (3592) |
| **Net fee and commission income** |  | **7498** | 7247 | 6529 |
| Net trading income | 5 | **7042** | 5768 | 5945 |
| Net investment income | 6 | **10** | 216 | 61 |
| Gain on acquisition |  | **—** | 556 |  |
| Other income |  | **89** | 65 | 134 |
| **Total income** |  | **29140** | 26788 | 25378 |
| Staff costs | 30 | **(10607)** | (9876) | (10017) |
| Infrastructure costs | 7 | **(3704)** | (3549) | (4095) |
| Administration and general expenses | 7 | **(2729)** | (2770) | (2602) |
| UK regulatory levies |  | **(313)** | (320) | (180) |
| Litigation and conduct |  | **(392)** | (220) | (37) |
| **Operating expenses** |  | **(17745)** | (16735) | (16931) |
| Share of post-tax results of associates and joint ventures |  | **66** | 37 | (9) |
| Loss on disposal of subsidiaries, associates and joint ventures |  | **(43)** |  |  |
| **Profit before impairment** |  | **11418** | 10090 | 8438 |
| Credit impairment charges | 8 | **(2279)** | (1982) | (1881) |
| **Profit before tax**  |  | **9139** | 8108 | 6557 |
| Taxation | 9 | **(1926)** | (1752) | (1234) |
| **Profit after tax** |  | **7213** | 6356 | 5323 |
| **Attributable to:** |  |  |  |  |
| Equity holders of the parent  |  | **6175** | 5316 | 4274 |
| Other equity instrument holders |  | **997** | 991 | 985 |
| Total equity holders of the parent |  | **7172** | 6307 | 5259 |
| Non-controlling interests | 29 | **41** | 49 | 64 |
| **Profit after tax** |  | **7213** | 6356 | 5323 |
| **Earnings per share** |  | **p** | p | p |
| Basic earnings per ordinary share | 10 | **43.8** | 36.0 | 27.7 |
| Diluted earnings per share | 10 | **42.3** | 34.8 | 26.9 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 343 |
|  |  |  |  |  |  |  |  | 343 |

---

Consolidated financial statements (continued)

**Consolidated statement of comprehensive income**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| **For the year ended 31 December** | **£m** | **£m** | **£m** |
| **Profit after tax** | **7213** | 6356 | 5323 |
| **Other comprehensive income/(loss) that may be recycled to profit or loss:** |  |  |  |
| **Currency translation reserve** |  |  |  |
| Currency translation differences<sup>1</sup> | **(1131)** | (59) | (1110) |
| Tax | **(1)** | 13 | 9 |
| **Fair value through other comprehensive income reserve movements relating to debt securities** |  |  |  |
| Net gains/(losses) from changes in fair value | **1024** | (863) | 1486 |
| Net losses/(gains) transferred to net profit on disposal | **191** | (164) | (26) |
| Net (gain)/losses relating to (releases of) impairment | **(3)** | 1 | (1) |
| Net (losses)/gains due to fair value hedging | **(142)** | 325 | (1184) |
| Tax | **(297)** | 194 | (78) |
| **Cash flow hedging reserve** |  |  |  |
| Net gains/(losses) from changes in fair value | **3675** | (784) | 4447 |
| Net (gains)/losses transferred to net profit | **(522)** | 1842 | 423 |
| Tax | **(889)** | (281) | (1342) |
| **Other comprehensive income that may be recycled to profit or loss** | **1905** | 224 | 2624 |
| **Other comprehensive income/(loss) not recycled to profit or loss:** |  |  |  |
| Retirement benefit remeasurements | **(10)** | (427) | (1193) |
| Fair value through other comprehensive income reserve movements relating to equity instruments | **—** |  | (3) |
| Own credit | **89** | (1130) | (983) |
| Tax | **(30)** | 432 | 611 |
| **Other comprehensive income/(loss) not recycled to profit or loss** | **49** | (1125) | (1568) |
| **Other comprehensive income/(loss) for the year** | **1954** | (901) | 1056 |
| **Total comprehensive income for the year** | **9167** | 5455 | 6379 |
| **Attributable to:** |  |  |  |
| Equity holders of the parent | **9126** | 5406 | 6315 |
| Non-controlling interests | **41** | 49 | 64 |
| **Total comprehensive income for the year** | **9167** | 5455 | 6379 |

---

**Note:**

1Includes £44m loss (2024: £1m loss ; 2023: £0m gain) on recycling of currency translation differences to net profit.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 344 |
|  |  |  |  |  |  |  |  | 344 |

---

Consolidated financial statements (continued)

**Consolidated balance sheet**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2025** | **2024** |
| **As at 31 December** | **Notes** | **£m** | **£m** |
| **Assets** |  |  |  |
| 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 | 12 | **190061** | 166453 |
| Financial assets at fair value through the income statement | 13 | **186857** | 193734 |
| Derivative financial instruments  | 14 | **252459** | 293530 |
| Financial assets at fair value through other comprehensive income | 15 | **74394** | 78059 |
| Investments in associates and joint ventures | 35 | **739** | 891 |
| Goodwill and intangible assets | 21 | **8284** | 8275 |
| Property, plant and equipment | 19 | **3720** | 3604 |
| Current tax assets |  | **276** | 155 |
| Deferred tax assets | 9 | **4992** | 6321 |
| Retirement benefit assets | 32 | **3308** | 3263 |
| Assets included in disposal group classified as held for sale | 40 | **5932** | 9854 |
| Other assets |  | **5239** | 4819 |
| **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 borrowing at amortised cost |  | **25170** | 39415 |
| Debt securities in issue |  | **119033** | 92402 |
| Subordinated liabilities | 26 | **12954** | 11921 |
| Trading portfolio liabilities | 12 | **57737** | 56908 |
| Financial liabilities designated at fair value | 16 | **294108** | 282224 |
| Derivative financial instruments | 14 | **240808** | 279415 |
| Current tax liabilities |  | **868** | 566 |
| Deferred tax liabilities | 9 | **13** | 18 |
| Retirement benefit liabilities | 32 | **265** | 240 |
| Provisions | 23 | **1664** | 1383 |
| Liabilities included in disposal group classified as held for sale | 40 | **—** | 3726 |
| Other liabilities | 22 | **10113** | 10611 |
| **Total liabilities** |  | **1465929** | 1445721 |
| **Equity** |  |  |  |
| Called up share capital and share premium | 27 | **4178** | 4186 |
| Other equity instruments | 27 | **12725** | 12075 |
| Other reserves | 28 | **1628** | (468) |
| Retained earnings  |  | **59253** | 56028 |
| **Total equity excluding non-controlling interests** |  | **77784** | 71821 |
| Non-controlling interests | 29 | **452** | 660 |
| **Total equity** |  | **78236** | 72481 |
| **Total liabilities and equity** |  | **1544165** | 1518202 |

---

The Board of Directors approved the financial statements on pages [342](#i503a165cf5e0455eab97e53f0a66574d_36) to [437](#if13459fd981b4fd6bdae253dcce1ce42_2578)on 9 February 2026.

**Nigel Higgins**

Group Chairman

**C.S. Venkatakrishnan**

Group Chief Executive

**Anna Cross**

Group Finance Director

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 345 |
|  |  |  |  |  |  |  |  | 345 |

---

Consolidated financial statements (continued)

**Consolidated statement of changes in equity**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Called up share** <br>**capital and** <br>**share premium**<sup>1</sup><br>| **Other equity** <br>**instruments**<sup>1</sup><br>| **Other reserves**<sup>2</sup> | **Retained** <br>**earnings**<br>| **Total equity** <br>**excluding non-**<br>**controlling** <br>**interests**<br>| **Non-controlling** <br>**interests**<br>| **Total equity** |
|  | **£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 <br>comprehensive income reserve<br>| **—** | **—** | **773** | **—** | **773** | **—** | **773** |
| Cash flow hedges | **—** | **—** | **2264** | **—** | **2264** | **—** | **2264** |
| Retirement benefit <br>remeasurements<br>| **—** | **—** | **—** | **(14)** | **(14)** | **—** | **(14)** |
| Own credit reserve | **—** | **—** | **63** | **—** | **63** | **—** | **63** |
| **Total comprehensive income for** <br>**the year**<br>| **—** | **997** | **1968** | **6161** | **9126** | **41** | **9167** |
| Employee share schemes and <br>hedging thereof<br>| **150** | **—** | **—** | **1127** | **1277** | **—** | **1277** |
| Issue and redemption of other <br>equity instruments<br>| **—** | **651** | **—** | **(4)** | **647** | **—** | **647** |
| Other equity instruments coupons <br>paid<br>| **—** | **(997)** | **—** | **—** | **(997)** | **—** | **(997)** |
| Redemption of preference shares | **—** | **—** | **—** | **(59)** | **(59)** | **(211)** | **(270)** |
| Movement in treasury shares<sup>3</sup> | **—** | **—** | **(379)** | **71** | **(308)** | **—** | **(308)** |
| Vesting of shares under employee <br>share schemes<br>| **—** | **—** | **343** | **(625)** | **(282)** | **—** | **(282)** |
| Dividends paid | **—** | **—** | **—** | **(1213)** | **(1213)** | **(41)** | **(1254)** |
| Repurchase of shares | **(158)** | **—** | **158** | **(2241)** | **(2241)** | **—** | **(2241)** |
| Other reserve movements | **—** | **(1)** | **6** | **8** | **13** | **3** | **16** |
| **Balance as at 31 December 2025** | **4178** | **12725** | **1628** | **59253** | **77784** | **452** | **78236** |
| **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 <br>comprehensive income reserve<br>|  |  | (507) |  | (507) |  | (507) |
| Cash flow hedges |  |  | 777 |  | 777 |  | 777 |
| Retirement benefit <br>remeasurements<br>|  |  |  | (303) | (303) |  | (303) |
| Own credit reserve |  |  | (822) |  | (822) |  | (822) |
| **Total comprehensive income for** <br>**the year**<br>| **—** | **991** | **(598)** | **5013** | **5406** | **49** | **5455** |
| Employee share schemes and <br>hedging thereof<br>| 103 |  |  | 874 | 977 |  | 977 |
| Issue and redemption of other <br>equity instruments<br>|  | (1155) |  | (96) | (1251) |  | (1251) |
| Other equity instruments coupons <br>paid<br>|  | (991) |  |  | (991) |  | (991) |
| Movement in treasury shares |  |  | (269) |  | (269) |  | (269) |
| Vesting of shares under employee <br>share schemes<br>|  |  | 268 | (508) | (240) |  | (240) |
| Dividends paid |  |  |  | (1221) | (1221) | (49) | (1270) |
| Repurchase of shares | (205) |  | 205 | (1760) | (1760) |  | (1760) |
| Other reserve movements |  | (29) | 3 | (8) | (34) |  | (34) |
| **Balance as at 31 December 2024** | **4186** | **12075** | **(468)** | **56028** | **71821** | **660** | **72481** |

---

**Notes:**

1For further details refer to Note 27.

2For further details refer to Note 28.

3The movement in treasury shares of £71m reflects the difference between the release price and the purchase price of the treasury shares transferred to retained

earnings.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 346 |
|  |  |  |  |  |  |  |  | 346 |

---

Consolidated financial statements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Called up share** <br>**capital and** <br>**share premium**<br>| **Other equity** <br>**instruments**<br>| **Other reserves** | **Retained** <br>**earnings**<br>| **Total equity** <br>**excluding non-**<br>**controlling** <br>**interests**<br>| **Non-controlling** <br>**interests**<br>| **Total equity** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Balance as at 1 January 2023** | **4373** | **13284** | **(2192)** | **52827** | **68292** | **968** | **69260** |
| Profit after tax |  | 985 |  | 4274 | 5259 | 64 | 5323 |
| Currency translation movements |  |  | (1101) |  | (1101) |  | (1101) |
| Fair value through other <br>comprehensive income reserve<br>|  |  | 194 |  | 194 |  | 194 |
| Cash flow hedges |  |  | 3528 |  | 3528 |  | 3528 |
| Retirement benefit <br>remeasurements<br>|  |  |  | (855) | (855) |  | (855) |
| Own credit reserve |  |  | (710) |  | (710) |  | (710) |
| **Total comprehensive income for** <br>**the year**<br>| **—** | **985** | **1911** | **3419** | **6315** | **64** | **6379** |
| Employee share schemes and <br>hedging thereof<br>| 124 |  |  | 497 | 621 |  | 621 |
| Issue and exchange of other <br>equity instruments<br>|  | (30) |  | (38) | (68) | (312) | (380) |
| Other equity instruments coupons <br>paid<br>|  | (985) |  |  | (985) |  | (985) |
| Movement in treasury shares |  |  | (285) |  | (285) |  | (285) |
| Vesting of shares under employee <br>share schemes<br>|  |  | 277 | (506) | (229) |  | (229) |
| Dividends paid |  |  |  | (1210) | (1210) | (64) | (1274) |
| Repurchase of shares | (209) |  | 209 | (1257) | (1257) |  | (1257) |
| Other reserve movements |  | 5 | 3 | 2 | 10 | 4 | 14 |
| **Balance as at 31 December 2023** | **4288** | **13259** | **(77)** | **53734** | **71204** | **660** | **71864** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 347 |
|  |  |  |  |  |  |  |  | 347 |

---

Consolidated financial statements (continued)

**Consolidated cash flow statement**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **2025** | **2024** | **2023** |
| **For the year ended 31 December** | **Notes** | **£m** | **£m** | **£m** |
| **Reconciliation of profit before tax to net cash flows from operating activities:** |  |  |  |  |
| **Profit before tax** |  | **9139** | 8108 | 6557 |
| **Adjustment for non-cash items:** |  |  |  |  |
| Credit impairment charges |  | **2279** | 1982 | 1881 |
| Depreciation, amortisation and impairment of property, plant, equipment and intangibles |  | **1776** | 1734 | 2147 |
| Other provisions, including pensions |  | **760** | 500 | 482 |
| Net loss on disposal of investments and property, plant and equipment |  | **52** | 20 | 11 |
| Other non-cash movements, including exchange rate movements |  | **6187** | 2384 | 10729 |
| **Changes in operating assets and liabilities** |  |  |  |  |
| Net decrease in cash collateral and settlement balances |  | **1390** | 2391 | 1165 |
| Net (increase)/decrease in loans and advances at amortised cost |  | **(17403)** | 284 | 10947 |
| Net increase in reverse repurchase agreements and other similar secured lending |  | **(12888)** | (2140) | (1818) |
| Net increase/(decrease) in deposits at amortised cost |  | **24950** | 14952 | (6958) |
| Net increase/(decrease) in debt securities in issue |  | **20925** | (9978) | (19640) |
| Net (decrease)/increase in repurchase agreements and other similar secured borrowing |  | **(14245)** | (2186) | 14549 |
| Net decrease/(increase) in derivative financial instruments |  | **2464** | (7303) | 5968 |
| Net (increase)/decrease in trading portfolio assets |  | **(23608)** | 8152 | (40792) |
| Net increase/(decrease) in trading portfolio liabilities |  | **829** | (1761) | (14255) |
| Net increase/(decrease) in financial assets and liabilities at fair value through the income statement |  | **18761** | (2408) | 32819 |
| Net increase in other assets |  | **(158)** | (4040) | (1521) |
| Net increase/(decrease) in other liabilities |  | **(1078)** | (2295) | (2362) |
| Corporate income tax paid |  | **(1393)** | (1283) | (836) |
| **Net cash from operating activities** |  | **18739** | 7113 | (927) |
| Purchase of debt securities at amortised cost |  | **(19215)** | (28945) | (19977) |
| Proceeds from redemption or sale of debt securities at amortised cost |  | **17889** | 17505 | 7332 |
| Purchase of financial assets at fair value through other comprehensive income |  | **(50511)** | (80980) | (66415) |
| Proceeds from sale or redemption of financial assets at fair value through other comprehensive income |  | **55057** | 73819 | 59756 |
| Purchase of property, plant and equipment and investment in intangibles |  | **(1859)** | (1574) | (1718) |
| Disposal/(Acquisition) of business |  | **—** | (460) | (2415) |
| Other cash flows associated with investing activities<sup>2</sup> |  | **234** | 2749 | 23 |
| **Net cash from investing activities** |  | **1595** | (17886) | (23414) |
| Dividends paid and other coupon payments on equity instruments |  | **(2251)** | (2261) | (2259) |
| Issuance of subordinated liabilities | 26 | **1772** | 1870 | 1523 |
| Redemption of subordinated liabilities | 26 | **(727)** | (476) | (2239) |
| Issue of shares and other equity instruments |  | **3869** | 1684 | 3251 |
| Repurchase of shares and other equity instruments |  | **(5644)** | (4525) | (4750) |
| Issuance of debt securities<sup>1</sup> |  | **11326** | 12144 | 9836 |
| Redemption of debt securities<sup>1</sup> |  | **(5459)** | (7143) | (6252) |
| Capital contribution |  | **(40)** |  |  |
| Net purchase of treasury shares  |  | **(590)** | (509) | (499) |
| **Net cash from financing activities** |  | **2256** | 784 | (1389) |
| **Effect of exchange rates on cash and cash equivalents** |  | **(1738)** | (2407) | (5053) |
| **Net increase/(decrease) in cash and cash equivalents** |  | **20852** | (12396) | (30783) |
| Cash and cash equivalents at beginning of year |  | **235611** | 248007 | 278790 |
| **Cash and cash equivalents at end of year** |  | **256463** | 235611 | 248007 |
| **Cash and cash equivalents comprise:** |  |  |  |  |
| Cash and balances at central banks |  | **229752** | 210184 | 224634 |
| Loans and advances to banks with original maturity of three months or less |  | **7354** | 7230 | 6639 |
| Cash collateral balances with central banks with original maturity of three months or less |  | **17375** | 16650 | 15450 |
| Treasury and other eligible bills with original maturity of three months or less |  | **1982** | 1547 | 1284 |
| **Cash and cash equivalents at end of year** |  | **256463** | 235611 | 248007 |

---

**Notes:**

1Issuance of debt securities and redemption of debt securities included in financing activities relate to instruments that qualify as eligible liabilities and satisfy

regulatory requirements for MREL instruments that came into effect during 2019. Refer to Note 1, paragraph 4(v), for further details.

2This primarily relates to the net proceeds from sale of Entercard for 2025 and Italian retail mortgage portfolio for 2024.

Interest received was £35,835m (2024: £38,212m; 2023: £35,089m) and interest paid was £21,517m (2024: £25,287m; 2023: £20,303m).

Dividends received were £0m (2024: £3m; 2023: £0m).

The Group is required to maintain balances with central banks and other regulatory authorities. These amounted to £3,007m (2024: £2,945m;

2023: £3,758m) and are included within the cash and cash equivalents. For the purposes of the cash flow statement, cash comprises cash on

hand and demand deposits and cash equivalents comprise highly liquid investments that are convertible into cash with an insignificant risk of

changes in value with original maturities of three months or less. Repurchase and reverse repurchase agreements are not considered to be part

of cash equivalents.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 348 |
|  |  |  |  |  |  |  |  | 348 |

---

**Parent company accounts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income statement and other comprehensive income** |  |  |  |  |
|  |  | **2025** | **2024** | **2023** |
| **For the year ended 31 December** | **Notes** | **£m** | **£m** | **£m** |
| Dividend received from subsidiaries | 41 | **4185** | 3087 | 2818 |
| Net interest expense |  | **(28)** | (15) | (11) |
| Other income/(expense) | 41 | **714** | 1183 | 1174 |
| Operating expenses |  | **(321)** | (264) | (296) |
| **Profit before tax** |  | **4550** | 3991 | 3685 |
| Taxation |  | **90** | 91 | 81 |
| **Profit after tax** |  | **4640** | 4082 | 3766 |
| Other comprehensive income |  | **—** |  |  |
| **Total comprehensive income** |  | **4640** | 4082 | 3766 |
| **Profit after tax attributable to:** |  |  |  |  |
| Ordinary equity holders |  | **3643** | 3092 | 2781 |
| Other equity instrument holders |  | **997** | 990 | 985 |
| **Profit after tax** |  | **4640** | 4082 | 3766 |
| **Total comprehensive income attributable to:** |  |  |  |  |
| Ordinary equity holders |  | **3643** | 3092 | 2781 |
| Other equity instrument holders |  | **997** | 990 | 985 |
| **Total comprehensive income** |  | **4640** | 4082 | 3766 |

---

For the year ended 31 December 2025, profit after tax was £4,640m (2024: £4,082m, 2023: £3,766m) and total comprehensive income was

£4,640m (2024: £4,082m, 2023: £3,766m).The Company has 64members of staff (2024: 58, 2023:61).

---

| | | | |
|:---|:---|:---|:---|
| **Balance sheet** |  |  |  |
|  |  | **2025** | **2024** |
| **As at 31 December** | **Notes** | **£m**  | **£m**  |
| **Assets** |  |  |  |
| Investment in subsidiaries | 41 | **63907** | 63315 |
| Loans and advances to subsidiaries | 41 | **15730** | 18407 |
| Financial assets at fair value through the income statement  | 41 | **50921** | 44435 |
| Derivative financial instruments |  | **69** | 31 |
| Other assets |  | **468** | 441 |
| **Total assets** |  | **131095** | 126629 |
| **Liabilities** |  |  |  |
| Deposits at amortised cost |  | **543** | 542 |
| Gross cash collateral and settlements liabilities | 41 | **9** |  |
| Debt securities in issue | 41 | **14476** | 16337 |
| Subordinated liabilities | 41 | **8644** | 9706 |
| Financial liabilities designated at fair value | 41 | **48800** | 42324 |
| Derivative financial instruments | 41 | **535** | 654 |
| Other liabilities |  | **99** | 80 |
| **Total liabilities** |  | **73106** | 69643 |
| **Equity** |  |  |  |
| Called up share capital and share premium | 41 | **4178** | 4186 |
| Other equity instruments | 41 | **12673** | 12033 |
| Other reserves |  | **1360** | 1202 |
| Retained earnings |  | **39778** | 39565 |
| **Total equity** |  | **57989** | 56986 |
| **Total liabilities and equity** |  | **131095** | 126629 |

---

The financial statements on pages [348](#i4bb09b1cf4af4a6bbd8bb34b4c7addd2_482) to [350](#id59544d20e8d4b47a6762fcbb937aeae_745) and the accompanying note on page [433](#i12c1279a81884a37aee9a5181c6fa279_1387) were approved by the Board of Directors on 9

February 2026 and signed on its behalf by:

**Nigel Higgins**

Group Chairman

**C.S.Venkatakrishnan**

Group Chief Executive

**Anna Cross**

Group Finance Director

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 349 |
|  |  |  |  |  |  |  |  | 349 |

---

Parent company accounts (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of changes in equity**  |  |  |  |  |  |
|  | **Called up share** <br>**capital and** <br>**share premium**<br>| **Other equity** <br>**instruments**<br>| **Other reserves** | **Retained** <br>**earnings**<br>| **Total equity** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Balance as at 1 January 2025** | **4186** | **12033** | **1202** | **39565** | **56986** |
| Profit after tax and other comprehensive income | **—** | **997** | **—** | **3643** | **4640** |
| Issue of shares under employee share schemes | **151** | **—** | **—** | **38** | **189** |
| Issue and exchange of other equity instruments | **—** | **641** | **—** | **—** | **641** |
| Vesting of shares under employee share schemes | **—** | **—** | **—** | **(21)** | **(21)** |
| Dividends paid | **—** | **—** | **—** | **(1213)** | **(1213)** |
| Other equity instruments coupons paid | **—** | **(997)** | **—** | **—** | **(997)** |
| Repurchase of shares | **(158)** | **—** | **158** | **(2241)** | **(2241)** |
| Other reserve movements | **(1)** | **(1)** | **—** | **7** | **5** |
| **Balance as at 31 December 2025** | **4178** | **12673** | **1360** | **39778** | **57989** |
| **Balance as at 1 January 2024** | 4288 | 13198 | 997 | 39545 | 58028 |
| Profit after tax and other comprehensive income |  | 990 |  | 3092 | 4082 |
| Issue of shares under employee share schemes | 103 |  |  | 22 | 125 |
| Issue and exchange of other equity instruments |  | (1165) |  | (93) | (1258) |
| Vesting of shares under employee share schemes |  |  |  | (24) | (24) |
| Dividends paid |  |  |  | (1221) | (1221) |
| Other equity instruments coupons paid |  | (990) |  |  | (990) |
| Repurchase of shares | (205) |  | 205 | (1760) | (1760) |
| Other reserve movements |  |  |  | 4 | 4 |
| **Balance as at 31 December 2024** | 4186 | 12033 | 1202 | 39565 | 56986 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statement of changes in equity** |  |  |  |  |  |  |
|  |  | **Called up share** <br>**capital and** <br>**share premium**<br>| **Other equity** <br>**instruments**<br>| **Other reserves** | **Retained** <br>**earnings**<br>| **Total equity** |
|  | **Notes** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Balance as at 1 January 2023** |  | **4373** | **13250** | **788** | **39256** | **57667** |
| Profit after tax and other comprehensive income |  |  | 985 |  | 2781 | 3766 |
| Issue of shares under employee share schemes |  | 124 |  |  | 22 | 146 |
| Issue and exchange of other equity instruments |  |  | (52) |  | (25) | (77) |
| Vesting of shares under employee share schemes |  |  |  |  | (22) | (22) |
| Dividends paid |  |  |  |  | (1210) | (1210) |
| Other equity instruments coupons paid |  |  | (985) |  |  | (985) |
| Repurchase of shares |  | (209) |  | 209 | (1257) | (1257) |
| **Balance as at 31 December 2023** |  | **4288** | **13198** | **997** | **39545** | **58028** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 350 |
|  |  |  |  |  |  |  |  | 350 |

---

Parent company accounts (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Cash flow statement** |  |  |  |
|  | **2025** | **2024** | **2023** |
| **For the year ended 31 December** | **£m** | **£m** | **£m** |
| **Reconciliation of profit before tax to net cash flows from operating activities:** |  |  |  |
| **Profit before tax** | **4550** | 3991 | 3685 |
| **Adjustment for non-cash items:** |  |  |  |
| Other non-cash items | **285** | 107 | (627) |
| Changes in operating assets and liabilities | **(50)** | (85) | 17 |
| **Net cash generated from operating activities** | **4785** | 4013 | 3075 |
| Net increase in loans and advances to subsidiaries of the parent<sup>1</sup> | **(4874)** | (8008) | (2587) |
| Capital contribution to and investment in subsidiary | **(676)** | 1214 | 83 |
| **Net cash used in investing activities** | **(5550)** | (6794) | (2504) |
| Issue of shares and other equity instruments | **3856** | 1660 | 3251 |
| Redemption of other equity instruments | **(3146)** | (2765) | (3181) |
| Issuance of debt securities<sup>2, 3</sup> | **12371** | 13420 | 9836 |
| Redemption of debt securities<sup>2, 3</sup> | **(7001)** | (5415) | (6251) |
| Issuance of subordinated liabilities<sup>3</sup> | **—** |  | 1180 |
| Redemption of subordinated liabilities<sup>3</sup> | **(615)** | (339) | (1944) |
| Repurchase of shares | **(2241)** | (1760) | (1257) |
| Dividends paid | **(1213)** | (1221) | (1210) |
| Coupons paid on other equity instruments | **(997)** | (991) | (985) |
| **Net cash generated from/(used in) financing activities** | **1014** | 2589 | (561) |
| **Net (decrease)/increase in cash equivalents** | **249** | (192) | 10 |
| Cash equivalents at beginning of year | **294** | 486 | 476 |
| **Cash equivalents at end of year**<sup>4</sup> | **543** | 294 | 486 |

---

**Notes:**

1Includes financial assets at fair value through the income statement.

2Includes financial liabilities designated at fair value.

3In 2024, 'net increase in debt securities in issue' were presented as a net inflow of £8,005m (2023:£3,585m) and 'proceeds of borrowings and issuance of

subordinated liabilities' as a net outflow of £339m (2023: £1,944m). In 2025 these transactions are presented on a gross basis.

4Cash equivalents comprise loans and advances to banks with original maturity of three months or less, contained within loans and advances to subsidiaries.

The Parent company's principal activity is to hold the investment in its wholly-owned subsidiaries, Barclays Bank PLC, Barclays Bank UK

PLC, Barclays Execution Services Limited and Barclays Principal Investments Limited. Dividends received are treated as operating income.

Interest received was £3,182m (2024: £2,828m; 2023: £2,360m) and interest paid was £3,210m (2024: £2,888m; 2023: £2,355m).

Dividends received were £4,185m (2024: £3,087m; 2023: £2,818m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 351 |
|  |  |  |  |  |  |  |  | 351 |

---

**Notes to the financial statements**

For the year ended 31 December 2025<br>

This section describes the Group's material accounting policies and critical accounting estimates and judgements that relate to the <br>financial statements and notes as a whole. If an accounting policy or a critical accounting estimate or judgement relates to a particular <br>note, disclosure is contained within the relevant note.<br>

**1 Material accounting policies**

**1. Reporting entity**

Barclays PLC is a public company limited by shares registered in England under company number 48839, having its registered office at 1

Churchill Place, London, E14 5HP.

These financial statements are prepared for Barclays PLC and its subsidiaries (the Group) under Section 399 of the Companies Act 2006.

The Group is a major global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking,

wealth management and investment management services. In addition, separate financial statements have been presented for the holding

company.

**2. Compliance with International Financial Reporting Standards**

The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have been prepared in

accordance with UK-adopted international accounting standards.

The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have also been prepared in

accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB),

including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences between UK-adopted

international accounting standards and IFRS as issued by the IASB for the periods presented.

The principal accounting policies applied in the preparation of the consolidated and separate financial statements are set out below, and in

the relevant notes to the financial statements. These policies have been consistently applied.

**3. Basis of preparation**

The consolidated and separate financial statements have been prepared under the historical cost convention modified to the extent

required or permitted under IFRS as set out in the relevant accounting policies.These financial statements are stated in millions of Pounds

Sterling (£m), the functional currency of Barclays PLC.

The Group has adopted the UK Finance Code for Financial Reporting Disclosure and the financial statements have been prepared in

compliance with these principles. The financial statements are prepared on a going concern basis, as the Board is satisfied that the Group

and the parent company have the resources to continue in business for a period of at least 12 months from approval of the financial

statements.

In making this assessment, the Board has considered a wide range of information relating to present and future conditions and includes a

review of a working capital report (WCR). The WCR is used by the Board to assess the future performance of the Group and that it has

the resources in place that are required to meet its ongoing regulatory requirements. The assessment is based upon business plans that

contain future projections of profitability taken from the Group's medium-term plan, as well as projections of regulatory capital

requirements and business funding needs. The WCR also includes an assessment of the impact of internally- generated stress testing

scenarios on the liquidity and capital requirement forecasts. The stress tests used were based upon an assessment of reasonably possible

downside economic scenarios that the Group could experience.

The WCR showed that the Group had sufficient capital and liquidity in place to support its future business requirements and remained

above its regulatory minimum requirements in the stress scenarios. Accordingly, the Directors concluded that there was a reasonable

expectation that the Group and Parent company has adequate resources to continue as a going concern for a period of at least 12 months

from the date of approval of the financial statements.

**4. Accounting policies**

The Group prepares financial statements in accordance with IFRS. The Group's material accounting policies relating to specific financial

statement items, together with a description of the accounting estimates and judgements that were critical to preparing those items, are set

out under the relevant notes. Accounting policies that affect the financial statements as a whole are set out below.

**(i) Consolidation**

The consolidated financial statements combine the financial statements of Barclays PLC and all its subsidiaries. Subsidiaries are entities

over which Barclays PLC has control. The Group has control over another entity when the Group has all of the following:

1)power over the relevant activities of the investee, for example, through voting or other rights

2)exposure to, or rights to, variable returns from its involvement with the investee, and

3)the ability to affect those returns through its power over the investee.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 352 |
|  |  |  |  |  |  |  |  | 352 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

As the consolidated financial statements include partnerships where the Group member is a partner, advantage has been taken of the

exemption under Regulation 7 of the Partnership (Accounts) Regulations 2008 with regard to preparing and filing of individual

partnership financial statements.

Details of the principal subsidiaries are given in Note 33.

**(ii)Foreign currency translation**

Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction. Foreign currency monetary

balances are translated into Sterling at the period end exchange rates. Exchange gains and losses on such balances are taken to the income

statement.

The Group's foreign operations (including subsidiaries, joint ventures, associates and branches) based mainly outside the UK may have

different functional currencies. The functional currency of an operation is the currency of the main economy to which it is exposed.

Prior to consolidation (or equity accounting) the assets and liabilities of non-Sterling operations are translated at the period end exchange

rate and items of income, expense and other comprehensive income are translated into Sterling at the rate on the date of the transactions.

Exchange differences arising on the translation of foreign operations are included in currency translation reserves within equity. These are

transferred to the income statement when the Group disposes of the entire interest in a foreign operation, when partial disposal results in

the loss of control of an interest in a subsidiary, when an investment previously accounted for using the equity method is accounted for as

a financial asset, or on the disposal of a foreign operation within a branch.

**(iii)Financial assets and liabilities**

*Recognition*

The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. Trade date or settlement date

accounting is applied, depending on the classification of the financial asset.

*Classification and measurement*

Financial assets are classified on the basis of two criteria:

i) the business model within which financial assets are managed, and

ii)their contractual cash flow characteristics (whether the cash flows represent 'solely payments of principal and interest' (SPPI)).

The Group assesses the business model criteria at a portfolio level. Information that is considered in determining the applicable business

model includes (i) policies and objectives for the relevant portfolio, (ii) how the performance and risks of the portfolio are managed,

evaluated and reported to management, and (iii) the frequency, volume and timing of sales in prior periods, sales expectation for future

periods, and the reasons for such sales.

The contractual cash flow characteristics of financial assets are assessed with reference to whether the cash flows represent SPPI. Terms

that could change the contractual cash flows, so that it would not meet the condition for SPPI are considered, including: (i) contingent and

leverage features, (ii) non-recourse arrangements, (iii) features that could modify the time value of money, and (iv) Social, Environmental

and Sustainability-linked features. Terms with de minimis impact do not preclude cash flows from representing SPPI.

The accounting policy for each type of financial asset or liability is included within the relevant note for the item. The Group's policies

for determining the fair values of the assets and liabilities are set out in Note 17.

*Derecognition*

The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to cash

flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by sale) and

with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither substantially all the risks

and reward have been transferred or retained, where control over the asset has been lost.

It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been transferred.

It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash flows before the

transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In particular, it is

necessary to estimate the asset's expected future cash flows, as well as potential variability around this expectation. The method of

estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used to the greatest extent

possible. The potential variability around this expectation is typically determined by stressing underlying parameters to create reasonable

alternative upside and downside scenarios. Probabilities are then assigned to each scenario. Stressed parameters may include default rates,

loss severity or prepayment rates.

Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an existing

financial liability for a new liability with the same lender on substantially different terms – generally a difference of 10% or more in the

present value of the cash flows or a substantive qualitative amendment – is accounted for as an extinguishment of the original financial

liability and the recognition of a new financial liability.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 353 |
|  |  |  |  |  |  |  |  | 353 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

*Accounting for reverse repurchase and repurchase agreements including other similar lending and borrowing*

Reverse repurchase agreements (and stock borrowing or similar transactions) are a form of secured lending whereby the Group provides a

loan or cash collateral in exchange for the transfer of collateral, generally in the form of marketable securities subject to an agreement to

transfer the securities back at a fixed price in the future. Repurchase agreements are where the Group obtains such loans or cash collateral

in exchange for the transfer of collateral.

The Group purchases (a reverse repurchase agreement) or borrows securities subject to a commitment to resell or return them. The

securities are not included in the balance sheet as the Group does not acquire the risks and rewards of ownership. Consideration paid (or

cash collateral provided) is accounted for as a loan asset at amortised cost, unless it is designated or mandatorily at fair value through

profit and loss.

The Group may also sell (a repurchase agreement) or lend securities subject to a commitment to repurchase or redeem them. The

securities are retained on the balance sheet as the Group retains substantially all the risks and rewards of ownership. Consideration

received (or cash collateral provided) is accounted for as a financial liability at amortised cost, unless it is designated at fair value through

profit and loss.

**(iv)Issued debt and equity instruments**

Issued financial instruments or their components are classified as liabilities if the contractual arrangement results in the Group having an

obligation to either deliver cash or another financial asset, or a variable number of equity shares, to the holder of the instrument. If this is

not the case, the instrument is generally an equity instrument and the proceeds included in equity, net of transaction costs. Dividends and

other returns to equity holders are recognised when paid or declared by the members at the Annual General Meeting and treated as a

deduction from equity.

Where issued financial instruments contain both liability and equity components, these are accounted for separately. The fair value of the

debt is estimated first and the balance of the proceeds is included within equity.

**(v) Cash flow statement**

Cash comprises cash on hand and balances at central banks. Cash equivalents comprise loans and advances to banks, cash collateral

balances with central banks related to payment schemes and treasury and other eligible bills, all with original maturities of three months

or less.

Investments in debt securities at amortised cost are deemed to be investing activities for the purposes of the cash flow statement, except

those instruments considered to be cash equivalents.

Debt securities issued and redeemed are considered to be operating activities, except qualifying eligible liabilities that satisfy regulatory

requirements for MREL instruments (or have previously satisfied these requirements since 2019 when they came into effect), which are

considered to be financing activities.

**5. New and amended standards and interpretations**

**Future accounting developments**

The following accounting standards have been issued by the IASB, but are not yet effective:

**Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments**

In May 2024, the IASB issued targeted amendments to IFRS 9 to address feedback received from stakeholders following a post-

implementation review. The amendments include:

• additional guidance to clarify when certain financial assets may be compliant with SPPI requirements, including instruments with

contingent features (e.g. ESG-linked financing), as well as contractually-linked instruments and non-recourse financing.

• clarifying the derecognition requirements for financial assets and financial liabilities, including establishing a new accounting policy

choice for derecognition of a financial liability when a payment is initiated by the reporting entity using an electronic payment

system provided specified criteria is met.

The amendments are effective from 1 January 2026. The adoption of the derecognition amendments is expected to result in a change of

policy for derecognising certain types of financial liabilities. As a result of these amendments, it is expected that the impacted liabilities

will be reclassified from cash collateral and settlement balances to trading portfolio liabilities. No other material impacts are anticipated

from the adoption of these derecognition amendments or from the other changes introduced to IFRS 9. The quantitative impact of IFRS 9

and IFRS 7 amendments will continue to be assessed in 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 354 |
|  |  |  |  |  |  |  |  | 354 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**IFRS 18 Presentation and Disclosure in Financial Statements**

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1. IFRS 18 introduces

new requirements for presentation within the statement of profit or loss, including specified totals and subtotals, it requires entities to

classify all income and expenses into five categories: operating, investing, financing, income tax and discontinued operations, and

introduces defined subtotals, including operating profit.

IFRS 18 requires entities to assess whether they have a IFRS 18 defined specified main business activity. For those entities with a

specified main business activity, certain income and expenses will be recorded in the operating category, which may have been recorded

in another category if the entity did not have a specified main business activity.

The standard introduces new aggregation and disaggregation principles for financial information and narrow scope amendments to IAS 7

Statement of Cash Flows by using operating profit as the starting point for the indirect method and removing optionality in the

classification of interest and dividends. The standard requires disclosure of management-defined performance measures (MPMs).

The Group has commenced its IFRS 18 impact assessment. The Group expects to have an IFRS 18 specified main business activity,

allowing significant items from the Group's operations to be reported within the operating category.

The Group is also assessing the impact on management-defined performance measures (MPMs) and the enhanced disaggregation

requirements introduced by IFRS 18. In 2026, the Group will continue to assess the impact of IFRS 18.

The new standard is effective from 1 January 2027.

**6. Critical accounting estimates and judgements**

The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise

judgement in applying the accounting policies. The key areas involving a higher degree of judgement or complexity or areas where

assumptions are significant to the consolidated and individual financial statements are highlighted under the relevant note. Information

about estimates, and other sources of estimation uncertainty at the end of the reporting period, that are considered to have a significant

risk of resulting in material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed within

the relevant note.

• Credit impairment charges on page [363](#i844afab128b1482485496fcc5614d581_1-1-1-1-4390467)

• Tax on page [365](#i1eec7ea577f74e8d89a85ffb37aa3116_1-1-1-1-4390467)

• Fair value of financial instruments on page [379](#i9fdf5bbc53cf4728a5c73ab38d19c56b_1-1-1-1-4390467)

• Goodwill and intangible assets on page [397](#id5af8a7a447d49c09b8619bd7830f060_10437)

• Provisions, including conduct and legal, competition and regulatory matters on page [400](#if6b0ce622ead4511b745e01b6adb6be6_1-1-1-1-4390467)

• Pensions and post-retirement benefit obligations on page [417](#i1a4a8f4350154adfbe9f122ffb4a512c_17005)

**7. Other disclosures**

To improve transparency and ease of reference, by concentrating related information in one place, certain disclosures required under IFRS

have been included within the Risk review section as follows:

• Credit risk on pages [204](#i12c1279a81884a37aee9a5181c6fa279_886) to [206](#i895d639a42fd4e7083edca90e0dbd62e_10855) and [222](#i12c1279a81884a37aee9a5181c6fa279_946) to [272](#i7032d23103014ab9862aa87bf4d49fdd_0-0-1-15-4390467)

• Market risk on pages [206](#i12c1279a81884a37aee9a5181c6fa279_892) to [207](#i448024ba44d84838ad8f5c9495296a72_4021) and [273](#i12c1279a81884a37aee9a5181c6fa279_1003) to [274](#i7290c4ae511b449db8ec4d9097d5e6c6_684)

• Treasury and Capital risk – liquidity on pages [207](#i87f02dbf6ceb45c1bc1a2515055aa2bc_10436) and [276](#ie257a4ad00054873b4e68155f6d207b4_15533) to [285](#i621ec928834d4ed0914f1749e0d716d9_3182)

• Treasury and Capital risk – capital on pages [208](#i87f02dbf6ceb45c1bc1a2515055aa2bc_10424) to [208](#i87f02dbf6ceb45c1bc1a2515055aa2bc_10430) and [286](#i12c1279a81884a37aee9a5181c6fa279_1030) to [290](#i1952c18a2c0c4c1f881e287e7dca4d52_2800)

These disclosures are covered by the audit opinion (included on pages [339](#i12c1279a81884a37aee9a5181c6fa279_1201) to [341](#iaff00c61a50c433dae3def29a6139a71_16218)) where referenced as audited.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 355 |
|  |  |  |  |  |  |  |  | 355 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**Financial performance and returns**

The Notes included in this section focus on the results and performance of the Group. Information on the income generated, expenditure <br>incurred, segmental performance, tax, earnings per share and dividends are included here.<br>

**2 Segmental reporting**

**Presentation of segmental reporting**<br>Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is <br>responsible for allocating resources and assessing performance of the operating segments, and has been identified as the chief operating <br>decision-maker. All transactions between business segments are conducted on an arm's-length basis. Income and expenses directly <br>associated with each segment are included in determining business segment performance.<br>Barclays is a British universal bank diversified by business, geography and income type, serving consumer and wholesale customers and <br>clients globally. In addition to its rooting in the UK, Barclays also has a strong presence in the US.<br>

The Group presents its financial disclosures through the following five operating segments (plus Head Office):

**•Barclays UK** broadly represents businesses that sit within the UK ring-fenced bank entity, Barclays Bank UK PLC, and comprises Retail

Banking (which includes Personal Banking and Barclaycard Consumer UK) and Business Banking

**•Barclays UK Corporate Bank** brings together lending, trade and working capital, liquidity, payments and FX solutions for UK corporate

clients with an annual turnover from £6.5 million and higher, excluding those clients that form part of the FTSE 350, which are included

within the IB

**•Barclays Private Bank and Wealth Management** serves UK and international private banking clients, providing a range of investment,

banking and lending products alongside expert advice. It also serves UK wealth management and UK digital investing clients offering a

range of financial services

**•Barclays Investment Bank** incorporates the Global Markets, Investment Banking and International Corporate Banking businesses,

serving FTSE 350, multinationals and financial institution clients that are regular users of Investment Bank services

**•Barclays US Consumer Bank** is a co-branded credit card issuer and financial services partner in the United States for travel,

entertainment, retail and affinity institutions. It offers co-branded, small business and private label credit cards, instalment loans, online

savings accounts and certificates of deposits

The tables below also include **Head Office**, which comprises central support, central treasury operations, Barclays Execution Services assets,

the Payment Acceptance business and legacy businesses

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of results by business** | **Analysis of results by business** | **Analysis of results by business** | **Analysis of results by business** | **Analysis of results by business** | **Analysis of results by business** | **Analysis of results by business** | **Analysis of results by business** |
|  | **Barclays UK**  | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**& Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head Office** | **Group** <br>**results**<br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **For the year ended 31 December 2025** |  |  |  |  |  |  |  |
| Net interest income | **7653** | **1480** | **799** | **1334** | **2820** | **415** | **14501** |
| Non-interest income | **1055** | **584** | **581** | **11721** | **861** | **(163)** | **14639** |
| **Total income** | **8708** | **2064** | **1380** | **13055** | **3681** | **252** | **29140** |
| Of which inter-segmental income/(expense) | **(5)** | **1868** | **1840** | **(3577)** | **(6)** | **(120)** | **—** |
| Operating costs | **(4746)** | **(989)** | **(994)** | **(7927)** | **(1637)** | **(747)** | **(17040)** |
| UK regulatory levies | **(85)** | **(29)** | **(10)** | **(181)** | **—** | **(8)** | **(313)** |
| Litigation and conduct | **(51)** | **(39)** | **(9)** | **(28)** | **(8)** | **(257)** | **(392)** |
| **Total operating expenses** | **(4882)** | **(1057)** | **(1013)** | **(8136)** | **(1645)** | **(1012)** | **(17745)** |
| Other net income<sup>1</sup> | **—** | **—** | **—** | **—** | **—** | **23** | **23** |
| **Profit/(loss) before impairment** | **3826** | **1007** | **367** | **4919** | **2036** | **(737)** | **11418** |
| Credit impairment (charges)/ releases | **(413)** | **(37)** | **8** | **(305)** | **(1521)** | **(11)** | **(2279)** |
| **Profit/(loss) before tax**  | **3413** | **970** | **375** | **4614** | **515** | **(748)** | **9139** |
| **Total assets (£bn)** | **299.6** | **71.3** | **41.9** | **1072.4** | **34.6** | **24.4** | **1544.2** |
| **Total liabilities (£bn)** | **280.3** | **103.7** | **80.4** | **965.9** | **25.4** | **10.2** | **1465.9** |
| **Number of employees (full time equivalent)** | **17900** | **1900** | **2100** | **7200** | **2300** | **61600** | **93000** |
| **Average number of employees (full time equivalent)** |  |  |  |  |  |  | **93100** |
| **Average number of employees (headcount)** |  |  |  |  |  |  | **94700** |

---

**Note:**

1Other net income represents the share of post-tax results of associates and joint ventures and the profit or loss on disposal of subsidiaries, associates and joint

ventures.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 356 |
|  |  |  |  |  |  |  |  | 356 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays UK** | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**& Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head Office** | **Group** <br>**results**<br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **For the year ended 31 December 2024** |  |  |  |  |  |  |  |
| Net interest income | 6627 | 1206 | 767 | 1031 | 2659 | 646 | 12936 |
| Non-interest income | 1647 | 574 | 542 | 10774 | 667 | (352) | 13852 |
| **Total income** | 8274 | 1780 | 1309 | 11805 | 3326 | 294 | 26788 |
| Of which inter-segmental income/(expense) | (29) | 2379 | 2148 | (3909) | (8) | (581) |  |
| Operating costs | (4235) | (935) | (911) | (7666) | (1612) | (836) | (16195) |
| UK regulatory levies | (78) | (37) | (9) | (187) |  | (9) | (320) |
| Litigation and conduct | (16) | (1) |  | (55) | (14) | (134) | (220) |
| **Total operating expenses** | (4329) | (973) | (920) | (7908) | (1626) | (979) | (16735) |
| Other net income<sup>1</sup> |  |  |  |  |  | 37 | 37 |
| **Profit/(loss) before impairment** | 3945 | 807 | 389 | 3897 | 1700 | (648) | 10090 |
| Credit impairment charges | (365) | (76) | (6) | (123) | (1293) | (119) | (1982) |
| **Profit/(loss) before tax**  | 3580 | 731 | 383 | 3774 | 407 | (767) | 8108 |
| **Total assets (£bn)** | 299.8 | 61.2 | 34.1 | 1053.9 | 35.4 | 33.8 | 1518.2 |
| **Total liabilities (£bn)** | 284.1 | 94.4 | 75.0 | 952.1 | 24.5 | 15.6 | 1445.7 |
| **Number of employees (full time equivalent)** | 18000 | 1900 | 1900 | 7100 | 2300 | 61800 | 93000 |
| **Average number of employees (full time equivalent)** |  |  |  |  |  |  | 91300 |
| **Average number of employees (headcount)** |  |  |  |  |  |  | 92900 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays UK**  | **Barclays UK** <br>**Corporate** <br>**Bank**<br>| **Barclays** <br>**Private Bank** <br>**& Wealth** <br>**Management**<br>| **Barclays** <br>**Investment** <br>**Bank**<br>| **Barclays US** <br>**Consumer** <br>**Bank**<br>| **Head**<br> **Office**<br>| **Group results** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **For the year ended 31 December 2023** |  |  |  |  |  |  |  |
| Net interest income | 6431 | 1160 | 768 | 1393 | 2604 | 353 | 12709 |
| Non-interest income | 1156 | 610 | 440 | 9642 | 664 | 157 | 12669 |
| **Total income** | 7587 | 1770 | 1208 | 11035 | 3268 | 510 | 25378 |
| Of which inter-segmental income/(expense) | (73) | 1524 | 1707 | (2590) | (5) | (563) |  |
| Operating costs | (4393) | (905) | (795) | (7619) | (1650) | (1352) | (16714) |
| UK bank levy | (30) | (8) | (4) | (123) |  | (14) | (180) |
| Litigation and conduct | 8 | 1 | 2 | 5 | (6) | (48) | (37) |
| **Total operating expenses** | (4415) | (912) | (797) | (7737) | (1656) | (1414) | (16931) |
| Other net expenses<sup>1</sup> |  | (3) |  |  |  | (6) | (9) |
| **Profit/(loss) before impairment** | 3172 | 855 | 411 | 3298 | 1612 | (910) | 8438 |
| Credit impairment (charges)/releases | (304) | 27 | (4) | (102) | (1438) | (60) | (1881) |
| **Profit/(loss) before tax** | 2868 | 882 | 407 | 3196 | 174 | (970) | 6557 |
| **Total assets (£bn)** | 293.1 | 61.5 | 32.0 | 1019.2 | 33.6 | 38.1 | 1477.5 |
| **Total liabilities (£bn)** | 264.2 | 85.9 | 60.9 | 904.5 | 21.1 | 69.0 | 1405.6 |
| **Number of employees (full time equivalent)** | 6800 | 1800 | 2100 | 7100 | 600 | 74000 | 92400 |
| **Average number of employees (full time equivalent)** |  |  |  |  |  |  | 92900 |
| **Average number of employees (headcount)** |  |  |  |  |  |  | 94800 |

---

**Note:**

1Other net income represents the share of post-tax results of associates and joint ventures and the profit or loss on disposal of subsidiaries, associates and joint

ventures.

Inter-segmental income/(expense) refers to the internal charging of revenues between different business segments, reflecting how resources

such as funding, capital, or services are utilised across the organisation. Segments that operate with a net customer deposit position contribute

surplus deposits as a funding source for other Group segment activities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 357 |
|  |  |  |  |  |  |  |  | 357 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

---

| | | | |
|:---|:---|:---|:---|
| **Income by geographic region**<sup>1</sup> | **Income by geographic region**<sup>1</sup> | **Income by geographic region**<sup>1</sup> | **Income by geographic region**<sup>1</sup> |
|  | **2025** | **2024** | **2023** |
| **For the year ended 31 December** | **£m** | **£m** | **£m** |
| United Kingdom | **15811** | 13927 | 13295 |
| Americas  | **9541** | 8772 | 8109 |
| Europe  | **2269** | 2734 | 2517 |
| Asia  | **1433** | 1273 | 1370 |
| Africa and Middle East | **86** | 82 | 87 |
| **Total** | **29140** | 26788 | 25378 |
| **Income from individual countries which represent more than 5% of total income**<sup>1</sup> | **Income from individual countries which represent more than 5% of total income**<sup>1</sup> | **Income from individual countries which represent more than 5% of total income**<sup>1</sup> | **Income from individual countries which represent more than 5% of total income**<sup>1</sup> |
|  | **2025** | **2024** | **2023** |
| **For the year ended 31 December** | **£m** | **£m** | **£m** |
| United Kingdom | **15811** | 13927 | 13295 |
| United States  | **9388** | 8614 | 7911 |

---

**Note:**

1The geographical analysis is based on the location of the office where the transactions are recorded.

**3 Net interest income**

**Accounting for interest income and expenses**<br>Interest income on loans and advances at amortised cost, financial assets at fair value through other comprehensive income and interest <br>expense on financial liabilities held at amortised cost are calculated using the effective interest method, which allocates interest, and direct <br>and incremental fees and costs, over the expected lives of the assets and liabilities.<br>The effective interest method requires the Group to estimate future cash flows, in some cases based on its experience of customers' <br>behaviour, considering all contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities.<br>The Group incurs certain costs to originate credit card balances with the most significant being co-brand partner fees. To the extent these <br>costs are attributed to customers that continuously carry an outstanding balance (revolvers) and incremental to the origination of credit <br>card balances, they are capitalised and subsequently included within the calculation of the effective interest rate. They are amortised to <br>interest income over the period of expected repayment of the originated balance. Costs attributed to customers that settle their outstanding <br>balances each period (transactors) are deferred on the balance sheet as a cost of obtaining a contract and amortised to fee and commission <br>expense over the life of the customer relationship (refer to Note 4). <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Cash and balances at central banks | **8730** | 11076 | 10262 |
| Debt securities at amortised cost | **2820** | 2445 | 2337 |
| Loans and advances at amortised cost to banks and customers | **18662** | 17836 | 14742 |
| Fair value through other comprehensive income | **3134** | 3821 | 4907 |
| Cash collateral | **2134** | 2408 | 2375 |
| Other<sup>1</sup> | **709** | 740 | 452 |
| **Interest and similar income** | **36189** | 38326 | 35075 |
| Deposits at amortised cost from banks and customers | **(12284)** | (14092) | (11252) |
| Debt securities in issue | **(6006)** | (6708) | (6344) |
| Subordinated liabilities | **(855)** | (945) | (866) |
| Cash collateral | **(1501)** | (2276) | (2254) |
| Other<sup>2</sup> | **(1042)** | (1369) | (1650) |
| **Interest and similar expense** | **(21688)** | (25390) | (22366) |
| **Net interest income** | **14501** | 12936 | 12709 |

---

**Notes:**

1Includes interest income from reverse repurchase agreements and other similar secured lending at amortised cost.

2 Includes interest expense from repurchase agreement and other similar secured borrowing at amortised cost and lease expense.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 358 |
|  |  |  |  |  |  |  |  | 358 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**4 Net fee and commission income**

**Accounting for net fee and commission income**<br>The Group recognises fee and commission income charged for services provided by the Group as and when performance obligations are <br>satisfied, for example, on completion of the underlying transaction. Incremental costs are reported within fee and commission expense if <br>they are directly attributable to generating identifiable fee and commission income. Where the contractual arrangements also result in the <br>Group recognising financial instruments in scope of IFRS 9, such financial instruments are initially recognised at fair value in accordance <br>with IFRS 9 before applying the provisions of IFRS 15. <br>

Fee and commission income is disaggregated below by fee types that reflect the nature of the services offered across the Group and operating

segments, in accordance with IFRS 15. The table below includes a total for fees in scope of IFRS 15. Refer to Note 2 for more detailed

information about operating segments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Barclays UK** | **Barclays UK**<br>**Corporate**<br>**Bank**<br>| **Barclays**<br>**Private Bank**<br>**and Wealth**<br>**Management**<br>| **Barclays**<br>**Investment**<br>**Bank**<br>| **Barclays US**<br>**Consumer**<br>**Bank**<br>| **Head Office** | **Barclays**<br>**Group**<br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Fee type** |  |  |  |  |  |  |  |
| Transactional | **1226** | **462** | **30** | **336** | **2727** | **272** | **5053** |
| Advisory | **—** | **—** | **344** | **710** | **—** | **—** | **1054** |
| Brokerage and execution | **201** | **—** | **158** | **1824** | **—** | **—** | **2183** |
| Underwriting and syndication | **36** | **102** | **—** | **2656** | **—** | **—** | **2794** |
| Other | **7** | **—** | **—** | **—** | **—** | **19** | **26** |
| **Total revenue from contracts with customers** | **1470** | **564** | **532** | **5526** | **2727** | **291** | **11110** |
| Other non-contract fee income | **—** | **26** | **—** | **146** | **—** | **—** | **172** |
| **Fee and commission income** | **1470** | **590** | **532** | **5672** | **2727** | **291** | **11282** |
| **Fee and commission expense** | **(480)** | **(92)** | **(39)** | **(1253)** | **(1858)** | **(62)** | **(3784)** |
| **Net fee and commission income** | **990** | **498** | **493** | **4419** | **869** | **229** | **7498** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Barclays UK** | **Barclays UK**<br>**Corporate**<br>**Bank**<br>| **Barclays**<br>**Private Bank**<br>**and Wealth**<br>**Management**<br>| **Barclays**<br>**Investment**<br>**Bank**<br>| **Barclays US**<br>**Consumer**<br>**Bank**<br>| **Head Office** | **Barclays**<br>**Group**<br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Fee type** |  |  |  |  |  |  |  |
| Transactional | 1150 | 448 | 33 | 336 | 2661 | 342 | 4970 |
| Advisory |  |  | 319 | 739 |  |  | 1058 |
| Brokerage and execution | 215 |  | 129 | 1580 |  |  | 1924 |
| Underwriting and syndication | 36 | 92 |  | 2596 |  |  | 2724 |
| Other | 15 | 1 |  |  |  | 18 | 34 |
| **Total revenue from contracts with customers** | 1416 | 541 | 481 | 5251 | 2661 | 360 | 10710 |
| Other non-contract fee income |  | 25 |  | 112 |  |  | 137 |
| **Fee and commission income** | 1416 | 566 | 481 | 5363 | 2661 | 360 | 10847 |
| **Fee and commission expense** | (408) | (90) | (38) | (1121) | (1855) | (88) | (3600) |
| **Net fee and commission income** | 1008 | 476 | 443 | 4242 | 806 | 272 | 7247 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** |
|  | **Barclays UK** | **Barclays UK**<br>**Corporate**<br>**Bank**<br>| **Barclays**<br>**Private Bank**<br>**and Wealth**<br>**Management**<br>| **Barclays**<br>**Investment**<br>**Bank**<br>| **Barclays US**<br>**Consumer**<br>**Bank**<br>| **Head Office** | **Barclays**<br>**Group**<br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Fee type** |  |  |  |  |  |  |  |
| Transactional | 1124 | 429 | 32 | 327 | 2603 | 301 | 4816 |
| Advisory | 52 |  | 251 | 652 |  |  | 955 |
| Brokerage and execution | 234 |  | 89 | 1674 |  |  | 1997 |
| Underwriting and syndication | 33 | 82 |  | 1998 |  |  | 2113 |
| Other | 36 | 1 |  |  |  | 64 | 101 |
| **Total revenue from contracts with customers** | 1479 | 512 | 372 | 4651 | 2603 | 365 | 9982 |
| Other non-contract fee income |  | 28 | 1 | 110 |  |  | 139 |
| **Fee and commission income** | 1479 | 540 | 373 | 4761 | 2603 | 365 | 10121 |
| **Fee and commission expense** | (368) | (96) | (33) | (1247) | (1765) | (83) | (3592) |
| **Net fee and commission income** | 1111 | 444 | 340 | 3514 | 838 | 282 | 6529 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 359 |
|  |  |  |  |  |  |  |  | 359 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**Fee types**

**Transactional**

Transactional fees are service charges on deposit accounts, cash management services fees and transactional processing fees. These include

interchange and merchant fee income generated from credit and bank card usage. Transaction and processing fees are recognised at the point

in time the transaction occurs or service is performed. Interchange and merchant fees are recognised upon settlement of the card transaction

payment.

The Group incurs certain card-related costs, including those related to cardholder reward programmes and payments to co-brand partners.

Cardholder reward programme costs related to customers that settle their outstanding balance each period (transactors) are expensed when

incurred and presented in fee and commission expense, while costs related to customers that continuously carry an outstanding balance

(revolvers) are included in the effective interest rate of the receivable (refer to Note 3). Payments to partners for new cardholder account

originations related to transactor accounts are deferred as costs to obtain a contract under IFRS 15, while costs related to revolver accounts

are included in the effective interest rate of the receivable (refer to Note 3). Those costs deferred under IFRS 15 are capitalised and amortised

over the estimated life of the customer relationship. Payments to co-brand partners based on revenue sharing to the extent the revenue share

relates to 'revolvers' are included in the effective interest rate of the receivable and to the extent revenue share relates to 'transactors' it is

presented in fee and commission expense. Payments based on profitability are presented in fee and commission expense.

**Advisory**

Advisory fees are generated from wealth management services and investment banking advisory services related to mergers, acquisitions and

financial restructurings. Wealth management advisory fees are earned over the period the services are provided and are generally recognised

quarterly when the market value of client assets is determined. Investment banking advisory fees are recognised at the point in time when the

services related to the transaction have been completed under the terms of the engagement. Investment banking advisory costs are recognised

as incurred in fee and commission expense if direct and incremental to the advisory services or are otherwise recognised in operating

expenses.

**Brokerage and execution**

Brokerage and execution fees are earned for executing client transactions with various exchanges and over-the-counter markets and assisting

clients in clearing transactions and facilitating foreign exchange transactions for spot/forward contracts. Brokerage and execution fees are

recognised at the point in time the associated service has been completed, which is generally the trade date of the transaction.

**Underwriting and syndication**

Underwriting and syndication fees are earned for the distribution of client equity or debt securities and the arrangement and administration of

a loan syndication. This includes commitment fees to provide loan financing. Underwriting fees are generally recognised on trade date if

there is no remaining contingency, such as the transaction being conditional on the closing of an acquisition or another transaction.

Underwriting costs are deferred and recognised in fee and commission expense when the associated underwriting fees are recorded.

Syndication fees are earned for arranging and administering a loan syndication; however, the associated fee may be subject to variability

until the loan has been syndicated to other syndicate members or until other contingencies have been resolved, and therefore the fee revenue

is deferred until the uncertainty is resolved.

Included in the underwriting and syndication fees are loan commitment fees, when the drawdown is not probable. Such commitment fees are

recognised over time through to the contractual maturity of the commitment.

**Contract assets and contract liabilities**

The Group had no material contract assets or contract liabilities as at 31 December 2025 (2024: £nil; 2023: £nil).

**Impairment of fee receivables and contract assets**

During 2025, there have been no material impairments recognised in relation to fees receivable and contract assets (2024: £nil; 2023: £nil).

Fees in relation to transactional business can be added to outstanding customer balances. These amounts may be subsequently impaired as

part of the overall loans and advances balance.

**Remaining performance obligations**

The Group applies the practical expedient of IFRS 15 and does not disclose information about remaining performance obligations that have

original expected durations of one year or less or because the Group has a right to consideration that corresponds directly with the value of

the service provided to the client or customer.

**Costs incurred in obtaining or fulfilling a contract**

The Group expects that incremental costs of obtaining a contract, such as success fee and commission fees paid are recoverable and therefore

capitalises such contract costs. Capitalised contract costs net of amortisation as at 31 December 2025 are £161m(2024: £122m; 2023:

£217m).

Capitalised contract costs are amortised over the customer relationship period, depending on the transfer of services to which the asset

pertains. In 2025, the amount of amortisation was £35m (2024: £62m; 2023: £55m) and there was no impairment loss recognised in

connection with the capitalised contract costs (2024: £nil; 2023: £nil).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 360 |
|  |  |  |  |  |  |  |  | 360 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**5 Net trading income**

**Accounting for net trading income**<br>Trading positions are held at fair value, and the resulting gains and losses are included in net trading income, together with interest and <br>dividends arising from long and short positions and funding costs relating to trading activities. Incremental costs are reported within net <br>trading income if they are directly attributable to generating identifiable trading income.<br>Income arises from both the sale and purchase of trading positions, margins that are achieved through market-making and customer <br>business, and from changes in fair value caused by movements in interest and exchange rates, equity prices and other market variables.<br>Gains or losses on non-trading financial instruments designated or mandatorily at fair value, with changes in fair value recognised in the <br>income statement, are included in net trading income where the business model is to manage assets and liabilities on a fair value basis, <br>which includes the use of derivatives. Gains and losses are also reported in net trading income where an instrument is designated at fair <br>value to eliminate an accounting mismatch.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Net gains on financial instruments held for trading | **5054** | 4038 | 4257 |
| Net gains on financial instruments mandatorily at fair value | **1327** | 1201 | 1308 |
| Net gains on financial instruments designated at fair value | **661** | 529 | 380 |
| **Net trading income** | **7042** | 5768 | 5945 |

---

**6 Net investment income**

**Accounting for net investment income**<br>Dividends are recognised when the right to receive the dividend has been established. Incremental costs are reported within net <br>investment income if they are directly attributable to generating identifiable investment income. Other accounting policies relating to net <br>investment income are set out in Note 13 and Note 15.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Net gains from financial instruments mandatorily at fair value  | **252** | 326 | 171 |
| Net (losses)/gains from disposal of financial assets at fair value through other comprehensive income | **(191)** | 164 | 26 |
| Net losses from disposal of financial assets and liabilities measured at amortised cost<sup>1</sup> | **(18)** | (209) | (17) |
| Dividend income | **—** | 3 |  |
| Net losses on other investments | **(33)** | (68) | (119) |
| **Net investment income** | **10** | 216 | 61 |

---

**Note:**

1 Included within the 2024 balance are losses of £220m on sale of the performing Italian retail mortgage portfolio.

**7 Infrastructure, administration and general expenses**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Infrastructure costs** |  |  |  |
| Property and equipment | **1928** | 1815 | 1948 |
| Depreciation and amortisation | **1756** | 1700 | 1784 |
| Impairment of property, equipment and intangible assets | **20** | 34 | 363 |
| **Total infrastructure costs** | **3704** | 3549 | 4095 |
| **Administration and general expenses** |  |  |  |
| Consultancy, legal and professional fees | **790** | 829 | 782 |
| Marketing and advertising | **618** | 649 | 585 |
| Other administration and general expenses | **1321** | 1292 | 1235 |
| **Total administration and general expenses** | **2729** | 2770 | 2602 |
| **Total infrastructure, administration and general expenses** | **6433** | 6319 | 6697 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 361 |
|  |  |  |  |  |  |  |  | 361 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**8 Credit impairment charges/(releases)**

**Accounting for the impairment of financial assets**<br>**Impairment**<br>The Group is required to recognise expected credit losses (ECLs) based on unbiased forward-looking information for all financial assets <br>at amortised cost, lease receivables, debt financial assets at fair value through other comprehensive income, loan commitments and <br>financial guarantee contracts. <br>At the reporting date, an allowance (or provision for loan commitments and financial guarantees) is required for the 12-month (Stage 1) <br>ECLs. If the credit risk has significantly increased since initial recognition (Stage 2), or if the financial instrument is credit impaired <br>(Stage 3), an allowance (or provision) should be recognised for the lifetime ECLs. <br>The measurement of ECL is calculated using three main components: (i) probability of default (PD) (ii) loss given default (LGD) and (iii) <br>the exposure at default (EAD). <br>The 12-month and lifetime ECLs are calculated by multiplying the respective PD, LGD and the EAD. The 12-month and lifetime PDs <br>represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents the <br>expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the default event <br>together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given the event of <br>default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised and the <br>time value of money. <br>Expected credit loss measurement is based on the ability of borrowers to make payments as they fall due. The Group also considers <br>sector-specific risks and whether additional adjustments are required in the measurement of ECL. Credit risk may be impacted by climate <br>considerations for certain sectors, such as oil and gas.<br>Determining a significant increase in credit risk since initial recognition:<br>The Group assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. The credit <br>risk of an exposure is considered to have significantly increased when:<br>*i) Quantitative test*<br>The annualised lifetime PD has increased by more than an agreed threshold relative to the equivalent at origination.<br>PD deterioration thresholds are defined as percentage increases, and are set at an origination score band and segment level to ensure the <br>test appropriately captures significant increases in credit risk at all risk levels. Generally, thresholds are inversely correlated to the <br>origination PD, i.e. as the origination PD increases, the threshold value reduces.<br>The assessment of the point at which a PD increase is deemed 'significant', is based upon analysis of the portfolio's risk profile against a <br>common set of principles and performance metrics (consistent across both retail and wholesale businesses), incorporating expert credit <br>judgement, where appropriate. Application of quantitative PD floors does not represent the use of the low credit risk exemption as <br>exposures can separately move into Stage 2 via the qualitative route described below. <br>Wholesale assets apply a 100% increase in PD and 0.2% PD floor to determine a significant increase in credit risk.<br>Retail assets apply bespoke relative increase and absolute PD thresholds based on product type and origination PD. Thresholds are subject <br>to maximums defined by Group policy and typically apply minimum relative thresholds of 50-100% and a maximum relative threshold of <br>400%.<br>For existing/historical exposures where origination point scores or data are no longer available or do not represent a comparable estimate <br>of lifetime PD, a proxy origination score is defined, based upon: <br>•back-population of the approved lifetime PD score either to origination date or, where this is not feasible, as far back as possible <br>(subject to a data start point no later than 1 January 2015); or<br>•use of available historical account performance data and other customer information, to derive a comparable 'proxy' estimation of <br>origination PD.<br>*ii) Qualitative test*<br>This is relevant for accounts that meet the portfolio's 'high risk' criteria and are subject to closer credit monitoring.<br>High risk customers may not be in arrears, but either through an event or an observed behaviour exhibit credit distress. The definition and <br>assessment of high risk includes as wide a range of information as reasonably available, such as industry and Group-wide customer level <br>data, including, but not limited to bureau scores and high consumer indebtedness index, wherever possible or relevant.<br>While the high risk populations applied for IFRS 9 impairment purposes are aligned with risk management processes, they are also <br>regularly reviewed and validated to ensure that they capture any incremental segments where there is evidence of credit deterioration.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 362 |
|  |  |  |  |  |  |  |  | 362 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

*iii) Backstop criteria*<br>This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a <br>primary driver of moving exposures into Stage 2.<br>The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other <br>assets, i.e. quantitative, qualitative and backstop tests are all applied.<br>Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a <br>minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk, and <br>the customer has evidenced an ability to maintain future payments. <br>Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies. Exposures <br>being removed from Stage 3 must no longer qualify as credit impaired, and:<br>a)the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive <br>contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully <br>completed or;<br>b)(for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned restructure plan, <br>including 12 months' payment history.<br>Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying significant <br>increases in credit risk.<br>**Forward-looking information**<br>The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic <br>scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant <br>increases in credit risk.<br>Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument, discounted <br>at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by evaluating a range of <br>possible outcomes and considering future economic conditions.<br>Refer to the Measurement uncertainty and sensitivity analysis section on page [243](#i12c1279a81884a37aee9a5181c6fa279_973) for further details. <br>**Definition of default, credit impaired assets, write-offs, and interest income recognition**<br>The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to the <br>Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory <br>guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes <br>exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as credit <br>impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the impairment <br>allowance.<br>An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash flows of <br>the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent default or actual <br>loss is identified.<br>Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group's internal processes and <br>when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written off are <br>credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement. Nevertheless, a <br>write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal recovery action, <br>which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.<br>**Purchased or originated credit impaired (POCI)**<br>Purchased or originated credit impaired assets include a fixed pool of credit card and unsecured personal loan balances that were <br>purchased as part of the Tesco acquisition at a deep discount to face value, reflecting credit losses incurred from the point of origination to <br>the date of acquisition. Hence, POCI assets do not carry any impairment allowance on initial recognition. All changes in lifetime expected <br>credit losses subsequent to the assets' initial recognition are recognised as an impairment charge. Over time, these POCI assets will run <br>off as the loans redeem, pay down or as loans are written off.<br>**Accounting for purchased financial guarantee contracts**<br>The Group may enter into a financial guarantee contract that requires the issuer of such contract to reimburse the Group for a loss it incurs <br>because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these separate financial <br>guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying ECLs, if it is considered <br>virtually certain that a reimbursement would be received if the specified debtor fails to make payment when due in accordance with the <br>terms of the debt instrument.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 363 |
|  |  |  |  |  |  |  |  | 363 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**Loan modifications and renegotiations that are not credit-impaired**<br>When modification of a loan agreement occurs as a result of commercial restructuring activity rather than due to the credit risk of the <br>borrower, an assessment must be performed to determine whether the terms of the new agreement are substantially different from the <br>terms of the existing agreement. This assessment considers both the change in cash flows arising from the modified terms, as well as the <br>change in overall instrument risk profile. In respect of payment holidays granted to borrowers that are not due to forbearance, if the <br>revised cash flows on a present value basis (based on the original EIR) are not substantially different from the original cash flows, the <br>loan is not considered to be substantially modified. <br>Where terms are substantially different, the existing loan will be derecognised and a new loan will be recognised at fair value, with any <br>difference in valuation recognised immediately within the income statement, subject to observability criteria.<br>Where terms are not substantially different, the loan carrying value will be adjusted to reflect the present value of modified cash flows discounted at <br>the original EIR, with any resulting gain or loss recognised immediately within the income statement as a modification gain or loss. <br>**Expected life**<br>Lifetime ECLs must be measured over the expected life. This is restricted to the maximum contractual life and takes into account <br>expected prepayment, extension, call and similar options. The exceptions are certain revolving financial instruments, such as credit cards <br>and bank overdrafts, that include both a drawn and an undrawn component where the entity's contractual ability to demand repayment <br>and cancel the undrawn commitment does not limit the entity's exposure to credit losses to the contractual notice period. For revolving <br>facilities, expected life is analytically derived to reflect the behavioural life of the asset, i.e. the full period over which the business <br>expects to be exposed to credit risk. Behavioural life is typically based upon historical analysis of the average time to default, closure or <br>withdrawal of facility. Where data is insufficient or analysis inconclusive, an additional 'maturity factor' may be incorporated to reflect <br>the full estimated life of the exposures, based upon experienced judgement and/or peer analysis. Potential future modifications of <br>contracts are not taken into account when determining the expected life or EAD until they occur.<br>**Discounting**<br>ECLs are discounted at the EIR at initial recognition or an approximation thereof and consistent with income recognition. For loan <br>commitments, the EIR is the rate that is expected to apply when the loan is drawn down and a financial asset is recognised. Issued <br>financial guarantee contracts are discounted at the risk-free rate. Lease receivables are discounted at the rate implicit in the lease. For <br>variable/floating rate financial assets, the spot rate at the reporting date is used and projections of changes in the variable rate over the <br>expected life are not made to estimate future interest cash flows or for discounting.<br>**Modelling techniques**<br>Currently, Internal Ratings-Based models are leveraged to calculate the point-in-time PD and LGD, which serve as key inputs to the IFRS <br>9 models. Thereafter, these inputs are extrapolated by the IFRS 9 models to create macroeconomic sensitive forecasts of PDs, LGDs and, <br>in turn, ECL.<br>**Forbearance**<br>A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the terms of an <br>asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of the original loan, <br>except in circumstances where debt is exchanged for equity. <br>Both performing and non-performing forbearance assets are classified as Stage 3, except where it is established that the concession granted has <br>not resulted in diminished financial obligation and that no other regulatory definition of default criteria have been triggered, in which case, the <br>asset is classified as Stage 2. The minimum probationary period for non-performing forbearance is 12 months, and for performing forbearance, <br>24 months. Hence, a minimum of 36 months is required for non-performing forbearance to move out of a forborne state.<br>No financial instrument in forbearance can transfer back to Stage 1 until all of the Stage 2 thresholds are no longer met, and can only <br>move out of Stage 3 when no longer credit impaired.<br>

**Critical accounting estimates and judgements**<br>Key areas involving a higher degree of judgement or estimation include:<br>These estimates are considered to have a significant risk of resulting in material adjustment to the carrying amounts of financial <br>instruments in scope of IFRS 9 impairment within the next financial year.<br>IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD, LGD <br>and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant increases in <br>credit risk, based on the Group's experience of managing credit risk. The determination of expected life is most material for Barclays' <br>credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities. <br>Within the retail and small businesses portfolios, which comprise large numbers of small homogeneous assets with similar risk characteristics <br>where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters that are <br>typically run at account level. There are many models in use, each tailored to a product, line of business or customer category.<br>

---

| | |
|:---|:---|
| **Judgements** | **Estimates** |
| Identification and application of management adjustments in response to <br>circumstances outside the scope of the model.<br>| Estimates include modelling assumptions, such as forward-looking <br>modelled parameters (PD, EAD & LGD), and a range of unbiased future <br>economic scenarios and scenario weightings.<br>|

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 364 |
|  |  |  |  |  |  |  |  | 364 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

Judgement and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management <br>adjustments to impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in <br>policy that are not fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management <br>adjustments are reviewed and incorporated into future model development, where appropriate.<br>For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis, and all relevant considerations that <br>have a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be <br>particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group's position relative to <br>other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the impairment <br>allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan's original effective interest <br>rate), and its carrying amount. Furthermore, judgements change with time as new information becomes available or as work-out strategies <br>evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these estimates would result in a <br>change in the allowances and have a direct impact on the impairment charge. <br>Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement <br>uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section. <br>Temporary adjustments to calculated IFRS 9 impairment allowances may be applied in limited circumstances to account for situations where <br>known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further information <br>please see page [239](#i12c1279a81884a37aee9a5181c6fa279_967) in the Credit risk performance section.<br>Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account <br>reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature, with <br>significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any. <br>

**Credit impairment charges/(releases)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **Impairment** <br>**charges/**<br>**(releases)**<br>| **Recoveries and** <br>**reimbursements**<sup>1</sup><br>| **Total**<sup>2,3</sup> | **Impairment** <br>**charges/**<br>**(releases)**<br>| **Recoveries and** <br>**reimbursements**<sup>1</sup><br>| **Total**<sup>2</sup> | **Impairment** <br>**charges/**<br>**(releases)**<br>| **Recoveries and** <br>**reimbursements**<sup>1</sup><br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Loans and advances at <br>amortised cost<sup>4</sup><br>| **2452** | **(180)** | **2272** | 2115 | (94) | 2021 | 2017 | (73) | 1944 |
| Off-balance sheet loan<br>commitments and financial<br>guarantee contracts<br>| **1** | **—** | **1** | (46) |  | (46) | (61) |  | (61) |
| **Total** | **2453** | **(180)** | **2273** | 2069 | (94) | 1975 | 1956 | (73) | 1883 |
| Cash collateral and settlement <br>balances<br>| **1** | **—** | **1** | (3) |  | (3) | 4 |  | 4 |
| Financial instruments at fair <br>value through other <br>comprehensive income<br>| **(3)** | **—** | **(3)** | 1 |  | 1 | (1) |  | (1) |
| Reverse repurchase agreements <br>and other similar secured <br>lending at amortised cost<br>| **5** | **—** | **5** | 8 |  | 8 |  |  |  |
| Other financial assets measured <br>at amortised cost<br>| **3** | **—** | **3** | 1 |  | 1 | (5) |  | (5) |
| **Credit impairment charges /**<br>**(releases)**<br>| **2459** | **(180)** | **2279** | 2076 | (94) | 1982 | 1954 | (73) | 1881 |

---

**Notes:**

1Recoveries and reimbursements include £84m (2024: £15m, 2023: £29m) for reimbursementswhere the Group has entered into financial guarantee contracts that

provide credit protection over certain assets with third parties and cash recoveries of previously written off amounts of £96m (2024: £79m, 2023: £44m).

2Includes net impairment charge on co-branded card portfolio of £176m (2024:£160m) within USCB classified as held for sale.

3Includes net impairment charge of £101m related to the acquisition of GM portfolio .

4Includes debt securities at amortised cost.

**Write-offs that can be subjected to enforcement activity**

The contractual amount outstanding on financial assets that were written off during the year, and that can still be subjected to enforcement

activity is £883m (2024: £746m, 2023: £597m) including £63mpertaining to co-branded card portfolio within USCB classified as held for

sale in December 2024. This is lower than the write-offs presented in the movement in the gross exposures and impairment allowance table

due to assets sold during the year post write-offs and post write-off recoveries.

**Modification of financial assets**

Financial assets of £2,488m (2024: £2,146m, 2023: £2,690m), with a loss allowance measured at an amount equal to lifetime ECL, were

subject to non-substantial modification during the year, with a resulting loss of £84m (2024: £78m, 2023: £4m). The gross carrying amount

of financial assets subject to non-substantial modification for which the loss allowance has changed to a 12-month ECL during the year

amounts to £221m (2024: £101m, 2023: £149m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 365 |
|  |  |  |  |  |  |  |  | 365 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**9 Tax** 

---

| |
|:---|
| **Accounting for income taxes**<br>The Group applies IAS 12 *Income Taxes* in accounting for taxes on income. Income tax payable on taxable profits (current tax) is <br>recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax <br>recoverable on tax allowable losses is recognised as a current tax asset, only to the extent that it is regarded as recoverable by offsetting <br>against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have been enacted <br>or substantively enacted at the balance sheet date.<br>Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible <br>temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are <br>recognised for all taxable temporary differences, except for the initial recognition of goodwill. Deferred tax is not recognised where the <br>temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the <br>time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using tax rates and <br>legislation enacted or substantively enacted by the balance sheet date that are expected to apply when the deferred tax asset is realised or <br>the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off and an <br>intention to settle on a net basis. <br>The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May <br>2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect of <br>recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.<br>The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to tax <br>may be greater than the amount initially reflected in the Group's tax returns. The Group accounts for provisions in respect of uncertain tax <br>positions in two different ways.<br>A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax <br>position will alter the amount of cash tax due to, or from, a tax authority in the future. From recognition, the current tax provision is then <br>measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest and penalty <br>amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.<br>Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A deferred <br>tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax position will <br>result in a reduction in the carrying value of the deferred tax asset. From recognition of a provision, measurement of the underlying <br>deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss or temporary <br>difference giving rise to the deferred tax asset. <br>The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed by the <br>tax authority in isolation from any other position, or one of a number of issues that are expected to be reviewed together concurrently and <br>resolved simultaneously with a tax authority. The Group's measurement of provisions is based upon its best estimate of the additional <br>profit that will become subject to tax. For a discrete position, consideration is given only to the merits of that position. Where a number of <br>issues are expected to be reviewed and resolved together, the Group will take into account not only the merits of its position in respect of <br>each particular issue, but also the overall level of provision relative to the aggregate of the uncertain tax positions across all the issues that <br>are expected to be resolved at the same time. In addition, in assessing provision levels, it is assumed that tax authorities will review <br>uncertain tax positions and that all facts will be fully and transparently disclosed.<br>|
| **Accounting for income taxes**<br>The Group applies IAS 12 *Income Taxes* in accounting for taxes on income. Income tax payable on taxable profits (current tax) is <br>recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax <br>recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by offsetting <br>against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have been enacted <br>or substantively enacted at the balance sheet date.<br>Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible <br>temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are <br>recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where the <br>temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the <br>time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using tax rates and <br>legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred tax asset is realised <br>or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off and an <br>intention to settle on a net basis. <br>The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May <br>2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect of <br>recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.<br>The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to tax <br>may be greater than the amount initially reflected in the Group's tax returns. The Group accounts for provisions in respect of uncertain tax <br>positions in two different ways.<br>A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax <br>position will alter the amount of cash tax due to, or from, a tax authority in the future. From recognition, the current tax provision is then <br>measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest and penalty <br>amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.<br>Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A deferred <br>tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax position will <br>result in a reduction in the carrying value of the deferred tax asset. From recognition of a provision, measurement of the underlying <br>deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss or temporary <br>difference giving rise to the deferred tax asset. <br>The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed by the <br>tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together concurrently <br>and resolved simultaneously with a tax authority. The Group's measurement of provisions is based upon its best estimate of the additional <br>profit that will become subject to tax. For a discrete position, consideration is given only to the merits of that position. Where a number of <br>issues are expected to be reviewed and resolved together, the Group will take into account not only the merits of its position in respect of <br>each particular issue but also the overall level of provision relative to the aggregate of the uncertain tax positions across all the issues that <br>are expected to be resolved at the same time. In addition, in assessing provision levels, it is assumed that tax authorities will review <br>uncertain tax positions and that all facts will be fully and transparently disclosed.<br>**Critical accounting estimates and judgements**<br>Key areas involving a higher degree of judgement or estimation include:<br>|

---

---

| |
|:---|
| **Critical accounting estimates and judgements**<br>Key areas involving a higher degree of judgement or estimation include:<br>The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax <br>balances, including provisions for uncertain tax positions in the next financial year. The provisions for uncertain tax positions cover a <br>diverse range of issues and reflect advice from external counsel, where relevant. It should be noted that only a proportion of the total <br>uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the next <br>year.<br>Deferred tax assets have been recognised based on business profit forecasts, which included consideration for the current view of climate <br>impacts. Details on the recognition of deferred tax assets are provided in this note.<br>|
| **Accounting for income taxes**<br>The Group applies IAS 12 *Income Taxes* in accounting for taxes on income. Income tax payable on taxable profits (current tax) is <br>recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax <br>recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by offsetting <br>against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have been enacted <br>or substantively enacted at the balance sheet date.<br>Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible <br>temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are <br>recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where the <br>temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the <br>time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using tax rates and <br>legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred tax asset is realised <br>or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off and an <br>intention to settle on a net basis. <br>The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May <br>2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect of <br>recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.<br>The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to tax <br>may be greater than the amount initially reflected in the Group's tax returns. The Group accounts for provisions in respect of uncertain tax <br>positions in two different ways.<br>A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax <br>position will alter the amount of cash tax due to, or from, a tax authority in the future. From recognition, the current tax provision is then <br>measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest and penalty <br>amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.<br>Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A deferred <br>tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax position will <br>result in a reduction in the carrying value of the deferred tax asset. From recognition of a provision, measurement of the underlying <br>deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss or temporary <br>difference giving rise to the deferred tax asset. <br>The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed by the <br>tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together concurrently <br>and resolved simultaneously with a tax authority. The Group's measurement of provisions is based upon its best estimate of the additional <br>profit that will become subject to tax. For a discrete position, consideration is given only to the merits of that position. Where a number of <br>issues are expected to be reviewed and resolved together, the Group will take into account not only the merits of its position in respect of <br>each particular issue but also the overall level of provision relative to the aggregate of the uncertain tax positions across all the issues that <br>are expected to be resolved at the same time. In addition, in assessing provision levels, it is assumed that tax authorities will review <br>uncertain tax positions and that all facts will be fully and transparently disclosed.<br>**Critical accounting estimates and judgements**<br>Key areas involving a higher degree of judgement or estimation include:<br>|

---

---

| | |
|:---|:---|
| **Judgements** | **Estimates** |
| Recognition of deferred tax assets and determination of provisions for <br>uncertain tax positions.<br>| Measurement of deferred tax balances and the level of provisioning for <br>uncertain tax positions.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 366 |
|  |  |  |  |  |  |  |  | 366 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Current tax charge/(credit)** |  |  |  |
| Current year | **1905** | 1633 | 1359 |
| Adjustments in respect of prior years | **(131)** | 26 | (181) |
|  | **1774** | 1659 | 1178 |
| **Deferred tax charge/(credit)** |  |  |  |
| Current year | **58** | 128 | (95) |
| Adjustments in respect of prior years | **94** | (35) | 151 |
|  | **152** | 93 | 56 |
| **Tax charge** | **1926** | 1752 | 1234 |

---

The table below shows the reconciliation between the actual tax charge and the tax charge that would result from applying the standard UK

corporation tax rate to the Group's profit before tax.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **£m** | **%** | **£m** | **%** | **£m** | **%** |
| **Profit before tax** | **9139** |  | 8108 |  | 6557 |  |
| Tax charge based on the applicable UK corporation tax rate of 25%<br>(2024: 25%; 2023: 23.5%)<br>| **2285** | **25.0%** | 2027 | 25.0% | 1541 | 23.5% |
| Impact of profits/losses earned in territories with different statutory rates <br>to the UK (weighted average tax rate is 24% (2024: 23.8%; 2023: <br>23.6%))<br>| **(93)** | **(1.0%)** | (97) | (1.2%) | 4 | 0.1% |
| **Recurring items:** |  |  |  |  |  |  |
| Non-creditable taxes, including withholding taxes | **148** | **1.6%** | 105 | 1.3% | 130 | 2.0% |
| Impact of UK bank levy being non-deductible | **57** | **0.6%** | 56 | 0.7% | 42 | 0.6% |
| Non-deductible expenses | **53** | **0.6%** | 61 | 0.8% | 65 | 1.0% |
| Changes in recognition of deferred tax and effect of unrecognised tax <br>losses<br>| **49** | **0.5%** | 69 | 0.8% | (58) | (0.9%) |
| Other items, including banking surcharge<sup>1</sup> | **(8)** | **(0.1%)** | 91 | 1.1% | 49 | 0.8% |
| Adjustments in respect of prior years | **(37)** | **(0.4%)** | (9) | (0.1%) | (30) | (0.5%) |
| Non-taxable gains and income | **(87)** | **(1.0%)** | (125) | (1.5%) | (65) | (1.0%) |
| Tax relief on holdings of inflation-linked government bonds | **(221)** | **(2.4%)** | (186) | (2.3%) | (214) | (3.3%) |
| Tax relief on payments made under AT1 instruments | **(244)** | **(2.7%)** | (241) | (3.0%) | (222) | (3.4%) |
| **Non-recurring items:** |  |  |  |  |  |  |
| Non-deductible impairments and losses on divestments | **13** | **0.1%** |  |  |  |  |
| Non-deductible provisions for investigations and litigation | **11** | **0.1%** | (1) | (0.0%) |  |  |
| Non-deductible provisions for UK customer redress | **—** | **—** | 2 | 0.0% | (8) | (0.1%) |
| **Total tax charge** | **1926** | **21.1%** | 1752 | 21.6% | 1234 | 18.8% |

---

**Note:**

1Banking surcharge includes the impact of the 3% UK banking surcharge rate on profits/losses and tax adjustments relating to UK banking entities.

**Factors influencing the effective tax rate**

The effective tax rate of 21.1% is lower than the UK corporation tax rate of 25%, primarily due to tax relief on payments made under AT1

instruments and tax relief on holdings of inflation-linked government bonds. These factors, which have each decreased the effective tax rate,

are partially offset by non-creditable taxes including withholding taxes.

The tax charge for the year includes a credit in respect of prior years of £133m in relation to the gain that arose on the acquisition of Tesco

Bank. During the year, the Group has engaged with HM Revenue & Customs (HMRC) to help determine the tax treatment of this gain, and

following that engagement that amount is being treated as non-taxable in Barclays Bank UK PLC's corporation tax return for the year ended

31 December 2024. The tax charge for the year also includes£23m in respect of global minimum tax arising under the Pillar Two rules.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 367 |
|  |  |  |  |  |  |  |  | 367 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**Factors that may influence the effective tax rate in future periods**

The Group's future tax charge will be sensitive to the geographic mix of profits earned, the tax rates in force and changes to the tax rules in

the jurisdictions that the Group operates in.

Tax law is, at times, complex, and it is the role of courts and tribunals to act as the final authority on the correct interpretation of tax law. In

October 2023, a First-tier Tax Tribunal hearing took place between Barclays Bank PLC and HMRC in respect of the UK corporation tax

treatment of an element of the finance costs associated with reserve capital instruments issued as part of the capital raising announced by

Barclays in October 2008, which have since been redeemed. The judgment was handed down in March 2024 and was in HMRC's favour. In

January 2025, Barclays was granted permission from the Upper Tribunal to appeal against the judgment, and the Upper Tribunal will hear

the case in 2026. A provision is carried that is expected to be sufficient to cover the tax cost (once tax attributes that are available to partially

offset a potential tax liability in respect of this issue are taken into account) in the event that the appeal is unsuccessful and the existing

judgment were to stand.

**Tax in the consolidated statement of comprehensive income**

Tax relating to each component of other comprehensive income can be found in the consolidated statement of comprehensive income.

**Tax included directly in equity**

Tax included directly in equity comprises a £278m credit (2024: £135m credit) relating to share-based payments and deductible costs on

issuing other equity instruments.

**Deferred tax assets and liabilities**

The deferred tax amounts on the balance sheet were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| UK Tax Group | **3408** | 4451 |
| US Intermediate Holding Company Tax Group ('IHC Tax Group') | **1005** | 1162 |
| Barclays Bank PLC's US Branch Tax Group | **255** | 270 |
| Other (outside the UK and US tax groups) | **324** | 438 |
| **Deferred tax asset** | **4992** | 6321 |
| **Deferred tax liability** | **(13)** | (18) |
| **Net deferred tax** | **4979** | 6303 |

---

**UK Tax Group deferred tax asset**

The deferred tax asset in the UK Tax Group of £3,408m (2024: £4,451m) includes £1,031m (2024: £1,385m) relating to tax losses, with the

balance relating to temporary differences. There is no time limit on utilisation of UK tax losses, and business profit forecasts indicate that

these losses will be fully recovered.

**US deferred tax assets in the IHC and US Branch Tax Groups**

The deferred tax asset in the IHC Tax Group of £1,005m (2024: £1,162m) includes £12m (2024: £38m) relating to tax losses, with the

balance relating to temporary differences. The deferred tax asset in Barclays Bank PLC's US Branch Tax Group of £255m (2024: £270m)

relates entirely to temporary differences.

In relation to the IHC Tax Group, these temporary differences include £307m (2024: £365m) arising from New York State and City prior net

operating loss conversion that can be carried forward and will expire in 2034. Business profit forecasts indicate that these amounts will be

utilised prior to expiry.

**Other deferred tax assets (outside the UK and US tax groups)**

The deferred tax asset of £324m (2024: £438m) in other entities within the Group includes £54m (2024: £111m) relating to tax losses. These

deferred tax assets relate to a number of different territories and their recognition is based on profit forecasts or local country law, which

indicate that it is probable that those deferred tax assets will be fully recovered.

Of the deferred tax asset of £324m (2024: £438m), an amount of £12m (2024: £4m) relates to entities that have suffered a loss in either the

current or prior year, and for which the utilisation of the deferred tax is dependent on future taxable profits. This has been taken into account

in reaching the above conclusion that these deferred tax assets will be fully recovered in the future.

The table below shows movements on deferred tax assets and liabilities during the year. The amounts are different from those disclosed on

the balance sheet and in the preceding table as they are presented before offsetting asset and liability balances where there is a legal right to

set-off and an intention to settle on a net basis.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 368 |
|  |  |  |  |  |  |  |  | 368 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fixed asset** <br>**timing** <br>**differences**<br>| **Fair value** <br>**through other** <br>**comprehensive** <br>**income**<br>| **Cash** <br>**flow** <br>**hedges**<br>| **Retirement** <br>**benefit** <br>**obligations**<br>| **Loan** <br>**impairment** <br>**allowance**<br>| **Own credit** | **Share-based** <br>**payments and** <br>**deferred** <br>**compensation**<br>| **Other** <br>**temporary** <br>**differences**<br>| **Tax** <br>**losses** <br>**carried** <br>**forward**<br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Assets | **1435** | **765** | **1223** | **43** | **499** | **394** | **534** | **1203** | **1534** | **7630** |
| Liabilities | **(117)** | **—** | **(13)** | **(897)** | **—** | **—** | **—** | **(300)** | **—** | **(1327)** |
| **As at 1 January 2025** | **1318** | **765** | **1210** | **(854)** | **499** | **394** | **534** | **903** | **1534** | **6303** |
| Income statement | **104** | **—** | **—** | **8** | **(181)** | **—** | **46** | **287** | **(416)** | **(152)** |
| Other comprehensive <br>income and reserves<br>| **—** | **(297)** | **(874)** | **(11)** | **—** | **(28)** | **168** | **—** | **—** | **(1042)** |
| Other movements | **(13)** | **—** | **—** | **(5)** | **(32)** | **—** | **(17)** | **(42)** | **(21)** | **(130)** |
|  | **1409** | **468** | **336** | **(862)** | **286** | **366** | **731** | **1148** | **1097** | **4979** |
| Assets | **1507** | **468** | **336** | **52** | **286** | **366** | **731** | **1306** | **1097** | **6149** |
| Liabilities | **(98)** | **—** | **—** | **(914)** | **—** | **—** | **—** | **(158)** | **—** | **(1170)** |
| **As at 31 December 2025** | **1409** | **468** | **336** | **(862)** | **286** | **366** | **731** | **1148** | **1097** | **4979** |
| Assets | 1277 | 571 | 1477 | 38 | 628 | 85 | 449 | 1146 | 1748 | 7419 |
| Liabilities | (124) |  |  | (1014) |  |  |  | (343) |  | (1481) |
| **As at 1 January 2024** | 1153 | 571 | 1477 | (976) | 628 | 85 | 449 | 803 | 1748 | 5938 |
| Income statement | 159 |  |  | 4 | (110) | 1 | (34) | 101 | (214) | (93) |
| Other comprehensive <br>income and reserves<br>|  | 194 | (269) | 118 |  | 308 | 110 | 1 |  | 462 |
| Other movements | 6 |  | 2 |  | (19) |  | 9 | (2) |  | (4) |
|  | 1318 | 765 | 1210 | (854) | 499 | 394 | 534 | 903 | 1534 | 6303 |
| Assets | 1435 | 765 | 1223 | 43 | 499 | 394 | 534 | 1203 | 1534 | 7630 |
| Liabilities | (117) |  | (13) | (897) |  |  |  | (300) |  | (1327) |
| **As at 31 December 2024** | 1318 | 765 | 1210 | (854) | 499 | 394 | 534 | 903 | 1534 | 6303 |

---

Other movements include the impact of changes in foreign exchange rates, as well as deferred tax amounts relating to acquisitions and

disposals.

The amount of deferred tax assets expected to be recovered after more than 12 months is £5,516m (2024: £6,663m). The amount of deferred

tax liability expected to be settled after more than 12 months is £1,058m (2024: £1,044m). These amounts are before offsetting asset and

liability balances where there is a legal right to set-off and an intention to settle on a net basis.

**Unrecognised deferred tax**

**Tax losses and temporary differences**

Deferred tax assets have not been recognised in respect of gross deductible temporary differences of £288m (2024: £373m), unused tax

credits of £336m (2024: £359m), and gross tax losses of £21,002m (2024: £21,295m). The tax losses include capital losses of £3,986m

(2024: £3,903m). Of these tax losses, £13m (2024: £13m) expire within five years, £2,216m (2024: £6m) expire within six to ten years,

£9,466m (2024: £11,789m) expire within eleven to twenty years and £9,307m (2024: £9,487m) can be carried forward indefinitely. Deferred

tax assets have not been recognised in respect of these items because it is not probable that future taxable profits and gains will be available

against which they can be utilised.

**Group investments in subsidiaries, branches and associates**

Deferred tax is not recognised in respect of the value of the Group's investments in subsidiaries, branches and associates where the Group is

able to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the

foreseeable future. The aggregate amount of these temporary differences for which deferred tax liabilities have not been recognised was

£869m (2024: £920m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 369 |
|  |  |  |  |  |  |  |  | 369 |

---

Notes to the financial statements (continued)

For the year ended 31 December 2025<br>

**10Earnings per share**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Profit attributable to ordinary equity holders of the parent | **6175** | 5316 | 4274 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **million** | **million** | **million** |
| **Basic weighted average number of shares in issue** | **14,112** | 14,755 | 15,445 |
| Number of potential ordinary shares | **492** | 516 | 450 |
| **Diluted weighted average number of shares** | **14,604** | 15,271 | 15,895 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Basic earnings per share** | **Basic earnings per share** | **Basic earnings per share** | **Diluted earnings per share** | **Diluted earnings per share** | **Diluted earnings per share** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
|  | **p**  | **p**  | **p**  | **p**  | **p**  | **p**  |
| **Earnings per ordinary share** | **43.8** | 36.0 | 27.7 | **42.3** | 34.8 | 26.9 |

---

The calculation of basic earnings per share is based on the profit attributable to equity holders of the parent and the basic weighted average

number of shares excluding treasury shares held in employee benefit trusts or held for trading. When calculating the diluted earnings per

share, the weighted average number of shares in issue is adjusted for the effects of all expected dilutive potential ordinary shares held in

respect of Barclays PLC, totalling 492m (2024: 516m, 2023: 450m) shares. The number of share options and share awards outstanding

under schemes that were considered to be potentially dilutive was 629m (2024: 713m, 2023: 750m) of which share options accounted for

152m (2024: 185m, 2023: 232m) with a strike prices ranging from £0.84 to £2.99.

Of the total number of employee share options and share awards at 31 December 2025, 28m (2024: 29m, 2022: 39m) were anti-dilutive.

The 643m decrease (2024: 690m decrease, 2023: 888m decrease) in the basic weighted average number of shares is primarily due to the

impact of the share buyback programmes carried out each year.

**11 Dividends on ordinary shares**

The Directors have approved a total dividend in respect of 2025 of 8.6p per ordinary share of 25p each. The full year dividend for 2025 of

5.6p per ordinary share will be paid on 31 March 2026 to shareholders on the Share Register on 20 February 2026. On 31 December 2025,

there were 13,867m ordinary shares in issue. 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.

For qualifying American Depositary Receipt (ADR) holders, the 2025 full year dividend of 5.6p per ordinary share becomes 22.4p per

American Depositary Share (ADS) (representing four shares). The ex-dividend date for ADR holders is 20 February 2026. The dividend

record date is 20 February 2026 and dividend payment date for ADR holders is 31 March 2026.

The Directors have confirmed their intention to initiate a share buyback of up to £1bn after the balance sheet date. The proposed 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.

The 2025 financial statements include the 2025 interim dividend of £422m (2024: £425m, 2023: £417m); a full year dividend declared in

relation to 2024 of £791m (2023: £796m, 2022: £793m) and share buyback programmes totalling £2,229m (2024: £1,750m, 2023: £1,250m).

Dividends and share buybacks are funded out of distributable reserves.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 370 |
|  |  |  |  |  |  |  |  | 370 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Assets and liabilities held at fair value**

The notes included in this section focus on assets and liabilities the Group holds and recognises at fair value. Detail regarding the Group's <br>approach to managing market risk can be found in the Market risk management section.<br>

**12Trading portfolio**

**Accounting for trading portfolio assets and liabilities**<br>All assets and liabilities held for trading purposes are held at fair value, with gains and losses in the changes in fair value taken to the <br>income statement in net trading income (Note 5).<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Trading portfolio assets** | **Trading portfolio assets** | **Trading portfolio liabilities** | **Trading portfolio liabilities** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **£m** | **£m** | **£m** | **£m** |
| Debt securities and other eligible bills | **94359** | 78014 | **(33217)** | (37050) |
| Equity securities | **83242** | 74859 | **(24520)** | (19858) |
| Traded loans | **12249** | 13470 | **—** |  |
| Commodities | **211** | 110 | **—** |  |
| **Trading portfolio assets/(liabilities)** | **190061** | 166453 | **(57737)** | (56908) |

---

**13 Financial assets at fair value through the income statement**

**Accounting for financial assets designated at fair value**<br>Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and the <br>use of the designation removes or significantly reduces an accounting mismatch.<br>Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if <br>reporting it in trading income reduces an accounting mismatch.<br>The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.<br>**Accounting for financial assets mandatorily at fair value**<br>Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair <br>value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if the <br>financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business <br>model that is achieved by both collecting contractual cash flows and selling.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mandatorily at fair value** | **Mandatorily at fair value** | **Designated at fair value** | **Designated at fair value** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Loans and advances | **45474** | 42487 | **2198** | 2581 | **47672** | 45068 |
| Debt securities | **2911** | 2783 | **303** | 182 | **3214** | 2965 |
| Equity securities | **3400** | 3818 | **—** |  | **3400** | 3818 |
| Reverse repurchase agreements and other <br>similar secured lending<br>| **132488** | 141773 | **—** |  | **132488** | 141773 |
| Other financial assets | **83** | 110 | **—** |  | **83** | 110 |
| **Financial assets at fair value through the income** <br>**statement**<br>| **184356** | 190971 | **2501** | 2763 | **186857** | 193734 |

---

**Credit risk of financial assets designated at fair value and related credit derivatives**

The following table shows the maximum exposure to credit risk, the changes in fair value attributable to changes in credit risk, and the

cumulative changes in fair value since initial recognition for loans and advances. The table does not include debt securities designated at fair

value as they have minimal exposure to credit risk due to limited gross exposure.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Maximum exposure** <br>**as at 31 December** | **Maximum exposure** <br>**as at 31 December** | **Changes in fair value during the** <br>**year ended** | **Changes in fair value during the** <br>**year ended** | **Cumulative changes in fair value** <br>**from inception** | **Cumulative changes in fair value** <br>**from inception** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Loans and advances designated at fair value, <br>attributable to credit risk<br>| **2198** | 2581 | **2** | (1) | **(6)** | (8) |
| Value mitigated by related credit derivatives  | **193** | 405 | **(2)** |  | **(2)** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 371 |
|  |  |  |  |  |  |  |  | 371 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**14Derivative financial instruments**

**Accounting for derivatives**<br>Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in the <br>contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily affect the <br>Group's net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are not recorded on <br>the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity equity exposures, and <br>exposures to certain indices, such as house price indices and retail price indices related to non-trading positions.<br>All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net <br>investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when their <br>fair value is negative. <br>

**Hedge accounting**<br>The Group applies the requirements of IAS 39 *Financial Instruments*: Recognition and Measurement for hedge accounting purposes. The <br>Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked inflation risk <br>management strategies. Where derivatives are held for risk management purposes, and when transactions meet the required criteria for <br>documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge accounting, or hedging of a net <br>investment in a foreign operation, as appropriate to the risks being hedged.<br>**Fair value hedge accounting**<br>Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together <br>with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes adjust the <br>carrying value of the hedged asset or liability held at amortised cost. For hedged items classified as fair value through other <br>comprehensive income, fair value movements attributable to the hedged risk are transferred from other comprehensive income to the <br>income statement.<br>If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of interest <br>rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of the previously <br>designated hedge relationship, using the effective interest method. If the hedged item is sold or repaid, the unamortised fair value <br>adjustment is recognised immediately in the income statement. <br>**Cash flow hedge accounting**<br>For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised <br>initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect profit <br>or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.<br>When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or <br>loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the income <br>statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is <br>immediately transferred to the income statement.<br>**Hedges of net investments**<br>The Group's net investments in foreign operations, including monetary items accounted for as part of the net investment, are hedged for <br>foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted for similarly to <br>cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in other comprehensive <br>income and the ineffective portion being recognised immediately in the income statement. The cumulative gain or loss recognised in other <br>comprehensive income is recognised in the income statement on the disposal or partial disposal of the foreign operation, or other <br>reductions in the Group's investment in the operation.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total derivatives** | | | | | | |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Notional** <br>**contract amount** | **Fair value** | **Fair value** | **Notional** <br>**contract** <br>**amount** | **Fair value** | **Fair value** |
|  | **Notional** <br>**contract amount** | **Assets** | **Liabilities** | **Notional** <br>**contract** <br>**amount** | **Assets** | **Liabilities** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Total derivative assets/(liabilities) held for trading | **100471927** | **249743** | **(240127)** | 84125071 | 290991 | (278595) |
| Total derivative assets/(liabilities) held for risk <br>management<br>| **320316** | **2716** | **(681)** | 310376 | 2539 | (820) |
| **Derivative assets/(liabilities)** | **100792243** | **252459** | **(240808)** | 84435447 | 293530 | (279415) |

---

Further information on netting arrangements of derivative financial instruments can be found within Note 18.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 372 |
|  |  |  |  |  |  |  |  | 372 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

The fair values and notional amounts of derivative instruments held for trading and held for risk management are set out in the following

table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives held for trading and held for risk management** | **Derivatives held for trading and held for risk management** |  |  |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Notional** <br>**contract** <br>**amount** | **Fair value** | **Fair value** | **Notional** <br>**contract** <br>**amount** | **Fair value** | **Fair value** |
|  | **Notional** <br>**contract** <br>**amount** | **Assets** | **Liabilities** | **Notional** <br>**contract** <br>**amount** | **Assets** | **Liabilities** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Derivatives held for trading** |  |  |  |  |  |  |
| **Foreign exchange derivatives** |  |  |  |  |  |  |
| OTC derivatives | **8237176** | **73994** | **(71556)** | 8249213 | 123489 | (116429) |
| Derivatives cleared by central counterparty | **276189** | **251** | **(221)** | 240612 | 228 | (235) |
| Exchange traded derivatives | **20733** | **1** | **(1)** | 27441 | 7 | (7) |
| **Foreign exchange derivatives** | **8534098** | **74246** | **(71778)** | 8517266 | 123724 | (116671) |
| **Interest rate derivatives** |  |  |  |  |  |  |
| OTC derivatives | **32249542** | **90240** | **(77130)** | 26422379 | 91488 | (79925) |
| Derivatives cleared by central counterparty | **42748421** | **1428** | **(1131)** | 36810961 | 1479 | (1344) |
| Exchange traded derivatives | **11473370** | **1498** | **(1457)** | 7672496 | 2664 | (2698) |
| **Interest rate derivatives** | **86471333** | **93166** | **(79718)** | 70905836 | 95631 | (83967) |
| **Credit derivatives** |  |  |  |  |  |  |
| OTC derivatives | **671066** | **4169** | **(4666)** | 593702 | 3474 | (4307) |
| Derivatives cleared by central counterparty | **1065702** | **3682** | **(3713)** | 943413 | 3424 | (3148) |
| **Credit derivatives** | **1736768** | **7851** | **(8379)** | 1537115 | 6898 | (7455) |
| **Equity and stock index derivatives** |  |  |  |  |  |  |
| OTC derivatives | **739183** | **22178** | **(27092)** | 598297 | 21965 | (26319) |
| Exchange traded derivatives | **2769230** | **50161** | **(51063)** | 2347247 | 40947 | (42309) |
| **Equity and stock index derivatives** | **3508413** | **72339** | **(78155)** | 2945544 | 62912 | (68628) |
| **Commodity derivatives** |  |  |  |  |  |  |
| OTC derivatives | **4681** | **15** | **(16)** | 7084 | 17 | (32) |
| Exchange traded derivatives | **216634** | **2126** | **(2081)** | 212226 | 1809 | (1842) |
| **Commodity derivatives** | **221315** | **2141** | **(2097)** | 219310 | 1826 | (1874) |
| **Derivative assets/(liabilities) held for trading** | **100471927** | **249743** | **(240127)** | 84125071 | 290991 | (278595) |
| Total OTC derivatives | **41901648** | **190596** | **(180460)** | 35870675 | 240433 | (227012) |
| Total derivatives cleared by central counterparty | **44090312** | **5361** | **(5065)** | 37994986 | 5131 | (4727) |
| Total exchange traded derivatives | **14479967** | **53786** | **(54602)** | 10259410 | 45427 | (46856) |
| **Derivative assets/(liabilities) held for trading** | **100471927** | **249743** | **(240127)** | 84125071 | 290991 | (278595) |
| **Derivatives held for risk management** |  |  |  |  |  |  |
| **Derivatives designated as cash flow hedges** |  |  |  |  |  |  |
| OTC foreign exchange derivatives | **30429** | **2485** | **(86)** | 35202 | 2338 | (320) |
| OTC interest rate derivatives | **—** | **—** | **—** | 105 |  |  |
| Interest rate derivatives cleared by central <br>counterparty<br>| **120983** | **—** | **—** | 111873 |  |  |
| **Derivatives designated as cash flow hedges** | **151412** | **2485** | **(86)** | 147180 | 2338 | (320) |
| **Derivatives designated as fair value hedges** |  |  |  |  |  |  |
| OTC interest rate derivatives | **5963** | **75** | **(552)** | 11955 | 165 | (434) |
| Interest rate derivatives cleared by central <br>counterparty<br>| **158552** | **—** | **—** | 147227 |  |  |
| **Derivatives designated as fair value hedges** | **164515** | **75** | **(552)** | 159182 | 165 | (434) |
| **Derivatives designated as hedges of net** <br>**investments**<br>|  |  |  |  |  |  |
| OTC foreign exchange derivatives | **4389** | **156** | **(43)** | 4014 | 36 | (66) |
| **Derivatives designated as hedges of net** <br>**investments**<br>| **4389** | **156** | **(43)** | 4014 | 36 | (66) |
| **Derivative assets/(liabilities) held for risk** <br>**management**<br>| **320316** | **2716** | **(681)** | 310376 | 2539 | (820) |
| Total OTC derivatives | **40781** | **2716** | **(681)** | 51276 | 2539 | (820) |
| Total derivatives cleared by central counterparty | **279535** | **—** | **—** | 259100 |  |  |
| **Derivative assets/(liabilities) held for risk** <br>**management**<br>| **320316** | **2716** | **(681)** | 310376 | 2539 | (820) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 373 |
|  |  |  |  |  |  |  |  | 373 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Hedge accounting**

Hedge accounting is applied predominantly for the following risks:

• Interest rate risk – arises due to a mismatch between fixed interest rates and floating interest rates. Interest rate risk also includes exposure

to inflation risk for certain types of investments

• Currency risk – arises due to assets or liabilities being denominated in different currencies than the functional currency of the relevant

entity. At a consolidated level, currency risk also arises when the functional currency of subsidiaries are different from the parent

• Contractually-linked inflation risk – arises from financial instruments within contractually specified inflation risk. The Group does not

hedge inflation risk that arises from other activities

In order to hedge these risks, the Group uses the following hedging instruments:

• Interest rate derivatives to swap interest rate exposures into either fixed or variable rates

• Currency derivatives to swap foreign currency exposures into the entity's functional currency, and net investment exposure to local

currency

• Inflation derivatives to swap inflation exposure into either fixed or variable interest rates

In some cases, certain items that are economically hedged may be ineligible hedged items for the purposes of IAS 39, such as core deposits

and equity. In these instances, a proxy hedging solution can be utilised, whereby portfolios of floating rate assets are designated as eligible

hedged items in cash flow hedges.

In some hedging relationships, the Group designates risk components of hedged items as follows:

• Benchmark interest rate risk as a component of interest rate risk, such as the Risk Free Rate (RFR) component

• Inflation risk as a contractually specified component of a debt instrument

• Exchange rate risk for foreign currency financial assets or financial liabilities

• Components of cash flows of hedged items, for example, certain interest payments for part of the life of an instrument

Using the benchmark interest rate risk results in other risks, such as credit risk and liquidity risk, being excluded from the hedge accounting

relationship.

In respect of many of the Group's hedge accounting relationships, the hedged item and hedging instrument change frequently due to the

dynamic nature of the risk management and hedge accounting strategy. The Group applies hedge accounting to dynamic scenarios,

predominantly in relation to interest rate risk, with a combination of hedged items in order for its financial statements to reflect as closely as

possible the economic risk management undertaken. In some cases, if the hedge accounting objective changes, the relevant hedge accounting

relationship is de-designated and is replaced with a different hedge accounting relationship.

Changes in the GBP value of net investments due to foreign currency movements are captured in the currency translation reserve, resulting in

a movement in CET1capital. The Group mitigates this by matching the CET1 capital movements to the revaluation of the foreign currency

RWA exposures. Net investment hedges are designated, where necessary, to reduce the exposure to movement in a particular exchange rate

to within limits mandated by Risk. As far as possible, existing external currency liabilities are designated as the hedging instruments.

The hedging instruments share the same risk exposures as the hedged items. Hedge effectiveness is determined with reference to quantitative

tests, predominantly regression testing, but to the extent hedging instruments are exposed to different risks than the hedged items, this could

result in hedge ineffectiveness or hedge accounting failures.

Sources of ineffectiveness include the following:

• Mismatches between the contractual terms of the hedged item and hedging instrument, including basis differences

• Changes in credit risk of the hedging instruments

• If a hedging relationship becomes over-hedged, for example, in hedges of net investments if the net asset value designated at the start of

the period falls below the amount of the hedging instrument

• Cash flow hedges using external swaps with non-zero fair values.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 374 |
|  |  |  |  |  |  |  |  | 374 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hedged items in fair value hedges** |  |  |  |  |  |
|  |  | **Accumulated fair value** <br>**adjustment included in carrying** <br>**amount** | **Accumulated fair value** <br>**adjustment included in carrying** <br>**amount** |  |  |
| **Hedged item statement of financial position classification and** <br>**risk category** | **Carrying** <br>**amount**<br>| **Total** | **Of which:** <br>**Accumulated** <br>**fair value** <br>**adjustment on** <br>**items no longer** <br>**in a hedge** <br>**relationship**<br>| **Change in fair** <br>**value used as a** <br>**basis to** <br>**determine** <br>**ineffectiveness**<br>| **Hedge** <br>**ineffectiveness** <br>**recognised in** <br>**the income** <br>**statements**<sup>1</sup><br>|
| **Hedged item statement of financial position classification and** <br>**risk category** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **2025** |  |  |  |  |  |
| **Assets** |  |  |  |  |  |
| Loans and advances at amortised cost |  |  |  |  |  |
| - Interest rate risk | **1989** | **(3342)** | **(1709)** | **(196)** | **1** |
| - Inflation risk | **280** | **188** | **79** | **(9)** | **—** |
| Debt securities classified at amortised cost |  |  |  |  |  |
| - Interest rate risk | **11652** | **27** | **(1)** | **102** | **32** |
| - Inflation risk | **8704** | **(1332)** | **(2)** | **17** | **12** |
| Financial assets at fair value through other comprehensive income<sup>2</sup> |  |  |  |  |  |
| - Interest rate risk | **48598** | **(1502)** | **(410)** | **31** | **167** |
| - Inflation risk | **8813** | **(142)** | **(48)** | **62** | **(14)** |
| **Total assets** | **80036** | **(6103)** | **(2091)** | **7** | **198** |
| **Liabilities** |  |  |  |  |  |
| Debt securities in issue |  |  |  |  |  |
| - Interest rate risk | **(50966)** | **1826** | **557** | **(746)** | **(20)** |
| Subordinated liabilities |  |  |  |  |  |
| - Interest rate risk | **(11179)** | **358** | **2** | **(237)** | **1** |
| Deposits at amortised cost from banks and customers |  |  |  |  |  |
| - Interest rate risk | **(13058)** | **(14)** | **(1)** | **(1)** | **3** |
| **Total liabilities** | **(75203)** | **2170** | **558** | **(984)** | **(16)** |
| **Total hedged items** | **4833** | **(3933)** | **(1533)** | **(977)** | **182** |
| **2024** |  |  |  |  |  |
| **Assets** |  |  |  |  |  |
| Loans and advances at amortised cost |  |  |  |  |  |
| - Interest rate risk | 2394 | (3853) | (1786) | (848) | 22 |
| - Inflation risk | 318 | 219 | 102 | (17) | 7 |
| Debt securities classified at amortised cost |  |  |  |  |  |
| - Interest rate risk | 8223 | (47) | 8 | 62 | 69 |
| - Inflation risk | 10100 | (1400) | (37) | (575) | (40) |
| Financial assets at fair value through other comprehensive income |  |  |  |  |  |
| - Interest rate risk | 47293 | (1381) | (423) | (126) | 226 |
| - Inflation risk | 8477 | (254) | (86) | (113) | (35) |
| **Total assets** | 76805 | (6716) | (2222) | (1617) | 249 |
| **Liabilities** |  |  |  |  |  |
| Debt securities in issue |  |  |  |  |  |
| - Interest rate risk | (50209) | 2747 | 775 | 333 | (49) |
| Subordinated liabilities |  |  |  |  |  |
| - Interest rate risk | (10765) | 648 | 38 | (4) | 8 |
| Deposits at amortised cost from banks and customers |  |  |  |  |  |
| - Interest rate risk | (8596) | (12) | (1) | (4) | (2) |
| **Total liabilities** | (69570) | 3383 | 812 | 325 | (43) |
| **Total hedged items** | 7235 | (3333) | (1410) | (1292) | 206 |

---

**Notes:**

1Hedge ineffectiveness is recognised in net interest income.

2For items classified as fair value through other comprehensive income, the hedge accounting adjustment is not included in the carrying amount, but rather adjusts

other comprehensive income.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 375 |
|  |  |  |  |  |  |  |  | 375 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

The following table shows the fair value hedging instruments that are carried on the Group's balance sheet:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Carrying value** | **Carrying value** | **Carrying value** | **Nominal amount** | **Change in fair** <br>**value used as a** <br>**basis to** <br>**determine** <br>**ineffectiveness** |
|  |  | **Derivative assets** | **Derivative liabilities** | **Loan liabilities** | **Nominal amount** | **Change in fair** <br>**value used as a** <br>**basis to** <br>**determine** <br>**ineffectiveness** |
| **Hedge type** | **Risk category** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2025** |  |  |  |  |  |  |
| Fair value | Interest rate risk | **2** | **(317)** | **—** | **145474** | **1231** |
|  | Inflation risk | **73** | **(235)** | **—** | **19041** | **(72)** |
|  | **Total** | **75** | **(552)** | **—** | **164515** | **1159** |
| **As at 31 December 2024** |  |  |  |  |  |  |
| Fair value | Interest rate risk | 26 | (3) |  | 138354 | 861 |
|  | Inflation risk | 139 | (431) |  | 20828 | 637 |
|  | **Total** | 165 | (434) |  | 159182 | 1498 |

---

The following table profiles the expected notional values of current hedging instruments in future years:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031 and** <br>**later**<br>|
| **As at 31 December** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Fair value hedges of:** |  |  |  |  |  |  |  |
| Interest rate risk (outstanding notional amount) | **145474** | **121544** | **107350** | **94230** | **81454** | **60932** | **48248** |
| Inflation risk (outstanding notional amount) | **19041** | **17794** | **15874** | **13660** | **11364** | **9332** | **7769** |

---

There are 2,194 (2024: 2,212) interest rate risk fair value hedges with an average fixed rate of 3.33% (2024: 3.29%) across the relationships

and 188 (2024: 196) inflation risk fair value hedges with an average rate of 0.75% (2024: 0.59%) across the relationships.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 376 |
|  |  |  |  |  |  |  |  | 376 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged items in cash flow hedges and hedges of net investments in foreign operations** | **Hedged items in cash flow hedges and hedges of net investments in foreign operations** | **Hedged items in cash flow hedges and hedges of net investments in foreign operations** | **Hedged items in cash flow hedges and hedges of net investments in foreign operations** | **Hedged items in cash flow hedges and hedges of net investments in foreign operations** | **Hedged items in cash flow hedges and hedges of net investments in foreign operations** | **Hedged items in cash flow hedges and hedges of net investments in foreign operations** | **Hedged items in cash flow hedges and hedges of net investments in foreign operations** |
| **Description of hedge** <br>**relationship and hedged risk** | **Change in value** <br>**of hedged item** <br>**used as the basis** <br>**for recognising** <br>**ineffectiveness**<br>| **Balance in cash** <br>**flow hedging** <br>**reserve for** <br>**continuing** <br>**hedges**<br>| **Balance in** <br>**currency** <br>**translation** <br>**reserve for** <br>**continuing** <br>**hedges**<br>| **Balances** <br>**remaining in** <br>**cash flow** <br>**hedging reserve** <br>**for which hedge** <br>**accounting is no** <br>**longer applied**<br>| **Balances** <br>**remaining in** <br>**currency** <br>**translation** <br>**reserve for** <br>**which hedge** <br>**accounting is no** <br>**longer applied**<br>| **Hedging gains** <br>**or losses** <br>**recognised in** <br>**other** <br>**comprehensive** <br>**income**<br>| **Hedge** <br>**ineffectiveness** <br>**recognised in** <br>**the income** <br>**statement**<sup>1</sup><br>|
| **Description of hedge** <br>**relationship and hedged risk** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **2025** |  |  |  |  |  |  |  |
| **Assets** |  |  |  |  |  |  |  |
| **Cash flow hedge of:** |  |  |  |  |  |  |  |
| **Interest rate risk** |  |  |  |  |  |  |  |
| Loans and advances at amortised <br>cost<br>| **(806)** | **(193)** | **—** | **642** | **—** | **(806)** | **12** |
| Cash and balances at central <br>banks<br>| **(782)** | **(227)** | **—** | **805** | **—** | **(782)** | **6** |
| **Foreign exchange risk** |  |  |  |  |  |  |  |
| Loans and advances at amortised <br>cost<br>| **(1638)** | **120** | **—** | **—** | **—** | **(1638)** | **18** |
| Debt securities classified at <br>amortised cost<br>| **(309)** | **(23)** | **—** | **—** | **—** | **(309)** | **1** |
| **Inflation risk** |  |  |  |  |  |  |  |
| Debt securities classified at <br>amortised cost<br>| **(113)** | **(143)** | **—** | **(21)** | **—** | **(113)** | **8** |
| **Liabilities** |  |  |  |  |  |  |  |
| **Cash flow hedge of:** |  |  |  |  |  |  |  |
| **Foreign exchange risk** |  |  |  |  |  |  |  |
| Debt securities in issue | **9** | **16** | **—** | **—** | **—** | **9** | **—** |
| Subordinated liabilities | **5** | **4** | **—** | **—** | **—** | **5** | **—** |
| **Total cash flow hedge** | **(3634)** | **(446)** | **—** | **1426** | **—** | **(3634)** | **45** |
| **Hedge of net investment in** <br>**foreign operations**<br>|  |  |  |  |  |  |  |
| USD foreign operations | **(589)** | **—** | **1118** | **—** | **—** | **(589)** | **—** |
| EUR foreign operations | **299** | **—** | **89** | **—** | **—** | **299** | **—** |
| Other foreign operations | **(156)** | **—** | **(39)** | **—** | **(13)** | **(156)** | **—** |
| **Total foreign operations** | **(446)** | **—** | **1168** | **—** | **(13)** | **(446)** | **—** |
| **2024** |  |  |  |  |  |  |  |
| **Assets** |  |  |  |  |  |  |  |
| **Cash flow hedge of:** |  |  |  |  |  |  |  |
| **Interest rate risk** |  |  |  |  |  |  |  |
| Loans and advances at amortised <br>cost<br>| 362 | 608 |  | 1273 |  | 362 | 18 |
| Cash and balances at central <br>banks<br>| 443 | 674 |  | 1389 |  | 443 | 8 |
| **Foreign exchange risk** |  |  |  |  |  |  |  |
| Loans and advances at amortised <br>cost<br>| 300 | 106 |  |  |  | 300 | 5 |
| Debt securities classified at <br>amortised cost<br>| (449) | 142 |  |  |  | (449) |  |
| **Inflation risk** |  |  |  |  |  |  |  |
| Debt securities classified at <br>amortised cost<br>| 118 | (73) |  | 25 |  | 118 |  |
| **Liabilities** |  |  |  |  |  |  |  |
| **Cash flow hedge of:** |  |  |  |  |  |  |  |
| **Foreign exchange risk** |  |  |  |  |  |  |  |
| Subordinated liabilities | 34 | (12) |  |  |  | 34 |  |
| **Total cash flow hedge** | 808 | 1445 |  | 2687 |  | 808 | 31 |
| **Hedge of net investment in** <br>**foreign operations**<br>|  |  |  |  |  |  |  |
| USD foreign operations | 160 |  | 1520 |  |  | 160 |  |
| EUR foreign operations | (242) |  | (209) |  |  | (242) |  |
| Other foreign operations | (18) |  | 100 |  | 23 | (18) |  |
| **Total foreign operations** | (100) |  | 1411 |  | 23 | (100) |  |

---

**Note:**

1Hedge ineffectiveness is recognised in net interest income.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 377 |
|  |  |  |  |  |  |  |  | 377 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

The following table shows the cash flow and net investment hedging instruments that are carried on the Group's balance sheet:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Carrying value** | **Carrying value** | **Carrying value** | **Nominal** <br>**amount** | **Change in fair** <br>**value used as a** <br>**basis to** <br>**determine** <br>**ineffectiveness** |
|  |  | **Derivative assets** | **Derivative** <br>**liabilities**<br>| **Loan liabilities** | **Nominal** <br>**amount** | **Change in fair** <br>**value used as a** <br>**basis to** <br>**determine** <br>**ineffectiveness** |
| **Hedge type** | **Risk category** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2025** |  |  |  |  |  |  |
| Cash flow | Interest rate risk | **—** | **—** | **—** | **114610** | **1606** |
|  | Foreign exchange risk | **2485** | **(86)** | **—** | **30429** | **1952** |
|  | Inflation risk | **—** | **—** | **—** | **6373** | **121** |
|  | **Total** | **2485** | **(86)** | **—** | **151412** | **3679** |
| Net investment | Foreign exchange risk | **156** | **(43)** | **(10688)** | **15077** | **446** |
| **As at 31 December 2024** |  |  |  |  |  |  |
| Cash flow | Interest rate risk |  |  |  | 105600 | (779) |
|  | Foreign exchange risk | 2338 | (320) |  | 35202 | 120 |
|  | Inflation risk |  |  |  | 6378 | (118) |
|  | **Total** | 2338 | (320) |  | 147180 | (777) |
| Net investment | Foreign exchange risk | 36 | (66) | (12189) | 16203 | 100 |

---

There are 20 (2024: 45) foreign exchange risk cash flow hedges with an average foreign exchange rate of 162.69JPY:1 GBP (2024: 142.93

JPY: 1 GBP) across the relationships, 11 (2024: 11) foreign exchange risk cash flow hedges with an average foreign exchange rate of 1.26

USD:1 GBP (2024: 1.26 USD:1 GBP) across the relationships, 14 (2024: 11) foreign exchange risk cash flow hedges with an average

foreign exchange rate of 1.97 AUD:1 GBP (2024: 1.94 AUD:1 GBP) across the relationships and 2 (2024: 2) foreign exchange risk cash

flow hedges with an average foreign exchange rate of 1.12 CHF:1 GBP (2024: 1.12 CHF:1 GBP) across the relationships.

The effect on the income statement and other comprehensive income of recycling amounts in respect of cash flow hedges and net investment

hedges of foreign operations is set out in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Amount recycled from** <br>**other comprehensive** <br>**income due to hedged** <br>**item affecting income** <br>**statement**<br>| **Amount recycled from** <br>**other comprehensive** <br>**income due to sale of** <br>**investment, or cash** <br>**flows no longer** <br>**expected to occur**<br>| **Amount recycled from** <br>**other comprehensive** <br>**income due to hedged** <br>**item affecting income** <br>**statement**<br>| **Amount recycled from** <br>**other comprehensive** <br>**income due to sale of** <br>**investment, or cash** <br>**flows no longer** <br>**expected to occur**<br>|
| **Description of hedge relationship and hedged risk** | **£m** | **£m** | **£m** | **£m** |
| **Cash flow hedge of interest rate risk** |  |  |  |  |
| Recycled to net interest income | **(1293)** | **—** | (1830) |  |
| **Cash flow hedge of foreign exchange risk** |  |  |  |  |
| Recycled to trading income | **1835** | **(20)** | (12) |  |
| **Hedge of net investment in foreign operations** | **—** | **—** |  |  |
| Recycled to trading income | **—** | **(18)** |  | (1) |

---

A detailed reconciliation of the movements of the cash flow hedging reserve and the currency translation reserve is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Cash flow hedging** <br>**reserve**<br>| **Currency translation** <br>**reserve**<br>| **Cash flow hedging** <br>**reserve**<br>| **Currency translation** <br>**reserve**<br>|
|  | **£m** | **£m** | **£m** | **£m** |
| **Balance on 1 January** | **(2930)** | **3625** | (3707) | 3671 |
| Currency translation movements | **41** | **(1595)** | 24 | (160) |
| Hedging gains/(losses) for the year | **3634** | **446** | (808) | 100 |
| Amounts reclassified in relation to cash flows affecting <br>profit or loss<br>| **(522)** | **18** | 1842 | 1 |
| Tax | **(889)** | **(1)** | (281) | 13 |
| **Balance on 31 December** | **(666)** | **2493** | (2930) | 3625 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 378 |
|  |  |  |  |  |  |  |  | 378 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**15Financial assets at fair value through other comprehensive income**

**Accounting for financial assets at fair value through other comprehensive income (FVOCI)**<br>Financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and selling <br>and that contain contractual terms that give rise on specified dates to cash flows that are SPPI are measured at FVOCI. They are <br>subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign currency <br>exchange gains and losses) are recognised in other comprehensive income until the assets are sold. Interest (calculated using the effective <br>interest method) is recognised in the income statement in net interest income (Note 3). Upon disposal, the cumulative gain or loss in other <br>comprehensive income is recognised in net investment income (Note 6).<br>In determining whether the business model is achieved by both collecting contractual cash flows and selling financial assets, it is <br>determined that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the business <br>model. The Group will consider past sales and expectations about future sales to establish if the business model is achieved.<br>For equity securities that are not held for trading, the Group may make an irrevocable election on initial recognition to present subsequent <br>changes in the fair value of the instrument in other comprehensive income (except for dividend income which is recognised in profit or <br>loss). <br>

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Debt securities and other eligible bills | **72023** | 74772 |
| Equity securities | **4** | 4 |
| Loans and advances | **2367** | 3283 |
| **Financial assets at fair value through other comprehensive income** | **74394** | 78059 |

---

**16Financial liabilities designated at fair value**

**Accounting for liabilities designated at fair value through profit and loss**<br>The Group has the ability to make the fair value designation when holding the instruments at fair value reduces an accounting mismatch <br>(caused by an offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or includes <br>terms that have substantive derivative characteristics (Note 14). In accordance with IFRS 9, financial liabilities may be designated at fair <br>value, with gains and losses taken to the income statement within net trading income (Note 5) and net investment income (Note 6). <br>Movements in own credit are reported through other comprehensive income, unless the effects of changes in the liability's credit risk <br>would create or enlarge an accounting mismatch in P&L. In these scenarios, all gains and losses on that liability (including the effects of <br>changes in the credit risk of the liability) are presented in P&L. On derecognition of the financial liability, no amount relating to own <br>credit risk is recycled to the income statement.<br>The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Fair value** | **Contractual**<br>**amount due**<br>**on maturity**<br>| **Fair value** | **Contractual**<br>**amount due**<br>**on maturity**<br>|
|  | **£m** | **£m** | **£m** | **£m** |
| Debt securities | **86676** | **101106** | 80218 | 96316 |
| Deposits | **48960** | **51225** | 46383 | 48201 |
| Repurchase agreements and other similar secured borrowing | **158452** | **158870** | 155606 | 156180 |
| Other financial liabilities | **20** | **20** | 17 | 17 |
| **Financial liabilities designated at fair value** | **294108** | **311221** | 282224 | 300714 |

---

The cumulative own credit net loss recognised is £1,335m (2024: £1,434m loss).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 379 |
|  |  |  |  |  |  |  |  | 379 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**17 Fair value of financial instruments**

**Accounting for financial assets and liabilities – fair value**<br>Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at <br>fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if <br>the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business <br>model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these instruments are <br>recognised in the income statement in net investment income, except if reporting it in trading income reduces an accounting mismatch.<br>Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group's financial <br>assets and liabilities, including derivatives, quoted prices are not available and valuation models are used to estimate fair value. The <br>models calculate the expected cash flows under the terms of each specific contract and then discount these values back to a present value. <br>These models use as their basis independently sourced market inputs including, for example, interest rate yield curves, equities and <br>commodities prices, option volatilities and currency rates.<br>For financial liabilities measured at fair value, the carrying amount also reflects the effect on fair value of changes in own credit spreads <br>derived from observable market data, such as in primary issuance and redemption activity for structured notes.<br>The Group uses the portfolio exemption in IFRS 13 *Fair Value Measurement* to measure the fair value of groups of financial assets and <br>liabilities. Financial instruments are measured using the price that would be received to sell a net long position (i.e. an asset) for a <br>particular risk exposure or to transfer a net short position (i.e. a liability) for a particular risk exposure in an orderly transaction between <br>market participants at the balance sheet date under current market conditions. Accordingly, the Group measures the fair value of the group <br>of financial assets and liabilities consistently with how market participants would price the net risk exposure at the measurement date.<br>On initial recognition, the transaction price often reflects the fair value of the asset or liability. However, in some circumstances, fair <br>value may differ to the transaction price when there is information to the contrary. If the fair value of the instrument is observable from <br>current market transactions in the same instrument, or based on a valuation technique whose inputs only include observable inputs, then <br>the instrument is initially recognised at fair value and the difference to the transaction price is recognised in profit or loss.<br>For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction price <br>(day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period until all <br>inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.<br>Various factors influence the availability of observable inputs, and these may vary from product-to-product and change over time. Factors <br>include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in the <br>marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that valuation is based <br>on models or inputs that are not observable in the market, the determination of fair value can be more subjective, dependent on the <br>significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the best information <br>available, for example, by reference to similar assets, similar maturities, or other analytical techniques.<br>The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on page [388](#i6f802ea7154f4e24a246924788a028de_0-0-1-9-4390467).<br>**Valuation Control Framework**<br>The Barclays Group has an established valuation control framework that oversees valuation methodologies, standards and procedures.<br>

**Critical accounting estimates and judgements**<br>Key areas involving a higher degree of judgement or estimation include:<br>

---

| | |
|:---|:---|
| **Judgements** | **Estimates** |
| Classification of financial instruments with significant unobservable <br>inputs as Level 3.<br>| Valuation of Level 3 assets and liabilities are typically determined by <br>referencing observable inputs, historical data, or employing other <br>analytical techniques.<br>|

---

These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of financial assets <br>and financial liabilities measured at fair value within the next financial year.<br>The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation <br>models make use of unobservable inputs ('Level 3' assets and liabilities). This note provides information on these instruments, including <br>the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and unobservable inputs, <br>and a sensitivity analysis.<br>For assets and liabilities traded in active markets, it is determined that the market valuation includes a representation of the prevailing <br>view of climate-related risks. Within less active markets, for counterparties and instruments identified as being more susceptible to <br>climate change risk, an impact assessment was performed through increasing their probability of default. The change in valuation of the <br>assets and liabilities from this assessment was sufficiently immaterial to necessitate any amendment to the reported 2025 year-end <br>valuations.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 380 |
|  |  |  |  |  |  |  |  | 380 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Valuation**

Assets and liabilities are classified according to a hierarchy that reflects the observability of significant market inputs. The three levels of the

fair value hierarchy are defined below, with judgement applied in determining the boundary between Level 2 and 3 classifications.

**Valuation techniques using quoted market prices – Level 1**

Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to

unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price

represents actual and regularly occurring market transactions. An active market is one in which transactions occur with sufficient volume and

frequency to provide pricing information on an ongoing basis.

**Valuation techniques using observable inputs – Level 2** 

Assets and liabilities classified as Level 2 have been valued using models whose inputs are observable either directly or indirectly. A

valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling external

evidence demonstrating an executable exit price. Valuations based on observable inputs include assets and liabilities, such as swaps and

forwards that are valued using market standard pricing techniques, and options that are commonly traded in markets where all the inputs to

the market standard pricing models are observable. For certain instruments that derive a fair value using unobservable inputs that are not

considered significant, then the asset or liability may be classified as Level 2.

**Valuation techniques using significant unobservable inputs – Level 3** 

Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market data

(unobservable inputs). Unobservable input levels are generally determined via reference to observable inputs, historical observations or using

other analytical techniques.

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:

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 381 |
|  |  |  |  |  |  |  |  | 381 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

The following table shows the Group's Level 3 assets and liabilities that are held at fair value disaggregated by product type:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As at**<br>**31 December 2025** | **Loans** | **Corporate** <br>**debt**<br>| **Asset** <br>**backed** <br>**securities**<br>| **Government** <br>**and** <br>**Government** <br>**sponsored** <br>**debt**<br>| **Private** <br>**equity** <br>**investments** <br>| **Issued** <br>**debt**<br>| **Reverse** <br>**repurchase** <br>**and** <br>**repurchase** <br>**agreements**<br>| **Interest** <br>**rate** <br>**derivatives**<br>| **Equity** <br>**derivatives**<br>| **Other** <br>**products**<sup>1</sup><br>| **Total** |
| **As at**<br>**31 December 2025** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Trading portfolio assets | **5667** | **1849** | **874** | **1513** | **—** | **—** | **—** | **—** | **—** | **444** | **10347** |
| Financial assets at fair <br>value through the income <br>statement<br>| **5990** | **905** | **188** | **33** | **1260** | **—** | **97** | **—** | **—** | **104** | **8577** |
| Derivative financial <br>assets<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **759** | **522** | **431** | **1712** |
| Financial assets at fair <br>value through other <br>comprehensive income<br>| **2235** | **25** | **756** | **79** | **4** | **—** | **—** | **—** | **—** | **—** | **3099** |
| Investment property | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **43** | **43** |
| **Total assets** | **13892** | **2779** | **1818** | **1625** | **1264** | **—** | **97** | **759** | **522** | **1022** | **23778** |
| Trading portfolio <br>liabilities<br>| **—** | **(36)** | **—** | **(34)** | **—** | **—** | **—** | **—** | **—** | **(17)** | **(87)** |
| Financial liabilities <br>designated at fair value<br>| **—** | **—** | **—** | **—** | **(20)** | **(3760)** | **(887)** | **—** | **—** | **(207)** | **(4874)** |
| Derivative financial <br>liabilities<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(612)** | **(1602)** | **(851)** | **(3065)** |
| **Total liabilities** | **—** | **(36)** | **—** | **(34)** | **(20)** | **(3760)** | **(887)** | **(612)** | **(1602)** | **(1075)** | **(8026)** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As at**<br>**31 December 2024** | **Loans** | **Corporate** <br>**debt**<br>| **Asset** <br>**backed** <br>**securities**<br>| **Government** <br>**and** <br>**Government** <br>**sponsored** <br>**debt**<br>| **Private** <br>**equity** <br>**investments**<br>| **Issued** <br>**debt**<br>| **Reverse** <br>**repurchase** <br>**and** <br>**repurchase** <br>**agreements**<br>| **Interest** <br>**rate** <br>**derivatives**<br>| **Equity** <br>**derivatives**<br>| **Other** <br>**products**<sup>1</sup><br>| **Total** |
| **As at**<br>**31 December 2024** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Trading portfolio assets | 6146 | 1590 | 991 | 1018 |  |  |  |  |  | 370 | 10115 |
| Financial assets at fair <br>value through the income <br>statement<br>| 5455 | 913 | 139 | 35 | 1166 |  | 539 |  |  | 177 | 8424 |
| Derivative financial assets |  |  |  |  |  |  |  | 1193 | 481 | 403 | 2077 |
| Financial assets at fair <br>value through other <br>comprehensive income<br>| 2858 | 108 | 757 | 12 | 4 |  |  |  |  |  | 3739 |
| Investment property |  |  |  |  |  |  |  |  |  | 9 | 9 |
| **Total assets** | 14459 | 2611 | 1887 | 1065 | 1170 |  | 539 | 1193 | 481 | 959 | 24364 |
| Trading portfolio <br>liabilities<br>|  | (374) | (6) |  |  |  |  |  |  | (15) | (395) |
| Financial liabilities <br>designated at fair value<br>|  |  |  |  | (17) | (1842) | (1379) |  |  | (20) | (3258) |
| Derivative financial <br>liabilities<br>|  |  |  |  |  |  |  | (1013) | (1219) | (949) | (3181) |
| **Total liabilities** |  | (374) | (6) |  | (17) | (1842) | (1379) | (1013) | (1219) | (984) | (6834) |

---

**Note:**

1Other products include certificate of deposits, funds and fund-linked products, equity cash products, investment property, credit derivatives and foreign exchange

derivatives.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 382 |
|  |  |  |  |  |  |  |  | 382 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Valuation techniques**

The valuation techniques and observability used are described below:

**Loans**

*Description:* A drawn lending facility issued to corporate clients and customers.

Also includes Prime Brokerage Margin lending, and other similar secured lending agreements. The agreements are primarily short-term in

nature.

*Valuation:* Loans are valued either using a price-based approach, or through models that discount expected future cash flows based on

interest rates and loan spreads.

Prime Brokerage Margin Lending transactions are generally valued by discounting the expected future cash flows, using industry standard

models that incorporate market interest rates and repurchase rates, based on the specific details of the transaction.

*Observability:* Within this loan population, the price or loan spread may be generally unobservable.

For Margin Lending inputs are deemed observable up to liquid maturities, and are determined based on the specific features of the

transaction. Unobservable inputs are generally set by referencing liquid market instruments and applying extrapolation techniques, or

inferred via another reasonable method.

**Corporate debt**

*Description:* Primarily corporate bonds.

*Valuation:* Corporate bonds are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable

pricing sources.

*Observability:* Prices for actively-traded bonds are considered observable. Unobservable bond prices are generally determined by reference

to bond yields or credit default swap (CDS) spreads for actively-traded instruments issued by or referencing the same (or a similar) issuer.

**Asset backed securities**

*Description:* Securities that are linked to the cash flows of a pool of referenced assets via securitisation. The category includes residential

mortgage backed securities, commercial mortgage backed securities, collateralised debt obligations (CDOs), collateralised loan obligations

(CLOs) and other asset backed securities.

*Valuation:* Where available, valuations are based on observable market prices sourced from broker quotes and inter-dealer prices and

external vendors who provide pricing. Otherwise, valuations are determined using industry standard discounted cash flow analysis that

calculates the fair value based on valuation inputs, such as constant default rate, conditional prepayment rate, loss given default and yield.

These inputs are determined by reference to a number of sources, including proxying to observed transactions, market indices or market

research, and by assessing underlying collateral performance.

Proxying to observed transactions, indices or research requires an assessment and comparison of the relevant securities' underlying

attributes, including collateral, tranche, vintage, underlying asset composition (historical losses, borrower characteristics and loan attributes,

such as loan to value ratio and geographic concentration) and credit ratings (original and current).

*Observability:* Where an asset backed product does not have an observable market price and the valuation is determined using a discounted

cash flow analysis, the instrument is considered unobservable.

**Government and Government sponsored debt**

*Description:* Government bonds, supra sovereign bonds and agency bonds.

*Valuation:* Liquid bonds that are actively traded through an exchange or clearing house are marked to the levels observed in these markets.

Other actively traded bonds are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable

pricing sources.

*Observability:* Observability assessment is performed with reference to bond market trading data. Bonds are assessed at Level 1 if they are

traded in active market with a quoted price in line with requirements of IFRS 13.Unobservable bonds prices are generally determined by

reference to bond yields for actively traded bonds from the same (or a similar) issuer.

**Private equity investments**

*Description:* Includes investments in equity holdings in operating companies not quoted on a public exchange.

*Valuation:* Private equity investments are valued in accordance with the 'International Private Equity and Venture Capital Valuation

Guidelines' that require the use of a number of individual pricing benchmarks, such as the prices of recent transactions in the same or similar

entities, discounted cash flow analysis and comparison with the earnings or revenue multiples of listed companies. While the valuation of

unquoted equity instruments is subjective by nature, the relevant methodologies are commonly applied by other market participants and have

been consistently applied over time.

*Observability:* Inputs are considered observable if there is active trading in a liquid market of products with significant sensitivity to the

inputs. Unobservable inputs include earnings or revenue estimates, multiples of comparative companies, marketability discounts and

discount rates.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 383 |
|  |  |  |  |  |  |  |  | 383 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Issued debt**

*Description:* Debt notes issued by Barclays.

*Valuation:* Issued debt is valued using discounted cash flow techniques incorporating various inputs observed for each instrument.

*Observability:* Barclays issued notes are generally observable. Structured notes are debt instruments containing embedded derivatives. Where

either an input to the embedded derivative or the debt instrument is deemed unobservable and significant to the overall valuation of the note,

the structured note is classified as Level 3.

**Reverse repurchase and repurchase agreements**

*Description:* Includes securities purchased under resale agreements, securities sold under repurchase agreements and other similar secured

lending agreements. The agreements are primarily short-term in nature.

*Valuation:* Repurchase and reverse repurchase agreements are generally valued by discounting the expected future cash flows, using industry

standard models that incorporate market interest rates and repurchase rates based on the specific details of the transaction.

*Observability:* Inputs are deemed observable up to liquid maturities or for consensus pricing with low pricing-range and are determined

based on the specific features of the transaction. Unobservable inputs are generally set by referencing liquid market instruments and applying

extrapolation techniques or inferred via another reasonable method.

**Interest rate derivatives**

*Description:* Derivatives linked to interest rates or inflation indices. The category includes futures, interest rate and inflation swaps,

swaptions, caps, floors, inflation options and other exotic interest rate derivatives.

*Valuation:* Interest rate and inflation derivatives are generally valued using curves of forward rates constructed from market data to project

and discount the expected future cash flows of trades. Instruments with optionality are valued using volatilities implied from market inputs

and use industry standard or bespoke models depending on the product type.

*Observability:* In general, inputs are considered observable up to liquid maturities that are determined separately for each input and

underlying. Unobservable inputs are generally set by referencing liquid market instruments and applying extrapolation techniques or inferred

via another reasonable method.

**Equity derivatives**

*Description:* Exchange traded or OTC derivatives linked to equity indices and single names. The category includes vanilla and exotic equity

products.

*Valuation:* Equity derivatives are valued using industry standard models. Valuation inputs include stock prices, dividends, volatilities,

interest rates, equity repurchase curves and, for multi-asset products, correlations.

*Observability:* In general, valuation inputs are observable up to liquid maturities that are determined separately for each input and

underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation techniques or inferred via

another reasonable method.

**Foreign exchange derivatives**

Description: Derivatives linked to the foreign exchange (FX) market. The category includes FX forward contracts, FX swaps and FX

options. The majority are traded as over the counter (OTC) derivatives.

Valuation: FX derivatives are valued using industry standard and bespoke models, depending on the product type. Valuation inputs include

FX rates, interest rates, FX volatilities, interest rate volatilities, FX interest rate correlations and others, as appropriate.

Observability: FX correlations, forwards and volatilities are generally observable up to liquid maturities that are determined separately for

each input and underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation techniques or

inferred via another reasonable method.

**Credit derivatives**

*Description:* Derivatives linked to the credit spread of a referenced entity, index or basket of referenced entities or a pool of referenced assets

(e.g. a securitised product). The category includes single name and index credit default swaps (CDS) and total return swaps (TRS).

*Valuation:* Credit derivatives are valued on industry standard models, using curves of credit spreads as the principal input. Credit spreads are

observed directly from broker data, third party vendors or priced to proxies.

*Observability:* Credit derivative contracts referencing entities that are actively traded are generally considered observable. Other valuation

inputs are considered observable, if products with significant sensitivity to the inputs are actively traded in a liquid market. Unobservable

valuation inputs are generally determined with reference to recent benchmark transactions or inferred from observable trades of the same

issuer or similar entities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 384 |
|  |  |  |  |  |  |  |  | 384 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**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.

**Level 3 movement analysis**

The following table summarises the movements in the Level 3 balances during the year. Transfers have been reflected as if they had taken

place at the beginning of the year.

Asset and liability transfers between Level 2 and Level 3 are primarily due to i) an increase or decrease in observable market activity related

to an input or ii) a change in the significance of the unobservable input, with assets and liabilities classified as Level 3 if an unobservable

input is deemed significant.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** |  |  |  |  |  |  |
|  | **As at 1** <br>**January** <br>**2025** |  |  |  |  | **Total gains and** <br>**(losses) in the** <br>**period recognised** <br>**in the income** <br>**statement** | **Total gains and** <br>**(losses) in the** <br>**period recognised** <br>**in the income** <br>**statement** | **Total gains** <br>**and (losses)** <br>**in the** <br>**period** <br>**recognised** <br>**in OCI** | **Transfers** | **Transfers** | **As at 31** <br>**December** <br>**2025** |
|  | **As at 1** <br>**January** <br>**2025** | **Purchases** | **Sales** | **Issues** | **Settlements** | **Trading** <br>**income**<sup>2</sup><br>| **Other** <br>**income**<br>| **Total gains** <br>**and (losses)** <br>**in the** <br>**period** <br>**recognised** <br>**in OCI** | **In** | **Out** | **As at 31** <br>**December** <br>**2025** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Trading portfolio assets | **10115** | **5810** | **(4157)** | **—** | **(1554)** | **151** | **—** | **—** | **382** | **(400)** | **10347** |
| Financial assets at fair value <br>through the income statement<br>| **8424** | **2858** | **(1202)** | **—** | **(1436)** | **95** | **72** | **—** | **60** | **(294)** | **8577** |
| Financial assets at fair value <br>through other comprehensive <br>income<br>| **3739** | **922** | **(640)** | **—** | **(1030)** | **4** | **(2)** | **—** | **118** | **(12)** | **3099** |
| Investment property | **9** | **34** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **43** |
| Trading portfolio liabilities | **(395)** | **(55)** | **25** | **—** | **352** | **2** | **—** | **—** | **(28)** | **12** | **(87)** |
| Financial liabilities designated at <br>fair value<br>| **(3258)** | **—** | **28** | **(503)** | **1020** | **43** | **(3)** | **—** | **(2954)** | **753** | **(4874)** |
| Net derivative financial <br>instruments<sup>1</sup><br>| **(1104)** | **(447)** | **220** | **—** | **—** | **(44)** | **—** | **—** | **3** | **19** | **(1353)** |
| **Total** | **17530** | **9122** | **(5726)** | **(503)** | **(2648)** | **251** | **67** | **—** | **(2419)** | **78** | **15752** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** | **Analysis of movements in Level 3 assets and liabilities** |  |  |  |  |  |  |
|  | **As at 1** <br>**January** <br>**2024** |  |  |  |  | **Total gains and** <br>**(losses) in the** <br>**period recognised** <br>**in the income** <br>**statement** | **Total gains and** <br>**(losses) in the** <br>**period recognised** <br>**in the income** <br>**statement** | **Total gains** <br>**and (losses)** <br>**in the period** <br>**recognised in** <br>**OCI** | **Transfers** | **Transfers** | **As at 31** <br>**December** <br>**2024** |
|  | **As at 1** <br>**January** <br>**2024** | **Purchases** | **Sales** | **Issues** | **Settlements** | **Trading** <br>**income**<sup>2</sup><br>| **Other** <br>**income**<br>| **Total gains** <br>**and (losses)** <br>**in the period** <br>**recognised in** <br>**OCI** | **In** | **Out** | **As at 31** <br>**December** <br>**2024** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Trading portfolio assets | 6509 | 5848 | (1817) |  | (865) | (9) |  |  | 775 | (326) | 10115 |
| Financial assets at fair value <br>through the income statement<br>| 8249 | 2704 | (2072) |  | (793) | (1) | 218 |  | 207 | (88) | 8424 |
| Financial assets at fair value <br>through other comprehensive <br>income<br>| 1078 | 3116 | (43) |  |  | 3 | 22 | (1) | 49 | (485) | 3739 |
| Investment property | 2 | 9 | (2) |  |  |  |  |  |  |  | 9 |
| Trading portfolio liabilities | (368) | (26) | 20 |  |  | (7) |  |  | (15) | 1 | (395) |
| Financial liabilities designated at <br>fair value<br>| (1222) | (415) | 19 | (1146) | 143 | (74) | (20) |  | (893) | 350 | (3258) |
| Net derivative financial <br>instruments<sup>1</sup><br>| (1113) | (568) | (6) |  | (16) | (64) | (1) |  | 163 | 501 | (1104) |
| **Total** | 13135 | 10668 | (3901) | (1146) | (1531) | (152) | 219 | (1) | 286 | (47) | 17530 |

---

**Notes:**

1The derivative financial instruments are represented on a net basis. On a gross basis, derivative financial assets are £1,712m (2024: £2,077m) and derivative

financial liabilities are £(3,065)m (2024: £(3,181)m).

2 Trading income represents gains and losses on Level 3 financial instruments which in the majority are offset by losses and gains on financial instruments disclosed

in Level 2.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 385 |
|  |  |  |  |  |  |  |  | 385 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Unrealised gains and losses on Level 3 assets and liabilities**

The following table discloses the unrealised gains and losses recognised in the year, arising on Level 3 assets and liabilities held at year end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** | **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** | **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** | **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** | **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** | **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** | **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** | **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** | **Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Income statement** | **Income statement** | **Other** <br>**compre-**<br>**hensive**<br>**income** | **Total** | **Income statement** | **Income statement** | **Other** <br>**compre-**<br>**hensive** <br>**income** | **Total** |
|  | **Trading** <br>**income**<sup>1</sup><br>| **Other** <br>**income**<br>| **Other** <br>**compre-**<br>**hensive**<br>**income** | **Total** | **Trading** <br>**income**<sup>1</sup><br>| **Other** <br>**income**<br>| **Other** <br>**compre-**<br>**hensive** <br>**income** | **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Trading portfolio assets | **36** | **—** | **—** | **36** | (9) |  |  | (9) |
| Financial assets at fair value through the income <br>statement<br>| **94** | **72** | **—** | **166** | 2 | 94 |  | 96 |
| Financial assets at fair value through other <br>comprehensive income<br>| **4** | **(1)** | **—** | **3** | 3 | 22 | (1) | 24 |
| Investment property | **—** | **—** | **—** | **—** |  |  |  |  |
| Trading portfolio liabilities | **1** | **—** | **—** | **1** | (7) |  |  | (7) |
| Financial liabilities designated at fair value | **43** | **(3)** | **—** | **40** | (77) | (9) |  | (86) |
| Net derivative financial instruments  | **(44)** | **—** | **—** | **(44)** | (57) | (1) |  | (58) |
| **Total** | **134** | **68** | **—** | **202** | (145) | 106 | (1) | (40) |

---

**Note:**

1Trading income represents gains and losses on Level 3 financial instruments which in the majority are offset by losses and gains on financial instruments disclosed

in Level 2.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 386 |
|  |  |  |  |  |  |  |  | 386 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Significant unobservable inputs**

The following table discloses the valuation techniques and significant unobservable inputs for material products recognised at fair value and

classified as Level 3 along with the range of values used for those significant unobservable inputs:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Valuation technique(s)**<sup>1</sup> | **Significant unobservable** <br>**inputs** | **2025 Range** | **2025 Range** | **2024 Range** | **2024 Range** |  |
|  | **Valuation technique(s)**<sup>1</sup> | **Significant unobservable** <br>**inputs** | **Min** | **Max** | **Min** | **Max** | **Units**<sup>2</sup> |
| **Derivative financial** <br>**instruments**<sup>3</sup><br>|  |  |  |  |  |  |  |
| Interest rate derivatives | Discounted cash flows | Inflation forwards | **n/m**<sup>4</sup> | **n/m**<sup>4</sup> | 3 | 3 | % |
|  |  | Credit spread | **8** | **2070** | 14 | 1972 | bps |
|  |  | Yield | **—** | **5** |  | 12 | % |
|  | Option model | Interest rate volatility | **29** | **152** | 19 | 175 | bps vol |
|  |  | FX - IR correlation | **(36)** | **30** | (36) | 30 | % |
|  |  | IR - IR correlation | **35** | **98** | 33 | 98 | % |
|  |  | IR - Inflation correlation | **10** | **10** | 10 | 10 | % |
|  |  | Inflation - Inflation <br>correlation<br>| **5** | **5** | 5 | 5 | % |
| Equity derivatives | Discounted cash flow | Discount margin | **(190)** | **350** | (215) | 351 | bps |
|  | Option model | Equity volatility | **1** | **88** | 1 | 133 | % |
|  |  | Equity - equity <br>correlation<br>| **15** | **100** | 40 | 100 | % |
| **Non-derivative financial** <br>**instruments**<br>|  |  |  |  |  |  |  |
| Loans | Discounted cash flows | Loan spread | **30** | **942** | 35 | 908 | bps |
|  |  | Credit spread | **194** | **420** | 194 | 1011 | bps |
|  |  | Discount margin | **780** | **1170** | 230 | 345 | bps |
|  |  | Yield | **5** | **8** | 2 | 18 | % |
|  | Comparable pricing | Comparable price | **—** | **186** |  | 240 | points |
| Asset backed securities | Comparable pricing | Comparable price | **—** | **530** |  | 125 | points |
|  | Discounted cash flows | Discount margin | **n/m**<sup>4</sup> | **n/m**<sup>4</sup> | (137) | (25) | bps |
|  | Option Model | Equity volatility | **n/m**<sup>4</sup> | **n/m**<sup>4</sup> | 15 | 32 | % |
| Private equity investments | EBITDA multiple | EBITDA multiple | **6** | **17** | 2 | 7 | Multiple |
|  | Earnings multiple | Earnings multiple | **1** | **11** | 3 | 17 | Multiple |
|  | Discounted cash flow | Credit spread | **297** | **522** | 210 | 430 | bps |
|  |  | Discount margin | **8** | **10** | 8 | 10 | % |
| Corporate debt | Comparable pricing | Comparable price | **—** | **239** |  | 2322 | points |
| Government and Government <br>sponsored debt<br>| Comparable pricing | Comparable price | **—** | **231** |  | 123 | points |
| Issued debt | Discounted cash flows | Credit spread | **80** | **120** | 50 | 198 | bps |
|  | Option model | Equity volatility | **1** | **95** | 1 | 111 | % |
|  |  | Interest rate volatility | **37** | **178** | 19 | 211 | bps vol |
| Reverse repurchase and <br>repurchase agreements<br>| Discounted cash flows | Repo spread | **100** | **148** | 14 | 186 | bps |

---

**Notes:**

1A range has not been provided for Net Asset Value as there would be a wide range reflecting the diverse nature of the positions.

2The units used to disclose ranges for significant unobservable inputs are percentages, points and basis points. Points are a percentage of par; for example, 100 points

equals 100% of par. A basis point equals 1/100th of 1%; for example, 150 basis points equals 1.5%.

3Certain derivative instruments are classified as Level 3 due to a significant unobservable credit spread input into the calculation of the Credit Valuation Adjustment

for the instruments.

4Non-material Level 3 balances for these unobservable inputs.

The following section describes the significant unobservable inputs identified in the table above, and the sensitivity of fair value

measurement of the instruments categorised as Level 3 assets or liabilities to increases in significant unobservable inputs. Where sensitivities

are described, the inverse relationship will also generally apply.

Where reliable interrelationships can be identified between significant unobservable inputs used in fair value measurement, a description of

those interrelationships is included below.

**Forwards**

A price or rate that is applicable to a financial transaction that will take place in the future.

In general, a significant increase in a forward in isolation will result in a fair value increase for the contracted receiver of the underlying

(currency, bond, commodity, etc.), but the sensitivity is dependent on the specific terms of the instrument.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 387 |
|  |  |  |  |  |  |  |  | 387 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Credit spread**

Credit spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Credit spreads

reflect the additional yield that a market participant demands for taking on exposure to the credit risk of an instrument and forms part of the

yield used in a discounted cash flow calculation.

In general, a significant increase in credit spread in isolation will result in a fair value decrease for a cash asset.

For a derivative instrument, a significant increase in credit spread in isolation can result in a fair value increase or decrease, depending on the

specific terms of the instrument.

**Volatility**

Volatility is a measure of the variability or uncertainty in return for a given derivative underlying. It is an estimate of how much a particular

underlying instrument input or index will change in value over time. In general, volatilities are implied from observed option prices. For

unobservable options the implied volatility may reflect additional assumptions about the nature of the underlying risk, and the strike/maturity

profile of a specific contract.

In general, a significant increase in volatility in isolation will result in a fair value increase for the holder of a simple option, but the

sensitivity is dependent on the specific terms of the instrument.

There may be interrelationships between unobservable volatilities and other unobservable inputs (e.g. when equity prices fall, implied equity

volatilities generally rise) but these are generally specific to individual markets and may vary over time.

**Correlation**

Correlation is a measure of the relationship between the movements of two variables. Correlation can be a significant input into the valuation

of derivative contracts with more than one underlying instrument. Credit correlation generally refers to the correlation between default

processes for the separate names that make up the reference pool of a collateralised debt obligation (CDO) structure.

A significant increase in correlation in isolation can result in a fair value increase or decrease, depending on the specific terms of the

instrument.

**Discount Margin**

Discount margin represents the additional yield over a benchmark rate that market participants require to compensate for credit risk, liquidity

risk and other factors associated with the instrument. It is commonly used in discounted cash flow valuations.

In general, a significant increase in discount margin in isolation will result in a fair value decrease for the instrument, as higher required

returns reduce present value. The sensitivity depends on the specific terms of the instrument.

**Repo Spread**

Repo spread refers to the difference between the repurchase agreement rate and a benchmark funding rate. It reflects market conditions,

counterparty credit risk and liquidity premiums that influence the cost of financing through repos.

In general, a significant increase in repo spread in isolation will result in a fair value decrease for the instrument, as higher financing costs

reduce its attractiveness. The sensitivity is dependent on the specific contractual terms.

**Comparable price**

Comparable instrument prices are used in valuation by calculating an implied yield (or spread over a liquid benchmark) from the price of a

comparable observable instrument, then adjusting that yield (or spread) to account for relevant differences, such as maturity or credit quality.

Alternatively, a price-to-price basis can be assumed between the comparable and unobservable instruments in order to establish a value.

Loans include a portfolio of loans extended to clients within the Group's leveraged finance business. Leveraged finance loans are originated

where Barclays provides financing commitments to clients to facilitate strategic transactions, such as leverage buyouts and acquisitions. The

sensitivity of the portfolio to unobservable inputs is judgmental, reflecting their illiquid nature and the significance of unobservable price

inputs to the valuation.

In general, a significant increase in comparable price in isolation will result in an increase in the price of the unobservable instrument. For

derivatives, a change in the comparable price in isolation can result in a fair value increase or decrease depending on the specific terms of the

instrument.

**Loan spread**

Loan spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Loan spreads

typically reflect credit quality, the level of comparable assets, such as gilts and other factors, and form part of the yield used in a discounted

cash flow calculation.

In general, a significant increase in loan spreads in isolation will result in a fair value decrease for a loan.

**EBITDA multiple**

EBITDA multiple is the ratio of the valuation of the investment to the earnings before interest, taxes, depreciation and amortisation.

In general, a significant increase in the multiple will result in a fair value increase for an investment.

**Earnings multiple**

Earnings or Revenue multiple is the ratio of the valuation of the investment to the earnings or revenue. In general, a significant increase in

the multiple will result in a fair value increase for an investment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 388 |
|  |  |  |  |  |  |  |  | 388 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Sensitivity Analysis**

Sensitivity analysis is performed on products with significant unobservable inputs (Level 3) to generate a range of reasonably possible

alternative valuations. The sensitivity methodologies applied take account of the nature of the valuation techniques used, as well as the

availability and reliability of observable proxy and historical data and the impact of using alternative models.

Sensitivities are calculated on a monthly basis. The calculation is based on range or spread data of a reliable reference source or a scenario

based on relevant market analysis alongside the impact of using alternative models. Sensitivities are calculated without reflecting the impact

of any diversification in the portfolio.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** | **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** | **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** | **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** | **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** | **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** | **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** | **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** | **Sensitivity analysis of valuations using unobservable inputs (relates to Level 3 portfolios)** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Favourable changes** | **Favourable changes** | **Unfavourable changes** | **Unfavourable changes** | **Favourable changes** | **Favourable changes** | **Unfavourable changes** | **Unfavourable changes** |
|  | **Income** <br>**statement**<br>| **Equity** | **Income** <br>**statement**<br>| **Equity** | **Income** <br>**statement**<br>| **Equity** | **Income** <br>**statement**<br>| **Equity** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | **245** | **21** | **(324)** | **(37)** | 653 | 43 | (766) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt | **88** | **—** | **(68)** | **—** | 87 |  | (56) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities | **51** | **6** | **(43)** | **(6)** | 57 | 4 | (40) | (4) |
| Government and Government sponsored debt | **45** | **—** | **(41)** | **—** | 47 |  | (56) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Private equity investments | **218** | **1** | **(218)** | **(1)** | 232 |  | (232) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives | **109** | **—** | **(134)** | **—** | 98 |  | (212) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivatives | **336** | **—** | **(336)** | **—** | 199 |  | (269) |  |
| Other products<sup>1</sup> | **109** | **312** | **(108)** | **(89)** | 92 |  | (104) |  |
| **Total** | **1201** | **340** | **(1272)** | **(133)** | 1465 | 47 | (1735) | (47) |

---

**Note:**

1Other products include issued debt, reverse repurchase and repurchase agreements, certificate of deposits, funds and fund-linked products, equity cash products,

credit derivatives and foreign exchange derivatives

The effect of stressing unobservable inputs to a range of reasonably possible alternatives, alongside considering the impact of using

alternative models, would be to increase fair values by up to £1,541m (2024: £1,512m) or to decrease fair values by up to £1,405m (2024:

£1,782m) with substantially all the potential effect impacting profit and loss. Unfavourable changes shown in the table above are partly

provided for through the capital and prudential valuation adjustment framework.

**Fair value adjustments**

Key balance sheet valuation adjustments are quantified below:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Exit price adjustments derived from market bid-offer spreads | **(628)** | (542) |
| Uncollateralised derivative funding | **62** | 19 |
| Derivative credit valuation adjustments | **(155)** | (184) |
| Derivative debit valuation adjustments | **119** | 108 |

---

**Exit price adjustments derived from market bid-offer spreads**

The Group uses mid-market pricing where it is a market-maker and has the ability to transact at, or better than, mid-price (which is the case

for certain equity, bond and vanilla derivative markets). For other financial assets and liabilities, bid-offer adjustments are recorded to reflect

the exit level for the expected close out strategy. The methodology for determining the bid-offer adjustment for a derivative portfolio

involves calculating the net risk exposure by offsetting long and short positions by strike and term in accordance with the risk management

and hedging strategy.

Bid-offer levels are generally derived from market quotes, such as broker data. Less liquid instruments may not have a directly observable

bid-offer level. In such instances, an exit price adjustment may be derived from an observable bid-offer level for a comparable liquid

instrument, or determined by calibrating to derivative prices, or by scenario or historical analysis.

Exit price adjustments derived from market bid-offer spreads have increased by £86m.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 389 |
|  |  |  |  |  |  |  |  | 389 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Discounting approaches for derivative instruments**

*Collateralised*

In line with market practice, the methodology for discounting collateralised derivatives takes into account the nature and currency of the

collateral that can be posted within the relevant credit support annex (CSA). The CSA aware discounting approach recognises the 'cheapest

to deliver' option that reflects the ability of the party posting collateral to change the currency of the collateral.

*Uncollateralised*

A fair value adjustment of £62m is applied to account for the impact of incorporating the cost/benefit of funding into the valuation of

uncollateralised and partially collateralised derivative portfolios and collateralised derivatives where the terms of the agreement do not allow

the rehypothecation of collateral received. The derivative funding adjustment has moved by £43m.

*Derivative credit and debit valuation adjustments*

Derivative credit valuation adjustments and derivative debit valuation adjustments are incorporated into derivative valuations to reflect the

impact on fair value of counterparty credit risk and Barclays' own credit quality, respectively. These adjustments are calculated for

uncollateralised and partially collateralised derivatives across all asset classes. Derivative credit valuation adjustments and derivative debit

valuation adjustments are calculated using estimates of exposure at default, probability of default and recovery rates, at a counterparty level.

Counterparties include (but are not limited to) corporates, Sovereigns and Sovereign agencies and Supranationals.

Exposure at default is generally estimated through the simulation of underlying risk factors through approximating with a more vanilla

structure, or by using current or scenario-based mark to market as an estimate of future exposure.

Probability of default and recovery rate information is generally sourced from the credit default swap (CDS) markets. Where this information

is not available, or considered unreliable, alternative approaches are taken based on mapping internal counterparty ratings onto historical or

market-based default and recovery information.

Derivative credit valuation adjustments decreased by £(29)m. Derivative debit valuation adjustments increased by £11m.

Correlation between counterparty credit and underlying derivative risk factors, termed 'wrong-way', or 'right-way' risk, is not systematically

incorporated into the derivative credit valuation adjustments calculation, but is adjusted where the underlying exposure is directly related to

the counterparty.

Barclays continues to monitor market practices and activity to ensure the approach to uncollateralised derivative valuation remains

appropriate.

**Unrecognised gains as a result of the use of valuation models using unobservable inputs**

The amount that is yet to be recognised in income, relating to the difference between the transaction price (the fair value at initial

recognition) and the amount that would have arisen had valuation models using unobservable inputs been used on initial recognition, is

£264m (2024: £273m) for financial instruments measured at fair value. There are additions and FX revaluation of £55m (2024: £173m) and

amortisation and releases of £64m (2024: £105m) for these instruments. For financial instruments carried at amortised cost, the amount that

is yet to be recognised in income is £164m (2024: £173m). There are additions of £nil (2024: £nil) and amortisation and releases of £9m

(2024: £19m) for these instruments.

**Third-party credit enhancements**

Structured and brokered certificates of deposit issued by the Group are insured up to $250,000 per depositor by the Federal Deposit

Insurance Corporation (FDIC) in the United States. The FDIC is funded by fees that Barclays and other banks pay for deposit insurance

coverage. The carrying value of these issued certificates of deposit that are designated under the IFRS 9 fair value option includes this third-

party credit enhancement. The on-balance sheet value of these brokered certificates of deposit amounted to £4,156m (2024: £4,844m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 390 |
|  |  |  |  |  |  |  |  | 390 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**Comparison of carrying amounts and fair values for assets and liabilities not held at fair value**

The following table shows the fair value of financial assets and liabilities measured at amortised cost disaggregated by the fair value

hierarchy and balance sheet classification

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Carrying** <br>**amount**<br>| **Fair value** | **Level 1** | **Level 2** | **Level 3** | **Carrying** <br>**amount**<br>| **Fair value** | **Level 1** | **Level 2** | **Level 3** |
| **As at 31 December** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Financial assets** |  |  |  |  |  |  |  |  |  |  |
| Debt securities at amortised cost | **68475** | **67442** | **34118** | **29853** | **3471** | 68210 | 67354 | 19341 | 46429 | 1584 |
| Loans and advances at amortised cost | **361523** | **361517** | **7631** | **71157** | **282729** | 346273 | 343016 | 6977 | 73606 | 262433 |
| Reverse repurchase agreements and other <br>similar secured lending<br>| **17622** | **17622** | **—** | **17622** | **—** | 4734 | 4734 |  | 4734 |  |
| Assets included in disposal groups classified <br>as held for sale<br>| **5801** | **6065** | **—** | **—** | **6065** | 9544 | 9628 |  | 3520 | 6108 |
| **Financial liabilities** |  |  |  |  |  |  |  |  |  |  |
| Deposits at amortised cost | **(585613)** | **(585689)** | **(421488)** | **(160433)** | **(3768)** | (560663) | (560393) | (410955) | (146607) | (2831) |
| Repurchase agreements and other similar <br>secured borrowing<br>| **(25170)** | **(25170)** | **—** | **(25170)** | **—** | (39415) | (39415) |  | (39415) |  |
| Debt securities in issue | **(119033)** | **(121439)** | **—** | **(119590)** | **(1849)** | (92402) | (94463) |  | (92066) | (2397) |
| Subordinated liabilities | **(12954)** | **(13483)** | **—** | **(12764)** | **(719)** | (11921) | (12434) |  | (11697) | (737) |
| Liabilities included in disposal groups <br>classified as held for sale<br>| **—** | **—** | **—** | **—** | **—** | (3647) | (3647) |  | (3647) |  |

---

The fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between

market participants at the measurement date. As a wide range of valuation techniques are available, it may not be appropriate to directly

compare this fair value information to independent market sources or other financial institutions. Different valuation methodologies and

assumptions can have a significant impact on fair values which are based on unobservable inputs.

*Debt securities at amortised cost*

Debt securities at amortised cost are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable

pricing sources. Observability assessment is performed with reference to bond market trading data. Bonds are assessed at Level 1 if they are

traded in active market, with a quoted price in line with requirements of IFRS 13. Where market data for the underlying bond is unavailable,

a number of proxy/extrapolation techniques are employed to determine the appropriate fair value. The enhancements noted in levelling

policy are applicable to the government bond reported at amortised cost.

*Loans and advances at amortised cost*

The fair value of loans and advances, for the purpose of this disclosure, is derived from discounting expected cash flows in a way that

reflects the current market price or loan spreads of the borrowers. Where market data or credit information on the underlying borrowers is

unavailable, a number of proxy/extrapolation techniques are employed to determine the appropriate discount rates.

*Reverse repurchase agreements and other similar secured lending*

The fair value of reverse repurchase agreements approximates carrying amounts as these balances are generally short dated and fully

collateralised.

*Deposits at amortised cost*

In many cases, the fair value disclosed approximates carrying value because the instruments are short-term in nature or have interest rates

that reprice frequently, such as customer accounts and other deposits and short-term debt securities.

The fair value for deposits with longer-term maturities, mainly time deposits, are estimated using discounted cash flows applying either

market rates or current rates for deposits of similar remaining maturities.

*Repurchase agreements and other similar secured borrowing*

The fair value of repurchase agreements approximates carrying amounts as these balances are generally short dated.

*Debt securities in issue*

Fair values of other debt securities in issue are based on quoted prices where available or, where the instruments are short dated, carrying

amount approximates fair value.

*Subordinated liabilities*

Fair values for dated and undated convertible and non-convertible loan capital are based on quoted market rates for the issuer concerned or

issuers with similar terms and conditions.

*Assets & liabilities included in disposal groups classified as held for sale*

The fair value for the purposes of this disclosure has been prepared in accordance with the products held for sale, and valuation techniques

used to determine the expected sales price of these assets and liabilities that will be achieved when the disposal group is sold.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 391 |
|  |  |  |  |  |  |  |  | 391 |

---

Notes to the financial statements (continued)

Assets and liabilities held at fair value<br>

**18 Offsetting financial assets and financial liabilities**

The Group reports financial assets and financial liabilities on a net basis on the balance sheet, only if there is a legally enforceable right to

set-off the recognised amounts, and there is intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. The

following table shows the impact of netting arrangements on:

• All financial assets and liabilities that are reported net on the balance sheet

• All derivative financial instruments and reverse repurchase and repurchase agreements and other similar secured lending and borrowing

agreements that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for balance sheet netting.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amounts subject to enforceable netting arrangements** | **Amounts subject to enforceable netting arrangements** | **Amounts subject to enforceable netting arrangements** | **Amounts subject to enforceable netting arrangements** | **Amounts subject to enforceable netting arrangements** | **Amounts subject to enforceable netting arrangements** | **Amounts not** <br>**subject to** <br>**enforceable** <br>**netting** <br>**arrangements**<sup>3</sup> | **Balance** <br>**sheet total**<sup>4</sup> |
|  | **Effects of offsetting on-balance sheet** | **Effects of offsetting on-balance sheet** | **Effects of offsetting on-balance sheet** | **Related amounts not offset** | **Related amounts not offset** | **Related amounts not offset** | **Amounts not** <br>**subject to** <br>**enforceable** <br>**netting** <br>**arrangements**<sup>3</sup> | **Balance** <br>**sheet total**<sup>4</sup> |
|  | **Gross** <br>**amounts**<br>| **Amounts** <br>**offset**<sup>1</sup><br>| **Net amounts** <br>**reported on** <br>**the balance** <br>**sheet**<br>| **Financial** <br>**instruments**<br>| **Financial** <br>**collateral**<sup>2</sup><br>| **Net amount** | **Amounts not** <br>**subject to** <br>**enforceable** <br>**netting** <br>**arrangements**<sup>3</sup> | **Balance** <br>**sheet total**<sup>4</sup> |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |
| Derivative financial assets | **291146** | **(42571)** | **248575** | **(194743)** | **(43404)** | **10428** | **3884** | **252459** |
| Reverse repurchase agreements and <br>other similar secured lending<sup>5</sup><br>| **779674** | **(630480)** | **149194** | **—** | **(148845)** | **349** | **916** | **150110** |
| **Total assets** | **1070820** | **(673051)** | **397769** | **(194743)** | **(192249)** | **10777** | **4800** | **402569** |
| Derivative financial liabilities | **(278718)** | **43257** | **(235461)** | **194743** | **28546** | **(12172)** | **(5347)** | **(240808)** |
| Repurchase agreements and other <br>similar secured borrowing<sup>5</sup><br>| **(802164)** | **630480** | **(171684)** | **—** | **171684** | **—** | **(11938)** | **(183622)** |
| **Total liabilities** | **(1080882)** | **673737** | **(407145)** | **194743** | **200230** | **(12172)** | **(17285)** | **(424430)** |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |
| Derivative financial assets | 334885 | (47207) | 287678 | (230434) | (43270) | 13974 | 5852 | 293530 |
| Reverse repurchase agreements and <br>other similar secured lending<sup>5</sup><br>| 701482 | (556373) | 145109 |  | (144670) | 439 | 1398 | 146507 |
| **Total assets** | 1036367 | (603580) | 432787 | (230434) | (187940) | 14413 | 7250 | 440037 |
| Derivative financial liabilities | (318897) | 46040 | (272857) | 230434 | 27677 | (14746) | (6558) | (279415) |
| Repurchase agreements and other <br>similar secured borrowing<sup>5</sup><br>| (731622) | 556373 | (175249) |  | 175249 |  | (19772) | (195021) |
| **Total liabilities** | (1050519) | 602413 | (448106) | 230434 | 202926 | (14746) | (26330) | (474436) |

---

**Notes:**

1Amounts offset for derivative financial assets additionally includes cash collateral netted of £6,086m (2024: £5,126m). Amounts offset for derivative financial

liabilities additionally includes cash collateral netted of £5,400m (2024: £6,293m). Settlements assets and liabilities have been offset amounting to £38,196m (2024:

£25,133m).

2Financial collateral of £43,404m (2024: £43,270m) was received in respect of derivative assets, including £30,758m (2024: £30,637m) of cash collateral and

£12,646m (2024: £12,633m) of non-cash collateral. Financial collateral of £28,546m (2024: £27,677m) was placed in respect of derivative liabilities, including

£23,369m (2024: £23,126m) of cash collateral and £5,177m (2024: £4,551m) of non-cash collateral. The collateral amounts are limited to net balance sheet

exposure, so as to not include overcollateralisation.

3This column includes contractual rights of set-off that are subject to uncertainty under the laws of the relevant jurisdiction.

4The balance sheet total is the sum of 'Net amounts reported on the balance sheet that are subject to enforceable netting arrangements' and 'Amounts not subject to

enforceable netting arrangements'.

5Reverse repurchase agreements and other similar secured lending of £150,110m (2024: £146,507m) is split by fair value £132,488m (2024: £141,773m) and

amortised cost £17,622m (2024: £4,734m). Repurchase agreements and other similar secured borrowing of £183,622m (2024: £195,021m) is split by fair value

£158,452m (2024: £155,606m) and amortised cost £25,170m (2024: £39,415m).

These offsetting and collateral arrangements and other credit risk mitigation strategies used by the Group are further explained in the Credit

risk management section.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 392 |
|  |  |  |  |  |  |  |  | 392 |

---

Notes to the financial statements (continued)

Assets at amortised cost and other investments<br>

**Assets at amortised cost and other investments**

The notes included in this section focus on the Group's property, plant and equipment, leases and goodwill and intangible assets. Details <br>regarding the Group's liquidity and capital position can be found in the Treasury and Capital risk section.<br>

**19Property, plant and equipment**

**Accounting for property, plant and equipment**<br>Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated depreciation and <br>provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.<br>Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their estimated useful economic <br>lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of items of property, plant and equipment are kept <br>under review to take account of any change in circumstances, including consideration on future Climate and Sustainability investments. <br>The Group uses the following annual rates in calculating depreciation:<br>

---

| | |
|:---|:---|
| **Annual rates in calculating depreciation** | **Depreciation rate** |
| Freehold land | Not depreciated |
| Freehold buildings | 2-3.3% |
| Leasehold property | Over the remaining life of the lease |
| Costs of adaptation of freehold and leasehold property | 6-10% |
| Equipment installed in freehold and leasehold property | 6-10% |
| Computers and similar equipment | 17-33% |
| Fixtures and fittings and other equipment | 9-20% |

---

Costs of adaptation and installed equipment are depreciated over the shorter of the life of the lease or the depreciation rates noted in the table

above.

**Investment property**

The Group initially recognises investment property at cost, and subsequently at fair value at each balance sheet date, reflecting market

conditions at the reporting date. Gains and losses on remeasurement are included in the income statement.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 393 |
|  |  |  |  |  |  |  |  | 393 |

---

Notes to the financial statements (continued)

Assets at amortised cost and other investments<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment**<br>**property**<br>| **Property** | **Equipment** | **Right of use** <br>**assets**<sup>1</sup><br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Cost** |  |  |  |  |  |
| **As at 1 January 2025** | **9** | **3628** | **2245** | **2215** | **8097** |
| Additions | **33** | **215** | **267** | **156** | **671** |
| Disposals<sup>2</sup> | **—** | **(158)** | **(68)** | **(87)** | **(313)** |
| Exchange and other movements | **1** | **(192)** | **11** | **45** | **(135)** |
| **As at 31 December 2025** | **43** | **3493** | **2455** | **2329** | **8320** |
| **Accumulated depreciation and impairment** |  |  |  |  |  |
| **As at 1 January 2025** | **—** | **(1798)** | **(1557)** | **(1138)** | **(4493)** |
| Depreciation charge<sup>3</sup> | **—** | **(139)** | **(236)** | **(136)** | **(511)** |
| Impairment<sup>3</sup> | **—** | **(3)** | **(1)** | **(7)** | **(11)** |
| Disposals<sup>2</sup> | **—** | **156** | **60** | **79** | **295** |
| Exchange and other movements | **—** | **99** | **7** | **14** | **120** |
| **As at 31 December 2025** | **—** | **(1685)** | **(1727)** | **(1188)** | **(4600)** |
| **Net book value**  | **43** | **1808** | **728** | **1141** | **3720** |
| **Cost** |  |  |  |  |  |
| **As at 1 January 2024** | 2 | 3578 | 2347 | 2002 | 7929 |
| Additions | 9 | 165 | 186 | 48 | 408 |
| Disposals | (2) | (140) | (273) | (96) | (511) |
| Exchange and other movements |  | 25 | (15) | 261 | 271 |
| **As at 31 December 2024** | 9 | 3628 | 2245 | 2215 | 8097 |
| **Accumulated depreciation and impairment** |  |  |  |  |  |
| **As at 1 January 2024** |  | (1778) | (1563) | (1171) | (4512) |
| Depreciation charge<sup>3</sup> |  | (143) | (250) | (139) | (532) |
| Impairment<sup>3</sup> |  | (1) |  | (14) | (15) |
| Disposals |  | 131 | 258 | 94 | 483 |
| Exchange and other movements |  | (7) | (2) | 92 | 83 |
| **As at 31 December 2024** |  | (1798) | (1557) | (1138) | (4493) |
| **Net book value**  | 9 | 1830 | 688 | 1077 | 3604 |

---

**Notes:**

1Right of use (ROU) asset balances relate to property leases under IFRS 16. Refer to Note 20 for further details.

2Disposals primarily pertain to fully depreciated assets which are not in use.

3Depreciation charge and impairment charge is part of Infrastructure, Administration and General expenses shown in Note 7.

4In 2024, Exchange and other movements in Right of use (ROU) asset balances include modification related to a lease extended by ~91 years

Property rentals of £7m (2024: 11m) have been included in other income.

The fair value of investment property is determined by reference to current market prices for similar properties, adjusted as necessary, for

condition and location, or by reference to recent transactions updated to reflect current economic conditions. Discounted cash flow

techniques may be employed to calculate fair value where there have been no recent transactions, using current external market inputs, such

as market rents and interest rates. Valuations are carried out by management with the support of appropriately qualified independent valuers.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 394 |
|  |  |  |  |  |  |  |  | 394 |

---

Notes to the financial statements (continued)

Assets at amortised cost and other investments<br>

**20Leases**

**Accounting for leases**<br>When the Group is the lessee, it is required to recognise both:<br>•a lease liability, measured at the present value of remaining cash flows on the lease<br>•a right of use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made <br>prior to commencement date, initial direct costs, and estimated costs of restoring the underlying asset to the condition required by the <br>lease, less any lease incentives received.<br>Subsequently the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the <br>lease, and reduce when payments are made. The right of use asset will amortise to the income statement over the life of the lease. <br>When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in the <br>income statement if the carrying amount of the ROU asset has been reduced to nil.<br>On the balance sheet, the ROU assets are included within property, plant and equipment and the lease liabilities are included within other <br>liabilities. <br>The Group applies the recognition exemption in IFRS 16 for leases with a term not exceeding 12 months. For these leases, the lease <br>payments are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more appropriate. <br>When the Group is the lessor, the lease must be classified as either a finance lease or an operating lease. A finance lease is a lease that <br>confers substantially all the risks and rewards of the leased assets on the lessee. An operating lease is a lease where substantially all of the <br>risks and rewards of the leased asset remain with the lessor.<br>

**As a lessor**

Finance lease receivables are included within loans and advances at amortised cost.

The following table sets out a maturity analysis of lease receivables, showing the lease payments to be received after the reporting date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Gross** <br>**investment** <br>**in finance** <br>**lease** <br>**receivables**<br>| **Future** <br>**finance** <br>**income**<br>| **Present** <br>**value of** <br>**minimum** <br>**lease** <br>**payments**<br>**receivable**<br>| **Unguaranteed** <br>**residual** <br>**values**<br>| **Gross** <br>**investment** <br>**in finance** <br>**lease** <br>**receivables**<br>| **Future** <br>**finance** <br>**income**<br>| **Present** <br>**value of** <br>**minimum** <br>**lease** <br>**payments**<br>**receivable**<br>| **Unguaranteed** <br>**residual** <br>**values**<br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Not more than one year | **1** | **—** | **1** | **—** | 7 | (1) | 6 |  |
| One to two years | **3** | **(1)** | **2** | **—** | 3 | (1) | 2 |  |
| Two to three years | **1** | **—** | **1** | **—** |  |  |  |  |
| **Total** | **5** | **(1)** | **4** | **—** | 10 | (2) | 8 |  |

---

Barclays provided leasing and other asset finance facilities to businesses and individual customers. There is no significant impairment

allowance for finance lease receivables in current and previous year.

The Group does not have any material operating leases as a lessor.

**Finance lease income**

Finance lease income is included within interest income. The following table shows amounts recognised in the income statement during the

year.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Finance income from net investment in lease | **1** | 2 |
| Profit on sales | **—** |  |

---

**As a lessee**

The Group leases various offices, branches and other premises under non-cancellable lease arrangements to meet its operational business

requirements. In some instances, Barclays will sublease property to third parties when it is no longer needed to meet business requirements.

Currently, Barclays does not have any material subleasing arrangements.

ROU asset balances relate to property leases only. Refer to Note 19 for the carrying amount of ROU assets.

The total expenses recognised during the year for short-term leases were £1m (2024: £1m). The portfolio of short-term leases to which

Barclays is exposed at the end of the year is not dissimilar to the expenses recognised in the year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 395 |
|  |  |  |  |  |  |  |  | 395 |

---

Notes to the financial statements (continued)

Assets at amortised cost and other investments<br>

---

| | | |
|:---|:---|:---|
| **Lease liabilities** |  |  |
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| **As at 1 January** | **1205** | 971 |
| Interest expense | **71** | 71 |
| New leases | **155** | 45 |
| Disposals | **(14)** | (18) |
| Cash payments | **(196)** | (204) |
| Exchange and other movements<sup>1</sup> | **57** | 340 |
| **As at 31 December (see Note 22)**  | **1278** | 1205 |

---

**Note:**

1Exchange and other movements in 2024 include modification related to a lease extended by ~91 years

The table below sets out a maturity analysis of undiscounted lease liabilities, showing the lease payments after the reporting date.

---

| | | |
|:---|:---|:---|
| **Undiscounted lease liabilities maturity analysis** |  |  |
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Not more than one year | **187** | 195 |
| One to two years | **170** | 173 |
| Two to three years | **153** | 149 |
| Three to four years | **142** | 126 |
| Four to five years | **120** | 113 |
| Five to ten years | **503** | 395 |
| Greater than ten years | **3474** | 3754 |
| **Total undiscounted lease liabilities as at 31 December** | **4749** | 4905 |

---

In 2024, Barclays had a lease modification for property "New York, 745 7th Avenue" wherein there was an extension of lease term by ~91

years.

In addition to the cash flows identified above, the Group is exposed to:

• Variable lease payments: This variability will typically arise from either inflation index instruments or market-based pricing adjustments.

Currently, Barclays has 205 (2024: 238) leases out of the total 603 (2024: 631) leases with variable payment terms. Of the gross cash

flows identified above, £4,613m (2024: £4,634m) is attributable to leases with some degree of payment variability.

• Extension and termination options: The table above represents Barclays' best estimate of future cash outflows for leases, including

assumptions regarding the exercising of contractual extension and termination options. The above gross cash flows include adjustments of

£5m (2024: £10m) and £1,820m (2024: £1,872m) in respect of leases for which Barclays is highly likely to exercise an early termination

and a lease extension option, respectively.

In2025, the Group does not have any sale and leaseback transaction (2024:Nil).

The Group does not have any restrictions or covenants imposed by the lessor on its property leases which restrict its businesses.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 396 |
|  |  |  |  |  |  |  |  | 396 |

---

Notes to the financial statements (continued)

Assets at amortised cost and other investments<br>

**21 Goodwill and intangible assets**

**Accounting for goodwill and intangible assets**<br>**Goodwill**<br>Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair value <br>of the Group's share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.<br>Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The <br>test involves comparing the carrying value of a cash generating unit (CGU), including goodwill with the present value of the pre-tax cash <br>flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair value if <br>this is higher.<br>**Intangible assets**<br>Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be measured <br>reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future economic benefits <br>attributable to the assets will flow from their use.<br>For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the research <br>phase is expensed when it is incurred.<br>Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value) less <br>accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern to which <br>they contribute to future cash flows, generally using the amortisation periods set out below:<br>**Note:**<br>1Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer <br>periods ranging from 10 to 15 years.<br>

---

| | |
|:---|:---|
| **Annual rates in calculating amortisation** | **Amortisation period** |
| Goodwill | Not amortised |
| Internally generated software<sup>1</sup> | 12 months to 6 years |
| Other software | 12 months to 6 years |
| Core Deposits | 12 months to 5 years |
| Brand | 12 months to 10 years |
| Customer lists | 12 months to 25 years |
| Licences and other | 12 months to 25 years |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 397 |
|  |  |  |  |  |  |  |  | 397 |

---

Notes to the financial statements (continued)

Assets at amortised cost and other investments<br>

Intangible assets are reviewed for impairment when there are indications that impairment may have occurred. Intangible assets not yet

available for use are reviewed annually for impairment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Intangible assets** | **Intangible assets** | **Intangible assets** | **Intangible assets** | **Intangible assets** | **Intangible assets** |  |
|  | **Goodwill** | **Internally** <br>**generated** <br>**software**<br>| **Other** <br>**software**<br>| **Core** <br>**deposits**<br>| **Brand** | **Customer** <br>**lists**<br>| **Licences** <br>**and other**<br>| **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **2025** |  |  |  |  |  |  |  |  |
| **Cost**  |  |  |  |  |  |  |  |  |
| **As at 1 January 2025** | **5308** | **7280** | **671** | **17** | **7** | **1230** | **219** | **14732** |
| Additions | **—** | **1341** | **4** | **—** | **—** | **—** | **—** | **1345** |
| Disposals<sup>1</sup> | **—** | **(1306)** | **(5)** | **—** | **—** | **—** | **(3)** | **(1314)** |
| Exchange and other movements | **(35)** | **(74)** | **(4)** | **—** | **—** | **(78)** | **(14)** | **(205)** |
| **As at 31 December 2025** | **5273** | **7241** | **666** | **17** | **7** | **1152** | **202** | **14558** |
| **Accumulated amortisation and impairment** |  |  |  |  |  |  |  |  |
| **As at 1 January 2025** | **(858)** | **(3897)** | **(486)** | **(1)** | **(2)** | **(1073)** | **(140)** | **(6457)** |
| Disposals<sup>1</sup> | **—** | **1306** | **4** | **—** | **—** | **—** | **3** | **1313** |
| Amortisation charge<sup>2</sup> | **—** | **(1135)** | **(63)** | **(3)** | **(1)** | **(33)** | **(10)** | **(1245)** |
| Impairment charge<sup>2</sup> | **—** | **(8)** | **(1)** | **—** | **—** | **—** | **—** | **(9)** |
| Exchange and other movements | **—** | **41** | **2** | **—** | **—** | **71** | **10** | **124** |
| **As at 31 December 2025** | **(858)** | **(3693)** | **(544)** | **(4)** | **(3)** | **(1035)** | **(137)** | **(6274)** |
| **Net book value** | **4415** | **3548** | **122** | **13** | **4** | **117** | **65** | **8284** |
| **2024** |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | 5035 | 7190 | 717 |  | 7 | 1569 | 156 | 14674 |
| Additions | 263 | 1225 | 12 | 17 |  | 66 | 66 | 1649 |
| Disposals<sup>1</sup> |  | (1156) | (58) |  |  | (90) | (6) | (1310) |
| Exchange and other movements | 10 | 21 |  |  |  | (315) | 3 | (281) |
| **As at 31 December 2024** | 5308 | 7280 | 671 | 17 | 7 | 1230 | 219 | 14732 |
| **Accumulated amortisation and impairment** |  |  |  |  |  |  |  |  |
| **As at 1 January 2024** | (858) | (3965) | (478) |  | (1) | (1438) | (140) | (6880) |
| Disposals<sup>1</sup> |  | 1156 | 58 |  |  | 90 | 6 | 1310 |
| Amortisation charge<sup>2</sup> |  | (1066) | (67) | (1) | (1) | (28) | (5) | (1168) |
| Impairment charge<sup>2</sup> |  | (19) |  |  |  |  |  | (19) |
| Exchange and other movements |  | (3) | 1 |  |  | 303 | (1) | 300 |
| **As at 31 December 2024** | (858) | (3897) | (486) | (1) | (2) | (1073) | (140) | (6457) |
| **Net book value** | 4450 | 3383 | 185 | 16 | 5 | 157 | 79 | 8275 |

---

**Notes:**

1Disposals pertain to fully amortised assets which are not in use.

2Amortisation charge and impairment charge is part of Infrastructure, Administration and General expenses shown in Note 7.

**Goodwill**

Goodwill and Intangible assets are allocated to business operations according to business segments as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Goodwill** | **Intangibles** | **Total** | **Goodwill** | **Intangibles** | **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Barclays UK | **3872** | **1013** | **4885** | 3872 | 1042 | 4914 |
| Barclays UK Corporate Bank | **—** | **256** | **256** |  | 59 | 59 |
| Barclays UK Private Bank and Wealth <br>Management<br>| **95** | **298** | **393** | 95 | 251 | 346 |
| Barclays US Consumer Bank | **414** | **516** | **930** | 444 | 513 | 957 |
| Barclays Investment Bank | **—** | **1751** | **1751** | 0 | 1902 | 1902 |
| Head Office | **34** | **35** | **69** | 39 | 58 | 97 |
| **Total** | **4415** | **3869** | **8284** | 4450 | 3825 | 8275 |

---

**Critical accounting estimates and judgements**

**Goodwill**

Key areas involving a higher degree of judgement or estimation include:

---

| | |
|:---|:---|
| **Judgements** | **Estimates** |
| Identification of cash generating units (CGUs) and allocation of goodwill for <br>impairment testing.<br>| The value-in-use (VIU) of a CGU for impairment testing includes <br>forecasting future cash flows and determination of the discount rate.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 398 |
|  |  |  |  |  |  |  |  | 398 |

---

Notes to the financial statements (continued)

Assets at amortised cost and other investments<br>

The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of goodwill in the next financial

year.

Testing goodwill for impairment involves a significant amount of judgement. Goodwill is allocated to CGUs for the purpose of impairment

testing. The review of goodwill for impairment involves calculating a value in use (VIU) valuation, which is compared to the carrying value

of a CGU associated with the goodwill to determine whether any impairment has occurred. This includes the identification of independent

CGUs across the organisation and the allocation of goodwill to those CGUs.

The calculation of a value in use contains a high degree of uncertainty in estimating the future cash flows and the rates used to discount them.

Key judgements include determining the carrying value of the CGU, the cash flows and discount rates used in the calculation.

• The cash flow forecasts used by management involve judgement and are based upon a view of the prospects of the business and market

conditions at the point in time the assessment is prepared, including the potential effect of climate change. The estimation of cash flows is

sensitive to the periods for which detailed forecasts are available and to assumptions regarding long-term sustainable cash flows.

• The discount rates applied to the future cash flows also involve judgement. The discount rates used are compared to market participants to

ensure that they are appropriate and based on an estimated cost of equity for each CGU.

• The choice of a terminal growth rate used to determine the present value of the future cash flows of the CGUs is also a judgement that can

impact the outcome of the assessment. The terminal growth rate and discount rates used may vary due to external market rates and

economic conditions that are beyond management's control, including the potential effect of climate change.

Further details of some of the key judgements are set out below.

**2025 impairment review**

The 2025 impairment review was performed during Q42025, with the approach and analysis set out below.

**Determining the carrying value of CGUs**

The carrying value for each CGU is the sum of the tangible equity, goodwill and intangible asset balances associated with that CGU.

The Group manages the assets and liabilities of its CGUs with reference to the tangible equity of the respective businesses. That tangible

equity is derived from the level of risk weighted assets (RWAs) and capital required to be deployed in the CGU and therefore reflects its

relative risk, as well as the level of capital that management consider a market participant would be required to hold and retain to support

business growth.

Goodwill is initially allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the acquisition that generated it.

Goodwill is only reallocated if there is a change in its use or when reporting structures are altered in a way that changes the composition of

one or more cash generating units to which goodwill has been allocated. During H1 2025, Barclays Bank UK Group revised its internal

reporting structure to align with strategic changes and allocation of resources. As a result, a new reportable segment of Retail Banking has

replaced the previously reported Personal Banking and Barclaycard Consumer UK segments.

**Cash flows**

The five-year cash flows used in the calculation are based on the formally agreed medium-term plans approved by the Board. These are

prepared using macroeconomic assumptions which management consider reasonable and supportable, and reflect business agreed initiatives

for the forecast period. The macroeconomic assumptions underpinning the medium-term plan were determined during 2025 and management

has considered whether there are subsequent significant changes in those assumptions which would adversely impact the results of the

impairment review.

As required by IAS 36, estimates of future cash flows exclude cash inflows or outflows that are expected to arise from restructuring

initiatives where a constructive obligation to carry out the plan does not yet exist.

In line with prior year treatment, the Education, Social Housing and Local Authority (ESHLA) portfolio has been excluded from the

Business Banking CGU cash flows. This is a legacy loan portfolio which was previously within the Non-Core bank and was not part of the

business to which the goodwill relates. As such, the cash flows relating to this portfolio have been excluded from the Business Banking VIU

calculation.

**Discount rates**

IAS 36 requires that the discount rate used in a value in use calculation reflects the pre-tax rate an investor would require if they were to

choose an investment that would generate similar cash flows to those that the entity expects to generate from the asset. In determining the

discount rate, management identified the cost of equity associated with market participants that closely resemble the Group's CGUs. The cost

of equity has been used as the discount rate in the impairment assessment and applied to the post-tax cash flows of the CGU. This post-tax

method incorporates the impact of changing tax rates on the cash flows and is expected to produce the same VIU result as a pre-tax method

adjusted for varying tax rates. Using the resultant VIU, the equivalent pre-tax discount rate has been calculated. The cost of equity rate used

for all CGUs in this year's calculation has increased to reflect volatility in markets, an increase in risk free rate and a higher market risk

premium rate. The range of equivalent pre-tax discount rates applicable across the CGUs range from 15.2% to 19.6% (2024: 14.7% to

19.2%).

**Terminal growth rate**

The terminal growth rate is used to estimate the effect of projecting cash flows to the end of an asset's useful economic life. It is

management's judgement that the cash flows associated with the CGUs will grow in line with the major economies in which the Group

operates. Inflation rates are used as an approximation of future growth rates and form the basis of the terminal growth rates applied. The

terminal growth rate used is 2.0% (2024: 2.0%).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 399 |
|  |  |  |  |  |  |  |  | 399 |

---

Notes to the financial statements (continued)

Assets at amortised cost and other investments<br>

**Outcome of goodwill and intangibles review**

The Retail Banking CGU carries the majority of the Group's goodwill balance, predominantly as a consequence of the Woolwich

acquisition. The goodwill within Retail Banking was £3,243m (2024: £3,243m), of which £2,501m (2024: £2,501m) was attributable to

Woolwich, and within Business Banking was £629m (2024: £629m), fully attributable to Woolwich.

The largest portion of the Group's intangible assets sits within the Barclays Investment Bank CGU, with an allocation of £1,751m (2024:

£1,902m).

Based on management's plans and assumptions the value in use exceeds the carrying value of the CGUs and no impairment has been

indicated in 2025.

The outcome of the impairment review for Retail Banking, Business Banking and Barclays US Consumer Bank are set out below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash generating unit** | **Tangible equity** | **Goodwill** | **Intangibles** | **Carrying value** | **Value in use** | **Value in use** <br>**exceeding** <br>**carrying value** <br>**2025**<br>| **Value in use** <br>**exceeding** <br>**carrying value** <br>**2024**<br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Retail Banking | **9619** | **3243** | **795** | **13657** | **19961** | **6304** | **1925** |
| Business Banking | **1987** | **629** | **208** | **2824** | **8069** | **5245** | **3197** |
| Barclays US Consumer Bank | **3055** | **414** | **519** | **3988** | **7081** | **3093** | **480** |
| Total | **14661** | **4286** | **1522** | **20469** | **35111** | **14642** | **5602** |

---

**Note:**

1For comparative purposes, the 2024 figures have been re-presented to reflect the cash-generating units within the new operating divisions introduced in the first half

of 2025. Goodwill related to Retail Banking, which was previously reported under Personal Banking and Barclaycard Consumer UK, has now been reclassified

accordingly.

All of the above CGUs have seen an increase in value in use in the period, which is mainly attributable to improved performance expectations.

**Sensitivity of key judgements**

Headroom is sensitive to possible adverse changes in the key assumptions that support the recoverable amount:

**Cash flows:** The medium-term plans used to determine the cash flows used in the VIU calculation rely on macroeconomic forecasts, including

interest rates, GDP and unemployment, and forecast levels of market and client activity. Interest rate assumptions impact planned cash flows

from both customer income and structural hedge contributions and therefore cash flow expectations are highly sensitive to movements in the

yield curve. The cash flows also contain assumptions with regard to the prudential and financial conduct regulatory environment which may be

subject to change. Given the current level of economic uncertainty, a 10% reduction in cash flows has been provided to show the sensitivity of

the outcome to a change in these key assumptions.

**Discount rate:** The discount rate should reflect the market risk-free rate adjusted for the inherent risks of the business it is applied to.

Management have identified discount rates for comparable businesses and consider these to be a reasonable estimate of a suitable market rate

for the profile of the business unit being tested. The risk that these discount rates may not be appropriate is quantified below and shows the

impact of a 100bps change in the discount rate.

**Terminal growth rate:** The terminal growth rate is used to estimate the cash flows into perpetuity based on the expected longevity of the

CGU's businesses. The terminal growth rate is sensitive to uncertainties in the macroeconomic environment. The risk that using inflation data

may not be appropriate for its determination is quantified below and shows the impact of 100bps change in the terminal growth rate.

**Allocated capital rate:** Tangible equity is allocated based on the level of risk weighted assets (RWAs) and capital required to be deployed in

the CGU, which is dependent on the relative risk of businesses. The capital rate used in determining the level of tangible equity allocated to the

CGU and its capital cash flows could move over time. The impact of a 50bps increase in capital rate is quantified below.

The sensitivity of the value in use to key judgements in the calculations for certain CGUs holding goodwill balances is set out below:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash generating unit** | **Carrying** <br>**value** | **Value in** <br>**use** | **Value in** <br>**use** <br>**exceeding** <br>**carrying** <br>**value** | **Discount** <br>**rate** | **Reduction in headroom** | **Reduction in headroom** | **Reduction in headroom** | **Reduction in headroom** | **Change required to reduce headroom to** <br>**zero** | **Change required to reduce headroom to** <br>**zero** | **Change required to reduce headroom to** <br>**zero** | **Change required to reduce headroom to** <br>**zero** |
| **Cash generating unit** | **Carrying** <br>**value** | **Value in** <br>**use** | **Value in** <br>**use** <br>**exceeding** <br>**carrying** <br>**value** | **Discount** <br>**rate** | **100 bps** <br>**increase** <br>**in the** <br>**discount** <br>**rate**<br>| **100 bps** <br>**decrease** <br>**in** <br>**terminal** <br>**growth** <br>**rate**<br>| **50 bps** <br>**increase** <br>**to** <br>**allocated** <br>**capital** <br>**rate**<br>| **10%** <br>**reduction** <br>**in** <br>**forecasted** <br>**cash flows**<br>| **Discount** <br>**rate**<br>| **Terminal** <br>**growth** <br>**rate**<br>| **Allocated** <br>**capital** <br>**rate**<br>| **Cash** <br>**flows**<br>|
|  | **£m** | **£m** | **£m** | **%** | **£m** | **£m** | **£m** | **£m** | **%** | **%** | **%** | **%** |
| Retail Banking | **13657** | **19961** | **6304** | **19.6** | **(1164)** | **(676)** | **(428)** | **(2189)** | **7.4** | **(17.8)** | **7.4** | **(28.8)** |
| Barclays US Consumer <br>Bank<br>| **3988** | **7081** | **3093** | **16.8** | **(572)** | **(368)** | **(229)** | **(901)** | **8.0** | **(16.8)** | **6.7** | **(34.3)** |
| **Total** | **17645** | **27042** | **9397** |  |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 400 |
|  |  |  |  |  |  |  |  | 400 |

---

Notes to the financial statements (continued)

Accruals, provisions, contingent liabilities and legal proceedings<br>

**Accruals, provisions, contingent liabilities and legal proceedings**

The notes included in this section focus on the Group's accruals, provisions and contingent liabilities. Provisions are recognised for <br>present obligations arising as consequences of past events where it is probable that a transfer of economic benefit will be necessary to <br>settle the obligation, and it can be reliably estimated. Contingent liabilities reflect potential liabilities that are not recognised on the <br>balance sheet.<br>

**22 Other liabilities**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Accruals and deferred income | **4261** | 4479 |
| Other creditors | **4477** | 4828 |
| Items in the course of collection due to other banks | **97** | 99 |
| Lease liabilities (refer to Note 20) | **1278** | 1205 |
| **Other liabilities** | **10113** | 10611 |

---

**23Provisions**

**Accounting for provisions**<br>Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a transfer of <br>economic benefit will be necessary to settle the obligation, which can be reliably estimated.<br>

**Critical accounting estimates and judgements**<br>Key areas involving a higher degree of judgement or estimation include:<br>These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amounts of provisions within <br>the next financial year.<br>The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present obligation <br>exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires judgements to <br>be made based on the specific facts and circumstances relating to individual events and often requires specialist professional advice. <br>When matters are at an early stage, accounting judgements and estimates can be difficult because of the high degree of uncertainty <br>involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis whether provisions should be <br>recognised, however there can remain a wide range of possible outcomes and uncertainties, particularly in relation to legal, competition <br>and regulatory matters, and as a result, it is often not practicable to make meaningful estimates, even when matters are at a more advanced <br>stage. <br>The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a large <br>range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail of legal, <br>competition and regulatory matters.<br>

---

| | |
|:---|:---|
| **Judgements** | **Estimates** |
| Determination as to whether a present obligation exists. | Estimation uncertainty in the probability, timing, nature and quantum <br>of outflows.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 401 |
|  |  |  |  |  |  |  |  | 401 |

---

Notes to the financial statements (continued)

Accruals, provisions, contingent liabilities and legal proceedings<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Legal,** <br>**competition and** <br>**regulatory** <br>**matters** |  | **Sundry**<br>**provisions** |  |
|  | **Redundancy** <br>**and** <br>**restructuring**<br>| **Customer** <br>**redress**<br>| **Legal,** <br>**competition and** <br>**regulatory** <br>**matters** | **Onerous** <br>**contracts**<br>| **Sundry**<br>**provisions** | **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 1 January 2025** | **213** | **299** | **59** | **14** | **359** | **944** |
| Additions | **267** | **302** | **114** | **41** | **165** | **889** |
| Amounts utilised | **(210)** | **(43)** | **(89)** | **(14)** | **(76)** | **(432)** |
| Unused amounts reversed | **(79)** | **(13)** | **(3)** | **—** | **(48)** | **(143)** |
| Exchange and other movements | **(1)** | **(2)** | **(2)** | **—** | **(5)** | **(10)** |
| **As at 31 December 2025** | **190** | **543** | **79** | **41** | **395** | **1248** |
| **Undrawn contractually committed facilities and** <br>**guarantees**<br>|  |  |  |  |  |  |
| As at 1 January 2025 |  |  |  |  |  | **439** |
| Net change in expected credit loss provision and <br>other movements<br>|  |  |  |  |  | **(23)** |
| As at 31 December 2025 |  |  |  |  |  | **416** |
| **Total provisions** |  |  |  |  |  |  |
| As at 1 January 2025 |  |  |  |  |  | **1383** |
| **As at 31 December 2025** |  |  |  |  |  | **1664** |

---

Provisions expected to be recovered or settled within no more than 12 months after31 December 2025 are £1,400m (2024: £1,192m).

**Redundancy and restructuring**

These provisions comprise the estimated cost of restructuring, including redundancy costs where an obligation exists. For example, when the

Group has a detailed formal plan for restructuring a business and has raised valid expectations in those affected by the restructuring by

announcing its main features or starting to implement the plan.

**Customer redress**

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 industrywide 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.

**Legal, competition and regulatory matters**

The Group is engaged in various legal proceedings, both in the UK and a number of other overseas jurisdictions, including the US. For

further information in relation to legal proceedings and discussion of the associated uncertainties, refer to Note 25.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 402 |
|  |  |  |  |  |  |  |  | 402 |

---

Notes to the financial statements (continued)

Accruals, provisions, contingent liabilities and legal proceedings<br>

**Onerous contracts** 

Onerous contract provisions comprise an estimate of the unavoidable costs involved with fulfilling the terms and conditions of contracts net

of any expected benefits to be received.

**Sundry provisions**

This category includes provisions that do not fit into any of the other categories, such as fraud losses and dilapidation provisions.

**Undrawn contractually committed facilities and guarantees**

Undrawn contractually committed facilities and guarantees provisions are accounted under IFRS9. Impairment allowance under IFRS 9

considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to the

drawn exposure to the extent that the allowance does not exceed the exposure as ECL is not reported separately. Any excess is reported on

the liability side of the balance sheet as a provision. For wholesale portfolios, the impairment allowance on the undrawn exposure is reported

on the liability side of the balance sheet as a provision. Further analysis of the movement is disclosed within the 'Movement in gross

exposures and impairment allowance including provisions for loan commitments and financial guarantees' in the expected credit loss

provision table on page [231](#i12c1279a81884a37aee9a5181c6fa279_958).

**24 Contingent liabilities and commitments**

**Accounting for contingent liabilities**<br>Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events and present obligations <br>where the transfer of economic resources is uncertain or cannot be reliably measured. Contingent liabilities are not recognised on the <br>balance sheet, but are disclosed unless the likelihood of an outflow of economic resources is remote.<br>The following table summarises the nominal principal amount of contingent liabilities and commitments which are not recorded on-<br>balance sheet:<br>

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Guarantees and letters of credit pledged as collateral security | **16749** | 16713 |
| Performance guarantees, acceptances and endorsements | **8625** | 8633 |
| **Total contingent liabilities and financial guarantees** | **25374** | 25346 |
| • Of which: Financial guarantees and letters of credit carried at fair value | **905** | 988 |
| Documentary credits and other short-term trade related transactions | **1103** | 1433 |
| Standby facilities, credit lines and other commitments | **423503** | 421716 |
| **Total commitments**<sup>1</sup> | **424606** | 423149 |
| • Of which: Loan commitments carried at fair value | **21292** | 15350 |

---

**Note:**

1Includes exposures relating to financial assets classified as assets held for sale.

Provisions for expected credit losses held against contingent liabilities and commitments equal £416m (2024: £439m) and are reported in

Note 23. Further details on contingent liabilities relating to legal and competition and regulatory matters can be found in Note 25.

**25 Legal, competition and regulatory matters** 

The Group faces legal, competition and regulatory challenges, many of which are beyond our control. The extent of the impact of these

matters cannot always be predicted but may materially impact our operations, financial results, condition and prospects. Matters arising from

a set of similar circumstances can give rise to either a contingent liability or a provision, or both, depending on the relevant facts and

circumstances.

The recognition of provisions in relation to such matters involves critical accounting estimates and judgements in accordance with the

relevant accounting policies applicable to Note 23, Provisions. We have not disclosed an estimate of the potential financial impact or effect

on the Group of contingent liabilities where it is not currently practicable to do so. Various matters detailed in this note seek damages of an

unspecified amount. While certain matters specify the damages claimed, such claimed amounts do not necessarily reflect the Group's

potential financial exposure in respect of those matters.

Matters are ordered under headings corresponding to the financial statements in which they are disclosed.

**1. Barclays PLC and Barclays Bank PLC** 

**Proceedings relating to certain advisory services agreements**

In 2023, Barclays Bank PLC received requests for arbitration from two Jersey special purpose vehicles connected to PCP International

Finance Limited asserting claims in relation to the October 2008 capital raising. This matter is now concluded, and there are no other

outstanding matters relating to the advisory services agreements.

**Civil actions related to LIBOR and other benchmarks** 

Various individuals and corporates in a range of jurisdictions have threatened or brought civil actions against the Group and other banks in

relation to the alleged manipulation of LIBOR and/or other benchmarks.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 403 |
|  |  |  |  |  |  |  |  | 403 |

---

Notes to the financial statements (continued)

Accruals, provisions, contingent liabilities and legal proceedings<br>

**US civil actions related to LIBOR**

Multiple civil actions have been filed in the US against the Group and other banks alleging manipulation of USD LIBOR, Sterling LIBOR

and the LIBOR benchmark that was administered by the Intercontinental Exchange Inc. and certain of its affiliates (ICE LIBOR).

With respect to USD LIBOR, one action alleging that Barclays Bank PLC, Barclays Capital Inc. (BCI) and other financial institutions

individually and collectively violated provisions of the US Sherman Antitrust Act (Sherman Act), the US Commodity Exchange Act, the US

Racketeer Influenced and Corrupt Organizations Act (RICO), the US Securities Exchange Act of 1934 and various state laws by

manipulating USD LIBOR rates remains, seeking unspecified damages. In September 2025, the US federal district court in the Southern

District of New York (SDNY) granted the defendants' motion for summary judgment and dismissed the remaining USD LIBOR litigations,

including the action against the Group. The plaintiffs are appealing the decision. A separate USD LIBOR action pending in the SDNY was

previously settled. The settlement is not material to the Group's operating results, cash flows or financial position.

With respect to Sterling LIBOR, consolidated class actions filed in the SDNY against Barclays Bank PLC, BCI and other Sterling LIBOR

panel banks alleging, among other things, manipulation of the Sterling LIBOR rate in violation of the Sherman Act, US Commodity

Exchange Act and RICO, were dismissed in 2018. The US Court of Appeals for the Second Circuit (Second Circuit) affirmed the dismissal

in September 2025. This matter is concluded.

With respect to ICE LIBOR, in August 2020, a group of individual plaintiffs in the US District Court for the Northern District of California

on behalf of individual borrowers and consumers of loans and credit cards with variable interest rates linked to USD ICE LIBOR brought an

action against Barclays Bank PLC and other financial institutions alleging Sherman Act violations. The defendants' motion to dismiss the

case was granted in 2022. The US Court of Appeals for the Ninth Circuit affirmed the dismissal in December 2024. The plaintiffs' petition

for US Supreme Court review was denied in June 2025, concluding the matter.

**Non-US benchmarks civil actions** 

The remaining UK claim, issued in 2017, against Barclays Bank PLC and other banks in connection with alleged manipulation of LIBOR

has now settled. The settlement is not material to the Group's operating results, cash flows or financial position. Proceedings are ongoing in

Spain and Italy relating to alleged manipulation of LIBOR and EURIBOR. The proceedings in Israel have concluded.

**Foreign exchange civil actions** 

Legal proceedings have been brought or are threatened against Barclays PLC, Barclays Bank PLC, BCI and Barclays Execution Services

Limited (BX) in connection with alleged manipulation of foreign exchange in the UK, the Netherlands, Israel, Brazil and Australia. In

Australia, the court has approved the settlement and the proceedings are concluded. In Israel, a settlement in principle has been agreed

subject to court approval. The settlements are not material to the Group's operating results, cash flows or financial position.

The above-mentioned proceedings include a class action filed against Barclays PLC, Barclays Bank PLC, BX, BCI and other financial

institutions in the UK Competition Appeal Tribunal (CAT) in 2019. The CAT refused to certify the claim in 2022 and in 2023, the Court of

Appeal overturned the CAT's decision and found that the claim should be certified on an opt-out basis. Barclays and the other financial

institutions involved appealed this decision and, in December 2025, the UK Supreme Court issued a judgment in their favour, establishing

that this claim should be brought as an opt-in class action.

**Metals-related civil actions** 

A US civil complaint alleging manipulation of the price of silver in violation of the US Commodity Exchange Act, the Sherman Act and

state antitrust and consumer protection laws was brought by a proposed class of plaintiffs against a number of banks, including Barclays

Bank PLC, BCI and BX. The complaint, which is filed in the SDNY, was dismissed against the Barclays entities and certain other defendants

in 2018, and against the remaining defendants in 2023. The plaintiffs have appealed the dismissal of the complaint against all defendants.

Civil actions have also been filed in Canadian courts against Barclays PLC, Barclays Bank PLC, Barclays Capital Canada Inc. and BCI on

behalf of proposed classes of plaintiffs alleging manipulation of gold and silver prices. The Barclays entities have reached a settlement in

principle, which will require court approval. The settlement is not material to the Group's operating results, cash flows or financial position.

**US residential mortgage-related civil action** 

There remains one US Residential Mortgage-Backed Securities (RMBS) related civil action arising from unresolved repurchase requests

submitted by Trustees for certain RMBS, alleging breaches of various loan-level representations and warranties made by Barclays Bank PLC

and/or a subsidiary acquired in 2007. Barclays' motion to dismiss the action was denied in 2023. The parties appealed the decision and in

January 2025, the appellate court reversed the lower court's decision and dismissed the action. The plaintiff has requested review by the New

York State Court of Appeals.

**Government and agency securities civil actions** 

**Treasury auction securities civil actions** 

Consolidated purported class action complaints filed in US federal court against Barclays Bank PLC, BCI and other financial institutions

under the Sherman Act and state common law allege that the defendants: (i) conspired to manipulate the US Treasury securities market; and/

or (ii) conspired to prevent the creation of certain platforms by boycotting or threatening to boycott such trading platforms. The court

dismissed the consolidated action in 2021 and the plaintiffs filed an amended complaint. The defendants' motion to dismiss the amended

complaint was granted in 2022. The plaintiffs appealed this decision, and in February 2024 the appellate court affirmed the dismissal. The

plaintiffs did not seek US Supreme Court review, thereby concluding the matter.

In addition, certain plaintiffs have filed a related, direct action against BCI and certain other financial institutions, alleging that defendants

conspired to fix and manipulate the US Treasury securities market in violation of the Sherman Act, the US Commodity Exchange Act and

state common law. This action remains stayed.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 404 |
|  |  |  |  |  |  |  |  | 404 |

---

Notes to the financial statements (continued)

Accruals, provisions, contingent liabilities and legal proceedings<br>

**Variable Rate Demand Obligations civil actions** 

Civil actions have been filed against Barclays Bank PLC and BCI and other financial institutions alleging the defendants conspired or

colluded to artificially inflate interest rates set for Variable Rate Demand Obligations (VRDOs). VRDOs are municipal bonds with interest

rates that reset on a periodic basis, most commonly weekly. An action in state court has been filed by private plaintiffs on behalf of the state

of California. A settlement in principle has been agreed in that action, subject to court approval. This settlement is not material to the Group's

operating results, cash flows or financial position. In addition, three purported class action complaints have been consolidated in the SDNY.

In the consolidated SDNY class action, certain of the plaintiffs' claims were dismissed in 2020 and 2022 and the plaintiffs' motion for class

certification was granted in 2023, which means the case may proceed as a class action. The defendants appealed and the decision was

affirmed by the Second Circuit in August 2025. The defendants have petitioned for US Supreme Court review.

**Odd-lot corporate bonds antitrust class action** 

In 2020, BCI, together with other financial institutions, was named as a defendant in a purported class action in the US. The complaint

alleges a conspiracy to boycott developing electronic trading platforms for odd-lots and price fixing. The plaintiffs demand unspecified

money damages. The defendants' motion to dismiss was granted in 2021, which the plaintiffs appealed. In July 2024, the Second Circuit

vacated the judgment and remanded the case to the SDNY, where the plaintiffs filed a second amended complaint in September 2024. The

defendants' motion to dismiss was granted in its entirety in September 2025. The parties have stipulated to the discontinuance of the action,

thereby concluding the matter.

**Credit Default Swap civil action** 

A purported antitrust class action is pending in New Mexico federal court against Barclays Bank PLC, BCI and various other financial

institutions. The plaintiffs, the New Mexico State Investment Council and certain New Mexico pension funds, allege that the defendants

conspired to manipulate the benchmark price used to value Credit Default Swap (CDS) contracts at settlement (i.e. the CDS final auction

price). The plaintiffs allege violations of US antitrust laws and the US Commodity Exchange Act, and unjust enrichment under state law. The

defendants' motion to dismiss was denied in 2023. In January 2024, the SDNY ruled that settlement in an earlier CDS antitrust litigation bars

these plaintiffs from asserting claims based on conduct occurring before 30 June 2014. The plaintiffs appealed to the Second Circuit and the

appeal was denied in May 2025. The case has returned to New Mexico federal court and the defendants have filed a motion for judgment on

the pleadings.

**Interest rate swap and credit default swap US civil actions** 

Barclays PLC, Barclays Bank PLC and BCI, together with other financial institutions that act as market makers for interest rate swaps (IRS),

are named as defendants in several antitrust actions, including one purported class action and individual actions brought by certain swap

execution facilities, which are consolidated in the SDNY. The complaints allege the defendants conspired to prevent the development of

exchanges for IRS and demand unspecified money damages. The parties have reached a settlement of the class action, which received final

court approval and was paid in 2024. The individual claims are proceeding separately in the SDNY.

**BDC Finance L.L.C.**

In 2008, BDC Finance L.L.C. (BDC) filed a complaint in the Supreme Court of the State of New York, demanding damages of $298m,

alleging that Barclays Bank PLC had breached a contract in connection with a portfolio of total return swaps governed by an ISDA Master

Agreement. Following a trial, the court ruled in 2018 that Barclays Bank PLC was not a defaulting party, which was affirmed on appeal.

Barclays Bank PLC filed a counterclaim against BDC for damages, legal fees, expenses and interest. In November 2025, the court granted

Barclays' pretrial motion to exclude certain evidence. BDC is appealing. A trial on damages will be scheduled.

**Civil actions in respect of the US Anti-Terrorism Act** 

Eight civil actions, on behalf of more than 4,000 plaintiffs, were filed in US federal courts in the US District Court in the Eastern District of

New York (EDNY) and SDNY against Barclays Bank PLC and a number of other banks. The complaints generally allege that Barclays Bank

PLC and those banks engaged in a conspiracy to facilitate US dollar-denominated transactions for the Iranian government and various

Iranian banks, which in turn funded acts of terrorism that injured or killed the plaintiffs or the plaintiffs' family members. The plaintiffs seek

to recover damages for pain, suffering and mental anguish under the US Anti-Terrorism Act, which allows for the trebling of any proven

damages.

The court granted the defendants' motions to dismiss three out of the six actions in the EDNY. The plaintiffs appealed in one action and the

dismissal was affirmed, and judgment was entered, in 2023. The plaintiffs' motion to vacate the judgment was denied in September 2025.

The other two dismissed actions in the EDNY were consolidated into one action. The plaintiffs in that action, and in one other action in the

EDNY, filed amended complaints and the defendants' motion to dismiss is fully briefed. The two other actions in the EDNY are currently

stayed. Out of the two actions in the SDNY, the court granted the defendants' motion to dismiss the first action. That action is stayed, and the

second SDNY action is stayed pending any appeal on the dismissal of the first.

**Shareholder derivative action** 

In 2020, a purported Barclays shareholder filed a purported derivative action in New York state court against BCI and a number of current

and former members of the Board of Directors of Barclays PLC and senior executives or employees of the Group. The shareholder plaintiff

filed the claim on behalf of nominal defendant Barclays PLC, alleging that the individual defendants harmed the company through breaches

of their duties, including under the Companies Act 2006. The plaintiff sought damages on behalf of Barclays PLC for the losses that Barclays

PLC allegedly suffered as a result of these alleged breaches. An amended complaint was filed in 2021, which BCI and certain other

defendants moved to dismiss. The motion to dismiss was granted in 2022. The plaintiff appealed the decision, and the dismissal was

unanimously affirmed in 2023 by the First Judicial Department in New York. The plaintiff appealed the First Judicial Department's decision

to the New York Court of Appeals. The dismissal was affirmed by the New York Court of Appeals in May 2025, concluding the matter. In

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 405 |
|  |  |  |  |  |  |  |  | 405 |

---

Notes to the financial statements (continued)

Accruals, provisions, contingent liabilities and legal proceedings<br>

November 2025, the same plaintiff filed a new complaint in New York state court against the same defendants. Barclays has not yet been

served.

**Skilled person review in relation to historical timeshare loans and associated matters** 

Clydesdale Financial Services Limited (CFSL), a subsidiary of the Group which trades as Barclays Partner Finance and houses Barclays'

point-of-sale finance business, was required by the FCA to undertake a skilled person review in 2020 following concerns about historical

affordability assessments for certain loans to customers in connection with timeshare purchases. The skilled person review was concluded in

2021. CFSL complied fully with the skilled person review requirements, including carrying out certain remediation measures. CFSL was not

required to conduct a full back book review. Instead, CFSL reviewed limited historical lending to ascertain whether its practices caused

customer harm and has remediated any examples of harm. This work was substantially completed during 2023, utilising provisions booked

to account for any remediations. This matter is now concluded.

**Motor finance commission arrangements** 

From 2003 to late 2019, CFSL, a wholly-owned subsidiary of the Group, provided motor finance to customers in the UK. In 2020, CFSL was

transferred from Barclays Bank PLC to Barclays Principal Investments Ltd (BPIL), another subsidiary of Barclays PLC. Barclays Bank PLC

has provided an intragroup indemnity to BPIL in respect of historical litigation and conduct matters relating to CFSL.

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 in

CFSL 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.

**Over-issuance of securities in the US** 

In 2022, executive management became aware that Barclays Bank PLC had issued securities materially in excess of the set amount under its

US shelf registration statements.

In 2022, a purported class action claim was filed in the US District Court in Manhattan seeking to hold Barclays PLC, Barclays Bank PLC

and former and current executives responsible for declines in the price of Barclays PLC's American depositary receipts, which the plaintiffs

claim occurred as a result of alleged misstatements and omissions in its public disclosures. The defendants' motion to dismiss the case was

granted in part and denied in part in February 2024. The parties reached a settlement in respect of such lawsuit, which has received final

court approval and has been paid, concluding the matter. The financial impact of this settlement is not material to the Group's operating

results, cash flows or financial position.

In addition, holders of VXX ETNs have brought a purported class action in the SDNY against Barclays PLC, Barclays Bank PLC, and

former and current executives and board members in the US alleging, among other things, that Barclays' failure to disclose that these ETNs

were unregistered securities misled investors and that, as a result, Barclays is liable for the holders' alleged losses following the suspension

of further sales and issuances of the ETNs. The plaintiffs were granted leave to amend and filed a new complaint in March 2024. Barclays'

motion to dismiss was granted in March 2025. The plaintiffs' motion for reconsideration was denied in June 2025. The plaintiffs are

appealing the decision.

In March 2024, a purported class action was filed in the SDNY against Barclays PLC, Barclays Bank PLC and former and current

executives. The plaintiff purports to bring claims on behalf of a class of short sellers, alleging that their short positions suffered substantial

losses when Barclays suspended new issuances and sales of VXX ETNs as a result of the over-issuance of securities. Barclays' motion to

dismiss was granted in March 2025. The plaintiff appealed the decision granting Barclays' motion to dismiss and, in December 2025, the

Second Circuit affirmed the dismissal.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 406 |
|  |  |  |  |  |  |  |  | 406 |

---

Notes to the financial statements (continued)

Accruals, provisions, contingent liabilities and legal proceedings<br>

**2. Barclays PLC, Barclays Bank PLC and Barclays Bank UK PLC**

**HM Revenue & Customs (HMRC) assessments concerning UK Value Added Tax** 

In 2018, HMRC issued notices that have the effect of either removing certain Barclays overseas subsidiaries that have operations in the UK

from Barclays' UK VAT group or preventing them from joining it. Supplies between members of a UK VAT group are generally free from

VAT. The notices had both retrospective and prospective effect. Barclays appealed HMRC's decisions to the First-Tier Tribunal (Tax

Chamber) in relation to both the retrospective VAT assessments and the ongoing VAT payments made since 2018. £181m of VAT (inclusive

of interest) was assessed retrospectively by HMRC covering the periods 2014 to 2018, of which approximately £128m is expected to be

attributed to Barclays Bank UK PLC and £53m to Barclays Bank PLC. This retrospectively assessed VAT was paid in 2018 and an asset,

adjusted to reflect expected eventual recovery, is recognised. Since 2018 Barclays has paid, and recognised as an expense, VAT on intra-

group supplies from the relevant subsidiaries to the members of the VAT group. In respect of the ongoing VAT payments, the court upheld

HMRC's denial of the VAT grouping in August 2024. Barclays has appealed this decision to the Upper Tribunal.

**FCA investigations concerning financial crime systems and controls and compliance with the Money Laundering Regulations**

The FCA conducted civil enforcement investigations into Barclays Bank PLC's and Barclays Bank UK PLC's compliance with the Money

Laundering Regulations and the FCA's Principles of Business and Rules relating to anti-money laundering and financial crime systems and

controls. The FCA's investigation of Barclays Bank PLC focused primarily on the historical oversight and management of a customer with

heightened risk. In July 2025, Barclays Bank PLC agreed a settlement with the FCA to resolve the investigation. At the same time, Barclays

Bank UK PLC reached a settlement with the FCA in a separate investigation concerning the onboarding of a client money account for an

FCA-regulated firm. The FCA recognised Barclays' cooperation in both matters, which are now concluded.

**UK bank levy**

In November 2024, HMRC updated its published guidance on the treatment of beneficiary accounts for the purposes of the exclusion of

protected deposits from the UK bank levy charge. HMRC's interpretation of the UK bank levy legislation differs from Barclays'

interpretation of the legislation, which has been applied in Barclays' UK bank levy returns and which Barclays continues to consider is

correct. In December 2024, HMRC wrote to notify Barclays of its intention to challenge this treatment. Whilst engagement with HMRC

continued during 2025, discussions remain at a relatively early stage and assessments have not yet been issued.

**3. Barclays PLC, Barclays Bank PLC and Barclays Bank Ireland PLC**

**Potential indemnity claim relating to the sale of Barclays Consumer Bank Europe**

In January 2025, Barclays Bank Ireland PLC completed the sale of certain assets and liabilities, specifically the Consumer Bank Europe, its

German consumer finance business, to BAWAG P.S.K., a wholly-owned subsidiary of BAWAG Group AG (BAWAG). As part of the

transaction, Barclays Bank Ireland PLC provided BAWAG with a capped indemnity in relation to transfer taxes on certain assets.

Discussions with the relevant taxation authority are ongoing and are at an early stage. No formal assessment has been issued.

**4. Barclays PLC** 

**Civil action in respect of statements concerning Barclays' former CEO** 

In 2023, a purported class action was filed in federal court in California against Barclays PLC and a number of current and former senior

executives of Barclays PLC. It was amended in 2024 to assert US securities law claims against Barclays PLC and individual defendants, and

a UK securities law claim against Barclays PLC. The complaint seeks to hold the defendants responsible for declines in the price of Barclays

PLC's American depositary receipts and Barclays PLC's ordinary shares, which the plaintiffs claim occurred as a result of alleged

misstatements and omissions in Barclays' public disclosures relating to its former CEO's relationship with Jeffrey Epstein. The defendants

filed motions to dismiss and in June 2025, the court dismissed the UK securities law claim against Barclays PLC and granted an individual

defendant's motion to dismiss in part. Another individual defendant's motion to dismiss was denied. The defendants moved for

reconsideration or, alternatively, leave to appeal, which is pending before the court. The plaintiffs filed a second amended complaint in July

2025, repleading the UK securities law claim against Barclays PLC and which Barclays PLC has moved to dismiss.

**General** 

The Group is engaged in various other legal, competition and regulatory matters in the UK, the US and a number of other overseas

jurisdictions. It is subject to legal proceedings brought by and against the Group which arise in the ordinary course of business from time to

time, including (but not limited to) disputes in relation to contracts, securities, guarantees, debt collection, consumer credit, fraud, trusts,

client assets, competition, data management and protection, intellectual property, money laundering, financial crime, employment,

environmental and other statutory and common law issues.

The Group is also subject to enquiries and examinations, requests for information, audits, investigations and legal and other proceedings by

regulators, governmental and other public bodies in connection with (but not limited to) consumer protection measures, measures to combat

money laundering and financial crime, compliance with legislation and regulation, wholesale trading activity and other areas of banking and

business activities in which the Group is or has been engaged. The Group is cooperating with the relevant authorities and keeping all relevant

agencies briefed as appropriate in relation to these matters and others described in this note on an ongoing basis.

At the present time, Barclays PLC does not expect the ultimate resolution of any of these other matters to have a material adverse effect on

the Group's financial position. However, in light of the uncertainties involved in such matters and the matters specifically described in this

note, there can be no assurance that the outcome of a particular matter or matters (including formerly active matters or those matters arising

after the date of this note) will not be material to Barclays PLC's results, operations or cash flows for a particular period, depending on,

among other things, the amount of the loss resulting from the matter(s) and the amount of profit otherwise reported for the reporting period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 407 |
|  |  |  |  |  |  |  |  | 407 |

---

Notes to the financial statements (continued)

Capital instruments, equity and reserves<br>

**Capital instruments, equity and reserves**

The notes included in this section focus on the Group's loan capital and shareholders' equity, including issued share capital, retained <br>earnings, other equity balances and interests of minority shareholders in our subsidiary entities (non-controlling interests). For more <br>information on capital management and how the Group maintains sufficient capital to meet our regulatory requirements, refer to the <br>Capital risk management section.<br>

**26 Subordinated liabilities**

**Accounting for subordinated liabilities**<br>Subordinated liabilities are measured at amortised cost, using the effective interest method under IFRS 9.<br>

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| As at 1 January | **11921** | 10494 |
| Issuances | **1772** | 1870 |
| Redemptions | **(727)** | (476) |
| Other | **(12)** | 33 |
| **As at 31 December** | **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, £112m USD Floating Rate Notes issued externally by a Barclays

subsidiary,

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

Subordinated liabilities include accrued interest and none of the Group's subordinated liabilities are secured other than the £732m

subordinated notes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dated subordinated liabilities**<sup>1</sup> |  |  |  |  |
|  |  |  | **2025** | **2024** |
|  | **Initial call date** | **Maturity date** | **£m** | **£m** |
| **Barclays PLC issued** |  |  |  |  |
| 3.750% Fixed Rate Resetting Subordinated Callable Notes (GBP 500m) | 2025 | 2030 | **—** | 483 |
| 3.750% Fixed Rate Resetting Subordinated Callable Notes (SGD 200m) | 2025 | 2030 | **—** | 117 |
| 5.20% Fixed Rate Subordinated Notes (USD 2,050m) |  | 2026 | **1522** | 1580 |
| 1.125% Fixed Rate Resetting Subordinated Callable Notes (EUR 1,000m) | 2026 | 2031 | **876** | 810 |
| 4.836% Fixed Rate Subordinated Notes (USD 2,000m) | 2027 | 2028 | **1472** | 1535 |
| 8.407% Fixed Rate Resetting Subordinated Callable Notes (GBP 1,000m) | 2027 | 2032 | **1023** | 1010 |
| 5.088% Fixed-to-Floating Rate Subordinated Callable Notes (USD 1,500m) | 2029 | 2030 | **1063** | 1088 |
| 3.564% Fixed Rate Resetting Subordinated Callable Notes (USD 1,000m) | 2030 | 2035 | **657** | 663 |
| 6.158% Fixed to Floating Tier 2 Subordinated Callable notes (AUD 500m) | 2030 | 2035 | **249** | 248 |
| Floating Rate Tier 2 Subordinated Callable Notes (AUD 500m) | 2030 | 2035 | **249** | 248 |
| 4.973% Fixed Rate Resetting Tier 2 Subordinated Callable Notes (EUR 1,500m) | 2031 | 2036 | **1371** | 1324 |
| 4.616% Fixed Rate Resetting Subordinated Callable Notes (EUR 1,250m) | 2032 | 2037 | **1126** |  |
| 7.119% Fixed-to-Floating Rate Subordinated Callable Notes (USD 1,500m) | 2033 | 2034 | **1105** | 1146 |
| 3.811% Fixed Rate Resetting Subordinated Callable Notes (USD 1,000m) | 2041 | 2042 | **562** | 590 |
| **Barclays Bank PLC issued** |  |  |  |  |
| 5.75% Fixed Rate Subordinated Notes (GBP 274m) |  | 2026 | **279** | 279 |
| 5.4% Reverse Dual Currency Subordinated Loan (JPY 15,000m) |  | 2027 | **71** | 76 |
| 6.33% Subordinated Notes (GBP 50m) |  | 2032 | **46** | 45 |
| Subordinated Floating Rate Notes (EUR 68m) |  | 2040 | **59** | 56 |
| **External issuances by other subsidiaries** |  |  | **492** | 623 |
| **External issuances by Barclays securitisation SPV** |  | 2036 | **732** |  |
| **Total dated subordinated liabilities** |  |  | **12954** | 11921 |

---

**Note:**

1Instrument values are disclosed to the nearest million.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 408 |
|  |  |  |  |  |  |  |  | 408 |

---

Notes to the financial statements (continued)

Capital instruments, equity and reserves<br>

**Dated subordinated liabilities**

Dated subordinated liabilities are issued by Barclays PLC, Barclays Bank PLC and its subsidiaries for the development and expansion of

their businesses and to strengthen their respective capital bases. The principal terms of the dated subordinated liabilities are described below:

**Subordination**

Dated subordinated liabilities issued by Barclays PLC rank behind the claims against Barclays PLC of unsecured unsubordinated creditors,

but before the claims of the holders of its equity.

All dated subordinated liabilities externally issued by Barclays Bank PLC rank behind the claims against Barclays Bank PLC of depositors

and other unsecured unsubordinated creditors, but before the claims of the holders of its equity. The dated subordinated liabilities externally

issued by Barclays Bank PLC subsidiaries are similarly subordinated as the external subordinated liabilities issued by Barclays Bank PLC.

The dated subordinated liabilities issued externally by a Barclays Bank UK securitisation SPV are asset backed securities with limited

recourse obligations against the SPV's assets. The junior and mezzanine notes rank behind the senior notes issued by the Barclays Bank UK

SPV. Noteholders will have no recourse to Barclays Bank UK PLC as a source of payment.

**Maturity**

Dated floating rate subordinated liabilities externally issued by Barclays Bank PLC subsidiaries £492m(2024:£623m) with maturities

ranging from 2026 to 2032.

**Interest**

Interest on the Floating Rate Notes is fixed periodically in advance, based on the related market rates.

Interest on Fixed Rate Notes is set by reference to market rates at the time of issuance and fixed until maturity.

Interest on the 3.811% USD Fixed Rate Resetting Subordinated Callable notes, 1.125% EUR Fixed Rate Resetting Subordinated Callable

Notes, 3.564% USD Fixed Rate Resetting Subordinated Callable Notes, 4.973% EUR Fixed Rate Resetting Tier2 Subordinated Callable

Notes, 4.616% EUR Fixed Rate Resetting Subordinated Callable Notes, and the 8.407% GBP Fixed Rate Resetting Subordinated Callable

Notes are fixed until the call date. After the respective call dates, in the event that they are not redeemed, the interest rates will be reset and

fixed until maturity based on a market rate. Interest on the 5.088% USD Fixed-to-Floating Rate Subordinated Callable Notes, 6.158% AUD

Fixed to Floating Tier 2 Subordinated Callable notes and 7.119% USD Fixed-to-Floating Rate Subordinated Callable Notes are fixed until

the call date. After the call date, in the event that they are not redeemed, the interest rate will reset periodically in advance based on market

rates.

**Repayment**

Those subordinated liabilities with a call date are repayable at the option of the issuer on such call date in accordance with the conditions

governing the respective debt obligations, some in whole or in part, and some only in whole. The remaining dated subordinated liabilities

outstanding at 31 December 2025 are redeemable only on maturity, subject in particular cases to provisions allowing an early redemption in

the event of certain changes in tax law, or to certain changes in legislation or regulations.

Any repayments prior to maturity require, in the case of Barclays PLC and Barclays Bank PLC, the prior consent of the PRA, or in the case

of the overseas issues, the approval of the local regulator for that jurisdiction and of the PRA in certain circumstances.

There are no committed facilities in existence at the balance sheet date which permit the refinancing of debt beyond the date of maturity.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 409 |
|  |  |  |  |  |  |  |  | 409 |

---

Notes to the financial statements (continued)

Capital instruments, equity and reserves<br>

**27Ordinary shares, share premium, and other equity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Called up share capital, allotted and fully paid** |  |  |  |  |  |
|  | **Number of** <br>**shares**<br>| **Ordinary share** <br>**capital**<br>| **Ordinary share** <br>**premium**<br>| **Total share** <br>**capital and** <br>**share premium** <br>| **Other**<br>**equity** <br>**instruments**<br>|
|  | **m** | **£m** | **£m** | **£m** | **£m** |
| **As at 1 January 2025** | **14420** | **3605** | **581** | **4186** | **12075** |
| Issued to staff under share incentive plans | **83** | **20** | **130** | **150** | **—** |
| AT1 securities issuance | **—** | **—** | **—** | **—** | **3784** |
| AT1 securities redemption | **—** | **—** | **—** | **—** | **(3133)** |
| Repurchase of shares | **(636)** | **(158)** | **—** | **(158)** | **—** |
| Other movements | **—** | **—** | **—** | **—** | **(1)** |
| **As at 31 December 2025** | **13867** | **3467** | **711** | **4178** | **12725** |
| **As at 1 January 2024** | 15155 | 3789 | 499 | 4288 | 13259 |
| Issued to staff under share incentive plans | 83 | 21 | 82 | 103 |  |
| AT1 securities issuance |  |  |  |  | 1598 |
| AT1 securities redemption |  |  |  |  | (2753) |
| Repurchase of shares | (818) | (205) |  | (205) |  |
| Other movements |  |  |  |  | (29) |
| **As at 31 December 2024** | 14420 | 3605 | 581 | 4186 | 12075 |

---

**Called up share capital**

Called up share capital comprises 13,867m(2024: 14,420m) ordinary shares of 25p each.

**Share repurchase**

At the 2025 AGM on 7 May 2025, Barclays PLC was authorised to repurchase up to an aggregate of 1,437m of its ordinary shares of 25p

each. The authorisation is effective until the AGM in 2026 or the close of business on 30 June 2025, whichever is the earlier.During 2025,

636m shares were repurchased with a total nominal value of £158m (2024: 818m shares with a nominal value of £205m).

**Other equity instruments**

Other equity instruments of £12,725m (2024: £12,075m) include AT1 securities issued by Barclays PLC. The AT1 securities are perpetual

securities with no fixed maturity and are structured to qualify as AT1 instruments under prevailing capital rules applicable as at the relevant

issue date*.*

In 2025, there were four issuances of AT1 instruments, in the form of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible

Securities, for £3,784m (2024: two issuances for £1,598m) which includes issuance costs of £15m (2024: £6m). There were three

redemptions in 2025 totalling £3,133m (2024: two redemptions totalling £2,753m).

---

| | | | |
|:---|:---|:---|:---|
| **AT1 equity instruments** |  |  |  |
|  |  | **2025** | **2024** |
|  | **Initial call date** | **£m** | **£m** |
| **AT1 equity instruments - Barclays PLC** |  |  |  |
| 7.125% Perpetual Subordinated Contingent Convertible Securities | 2025 | **—** | 996 |
| 6.375% Perpetual Subordinated Contingent Convertible Securities<sup>1</sup> | 2025 | **—** | 994 |
| 6.125% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m) | 2025 | **—** | 1142 |
| 8.875% Perpetual Subordinated Contingent Convertible Securities<sup>1</sup> | 2027 | **1247** | 1247 |
| 8.300% Perpetual Subordinated Contingent Convertible Securities (SGD 450m) | 2027 | **264** | 264 |
| 4.375% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m)<sup>1</sup> | 2028 | **1075** | 1078 |
| 7.300% Perpetual Subordinated Contingent Convertible Securities (SGD 400m) | 2028 | **248** | 248 |
| 9.250% Perpetual Subordinated Contingent Convertible Securities<sup>1</sup> | 2028 | **1484** | 1497 |
| 8.000% Perpetual Subordinated Contingent Convertible Securities (USD 2,000m) | 2029 | **1647** | 1647 |
| 9.625% Perpetual Subordinated Contingent Convertible Securities (USD 1,750m)<sup>1</sup> | 2029 | **1395** | 1395 |
| 5.400% Perpetual Subordinated Contingent Convertible Securities (SGD 600m)<sup>1</sup> | 2030 | **343** | 339 |
| 8.500% Perpetual Subordinated Contingent Convertible Securities<sup>1</sup> | 2030 | **1245** | 1228 |
| 8.375% Perpetual Subordinated Contingent Convertible Securities<sup>1</sup> | 2031 | **993** |  |
| 4.650% Perpetual Subordinated Contingent Convertible Securities (SGD 500m)<sup>1</sup> | 2031 | **290** |  |
| 7.625% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m) | 2035 | **1181** |  |
| 6.125% Perpetual Subordinated Contingent Convertible Securities (EUR 1,500m)<sup>1</sup> | 2035 | **1313** |  |
| **Total AT1 equity instruments** |  | **12725** | 12075 |

---

**Note:**

1Reported net of securities held by the Group.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 410 |
|  |  |  |  |  |  |  |  | 410 |

---

Notes to the financial statements (continued)

Capital instruments, equity and reserves<br>

The principal terms of the AT1 securities are described below:

• AT1 securities rank behind the claims against Barclays PLC i) of all creditors of Barclays PLC; ii) such claims which are expressed to be

subordinated to the claims of unsubordinated creditors of Barclays PLC, but not further or otherwise; or iii) such claims which are, or are

expressed to be, junior to the claims of other creditors of Barclays PLC, whether subordinated or unsubordinated, other than claims which

rank, or are expressed to rank, pari passu with, or junior to, the claims of holders of the AT1 securities of Barclays PLC.

• AT1 securities are undated and are redeemable, at the option of Barclays PLC, in whole on either (i) the initial reset date, or on any fifth

anniversary after the initial reset date or (ii) any day falling in a named period ending on the initial reset date, or on any fifth anniversary

after the initial reset date. In addition, the AT1 securities are redeemable, at the option of Barclays PLC, in whole in the event of certain

changes in the tax or regulatory treatment of the securities and, in certain cases, on a clean-up call. Any redemptions require the prior

permission of the PRA.

• Interest on the AT1 securities is due and payable only at the sole discretion of Barclays PLC, and Barclays PLC has sole and absolute

discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any

interest payment date.

• The Additional Tier 1 securities shall convert into ordinary shares of Barclays PLC, at a predetermined price, should the fully loaded

CET1 Ratio fall below 7%.

**28 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 changes in the fair value of financial instruments accounted for at

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

profit or loss 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 in relation to the Group's various share schemes. These schemes are described in Note

31. Treasury shares are deducted from shareholders' equity within other reserves.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Currency translation reserve | **2493** | 3625 |
| Fair value through other comprehensive income reserve | **(1100)** | (1873) |
| Cash flow hedging reserve | **(666)** | (2930) |
| Own credit reserve | **(990)** | (1059) |
| Other reserves and treasury shares | **1891** | 1769 |
| **Total** | **1628** | (468) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 411 |
|  |  |  |  |  |  |  |  | 411 |

---

Notes to the financial statements (continued)

Capital instruments, equity and reserves<br>

**29 Non-controlling interests**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Profit attributable to non-**<br>**controlling interest** | **Profit attributable to non-**<br>**controlling interest** | **Equity attributable to non-**<br>**controlling interest** | **Equity attributable to non-**<br>**controlling interest** | **Dividends paid to non-**<br>**controlling interest** | **Dividends paid to non-**<br>**controlling interest** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Barclays Bank PLC issued: |  |  |  |  |  |  |
| – Preference shares | **32** | 41 | **318** | 529 | **32** | 41 |
| Undated subordinated liabilities | **8** | 8 | **126** | 126 | **8** | 8 |
| Other non-controlling interests | **1** |  | **8** | 5 | **1** |  |
| **Total** | **41** | 49 | **452** | 660 | **41** | 49 |

---

In 2025, there were no issuances (2024: none) and £211m redemptions (2024: £0m). Other non-controlling interests relates to the holding in

Female Innovators Lab LP, see Note 43 for more details.

**Barclays Bank PLC and protective rights of non-controlling interests**

Barclays PLC holds 100% of the voting rights of Barclays Bank PLC. As at 31 December 2025, Barclays Bank PLC has in issue preference

shares and undated subordinated liabilities instruments. These are non-controlling interests to the Group.

A fixed coupon rate is attached to all undated subordinated liabilities instruments until the initial call date.

After the initial call date, in the event they are not redeemed, coupon payments in relation to the 6.125% Undated Notes are fixed

periodically in advance for five-year periods based on market rates. Coupon payments for all other undated subordinated liabilities

instruments are at rates fixed periodically in advance based on market rates.

The payment of preference share dividends are at the discretion of Barclays Bank PLC, save that payment of preference share dividends will

be compulsory where Barclays PLC has declared or paid a dividend on ordinary shares, or in certain cases, any class of preference shares, in

the preceding six-month period. If Barclays Bank PLC does not declare or pay in full any dividend on the preference shares, Barclays Bank

PLC and Barclays PLC are restricted from paying dividends on ordinary shares until a dividend or coupon is next paid on these instruments

or the instruments are redeemed or purchased by Barclays Bank PLC. Any unpaid dividends will accumulate if not paid and dividends not

paid become payable if Barclays PLC subsequently declares or pays a dividend on ordinary shares, or in certain cases, any class of

preference shares, or in certain other circumstances. There are no restrictions on Barclays Bank PLC's ability to remit capital to Barclays

PLC as a result of these issued instruments. The payment of undated subordinated liabilities instrument coupons are typically at the sole

discretion of Barclays Bank PLC. No dividend or coupon payments may be made unless Barclays Bank PLC satisfies a specified solvency

test.

Preference share redemptions are typically at the discretion of Barclays Bank PLC and are redeemable in whole, but not in part, at the initial

call date and on any dividend payment date after the initial call date, pursuant to their respective terms. Undated subordinated liabilities

instruments are repayable, at the option of Barclays Bank PLC in whole at the initial call date and on any fifth anniversary after the initial

call date. In addition, each issue of undated subordinated liabilities instruments is repayable, at the option of Barclays Bank PLC, in whole

for certain tax reasons, either at any time, or on an interest payment date. There are no events of default except non-payment of principal or

mandatory interest. Any repayments or redemptions require the prior consent of the PRA, and in respect of the preference shares, any such

redemption will be subject to the Companies Act 2006 and the Articles of Barclays Bank PLC.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Instrument** | **£m** | **£m** |
| **Preference Shares:** |  |  |
| US Dollar Preference Shares | **318** | 318 |
| Euro Preference Shares | **—** | 211 |
| **Total Barclays Bank PLC Preference Shares** | **318** | 529 |
| **Undated subordinated liabilities:** |  |  |
| 5.03% Undated Reverse Dual Currency Subordinated Loan (JPY8bn) | **39** | 39 |
| 5.0% Reverse Dual Currency Undated Subordinated Loan (JPY12bn) | **53** | 53 |
| 6.125% Undated Subordinated Notes (£550m) | **34** | 34 |
| **Total undated subordinated liabilities** | **126** | 126 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 412 |
|  |  |  |  |  |  |  |  | 412 |

---

Notes to the financial statements (continued)

Employee benefits<br>

**Employee benefits**

The notes included in this section focus on the costs and commitments associated with employing our staff.<br>

**30Staff costs**

**Accounting for staff costs**<br>Deferred cash and share awards are made to employees to incentivise performance over the period employees provide services.<br>To receive an award, an individual must have provided service over the vesting period and been employed on the scheduled vesting date <br>or be considered an eligible leaver. The expense for deferred cash and share awards is recognised over the period employees' services <br>contribute to the awards. The Group considers it appropriate to recognise the expense over the vesting period, including the financial year <br>prior to the grant date.<br>The accounting policies for share-based payments and retirement benefits are included in Note 31 and Note 32, respectively.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Incentive awards granted:** |  |  |  |
| Current year bonus | **1422** | 1278 | 1202 |
| Deferred bonus | **786** | 636 | 543 |
| **Total incentive awards granted** | **2208** | 1914 | 1745 |
| **Reconciliation of incentive awards granted to income statement charge:** |  |  |  |
| Less: deferred bonuses granted but not charged in current year | **(555)** | (452) | (384) |
| Add: current year charges for deferred bonuses from previous years | **426** | 405 | 390 |
| Other differences between incentive awards granted and income statement charge | **3** | (2) | (1) |
| **Income statement charge for performance costs** | **2082** | 1865 | 1750 |
| **Other income statement charges:** |  |  |  |
| Salaries | **5099** | 4994 | 5120 |
| Social security costs | **863** | 754 | 755 |
| Retirement benefits<sup>1</sup> | **572** | 558 | 539 |
| Other compensation costs | **637** | 587 | 555 |
| **Total compensation costs**<sup>2</sup> | **9253** | 8758 | 8719 |
| **Other resourcing costs:** |  |  |  |
| Outsourcing | **929** | 693 | 601 |
| Redundancy and restructuring | **199** | 235 | 452 |
| Temporary staff costs | **70** | 61 | 91 |
| Other | **156** | 129 | 154 |
| **Total other resourcing costs** | **1354** | 1118 | 1298 |
| **Total staff costs** | **10607** | 9876 | 10017 |
| **Group compensation costs as a % of total income** | **31.8** | 32.7 | 34.4 |
| **Group staff costs as a % of total income** | **36.4** | 36.9 | 39.5 |

---

**Notes:**

1Retirement benefits charge includes £382m (2024: £377m; 2023: £371m) with respect to defined contribution schemes and £190m (2024: £181m; 2023: £168m)

with respect to defined benefit schemes.

2£834m (2024: £875m; 2023: £860m) of Group compensation cost was capitalised as internally generated software and excluded from the staff costs disclosed above.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 413 |
|  |  |  |  |  |  |  |  | 413 |

---

Notes to the financial statements (continued)

Employee benefits<br>

**31 Share-based payments**

**Accounting for share-based payments**<br>Employee incentives include awards in the form of shares and share options, as well as offering employees the opportunity to purchase <br>shares on favourable terms. The cost of the employee services received in respect of the shares or share options granted is recognised in <br>the income statement over the period that employees provide services. The overall cost of the award is calculated using the number of <br>shares and options expected to vest and the fair value of the shares or options at the date of grant. <br>The number of shares and options expected to vest takes into account the likelihood that applicable performance and service conditions <br>included in the terms of the awards will be met. For other share-based payment schemes, such as Sharesave and Sharepurchase, there are <br>non-vesting conditions which must be met. Failure to meet the non-vesting condition is treated as a cancellation, resulting in an <br>acceleration of recognition of the cost of the employee services.<br>The fair value of shares is the market price ruling on the grant date, in some cases adjusted to reflect restrictions on transferability. The <br>fair value of options granted is determined using the Black-Scholes model to estimate the numbers of shares likely to vest. The model <br>takes into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the share <br>price over the life of the option and other relevant factors. Market conditions that must be met in order for the award to vest are also <br>reflected in the fair value of the award, as are any other non-vesting conditions – such as continuing to make payments into a share-based <br>savings scheme. <br>The charge for the year arising from share-based payment schemes was as follows:<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Charge for the year** | **Charge for the year** | **Charge for the year** |
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Share Value Plan and Deferred Share Value Plan | **353** | 319 | 284 |
| Others | **259** | 178 | 191 |
| **Total equity settled** | **612** | 497 | 475 |
| Cash settled | **40** | 10 | 4 |
| **Total Share-based payments** | **652** | 507 | 479 |

---

The terms of the main current plans are as follows:

**Share Value Plan (SVP)**

SVP awards have been granted to participants in the form of a conditional right to receive Barclays PLC shares or provisional allocations of

Barclays PLC shares which vest or are considered for release over a period of three, four, five or seven years. Participants do not pay to

receive an award or to receive a release of shares. SVP awards are also made to eligible employees for recruitment purposes. All awards are

subject to potential forfeiture in certain leaver scenarios.

**Deferred Share Value Plan (DSVP)**

The terms of the DSVP are materially the same as the terms of the SVP as described above, save that Executive Directors are not eligible to

participate in the DSVP, and the DSVP operates over market purchase shares only.

**Other schemes** 

In addition to the SVP and DSVP, the Barclays PLC Group operates a number of other schemes settled in Barclays PLC Shares including

Sharesave (both UK and Ireland), Sharepurchase (both UK and overseas), and the Barclays PLC Group Long Term Incentive Plan. A

delivery of upfront shares to 'Material Risk Takers' can be made as a Share Incentive Award (Holding Period) under the SVP. A free share

award was delivered under the SVP to all eligible employees in 2025, with this award being subject to a two-year holding period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 414 |
|  |  |  |  |  |  |  |  | 414 |

---

Notes to the financial statements (continued)

Employee benefits<br>

**Share option and award plans**

The weighted average fair value per award granted, weighted average share price at the date of exercise/release of shares during the year,

weighted average contractual remaining life and number of options and awards outstanding (including those exercisable) at the balance sheet

date were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Weighted** <br>**average fair** <br>**value per** <br>**award** <br>**granted in** <br>**year**<br>| **Weighted**<br>**average**<br>**remaining**<br>**contractual**<br>**life**<br>| **Number of**<br>**options/**<br>**awards**<br>**outstanding**<br>| **Weighted** <br>**average fair** <br>**value per** <br>**award** <br>**granted in** <br>**year**<br>| **Weighted**<br>**average**<br>**remaining**<br>**contractual**<br>**life**<br>| **Number of**<br>**options/**<br>**awards**<br>**outstanding**<br>|
|  | **£** | £**in years** | **(000s)** | **£** | £**in years** | **(000s)** |
| SVP and DSVP<sup>1,2</sup> | **2.86** | **1** | **438402** | 1.52 | 1 | 504825 |
| Others<sup>1,3</sup> | **1.46-3.55** | **0-3** | **210182** | 0.81-2.10 | 0-3 | 240029 |

---

SVP and DSVP are nil cost awards on which the performance conditions are substantially completed at the date of grant. Consequently, the

fair value of these awards is based on the market value at that date.

Sharesave has a contractual life of 3 years and 5 years, the expected volatility is 29.04% for 3 years and 26.48% for 5 years. The risk-free

interest rates used for valuations are 3.47% and 3.56% for 3 years and 5 years, respectively. The pure dividend yield rates used for valuations

are 1.99% and 2.14% for 3 years and 5 years respectively. The repo rates used for valuations are (0.60)% and (0.69)% for 3 years and 5 years

respectively. The inputs into the model, such as risk-free interest rate, expected volatility, pure dividend yield rates and repo rates are derived

from market data.

**Movements in options and awards**

The movement in the number of options and awards for the major schemes and the weighted average exercise price of options was:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SVP and DSVP**<sup>1,2</sup> | **SVP and DSVP**<sup>1,2</sup> | **Others**<sup>1,3</sup> | **Others**<sup>1,3</sup> | **Others**<sup>1,3</sup> | **Others**<sup>1,3</sup> |
|  | **Number (000s)** | **Number (000s)** | **Number (000s)** | **Number (000s)** | **Weighted average exercise** <br>**price (£)** | **Weighted average exercise** <br>**price (£)** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Outstanding at beginning of year/acquisition date**  | **504825** | 495724 | **240029** | 288755 | **1.19** | 1.06 |
| Granted in the year | **144110** | 224385 | **102649** | 132013 | **2.99** | 1.79 |
| Exercised/released in the year | **(190408)** | (191471) | **(123832)** | (163322) | **1.01** | 0.95 |
| Less: forfeited in the year | **(20125)** | (23813) | **(7874)** | (15164) | **1.44** | 1.19 |
| Less: expired in the year | **—** |  | **(790)** | (2253) | **1.19** | 1.25 |
| **Outstanding at end of year** | **438402** | 504825 | **210182** | 240029 | **1.54** | 1.19 |
| **Of which exercisable:** | **—** |  | **39755** | 25164 | **0.95** | 1.23 |

---

**Notes:**

1Options/award granted over Barclays PLC shares.

2Weighted average exercise price is not applicable for SVP and DSVP awards as these are not share option schemes.

3The number of awards within Others at the end of the year principally relates to Sharesave (number of awards exercisable at end of year was 22,046,433 (2024:

5,343,579)). The weighted average exercise price relates to Sharesave.

Awards and options granted to employees and former employees under the Group's share plans may be satisfied using new issue shares,

treasury shares and market purchase shares. Awards granted under the DSVP may be satisfied using market purchase shares only.

There were no significant modifications to the share-based payments arrangements in 2025 and 2024.

As at 31 December 2025, the total liability arising from cash-settled employee share-based payments transactions was £40m (2024: £11m).

**Holdings of Barclays PLC shares and hedges**

Various employee benefit trusts established by the Group hold shares in Barclays PLC to meet obligations under the Barclays share-based

payment schemes. The total number of Barclays shares held in these employee benefit trusts at 31 December 2025 was 20m (2024: 19m).

Dividend rights have been waived on all these shares. The total market value of the shares held in trust based on the year end share price of

£4.80 (2024: £2.68) was £96m (2024: £50m). For accounting of treasury shares, see Note 28.

The Group has entered into physically settled forward contracts to hedge the settlement of certain share-based payment schemes. The fixed

forward price to be paid under these contracts is £30m and has been recorded in retained earnings.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 415 |
|  |  |  |  |  |  |  |  | 415 |

---

Notes to the financial statements (continued)

Employee benefits<br>

**32Retirement benefits**

**Accounting for retirement benefits**<br>The Group operates a number of pension schemes and post-employment benefit schemes.<br>Defined contribution – the Group recognises contributions due in respect of the accounting period in the income statement. Any <br>contributions unpaid at the balance sheet date are included as a liability.<br>Defined benefit – the Group recognises its obligations to members of each scheme at the period end, less the fair value of the scheme <br>assets after applying the asset ceiling test. <br>Each scheme's obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the period <br>end.<br>Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net defined <br>benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other comprehensive income. <br>Remeasurements comprise experience adjustments (differences between previous actuarial assumptions and what has actually occurred), <br>the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts included in the interest on the assets) and any <br>changes in the effect of the asset ceiling restriction (excluding amounts included in the interest on the restriction).<br>The cost of providing healthcare benefits to retired employees is accrued as a liability in the financial statements over the period that the <br>employees provide services to the Group, using a methodology similar to that for defined benefit pension schemes.<br>

**Pension schemes**

**UK Retirement Fund (UKRF)**

The UKRF is the Group's main scheme, representing 95.3% (2024: 96%) of the Group's total retirement benefit obligations.

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.

The UKRF was closed to new entrants on 1 October 2012, and comprises a number of different benefit categories, the two most significant

of which are:

• Afterwork, which comprises a contributory cash balance defined benefit element, and a voluntary defined contribution element. The cash

balance element is accrued each year and revalued until Normal Retirement Age in line with the increase in Retail Price Index (RPI) (up

to a maximum of 5% p.a.). The risks that Barclays is exposed to in relation to Afterwork are limited although additional contributions are

required if pre-retirement investment returns are not sufficient to provide for the benefits.

• The 1964 Pension Scheme. Most UK employees recruited before July 1997 built up benefits in this non-contributory defined benefit

scheme in respect of service up to 31 March 2010. Pensions were calculated by reference to service and pensionable salary. From 1 April

2010, members became eligible to accrue future service benefits in either Afterwork or the Pension Investment Plan, a historic defined

contribution section which is now closed to future contributions. The risks that Barclays is exposed to in relation to the 1964 Pension

Scheme are typical of final salary pension schemes, principally that investment returns fall short of expectations, that inflation exceeds

expectations, and that retirees live longer than expected.

**Barclays Pension Savings Plan (BPSP)**

The BPSP is a defined contribution scheme providing benefits for all new UK hires from 1 October 2012. BPSP is not subject to the same

investment return, inflation or life expectancy risks for Barclays that defined benefit schemes are. Members' benefits reflect contributions

paid and the level of investment returns achieved.

**Other**

Apart from the UKRF and the BPSP, Barclays operates a number of smaller pension and long-term employee benefits and post-retirement

healthcare plans globally, the largest of which are the US defined benefit and defined contribution schemes. Many of the schemes are funded,

with assets backing the obligations held in separate legal vehicles, such as trusts. Others are operated on an unfunded basis. The benefits

provided, the approach to funding, and the legal basis of the schemes, reflect local environments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 416 |
|  |  |  |  |  |  |  |  | 416 |

---

Notes to the financial statements (continued)

Employee benefits<br>

**Governance**

The UKRF operates under trust law and is managed and administered on behalf of the members in accordance with the terms of the Trust

Deed and Rules and all relevant legislation. The Trustee is Barclays Pension Funds Trustees Limited, a private limited company and a wholly

owned subsidiary of Barclays Bank PLC. The Trustee is the legal owner of the assets of the UKRF, which are held separately from the assets

of the Group.

The Trustee Board comprises six Management Directors selected by Barclays, of whom three are independent Directors, with no relationship

with Barclays (and who are not members of the UKRF), plus three Member Nominated Directors selected from eligible active, deferred or

pensioner members of the UKRF, who apply for the role.

The BPSP is a group personal pension arrangement which operates as a collection of personal pension plans. Each personal pension plan is a

direct contract between the employee and the BPSP provider (Legal & General Assurance Society Limited), and is regulated by the FCA.

Similar principles of pension governance apply to the Group's other pension schemes, depending on local legislation.

**Amounts recognised**

The following tables include amounts recognised in the income statement and an analysis of benefit obligations and scheme assets for all

Group defined benefit schemes. The net position is reconciled to the assets and liabilities recognised on the balance sheet. The tables include

funded and unfunded post-retirement benefits. The income statement charge with respect to Defined contribution schemes is disclosed as part

of footnotes to Note 30 Staff costs.

---

| | | | |
|:---|:---|:---|:---|
| **Income statement charge/(credit)** |  |  |  |
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Current service cost | **171** | 180 | 165 |
| Net finance income | **(159)** | (154) | (222) |
| Past service cost | **18** |  |  |
| Other movements | **1** | 1 | 3 |
| **Total** | **31** | 27 | (54) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balance sheet reconciliation** |  |  | | |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Total** | **Of which relates** <br>**to UKRF**<br>| **Total** | **Of which relates** <br>**to UKRF**<br>|
|  | **£m** | **£m** | **£m** | **£m** |
| Benefit obligation at beginning of the year | **(19600)** | **(18729)** | (21513) | (20618) |
| Current service cost | **(171)** | **(143)** | (180) | (155) |
| Interest costs on scheme liabilities | **(1029)** | **(994)** | (933) | (901) |
| Past service cost | **(18)** | **—** |  |  |
| Remeasurement gain – financial | **536** | **548** | 1794 | 1797 |
| Remeasurement (loss)/gain – demographic | **(59)** | **(47)** | 12 | 13 |
| Remeasurement loss – experience | **(196)** | **(202)** | (55) | (54) |
| Employee contributions | **(5)** | **—** | (6) |  |
| Benefits paid | **1206** | **1163** | 1230 | 1189 |
| Exchange and other movements | **25** | **—** | 51 |  |
| **Benefit obligation at end of the year** | **(19311)** | **(18404)** | (19600) | (18729) |
| Fair value of scheme assets at beginning of the year | **22623** | **21928** | 24914 | 24234 |
| Interest income on scheme assets | **1188** | **1164** | 1087 | 1062 |
| Employer contribution | **55** | **42** | 37 | 22 |
| Remeasurement – return on scheme assets less than discount rate | **(292)** | **(303)** | (2192) | (2184) |
| Employee contributions | **5** | **—** | 6 |  |
| Benefits paid | **(1195)** | **(1163)** | (1221) | (1189) |
| Exchange and other movements | **(30)** | **(14)** | (8) | (17) |
| **Fair value of scheme assets at end of the year** | **22354** | **21654** | 22623 | 21928 |
| **Net surplus** | **3043** | **3250** | 3023 | 3199 |
| Retirement benefit assets | **3308** | **3250** | 3263 | 3199 |
| Retirement benefit liabilities | **(265)** | **—** | (240) |  |
| **Net retirement benefit assets** | **3043** | **3250** | 3023 | 3199 |

---

Included within the total benefit obligation is £701m (2024: £695m) relating to overseas pensions and £206m (2024: £175m) relating to other

post-employment benefits.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 417 |
|  |  |  |  |  |  |  |  | 417 |

---

Notes to the financial statements (continued)

Employee benefits<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Breakdown of the UKRF benefit obligation and assets split by section** |  |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** |
|  | **Barclays Bank** <br>**Section**<br>| **Barclays UK** <br>**Section**<br>| **UKRF Total** | **UKRF Total** |
|  | **£m** | **£m** | **£m** | **£m** |
| Active members | **981** | **719** | **1700** | 1699 |
| Deferred members (Afterwork) | **1828** | **11** | **1839** | 1716 |
| Deferred members (non-Afterwork) | **3786** | **—** | **3786** | 4269 |
| Pensioners and Dependents | **11079** | **—** | **11079** | 11045 |
| **Benefit obligation at end of the year** | **17674** | **730** | **18404** | 18729 |
| **Assets at end of the year** | **20855** | **799** | **21654** | 21928 |

---

Barclays previously considered the potential implications for the UKRF of the ruling and appeal in Virgin Media v NTL Pension Trustees II

Ltd. This activity did not identify any relevant amendments to the UKRF (of the nature of that found to have been void in the Virgin Media

case) that were not subject to actuarial confirmation. Since this activity was completed the Pension Schemes Bill 2025 (the Bill) has been

published, which once in force will enable trustees to obtain retrospective actuarial confirmation in certain circumstances. Progress of the

Bill continues to be tracked by Barclays. The position remains that no material additional benefit obligation is expected

As at 31 December 2025, the UKRF as a whole was in surplus versus benefit obligations by £3,250m (2024: £3,199m). The Barclays Bank

Section had a surplus of £3,181m and the Barclays UK Section had a surplus of £69m.

The weighted average duration of the benefit payments reflected in the defined benefit obligation for the Barclays Bank Section of the

UKRF is 11 years and Barclays UK Section is 10 years (2024 UKRF: 11 years). The UKRF expected benefits promised to date are projected

to be paid out for in excess of 50 years, although 35% of the benefits are expected to be paid in the next 10 years; 34% in years 11 to 20 and

20% in years 21 to 30. The remainder of the benefits are expected to be paid beyond 30 years.

Of the £1,163m (2024: £1,189m) UKRF benefits paid out, £148m (2024: £165m) related to transfers out.

Where a scheme's assets exceed its obligation, an asset is recognised to the extent that it does not exceed the present value of future contribution

holidays or if the Group has an unconditional right to a refund of this asset at the end of the life of the plan (the asset ceiling). In the case of the

UKRF the asset ceiling is not applied as, in certain specified circumstances such as wind-up, the Group expects to be able to recover any surplus or

reduce contributions. Similarly, a liability in respect of future minimum funding requirements is not recognised. The Trustee does not have a

substantive right to augment benefits, nor do they have the right to wind up the plan except in the dissolution of the Group or termination of

contributions by the Group. The application of the asset ceiling to other plans and recognition of additional liabilities in respect of future minimum

funding requirements are considered on an individual plan basis.

**Critical accounting estimates and judgements**

Key areas involving a higher degree of judgement or estimation include:

---

| |
|:---|
| **Estimates** |
| Valuation of defined benefit scheme obligations are dependent on a number of assumptions, the most critical being discount rates, price inflation, and life <br>expectancy.<br>|

---

These estimates are considered to have a significant risk of resulting in a material adjustment to the carrying amount of defined benefit

obligations within the next financial year.

Below is a summary of the main financial and demographic assumptions adopted for both sections of the UKRF with the Barclays Bank

Section representing 91.5% of the UKRF benefit obligation and the Barclays UK Section representing 3.8%.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  | **Barclays Bank** <br>**Section**<br>| **Barclays UK** <br>**Section**<br>| **UKRF** |
| **Key UKRF financial assumptions** | **% p.a.** | **% p.a.** | **% p.a.** |
| Discount rate | **5.46** | **5.42** | 5.44 |
| Inflation rate (RPI) | **2.92** | **2.89** | 3.32 |

---

The discount rate assumption for 2025 for both sections of the UKRF was based on a standard WTW RATE Link model. The RPI inflation

assumption for 2025 was set by reference to the Bank of England's implied inflation curve. The inflation assumption incorporates a

deduction of 20 basis points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and inflation

assumptions is consistent with that used at the prior year end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 418 |
|  |  |  |  |  |  |  |  | 418 |

---

Notes to the financial statements (continued)

Employee benefits<br>

The Barclays Bank Section of the UKRF's post-retirement mortality assumptions are based on best estimates derived from an analysis in

2022 of the UKRF's own post-retirement mortality experience and taking account of recent evidence from published mortality surveys. An

allowance has been made for future mortality improvements based on the 2024 core projection model published by the Continuous Mortality

Investigation Bureau subject to a long-term trend of 1.1% per annum in future improvements (2024: 1.25% per annum). Barclays UK

Section of the UKRF does not have any post-retirement mortality assumptions as it only provides a cash lump sum at retirement, not a

pension for life.

The table below shows how the assumed life expectancy, for members of the Barclays Bank Section, has changed since last year:

---

| | | |
|:---|:---|:---|
| **Assumed life expectancy**<sup>1</sup> | **2025** | **2024** |
| **Life expectancy at 60 for current pensioners (years)** |  |  |
| – Males | **26.6** | 26.5 |
| – Females | **29.3** | 29.4 |
| **Life expectancy at 60 for future pensioners currently aged 40 (years)** |  |  |
| – Males | **28.0** | 28.0 |
| – Females | **30.6** | 30.8 |

---

**Note:**

1The life expectancies disclosed are in respect of a population of the membership that represents c60% of the Defined Benefit Obligation of the Barclays Bank

Section of the UKRF (excluding Afterwork, which has no post-retirement mortality risk) with the remaining members having life expectancy at age 60 of between

26.4 years and 29.3 years.

Approximately, 70% of the longevity risk for current pensioners of the Barclays Bank Section of the UKRF has been reinsured and the

transactions will provide income to the Section if pensions are paid out for longer than expected. The contracts form part of the Section's

investment portfolio.

**Sensitivity analysis on actuarial assumptions**

The sensitivity analysis has been calculated by valuing the UKRF liabilities, using the amended assumptions shown in the table below and

keeping the remaining assumptions the same as disclosed in the table above, except in the case of the inflation sensitivity where other

assumptions that depend on assumed inflation have also been amended correspondingly. The difference between the recalculated liability

figure and that stated in the balance sheet reconciliation table above is the figure shown. The selection of these movements to illustrate the

sensitivity of the defined benefit obligation to key assumptions should not be interpreted as Barclays expressing any specific view of the

probability of such movements happening.

---

| | | | |
|:---|:---|:---|:---|
| **Change in key assumptions for the UKRF** |  |  |  |
|  | **2025** | **2025** | **2024** |
|  | **(Decrease)/Increase in defined benefit obligation** | **(Decrease)/Increase in defined benefit obligation** | **(Decrease)/Increase in defined benefit obligation** |
|  | **Barclays Bank** <br>**Section**<br>| **Barclays UK** <br>**Section**<br>| **UKRF** |
|  | **£bn** | **£bn** | **£bn** |
| **Discount rate** |  |  |  |
| 0.5% p.a. increase | **(0.9)** | **(0.03)** | (1.0) |
| 0.25% p.a. increase | **(0.4)** | **(0.02)** | (0.5) |
| 0.25% p.a. decrease | **0.5** | **0.02** | 0.5 |
| 0.5% p.a. decrease | **1.0** | **0.04** | 1.1 |
| **Assumed RPI** |  |  |  |
| 0.5% p.a. increase | **0.7** | **0.03** | 0.7 |
| 0.25% p.a. increase | **0.3** | **0.01** | 0.3 |
| 0.25% p.a. decrease | **(0.3)** | **(0.01)** | (0.4) |
| 0.5% p.a. decrease | **(0.6)** | **(0.03)** | (0.7) |
| **Life expectancy at 60** |  |  |  |
| One year increase | **0.5** | **0.00** | 0.5 |
| One year decrease | **(0.5)** | **0.00** | (0.5) |

---

**Assets**

A long-term investment strategy has been set for the Barclays Bank Section and Barclays UK Section of the UKRF, with asset allocation

comprising a mixture of gilts, bonds, and other appropriate assets. This strategy recognises that different asset classes are likely to produce

different long-term returns, and some asset classes may be more volatile than others. The long-term investment strategies ensure, among

other aims, that investments are adequately diversified.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 419 |
|  |  |  |  |  |  |  |  | 419 |

---

Notes to the financial statements (continued)

Employee benefits<br>

The value of the assets of the schemes and their percentage in relation to total scheme assets were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of scheme assets** |  |  |  |  |  |  |  |  |
|  | **Total** | **Total** | **Total** | **Total** | **Of which relates to UKRF** | **Of which relates to UKRF** | **Of which relates to UKRF** | **Of which relates to UKRF** |
|  | **Quoted**<sup>1</sup><br>**£m**<br>| **Unquoted**<sup>1,2</sup><br>**£m**<br>| **Value**<br>**£m**<br>| **% of total fair** <br>**value of** <br>**scheme assets%**<br>| **Quoted**<sup>1</sup><br>**£m**<br>| **Unquoted**<sup>1,2</sup><br>**£m**<br>| **Value**<br>**£m**<br>| **% of total fair** <br>**value of** <br>**scheme assets%**<br>|
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |
| Bonds - fixed government | 1975 | 4 | 1979 | 8.9 | 1769 | 4 | 1773 | 8.2 |
| Bonds - index-linked government | 8283 |  | 8283 | 37.1 | 8269 |  | 8269 | 38.2 |
| Bonds - corporate and other<sup>3</sup> | 1767 | 5015 | 6782 | 30.3 | 1562 | 5015 | 6577 | 30.4 |
| Equities | 227 |  | 227 | 1.0 | 99 |  | 99 | 0.4 |
| Private equities |  | 1859 | 1859 | 8.3 |  | 1859 | 1859 | 8.6 |
| Property | 22 | 1392 | 1414 | 6.3 |  | 1392 | 1392 | 6.4 |
| Infrastructure |  | 414 | 414 | 1.9 |  | 413 | 413 | 1.9 |
| Hedge funds | 13 | 1635 | 1648 | 7.4 |  | 1635 | 1635 | 7.6 |
| Derivatives | 1 | (1476) | (1475) | (6.6) |  | (1475) | (1475) | (6.8) |
| Longevity reinsurance contracts |  | (103) | (103) | (0.5) |  | (103) | (103) | (0.5) |
| Cash and liquid assets<sup>4</sup> | 2309 | (1093) | 1216 | 5.4 | 2305 | (1093) | 1212 | 5.6 |
| Mixed investment funds |  |  |  |  |  |  |  |  |
| Other | 15 | 95 | 110 | 0.5 |  | 3 | 3 |  |
| **Fair value of scheme assets**<sup>5</sup> | 14612 | 7742 | 22354 | 100.0 | 14004 | 7650 | 21654 | 100.0 |
| **As at 31 December 2024** |  |  |  |  |  |  |  |  |
| Bonds - fixed government | 1546 |  | 1546 | 6.8 | 1306 |  | 1306 | 6.0 |
| Bonds - index-linked government | 8234 |  | 8234 | 36.4 | 8214 |  | 8214 | 37.5 |
| Bonds - corporate and other | 5604 | 717 | 6321 | 27.9 | 5395 | 717 | 6112 | 27.9 |
| Equities  | 121 |  | 121 | 0.5 |  |  |  |  |
| Private equities |  | 2134 | 2134 | 9.4 |  | 2134 | 2134 | 9.7 |
| Property | 19 | 1238 | 1257 | 5.6 |  | 1238 | 1238 | 5.6 |
| Infrastructure |  | 1388 | 1388 | 6.1 |  | 1388 | 1388 | 6.3 |
| Hedge funds | 9 | 1390 | 1399 | 6.2 |  | 1390 | 1390 | 6.3 |
| Derivatives | (7) | (1799) | (1806) | (8.0) | (7) | (1799) | (1806) | (8.2) |
| Longevity reinsurance contract |  | (117) | (117) | (0.5) |  | (117) | (117) | (0.5) |
| Cash and liquid assets<sup>4</sup> | (454) | 2529 | 2075 | 9.2 | (464) | 2529 | 2065 | 9.4 |
| Mixed investment funds | 8 |  | 8 |  |  |  |  |  |
| Other | 7 | 56 | 63 | 0.4 |  | 4 | 4 |  |
| **Fair value of scheme assets**<sup>5</sup> | 15087 | 7536 | 22623 | 100.0 | 14444 | 7484 | 21928 | 100.0 |

---

**Notes:**

1During the year ended 31 December 2025, there were c£3bn assets re-classified from unquoted to quoted under cash and liquid assets and c£4bn assets reclassified

from quoted to unquoted for Bonds - corporate and other (year ended 31 December 2024: there were no material re-classifications). These re-classifications reflect

enhancement to the Bank's levelling policy, including the use of additional data in the active market assessment of issued debt.

2Valuation of unquoted assets is provided by the underlying managers or qualified independent valuers. The valuation for some of the unquoted assets, in particular

private equities, is based on valuations as at 30 September 2025 adjusted by cash flows, these being the latest available valuations as at the point of publication. All

valuations are determined in accordance with relevant industry guidance. Barclays does not believe these valuations will differ materially from the fair value, in the

context of the overall UKRF asset size.

3During the year ended 31 December 2025, there were c£740m of infrastructure loan assets reclassified to Bonds - corporate and other (2024 classification :

Infrastructure).

4Cash and liquid assets for the UKRF consists of £189m (2024: £484m) of cash including receivables/payables, £2,116m (2024: £2,529m) of pooled cash funds and

£(1,093)m (2024: £(948)m) of repurchase agreements.

5Included within the fair value of UKRF assets was nil (2024: nil) relating to shares in Barclays PLC and nil (2024: nil) relating to bonds issued by Barclays PLC.

The UKRF also invests in pooled investment vehicles which may hold shares or debt issued by Barclays PLC.

The value of the UKRF assets split by section are shown in the table below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **UKRF assets split by section** |  |  |  |  |  |  |  |  |
|  | **Barclays Bank Section** | **Barclays Bank Section** | **Barclays Bank Section** | **Barclays Bank Section** | **Barclays UK Section** | **Barclays UK Section** | **Barclays UK Section** | **Barclays UK Section** |
|  | **Quoted**<br>**£m**<br>| **Unquoted**<br>**£m**<br>| **Value**<br>**£m**<br>| **% of total fair** <br>**value of** <br>**scheme assets%**<br>| **Quoted**<br>**£m**<br>| **Unquoted**<br>**£m**<br>| **Value**<br>**£m**<br>| **% of total fair** <br>**value of** <br>**scheme assets%**<br>|
| **As at 31 December 2025** |  |  |  |  |  |  |  |  |
| Bonds - fixed government | 1721 | 4 | 1725 | 8.3 | 48 |  | 48 | 6.0 |
| Bonds - index-linked government | 7751 |  | 7751 | 37.2 | 518 |  | 518 | 64.8 |
| Bonds - corporate and other | 1471 | 4729 | 6200 | 29.7 | 91 | 286 | 377 | 47.2 |
| Equities |  |  |  |  | 99 |  | 99 | 12.4 |
| Private equities |  | 1859 | 1859 | 8.9 |  |  |  |  |
| Property |  | 1392 | 1392 | 6.7 |  |  |  |  |
| Infrastructure |  | 413 | 413 | 2.0 |  |  |  |  |
| Hedge funds |  | 1635 | 1635 | 7.8 |  |  |  |  |
| Derivatives |  | (1478) | (1478) | (7.1) |  | 3 | 3 | 0.4 |
| Longevity reinsurance contracts |  | (103) | (103) | (0.5) |  |  |  |  |
| Cash and liquid assets | 2288 | (830) | 1458 | 7.0 | 17 | (263) | (246) | (30.8) |
| Other |  | 3 | 3 |  |  |  |  |  |
| **Fair value of scheme assets** | 13231 | 7624 | 20855 | 100.0 | 773 | 26 | 799 | 100.0 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 420 |
|  |  |  |  |  |  |  |  | 420 |

---

Notes to the financial statements (continued)

Employee benefits<br>

At 31 December 2025, 39% of the Barclays Bank Section assets and 38% of the Barclays UK Section assets (2024 UKRF: 38%) were

invested in liability-driven investment strategies; primarily UK gilts as well as interest rate and inflation swaps. These swaps are used to

better match the assets to its liabilities. The swaps are used to reduce the scheme's inflation and duration risks against its liabilities.

The UKRF employs derivative instruments, where appropriate, to match assets more closely to liabilities, or to achieve a desired exposure or

return. The value of assets shown reflects the assets held by the UKRF, with any derivative holdings reflected on a fair value basis. The

Trustee also uses repurchase agreements and reverse repurchase agreements to achieve the Trustee's liability hedging objective.

The UKRF has a comprehensive and robust liquidity framework in place. The aim of the liquidity framework is to ensure that benefit

payments and other liquidity outflows are paid in due course, sufficient liquidity and collateral is maintained to achieve strategic allocation

targets and that all liquidity outflows/collateral needs are covered without forced sale or strategic asset allocation changes.

The Barclays Bank Section of the UKRF holds two longevity reinsurance contracts covering 70% of the current pensioner liabilities of the

Barclays Bank Section. The contracts provide income to the Section if pensions are paid out for longer than expected. At 31 December 2025,

the combined value of the contracts was £(103)m (2024: £(117)m). The negative value reflects the estimated impact of changes in the

reinsurance market, demographic assumptions and risk premia since the contracts were entered into.

For information on the UKRF Trustee's approach to Responsible Investment and Climate Risk, in the context of managing the UKRF, please

refer to the UKRF Trustee website at epa.towerswatson.com/accounts/barclays/public/barclays-bank-responsible-investment-policy/.

**Funding valuation**

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.

The main differences between the funding and accounting assumptions are a different approach to setting the discount rate and a more

conservative life expectancy assumption for funding.

As part of the 2022 triennial funding valuation, the Trustee and Barclays Bank PLC agreed an annual adequacy test on a basis more prudent

than the IAS 19 or funding bases. Should the Barclays Bank Section of the UKRF be sufficiently funded on this basis, the regular employer

contributions to this Section to fund future Afterwork accrual will not be required in the following calendar year. The test will be reviewed at

the 2025 triennial valuation, which is expected to be completed in 2026. The test was passed in September, so no regular employer

contributions to the Barclays Bank Section are required for 2026. Regular employer contributions are being paid to the Barclays UK Section

to fund future Afterwork accrual, an annual adequacy test does not apply to this Section.

**Other support measure agreed**

Collateral – Barclays Bank PLC has entered into an agreement with the UKRF Trustee to provide collateral to cover at least 100% of any

Barclays Bank Section funding deficit with an overall cap of £8.4bn. Barclays Bank UK PLC has entered into an agreement with the UKRF

Trustee to provide collateral to cover at least 100% of any Barclays UK Section funding deficit with an overall cap of £0.6bn. The collateral

pools are currently zero, reflecting the surplus funding position of each Section. The arrangements provide the UKRF Trustee with dedicated

access to pools of assets in the event of Barclays Bank PLC or Barclays Bank UK PLC not paying any required deficit reduction contribution

to their respective Sections or in the event of their respective insolvency.

**Contribution**

There were nil (2024: nil) Section 75 contributions included within the Group's contributions paid.

The Group's expected contribution to the UKRF in respect of defined benefits in 2026 is £59m.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 421 |
|  |  |  |  |  |  |  |  | 421 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

**Scope of consolidation**

The notes included in this section present information on the Group's investments in subsidiaries, joint ventures and associates and its <br>interests in structured entities. Detail is also given on securitisation transactions the Group has entered into and arrangements that are held <br>off-balance sheet.<br>

**33 Principal subsidiaries**

The significant judgements used in applying this policy are set out below.<br>**Accounting for investment in subsidiaries**<br>In the individual financial statements of Barclays PLC, investments in subsidiaries are stated at cost less impairment.<br>Principal subsidiaries for the Group are set out below. This includes those subsidiaries that are most significant in the context of the <br>Group's business, results or financial position. The principal subsidiaries are held directly or indirectly via intermediate holding <br>companies within the Group. There were no significant changes in ownership interests in these subsidiaries during the year, and the <br>Group did not lose control of any of these subsidiaries. There has been no material percentage change in the Group's shareholding for its <br>main subsidiaries since 2024. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal place of business or** <br>**incorporation** |  | **Percentage of** <br>**voting rights** <br>**held**<br>| **Non-controlling** <br>**interests -** <br>**proportion of** <br>**ownership** <br>**interests**<br>| **Non-controlling** <br>**interests -** <br>**proportion of** <br>**voting interests**<br>|
| **Company name** | **Principal place of business or** <br>**incorporation** | **Nature of business** | **%** | **%** | **%** |
| Barclays Bank PLC | United Kingdom | Banking, holding company | **100** | **1** | **—** |
| Barclays Bank UK PLC | United Kingdom | Banking, holding company | **100** | **—** | **—** |
| Barclays Bank Ireland PLC | Ireland | Banking | **100** | **—** | **—** |
| Barclays Execution Services <br>Limited<br>| United Kingdom | Service company | **100** | **—** | **—** |
| Barclays Capital Inc. | United States | Securities dealing | **100** | **—** | **—** |
| Barclays Capital Securities <br>Limited<br>| United Kingdom | Securities dealing | **100** | **—** | **—** |
| Barclays Securities Japan Limited | Japan | Securities dealing | **100** | **—** | **—** |
| Barclays US LLC | United States | Holding company | **100** | **—** | **—** |
| Barclays Bank Delaware | United States | Credit card issuer  | **100** | **—** | **—** |

---

The country of registration or incorporation is also the principal area of operation of each of the above subsidiaries.

Ownership interests are in some cases different to voting interests due to the existence of non-voting equity interests, such as preference

shares. Refer to Note 29 for more information.

**Significant judgements and assumptions used to determine the scope of the consolidation**

Determining whether the Group has control of an entity is generally straightforward based on ownership of the majority of the voting capital.

However, in certain instances, this determination will involve judgement, particularly in the case of structured entities where voting rights are

often not the determining factor in decisions over the relevant activities. This judgement will involve assessing the purpose and design of the

entity. It will also often be necessary to consider whether the Group, or another involved party with power over the relevant activities, is

acting as a principal in its own right or as an agent on behalf of others.

There is also often considerable judgement involved in the ongoing assessment of control over structured entities. In this regard, where

market conditions have deteriorated, such that the other investors' exposures to the structure's variable returns have been substantively

eliminated, the Group may conclude that the managers of the structured entity are acting as its agent and therefore will consolidate the

structured entity.

An interest in equity voting rights exceeding 50% would typically indicate that the Group has control of an entity. Until 25 October 2024,

Palomino Limited was excluded from consolidation, despite the Group holding 100% of the voting rights as it was managed by an external

counterparty and the Group was not exposed to its variable returns. Following the termination of the management agreement, as from 26

October 2024, the entity is now fully consolidated.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 422 |
|  |  |  |  |  |  |  |  | 422 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

**Significant restrictions**

As is typical for a group of its size and international scope, there are restrictions on the ability of Barclays PLC to obtain distributions of

capital, access the assets or repay the liabilities of members of its Group due to the statutory, regulatory and contractual requirements of its

subsidiaries and due to the protective rights of non-controlling interests. These are considered below.

**Regulatory requirements**

Barclays' principal subsidiary companies have assets and liabilities before intercompany eliminations of £2,132bn (2024: £2,015bn) and

£2,031bn (2024: £1,919bn) respectively. Certain of these assets and liabilities are subject to prudential regulation and regulatory capital

requirements in the countries in which they are regulated. These require entities to maintain minimum capital levels which cannot be returned

to the parent company, Barclays PLC, on a going concern basis.

In order to meet capital requirements, subsidiaries may issue certain equity-accounted and debt-accounted financial instruments and non-

equity instruments, such as Tier 1 and Tier 2 capital instruments and other forms of subordinated liabilities. Refer to Note 26 and Note 27 for

particulars of these instruments. These instruments may be subject to cancellation clauses or preference share restrictions that would limit the

ability of the entity to repatriate the capital on a timely basis.

**Liquidity requirements**

Regulated subsidiaries of the Group are required to meet applicable PRA or local regulatory requirements pertaining to liquidity. The

regulated subsidiaries include Barclays Bank PLC and Barclays Capital Securities Limited (which are regulated on a combined basis under a

Domestic Liquidity Sub-Group (DoLSub) arrangement), Barclays Bank UK PLC, Barclays Bank Ireland PLC, Barclays Capital Inc. and

Barclays Bank Delaware. Refer to the Liquidity risk section for further details of liquidity requirements, including those of the Group's

significant subsidiaries.

**Statutory requirements** 

The Group's subsidiaries are subject to statutory requirements not to make distributions of capital and unrealised profits and generally to

maintain solvency. These requirements restrict the ability of subsidiaries to make remittances of dividends to Barclays PLC, the ultimate

parent, except in the event of a legal capital reduction or liquidation. In most cases, the regulatory restrictions referred to above exceed the

statutory restrictions.

**Asset encumbrance**

The Group uses its financial assets to raise finance in the form of securitisations and through the liquidity schemes of central banks, as well

as to provide security to the UK Retirement Fund. Once encumbered, the assets are not available for transfer around the Group. The assets

typically affected are disclosed in Note 37.

**Other restrictions**

The Group is required to maintain cash balances with central banks and other regulatory authorities, and these amounted to £3,007m (2024:

£2,945m).

**34 Structured entities**

A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding who controls the entity. Voting

rights may relate to administrative tasks only, with the relevant activities of the entity being directed by means of contractual arrangements.

Structured entities are generally created to achieve a narrow and well-defined objective with restrictions around their ongoing activities.

Depending on the Group's power over the activities of the entity and its exposure to and ability to influence its own returns, it may

consolidate the entity. In other cases, it may sponsor or have exposure to such an entity, but not consolidate it.

**Consolidated structured entities**

The Group has contractual arrangements which may require it to provide financial support to the following types of consolidated structured

entities:

• Securitisation vehicles: The Group uses securitisation as a source of financing and a means of risk transfer. Where entities are controlled

by the Group, they are consolidated. Refer to Note 36 for further detail.

• Commercial Paper (CP) conduits: These entities issue CP and use the proceeds to lend to clients as part of the Group's multi-seller conduit

programme. The Group has provided £21.0bn (2024: £23.9bn) in contractual liquidity facilities to the CP conduits that the Group

consolidates. These amounts represent the maximum the conduits can lend externally. The amounts of CP conduit lending (drawn and

undrawn) to unconsolidated structured entities can be seen in Other interests in unconsolidated structured entities under multi-seller

conduit programme in the Nature of interest table.

• Employee benefit trusts: The Group provides capital contributions to employee benefit trusts to enable them to meet obligations to

employees in relation to share-based remuneration arrangements.

• Tender Option Bond (TOB) trusts: During 2025, the Group provided undrawn liquidity facilities of £4.0bn (2024: £4.0bn) to

consolidated TOB trusts. These trusts invest in fixed income instruments issued by state, local or other municipalities in the United

States, funded by long-term senior floating-rate notes and junior residual securities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 423 |
|  |  |  |  |  |  |  |  | 423 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

**Unconsolidated structured entities**

The term 'unconsolidated structured entities' refers to structured entities not controlled by Barclays, and are established either by Barclays or

a third party. An interest in a structured entity is any form of contractual or non-contractual involvement which creates variability in returns

arising from the performance of the entity for the Group. Such interests include holdings of debt or equity securities, derivatives that transfer

financial risks from the entity to the Group, lending, loan commitments, financial guarantees and investment management agreements.

The Group enters into transactions with unconsolidated structured entities in the normal course of business to facilitate customer transactions,

to provide risk management services and for specific investment opportunities. This is predominantly within the Barclays Investment Bank.

Structured entities may take the form of funds, trusts, securitisation vehicles, and private investment companies. The largest transactions for

Barclays include loans and derivatives with hedge fund structures and special purpose entities, multi-seller conduit lending, holding notes

issued by securitisation vehicles, and facilitating customer requirements through funds.

The nature and extent of the Group's interests in structured entities is summarised below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of interests in unconsolidated structured entities** | **Summary of interests in unconsolidated structured entities** | **Summary of interests in unconsolidated structured entities** | **Summary of interests in unconsolidated structured entities** | **Summary of interests in unconsolidated structured entities** | **Summary of interests in unconsolidated structured entities** |
|  | **Secured** <br>**financing**<br>| **Short-term** <br>**traded interests**<br>| **Traded** <br>**derivatives**<br>| **Other interests** | **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2025** |  |  |  |  |  |
| **Assets** |  |  |  |  |  |
| Trading portfolio assets | **—** | **31386** | **—** | **—** | **31386** |
| Financial assets at fair value through the income statement | **79053** | **—** | **—** | **654** | **79707** |
| Derivative financial instruments | **—** | **—** | **6257** | **—** | **6257** |
| Financial assets at fair value through other comprehensive income | **—** | **—** | **—** | **3811** | **3811** |
| Loans and advances at amortised cost | **—** | **—** | **—** | **47279** | **47279** |
| Debt securities at amortised cost | **—** | **—** | **—** | **23818** | **23818** |
| Reverse repurchase agreements and other similar secured lending | **7049** | **—** | **—** | **—** | **7049** |
| Other assets | **—** | **—** | **—** | **—** | **—** |
| **Total assets** | **86102** | **31386** | **6257** | **75562** | **199307** |
| **Liabilities** |  |  |  |  |  |
| Derivative financial instruments | **—** | **—** | **6451** | **—** | **6451** |
| **As at 31 December 2024** |  |  |  |  |  |
| **Assets** |  |  |  |  |  |
| Trading portfolio assets |  | 23941 |  |  | 23941 |
| Financial assets at fair value through the income statement | 87546 |  |  | 1295 | 88841 |
| Derivative financial instruments |  |  | 6540 |  | 6540 |
| Financial assets at fair value through other comprehensive income |  |  |  | 5571 | 5571 |
| Loans and advances at amortised cost |  |  |  | 47151 | 47151 |
| Debt securities at amortised cost |  |  |  | 24331 | 24331 |
| Reverse repurchase agreements and other similar secured lending | 3145 |  |  |  | 3145 |
| Other assets |  |  |  |  |  |
| **Total assets** | 90691 | 23941 | 6540 | 78348 | 199520 |
| **Liabilities** |  |  |  |  |  |
| Derivative financial instruments |  |  | 6978 |  | 6978 |

---

Secured financing arrangements, short-term traded interests and traded derivatives are typically managed under Market risk management

policies described in the Market risk management section, which includes an indication of the change of risk measures compared to last year.

For this reason, the total assets of these entities are not considered meaningful for the purposes of understanding the related risks, and so have

not been presented. Other interests include conduits and lending where the interest is driven by normal customer demand. As at 31 December

2025, Barclays entered into transactions with approximately 8,000 (2024: 5,000) structured entities.

**Secured financing** 

The Group routinely enters into reverse repurchase contracts, margin lending, stock borrowing and similar arrangements on normal

commercial terms where the counterparty to the arrangement is a structured entity. Due to the nature of these arrangements, especially the

transfer of collateral and ongoing margining, the Group is able to manage its variable exposure to the performance of the structured entity

counterparty. The counterparties included in secured financing mainly include hedge fund limited structures, investment companies and

special purpose entities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 424 |
|  |  |  |  |  |  |  |  | 424 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

**Short-term traded interests**

As part of its market making activities, the Group buys and sells interests in structured vehicles, which are predominantly debt securities

issued by asset securitisation vehicles. Such interests are typically held individually or as part of a larger portfolio for no more than 90 days.

In such cases, the Group typically has no other involvement with the structured entity other than the securities it holds as part of trading

activities and its maximum exposure to loss is restricted to the carrying value of the asset.

**Traded derivatives**

The Group enters into a variety of derivative contracts with structured entities which reference market risk variables, such as interest rates,

equities, foreign exchange rates and credit indices among other things. The main derivative types which are considered interests in structured

entities include equity options, index-based and entity-specific credit default swaps, and total return swaps. Interest rate swaps and foreign

exchange derivatives that are not complex and which expose the Group to insignificant credit risk by being senior in the payment waterfall of

a securitisation and derivatives that are determined to introduce risk or variability to a structured entity are not considered to be an interest in

an entity and have been excluded from the disclosures.

A description of the types of derivatives and the risk management practices are detailed in Note 14. The risk of loss may be mitigated

through ongoing margining requirements, as well as a right to cash flows from the structured entity which are senior in the payment

waterfall. Such margining requirements are consistent with market practice for many derivative arrangements and in line with the Group's

normal credit policies.

Derivative transactions require the counterparty to provide cash or other collateral under margining agreements to mitigate counterparty

credit risk. The Group is mainly exposed to settlement risk on these derivatives which is mitigated through daily margining. Total notional

contract amounts were £641,837m (2024: £712,793m).

Except for credit default swaps where the maximum exposure to loss is the swap notional amount, it is not possible to estimate the maximum

exposure to loss in respect of derivative positions as the fair value of derivatives is subject to changes in market rates of interest, exchange

rates and credit indices which by their nature are uncertain. In addition, the Group's losses would be subject to mitigating action under its

traded market risk and credit risk policies that require the counterparty to provide collateral in cash or other assets in most cases.

**Other interests in unconsolidated structured entities**

The Group's interests in structured entities not held for the purposes of short-term trading activities are set out below, summarised by the

nature of the interest and limited to significant categories, based on maximum exposure to loss.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nature of interest** |  |  |  |  |  |
|  | **Multi-seller** <br>**conduit** <br>**programme**<br>| **Lending** | **Other** | **Total** | **Of which:** <br>**Barclays owned,** <br>**not consolidated** <br>**entities**<sup>1</sup><br>|
|  | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2025** |  |  |  |  |  |
| Financial assets at fair value through the income statement | **—** | **25** | **629** | **654** | **—** |
| Financial assets at fair value through other comprehensive income | **—** | **2367** | **1444** | **3811** | **—** |
| Loans and advances at amortised cost | **9697** | **37582** | **—** | **47279** | **—** |
| Debt securities at amortised cost | **—** | **—** | **23818** | **23818** | **—** |
| Other assets | **—** | **—** | **—** | **—** | **—** |
| **Total on-balance sheet exposures** | **9697** | **39974** | **25891** | **75562** | **—** |
| Total off-balance sheet notional amounts | **11326** | **24866** | **—** | **36192** | **—** |
| **Maximum exposure to loss** | **21023** | **64840** | **25891** | **111754** | **—** |
| **Total assets of the entity** | **32527** | **195337** | **81686** | **309550** | **—** |
| **As at 31 December 2024** |  |  |  |  |  |
| Financial assets at fair value through the income statement |  | 27 | 1268 | 1295 |  |
| Financial assets at fair value through other comprehensive income |  | 3206 | 2365 | 5571 |  |
| Loans and advances at amortised cost | 11103 | 36048 |  | 47151 |  |
| Debt securities at amortised cost |  |  | 24331 | 24331 |  |
| Other assets |  |  |  |  |  |
| **Total on-balance sheet exposures** | 11103 | 39281 | 27964 | 78348 |  |
| Total off-balance sheet notional amounts | 11530 | 25737 |  | 37267 |  |
| **Maximum exposure to loss** | 22633 | 65018 | 27964 | 115615 |  |
| **Total assets of the entity** | 41431 | 203723 | 75284 | 320438 |  |

---

**Note:**

1Comprises of Barclays owned, not consolidated structured entities per IFRS 10 Consolidated Financial Statements. Refer to Note 33 Principal subsidiaries for more

details on consolidation.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 425 |
|  |  |  |  |  |  |  |  | 425 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

**Maximum exposure to loss**

Unless specified otherwise below, the Group's maximum exposure to loss is the total of its on-balance sheet positions and its off-balance

sheet arrangements, being loan commitments and financial guarantees. Exposure to loss is mitigated through collateral, financial guarantees,

the availability of netting and credit protection held.

**Multi-seller conduit programme**

Barclays' multi-seller conduit programme engages in providing financing to various clients and holds whole or partial interests in pools of

receivables or similar obligations. These instruments are protected from loss through over-collateralisation, seller guarantees, or other credit

enhancements provided to the conduit entities. The Group's off-balance sheet exposure included in the table above represents liquidity

facilities that are provided to the conduit for the benefit of the holders of the commercial paper issued by the conduit and will only be drawn

where the conduit is unable to access the commercial paper market. If these liquidity facilities are drawn, the Group is protected from loss

through over-collateralisation, seller guarantees, or other credit enhancements provided to the conduit.

**Lending**

The portfolio includes lending provided by the Group to unconsolidated structured entities in the normal course of its lending business to

earn income in the form of interest and lending fees and includes loans to structured entities that are generally collateralised by property,

equipment or other assets. All loans are subject to the Group's credit sanctioning process. Collateral arrangements are specific to the

circumstances of each loan, with additional guarantees and collateral sought from the sponsor of the structured entity for certain

arrangements. During the period, the Group incurred immaterial impairment against such facilities.

**Other**

This includes fair value loans with structured entities where the market risk is materially hedged with corresponding derivative contracts,

interests in debt securities issued by securitisation vehicles and drawn and undrawn loan facilities to these entities. In addition, other includes

investment funds with interests restricted to management fees based on performance of the fund and trusts held on behalf of beneficiaries

with interests restricted to unpaid fees.

**Assets transferred to sponsored unconsolidated structured entities**

Barclays is considered to sponsor another entity if: it had a key role in establishing that entity, it transferred assets to the entity, the Barclays

name appears in the name of the entity or it provides guarantees on the entity's performance. As at 31 December 2025, assets transferred to

sponsored unconsolidated structured entities were £1,060m (2024: £890m).

**35Investments in associates and joint ventures**

**Accounting for associates and joint ventures**<br>The equity accounted associates include the Group's investment in the Business Growth Fund £724m (2024: £678m) which has increased <br>primarily due to a fair value gain in its investments by £64m (2024: £30m). The equity accounted joint ventures has decreased to £nil<br>(2024: £199m) due to the announced sale of the holding during the year. The joint ventures held at fair value through profit or loss has <br>increased to £211m (2024: £171m).<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Associates** | **Joint ventures** | **Total** | **Associates** | **Joint ventures** | **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Equity accounted | **739** | **—** | **739** | 692 | 199 | 891 |
| Held at fair value through profit or loss | **—** | **211** | **211** |  | 171 | 171 |
| **Total** | **739** | **211** | **950** | 692 | 370 | 1062 |

---

Summarised financial information for the Group's equity accounted associates and joint ventures is set out below. The amounts shown are

the Group's share of the net income of the investees for the year ended 31 December 2025, with the exception of certain undertakings for

which the amounts are based on accounts made up to dates not earlier than three months before the balance sheet date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Associates** | **Associates** | **Associates** | **Joint ventures** | **Joint ventures** | **Joint ventures** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Profit/(loss) from continuing operations | **64** | 30 | (10) | **6** | 8 | 1 |
| Other comprehensive income/(loss) | **—** |  |  | **(4)** | (1) | (3) |
| **Total comprehensive income/(loss) from continuing operations** | **64** | 30 | (10) | **2** | 7 | (2) |

---

Unrecognised shares of the losses of individually immaterial associates and joint ventures were £nil (2024: £nil).

The Group has provided guarantees amounted to £nil (2024: £nil) to its associates and joint ventures. The Barclays drawn commitments to

finance or otherwise provide resources to its associates and joint ventures are £474m (2024: £474m) The Barclays share of the associates and

joint ventures unutilised credit facilities commitments amounted to £nil (2024: £1,389m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 426 |
|  |  |  |  |  |  |  |  | 426 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

**36 Securitisations** 

**Accounting for securitisations**<br>The Group uses securitisations as a source of finance and a means of risk transfer. Such transactions generally result in the transfer of <br>contractual cash flows from portfolios of financial assets to holders of issued debt securities.<br>Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the recognition <br>of the debt securities issued in the transaction; lead to partial continued recognition of the assets to the extent of the Group's continuing <br>involvement in those assets or lead to derecognition of the assets and the separate recognition, as assets or liabilities, of any rights and <br>obligations created or retained in the transfer. Full derecognition only occurs when the Group transfers both its contractual right to receive <br>cash flows from the financial assets, or retains the contractual rights to receive the cash flows, but assumes a contractual obligation to pay <br>the cash flows to another party without material delay or reinvestment, and also transfers substantially all the risks and rewards of <br>ownership, including credit risk, prepayment risk and interest rate risk.<br>

In the course of its normal banking activities, the Group transfers financial assets, either where legal rights to the cash flows from the asset

are passed to the counterparty or beneficially, where the Group retains the rights to the cash flows, but assumes a responsibility to transfer

them to the counterparty. Depending on the nature of the transaction, this may result in derecognition of the assets in their entirety, partial

derecognition or no derecognition of the assets subject to the transfer.

A summary of the main transactions, and the assets and liabilities and the financial risks arising from these transactions, is set out below:

**Transfers of financial assets that do not result in derecognition**

**Securitisations**

The Group was party to securitisation transactions involving its credit card balances, consumer and mortgage loans.

In these transactions, the assets, interests in the assets, or beneficial interests in the cash flows arising from the assets, are transferred to a

special purpose entity, which then issues interest bearing debt securities to third-party investors.

Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the recognition of

the debt securities issued in the transaction. Partial continued recognition of the assets to the extent of the Group's continuing involvement in

those assets can also occur or derecognition of the assets and the separate recognition, as assets or liabilities, of any rights and obligations

created or retained in the transfer.

The following table shows the carrying amount of securitised assets that have not resulted in full derecognition, together with the associated

liabilities, for each category of asset on the balance sheet:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Assets** | **Assets** | **Liabilities**  | **Liabilities**  | **Assets** | **Assets** | **Liabilities**  | **Liabilities**  |
|  | **Carrying** <br>**amount** <br>| **Fair value** | **Carrying** <br>**amount** <br>| **Fair value** | **Carrying** <br>**amount** <br>| **Fair value** | **Carrying** <br>**amount** <br>| **Fair value** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **Loans and advances at amortised cost** |  |  |  |  |  |  |  |  |
| Credit cards, unsecured and other retail <br>lending<br>| **12288** | **12318** | **(2213)** | **(2210)** | 10115 | 10698 | (2130) | (2134) |
| Mortgage assets | **236** | **238** | **(21)** | **(26)** | 254 | 263 | (21) | (20) |
| **Financial assets at FVTPL** |  |  |  |  |  |  |  |  |
| Mortgage assets | **1523** | **1523** | **—** | **—** | 576 | 576 |  |  |
| **Assets included in disposal group classified** <br>**as held for sale**<br>|  |  |  |  |  |  |  |  |
| Personal Loans | **—** | **—** | **—** | **—** | 846 | 826 |  |  |
| **Total** | **14047** | **14079** | **(2234)** | **(2236)** | **11791** | **12363** | **(2151)** | **(2154)** |

---

Balances included within loans and advances at amortised cost represent securitisations where substantially all the risks and rewards of the

asset have been retained by the Group, and balances included within Financial assets at FVTPL and Assets included in disposal groups

classified as held for sale represent securitisations where the risks and rewards are neither substantially transferred nor retained.

The relationship between the transferred assets and the associated liabilities is that holders of notes may only look to cash flows from the

securitised assets for payments of principal and interest due to them under the terms of their notes, although the contractual terms of their

notes may be different to the maturity and interest of the transferred assets.

If Barclays transfers a financial asset, but does not transfer or retain substantially all the risk and rewards of the asset and retains control over

it, the transferred assets is recognised to the extent of Barclays' continuing involvement. Total Financial assets of £21,932m (2024:

£11,951m) were originally transferred in this manner and the carrying value of the asset representing continued involvement is included in

the table above.

For transfers of assets in relation to repurchase agreements, refer to Note 37.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 427 |
|  |  |  |  |  |  |  |  | 427 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

**Continuing involvement in financial assets that have been derecognised**

In some cases, the Group may have transferred a financial asset in its entirety but may have continuing involvement in it. This arises in asset

securitisations where loans and asset backed securities were derecognised as a result of the Group's involvement with asset backed securities,

residential mortgage backed securities and commercial mortgage backed securities. Continuing involvement largely arises from providing

financing into these structures in the form of retained notes, which do not bear first losses.

The table below shows the potential financial implications of such continuing involvement:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Continuing involvement**<sup>1</sup> | **Continuing involvement**<sup>1</sup> | **Continuing involvement**<sup>1</sup> | **Gain from continuing** <br>**involvement** | **Gain from continuing** <br>**involvement** |
|  | **Carrying** <br>**amount**<br>| **Fair value** | **Maximum** <br>**exposure to loss**<sup>2</sup><br>| **For the year** <br>**ended**<br>| **Cumulative to** <br>**31 December**<br>|
| **Type of transfer** | **£m** | **£m** | **£m** | **£m** | **£m** |
| **2025** |  |  |  |  |  |
| Asset backed securities | **67** | **67** | **141** | **3** | **5** |
| Residential mortgage backed securities | **3456** | **3452** | **3456** | **150** | **414** |
| Commercial mortgage backed securities | **360** | **328** | **360** | **5** | **26** |
| **Total** | **3883** | **3847** | **3957** | **158** | **445** |
| **2024** |  |  |  |  |  |
| Asset backed securities | 53 | 53 | 130 | 1 | 1 |
| Residential mortgage backed securities | 4462 | 4454 | 4462 | 194 | 261 |
| Commercial mortgage backed securities | 377 | 334 | 377 | 3 | 21 |
| **Total** | 4892 | 4841 | 4969 | 198 | 283 |

---

**Notes:**

1Assets which represent the Group's continuing involvement in derecognised assets are recorded in Loans and advances at amortised cost and Debt securities at

FVTPL.

2Maximum exposure to loss includes notional value of undrawn loan commitment, if any.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 428 |
|  |  |  |  |  |  |  |  | 428 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

**37 Assets pledged, collateral received and assets transferred**

Assets are pledged or transferred as collateral to secure liabilities under repurchase agreements, securitisations and stock lending agreements

or as security deposits relating to derivatives. Assets transferred are non-cash assets transferred to a third party that do not qualify for

derecognition from the Group balance sheet, for example, because Barclays retains substantially all the exposure to those assets under an

agreement to repurchase them in the future for a fixed price.

Assets pledged or transferred as collateral include all assets categorised as encumbered in the disclosure in the Barclays PLC Pillar 3 Report

2025 (unaudited), other than those held in commercial paper conduits. In these transactions, the Group will be required to step in to provide

financing itself under a liquidity facility if the vehicle cannot access the commercial paper market.

Where non-cash assets are pledged or transferred as collateral for cash received, the asset continues to be recognised in full, and a related

liability is also recognised on the balance sheet. Where non-cash assets are pledged or transferred as collateral in an exchange for non-cash

assets, the transferred asset continues to be recognised in full, and there is no associated liability as the non-cash collateral received is not

recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the duration of the transaction and

remains exposed to interest rate risk and credit risk on these pledged assets. Unless stated, the counterparty's recourse is not limited to the

transferred assets.

Collateralised transactions, such as securities lending and borrowing, repurchase and derivative transactions are conducted in accordance

with standard terms which are customary in the market.

The following table summarises the nature and carrying amount of the assets pledged as security:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Cash collateral | **79653** | 76401 |
| Loans and advances at amortised cost | **38095** | 63531 |
| Trading portfolio assets | **115923** | 107368 |
| Financial assets at fair value through the income statement | **5726** | 5728 |
| Financial assets at fair value through other comprehensive income | **17438** | 20982 |
| **Assets pledged** | **256835** | 274010 |

---

The following table summarises the transferred financial assets and the associated liabilities. The transferred assets represent the gross

carrying value of the assets pledged and the associated liabilities represent the liability recorded on the balance sheet:

---

| | | |
|:---|:---|:---|
|  | **Transferred** <br>**assets**<br>| **Associated** <br>**liabilities**<br>|
|  | **£m** | **£m** |
| **As at 31 December 2025** |  |  |
| Derivatives | **79753** | **(79753)** |
| Repurchase agreements | **64689** | **(45810)** |
| Securities lending arrangements | **99238** | **—** |
| Other | **13155** | **(12658)** |
|  | **256835** | **(138221)** |
| **As at 31 December 2024** |  |  |
| Derivatives | 75157 | (75157) |
| Repurchase agreements | 77793 | (53481) |
| Securities lending arrangements | 106106 |  |
| Other | 14954 | (13580) |
|  | 274010 | (142218) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 429 |
|  |  |  |  |  |  |  |  | 429 |

---

Notes to the financial statements (continued)

Scope of consolidation<br>

For repurchase agreements, the difference between transferred assets and the associated liabilities is predominantly due to IFRS netting.

Included within Other are agreements where a counterparty's recourse is limited to the transferred assets. The relationship between the gross

transferred assets and the associated liabilities is that holders of notes may only look to cash flows from the securitised assets for payments of

principal and interest due to them under the terms of their notes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying value** | **Carrying value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Transferred** <br>**assets**<br>| **Associated** <br>**liabilities**<br>| **Transferred** <br>**assets**<br>| **Associated** <br>**liabilities**<br>| **Net position** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** |
| **2025** |  |  |  |  |  |
| Recourse to transferred assets only | **12524** | **(2234)** | **12556** | **(2236)** | **10320** |
| **2024** |  |  |  |  |  |
| Recourse to transferred assets only | 10369 | (2151) | 10961 | (2154) | 8807 |

---

The Group has an additional £10,567m (2024: £9,500m) of loans and advances within its asset backed funding programmes that can readily

be used to raise additional secured funding and are available to support future issuances.

**Collateral held as security for assets**

Under certain transactions, including reverse repurchase agreements and stock borrowing transactions, the Group is allowed to resell or re-

pledge the collateral held. Collateralised transactions, such as securities lending and borrowing, repurchase and derivative transactions are

conducted in accordance with standard terms, which are customary in the market.

The fair value at the balance sheet date of collateral accepted and re-pledged or transferred to others was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| Fair value of securities accepted as collateral | **1513869** | 1318862 |
| Of which fair value of securities re-pledged/transferred to others | **1382090** | 1191938 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 430 |
|  |  |  |  |  |  |  |  | 430 |

---

Notes to the financial statements (continued)

Other disclosure matters<br>

**Other disclosure matters**

The notes included in this section focus on related party transactions, Auditor's remuneration, Barclays PLC (the Parent company) <br>disclosure, Directors' remuneration and Transition disclosures. Related parties include any subsidiaries, associates, joint ventures and Key <br>Management Personnel.<br>

**38 Related party transactions and Directors' remuneration**

**Related party transactions**

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party

in making financial or operational decisions, or one other party controls both.

**Subsidiaries**

Transactions between Barclays PLC and its subsidiaries meet the definition of related party transactions. Where these are eliminated on

consolidation, they are not disclosed in the Group's financial statements. Transactions between Barclays PLC and its subsidiaries are fully

disclosed in Barclays PLC's financial statements. A list of the Group's principal subsidiaries is shown in Note 33.

**Associates, joint ventures and other entities**

The Group provides banking services to its associates, joint ventures and the Group pension funds (principally the UK Retirement Fund),

providing loans, overdrafts, interest and non-interest bearing deposits and current accounts to these entities, as well as other services. Group

companies also provide investment management and custodian services to the Group pension schemes. All of these transactions are

conducted on the same terms as third-party transactions. Summarised financial information for the Group's investments in associates and

joint ventures is set out in Note 35.

Amounts included in the Group's financial statements, in aggregate, by category of related party entity are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Associates** | **Joint ventures** | **Pension funds** |
|  | **£m** | **£m** | **£m** |
| **For the year ended and as at 31 December 2025** |  |  |  |
| Total income | **18** | **43** | **8** |
| Credit impairment charges | **—** | **—** | **—** |
| Operating expenses | **(22)** | **—** | **(1)** |
| Total assets | **—** |  | **—** |
| Total liabilities | **126** | **—** | **140** |
| **For the year ended and as at 31 December 2024** |  |  |  |
| Total income | (2) | 56 | 2 |
| Credit impairment charges |  |  |  |
| Operating expenses | (21) |  | (1) |
| Total assets |  | 1104 | 0 |
| Total liabilities | 64 |  | 176 |
| **For the year ended and as at 31 December 2023** |  |  |  |
| Total income | 13 | 70 | 4 |
| Credit impairment charges |  |  |  |
| Operating expenses | (20) |  | (1) |

---

Total liabilities includes derivatives transacted on behalf of the pension funds of £89m (2024: £100m).

**Key Management Personnel**

Key Management Personnel are defined as those persons having authority and responsibility for planning, directing and controlling the

activities of Barclays PLC (directly or indirectly) and comprise the Directors and Officers of Barclays PLC, certain direct reports of the

Group Chief Executive and the heads of major business units and functions.

The Group provides banking services to Key Management Personnel and persons connected to them.The balances outstanding as at 31

December were as follows:

---

| | | |
|:---|:---|:---|
| **Banking services provided** |  |  |
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| **Loans outstanding as at 31 December** | **15.4** | 17.5 |
| **Deposit outstanding as at 31 December** | **27.5** | 23.3 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 431 |
|  |  |  |  |  |  |  |  | 431 |

---

Notes to the financial statements (continued)

Other disclosure matters<br>

**Total commitments outstanding**

Total commitments outstanding refers to the total of any undrawn amounts on credit cards and/or overdraft facilities provided to Key

Management Personnel. Total commitments outstanding as at 31 December 2025 were £0.5m (2024: £0.6m).

All loans to Key Management Personnel (and persons connected to them) were made in the ordinary course of business; were made on

substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with

other persons; and did not involve more than a normal risk of collectability or present other unfavourable features.

**Remuneration of Key Management Personnel**

Total remuneration awarded to Key Management Personnel below represents salaries, short-term benefits and pensions contributions

received during the year and awards made as part of the latest remuneration decisions in relation to the year. Costs recognised in the income

statement reflect the accounting charge for the year included within operating expenses. The difference between the values awarded and the

recognised income statement charge principally relates to the recognition of costs for deferred awards. Figures are provided for the period

that individuals met the definition of Key Management Personnel.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Salaries and other short-term benefits | **48.3** | 45.0 | 33.3 |
| Pension costs | **0.1** | 0.1 |  |
| Other long-term benefits | **13.6** | 10.5 | 7.2 |
| Share-based payments | **26.2** | 18.1 | 10.2 |
| Employer social security charges on emoluments | **10.2** | 8.7 | 6.3 |
| **Costs recognised for accounting purposes** | **98.4** | 82.4 | 57.0 |
| Employer social security charges on emoluments | **(10.2)** | (8.7) | (6.3) |
| Other long-term benefits – difference between awards granted and costs recognised | **9.5** | 6.6 | 1.1 |
| Share-based payments – difference between awards granted and costs recognised | **11.7** | 7.4 | 6.0 |
| **Total remuneration awarded** | **109.4** | 87.7 | 57.8 |

---

**Disclosure required by the Companies Act 2006**

The following information regarding the Barclays PLC Board of Directors is presented in accordance with the Companies Act 2006:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| Aggregate emoluments<sup>1</sup> | **11.4** | 10.9 | 9.8 |
| Amounts paid under LTIPs<sup>2</sup> | **1.2** |  |  |
|  | **12.6** | 10.9 | 9.8 |

---

**Notes:**

1The aggregate emoluments include amounts paid for the 2025 year. In addition, deferred share awards for 2025 with a total value at grant of £1.3m (2024: £1.8m,

2023: £1.5m) will be made to Directors, which will only vest subject to meeting certain conditions.

2The figure above for "Amounts paid under LTIPs" relates to tranches of prior year LTIP awards that were released to Directors during the year. The LTIP figure in

the single total figure table for Executive Directors' 2025 remuneration in the Directors' Remuneration report relates to the 2023-2025 LTIP cycle, the first tranche of

which is scheduled to be released following the performance period ending on 31 December 2025.

There were no pension contributions paid to defined contribution schemes on behalf of Directors (2024: £nil, 2023: £nil). There were no

notional pension contributions to defined contribution schemes.

As at 31 December 2025, there were no Directors accruing benefits under a defined benefit scheme (2024: nil, 2023: nil).

**Directors' and Officers' shareholdings and options**

The beneficial ownership of ordinary share capital of Barclays PLC by all Directors and Officers of Barclays PLC (involving 30 persons) at

31 December 2025 amounted to 18,192,011 (2024: 20,479,846) ordinary shares of 25p each (0.13% of the ordinary share capital

outstanding).

As at 31 December 2025, Executive Directors and Officers of Barclays PLC (involving 19 persons) held options to purchase a total of 59,803

(2024: 49,911) Barclays PLC ordinary shares of 25p each at a weighted average price of 148p under Sharesave.

**Advances and credit to Directors and guarantees on behalf of Directors**

In accordance with Section 413 of the Companies Act 2006, the total amount of advances and credits made available in 2025 to persons who

served as Directors during the year was £0.7m (2024: £0.6m). The total value of guarantees entered into on behalf of Directors during 2025

was £nil (2024: £nil).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 432 |
|  |  |  |  |  |  |  |  | 432 |

---

Notes to the financial statements (continued)

Other disclosure matters<br>

**39Auditor's remuneration**

Auditor's remuneration is included within consultancy, legal and professional fees in administration and general expenses and comprises:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **£m** | **£m** | **£m** |
| **Audit of the Barclays Group's annual accounts** | **13** | 13 | 11 |
| **Other services:** |  |  |  |
| Audit of the Company's subsidiaries<sup>1</sup> | **57** | 58 | 53 |
| Other audit related fees<sup>2</sup> | **15** | 14 | 12 |
| Other services | **5** | 6 | 2 |
| **Total auditor's remuneration** | **90** | 91 | 78 |

---

**Notes:**

1Comprises the fees for the statutory audit of subsidiaries both inside and outside the UK and fees for work performed by associates of KPMG in respect of the

consolidated financial statements of the Company.

2Comprises services in relation to statutory and regulatory filings. These include audit services for the review of the interim financial information under the Listing

Rules of the UK listing authority.

Audit scope changes are finalised following the completion of the audit and recognised when agreed. The 2025 audit fee includes £nil (2024:

2m, 2023: £1m) relating to the previous year's audit.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| **Barclays associated pension schemes** | **£m** | **£m** | **£m** |
| Audit fee | **0.6** | 0.3 | 0.3 |

---

Under SEC regulations the remuneration of our auditors is required to be presented as follows: audit fees £77m (2024: £77m, 2023: £70m),

audit-related fees £9m (2024: £9m, 2023: £6m), tax fees £nil (2024: £nil, 2023: £nil), and all other fees £4m (2024: £5m, 2023: £2m).

**40Assets and liabilities included in disposal group classified as held for sale**

**Accounting for Non-current assets held for sale and associated liabilities**

The Group applies IFRS 5 *Non-current Assets Held for Sale and Discontinued Operations*. Non-current assets (or disposal groups) are

classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use. In

order to be classified as held for sale, the asset must be available for immediate sale in its present condition subject only to terms that are

usual and customary, and the sale must be highly probable. Non-current assets (or disposal groups) held for sale are measured at the lower of

carrying amount and fair value less cost to sell. Assets and liabilities classified as held for sale are presented separately in the consolidated

balance sheet.

Management judgement is required in determining whether the IFRS 5 held for sale classification criteria are met, in particular whether the

sale is highly probable and expected to qualify for recognition as a completed sale within 12 months of classification. This assessment

requires consideration of how committed management is to the sales plan, the likelihood of obtaining regulatory or other external approvals

which is often required for sales of banking operations and how committed the buyer is to complete the sales transaction within the agreed

timelines.

The perimeter of the disposal group has been accounted for in line with the requirements of IFRS 5 as at 31 December 2025. A detailed

analysis of the disposal group is presented below.

The 2025 disposal group relates to a USCB co-branded Cards portfolio. Barclays has decided not to compete to become the sole issuer for this

portfolio leading to its transfer in H1 2026. The portfolio is expected to be sold at a premium. The extension to the 1 year sale period is aligned

to the signed contractual arrangements in place to allow the transition of the portfolio in a controlled and effective manner. The 2024 disposal

group includes the USCB Cards portfolio and the German Consumer Finance Business within Head Office.

The fair value level of the financial instruments included in held for sale along with corresponding fair value hierarchy under IFRS13 is

disclosed on page [390](#ic52035aef48f4b29834cb256d79ea24d_0-0-14-11-4390467).

---

| | | |
|:---|:---|:---|
| **As at 31 December** | **2025** | **2024** |
|  | **£m** | **£m** |
| **Assets included in disposal groups classified as held for sale** |  |  |
| Loans and advances to customers | **5801** | 9544 |
| Intangible assets | **11** | 25 |
| Property, plant and equipment | **—** | 24 |
| Other assets | **120** | 261 |
| **Total assets classified as held for sale** | **5932** | 9854 |
| **Liabilities included in disposal groups classified as held for sale** |  |  |
| Deposits from customers | **—** | 3647 |
| Other liabilities | **—** | 77 |
| Provisions | **—** | 2 |
| **Total liabilities classified as held for sale** | **—** | 3726 |
| **Net assets classified as held for sale** | **5932** | 6128 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 433 |
|  |  |  |  |  |  |  |  | 433 |

---

Notes to the financial statements (continued)

Other disclosure matters<br>

**41Barclays PLC (the Parent company)**

**Total income**

**Dividend received from subsidiaries**

Dividends received from subsidiaries of £4,185m (2024: £3,087m, 2023: £2,818m) relates to dividends received from Barclays Execution

Services Limited £190m, Barclays Bank UK PLC £1,425m and Barclays Bank PLC £2,570m.

**Other income**

Other income of £714m (2024: £1,183m, 2023: £1,174m expense) includes £997m (2024: £990m, 2023: £985m) of income received from

gross coupon payments on Barclays Bank PLC and Barclays Bank UK PLC-issued AT1 securities, net fee and commission income from

subsidiaries £154m (2024: £135m, 2023: £139m) and foreign exchange and fair value losses of £(437)m (2024: £58m gain, 2023: £(50)m

loss).

**Total assets and liabilities**

**Investment in subsidiaries**

The investment in subsidiaries of £63,907m (2024: £63,315m) predominantly relates to investments in the ordinary shares of Barclays Bank

PLC of £36,340m (2024: £36,340m) and their AT1 securities of £10,460m (2024: £9,616m), as well as investments in the ordinary shares of

Barclays Bank UK PLC of £14,245m (2024: £14,245m) and their AT1 securities of £2,230m (2024: £2,435m). The increase of £592m

during the year resulted from net issuances of AT1 holdings.

**Impairment in subsidiaries**

At the end of each reporting period, an impairment review is undertaken in respect of investment in the ordinary shares of subsidiaries.

Where impairment may be indicated a test of the carrying value against the recoverable value is performed; impairment being indicated

where the investment exceeds the recoverable amount. The recoverable amount is calculated as a value in use (VIU) which is derived from

the present value of future cash flows expected to be received from the investment. The VIU calculations use forecast profits based on

financial budgets approved by management, covering a five-year period as an approximation of future cash flows discounted using a pre-tax

discount rate appropriate to the subsidiary being tested. A terminal growth rate has then been applied to the cash flows thereafter, which is

based upon expectations of future inflation rates. The 2025 review did not identify any subsidiaries with indicators of impairment.

**Loans and advances to subsidiaries**

During the year, loans and advances to subsidiaries decreased by £2,677m to £15,730m (2024: £18,407m). The decrease was largely due to

maturities of £2,161m intra-group loans to Barclays PLC subsidiaries.

**Subordinated liabilities and debt securities in issue**

During the year, subordinated liabilities decreased to £8,644m (2024: £9,706m) primarily due to maturity of £615m of Fixed Rate Resetting

Subordinated Callable Notes (£500m and SGD 200m) and FX impact of £453m. Debt securities in issue of £14,476m (2024: £16,337m)

have reduced during the year primarily due to redemption of £2,391m Fixed Rate Senior Notes and FX impact of £521m. This is partially

offset by issuance of £(1,100)m of Fixed Rate Resetting Senior Callable Notes.

**Financial assets and liabilities designated at fair value**

Financial liabilities designated at fair value of £48,800m (2024: £42,324m) primarily included new senior issuances of £10,226m during the

year with principal amounts of £1,803m Fixed Rate Resetting Senior Callable Notes, £2,033m Floating Rate Senior Callable Notes, £6,317m

Fixed-to-Floating Rate Senior Callable Notes. Barclays PLC also issued £1,045m of Subordinated Debt in the year with principal amounts of

EUR 1,250m of Fixed Rate Resetting Subordinated Callable Notes. The increase is partially offset by redemption of senior debt of £4,610m

(2024:£3,577m). The proceeds raised through these transactions were used to invest in subsidiaries of Barclays PLC and are included within

the financial assets designated at fair value through the income statement balance of £50,921m (2024: £44,435m). The effect of changes in

the liabilities at fair value, including those due to credit risk, is expected to offset the changes in the fair value of the related financial asset in

the income statement. At year end the carrying amount of financial liabilities was£1,168m higher than the contractual amount on maturity

(2024: £195m lower).

**Derivative financial instruments** 

During the year, derivative financial liabilities decreased by £119m to £535m (2024: £654m). This is primarily driven by the gain in

derivatives due to mark to market movement.

**Total equity**

**Called up share capital and share premium** 

Called up share capital and share premium of Barclays PLC is £4,178m (2024: £4,186m). The decrease in the year is primarily due to £636m

shares repurchased with a total nominal value of £158m. This decrease was partially offset by shares issued under employee share schemes.

**Other equity instruments**

Other equity instruments of £12,673m (2024: £12,033m) comprises AT1 securities issued by Barclays PLC. The AT1 securities are perpetual

securities with no fixed maturity and are structured to qualify as AT1 instruments under prevailing capital rules applicable as at the relevant

issue date. During the year, there were four AT1 issuances with principal amounts totalling £3,799m (USD 1,500m, £1,000m, EUR 1,500m

and SGD 500m) andthree redemptions with principal amounts totalling £3,120m (USD 1,500m and £2,000m). For further details, please

refer to Note 27.

The Parent company financials on pages [348](#i12c1279a81884a37aee9a5181c6fa279_1231) to [350](#i12c1279a81884a37aee9a5181c6fa279_1237) form part of this note.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 434 |
|  |  |  |  |  |  |  |  | 434 |

---

Notes to the financial statements (continued)

Other disclosure matters<br>

**42 Related undertakings** 

The Group's corporate structure consists of a

number of related undertakings, comprising

subsidiary undertakings, joint ventures,

associated undertakings and significant

holdings. A full list of these related

undertakings is set out below, together with

the country of incorporation, registered

office (or principal place of business) and

the identity and percentage of each share

class held by the Group. The information is

provided as at 31 December 2025.

The entities are grouped by the countries in

which they are incorporated. The profits

earned by the activities of these entities are

in some cases taxed in countries other than

the country of incorporation, for example,

where the entity carries on business through

a branch in a territory outside of its country

of incorporation. Barclays PLC Country

Snapshot provides details of where the

Group carries on its business, where its

profits are subject to tax and the taxes it pays

in each country it operates in.

**Wholly owned subsidiaries**

Unless otherwise stated, the undertakings

below are wholly owned and included in the

consolidation and the share capital held by

the Group comprises ordinary and/or

common shares, which are held by

subsidiaries of Barclays PLC. Unless

otherwise stated, the Group holds 100% of

the nominal value of each share class.

---

| | |
|:---|:---|
| **Notes** | **Notes** |
| A | Directly held by Barclays PLC |
| B | Partnership Interest |
| C | Membership Interest |
| D | Class D Shares |
| E | Preference Shares |
| F | A Preference Shares |
| G | B Preference Shares |
| H | Ordinary/Common Shares in addition <br>to other shares<br>|
| I | A Ordinary Shares |
| J | B Ordinary Shares |
| K | C Ordinary Shares |
| L | F Ordinary Shares |
| M | First Preference Shares, Second <br>Preference Shares<br>|
| N | Registered Address not in country of <br>Incorporation<br>|
| O | Core Shares, Insurance (Classified) <br>Shares <br>|
| P | Class B, C, D, E, F, G, H, I, J and K  |
| Q | Non-Redeemable Ordinary Shares |

---

---

| | |
|:---|:---|
| **Notes** | **Notes** |
| R | Class A, B and C Shares |
| S | Class A and Class B Shares |
| T | PEF Carry Shares |
| U | Not Consolidated (see Note 34 <br>IFRS12 Structured entities)<br>|
| V | USD Linked Ordinary Shares |
| W | Redeemable Class B Shares |
| X | Capital Contribution Shares |
| Y | Class A Redeemable Preference  |
| Z | Class B Redeemable Preference  |
| AA | First Class Common Shares, Second <br>Class Common Shares<br>|
| CC | Non-Voting Redeemable Preference <br>Shares<br>|
| DD | Ordinary "F" Shares - Variable |
| EE | Class C Preferred Shares and Class D <br>Preferred Shares<br>|
| FF | Trust Interest  |
| GG | A1 Ordinary Shares (42.85%) and A2 <br>Preference Shares (45.15%)<br>|
| HH | A2 Ordinary Shares (14.14%) and A3 <br>Ordinary Shares(68.10%)<br>|
| II | LLC Share |
| JJ | A Shares (4.99%) and B Shares <br>(100%)<br>|
| KK | Class A Ordinary Shares (34.47%) <br>and Class C Ordinary Shares <br>(22.98%)<br>|
| LL | Class A Ordinary Shares (49.52%) <br>and Preference Shares (48.25%)<br>|

---

---

| | |
|:---|:---|
| **Wholly owned subsidiaries** | Note |
| **United Kingdom** |  |
| **1 Churchill Place, London, E14 5HP** |  |
| Aequor Investments Limited |  |
| Ardencroft Investments Limited |  |
| B D & B Investments Limited  |  |
| B.P.B. (Holdings) Limited |  |
| Barclay Leasing Limited |  |
| Barclays Aldersgate Investments Limited |  |
| Barclays Asset Management Limited |  |
| Barclays Bank PLC | A, H |
| Barclays Bank UK PLC | A |
| Barclays Capital Asia Holdings Limited |  |
| Barclays Capital Nominees (No.2) Limited |  |
| Barclays Capital Nominees (No.3) Limited |  |
| Barclays Capital Nominees Limited |  |
| Barclays Capital Securities Client Nominee <br>Limited<br>|  |
| Barclays Capital Securities Limited |  |
| Barclays CCP Funding LLP | B |
| Barclays Converted Investments (No.2) <br>Limited<br>|  |
| Barclays Direct Investing Nominees <br>Limited<br>|  |
| Barclays Directors Limited |  |
| Barclays Equity Holdings Limited |  |
| Barclays Execution Services Limited | A |
| Barclays Executive Schemes Trustees <br>Limited<br>|  |
| Barclays Financial Planning Nominee <br>Company Limited<br>|  |
| Barclays Funds Investments Limited |  |

---

---

| | |
|:---|:---|
| **Wholly owned subsidiaries** | Note |
| Barclays Gaia Holdings Limited |  |
| Barclays Group Holdings Limited |  |
| Barclays Industrial Development Limited |  |
| Barclays Industrial Investments Limited |  |
| Barclays Insurance Services Company <br>Limited<br>|  |
| Barclays International Holdings Limited |  |
| Barclays Investment Management Limited |  |
| Barclays Investment Solutions Limited |  |
| Barclays Leasing (No.9) Limited |  |
| Barclays Long Island Limited |  |
| Barclays Nominees (George Yard) Limited | U |
| Barclays OCIO Services Limited |  |
| Barclays Pension Funds Trustees Limited |  |
| Barclays Principal Investments Limited | A, I, <br>J<br>|
| Barclays Private Bank |  |
| Barclays SAMS Limited |  |
| Barclays Security Trustee Limited | A |
| Barclays Services (Japan) Limited |  |
| Barclays Shea Limited |  |
| Barclays Term Funding Limited Liability <br>Partnership<br>| B |
| Barclays UK Investments Limited |  |
| Barclays Unquoted Investments Limited |  |
| Barclays Wealth Nominees Limited |  |
| Barclaycard Payments Limited |  |
| Barclayshare Nominees Limited |  |
| Barcosec Limited |  |
| Barsec Nominees Limited |  |
| BB Client Nominees Limited |  |
| BMI (No.9) Limited |  |
| BNRI ENG 2014 Limited Partnership | B |
| BNRI ENG GP LLP | B |
| BNRI England 2010 Limited Partnership | B |
| BNRI England 2012 Limited Partnership | B |
| Carnegie Holdings Limited |  |
| Chapelcrest Investments Limited |  |
| Clydesdale Financial Services Limited |  |
| Cornwall Home Loans Limited |  |
| CPIA England 2009 Limited Partnership | B |
| CPIA England No.2 Limited Partnership | B |
| Dorset Home Loans Limited |  |
| Durlacher Nominees Limited |  |
| Eagle Financial and Leasing Services (UK) <br>Limited<br>|  |
| Finpart Nominees Limited |  |
| FirstPlus Financial Group Limited |  |
| Foltus Investments Limited |  |
| Global Dynasty Natural Resource Private <br>Equity Limited Partnership<br>| B |
| Globe Nominees Limited |  |
| Hawkins Funding Limited |  |
| Heraldglen Limited | H, M |
| Isle of Wight Home Loans Limited |  |
| J.V. Estates Limited |  |
| Kirsche Investments Limited |  |
| Long Island Assets Limited |  |
| Maloney Investments Limited |  |
| Menlo Investments Limited |  |
| Mercantile Credit Company Limited |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 435 |
|  |  |  |  |  |  |  |  | 435 |

---

Notes to the financial statements (continued)

Other disclosure matters<br>

---

| | |
|:---|:---|
| **Wholly owned subsidiaries** | Note |
| Mercantile Leasing Company (No.132) <br>Limited<br>|  |
| MK Opportunities LP | B |
| Naxos Investments Limited (In Liquidation <br>14 January 2026)<br>|  |
| North Colonnade Investments Limited |  |
| Northwharf Investments Limited | T,H |
| Northwharf Nominees Limited |  |
| Oak Pension Asset Management Limited | U |
| Radbroke Mortgages UK Limited |  |
| Real Estate Participation Management <br>Limited<br>|  |
| Real Estate Participation Services Limited |  |
| Relative Value Investments UK Limited <br>Liability Partnership<br>| B |
| Relative Value Trading Limited |  |
| Roder Investments No. 1 Limited | H, E |
| Roder Investments No. 2 Limited | H, E |
| RVT CLO Investments LLP | B |
| Surety Trust Limited |  |
| Sustainable Impact Capital Limited |  |
| Swan Lane Investments Limited |  |
| US Real Estate Holdings No.1 Limited |  |
| US Real Estate Holdings No.2 Limited |  |
| US Real Estate Holdings No.3 Limited |  |
| US Real Estate Holdings No.4 Limited |  |
| US Real Estate Holdings No.5 Limited |  |
| US Real Estate Holdings No.6 Limited |  |
| Water Street Investments Limited  | U |
| Wedd Jefferson (Nominees) Limited |  |
| Westferry Investments Limited |  |
| Woolwich Homes Limited |  |
| Woolwich Qualifying Employee Share <br>Ownership Trustee Limited<br>|  |
| Zeban Nominees Limited |  |
| **C/O Teneo Financial Advisory Limited,** <br>**3rd Floor, The Colmore Building, 20** <br>**Colmore Circus Queensway,** <br>**Birmingham, West Midlands, B4 6AT**<br>|  |
| Barclays Nominees (Branches) Limited (In <br>Liquidation)<br>|  |
| Leonis Investments LLP (In Liquidation) | B |
| **2nd Floor, Marlow International,** <br>**Parkway, Marlow, SL7 1YL, United** <br>**Kingdom**<br>|  |
| Kensington Mortgage Company Limited |  |
| Kensington Mortgage Services Limited |  |
| **1-4, Clyde Place Lane, Glasgow, G5 8DP** |  |
| R.C. Greig Nominees Limited |  |
| **50 Lothian Road, Festival Square,** <br>**Edinburgh, EH3 9WJ**<br>|  |
| BNRI PIA Scot GP Limited |  |
| BNRI Scots GP, LLP | B |
| Pecan Aggregator LP | B |
| **Logic House, Waterfront Business Park,** <br>**Park, Fleet Road, Fleet, Hampshire,** <br>**GU51 3SB**<br>|  |
| The Logic Group Enterprises Limited |  |

---

---

| | |
|:---|:---|
| **Wholly owned subsidiaries** | Note |
| The Logic Group Holdings Limited | I |
| **9, allée Scheffer, L-2520, Luxembourg** |  |
| Barclays Claudas Investments Partnership | B, N |
| Barclays Pelleas Investments Limited <br>Partnership<br>| B, N |
| Barclays Blossom Finance Limited <br>Partnership<br>| B, N |
| **Argentina** |  |
| **Marval, O'Farrell & Mairal, Av.** <br>**Leandro N.Alem 882, Buenos Aires,** <br>**C1001AAQ**<br>|  |
| Compañia Regional del Sur S.A.(In <br>Liquidation)<br>|  |
| **Brazil** |  |
| **Av. Brigadeiro Faria Lima, No.4.440,** <br>**12th Floor, Bairro Itaim Bibi, Sao Paulo,** <br>**CEP, 04538-132**<br>|  |
| Barclays Brasil Assessoria Financeira Ltda |  |
| **Canada** |  |
| **Bay Wellington Tower, Brookfield Place,** <br>**47th floor, 181 Bay Street, Toronto,** <br>**Ontario, M5J 2T3**<br>|  |
| Barclays Capital Canada Inc. |  |
| Barclays Corporation Limited |  |
| **1 Churchill Place, London, E14 5HP** |  |
| CPIA Canada Holdings | B, N |
| **Cayman Islands** |  |
| **PO Box 309, Ugland House, George** <br>**Town, Grand Cayman, KY1-1104**<br>|  |
| Alymere Investments Limited | F, G, <br>H<br>|
| Analytical Trade UK Limited |  |
| Barclays Capital (Cayman) Limited |  |
| Barclays Securities Financing Limited | F, G, <br>H<br>|
| Barclays US Holdings Limited | E, I |
| Braven Investments No.1 Limited |  |
| Capton Investments Limited |  |
| Claudas Investments Limited | H, Y, <br>Z<br>|
| Claudas Investments Two Limited |  |
| CPIA Investments No.2 Limited | E, H |
| Gallen Investments Limited |  |
| Hornbeam Limited | U |
| Mintaka Investments No. 4 Limited |  |
| Palomino Limited |  |
| Pelleas Investments Limited |  |
| Pippin Island Investments Limited |  |
| Razzoli Investments Limited | E, H |
| RVH Limited | E, H |
| **France** |  |
| **34-36 avenue de Friedland, 75008, Paris** |  |
| Barclays ADF SA |  |
| **Guernsey** |  |
| **P.O. Box 33, Dorey Court, Admiral Park,** <br>**St. Peter Port, GY1 4AT**<br>|  |

---

---

| | |
|:---|:---|
| **Wholly owned subsidiaries** | Note |
| Barclays Insurance Guernsey PCC Limited | O |
| Barclays UKRF No.1 IC Limited | U |
| Barclays UKRF ICC Limited | U |
| Barclays UKRF No.2 IC Ltd | U |
| **Hong Kong** |  |
| **Level 41, Cheung Kong Center, 2** <br>**Queen's Road Central, N/A, Hong Kong** <br>|  |
| Barclays Capital Asia Limited |  |
| **India** |  |
| **Nirlon Knowledge Park, Level 9, Block** <br>**B-6, Off Western Express Highway,** <br>**Goregaon (East), Mumbai, 400063**<br>|  |
| Barclays Securities (India) Private Limited |  |
| Barclays Wealth Trustees (India) Private <br>Limited<br>|  |
| Barclays Investments & Loans (India) <br>Private Limited<br>| E, H |
| **5th to 12th Floor (Part), Building G2,** <br>**Gera Commerzone SEZ, Survey No.65,** <br>**Kharadi, Pune, 411014**<br>|  |
| Barclays Global Service Centre Private <br>Limited<br>|  |
| **Ireland** |  |
| **One Molesworth Street, Dublin 2, D02** <br>**RF29**<br>|  |
| Barclaycard International Payments <br>Limited<br>|  |
| Barclays Bank Ireland Public Limited <br>Company<br>|  |
| Barclays Europe Client Nominees <br>Designated Activity Company<br>|  |
| Barclays Europe Firm Nominees <br>Designated Activity Company<br>|  |
| Barclays Europe Nominees Designated <br>Activity Company<br>|  |
| **25-28 North Wall Quay, Dublin1, D01**  |  |
| Erimon Home Loans Ireland Limited |  |
| **70 Sir John Rogerson's Quay, Dublin 2,** <br>**D02 R296**<br>|  |
| Barclays Finance Ireland Limited |  |
| **Isle of Man** |  |
| **Eagle Court, Circular Road, Douglas,** <br>**IM1 1AD**<br>|  |
| Barclays Nominees (Manx) Limited (In <br>Liquidation)<br>| U |
| Barclays Private Clients International <br>Limited<br>| I, J, <br>U<br>|
| **c/o Zedra Trust Company (Isle of Man)** <br>**Limited, 2nd Floor, St Georges Court,** <br>**Upper Church Street, Douglas, IM1 1EE**<br>|  |
| Barclays Holdings (Isle of Man) Limited <br>(In Liquidation)<br>|  |
| **Japan** |  |
| **10-1, Roppongi 6-chome, Minato-ku,** <br>**Tokyo**<br>|  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 436 |
|  |  |  |  |  |  |  |  | 436 |

---

Notes to the financial statements (continued)

Other disclosure matters<br>

---

| | |
|:---|:---|
| **Wholly owned subsidiaries** | Note |
| Barclays Funds and Advisory Japan  |  |
| Barclays Securities Japan Limited | F, H |
| **Jersey** |  |
| **28 Esplanade, St Helier, JE2 3QA** |  |
| Barclays Services Jersey Limited (In <br>Liquidation)<br>|  |
| **13 Library Place, St Helier, JE4 8NE** |  |
| Barclays Nominees (Jersey) Limited | U |
| Barclaytrust Channel Islands Limited | U |
| **Estera Trust (Jersey) Limited, 13-14** <br>**Esplanade, St Helier, JE1 1EE**<br>|  |
| MK Opportunities GP Ltd |  |
| **3rd Floor, 44 Esplanade, St. Helier, JE4** <br>**9WG, Jersey**<br>|  |
| Barclaycard Payments Holdings Limited |  |
| Barclaycard Payments Midco Limited |  |
| **Luxembourg** |  |
| **9, allée Scheffer, L-2520, Luxembourg** |  |
| Barclays Bedivere Investments S.à r.l. | H, I, <br>J<br>|
| Barclays Cantal Investments S.à r.l. | S |
| Barclays Capital Luxembourg S.à r.l. |  |
| Barclays Treasury Luxembourg S.à r.l. |  |
| Barclays Claudas Investments S.à r.l. |  |
| Barclays International Luxembourg Dollar <br>Holdings S.à r.l.<br>|  |
| Barclays Lamorak Investments S.à r.l. | Q |
| Barclays Luxembourg GBP Holdings <br>S.à r.l.<br>| Q |
| Barclays Luxembourg Global Funding <br>S.à r.l.<br>|  |
| Barclays Luxembourg Holdings S.à r.l. |  |
| Barclays Luxembourg Holdings SSC | B |
| BNRI Limehouse No.1 S.à r.l. | P |
| **68-70 Boulevard de la Petrusse, L-2320** |  |
| Adler Toy Holding Sarl |  |
| **10 rue du Château d'Eau, Leudelange,** <br>**Grand Duchy of Luxembourg L-3364**<br>|  |
| BPM Management GP SARL |  |
| **Mauritius** |  |
| **C/O Rogers Capital Corporate Services** <br>**Limited, 3rd Floor, Rogers House, No.5** <br>**President John Kennedy Street, Port** <br>**Louis**<br>|  |
| Barclays Capital Mauritius Limited (In <br>Liquidation)<br>|  |
| Barclays Capital Securities Mauritius <br>Limited<br>|  |
| **Fifth Floor Ebene Esplanade,** <br>**24 Bank Street, Cybercity**<br>**72201 Ebene**<br>|  |
| Barclays Mauritius Overseas Holdings <br>Limited<br>|  |

---

---

| | |
|:---|:---|
| **Wholly owned subsidiaries** | Note |
| **Mexico** |  |
| **Paseo de la Reforma 505, Torre Mayor** <br>**Floor 41, Colona Cuauhtémoc, 06500,** <br>**Mexico City** <br>|  |
| Barclays Bank Mexico, S.A. | J, L |
| Barclays Capital Casa de Bolsa, S.A. de <br>C.V.<br>| J, L |
| Grupo Financiero Barclays Mexico, S.A. de <br>C.V.<br>| J, L |
| **Monaco** |  |
| **31 Avenue de la Costa, Monte Carlo BP** <br>**339**<br>|  |
| Barclays Private Asset Management <br>(Monaco) S.A.M<br>|  |
| **Saudi Arabia** |  |
| **3rd Floor Al Dahna Center, 114 Al-Ahsa** <br>**Street, PO Box 1454, Riyadh 11431**<br>|  |
| Barclays Saudi Arabia (In Liquidation) |  |
| **Building 4.09- Unit 2- Level 9th, King** <br>**Abdullah Financial District Riyadh,** <br>**KSA, Kingdom Abdullah Financial** <br>**District, Riyadh**<br>|  |
| Barclays Regional Headquarters Company |  |
| **Singapore** |  |
| **10 Marina Boulevard, #25-01 Marina** <br>**Bay Financial Centre, Tower 2, 018983**<br>|  |
| Barclays Merchant Bank (Singapore) Ltd. |  |
| **Spain** |  |
| **Calle Jose, Abascal 51, 28003, Madrid** |  |
| Barclays Tenedora De Inmuebles SL. |  |
| **Switzerland** |  |
| **Chemin de Grange Canal 18-20, PO Box** <br>**3941, 1211, Geneva**<br>|  |
| Barclays Bank (Suisse) SA |  |
| Barclays Switzerland Services SA |  |
| BPB Holdings SA |  |
| **Taiwan** |  |
| **19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,** <br>**A322, Taiwan**<br>|  |
| Barclays Securities Taiwan Limited |  |
| **Turkey** |  |
| **13th floor, Kanyon Office Block,** <br>**Büyükdere Caddesi, Levent, Istanbul,** <br>**34394**<br>|  |
| Barclays Menkul Değerler Anonim Şirketi |  |
| **United States** |  |
| **Corporation Service Company, 251 Little** <br>**Falls Drive, Wilmington, DE 19808**<br>|  |
| Analytical Trade Holdings LLC |  |
| Barclays Asset Backed Depositor LLC | C |
| Barclays Bank Delaware | E, H |
| Barclays Capital Derivatives Funding LLC | C |
| Barclays STBT Inc. |  |
| Barclays Capital Equities Trading GP | B |

---

---

| | |
|:---|:---|
| **Wholly owned subsidiaries** | Note |
| Barclays Capital Holdings Inc. | F, G, <br>H<br>|
| Barclays Capital Real Estate Finance Inc. |  |
| Barclays Capital Real Estate Holdings Inc. |  |
| Barclays Capital Real Estate Inc. |  |
| Barclays Commercial Mortgage Securities <br>LLC<br>| C |
| Barclays Dryrock Funding LLC | C |
| Barclays Financial LLC | C |
| Barclays Group US Inc. | F, H |
| Barclays Lifestyles LLC | C |
| Barclays Nest LLC | C |
| Barclays Oversight Management Inc. |  |
| Barclays Receivables LLC | C |
| Barclays Services Corporation |  |
| Barclays Services LLC | C |
| Barclays US CCP Funding LLC | C |
| Barclays US Investments Inc. |  |
| Barclays US LLC | H, <br>EE<br>|
| BCAP LLC | C |
| Gracechurch Services Corporation |  |
| Lagalla Investments LLC |  |
| Marbury Holdings LLC |  |
| Preferred Liquidity, LLC | I |
| Procella Investments No.2 LLC | II |
| Procella Investments No.3 LLC | II |
| Relative Value Holdings, LLC |  |
| Surrey Funding Corporation |  |
| Sussex Purchasing Corporation |  |
| Sutton Funding LLC | C |
| US Secured Investments LLC | X |
| Verain Investments LLC |  |
| Wilmington Riverfront LLC | C |
| **100 Bank Street, Suite 630, Burlington,** <br>**Vermont 05401**<br>|  |
| Barclays Insurance U.S. Inc. |  |
| **Corporation Service Company, 80 State** <br>**Street, Albany, NY, 12207-2543**<br>|  |
| Barclays Equity Holdings Inc. |  |
| **Corporation Service Company, Goodwin** <br>**Square, 225 Asylum Street, 20th Floor** <br>**Hartford CT 06103**<br>|  |
| Barclays Capital Inc. |  |
| **Corporation Service Company, 2626,** <br>**Glenwood Ave, Suite 550, Raleigh, NC,** <br>**27608**<br>|  |
| Barclays US GPF Inc. |  |
| Equifirst Corporation (In Liquidation, <br>dissolved with State of North Carolina)<br>|  |
| **Rodney Square North, 1100, North** <br>**Market Street, Wilmington, Delaware,** <br>**19890**<br>|  |
| Barclays Dryrock Issuance Trust  | FF |
| **745 Seventh Avenue, New York,** <br>**NY10019**<br>|  |
| Alynore Investments Limited Partnership | B, N |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| **Financial** <br>**statements**<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 437 |
|  |  |  |  |  |  |  |  | 437 |

---

Notes to the financial statements (continued)

Other disclosure matters<br>

**Other Related Undertakings**

Unless otherwise stated, the undertakings

below are included in the consolidation and

the share capital held by the Group

comprises ordinary and/or common shares,

which are held by subsidiaries of Barclays

PLC. The percentage of the nominal value

of each share class held by the Group is

provided below.

---

| | | |
|:---|:---|:---|
| **Other Related Undertakings** | **%**  | **Note** |
| **United Kingdom** |  |  |
| **1 Churchill Place, London, E14** <br>**5HP**<br>|  |  |
| Barclaycard Funding PLC | 100.00 | I |
| Barclays Covered Bonds Limited<br>Liability Partnership<br>| 50.00 | B |
| Barclays Secured Funding (LM) <br>Limited<br>| 20.00 |  |
| Barclays Secured Notes Finance <br>LLP<br>| 20.00 | B |
| **80 Fenchurch Street, London** <br>**EC3M 4AE**<br>|  |  |
| Igloo Regeneration (General <br>Partner) Limited<br>| 25.00 | K, U |
| **3-5 London Road, Rainham,** <br>**Gillingham, Kent ME8 7RG**<br>|  |  |
| Trade Ideas Limited | 20.00 | U |
| **50 Lothian Road, Festival** <br>**Square, Edinburgh, EH3 9WJ**<br>|  |  |
| Equistone Founder Partner III <br>L.P.<br>| 20.00 | B, U |
| **Enigma, Wavendon Business** <br>**Park Milton Keynes, MK17** <br>**8LX**<br>|  |  |
| Intelligent Processing Solutions <br>Limited<br>| 19.50 | U |
| **180 Borough High Street,** <br>**London SE1 1LB**<br>|  |  |
| Protium Green Solutions Limited |  | U, GG |
| **13-15 York Buildings, London,** <br>**WC2N 6JU**<br>|  |  |
| BGF Group PLC | 24.60 | I, U |
| **Unit 9 Westbrook Court,** <br>**Sharrowvale Road, Sheffield,** <br>**S11 8YZ**<br>|  |  |
| Palms Row Healthcare Holdings <br>Limited<br>| 100.00 | U, CC |
| **3rd Floor 19-20 Berners Street,** <br>**London, W1T 3NW**<br>|  |  |
| AVFI TIDE I LP | 41.30 | B, U |
| **3rd Floor, 19-20 Berners** <br>**Street, London W1T 3NW**<br>|  |  |
| Female Innovators Lab L.P. | 60.00 | B |
| **6th Floor 60 Gracechurch** <br>**Street, London, EC3V 0HR**<br>|  |  |

---

---

| | | |
|:---|:---|:---|
| **Other Related Undertakings** | **%**  | **Note** |
| BMC (UK) Ltd |  | U, LL |
| **1301 K Street Nw, Washington** <br>**DC 20005, United States**<br>|  |  |
| Barclays Pre-Seed Investments I <br>LP<br>| 100.00 | B, N, <br>U<br>|
| Barclays Pre-Seed Investments II <br>LP<br>| 100.00 | B, N, <br>U<br>|
| **The White House, High Street,** <br>**Dereham, Norfolk, NR19 1DR**<br>|  |  |
| Naked Energy Limited | 25.80 | G, U |
| **Belgium** |  |  |
| **Klipperstraat 15 2030 Antwerp** |  |  |
| Euphony Benelux NV (In <br>Administration)<br>| 20.00 | U |
| **Cayman Islands** |  |  |
| **Maples Corporate Services** <br>**Limited, PO Box 309, Ugland** <br>**House, South Church Street,** <br>**Grand Cayman, KY1-1104**<br>|  |  |
| Southern Peaks Mining LP | 54.05 | B, U |
| SPM GP Limited | 90.00 | U |
| **Korea, Republic of** |  |  |
| **18th Floor, Daishin Finance** <br>**Centre, 343, Samil-daero,** <br>**Jung-go, Seoul**<br>|  |  |
| Woori BC Pegasus Securitization <br>Specialty Co. Ltd<br>| 70.00 | AA |
| **Luxembourg** |  |  |
| **9, allée Scheffer, L-2520,** <br>**Luxembourg**<br>|  |  |
| Barclays Alzin Investments <br>S.à r.l.<br>| 100.00 | D, S |
| Barclays Bordang Investments <br>S.à r.l.<br>| 100.00 | S |
| **17, Boulevard F.W. Raiffeisen** |  |  |
| Salica Growth Debt Fund II <br>SCSp<br>| 33.00 | B, U |
| **Netherlands** |  |  |
| **Winschoterdiep, 70,** <br>**Groningen, 9723AB,** <br>**Groningen,**<br>|  |  |
| Cube Solidus B.V. |  | U, JJ |
| **Alexanderstraat 18, The** <br>**Hague, 2514 JM, Zuid-Holland**<br>|  |  |
| Tulip Oil Holding BV |  | U, KK |

---

**Joint Ventures**

The related undertaking below is dealt with

as a Joint Venture<sup>1</sup> in accordance with s.18,

Schedule 4, The Large and Medium-sized

Companies and Groups (Accounts and

Reports) Regulations 2008 and is

proportionally consolidated. The proportion

of the capital of the related undertaking held

by the Group is stated below.

---

| | | |
|:---|:---|:---|
| **Joint Venture** | **%** | **Note** |
| **United Kingdom** |  |  |
| **All Saints Triangle, Caledonian** <br>**Road, London, N1 9UT**<br>|  |  |
| Vaultex UK Limited | 50.00 |  |

---

**Joint management factors**

The Board of Directors of the above Joint

Venture comprises two Barclays

representative Directors, two JV partner

Directors and two non-JV partner Directors.

The Board of Directors are responsible,

amongst other things, for setting the

company strategy and budgets.

The last financial year of the above JV

ended on 3 October 2025 and the average

number of monthly employees reported in

the accounts was 1,118.

**Notes:**

1This is distinct to how the term "joint venture"

may be used for the purposes of IFRS.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 438 |
|  |  |  |  |  |  |  |  | 438 |

---

**Additional unaudited information**

Shareholder information

**Annual General Meeting (AGM)**

The Barclays PLC 2026 AGM will be held on Thursday 7 May at QEII Centre Broad Sanctuary, Westminster London SW1P 3EE as

described in the Notice of Meeting, to be published on the Company's website (home.barclays/agm).

**Keep your personal details up to date**

Please remember to tell Equiniti if:

• you move

• you need to update your bank or building society details.

If you are a Shareview member, you can update your bank or building society account or address details online. If you are not a Shareview

member you can update details quickly and easily over the telephone using the Equiniti contact details on the next page.

**Key dates**

**20 February 2026** 

Full year dividend record date

**31 March 2026** 

Full year dividend payment date

**28 April 2026**

Q1 Results Announcement

**7 May 2026**

Annual General Meeting

**Dividends**

The Barclays PLC 2025 full year dividend for the year ended 31 December 2025 will be 5.6p per share, making the 2025 total dividend 8.6p

per share.

**Dividend Reinvestment Plan**

Barclays offers a share alternative in the form of a dividend reinvestment plan (DRIP) for those shareholders who wish to elect to use their

dividend payments to purchase additional ordinary shares, rather than receive a cash payment. The DRIP is provided and administered by

Barclays' registrar, Equiniti .

**Share Price**

Share price Information on the Barclays share price and other share price tools are available at: home.barclays/investorrelations

Further details regarding the DRIP can be found at home.barclays/dividends and www.shareview.co.uk/info/drip.

**Share Dealing Services, donations to charity and returns to shareholders** 

During 2025, we offered shareholders the option to donate to ShareGift as part of the Share Dealing Service, which resulted in over £78,000

in donations. The initiative is aimed at shareholders with relatively small shareholdings for whom it might otherwise be uneconomical to

deal.

Over £0.5m has been donated as part of the Share Dealing Service since it was launched in 2017. Some shareholders also opt to sell their

holding, as is their right to, resulting in approximately £23.91m being returned to shareholders in 2025, with a total of £95.66m returned via

this service since it was introduced.

**Shareholder Asset Reunification Programme**

In November 2025, we launched a new shareholder asset reunification programme instructing Prosearch,a specialist tracing company, to help

us trace over 38,000 lost shareholders. We want to reunite shareholders who have lost touch with the company,with their shareholding and

unclaimed dividends. To date, we have already reunited over £362,000 worth of shares and unclaimed dividends to shareholders via this

programme.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 439 |
|  |  |  |  |  |  |  |  | 439 |

---

Additional unaudited information (continued)

**Shareholder security** 

Shareholders should be wary of any cold calls, emails, texts or instant messages with an offer to buy or sell shares. Fraudsters often use

persuasive and high pressure techniques to lure shareholders into high-risk investments or scams. You should treat any unsolicited calls with

caution.

Please keep in mind that firms authorised by the Financial Conduct Authority (FCA) are unlikely to contact you out of the blue. You should

consider getting independent financial or professional advice from someone unconnected to the respective firm before you hand over any

money.

**Report a scam**

If you suspect that you have been approached by fraudsters please tell the FCA using the share fraud reporting form at fca.org.uk/consumers/

scams. You can also call the FCA Helpline on 0800 111 6768 or through Action Fraud on 0300 123 2040.

**Managing your shares online**

**Shareview** 

Barclays shareholders can go online to manage their shareholding and find out about Barclays performance by joining Shareview. Through

Shareview, you:

• will receive the latest updates from Barclays direct to your email;

• can update your address and bank details online;

• can vote in advance of general meetings.

To join Shareview, please follow these two easy steps:

**Step 1** Go to portfolio.shareview.co.uk

**Step 2** Register for electronic communications by following the instructions on screen

**Useful contact details**

**Registrar** 

**Holders of ordinary shares**

The Barclays share register is maintained by Equiniti. If you have any questions about your Barclays shares, please contact Equiniti by

visiting **shareview.co.uk**

By phone: **+44 (0)371 384 2055**<sup>a</sup>(UK & International telephone number)

For the hearing and speech impaired Equiniti welcome calls via Relay UK. For more information see **relayuk.bt.com**.

By post: Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA

To find out more, contact Equiniti or visit: **home.barclays/dividends**

**Holders of American Depositary Receipts (ADRs)**

ADRs represent the ownership of Barclays PLC shares which are traded on the New York Stock Exchange. ADRs carry prices, and pay

dividends, in US dollars.

If you have any questions about your Barclays ADRs, please contact Shareowner Services:

Electronicall**y: shareowneronline.com/informational/contact-us/** 

By phone:

**+1 800 990 1135** (toll free in the US and Canada)

**+1 651 453 2128** (outside the US and Canada)

By post:

Shareowner Services, PO Box 64504, St Paul, MN 55164-0504, USA

Delivery of ADR certificates and overnight mail

By post: Shareowner Services, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100, USA

Qualifying ADR holders should contact Shareowner Services for further details regarding the DRIP

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 440 |
|  |  |  |  |  |  |  |  | 440 |

---

Additional unaudited information (continued)

**Shareholder Relations**

If you have any questions for Barclays about your shareholding, please contact us:

By email: **privateshareholderrelations@barclays.com**

By post: Private Shareholder Relations, Barclays PLC, 1 Churchill Place, London E14 5HP

Please do not use this channel for general solicitations, marketing or general communications. Any non-shareholder-related enquiries will not

receive a response.

**Alternative formats**

Shareholder documents can be provided in large print, audio CD or Braille free of charge by calling Equiniti.

**+44 (0)371 384 2055**<sup>a</sup>

(UK & International telephone number)

**Note**

aLines open 8.30am to 5.30pm (UK time) Monday to Friday, excluding public holidays.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 441 |
|  |  |  |  |  |  |  |  | 441 |

---

Additional unaudited information (continued)

**Articles of Association**

Barclays PLC (the "Company") is a public limited company registered in England and Wales under company number 48839. Barclays,

originally named Barclay & Company Limited was incorporated in England and Wales on 20 July 1896 under the Companies Acts 1862 to

1890 as a company limited by shares. The company name was changed to Barclays Bank Limited on 17 February 1917 and it was registered

on 15 February 1982 as a public limited company under the Companies Acts 1948 to 1980. On 1 January 1985, the company changed its

name to Barclays PLC. The objects of the Company are unrestricted.

The current Articles of Association were adopted at the Company's Annual General Meeting ("AGM") on 9 May 2024, in substitution for

and to the exclusion of Articles adopted on 5 May 2021.

The following is a summary and explanation of the current Articles of Association, which are available for inspection.

**Directors** 

(i)The minimum number of Directors (excluding alternate Directors) is five. There is no maximum limit. There is no age limit for

Directors.

(ii)Excluding executive remuneration and any other entitlement to remuneration for extra services (including service on board committees)

under the Articles, a Director is entitled to a fee at a rate determined by the Board but the aggregate fees paid to all Directors shall not

exceed £3,000,000 per annum or such higher amount as may be approved by an ordinary resolution of the Company. Each Director is

entitled to reimbursement for all reasonable travelling, hotel and other expenses properly incurred by him/her in or about the

performance of his/her duties.

(iii)No Director may act (either himself/herself or through his/her firm) as an auditor of the Company. A Director may hold any other office

of the Company on such terms as the Board shall determine.

(iv)At each AGM of the Company, one third of the Directors (rounded down) are required under the Articles of Association to retire from

office by rotation and may offer themselves for re-election. The Directors so retiring are first, those who wish to retire and not offer

themselves for re-election, and, second those who have been longest in office (and in the case of equality of service length are selected

by lot). Other than a retiring Director, no person shall (unless recommended by the Board) be eligible for election unless a member

notifies the Company Secretary in advance of his/her intention to propose a person for election. It is Barclays' practice that all Directors

offer themselves for re-election annually in accordance with the UK Corporate Governance Code.

(v)The Board has the power to appoint additional Directors or to fill a casual vacancy amongst the Directors. Any Director so appointed

holds office until the next AGM, when he/she may offer himself/herself for reappointment. He/she is not taken into account in

determining the number of Directors retiring by rotation.

(vi)The Board may appoint any Director to any executive position or employment in the Company on such terms as they determine.

(vii)The Company may by ordinary resolution remove a Director before the expiry of his/her period of office (without prejudice to a

claim for damages for breach of contract or otherwise) and may by ordinary resolution appoint another person who is willing to act to be

a Director in his/her place.

(viii)A Director may appoint either another Director or some other person approved by the Board to act as his/her alternate with power

to attend Board meetings and generally to exercise the functions of the appointing Director in his/her absence (other than the power to

appoint an alternate of his/her appointor).

(ix)The Board may authorise any matter in relation to which a Director has, or can have, a direct interest that conflicts, or possibly may

conflict with, the Company's interests. Only Directors who have no interest in the matter being considered will be able to authorise the

relevant matter and they may impose limits or conditions when giving authorisation if they think this is appropriate.

(x)A Director may hold positions with or be interested in other companies and, subject to legislation applicable to the Company and the

FCA's requirements, may contract with the Company or any other company in which the Company is interested.

(xi)A Director may not vote or count towards the quorum on any resolution concerning any proposal in which he/she (or any person

connected with him/her) has a material interest (other than by virtue of his/her interest in securities of the Company) or if he/she has a

duty which conflicts or may conflict with the interests of the Company, unless the resolution relates to any proposal:

(a)to indemnify a Director or provide him/her with a guarantee or security in respect of money lent by him/her to, or any obligation

incurred by him/her or any other person for the benefit of (or at the request of), the Company (or any other member of the Group);

(b)to indemnify or give security or a guarantee to a third party in respect of a debt or obligation of the Company (or any other member

of the Group) for which the Director has personally assumed responsibility, in whole or in part;

(c)to obtain insurance for the benefit of Directors;

(d)involving the acquisition by a Director of any securities of the Company (or any other member of the Group) pursuant to an offer

to existing holders of securities or to the public;

(e)that the Director underwrite any issue of securities of the Company (or any other member of the Group);

(f)concerning any other company in which the Director is interested as an officer or creditor or shareholder but, broadly, only if he/

she (together with his/her connected persons) is directly or indirectly interested in less than 1% of either any class of the issued

equity share capital or of the voting rights of that company; and

(g)concerning any other arrangement for the benefit of employees of the Company (or any other member of the Group) under which

the Director benefits or stands to benefit in a similar manner to the employees concerned and which does not give the Director any

advantage which the employees to whom the arrangement relates would not receive.

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 442 |
|  |  |  |  |  |  |  |  | 442 |

---

Additional unaudited information (continued)

(xii)A Director may not vote or be counted in the quorum on any resolution which concerns his/her own employment or appointment

to any office of the Company or any other company in which the Company is interested.

(xiii)Subject to applicable legislation, the provisions described in sub-paragraphs (x), (xi) and (xii) may be relaxed or suspended by an

ordinary resolution of the members of the Company or any applicable governmental or other regulatory body.

(xiv)The Board may exercise all of the powers of the Company to borrow money, to mortgage or charge its undertaking, property and

uncalled capital and to issue debentures and other securities.

**Classes of Shares**

The Company only has Ordinary Shares in issue. The Articles of Association also provide for pound sterling preference shares of £100 each,

US dollar preference shares of US$100 each, US dollar preference shares of $0.25 each, euro preference shares of €100 each and yen

preference shares of ¥10,000 each (together, the "Preference Shares"). In accordance with the authority granted at the AGM on 9 May 2024,

Preference Shares may be issued by the Board from time to time in one or more series with such rights and subject to such restrictions and

limitations as the Board may determine. No Preference Shares have been issued to date.

**Dividends**

Subject to the provisions of the Articles and applicable legislation, the Company in general meeting may declare dividends on the Ordinary

Shares by ordinary resolution, but any such dividend may not exceed the amount recommended by the Board. The Board may also pay

interim or final dividends if it appears they are justified by the Company's financial position.

Each Preference Share confers the right to a preferential dividend ("Preference Dividend") payable in such currency at such rates (whether

fixed or calculated by reference to or in accordance with a specified procedure or mechanism), on such dates and on such other terms as may

be determined by the Board prior to allotment thereof.

The Preference Shares rank in regard to payment of dividends in priority to the holders of Ordinary Shares and any other class of shares in

the Company ranking junior to the Preference Shares.

Dividends may be paid on the Preference Shares if, in the opinion of the Board, the Company has sufficient distributable profits, after

payment in full or the setting aside of a sum to provide for all dividends payable on (or in the case of shares carrying a cumulative right to

dividends, before) the relevant dividend payment date on any class of shares in the Company ranking pari passu with or in priority to the

relevant series of Preference Shares as regards participation in the profits of the Company.

If the Board considers that the distributable profits of the Company available for distribution are insufficient to cover the payment in full of

Preference Dividends, Preference Dividends shall be paid to the extent of the distributable profits on a pro rata basis.

Notwithstanding the above, the Board may, at its absolute discretion, determine that any Preference Dividend which would otherwise be

payable may either not be payable at all or only payable in part.

If any Preference Dividend on a series of Preference Shares is not paid, or is only paid in part, for the reasons described above, holders of

Preference Shares will not have a claim in respect of such non-payment.

If any dividend on a series of Preference Shares is not paid in full on the relevant dividend payment date, a dividend restriction shall apply.

The dividend restriction means that, subject to certain exceptions, neither the Company nor Barclays Bank may (a) pay a dividend on, or (b)

redeem, purchase, reduce or otherwise acquire, any of their respective ordinary shares, other preference shares or other share capital ranking

equal or junior to the relevant series of Preference Shares until the earlier of such time as the Company next pays in full a dividend on the

relevant series of Preference Shares or the date on which all of the relevant series of Preference Shares are redeemed.

All unclaimed dividends payable in respect of any share may be invested or otherwise made use of by the Board for the benefit of the

Company until claimed. If a dividend is not claimed after six years of it becoming payable, it is forfeited and reverts to the Company. The net

proceeds from the sale of shares owned by untraced Shareholders, as well as any unclaimed dividend or other sum in respect of such shares,

shall be forfeited by the relevant untraced Shareholder and shall belong to the Company to use as the Board thinks fit.

The Board may, with the approval of an ordinary resolution of the Company, offer Shareholders the right to choose to receive an allotment of

additional fully paid Ordinary Shares instead of cash in respect of all or part of any dividend. The Company currently provides a dividend

reinvestment programme.

**Redemption and Purchase**

Subject to applicable legislation and the rights of the other shareholders, any share may be issued on terms that it is, at the option of the

Company or the holder of such share, redeemable. The Directors are authorised to determine the terms, conditions and manner of redemption

of any such shares under the Articles of Association.

**Calls on capital** 

The Directors may make calls upon the members in respect of any monies unpaid on their shares. A person upon whom a call is made

remains liable even if the shares in respect of which the call is made have been transferred. Interest will be chargeable on any unpaid amount

called at a rate determined by the Board (of not more than 20% per annum).

If a member fails to pay any call in full (following notice from the Board that such failure will result in forfeiture of the relevant shares), such

shares (including any dividends declared but not paid) may be forfeited by a resolution of the Board, and will become the property of the

Company. Forfeiture shall not absolve a previous member for amounts payable by him/her (which may continue to accrue interest).

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 443 |
|  |  |  |  |  |  |  |  | 443 |

---

Additional unaudited information (continued)

The Company also has a lien over all partly paid shares of the Company for all monies payable or called on that share and over the debts and

liabilities of a member to the Company. If any monies which are the subject of the lien remain unpaid after a notice from the Board

demanding payment, the Company may sell such shares.

**Annual and other general meetings** 

The Company is required to hold an AGM in addition to such other general meetings as the Directors think fit. The type of the meeting will

be specified in the notice calling it. Under the Companies Act 2006, the AGM must be held within six months of the financial year end. A

general meeting may be convened by the Board on requisition in accordance with the applicable legislation.

In the case of an AGM, a minimum of 21 clear days' notice is required. The notice must be in writing and must specify the place, the day and

the hour of the meeting, and the general nature of the business to be transacted. A notice convening a meeting to pass a special resolution

shall specify the intention to propose the resolution as such. The accidental failure to give notice of a general meeting or the non-receipt of

such notice will not invalidate the proceedings at such meeting.

Subject as noted above, all Shareholders are entitled to attend and vote at general meetings. The Articles do, however, provide that

arrangements may be made for simultaneous attendance at a satellite meeting place or, if the meeting place is inadequate to accommodate all

members and proxies entitled to attend, another meeting place may be arranged to accommodate such persons other than that specified in the

notice of meeting, in which case Shareholders may be excluded from the principal place. The Articles also allow for a hybrid meeting,

whereby Shareholders may attend by electronic means or physically.

Holders of Preference Shares have no right to receive notice of, attend or vote at, any general meetings of the Company as a result of holding

Preference Shares.

**Notices** 

A document or information may be sent by the Company in hard copy form, electronic form, by being made available on a website, or by

another means agreed with the recipient, in accordance with the provisions set out in the Companies Act 2006. Accordingly, a document or

information may only be sent in electronic form to a person who has agreed to receive it in that form or, in the case of a company, who has

been deemed to have so agreed pursuant to applicable legislation. A document or information may only be sent by being made available on a

website if the recipient has agreed to receive it in that form or has been deemed to have so agreed pursuant to applicable legislation, and has

not revoked that agreement.

In respect of joint holdings, documents or information shall be sent to the joint holder whose name stands first in the register.

A member who (having no registered address within the UK) has not supplied an address in the UK at which documents or information may

be sent in hard copy form, or an address to which notices, documents or information may be sent or supplied by electronic means, is not

entitled to have documents or information sent to him/her.

The Company may choose to send notice in hard copy form alone to some or all members and/or choose not to send notice to a particular

member where it considers this necessary or appropriate to deal with legal, regulatory or practical problems in, or under the laws of, any

territory. In addition, the Company may cease to send notices to any member who has been sent documents on two consecutive occasions

over a period of at least 12 months and when each of those documents is returned undelivered or notification is received that they have not

been delivered.

**Capitalisation of profits** 

The Company may, by ordinary resolution, upon the recommendation of the Board capitalise all or any part of an amount standing to the

credit of a reserve or fund to be set free for distribution provided that amounts from the share premium account, capital redemption reserve or

any profits not available for distribution should be applied only in paying up unissued shares to be allotted to members credited as fully paid

and no unrealised profits shall be applied in paying up debentures of the Company or any amount unpaid on any share in the capital of the

Company.

**Indemnity**

Subject to applicable legislation, every current and former Director or other officer of the Company (other than any person engaged by the

company as auditor) shall be indemnified by the Company against any liability in relation to the Company, other than (broadly) any liability

to the Company or a member of the Group, or any criminal or regulatory fine.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 444 |
|  |  |  |  |  |  |  |  | 444 |

---

Additional unaudited information (continued)

**Dividends on the ordinary shares of Barclays PLC** 

The dividends declared for each of the last five years were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pence per 25p ordinary share** | **Pence per 25p ordinary share** | **Pence per 25p ordinary share** | **Pence per 25p ordinary share** | **Pence per 25p ordinary share** | **Pence per 25p ordinary share** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Half year | 3.00 | 2.90 | 2.70 | 2.25 | 2.00 |
| Full year | 5.60 | 5.50 | 5.30 | 5.00 | 4.00 |
| **Total** | **8.60** | **8.40** | **8.00** | **7.25** | **6.00** |
| **US Dollars per 25p ordinary share** | **US Dollars per 25p ordinary share** | **US Dollars per 25p ordinary share** | **US Dollars per 25p ordinary share** | **US Dollars per 25p ordinary share** | **US Dollars per 25p ordinary share** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Half year | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 |
| Full year | 0.08 | 0.07 | 0.07 | 0.06 | 0.05 |
| **Total** | **0.12** | **0.11** | **0.10** | **0.09** | **0.08** |

---

The gross dividends applicable to an American Depositary Share (ADS) representing four ordinary shares, before deduction of withholding

tax, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **US Dollars per American Depositary Share** | **US Dollars per American Depositary Share** | **US Dollars per American Depositary Share** | **US Dollars per American Depositary Share** | **US Dollars per American Depositary Share** | **US Dollars per American Depositary Share** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Half year | 0.16 | 0.15 | 0.13 | 0.10 | 0.11 |
| Full year | 0.30 | 0.27 | 0.27 | 0.24 | 0.22 |
| **Total** | **0.46** | **0.42** | **0.40** | **0.34** | **0.33** |

---

The final dividends shown above are expressed in Dollars translated at the closing spot rate for Pounds Sterling as determined by Bloomberg

at 5pm in New York City (the 'Closing Spot Rate') on the latest practicable date for inclusion in this report. No representation is made that

Pounds Sterling amounts have been, or could have been, or could be, converted into Dollars at these rates.

**Trading market for ordinary shares of Barclays PLC**

The principal trading market for Barclays PLC ordinary shares is the London Stock Exchange. At the close of business on 31 December

2025, 13,866,661,730 ordinary shares were in issue.

Ordinary share listings were also obtained on the New York Stock Exchange (NYSE) with effect from 9 September 1986. Trading on the

NYSE is in the form of ADSs under the symbol 'BCS'. Each ADS represents four ordinary shares and is evidenced by an American

Depositary Receipt (ADR). The ADR depositary is JP Morgan Chase Bank, N.A. Details of trading activity are published in the stock tables

of leading daily newspapers in the US.

As at December 31, 2025, 299,037,602 ADSs were outstanding (equivalent to 1,196,150,408 ordinary shares or approximately 8.63% of the

total outstanding ordinary shares of Barclays PLC on that date). In addition, there were 1,578 record holders of ordinary shares of Barclays

PLC with US addresses as at December 31, 2025, representing 0.03% of the outstanding ordinary shares. Barclays ADSs are held both in the

US and worldwide. Since a certain number of the ordinary shares and ADSs were held by brokers or other nominees, the number of record

holders in the US may not be representative of the number of beneficial holders or of their country of residence.

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 445 |
|  |  |  |  |  |  |  |  | 445 |

---

Additional unaudited information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholdings at 31 December 2025**<sup>1</sup> |  |  |  |  |
|  | **Number of** <br>**shareholders**<br>| **Percentage of** <br>**holders**<br>| **Shares held** | **Percentage of** <br>**capital**<br>|
|  |  | **%** |  | **%** |
| **Classification of shareholders** |  |  |  |  |
| Personal Holders | 181113 | 98.67 | 305449527 | 2.20 |
| Banks and Nominees | 1701 | 0.93 | 11319402910 | 81.63 |
| Other Companies | 745 | 0.40 | 2241799316 | 16.17 |
| Insurance Companies | 1 |  | 208 |  |
| Pension Funds | 4 |  | 9769 |  |
| **Total** | **183564** | **100** | **13866661730** | **100** |
| **Shareholding range** |  |  |  |  |
| 1 - 100 | 15400 | 8.39 | 553369 | 0.01 |
| 101 - 250 | 41317 | 22.51 | 8395175 | 0.06 |
| 251 - 500 | 49053 | 26.72 | 17149355 | 0.12 |
| 501 - 1000 | 28114 | 15.32 | 19820462 | 0.14 |
| 1001 - 5000 | 34210 | 18.64 | 75719057 | 0.55 |
| 5001 - 10000 | 7808 | 4.25 | 55015732 | 0.40 |
| 10001 - 25000 | 4721 | 2.57 | 71282600 | 0.51 |
| 25001 - 50000 | 1216 | 0.66 | 41564891 | 0.30 |
| 50,001 and over | 1725 | 0.94 | 13577161089 | 97.91 |
| **Total** | **183564** | **100.00** | **13866661730** | **100** |
| **United States Holdings** | **1578** | **0.86** | **4230437** | **0.03** |

---

**Note:**

1 These figures do not include Barclays Sharestore members.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 446 |
|  |  |  |  |  |  |  |  | 446 |

---

Additional unaudited information (continued)

**Taxation of UK holders**

The following is a summary of certain UK tax issues which are likely to be material to the holding and disposal of Ordinary Shares of

Barclays PLC or ADSs representing such Ordinary Shares (the "Shares").

It is based on the current laws of England and Wales, UK tax law and the practice of His Majesty's Revenue and Customs ("HMRC"), each

of which may be subject to change, possibly with retrospective effect and in particular it does not contemplate any changes in law

announced, but not yet enacted, as part of the UK government's Autumn Budget on 26 November 2025 (the "Budget"). It is a general guide

for information purposes and should be treated with appropriate caution. It is not intended as tax advice and it does not purport to describe all

of the tax considerations that may be relevant to a prospective purchaser, holder or disposer of Shares. In particular, save where expressly

stated to the contrary, this summary deals with shareholders who are resident and, in the case of individuals, domiciled in (and only in) the

UK for UK tax purposes, who hold their Shares as investments (other than under an individual savings account) and who are the absolute

beneficial owners of their Shares and any dividends paid on them.

The statements are not addressed to: (i) shareholders who own (or are deemed to own) 10% or more of the voting power of Barclays PLC;

(ii) shareholders who hold Shares as part of hedging transactions; (iii) investors who have (or are deemed to have) acquired their Shares by

virtue of an office or employment; and (iv) shareholders who hold Shares in connection with a trade, profession or vocation carried on in the

UK (whether through a branch or agency or, in the case of a corporate shareholder, through a permanent establishment, or otherwise). It does

not discuss the tax treatment of classes of shareholder subject to special rules, such as dealers in securities.

Persons who are in any doubt as to their tax position should consult their professional advisers. Persons who may be liable to taxation in

jurisdictions other than the UK in respect of their acquisition, holding or disposal of Shares are particularly advised to consult their

professional advisers as to whether they are so liable.

*i.Taxation of dividends*

In accordance with UK law, Barclays PLC pays dividends on the Shares without any deduction or withholding for or on account of any taxes

imposed by the UK government or any UK taxing authority.

The total dividends (including any dividends paid by Barclays PLC) paid to a UK resident individual shareholder in a tax year (the "Total

Dividend Income") will generally form part of that shareholder's total income for UK income tax purposes, and will be subject to UK

income tax at the rates discussed below.

For dividends paid on or after 6 April 2016, the rate of UK income tax applicable to the Total Dividend Income will depend on the amount of

the Total Dividend Income and the UK income tax band(s) that the Total Dividend Income falls within when included as part of the

shareholder's total income for UK income tax purposes for that tax year.

For the tax year from 6 April 2025 to 5 April 2026 (inclusive), a nil rate of UK income tax applies to the first £500 of Total Dividend Income

received by an individual shareholder in that tax year (the "Nil Rate Amount"). For the 2024-2025 tax year, the Nil Rate Amount was £500.

For the 2023-2024 tax year, the Nil Rate Amount was £1,000. For the 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023 tax

years, the Nil Rate Amount was £2,000.

Where the Total Dividend Income received by an individual shareholder in a tax year exceeds the relevant Nil Rate Amount for that tax year,

the excess amount (the "Remaining Dividend Income") will, at the date hereof, be subject to UK income tax at the following current rates for

the tax year from 6 April 2025 to 5 April 2026:

(a) at the rate of 8.75% on any portion of the Remaining Dividend Income that falls within the basic tax band;

(b) at the rate of 33.75% on any portion of the Remaining Dividend Income that falls within the higher tax band; and

(c) at the rate of 39.35% on any portion of the Remaining Dividend Income that falls within the additional tax band.

The tax rates for the Remaining Dividend Income that falls within the basic tax band and the higher tax band have been provisionally

increased by 2% for the tax year from 6 April 2026 to 5 April 2027 to 10.75% and 35.75% respectively pursuant to a series of parliamentary

resolutions that give provisional statutory effect to certain aspects of the UK government's Autumn Budget on 26 November 2025. It is

expected these increases will be given permanent statutory effect following the enactment of the Finance (No. 2) Bill 2024-26.

In determining the tax band the Remaining Dividend Income falls within for a tax year, the individual shareholder's Total Dividend Income

for the tax year in question (including the portion comprising the Nil Rate Amount) will be treated as the top slice of the shareholder's total

income for UK income tax purposes.

Subject to special rules for small companies, UK resident shareholders within the charge to UK corporation tax will not generally be subject

to UK corporation tax on the dividends paid on the Shares, provided the dividend falls within an exempt class and certain conditions are met.

*ii.Taxation of shares under the Dividend Re-Investment Plan*

Where a shareholder elects to purchase Shares using their cash dividend as part of the Dividend Re-Investment Plan, such shareholder will

generally be liable for UK tax on the amount of the dividend as described in (i) Taxation of dividends above, in the same way as the

shareholder would have been on the receipt of a cash dividend. For capital gains purposes, the base cost of Shares purchased under the

Dividend Re-Investment Plan will be the amount of the cash dividend used to purchase such Shares.

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| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 447 |
|  |  |  |  |  |  |  |  | 447 |

---

Additional unaudited information (continued)

*iii.Taxation of capital gains*

The disposal of Shares (including, for the avoidance of doubt, any shares purchased as part of the Dividend Re-Investment Plan or previously

purchased as part of the Scrip Dividend Programme) may, depending on the shareholder's circumstances, give rise to a liability to UK tax on

chargeable capital gains.

Where Shares are sold, a liability to UK tax may result if the proceeds from that sale exceed the sum of the base cost of the Shares sold and

any other allowable deductions such as share dealing costs and, in certain circumstances, indexation relief (discussed further below). To

arrive at the total base cost of any Barclays PLC shares held, in appropriate cases the amount subscribed for rights taken up in 1985, 1988

and 2013 must be added to the cost of all such shares held. For this purpose, current legislation permits the market valuation at 31 March

1982 to be substituted for the original cost of shares purchased before that date, subject to certain exceptions for shareholders within the

charge to UK corporation tax. Shareholders other than those within the charge to UK corporation tax should note that, following the Finance

Act 2008, no indexation allowance will be available. Following the Finance Act 2018, shareholders within the charge to UK corporation tax

may be eligible for indexation allowance for the period of ownership of their Shares up to December 2017, but no indexation allowance will

be available in respect of the period of ownership starting on or after 1 January 2018.

Chargeable capital gains may also arise from the gifting of Shares to connected parties such as relatives (although not spouses or civil

partners) and family trusts.

The calculations required to compute chargeable capital gains may be complex. Shareholders are advised to consult their personal financial

adviser for further information regarding a possible tax liability in respect of their holdings of shares.

*iv.Stamp duty and stamp duty reserve tax*

Dealings in Shares (including, for the avoidance of doubt, any Shares purchased as part of the Dividend Re-Investment Plan or previously

purchased as part of the Scrip Dividend Programme) will generally be subject to UK stamp duty or stamp duty reserve tax (although see the

comments below as regards ADSs in the section 'Taxation of US holders – UK stamp duty and stamp duty reserve tax'). Any document

effecting the transfer on sale of Shares will generally be liable to stamp duty at 0.5% of the consideration paid for that transfer (rounded up to

the next £5). An unconditional agreement to transfer Shares, or any interest therein, will generally be subject to stamp duty reserve tax at

0.5% of the consideration given. Such liability to stamp duty reserve tax will be cancelled, or a right to a repayment (generally with interest)

in respect of the stamp duty reserve tax liability will arise, if the agreement is completed by a duly stamped transfer within six years of the

agreement having become unconditional. Both stamp duty and stamp duty reserve tax are normally the liability of the transferee.

Paperless transfers of Shares within CREST are liable to stamp duty reserve tax rather than stamp duty.

Stamp duty reserve tax on transactions settled within the CREST system or reported through it for regulatory purposes will be collected by

CREST.

Special rules apply to certain categories of person, including intermediaries, market makers, brokers, dealers and persons connected with

depositary arrangements and clearance services.

*v.Inheritance tax*

An individual may be liable to inheritance tax on the transfer of Shares (including, for the avoidance of doubt, any Shares purchased as part

of the Dividend Re-Investment Plan or previously purchased as part of the Scrip Dividend Programme). Where an individual is so liable,

inheritance tax may be charged on the amount by which the value of his or her estate is reduced as a result of any transfer by way of gift or

other gratuitous transaction made by them or treated as made by them.

**Taxation of US Holders**

The following is a summary of certain US federal income tax considerations and certain UK tax considerations to the purchase, ownership

and disposition of Ordinary Shares of Barclays PLC or ADSs representing such Ordinary Shares (the "Shares") that are likely to be relevant

for US Holders (as defined below) who own the Shares as capital assets for tax purposes. This discussion is not a comprehensive analysis of

all the potential US or UK tax consequences that may be relevant to US Holders and does not discuss particular tax consequences that may

be applicable to US Holders who may be subject to special tax rules, such as banks, brokers or dealers in securities or currencies, traders in

securities that elect to use a mark-to-market method of accounting for securities holdings, financial institutions, tax-exempt organisations,

regulated investment companies, life insurance companies, entities or arrangements that are treated as partnerships for US federal income tax

purposes (or partners therein), holders that own or are treated as owning 10% or more of the stock of Barclays PLC measured either by

voting power or value, holders that hold Shares as part of a straddle or a hedging or conversion transaction, holders that purchase or sell

Shares as part of a wash sale, holders whose functional currency is not the US Dollar, or holders who are resident, or who are carrying on a

trade, in the UK. The summary also does not address state or local taxes or any aspect of US federal taxation other than US federal income

taxation (such as the estate and gift tax, any alternative minimum tax or the Medicare tax on net investment income). Investors are advised to

consult their tax advisers regarding the tax implications of their particular holdings, including the consequences under applicable state and

local law, and in particular whether they are eligible for the benefits of the Treaty (as defined below).

This discussion is based on the Internal Revenue Code of 1986, as amended (the "IRC"), its legislative history, existing and proposed

regulations, published rulings and court decisions, and on the Double Taxation Convention between the UK and the US as entered into force

in March 2003 (the "Treaty"), and, in respect of UK tax, the Estate and Gift Tax Convention between the UK and the US as entered into

force on 11 November 1979 (the "Estate and Gift Tax Convention"), the current UK tax law and the practice of HMRC, all of which are

subject to change, possibly on a retroactive basis. This discussion is based in part upon the representations of the ADR Depositary and the

assumption that each obligation of the Deposit Agreement and any related agreement will be performed in accordance with its terms.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 448 |
|  |  |  |  |  |  |  |  | 448 |

---

Additional unaudited information (continued)

A "US Holder" is a beneficial owner of Shares that is a citizen or resident of the United States or a US domestic corporation or that otherwise

is subject to US federal income taxation on a net income basis in respect of such Shares and that is fully eligible for benefits under the

Treaty.

In general, the holders of ADRs evidencing ADSs will be treated as owners of the underlying Ordinary Shares for the purposes of the Treaty,

the Estate and Gift Tax Convention, and the IRC. Generally, exchanges of shares for ADRs and ADRs for shares will not be subject to US

federal income tax or to UK capital gains tax.

**Taxation of dividends**

Subject to the PFIC rules discussed below, the gross amount of any distribution of cash or property with respect to the Shares (including any

amount withheld in respect of UK taxes) that is paid out of Barclays PLC's current or accumulated earnings and profits (as determined for

US federal income tax purposes) will be includible in a US Holder's taxable income as ordinary dividend income on the day such US Holder

receives the dividend, in the case of Ordinary Shares, or the date the Depositary receives the dividends, in the case of ADRs, and will not be

eligible for the dividends-received deduction allowed to corporations under the IRC.

Dividends paid by Barclays PLC to an individual with respect to the Shares will generally be subject to taxation at a preferential rate if the

dividends are "qualified dividend income". Subject to certain exceptions for short-term positions, dividends paid on the Shares will be

treated as qualified dividend income if (i) the Shares are readily tradable on an established securities market in the United States or Barclays

PLC is eligible for the benefits of a comprehensive tax treaty with the United States that the US Treasury determines is satisfactory for

purposes of this provision and that includes an exchange of information program, and (ii) Barclays PLC was not a PFIC (as defined below) in

the year of the distribution or the immediately preceding taxable year. The ADRs are listed on the New York Stock Exchange, and will

qualify as readily tradable on an established securities market so long as they are so listed. In addition, the US Treasury has determined that

the Treaty meets the requirements for reduced rates of taxation, and Barclays PLC believes that it is eligible for the benefits of the Treaty.

Based on its audited financial statements and relevant market and shareholder data, Barclays PLC believes that it was not treated as a PFIC

for US federal income tax purposes with respect to its 2024 or 2025 taxable years. In addition, based on its audited financial statements and

current expectations regarding the value and nature of its assets, the sources and nature of its income, and relevant market and shareholder

data, Barclays PLC does not anticipate becoming a PFIC for its current taxable year or in the foreseeable future.

Dividends paid by Barclays PLC to a US Holder with respect to the Shares will not be subject to UK withholding tax. For foreign tax credit

purposes, dividends will generally be income from sources outside the US and will generally be "passive" income for purposes of computing

the foreign tax credit allowable to a US Holder.

The amount of the dividend distribution includable in income will be the US Dollar value of the distribution, determined at the spot Pound

Sterling/US Dollar rate on the date the dividend distribution is includable in income, regardless of whether the payment is in fact converted

into US Dollars. Generally, any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend

payment is includable in income to the date the payment is converted into US Dollars will be treated as ordinary income or loss and, for

foreign tax credit limitation purposes, from sources within the US, and will not be eligible for the special tax rates applicable to qualified

dividend income.

Distributions in excess of current or accumulated earnings and profits, as determined for US federal income tax purposes, will be treated as a

return of capital to the extent of the US Holder's basis in the Shares and thereafter as capital gain. Because Barclays PLC does not currently

maintain calculations of earnings and profits for US federal income tax purposes, US Holders should expect that distributions with respect to

the Shares will generally be treated as dividends.

US Holders that receive a distribution of additional shares or rights to subscribe for additional shares as part of a pro rata distribution to all

our shareholders generally will not be subject to US federal income tax in respect of the distribution, unless the US Holder has the right to

receive cash or property, in which case the US Holder will be treated as if it received cash equal to the fair market value of the distribution.

**Taxable sale or other disposition of Shares**

Subject to the PFIC rules discussed below, upon a sale or other taxable disposition of the Shares, US Holders generally will not be subject to

UK tax, but will realise gain or loss for US federal income tax purposes in an amount equal to the difference between the US Dollar value of

the amount realised on the disposition and the US Holder's adjusted tax basis in the Shares, as determined in US Dollars. Such gain or loss

will be capital gain or loss, and will generally be long-term capital gain or loss if the Shares have been held for more than one year. Long-

term capital gain of a noncorporate US Holder is generally taxed at preferential rates. The gain or loss will generally be income or loss from

sources within the United States for foreign tax credit limitation purposes. The deductibility of capital losses is subject to limitations.

**Taxation of passive foreign investment companies (PFICs)**

Based on its audited financial statements and relevant market and shareholder data, Barclays PLC believes that it was not treated as a PFIC

for US federal income tax purposes with respect to its 2024 or 2025 taxable years. In addition, based on its audited financial statements and

current expectations regarding the value and nature of its assets, the sources and nature of its income, and relevant market and shareholder

data, Barclays PLC does not anticipate becoming a PFIC for its current taxable year or in the foreseeable future. This conclusion is a factual

determination that is made annually and thus may be subject to change. In general, Barclays PLC will be a PFIC with respect to a US Holder

if, for any taxable year in which a US Holder holds the Shares, either (i) at least 75% of the gross income of Barclays PLC for the taxable

year is passive income, or (ii) at least 50% of the value, generally determined on the basis of a quarterly average, of Barclays PLC's assets is

attributable to assets that produce or are held for the production of passive income (including cash). With certain exceptions, a US Holder's

Shares will be treated as stock of a PFIC if Barclays PLC was a PFIC at any time during such holder's holding period in its Shares.

If Barclays PLC were to be treated as a PFIC with respect to a US Holder, unless such US Holder elected to be taxed annually on a mark-to-

market basis with respect to its Shares, gain and certain "excess distributions" would be treated as having been realised ratably over a US

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 449 |
|  |  |  |  |  |  |  |  | 449 |

---

Additional unaudited information (continued)

Holder's holding period for the Shares and generally would be taxed at the highest tax rate in effect for each such year to which the gain was

allocated, together with an interest charge in respect of the tax attributable to each such year.

**UK stamp duty and stamp duty reserve tax**

No obligation to pay UK stamp duty will arise on the transfer on sale of an ADS, provided that any instrument of transfer is not executed in,

and remains at all times outside, the UK. No UK stamp duty reserve tax is payable in respect of an agreement to transfer an ADS. For the UK

stamp duty and stamp duty reserve tax implications of dealings in Ordinary Shares, see the section 'Taxation of UK holders – (iv) Stamp

duty and stamp duty reserve tax' above.

**UK estate and gift tax**

Under the Estate and Gift Tax Convention, Shares held by an individual US holder who is US domiciled for the purposes of the Estate and

Gift Tax Convention and who is not for such purposes a UK national generally will not, provided any US federal estate or gift tax chargeable

has been paid, be subject to UK inheritance tax on the individual's death or on a lifetime transfer of Shares, except in certain cases where the

Shares are comprised in a settlement (unless the settlor was US domiciled and not a UK national at the time of the settlement), are part of the

business property of a UK permanent establishment of an enterprise, or pertain to a UK fixed base of an individual used for the performance

of independent personal services. In cases where the Shares are subject to both UK inheritance tax and US federal estate or gift tax, the Estate

and Gift Tax Convention generally provides a credit against US federal tax liability for the amount of any inheritance tax paid in the UK.

**Foreign Financial Asset Reporting**

Certain US Holders that own "specified foreign financial assets" with an aggregate value in excess of US$50,000 on the last day of the

taxable year or US$75,000 at any time during the taxable year are generally required to file an information statement along with their tax

returns, currently on Form 8938, with respect to such assets. "Specified foreign financial assets" include any financial accounts held at a non-

US financial institution, as well as securities issued by a non-US issuer that are not held in accounts maintained by financial institutions. The

understatement of income attributable to "specified foreign financial assets" in excess of US$5,000 extends the statute of limitations with

respect to the tax return to six years after the return was filed. US Holders who fail to report the required information could be subject to

substantial penalties. US Holders are encouraged to consult with their own tax advisors regarding the possible application of these rules,

including the application of the rules to their particular circumstances.

**Backup Withholding and Information Reporting**

Dividends paid on, and proceeds from the sale or other disposition of, the Shares to a US Holder generally may be subject to the information

reporting requirements of the IRC and may be subject to backup withholding unless the US Holder provides an accurate taxpayer

identification number and makes any other required certification or otherwise establishes an exemption. Backup withholding is not an

additional tax. The amount of any backup withholding from a payment to a US Holder will be allowed as a refund or credit against the US

Holder's US federal income tax liability, provided the required information is furnished to the US Internal Revenue Service ("IRS") in a

timely manner.

A holder that is not a US Holder may be required to comply with certification and identification procedures in order to establish its

exemption from information reporting and backup withholding.

**FATCA Risk Factor**

In certain circumstances, payments on shares or ADSs may be subject to US withholding taxes on "passthru payments", starting on the date

that is two years after the date on which final regulations defining this concept are adopted in the United States. Under the "Foreign Account

Tax Compliance Act" (or "FATCA"), as well as intergovernmental agreements between the United States and other countries and

implementing laws in respect of the foregoing, certain US-source payments (including dividends and interest) and certain payments made by,

and financial accounts held with, entities that are classified as financial institutions under FATCA are subject to a special information

reporting and withholding tax regime. Regulations implementing withholding in respect of "passthru payments" under FATCA have not yet

been adopted or proposed. The United States has entered into an intergovernmental agreement regarding the implementation of FATCA with

the UK (the "UK IGA"). Under the UK IGA, as currently drafted, it is not expected that Barclays PLC will be required to withhold tax under

FATCA on payments made with respect to the shares or ADSs. However, significant aspects of when and how FATCA will apply remain

unclear, and no assurance can be given that withholding under FATCA will not become relevant with respect to payments made on or with

respect to the shares or ADSs in the future. Holders should consult their own tax advisers regarding the potential impact of FATCA.

The Barclays Group has registered with the Internal Revenue Service ("IRS") for FATCA. The Global Intermediary Identification Number

(GIIN) for Barclays PLC in the United Kingdom is E1QAZN.00000.LE.826 and it is a Reporting Model 1 FFI. The GIINs for other parts of

the Barclays Group or Barclays branches outside of the UK may be obtained from your usual Barclays contact on request. The IRS list of

registered Foreign Financial Institutions is publicly available on the IRS website.

**Exchange controls and other limitations affecting security holders**

Other than certain economic sanctions which may be in force from time to time, there are currently no UK laws, decrees or regulations which

would affect the transfer of capital or remittance of dividends, interest and other payments to holders of Barclays securities who are not

residents of the UK. There are also no restrictions under the Articles of Association of Barclays PLC, or (subject to the effect of any such

economic sanctions) under current UK laws, which relate only to non-residents of the UK, and which limit the right of such non-residents to

hold Barclays securities or, when entitled to vote, to do so.

**Documents on display**

It is possible to read and copy documents that have been filed by Barclays PLC with the US Securities and Exchange Commission via

commercial document retrieval services, and from the website maintained by the US Securities and Exchange Commission at www.sec.gov.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 450 |
|  |  |  |  |  |  |  |  | 450 |

---

Additional unaudited information (continued)

**Fees and charges payable by a holder of ADSs**

The ADR depositary collects fees for delivery and surrender of ADSs directly from investors depositing ordinary shares or surrendering

ADSs for the purpose of withdrawal or from intermediaries acting for them.

The charges of the ADR depositary payable by investors are as follows:

---

| | | |
|:---|:---|:---|
| **Type of service** | **ADR depositary actions** | **Fee** |
| ADR depositary or substituting the <br>underlying shares<br>| Issuance of ADSs against the deposit of ordinary <br>shares, including deposits and issuances in respect of:<br>•Share distributions, stock splits, rights issues, <br>mergers<br>•Exchange of securities or other transactions or event <br>or other distribution affecting the ADSs or deposited <br>securities<br>| $5.00 or less per 100 ADSs (or portion thereof) <br>evidenced by the new ADSs delivered<br>|
| Receiving or distributing cash dividends | Distribution of cash dividends | $0.05 or less per ADS<sup>1</sup> |
| Selling or exercising rights | Distribution or sale of securities, the fee being in an <br>amount equal to the fee for the execution and delivery <br>of ADSs which would have been charged as a result of <br>the deposit of such securities<br>| $5.00 or less per each 100 ADSs (or portion thereof) |
| Withdrawing an underlying ordinary share | Acceptance of ADSs surrendered for withdrawal of <br>deposited ordinary shares<br>| $5.00 or less for each 100 ADSs (or portion thereof) |
| General depositary services, particularly <br>those charged on an annual basis<br>| Other services performed by the ADR depositary in <br>administering the ADS program<br>| No fee currently payable |
| Expenses of the ADR depositary | Expenses incurred on behalf of Holders in connection <br>with:<br>•Expenses of the ADR depositary in connection with <br>the conversion of foreign currency into US dollars <br>(which are paid out of such foreign currency)<br>•Taxes and other governmental charges<br>•Cable, telex and facsimile transmission/delivery<br>•Transfer or registration fees, if applicable, for the <br>registration of transfers or underlying ordinary shares<br>•Any other charge payable by ADR depositary or its <br>agents<br>| Expenses payable at the sole discretion of the ADR <br>depositary by billing Holders or by deducting charges <br>from one or more cash dividends or other cash <br>distributions<br>|

---

**Note:**

1 The fee in relation to the distribution of cash dividends was 0.011618 per ADS in respect of dividends paid in the year ended 31 December 2025.

**Fees and payments made by the ADR depositary to Barclays** 

The ADR depositary has agreed to provide Barclays with an amount based on any cash dividend, issuance and cancellations fees charged

during each twelve-month period for expenses incurred by Barclays in connection with the ADS program. Barclays is entitled to $4,004,907

for the year ended 31 December 2025, though such amount has not yet been paid to Barclays by the ADR depositary.

Under certain circumstances, including non-routine corporate actions, removal of the ADR depositary or termination of the ADS program by

Barclays, Barclays may be charged by the ADR depositary certain fees (including in connection with depositary services, certain expenses

paid on behalf of Barclays, an administrative fee, fees for non-routine services and corporate actions and any other reasonable fees/expenses

incurred by the ADR depositary).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 451 |
|  |  |  |  |  |  |  |  | 451 |

---

Additional unaudited information (continued)

**NYSE Corporate Governance Statement**

As our main listing is on the London Stock Exchange, we follow the UK Corporate Governance Code. However, as Barclays also has

American Depositary Receipts listed on the New York Stock Exchange (NYSE), we are also subject to the NYSE's Corporate Governance

Rules (NYSE Rules). We are exempt from most of the NYSE Rules, which US domestic companies must follow, because we are a non-US

company listed on the NYSE. However, we are required to provide annual and interim written affirmations to the NYSE of our compliance

with the applicable NYSE Rules and must also disclose any significant differences between our corporate governance practices and those

followed by domestic US companies listed on the NYSE. Key differences between the Code and NYSE Rules are set out here:

**Director Independence**

NYSE Rules require the majority of the Board to be independent. The Code requires at least half of the Board (excluding the Chairman) to be

independent. The NYSE Rules contain different tests from the Code for determining whether a Director is independent. We follow the

Code's recommendations as well as developing best practices among other UK public companies. The independence of our non-executive

Directors is reviewed by the Board on an annual basis and it takes into account the guidance in the Code and the criteria we have established

for determining independence, which are described in the Directors' Report.

**Board Committees**

We have a Board Nominations Committee and a Board Remuneration Committee, both of which are broadly similar in purpose and

constitution to the Committees required by the NYSE Rules and whose terms of reference comply with the Code's requirements. The NYSE

Rules state that both Committees must be composed entirely of independent Directors. As the Group Chairman was independent on

appointment, the Code permits him to chair the Board Nominations Committee. Except for this appointment, both Committees are composed

solely of non-executive Directors, whom the Board has determined to be independent. We comply with the NYSE Rules requirement that we

have a Board Audit Committee comprised solely of independent non-executive Directors as defined in Rule 10A-3 of the Exchange Act.

However, we follow the Code recommendations, rather than the NYSE Rules, regarding the responsibilities of the Board Audit Committee

(except for applicable mandatory responsibilities under the Sarbanes-Oxley Act), although both are broadly comparable. Although the NYSE

Rules state that the Board Audit Committee is to take responsibility for risk oversight, Barclays has an additional Board Committee which

addresses different areas of risk management. To enhance Board governance of risk, Barclays has the Board Risk Committee. A full

description of the Board Risk Committee can be found in the Directors' Report.

**Corporate Governance Guidelines**

The NYSE Rules require domestic US companies to adopt and disclose corporate governance guidelines. There is no equivalent

recommendation in the Code but the Board Nominations Committee has developed corporate governance guidelines, 'Corporate Governance

in Barclays', which have been approved and adopted by the Board.

**Code of Ethics**

The NYSE Rules require that domestic US companies adopt and disclose a code of business conduct and ethics for Directors, officers and

employees. The Barclays Way was introduced in 2013, this is a Code of Conduct which outlines the Values and Behaviours which govern

our way of working across our business globally. The Barclays Way has been adopted on a Group-wide basis by all Directors, Officers and

employees. The Barclays Way is available to view on the Barclays website at https://home.barclays/content/dam/home-barclays/documents/

citizenship/the-way-we-do-business/The_Barclays_Way.pdf

**Shareholder Approval of Equity-compensation Plans**

The NYSE listing standards require that shareholders must be given the opportunity to vote on all equity-compensation plans and material

revisions to those plans. We comply with UK requirements, which are similar to the NYSE standards. However, the Board does not

explicitly take into consideration the NYSE's detailed definition of what are considered 'material revisions'.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 452 |
|  |  |  |  |  |  |  |  | 452 |

---

Additional unaudited information (continued)

**Major shareholders**

Major shareholders do not have different voting rights from those of other shareholders. Information provided to the Company by substantial

shareholders pursuant to the FCA's Disclosure Guidance and Transparency Rules are published via a Regulatory Information Service and is

available on the Company's website.

Refer to the Directors' report, Other statutory information section for a breakdown of major shareholders as at 31 December 2025.

Comparatives for 2024 and 2023 are presented below.

As at 31 December 2024, the Company had been notified under Rule 5 of the Disclosure and Transparency Rules of the UKLA of the

following holdings of voting rights in its shares:

---

| | | |
|:---|:---|:---|
| **2024** |  |  |
| **Holder** | **Number of** <br>**Barclays shares**<br>| **% of total voting** <br>**rights attached to** <br>**issued share** <br>**capital**<sup>1</sup><br>|
| BlackRock Inc<sup>2</sup> | 944022209 | 5.78 |

---

**Notes:**

1 The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made in accordance with Rule 5 of the DTRs.

2Total shown includes 6,687,206 contracts for difference to which voting rights are attached. Part of the holding is held as American Depositary Receipts.

As at 31 December 2023, the Company had been notified under Rule 5 of the Disclosure and Transparency Rules of the UKLA of the

following holdings of voting rights in its shares:

---

| | | |
|:---|:---|:---|
| **2023** |  |  |
| **Person interested** | **Number of Barclays** <br>**Shares**<br>| **% of total voting** <br>**rights attaching to** <br>**issued share capital**<sup>1</sup><br>|
| BlackRock Inc<sup>2</sup> | 944022209 | 5.78 |

---

**Notes:** 

1The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made in accordance with Rule 5 of the DTRs.

2Total shown includes 6,687,206 contracts for difference to which voting rights are attached. Part of the holding is held as American Depositary Receipts. On 25

January 2024, BlackRock, Inc. disclosed by way of a Schedule 13G filed with the SEC beneficial ownership of 1,303,920,163 ordinary shares of the Company as at

31 December 2023, representing 8.6% of that class of shares.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 453 |
|  |  |  |  |  |  |  |  | 453 |

---

Additional unaudited information (continued)

**Disclosure controls and procedures**

The Chief Executive, C.S. Venkatakrishnan, and the Group Finance Director, Anna Cross, conducted with Group Management an evaluation

of the effectiveness of the design and operation of the Group's disclosure controls and procedures of Barclays PLC as at 31 December 2025,

which are defined as those controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted

under the US Securities Exchange Act of 1934 is recorded, processed, summarised and reported within the time periods specified in the US

Securities and Exchange Commission's rules and forms. As of the date of the evaluation, the Chief Executive and Group Finance Director

concluded that the design and operation of these disclosure controls and procedures were effective.

**Board of Directors**

See the Directors' report for biographies.

---

| | | |
|:---|:---|:---|
| **Group Executive Committee** |  |  |
| **Officers of the Group** |  | **Date of** <br>**Appointment as** <br>**Officer**<br>|
| Anna Cross | Group Finance Director | 2022 |
| C S Venkatakrishnan | Group Chief Executive | 2021 |
| Wally Adeyemo | Group Head of Strategy Transformation | 2025 |
| Craig Bright | Group Co-Chief Operating Officer and Co-CEO, Barclays Execution Services | 2025 |
| Stephen Dainton | President Barclays Bank PLC and Head of Investment Bank Managment | 2024 |
| Anne Marie Darling | Group Co-Chief Operating Officer and Co-CEO, Barclays Execution Services | 2025 |
| Cathal Deasy | Global Co-Head of Investment Banking | 2024 |
| Matt Fitzwater | Group Chief Compliance Officer | 2024 |
| Matt Hammerstein | Chief Executive of UK Corporate Bank and Head of Public Policy and Corporate Responsibility | 2019 |
| Adeel Khan | Head of Global Markets | 2024 |
| Vim Maru | CEO, Barclays UK | 2023/2024 |
| Denny Nealon | CEO, US Consumer Bank and Barclays Bank Delaware | 2024 |
| Tristram Roberts | Group HR Director | 2015 |
| Taalib Shaah | Group Chief Risk Officer | 2020 |
| Stephen Shapiro | Group General Counsel | 2017 |
| Sasha Wiggins | CEO, Private Bank and Wealth Management | 2020/2024 |
| Taylor Wright | Global Co-Head of Investment Banking | 2024 |

---

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

See the Directors' report for biography.

**Anna Cross, Group Finance Director, Executive Director**

See the Directors' report for biography.

**Wally Adeyemo, Group Head of Strategy Transformation**

Wally Adeyemo is Barclays' Group Head of Strategy and Transformation and a part of the Group Executive Committee. He previously

served as the 15th U.S. Deputy Secretary of the Treasury, serving as the department's second-highest ranking official and Chief Operating

Officer. In addition to driving the implementation of Treasury's strategic plan, Wally led the agency's work on financial sector issues that

overlapped with national security, such as cyber security, financial crimes, sanctions, and other issues. Prior to Treasury, Wally served as

Deputy National Security Adviser for International Economics, and as the US representative for the G7 and G20. He also was a senior

adviser at BlackRock to chairman and CEO Larry Fink. A member of the Aspen Economic Strategy Group and the U.S. Council on Foreign

Relations, Wally is currently a distinguished fellow at the Columbia University Institute of Global Politics and Center for Global Energy

Policy.

**Craig Bright, Group Co-Chief Operating Officer and Co-CEO, Barclays Execution Services**

Craig Bright is Group Co-Chief Operating Officer and Co-CEO of Barclays Execution Services and is a member of the Group Executive

Committee of Barclays, based in London. Craig co-leads and sets the strategy for the Chief Operating Office spanning technology and

operations, including data, cybersecurity, real estate, procurement, and group controls. With 30 years of experience in technology and

financial services, Craig joined Barclays in 2020 as Group Chief Information Officer. Prior to that he served as the Chief Information Officer

for the Westpac Group, accountable for consumer, business, wealth and institutional services across Westpac, Bank of Melbourne, St George

Bank, Bank of SA (South Australia) and Westpac New Zealand. Before that Craig was the Chief Technology Officer for Citi's Global

Consumer Bank.During his career Craig has led large-scale technology functions, designing and implementing complex and large-scale

cloud and digital strategies enabling colleagues, customers, and clients. Craig holds a Bachelor of Computing from Monash University,

Australia.

**Stephen Dainton, President Barclays Bank PLC and Head of Investment Bank Management**

Stephen Dainton is President of Barclays Bank PLC and Head of Investment Bank Management, based in London. He is a member of the

Group Executive Committee for Barclays and chairs the Investment Bank Management Team. Stephen is accountable for the governance and

regulatory obligations of Barclays Bank PLC (BBPLC), exercising executive management responsibilities associated with the operation of

the legal entity and the Investment Bank. Stephen has over 30 years of experience in global markets across trading, sales, risk, capital

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 454 |
|  |  |  |  |  |  |  |  | 454 |

---

Additional unaudited information (continued)

markets, structuring, and research. He joined Barclays in September 2017 as Global Head of Equities and Co-Head of Global Markets.

Before Barclays, Stephen spent 14 years at Credit Suisse where he served as Co-Head of Global Markets for the EMEA region. He joined

Credit Suisse in 2003 in the Equity Division and went on to become Head of Equities for the region, before assuming his global markets role.

Previously, Stephen worked at Goldman Sachs as Head of US and International Equities, based in New York. He has also held roles in

Equities at Donaldson, Lufkin & Jenrette in both London and New York.

**Anne Marie Darling, Group Co-Chief Operating Officer and Co-CEO, Barclays Execution Services** 

Anne Marie Darling is Group Co-Chief Operating Officer and Co-CEO of Barclays Execution Services, and is a member of the Group

Executive Committee. She co-leads Barclays' global operations and technology teams, driving innovation and growth across the organization

and delivering seamless experiences for clients worldwide. Leading a global team of 60,000+, Anne Marie drives operational excellence and

spearheads digital transformation, harnessing technology and AI to unlock new revenue streams and elevate client experience. Her strategic

vision ensures Barclays remains at the forefront of the industry. Prior to joining Barclays, Anne Marie was a Partner at Goldman Sachs,

where she held senior leadership roles over a 25-year career, including Head of Marquee Digital Distribution Strategy, Head of Global Multi-

Asset Platform Sales, Head of Global FICC Execution Services and COO of Global Securities Client Strategy. She played a key role in

shaping strategy and digital client solutions and served on several firmwide committees. She was named Managing Director in 2007 and

Partner in 2012. Anne Marie is an influential leader in the industry, serving as an Independent Non-Executive Director on the Nasdaq

Exchange Board and on the Presidential Leadership Council for both Columbia and Brown Universities. She also serves on the President's

Advisory Council on Athletics for Brown University and is a member of the New York City Executive Committee for Classroom Champions

reflecting her personal passion for sports. In addition, she is deeply committed to advancing diversity and inclusion as Co-Chair of the

Diversity & Inclusion Advisory Council for Brown University. She graduated from Brown University with a degree in Engineering and

holds an MBA from New York University's Stern School of Business.

**Cathal Deasy, Global Co-Head of Investment Banking** 

Cathal Deasy is Global Co-Head of Investment Banking and a member of the Group Executive Committee of Barclays, based in London. He

is also a member of the Investment Bank Management Team and is Co-Chair of the Investment Banking Management Team. Cathal co-leads

and sets the strategy for the Investment Banking business across coverage, capital markets origination, and mergers & acquisitions. With

over 20 years of experience in investment banking and mergers & acquisitions, Cathal joined Barclays in 2023. Prior to that he served as

Global Co-Head of Mergers & Acquisitions and Co-Head of EMEA Investment Banking and Capital Markets at Credit Suisse. He was also a

member of their IBCM Management Committee. Before that Cathal held a number of investment banking roles at Deutsche Bank. During his

career, Cathal has advised companies and played key roles in transactions for, among others, Cinven, Rio Tinto, DuPont, Scout24, and

Paysafe. He has deep experience advising boards and senior management teams on strategic matters such as large-scale acquisitions and

mergers; portfolio reshaping including divestments and spin-offs; and public M&A including strategic shareholder engagement, defence and

activism. Cathal received a Masters in Business Studies and a Bachelor of Commerce from University of Cork, Ireland..

**Matt Fitzwater, Group Chief Compliance Officer** 

Matt is the Group Chief Compliance Officer at Barclays and part of the Group Executive Committee, based in London. He's also the Group

sponsor for Wellbeing. Matt joined Barclays in 2014 and has taken on several roles in the Legal function, including Interim Co Group

General Counsel. Most recently, he was the Group Centre General Counsel, handling litigation, financial crime, employment, competition,

and regulatory matters globally across all business lines. He also served as the Global Head of Litigation, Investigation, and Enforcement,

and was the Interim Group Head of Compliance from late 2022 through June 2023. Before Barclays, Matt was Special Counsel at Sullivan &

Cromwell in New York, representing large financial institutions in criminal and regulatory matters. Originally from Greenville, Ohio, Matt

graduated from The Ohio State University College of Law in 2001 and Miami University (Ohio) in 1998 with a double major in History and

Political Science, summa cum laude and Phi Beta Kappa.

**Matt Hammerstein, Chief Executive of UK Corporate Bank and Head of Public Policy and Corporate Responsibility** 

Matt Hammerstein is Chief Executive of the UK Corporate Bank and is a member of the Group Executive Committee. He is also Head of

Public Policy and Corporate Responsibility. He leads a team that supports the delivery of the bank's strategy and is focused on helping

Barclays act responsibly for the common good and the long term. He is responsible for the Public Policy agenda, working closely with

governments, regulators, the media and key policymakers to deliver for Barclays customers, clients and stakeholders. Before this role he was

the CEO for Barclays Bank UK, covering Retail Banking, Investments and Wealth UK, Business Banking and Barclaycard UK. Prior to that,

Matt was Head of Retail Lending covering both the secured and unsecured lending businesses. Matt joined Barclays in 2004 as Director of

Group Strategy, later progressing to become the Group Chief of Staff; a key strategic role in which he provided vital support to the Group

CEO during the financial crisis. Matt went on to manage Barclays Group Corporate Strategy and Corporate Relations, Barclays Customer

and Client Experience in Retail and Business Banking and Barclays UK Retail Products and Segments. Before Joining Barclays, Matt was a

Senior Management Consultant at Marakon Associates where he worked for 12 years in the financial services, consumer products and energy

sectors within the Americas and Europe. Matt graduated with a degree in Mechanical Engineering from Yale University, and an MBA from

the University of Chicago. Matt is a member of the Charities Aid Foundation America Board. Matt is also Chair of the FCA Practitioner

Panel and active ambassador in Barclays for inclusion, wellbeing and anything that makes the workplace more fun.

**Adeel Khan, Head of Global Markets** 

Adeel Khan is Head of Global Markets and a member of the Group Executive Committee for Barclays and the Investment Bank

Management Team. Based in London, Adeel leads our Credit, Macro, Securitised Products and Equities businesses. Adeel has held a number

of leadership roles since joining Barclays in 2008. Prior to assuming his current position in 2024, he served as Co-Head of Global Markets

since 2021, and Global Head of Credit Products since 2014. Prior to Barclays, Adeel worked at BlueBay Asset Management where he was

also a member of the Investment Committee. Adeel graduated from the London School of Economics with a master's degree in Finance &

Economics and a bachelor's degree in Econometrics. Adeel serves on the Board of Directors of EMpowerUK.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 455 |
|  |  |  |  |  |  |  |  | 455 |

---

Additional unaudited information (continued)

**Vim Maru, CEO Barclays UK** 

Vim Maru is Chief Executive Officer of Barclays UK. Vim is also a member of the Group Executive Committee. Vim joined Barclays in

February 2023 as Global Head of Consumer Banking and Payments, leading the business portfolio which included Consumer Cards and

Payments (US Consumer Bank, Barclaycard Payments, Global Private Bank and Consumer Bank Europe) and UK Corporate Banking and

Global Transaction Banking. Vim is also a Non-Executive Director of Barclays US LLC. Prior to Barclays, Vim spent 11 years at Lloyds

Banking Group, latterly as the Group Director for Retail and 12 years at Santander UK in a range of roles, and is a Chartered Accountant,

**Denny Nealon, CEO US Consumer Bank and Barclays Bank Delaware** 

Denny Nealon is the Chief Executive Officer for Barclays US Consumer Bank (USCB) and Barclays Bank Delaware (BBDE) where he is

responsible for the overall leadership and direction of Barclays' consumer business in the United States, which includes award-winning

credit card programs, personal loans and retail deposits. He joined Barclays Group Executive Committee in February 2024 and is part of

Barclays America's management team and serves as a Director on both the BBDE and IHC Boards. Denny has over 25 years of experience

in the U.S. credit card industry and first joined Barclays in 2004. Most recently, Denny served as President of the USCB with responsibility

for the day-to-day management of the consumer business. Prior to this, he was Head of the US Partnership business, where he oversaw

strategic relationships with leading brands across the airline, travel and entertainment, financial institution, and retail segments. Prior to

joining Barclays, Denny worked at Bank One and Chase Card Services, where he held leadership positions in finance, business development

and partnership management. Denny graduated from the U.S. Naval Academy and served seven years as a Logistics and Supply Corps

officer before joining the corporate sector. He also holds an MBA from the University of Maryland, with concentrations in Finance and

International Business.

**Tristram Roberts, Group HR Director** 

Tristram is the Group Human Resources Director and a member of the Group Executive Committee. Tristram joined Barclays in July 2013

as HR Director for the Investment Bank. His remit was expanded in May 2014 to include HR responsibilities for Barclays Non-Core, and he

became the Group HR Director in December 2015. Prior to Barclays, Tristram was Head of Human Resources for Global Functions and

Operations & Technology at HSBC, as well as Group Head of Performance and Reward. Previously, he was Group Reward and Policy

Director for Vodafone Group plc. Tristram began his career in consulting. He became a partner with Arthur Andersen in 2001 and was

subsequently a partner with both Deloitte and KPMG.

**Taalib Shaah, Group Chief Risk Officer**

Taalib Shaah is Group Chief Risk Officer for Barclays, based in London. He is responsible for helping to define, set and manage the risk

profile of the bank and leads the risk management organisation across the group. He is a member of the Group Executive Committee. Taalib

joined Barclays in late 2014 as Chief Risk Officer for the Investment Bank and in 2017 assumed the role of Chief Risk Officer for Barclays

International (BBPLC), responsible for the Corporate and Investment Bank, the Private Bank and the Cards & Payments business. He

assumed his current role in October 2020. Prior to Barclays, Taalib spent four years at Citigroup where he was most recently Chief Risk

Officer for Market Risk, Real Estate Credit, Treasury, Private Equity and Head of Model Validation. Previously, Taalib spent 17 years at

Credit Suisse, working in various areas, including risk and the front office. He began his career at Ernst and Young. Taalib holds an MA in

Engineering Science and Economics from Oxford University and is a Chartered Accountant.

**Stephen Shapiro, Group General Counsel** 

Stephen is an experienced lawyer and company secretary with a deep understanding of legal, corporate governance and regulatory matters.

Holding the role of Group General Counsel, he oversees Barclays' global Legal function. Stephen is also a member of the Group Executive

Committee (ExCo). Stephen previously served as the Group Company Secretary and Deputy General Counsel of SABMiller plc. Prior to

this, he practised law as a partner in a law firm in South Africa, and subsequently in corporate law and M&A at Hogan Lovells in the UK. He

was appointed as Group Company Secretary of Barclays in November 2017 and was subsequently appointed Group General Counsel in

August 2020. Stephen is an active industry contributor and has served as a member of the Executive Committee of the GC100, the

Association of General Counsel and Company Secretaries working in FTSE100 companies, and as its Vice-Chair. Stephen also previously

served as Chairman of the ICC UK's Committee on Anti-Corruption.

**Sasha Wiggins, CEO, Private Bank and Wealth Management**

Sasha Wiggins is Chief Executive of Barclays Private Bank and Wealth Management, and she is a member of the Group Executive

Committee. Sasha joined Barclays in 2002, progressing through a number of roles in the Private Bank. In 2015 she was appointed CEO of

Barclays Bank Ireland and subsequently became the Group Chief of Staff in 2018. Sasha joined the Group Executive Committee as the

Group Head of Public Policy and Corporate Responsibility, accountable for the Bank's overall sustainability agenda and Barclays

engagement with governments, regulators, the media and key policymakers. She assumed her current role in February 2024. Sasha is a

Fellow of the Chartered Institute of Securities & Investment. She is also Vice Chair of the Royal Marsden Cancer Charity's Corporate

Partnerships Board and trustee on the Board of Grief Encounter, a national charity supporting bereaved children and young people.

**Taylor Wright, Global Co-Head of Investment Banking**

Taylor Wright is Global Co-Head of Investment Banking and a member of the Group Executive Committee at Barclays, based in New York.

He is also a member of the Investment Bank Management Team and is Co-Chair of the Investment Banking Management Team. Appointed

to his current role in 2023, Taylor co-leads and sets the strategy for the Investment Banking business across coverage, capital markets and

mergers & acquisitions. He was previously the Global Co-Head of Capital Markets, and prior to that, Co-Head of Equity Capital Markets for

the Americas. Taylor has over 30 years of experience in Investment Banking and Capital Markets. Prior to joining Barclays, he spent 25

years at Morgan Stanley in New York and Hong Kong, principally in Equity Capital Markets. Over his career, Taylor has originated and led

more than US$250 billion of equity and equity-linked offerings across multiple industries and geographies. Taylor has played key roles in

transactions for, among others, Arm Holdings, AIG, AIB, AXA/Equitable, RBS/Citizens Financial, GE, Korea Telecom, Moelis &

Company, Ryan Specialty, UMC and Tradeweb, has led TARP refinancings for multiple US regional banks, and was an advisor to the US

Department of Treasury during the financial crisis. Taylor received an MBA from the University of Virginia's Darden Graduate School of

Business Administration and received a BA degree in English from Cornell University.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 456 |
|  |  |  |  |  |  |  |  | 456 |

---

Additional unaudited information (continued)

**Service contracts and letters of appointment** 

Each Executive Director has a service contract, whereas the Chairman and Non-Executive Directors each have a letter of appointment.

Copies of the service contracts and letters of appointment are available for inspection at the Company's registered office. The effective dates

of the current Directors' appointments disclosed in their service contracts or letters of appointment are shown in the table below.

As stated in the letters of appointment, the Chairman and Non-Executive Directors are appointed for an initial term of three years and are

subject to annual re-election by shareholders. On expiry of the initial term and subject to the needs of the Board, Non-Executive Directors

may be invited to serve a further three years. Non-Executive Directors appointed beyond six years will be at the discretion of the Board

Nominations Committee.

The effective dates of appointment of those Directors that stepped down from the Board in 2025 are also shown below.

---

| | |
|:---|:---|
|  | **Effective date of appointment** |
| **Chairman** |  |
| Nigel Higgins | 1 March 2019 (as a Non-Executive Director)<br>2 May 2019 (as Chairman)<br>|
| **Executive Directors** |  |
| C.S. Venkatakrishnan | 1 November 2021 |
| Anna Cross | 23 April 2022 |
| **Non-Executive Directors** |  |
| Robert Berry | 8 February 2022 |
| Dawn Fitzpatrick | 25 September 2019 |
| Mary Francis | 1 October 2016 |
| Brian Gilvary | 1 February 2020 |
| Sir John Kingman | 1 June 2023 |
| Diony Lebot  | 17 March 2025 |
| Mary Mack  | 1 June 2025 |
| Marc Moses | 23 January 2023 |
| Brian Shea | 19 July 2024 |
| Julia Wilson | 1 April 2021 |
| **Former Non-Executive Directors** |  |
| Tim Breedon<sup>1</sup> | 1 November 2012 |
| Diane Schueneman<sup>2</sup> | 25 June 2015 |

---

**Notes:**

1Tim Breedon stepped down from the Board with effect from 30 April 2025.

2Diane Schueneman stepped down from the Board with effect from 31 January 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 457 |
|  |  |  |  |  |  |  |  | 457 |

---

Additional unaudited information (continued)

**Executive Directors' policy on payment for loss of office (including following a takeover)**

The Committee's approach to payments in the event of termination is to take account of the individual circumstances including the reason for

termination, individual performance, contractual obligations and the terms of the deferred bonus plans and LTIPs in which the Executive

Director participates.

---

| | |
|:---|:---|
| **Standard provision** | **Commentary** |
| **Notice period**  | Executive Directors may be required to work during their notice period, or may be placed on garden leave, or may not <br>be required to work the full notice period and instead may be provided with pay in lieu of notice.<br>For C.S. Venkatakrishnan, the contractual notice period is 12 months' notice from the Company and six months' <br>notice from the Executive Director, as his existing notice period prior to his appointment to the Board was honoured <br>when he was promoted to the Board. For Anna Cross, the contractual notice period is six months' notice from the <br>Company and six months' notice from the Executive Director (she did not have any pre-existing contractual <br>commitment to a longer period).<br>|
| **Pay during notice** <br>**period or payment in** <br>**lieu of notice per** <br>**service contracts**<br>| Salary and pension allowance will continue to be paid monthly, and other contractual benefits provided, through the <br>notice period. Where Barclays elects to terminate employment with immediate effect by making a payment in lieu of <br>notice, the Executive Director will receive salary as a lump sum or in instalments. Any payments may be subject to <br>mitigation as relevant. In the event of termination for gross misconduct neither notice nor payment in lieu of notice is <br>given.<br>|
| **Eligibility for annual** <br>**bonus and LTIP** <br>**awards**<br>| There is no automatic entitlement to be granted a bonus or LTIP award for the year of termination, but eligibility for <br>either or both may be considered at the Committee's discretion, pro-rated for service, and subject to performance <br>measures being met. No annual bonus or LTIP award would be granted in the case of gross misconduct or resignation. <br>|
| **Treatment of unvested** <br>**deferred bonus and** <br>**LTIP awards**<br>| The treatment of unvested deferred bonus or LTIP awards will be in accordance with the relevant plan rules. Unvested <br>deferred bonus and LTIP awards normally lapse if the Executive Director leaves by reason of resignation prior to the <br>fifth anniversary of the date of grant, is terminated for gross misconduct or cause, or is otherwise not an 'eligible <br>leaver'. Eligible leaver is defined as leaving due to injury, disability or ill health, retirement, redundancy, the business <br>or company which employs the Executive Director ceasing to be part of the Group, or otherwise at the discretion of <br>the Committee. The Committee will normally apply its discretion to apply eligible leaver status in the event of <br>resignation after the fifth anniversary of grant, or in the case of deferred bonuses if it is the employer that terminates <br>employment (other than in circumstances that amount to gross misconduct or dismissal for cause).<br>Where eligible leaver treatment applies, deferred bonus and LTIP awards will normally continue to vest, on the <br>scheduled vesting dates and subject to the rules of the relevant plan, unless the Committee determines otherwise in <br>exceptional circumstances. On death, deferred bonus and LTIP awards are normally accelerated and deferred bonus <br>awards are released in full. In an 'eligible leaver' situation and in the case of death, LTIP awards are pro-rated for time <br>(over the whole performance period, including the preliminary performance period prior to grant) and with the <br>proportion that vests remaining subject to performance against the performance conditions, subject to the Committee's <br>discretion to determine otherwise, in accordance with the plan rules, as amended from time to time. Any post-vesting <br>holding period to which vested or unvested shares may be subject, under the terms of their award, will normally <br>continue to apply following cessation of employment.<br>Unvested awards that continue beyond termination remain subject to malus provisions, which enable the Committee to <br>reduce the vesting level of deferred bonuses and LTIP awards (including to nil), and after vesting awards remain <br>subject to clawback provisions (as described in the main policy).<br>In the event of a takeover or other major corporate event, the Committee has absolute discretion to determine whether <br>all outstanding awards would vest early (subject to applicable regulation and to achievement, or the Committee's <br>estimate of achievement, of any performance conditions for the LTIP) or whether they should continue in the same or <br>revised form following the change of control. The Committee may also determine that participants may exchange <br>existing awards for awards over shares in an acquiring company with the agreement of that company. In the event of <br>an internal reorganisation, the Committee may determine that outstanding awards will be exchanged for equivalent <br>awards in another company.<br>|
| **Repatriation** | Except in the case of gross misconduct or resignation, where an Executive Director has been relocated at the <br>commencement of or during their employment, the Company may pay for the Executive Director's repatriation costs <br>in line with Barclays' general employee mobility policy including temporary accommodation, payment of removal <br>costs and relocation flights for the Executive Director, spouse and children. The Company will pay the Executive <br>Director's tax on the relocation costs but will not tax equalise and will also not pay tax on his or her other income <br>relating to the termination of employment.<br>|
| **Other** | Except in the case of gross misconduct or resignation, the Company may pay for the Executive Director's legal fees <br>and tax advice relating to the termination of employment and other reasonable benefits and provide outplacement <br>services, plus any tax liabilities that may arise as a result.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 458 |
|  |  |  |  |  |  |  |  | 458 |

---

Additional unaudited information (continued)

**Remuneration policy – Non-Executive Directors** 

---

| | | |
|:---|:---|:---|
| **Element and purpose** | **Operation** | **Maximum value** |
| **Fees**<br>Reflect individual <br>responsibilities and <br>membership of Board <br>Committees and are set to <br>attract Non-Executive <br>Directors who have relevant <br>skills and experience to <br>oversee the implementation <br>of our strategy <br>Fees are set at a level which <br>reflects the role, <br>responsibilities and time <br>commitment which are <br>expected from the Chair and <br>Non-Executive Directors<br>| The Chair is paid an all-inclusive fee for all Board <br>responsibilities. The Chair has a time commitment equivalent <br>of up to 80% of a full-time role. The other Non-Executive <br>Directors receive a basic Board fee, with additional fees <br>payable where individuals take on additional roles or <br>responsibilities, including, but not limited to, serving as a <br>member or Chair of a Committee of the Board or as a Senior <br>Independent Director.<br>Fees are periodically reviewed by the Board.<br>Non-Executive Directors may also receive fees where they <br>serve as directors of subsidiary companies of Barclays PLC. In <br>the case of certain subsidiary appointments, such additional <br>remuneration is approved by the Barclays PLC Board <br>Remuneration Committee.<br>No variable pay is provided, enabling the Chair and Non-<br>Executive Directors to maintain appropriate independence, <br>focus on long-term decision-making and constructively review <br>and challenge the performance of the Executive Directors.<br>| Fees are reviewed against those for Non- <br>Executive Directors in banks and other <br>companies of similar size and complexity. <br>Other than in exceptional circumstances, fees <br>will not increase by more than 20% above the <br>current fee levels during this policy period.<br>Additional fees may be paid for new <br>Committees of the Board and/or where a Non-<br>Executive Director takes on additional <br>responsibilities and/or performs an additional <br>role, provided these are not greater than fees <br>payable for the existing roles on the <br>Committees of the Board as detailed in the <br>Annual report on Directors' remuneration. <br>Any increases to such additional fees over the <br>period of the policy will be made in accordance <br>with the principles set out above for current <br>fees.<br>|
| **Benefits**<br>To provide a competitive <br>and cost-effective benefits <br>package appropriate to the <br>role and location | The Chair is provided with private medical cover subject to the terms of the Barclays' scheme rules from time to <br>time, and is provided with the use of a Company vehicle and driver when required for business purposes <br>(including settlement of any tax liabilities that may arise from this benefit).<br>Benefits which are minor in nature and in any event do not exceed a cost of £500 may be provided to Non-<br>Executive Directors.<br>Non-Executive Directors are not eligible to join Barclays' pension plans. | The Chair is provided with private medical cover subject to the terms of the Barclays' scheme rules from time to <br>time, and is provided with the use of a Company vehicle and driver when required for business purposes <br>(including settlement of any tax liabilities that may arise from this benefit).<br>Benefits which are minor in nature and in any event do not exceed a cost of £500 may be provided to Non-<br>Executive Directors.<br>Non-Executive Directors are not eligible to join Barclays' pension plans. |
| **Benefits**<br>To provide a competitive <br>and cost-effective benefits <br>package appropriate to the <br>role and location | The Chair is provided with private medical cover subject to the terms of the Barclays' scheme rules from time to <br>time, and is provided with the use of a Company vehicle and driver when required for business purposes <br>(including settlement of any tax liabilities that may arise from this benefit).<br>Benefits which are minor in nature and in any event do not exceed a cost of £500 may be provided to Non-<br>Executive Directors.<br>Non-Executive Directors are not eligible to join Barclays' pension plans. | The Chair is provided with private medical cover subject to the terms of the Barclays' scheme rules from time to <br>time, and is provided with the use of a Company vehicle and driver when required for business purposes <br>(including settlement of any tax liabilities that may arise from this benefit).<br>Benefits which are minor in nature and in any event do not exceed a cost of £500 may be provided to Non-<br>Executive Directors.<br>Non-Executive Directors are not eligible to join Barclays' pension plans. |
| **Expenses** | The Chair and Non-Executive Directors are reimbursed for any reasonable and appropriate expenses incurred for <br>business reasons. Any tax that arises on these reimbursed expenses is paid by Barclays. | The Chair and Non-Executive Directors are reimbursed for any reasonable and appropriate expenses incurred for <br>business reasons. Any tax that arises on these reimbursed expenses is paid by Barclays. |
| **Bonus and share plans** | The Chair may be invited to participate in Sharesave, an HMRC employee tax advantaged share scheme, due to <br>the level of their time commitment to the role. The Chair is not eligible to participate in any other Barclays' cash, <br>share or long-term incentive plans.<br>All other Non-Executive Directors are not eligible to participate in Barclays' cash, share or long-term incentive <br>plans. | The Chair may be invited to participate in Sharesave, an HMRC employee tax advantaged share scheme, due to <br>the level of their time commitment to the role. The Chair is not eligible to participate in any other Barclays' cash, <br>share or long-term incentive plans.<br>All other Non-Executive Directors are not eligible to participate in Barclays' cash, share or long-term incentive <br>plans. |
| **Shareholding requirements** | An element of the basic fee before deduction of tax and other statutory deductions, equal to £100,000 for the <br>Chair and £30,000 for each Non-Executive Director, is used to purchase Barclays' shares which are retained on <br>the Non-Executive Director's behalf until they retire from the Board. | An element of the basic fee before deduction of tax and other statutory deductions, equal to £100,000 for the <br>Chair and £30,000 for each Non-Executive Director, is used to purchase Barclays' shares which are retained on <br>the Non-Executive Director's behalf until they retire from the Board. |
| **Notice and termination** <br>**provisions**<br>| Instead of service contracts, the Chair and the Non-Executive Directors each have a letter of appointment that <br>reflect their responsibilities and time commitments. Non-Executive Directors are entitled to notice under their <br>letters of appointment but, other than in respect of the Chair, no compensation is due in the event of termination, <br>other than standard payments for the period served up to the termination date.<br>Each Director's appointment is for an initial three-year term, renewable at Barclays' discretion for a further term <br>of three years thereafter and subject to annual re-election by shareholders. Non-Executive Directors appointed <br>beyond six years will be at the discretion of the Board Nominations Committee.<br>**Notice period** <br>Chair: Six months from the Company, six months from the Chair.<br>**Termination payment policy**<br>The Chair's appointment may be terminated by Barclays on six months' notice or immediately in which case six <br>months' fees are payable in instalments at the times they would have been received had the appointment <br>continued, but subject to mitigation if they were to obtain alternative employment. No continuing payments of <br>fees (or benefits) are due if a Non-Executive Director is not re-elected by shareholders at the Barclays PLC <br>AGM. | Instead of service contracts, the Chair and the Non-Executive Directors each have a letter of appointment that <br>reflect their responsibilities and time commitments. Non-Executive Directors are entitled to notice under their <br>letters of appointment but, other than in respect of the Chair, no compensation is due in the event of termination, <br>other than standard payments for the period served up to the termination date.<br>Each Director's appointment is for an initial three-year term, renewable at Barclays' discretion for a further term <br>of three years thereafter and subject to annual re-election by shareholders. Non-Executive Directors appointed <br>beyond six years will be at the discretion of the Board Nominations Committee.<br>**Notice period** <br>Chair: Six months from the Company, six months from the Chair.<br>**Termination payment policy**<br>The Chair's appointment may be terminated by Barclays on six months' notice or immediately in which case six <br>months' fees are payable in instalments at the times they would have been received had the appointment <br>continued, but subject to mitigation if they were to obtain alternative employment. No continuing payments of <br>fees (or benefits) are due if a Non-Executive Director is not re-elected by shareholders at the Barclays PLC <br>AGM. |

---

In accordance with the policy table above, any new Chair would be

paid an all-inclusive fee only and any new Non-Executive Director

would be paid a basic fee for their appointment as a Non-Executive

Director, plus fees for their participation on and/or

chairing of any Board committees and for taking on additional

responsibilities and/or performing an additional role, time

apportioned in the first year as necessary. No sign-on payments are

offered to Non-Executive Directors

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 459 |
|  |  |  |  |  |  |  |  | 459 |

---

Additional unaudited information (continued)

**Insider trading policies** 

The Barclays Group has adopted insider trading policies and procedures governing the purchase, sale, and other dealings in securities issued

by members of the Barclays Group by directors, senior management and certain employees that are designed to promote compliance with

applicable insider trading laws, rules and regulations. These policies and procedures are included in the Barclays Group Securities Dealing

Code, which is filed as Exhibit 11.2 to this annual report on Form 20-F.

The Barclays Group monitors inside information as defined under the Market Abuse Regulation 2014/596 (as it forms part of domestic law

by virtue of the European Union (Withdrawal) Act 2018, as amended) ("MAR") as part of its compliance with MAR and as part of its

disclosure controls and procedures, and imposes restrictions on trading in its own securities for its own account when it has undisclosed

inside information. The Barclays Group also generally refrains from trading in its own securities for its own account during its regular closed

periods.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 460 |
|  |  |  |  |  |  |  |  | 460 |

---

Additional unaudited information (continued)

**Repurchase of Shares by Barclays and Affiliated Purchasers**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Month** | **Period** | **Total Shares** <br>**Purchased**<br>| **Average Price Paid Per Share** <br>**(pence)**<br>| **Total Number of Shares** <br>**Purchased as Part of Publicly** <br>**Announced Plans or Programs**<br>| **Maximum Number (or** <br>**Approximate GBP Value) of** <br>**Shares that May Yet be Purchased** <br>**Under the Plans or Programs**<br>|
| Jan-25 | Month 1 |  |  |  |  |
| Feb-25 | Month 2 | 41243285 | 302.32p | 41243285 | £875,313,846.96 |
| Mar-25 | Month 3 | 71123102 | 297.61p | 112366387 | £663,642,726.30 |
| Apr-25 | Month 4 | 53810458 | 271.61p | 166176845 | £517,489,815.80 |
| May-25 | Month 5 | 52890588 | 314.78p | 219067433 | £351,001,571.63 |
| Jun-25 | Month 6 | 55243599 | 326.64p | 274311032 | £170,554,506.75 |
| Jul-25 | Month 7 | 54726113 | 343.08p | 329037145 | £982,800,000.38 |
| Aug-25 | Month 8 | 69069991 | 368.29p | 398107136 | £728,420,209.05 |
| Sep-25 | Month 9 | 67205614 | 375.83p | 465312750 | £475,841,530.14 |
| Oct-25 | Month 10 | 68589545 | 381.11p | 533902295 | £714,439,533.45 |
| Nov-25 | Month 11 | 57279037 | 409.29p | 591181332 | £480,000,009.31 |
| Dec-25 | Month 12 | 46412512 | 449.45p | 637593844 | £271,400,260.97 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 461 |
|  |  |  |  |  |  |  |  | 461 |

---

Additional unaudited information (continued)

**Number of employees split by grade**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Senior | 8% | 8% | 8% |
| Middle | 43% | 42% | 42% |
| Junior | 49% | 50% | 50% |

---

Senior - Managing Director and Director

Middle - Assistant Vice President and Vice President

Junior - Business Analyst grades

**Number of employees split by region (full time equivalent)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| UK | 44700 | 48% | 45200 | 49% | 45000 | 49% |
| APAC | 33600 | 36% | 32300 | 35% | 31100 | 34% |
| Americas | 11100 | 12% | 11300 | 12% | 12200 | 13% |
| CEME | 3600 | 4% | 4100 | 4% | 4100 | 4% |
| **Barclays Group** | **93000** | **100%** | **92900** | **100%** | **92400** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 462 |
|  |  |  |  |  |  |  |  | 462 |

---

Additional unaudited information (continued)

**Section 13(r) to the US Securities Exchange Act of 1934 (Iran sanctions and related disclosure)**

Section 13(r) of the U.S. Securities Exchange Act of 1934 as amended (the "Exchange Act") requires each SEC reporting issuer to disclose

in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions

or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the

proliferation of weapons of mass destruction during the period covered by the report. The requirement includes disclosure of activities not

prohibited by U.S. or other law, even if conducted outside the U.S. by non-U.S. companies or affiliates in compliance with local law.

Pursuant to Section 13(r) of the Exchange Act, we note the following in relation to activity that occurred in 2025, the reporting period

covered by this annual report. For completeness, we also include activity that we became aware of in 2025, even if such activity occurred

prior to the reporting period. Except as noted below, Barclays intends to continue the activities described. Barclays does not allocate profits

at the level of these activities, which in any event would not be significant, and we therefore report only gross revenue where measurable.

Barclays attributed revenue of approximately GBP 7,515.00 in relation to the activities disclosed below.

**Legacy Guarantees**

Between 1992 and 2006, Barclays entered into several guarantees for the benefit of Iranian banks in connection with the supply of goods and

services by Barclays customers to Iranian buyers (the "Iranian guarantees"). These were counter guarantees issued to Iranian banks to

support guarantees issued by these banks to the Iranian buyers. The Iranian banks and a number of the Iranian buyers were either

subsequently designated as Specially Designated Nationals and Blocked Persons ("SDNs") by the U.S. Department of the Treasury's Office

of Foreign Assets Control ("OFAC") or are owned by the Government of Iran. In addition, between 1993 and 2005, Barclays entered into

similar guarantees for the benefit of a Syrian bank that was subsequently designated pursuant to the Weapons of Mass Destruction

Proliferators Sanctions Regulations ("WMDPSR") in August 2011 (the "WMDPSR guarantees").

These guarantees were issued either on:

(i)an "extend or pay" basis, which means that, although the guarantee is of limited duration on its face, until there is full performance

under the contract to provide goods and services, the terms of the guarantee require Barclays to maintain the guarantee or pay the

beneficiary bank the full amount of the guarantee; or

(ii)the basis that Barclays' obligations can be discharged only with the consent of the beneficiary counterparty.

Barclays is not able to exit its obligations under the above guarantees unilaterally, and thus it maintains a limited legacy portfolio of these

guarantees, which complied with applicable laws and regulations at the time they were entered into. Barclays intends to terminate the

guarantees where an agreement can be reached with the counterparty, in accordance with applicable laws and regulations. Barclays attributed

no revenue in 2025 in relation to the Iranian guarantees and revenue of approximately GBP 7,405 in relation to the WMDPSR guarantees

prior to the lifting of sanctions against the Syrian bank.

**Lease Payments**

Barclays is party to a long-term lease, entered in 1979, with the National Iranian Oil Company ("NIOC"), pursuant to which Barclays rents

part of NIOC House in London. The lease is for 60 years, contains no early termination clause, and has 14 years remaining. Barclays makes

lease payments in GBP to the bank account of a solicitor that represents an entity owned by the Government of Iran. The payments are made

in accordance with applicable laws and regulations. Barclays attributed no revenue in 2025 in relation to this activity.

**Local Clearing Systems**

Banks based in the United Arab Emirates ("UAE"), including certain Iranian banks designated pursuant to the Global Terrorism Sanctions

Regulations ("GTSR") and/or Government of Iran-owned banks, participate in the various banking payment and settlement systems used in

the UAE (the "UAE Clearing Systems"). Barclays, by virtue of its banking activities in the UAE, participates in the UAE Clearing Systems,

in accordance with applicable laws and regulations. To mitigate the risk of engaging in transactions in which participant Iranian SDN and/or

Government of Iran-owned banks may be involved, Barclays has implemented restrictions relating to its involvement in the UAE Clearing

Systems. Barclays attributed no revenue in 2025 in relation to this activity.

**Other Activity**

In 2025, Barclays processed payments to the embassy of the Government of Iran in the UK in relation to persons paying fees for renewing or

replacing passports, visa applications, and other administrative matters. The payments were processed in accordance with applicable laws

and regulations. Barclays attributed no revenue in 2025 in relation to this activity.

Barclays holds accounts for several UK-resident individuals employed by a UK-based SDN entity that is ultimately owned by the

Government of Iran. Payments are received in GBP from UK-based payment services companies and are credited to the customers' accounts

with Barclays. The payments are processed in accordance with applicable laws and regulations. No payments are received directly from any

entity owned by the Government of Iran or any SDN. Barclays attributed no revenue in 2025 in relation to this activity.

In 2025, on behalf of certain customers in the UK, Barclays processed indirect payments from various UK-based offices of Iranian SDNs,

Government of Iran-owned entities, and SDNs designated pursuant to the GTSR (the "entities"). The payments were for general business

expenses, including rent, salary payments, tax payments, office maintenance, utility payments, and business travel expenses. A UK

accounting firm remitted the payments on behalf of the entities, and all the payments were processed in accordance with applicable laws and

regulations. Barclays attributed revenue of approximately GBP 25 in 2025 in relation to this activity.

Barclays maintains a customer relationship with a UK-incorporated charity that works in the areas of blood cancer and stem cell

transplantation. In 2025, Barclays processed one payment, on behalf of our customer, where the ultimate beneficiary of the payment was a

medical organization affiliated with the Government of Iran. The payment was for the procurement of a blood sample from an individual in

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 463 |
|  |  |  |  |  |  |  |  | 463 |

---

Additional unaudited information (continued)

Iran who is a potential donor. The payment was processed in accordance with applicable laws and regulations. Barclays attributed revenue of

approximately GBP 10 in 2025 in relation to this activity.

In 2025, the UK Government expanded their "Legal Services" General Licence to allow the payment of fees for legal services provided to

entities designated under the Iran (Sanctions) (Nuclear) (EU Exit) Regulations, and the Iran (Sanctions) (EU Exit) Regulations 2023. Several

Barclays customers relied upon this General Licence for the receipt of fees due in relation to legal services given to Government of Iran-

owned entities. All related payments being processed under this General Licence were done in accordance with applicable laws and

regulations, including with the General Licence itself. Barclays attributed GBP 45 revenue in 2025 in relation to this activity.

Barclays acted as a correspondent bank for a payment in 2025, which was remitted from a private Indian Commercial entity to a UK-based

patent and trademark agent. The payment was settling an invoice for services and fees provided by the UK agent to the Indian Company in

connection with applying for a trademark with the Iranian trademark office. The payment did not involve a customer of Barclays, was not to

or from any individual or entity owned by the Government of Iran or any SDN, and was processed in accordance with applicable laws and

regulations. Barclays attributed GBP 15 of revenue in 2025 in relation to this payment.

Barclays maintains a customer relationship with His Majesty's Revenue & Customs, a UK Government agency, which receives funds from

financial institutions, some of which are entities designated pursuant to the GTSR, and/or ultimately owned by the Government of Iran, in

relation to the settlement of tax liabilities with the UK Government. The payments were processed in accordance with applicable laws and

regulations. Barclays attributed revenue of approximately GBP 15 in 2025 in relation to this activity.

**Frozen Accounts**

Barclays, and several Barclays customers, continue to hold funds belonging to various SDNs and Government of Iran-owned entities in

internal blocked and sundry accounts, some of which are interest bearing. These accounts are held in accordance with applicable laws and

regulations. Barclays attributed no revenue in 2025 in relation to this activity.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 464 |
|  |  |  |  |  |  |  |  | 464 |

---

Additional unaudited information (continued)

**Summary of Barclays Group share and cash plans and long-term incentive plans**

Barclays operates a number of share, cash and long-term incentive plans. The principal plans used for awards made in or, in respect of, the

2025 performance year are shown in the table below. Awards are granted by the Barclays PLC Board Remuneration Committee or a

delegated sub-committee (the "Committee"), and are subject to the applicable plan rules (as amended from time to time). Share awards are

granted over ordinary shares in Barclays PLC ("Shares"). Barclays has a number of employee benefit trusts which operate in conjunction

with these plans. In some cases the trustee purchases Shares in the market to satisfy awards; in others, new issue or treasury Shares may be

used to satisfy awards where the appropriate shareholder approval has been obtained.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Summary of principal share and cash plans and long-term incentive plans** | **Summary of principal share and cash plans and long-term incentive plans** | **Summary of principal share and cash plans and long-term incentive plans** | **Summary of principal share and cash plans and long-term incentive plans** | **Summary of principal share and cash plans and long-term incentive plans** |
| **Name of plan** | **Eligible employees** | **Executive** <br>**Directors** <br>**eligible**<br>| **Delivery** | **Design details** |
| **Share Value Plan** <br>**(SVP)**<br>| All employees <br>(including executive <br>Directors of <br>Barclays PLC)<br>| Yes | Deferred Share awards, <br>typically released in <br>instalments over a three, four, <br>five or seven year period, <br>dependent on future service <br>and subject to malus <br>provisions<br>| •The SVP typically used for mandatory deferral of a proportion of <br>bonus into Shares where bonus is above a threshold (set annually <br>by the Committee). The SVP is also used to deliver the upfront <br>portion of a Material Risk Taker's ("MRT") variable remuneration <br>that must be delivered in Shares in line with regulatory <br>requirements.<br>•This plan typically works in tandem with the CVP (below).<br>•SVP awards typically vest over three, four, five or seven years <br>dependent on future service.<br>•Vesting is subject to malus terms, suspension provisions and the <br>other provisions of the rules of the SVP.<br>•On cessation of employment, eligible leavers (as set out in the <br>rules of the SVP) normally remain eligible for release (on the <br>scheduled release dates) subject to the Committee and/or trustee <br>discretion. For other leavers, including where the employee <br>resigns before the third anniversary of grant, awards will normally <br>lapse.<br>•On change of control, awards may vest at the Committee's and/or <br>trustee's discretion.<br>•For SVP awards made to Material Risk Takers ("MRTs"), a <br>holding period of either 6 or 12 months will apply to Shares (after <br>tax) on release.<br>|
| **Deferred Share** <br>**Value Plan (SVP)**<br>| All employees <br>(excluding <br>executive Directors <br>of Barclays PLC)<br>| No | Deferred Share awards, <br>typically released in <br>instalments over a three, four, <br>five or seven year period, <br>dependent on future service <br>and subject to malus <br>provisions<br>| •The DSVP is in all material respects the same as the SVP <br>described above. The principle difference is that the DSVP has not <br>been approved by Barclays Shareholders and therefore the <br>Executive Directors of Barclays PLC are not eligible to participate <br>and the plan operates over market purchase Shares only.<br>|
| **Cash Value Plan** <br>**(CVP)**<br>| All employees <br>(including executive <br>Directors of <br>Barclays PLC)<br>| Yes | Deferred cash award typically <br>released in instalments over a <br>three, four, five or seven year <br>period, dependent on future <br>service and subject to malus <br>provisions<br>| •The CVP is typically used for mandatory deferral of a proportion <br>of bonus where bonus is above a threshold (set annually by the <br>Committee.<br>•This plan typically works in tandem with the SVP.<br>•CVP awards vest over three, four, five or seven years dependent <br>on future service.<br>•Vesting is subject to malus terms, suspension provisions and the <br>other provisions of the rules of the CVP.<br>•Change of control and leaver provisions are as for SVP.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 465 |
|  |  |  |  |  |  |  |  | 465 |

---

Additional unaudited information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Barclays Long Term** <br>**Incentive Plan** <br>**(LTIP)**<br>| Selected employees <br>(including executive <br>Directors of <br>Barclays PLC)<br>| Yes | Awards over Shares subject <br>to risk-adjusted performance <br>conditions and malus <br>provisions<br>| •Awarded on a discretionary basis with participation reviewed by <br>the Committee.<br>•Awards only vest if the forward-looking performance conditions <br>are satisfied over a three year period.<br>•LTIP awards vest over seven years dependent on future service.<br>•Vesting is subject to malus terms, suspension provisions and the <br>other provisions of the rules of the LTIP.<br>•Any Shares released under the LTIP award (after payment of tax) <br>will be subject to an additional holding period of no less than the <br>minimum regulatory requirements (currently 12 months).<br>•On cessation of employment, eligible leavers (as set out in the <br>rules of the LTIP) normally remain eligible for release (on the <br>scheduled release dates) pro-rated for time and performance. For <br>other leavers, awards will normally lapse.<br>•On change of control, awards may vest at the Committee's <br>discretion.<br>|
| **Sharesave** | All employees in <br>the UK and Ireland <br>(including executive <br>Directors of <br>Barclays PLC)<br>| Yes | Options over Shares at a <br>discount of 20%, with Shares <br>delivered or cash value of <br>savings returned after three or <br>five years<br>| •HMRC tax advantaged plan in the UK and approved by the <br>Revenue Commissioners in Ireland.<br>•Opportunity to purchase Shares at a discount price (currently a <br>20% discount) set on award date with savings made over three or <br>five year term.<br>•Maximum individual savings of £300 per month or the Euro <br>equivalent in Ireland.<br>•On cessation of employment, eligible leavers may exercise options <br>and acquire Shares to the extent of their savings for six months.<br>•On change of control, participants may exercise options and <br>acquire Shares to the extent of their savings for six months.<br>|
| **Sharepurchase** | All employees in <br>the UK (including <br>executive Directors <br>of Barclays PLC)<br>| Yes | Shares purchased from gross <br>salary deductions and <br>Dividend/Matching Shares <br>are held in trust for three to <br>five years<br>| •HMRC tax advantaged plan in the UK.<br>•Participants may purchase up to £1,800 of Shares each tax year <br>("Partnership Shares").<br>•Barclays matches the first £600 of Partnership Shares on a one for <br>one basis for each tax year ("Matching Shares").<br>•Dividends received are awarded as Dividend Shares.<br>•Partnership Shares may be withdrawn at any time (though if <br>removed prior to three years from award, the corresponding <br>Matching Shares are forfeited).<br>•Depending on reason for and timing of leaving, Matching Shares <br>may be forfeited.<br>•On change of control, participants are able to instruct the <br>Sharepurchase trustee how to act or vote on their behalf in relation <br>to their Shares.<br>|
| **Global** <br>**Sharepurchase**<br>| Employees in <br>certain jurisdictions <br>other than the UK <br>((including <br>executive Directors <br>of Barclays PLC)<br>| Yes | Shares purchased from net <br>salary deductions and <br>Dividend/Matching Shares <br>are held in trust for three to <br>five years<br>| •Global Sharepurchase is an extension of the Sharepurchase plan <br>(above).<br>•Operates in substantially the same way as Sharepurchase but <br>without the tax advantages.<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 466 |
|  |  |  |  |  |  |  |  | 466 |

---

Additional unaudited information (continued)

**Average deposits at amortised cost, average interest rate paid - split by type and UK vs Non- UK**

The following tables present average deposits at amortised cost and their associated interest expense by deposit type split into UK & Non-

UK. For the year ended 31 December 2025 the region has been updated to reflect the location of the office in which the deposits are

recorded. For the year ended 31 December 2024 and 2023 the region is based on the customer location.

---

| | | | |
|:---|:---|:---|:---|
|  | **Average deposits** <br>**at amortised cost**<br>| **Interest expense** | **Average interest** <br>**rate**<br>|
| **For the year ended 31 December 2025** | **£m** | **£m** | **%** |
| **UK** |  |  |  |
| Non- interest bearing current and demand accounts | **106757** | **—** | **—** |
| Interest bearing current and demand accounts | **72469** | **1305** | **1.8** |
| Savings and time deposits<sup>1</sup> | **264776** | **7431** | **2.8** |
| **Total UK** | **444002** | **8736** | **2.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Non-UK** |  |  |  |
| Non- interest bearing current and demand accounts | **9942** | **—** | **—** |
| Interest bearing current and demand accounts | **32106** | **860** | **2.7** |
| Savings and time deposits<sup>1</sup> | **88103** | **2688** | **3.1** |
| **Total Non-UK** | **130151** | **3548** | **2.7** |
| **Total deposits at amortised cost** | **574153** | **12284** | **2.1** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average deposits** <br>**at amortised cost**<br>| **Interest expense** | **Average interest** <br>**rate**<br>|
| **For the year ended 31 December 2024** | **£m** | **£m** | **%** |
| **UK** |  |  |  |
| Non- interest bearing current and demand accounts | 110562 |  |  |
| Interest bearing current and demand accounts | 65110 | 1250 | 1.9 |
| Savings and time deposits<sup>1</sup> | 218228 | 6586 | 3.0 |
| **Total UK** | 393900 | 7836 | 2.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Non-UK** |  |  |  |
| Non- interest bearing current and demand accounts | 9881 |  |  |
| Interest bearing current and demand accounts | 32876 | 914 | 2.8 |
| Savings and time deposits<sup>1,2</sup> | 121573 | 5342 | 4.4 |
| **Total Non-UK** | 164330 | 6256 | 3.8 |
| **Total Deposits at amortised cost** | 558230 | 14092 | 2.5 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average deposits** <br>**at amortised cost**<br>| **Interest expense** | **Average interest** <br>**rate**<br>|
| **For the year ended 31 December 2023** | **£m** | **£m** | **%** |
| **UK** |  |  |  |
| Non- interest bearing current and demand accounts | 124145 |  |  |
| Interest bearing current and demand accounts | 52005 | 734 | 1.4 |
| Savings and time deposits<sup>1</sup> | 224019 | 5358 | 2.4 |
| **Total UK** | 400169 | 6092 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Non-UK** |  |  |  |
| Non- interest bearing current and demand accounts | 16454 |  |  |
| Interest bearing current and demand accounts | 14938 | 335 | 2.2 |
| Savings and time deposits<sup>1,2</sup> | 120688 | 4824 | 4.0 |
| **Total Non-UK** | 152080 | 5159 | 3.4 |
| **Total Deposits at amortised cost** | 552249 | 11251 | 2.0 |

---

**Notes:**

1 For information on term deposits please refer to the Barclays PLC Annual Report contractual maturity of financial assets and liabilities note.

2Average deposits includes held for sale balances generating interest expense.

As at 31st December 2025, deposits at amortised cost in offices in the United Kingdom received from non-residents amounted to £46,346m

(2024: £43,069m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 467 |
|  |  |  |  |  |  |  |  | 467 |

---

Additional unaudited information (continued)

**Uninsured other time deposits**

Uninsured deposits are presented on an approximate basis based on Barclays Group's deposits less those eligible for the deposit insurance

schemes. The maturity for uninsured deposits is based on the residual maturity.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **£m** | **£m** |
| 3 months or less | **85297** | 83283 |
| 3 to 6 months | **32167** | 27355 |
| 6 to 12 months | **21167** | 16003 |
| 12 months and over | **3790** | 4618 |
| Total | **142421** | 131259 |

---

As at 31 December 2025, £278m (2024: £433m) of U.S. time deposits were in excess of the Federal Deposit Insurance Corporation insurance

limit.

Of the total deposits at amortised cost, there are uninsured deposits of £331,932m (2024: £327,188m) which are not insured through the UK

Financial Services Compensation Scheme (FSCS) or other similar deposits schemes.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 468 |
|  |  |  |  |  |  |  |  | 468 |

---

Additional unaudited information (continued)

**Contractual obligations**

Contractual obligations include debt securities and purchase obligations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contractual obligations** | | | | | |
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Less than one** <br>**year**<br>| **Between one to** <br>**three years**<br>| **Between three** <br>**to five years**<br>| **After five years** | **Total** |
|  | **£m** | **£m** | **£m** | **£m** | **£m** |
| **As at 31 December 2025** |  |  |  |  |  |
| Long-term debt<sup>1</sup> | **56022** | **20508** | **19441** | **58693** | **154664** |
| Purchase obligations | **1000** | **1080** | **358** | **74** | **2512** |
| **Total** | **57022** | **21588** | **19799** | **58767** | **157176** |
| **As at 31 December 2024** |  |  |  |  |  |
| Long-term debt<sup>1</sup> | 29690 | 20648 | 19340 | 56909 | 126587 |
| Purchase obligations | 920 | 1248 | 563 | 201 | 2932 |
| **Total** | 30610 | 21896 | 19903 | 57110 | 129519 |

---

**Note:** 

1 Long-term debt has been prepared to reflect cash flows on an undiscounted basis, which includes interest payments.

Net cash flows from derivatives used to hedge long-term debt amount to £(1.8)bn (2024: £(3.2)bn).

Further information on the contractual maturity of the Group's assets, liabilities (including lease liabilities), and contingent liabilities and

commitments is provided in the Liquidity Risk section.

**Securities**

Investment securities include debt securities reported at amortised cost and financial assets at fair value through other comprehensive

income.

Investment in debt securities principally include government securities held as part of the liquidity risk management within the Treasury and

Capital Risk framework. In addition, the Group holds investments in corporate securities.

The weighted average yield for each maturity range is determined by dividing the annualized interest income for the year ended December

31, 2025, by the book value of debt securities as of that date.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Maturities and yield of investment debt securities** | **Maturities and yield of investment debt securities** |  |  |  |  |  |  |  |  |  |
|  | **Maturing within one** <br>**year** | **Maturing within one** <br>**year** | **Maturing after one but** <br>**within five years** | **Maturing after one but** <br>**within five years** | **Maturing after five** <br>**but within ten years** | **Maturing after five** <br>**but within ten years** | **Maturing after ten** <br>**years** | **Maturing after ten** <br>**years** | **Total** | **Total** |
|  | **Amount** | **Yield** | **Amount** | **Yield** | **Amount** | **Yield** | **Amount** | **Yield** | **Amount** | **Yield** |
| **As at 31 December 2025** | **£m** | **%** | **£m** | **%** | **£m** | **%** | **£m** | **%** | **£m** | **%** |
| Debt securities at amortised cost | **10664** | **3.8%** | **31655** | **3.4%** | **3159** | **4.6%** | **22997** | **4.2%** | **68475** | **3.8%** |
| Financial assets at fair value through <br>other comprehensive income<br>| **4730** | **2.8%** | **35467** | **3.4%** | **23879** | **3.4%** | **7947** | **2.9%** | **72023** | **3.3%** |
| **Total book value** | **15394** |  | **67122** |  | **27038** |  | **30944** |  | **140498** |  |

---

The above table is only for debt securities held at the reporting date and does not include associated hedges.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 469 |
|  |  |  |  |  |  |  |  | 469 |

---

Additional unaudited information (continued)

**Average balance sheet**

Average balances are based upon monthly averages.UK and Non-UK is based on the location of the office where the transactions are

recorded.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** |  | **2025** | **2025** | **2025** |
|  |  | **Average** <br>**balance**<br>| **Net interest**<sup>1</sup> | **Rate** |
|  |  | **£m** | **£m** | **%** |
| Cash and balances at central banks | UK | **102040** | **3677** | **3.6** |
| Cash and balances at central banks | Non-UK | **125164** | **5053** | **4.0** |
| **Cash and balances at central banks** | **Total** | **227204** | **8730** | **3.8** |
| Loans and advances at amortised cost | UK | **281872** | **12623** | **4.5** |
| Loans and advances at amortised cost | Non-UK | **81684** | **6039** | **7.4** |
| **Loans and advances at amortised cost**<sup>2,5,6</sup> | **Total** | **363556** | **18662** | **5.1** |
| Debt securities at amortised cost | UK | **56122** | **2160** | **3.8** |
| Debt securities at amortised cost | Non-UK | **14554** | **660** | **4.5** |
| **Debt securities at amortised cost** | **Total** | **70676** | **2820** | **4.0** |
| Cash collateral | UK | **55507** | **1812** | **3.3** |
| Cash collateral | Non-UK | **25698** | **322** | **1.3** |
| **Cash collateral** | **Total** | **81205** | **2134** | **2.6** |
| Reverse repurchase agreements | UK | **6345** | **219** | **3.5** |
| Reverse repurchase agreements | Non-UK | **993** | **7** | **0.7** |
| **Reverse repurchase agreements** | **Total** | **7338** | **226** | **3.1** |
| Fair value through other comprehensive income | UK | **72579** | **2969** | **4.1** |
| Fair value through other comprehensive income | Non-UK | **5389** | **165** | **3.1** |
| **Fair value through other comprehensive income** | **Total** | **77968** | **3134** | **4.0** |
| **Other**<sup>3</sup> |  |  | **483** |  |
| **Total interest earning assets with interest recognise in interest income** |  | **827947** | **36189** | **4.4** |
| Less: interest and similar expense |  |  | **(21688)** |  |
| **Net interest income** |  |  | **14501** |  |
| Other assets<sup>4</sup> |  | **931075** |  |  |
| **Total** |  | **1759022** |  |  |
| **Percentage of total average interest earning assets with interest recognise in interest income for** <br>**offices outside the UK**<br>|  | **31%** |  |  |

---

**Notes:**

1 Negative interest paid on assets is immaterial for 2025 and 2024, (2023: £53m) which is presented within net interest.

2 Loans and advances at amortised cost include all doubtful lending. Interest receivable on such lending has been included to the extent to which either cash payments

have been received or interest has been accrued in accordance with the income recognition policy of the Barclays Group.

3 Other principally includes interest expense relating to hedging activity and interest income on pensions.

4 The interest on Trading portfolio assets, Derivative financial instruments and Financial assets at fair value through the income statement are recognised in net trading

income and the average balances for these assets are included in Other assets.

5 Average loans and advances include held for sale balances generating interest income.

6 Material loan fees included in interest income for 2025 is £1,125m (2024: £1,143m, 2023: £973m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 470 |
|  |  |  |  |  |  |  |  | 470 |

---

Additional unaudited information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** |  | **2024** | **2024** | **2024** |
|  |  | **Average balance** | **Net interest**<sup>1</sup> | **Rate** |
|  |  | **£m** | **£m** | **%** |
| Cash and balances at central banks | UK | 112440 | 5177 | 4.6 |
| Cash and balances at central banks | Non-UK | 120834 | 5899 | 4.9 |
| **Cash and balances at central banks** | **Total** | 233274 | 11076 | 4.7 |
| Loans and advances at amortised cost | UK | 266183 | 11695 | 4.4 |
| Loans and advances at amortised cost | Non-UK | 84146 | 6141 | 7.3 |
| **Loans and advances at amortised cost**<sup>2,5,6</sup> | **Total** | 350329 | 17836 | 5.1 |
| Debt securities at amortised cost | UK | 52446 | 2010 | 3.8 |
| Debt securities at amortised cost | Non-UK | 9968 | 435 | 4.4 |
| **Debt securities at amortised cost** | **Total** | 62414 | 2445 | 3.9 |
| Cash collateral | UK | 52889 | 1785 | 3.4 |
| Cash collateral | Non-UK | 25299 | 623 | 2.5 |
| **Cash collateral** | **Total** | 78188 | 2408 | 3.1 |
| Reverse repurchase agreements | UK | 3421 | 110 | 3.2 |
| Reverse repurchase agreements | Non-UK | 772 | 28 | 3.6 |
| **Reverse repurchase agreements** | **Total** | 4193 | 138 | 3.3 |
| Fair value through other comprehensive income | UK | 74712 | 3558 | 4.8 |
| Fair value through other comprehensive income | Non-UK | 4817 | 263 | 5.5 |
| **Fair value through other comprehensive income** | Total | 79529 | 3821 | 4.8 |
| Other<sup>3</sup> |  |  | 602 |  |
| **Total interest earning assets with interest recognise in interest income** |  | 807927 | 38326 | 4.7 |
| Less: interest and similar expense |  |  | (25390) |  |
| Net interest income |  |  | 12936 |  |
| Other assets<sup>4</sup> |  | 795976 |  |  |
| **Total** |  | 1603903 |  |  |
| **Percentage of total average interest earning assets with interest recognise in interest income** <br>**for offices outside the UK**<br>|  | 30% |  |  |

---

**Notes**

1 Negative interest paid on assets is immaterial for 2025 and 2024, (2023: £53m) which is presented within net interest.

2 Loans and advances at amortised cost include all doubtful lending. Interest receivable on such lending has been included to the extent to which either cash payments

have been received or interest has been accrued in accordance with the income recognition policy of the Barclays Group.

3 Other principally includes interest expense relating to hedging activity and interest income on pensions.

4The interest on Trading portfolio assets, Derivative financial instruments and Financial assets at fair value through the income statement are recognise principally in

net trading income and the average balances for these assets are included in Other assets.

5 Average loans and advances include held for sale balances generating interest income.

6 Material loan fees included in interest income for 2025 is £1,125m (2024: £1,143m, 2023: £973m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 471 |
|  |  |  |  |  |  |  |  | 471 |

---

Additional unaudited information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** |  | **2023** | **2023** | **2023** |
|  |  | **Average balance** | **Net interest**<sup>1</sup> | **Rate** |
|  |  | **£m** | **£m** | **%** |
| Cash and balances at central banks | UK | 121390 | 4979 | 4.1 |
| Cash and balances at central banks | Non-UK | 133302 | 5279 | 4.0 |
| **Cash and balances at central banks** | **Total** | 254692 | 10258 | 4.0 |
| Loans and advances at amortised cost | UK | 271774 | 9599 | 3.5 |
| Loans and advances at amortised cost | Non-UK | 84556 | 5143 | 6.1 |
| **Loans and advances at amortised cost**<sup>2,5</sup> | **Total** | 356330 | 14742 | 4.1 |
| Debt securities at amortised cost | UK | 46793 | 2103 | 4.4 |
| Debt securities at amortised cost | Non-UK | 5023 | 234 | 4.7 |
| **Debt securities at amortised cost** | **Total** | 51816 | 2337 | 4.5 |
| Cash collateral | UK | 56030 | 1683 | 3.0 |
| Cash collateral | Non-UK | 25875 | 692 | 2.7 |
| **Cash collateral** | **Total** | 81905 | 2375 | 2.9 |
| Reverse repurchase agreements | UK | 1504 | 45 | 3.0 |
| Reverse repurchase agreements | Non-UK | 1247 | 55 | 4.4 |
| **Reverse repurchase agreements** | **Total** | 2751 | 100 | 3.6 |
| Fair value through other comprehensive income | UK | 65001 | 4745 | 7.3 |
| Fair value through other comprehensive income | Non-UK | 3458 | 162 | 4.7 |
| **Fair value through other comprehensive income** | **Total** | 68459 | 4907 | 7.2 |
| Other<sup>3</sup> |  |  | 303 |  |
| **Total interest earning assets with interest recognise in interest income** |  | 815953 | 35022 | 4.3 |
| Less: interest and similar expense |  |  | (22313) |  |
| Net interest income |  |  | 12709 |  |
| Other assets<sup>4</sup> |  | 779822 |  |  |
| **Total** |  | 1595775 |  |  |
| **Percentage of total average interest earning assets with interest recognise in interest income** <br>**for offices outside the UK**<br>|  | 31% |  |  |

---

**Notes**

1 Negative interest paid on assets is immaterial for 2025 and 2024, (2023: £53m) which is presented within net interest.

2 Loans and advances at amortised cost include all doubtful lending. Interest receivable on such lending has been included to the extent to which either cash payments

have been received or interest has been accrued in accordance with the income recognition policy of the Barclays Group.

3 Other principally includes interest expense relating to hedging activity and interest income on pensions.

4The interest on Trading portfolio assets, Derivative financial instruments and Financial assets at fair value through the income statement are recognise principally in

net trading income and the average balances for these assets are included in Other assets.

5 Material loan fees included in interest income for 2025 is £1,125m (2024: £1,143m, 2023: £973m).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 472 |
|  |  |  |  |  |  |  |  | 472 |

---

Additional unaudited information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  | **2025** | **2025** | **2025** |
|  |  | **Average** <br>**balance**<br>| **Net interest**<sup>1</sup> | **Rate** |
|  |  | **£m** | **£m** | **%** |
| Interest bearing deposits at amortised cost | UK | **337245** | **8736** | **2.6** |
| Interest bearing deposits at amortised cost | Non-UK | **120209** | **3548** | **3.0** |
| **Interest bearing deposits at amortised cost** | **Total** | **457454** | **12284** | **2.7** |
| Cash collateral | UK | **47513** | **1093** | **2.3** |
| Cash collateral | Non-UK | **26071** | **408** | **1.6** |
| **Cash collateral** | **Total** | **73584** | **1501** | **2.0** |
| Debt securities in issue | UK | **71146** | **4077** | **5.7** |
| Debt securities in issue | Non-UK | **34651** | **1929** | **5.6** |
| **Debt securities in issue** | **Total** | **105797** | **6006** | **5.7** |
| Subordinated liabilities | UK | **12364** | **813** | **6.6** |
| Subordinated liabilities | Non-UK | **594** | **42** | **7.1** |
| **Subordinated liabilities** | **Total** | **12958** | **855** | **6.6** |
| Repurchase agreements | UK | **31144** | **649** | **2.1** |
| Repurchase agreements | Non-UK | **3460** | **221** | **6.4** |
| **Repurchase agreements** | **Total** | **34604** | **870** | **2.5** |
| **Other**<sup>2</sup> |  |  | **172** |  |
| **Total interest bearing liabilities with interest recognise in interest expense** |  | **684397** | **21688** | **3.2** |
| Other liabilities and Shareholders' equity<sup>3</sup> |  | **1074625** |  |  |
| **Total** |  | **1759022** |  |  |
| **Percentage of total average interest bearing liabilities with interest recognise in interest** <br>**expense for offices outside the UK**<br>|  | **27%** |  |  |

---

**Notes**

1Negative interest paid on assets is immaterial for 2025 and 2024, (2023: £53m) which is presented within net interest.

2 Other principally includes lease interest .

3The interest on Trading portfolio liabilities, Derivative financial instruments and Financial liabilities at fair value through the income statement are recognised

principally in net trading income and the average balances for these liabilities are included in Other liabilities and Shareholders' equity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  | **2024** | **2024** | **2024** |
|  |  | **Average balance** | **Net interest**<sup>1</sup> | **Rate** |
|  |  | **£m** | **£m** | **%** |
| Interest bearing deposits at amortised cost | UK | 324000 | 9215 | 2.8 |
| Interest bearing deposits at amortised cost | Non-UK | 113787 | 4877 | 4.3 |
| **Interest bearing deposits at amortised cost**<sup>4</sup> | **Total** | 437787 | 14092 | 3.2 |
| Cash collateral | UK | 46875 | 1510 | 3.2 |
| Cash collateral | Non-UK | 25327 | 766 | 3.0 |
| **Cash collateral** | **Total** | 72202 | 2276 | 3.2 |
| Debt securities in issue | UK | 68578 | 4655 | 6.8 |
| Debt securities in issue | Non-UK | 30457 | 2053 | 6.7 |
| **Debt securities in issue** | **Total** | 99035 | 6708 | 6.8 |
| Subordinated liabilities | UK | 10800 | 895 | 8.3 |
| Subordinated liabilities | Non-UK | 668 | 50 | 7.5 |
| **Subordinated liabilities** | **Total** | 11468 | 945 | 8.2 |
| Repurchase agreements | UK | 42314 | 1121 | 2.6 |
| Repurchase agreements | Non-UK | 1673 | 123 | 7.4 |
| **Repurchase agreements** | **Total** | 43987 | 1244 | 2.8 |
| **Other**<sup>2</sup> |  |  | 125 |  |
| **Total interest bearing liabilities with interest recognise in interest expense** |  | 664479 | 25390 | 3.8 |
| Other liabilities and Shareholders' equity<sup>3</sup> |  | 939424 |  |  |
| **Total** |  | 1603903 |  |  |
| **Percentage of total average interest bearing liabilities with interest recognise in interest** <br>**expense for offices outside the UK**<br>|  | 26% |  |  |

---

**Notes**

1 Negative interest paid on assets is immaterial for 2025 and 2024, (2023: £53m) which is presented within net interest.

2 Other principally includes interest expense relating to hedging activity.

3The interest on Trading portfolio liabilities, Derivative financial instruments and Financial liabilities at fair value through the income statement are recognise

principally in net trading income and the average balances for these liabilities are included in Other liabilities.

4 Average interest bearing deposits at amortised cost include held for sale balances generating interest expense

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 473 |
|  |  |  |  |  |  |  |  | 473 |

---

Additional unaudited information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  | **2023** | **2023** | **2023** |
|  |  | **Average** <br>**balance**<br>| **Net interest**<sup>1</sup> | **Rate** |
|  |  | **£m** | **£m** | **%** |
| Interest bearing deposits at amortised cost | UK | 317497 | 7530 | 2.4 |
| Interest bearing deposits at amortised cost | Non-UK | 94154 | 3722 | 4.0 |
| **Interest bearing deposits at amortised cost** | **Total** | 411651 | 11252 | 2.7 |
| Cash collateral | UK | 45188 | 1454 | 3.2 |
| Cash collateral | Non-UK | 25678 | 800 | 3.1 |
| **Cash collateral** | **Total** | 70866 | 2254 | 3.2 |
| Debt securities in issue | UK | 71956 | 4346 | 6.0 |
| Debt securities in issue | Non-UK | 36272 | 1952 | 5.4 |
| **Debt securities in issue** | **Total** | 108228 | 6298 | 5.8 |
| Subordinated liabilities | UK | 10393 | 811 | 7.8 |
| Subordinated liabilities | Non-UK | 769 | 55 | 7.2 |
| **Subordinated liabilities** | **Total** | 11162 | 866 | 7.8 |
| Repurchase agreements | UK | 34313 | 1362 | 4.0 |
| Repurchase agreements | Non-UK | 1899 | 73 | 3.9 |
| **Repurchase agreements** | **Total** | 36212 | 1435 | 4.0 |
| **Other**<sup>2</sup> |  |  | 208 |  |
| **Total interest bearing liabilities with interest recognise in interest expense** |  | 638119 | 22313 | 3.5 |
| Other liabilities and Shareholders' equity<sup>3</sup> |  | 957656 |  |  |
| **Total** |  | 1595775 |  |  |
| **Percentage of total average interest bearing liabilities with interest recognise in interest** <br>**expense for offices outside the UK**<br>|  | 25% |  |  |

---

**Notes**

1 Negative interest paid on assets is immaterial for 2025 and 2024, (2023: £53m) which is presented within net interest.

2 Other principally includes interest expense relating to hedging activity.

3The interest on Trading portfolio liabilities, Derivative financial instruments and Financial liabilities at fair value through the income statement are recognise

principally in net trading income and the average balances for these liabilities are included in Other liabilities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 474 |
|  |  |  |  |  |  |  |  | 474 |

---

Additional unaudited information (continued)

**Changes in total interest – volume and rate analysis**

The following tables allocate changes in interest between changes in volume and changes in interest rates for the last two years. Volume and

rate variances have been calculated on the movement in the average balances and the change in the interest rates on average interest earning

assets and average interest bearing liabilities. Where variances have arisen from changes in both volumes and interest rates, these have been

allocated proportionately between the two.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest income** |  | | | | | | |
|  |  |  | **2025/2024 Change due to**<br>**increase/(decrease) in:** | **2025/2024 Change due to**<br>**increase/(decrease) in:** |  | **2024/2023 Change due to**<br>**increase/(decrease) in:** | **2024/2023 Change due to**<br>**increase/(decrease) in:** |
|  |  | **Total change** | **Volume** | **Rate** | **Total change** | **Volume** | **Rate** |
|  |  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Cash and balances at central banks | UK | **(1500)** | **(448)** | **(1052)** | 198 | (384) | 582 |
| Cash and balances at central banks | Non-UK | **(846)** | **205** | **(1051)** | 620 | (527) | 1147 |
| **Cash and balances at central banks** | **Total** | **(2346)** | **(243)** | **(2103)** | 818 | (911) | 1729 |
| Loans and advances at amortised cost | UK | **928** | **699** | **229** | 1890 | (206) | 2096 |
| Loans and advances at amortised cost | Non-UK | **(102)** | **(181)** | **79** | 1204 | (24) | 1228 |
| **Loans and advances at amortised cost** | **Total** | **826** | **518** | **308** | 3094 | (230) | 3324 |
| Debt securities at amortised cost | UK | **150** | **142** | **8** | (93) | 237 | (330) |
| Debt securities at amortised cost | Non-UK | **225** | **207** | **18** | 201 | 216 | (15) |
| **Debt securities at amortised cost** | **Total** | **375** | **349** | **26** | 108 | 453 | (345) |
| Cash collateral | UK | **27** | **86** | **(59)** | 102 | (98) | 200 |
| Cash collateral | Non-UK | **(301)** | **10** | **(311)** | (69) | (15) | (54) |
| **Cash collateral** | **Total** | **(274)** | **96** | **(370)** | 33 | (113) | 146 |
| Reverse repurchase agreements | UK | **109** | **100** | **9** | 65 | 61 | 4 |
| Reverse repurchase agreements | Non-UK | **(21)** | **6** | **(27)** | (27) | (18) | (9) |
| **Reverse repurchase agreements** | **Total** | **88** | **106** | **(18)** | 38 | 43 | (5) |
| Fair value through other comprehensive income | UK | **(589)** | **(100)** | **(489)** | (1187) | 635 | (1822) |
| Fair value through other comprehensive income | Non-UK | **(98)** | **28** | **(126)** | 101 | 72 | 29 |
| **Fair value through other comprehensive income** | **Total** | **(687)** | **(72)** | **(615)** | (1086) | 707 | (1793) |
| **Other interest and similar income** |  | **(119)** | **—** | **(119)** | 299 |  | 299 |
| **Total interest receivable** |  | **(2137)** | **754** | **(2891)** | 3304 | (51) | 3355 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest expense** |  | | | | | | |
|  |  |  | **2025/2024 Change due to**<br>**increase/(decrease) in:** | **2025/2024 Change due to**<br>**increase/(decrease) in:** |  | **2024/2023 Change due to**<br>**increase/(decrease) in:** | **2024/2023 Change due to**<br>**increase/(decrease) in:** |
|  |  | **Total change** | **Volume** | **Rate** | **Total change** | **Volume** | **Rate** |
|  |  | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Interest bearing deposits at amortised cost | UK | **(479)** | **366** | **(845)** | 1684 | 157 | 1527 |
| Interest bearing deposits at amortised cost | Non-UK | **(1329)** | **262** | **(1591)** | 1155 | 822 | 333 |
| **Interest bearing deposits at amortised cost** | **Total** | **(1808)** | **628** | **(2436)** | 2839 | 979 | 1860 |
| Cash collateral | UK | **(417)** | **21** | **(438)** | 55 | 54 | 1 |
| Cash collateral | Non-UK | **(358)** | **22** | **(380)** | (34) | (11) | (23) |
| **Cash collateral** | **Total** | **(775)** | **43** | **(818)** | 21 | 43 | (22) |
| Debt securities in issue | UK | **(578)** | **169** | **(747)** | 309 | (211) | 520 |
| Debt securities in issue | Non-UK | **(124)** | **261** | **(385)** | 101 | (344) | 445 |
| **Debt securities in issue** | **Total** | **(702)** | **430** | **(1132)** | 410 | (555) | 965 |
| Subordinated liabilities | UK | **(82)** | **119** | **(201)** | 84 | 33 | 51 |
| Subordinated liabilities | Non-UK | **(8)** | **(6)** | **(2)** | (5) | (7) | 2 |
| **Subordinated liabilities** | **Total** | **(90)** | **113** | **(203)** | 79 | 26 | 53 |
| Repurchase agreements | UK | **(472)** | **(261)** | **(211)** | (239) | 275 | (514) |
| Repurchase agreements | Non-UK | **98** | **116** | **(18)** | 50 | (10) | 60 |
| **Repurchase agreements** | **Total** | **(374)** | **(145)** | **(229)** | (189) | 265 | (454) |
| **Other interest expense** |  | **47** | **—** | **47** | (83) |  | (83) |
| **Total interest payable** |  | **(3702)** | **1069** | **(4771)** | 3077 | 758 | 2319 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 475 |
|  |  |  |  |  |  |  |  | 475 |

---

Additional unaudited information (continued)

**Credit risk additional disclosure** 

This section of the report contains supplementary information that is more detailed or contains longer histories than the data presented in the

Risk review section.

**Potential problem loans**

Potential problem loans are those loans for which serious doubt exists as to the ability of the borrower to continue to comply with repayment

terms in the near future.

The loans and advances at amortised cost by product disclosure in the credit risk section includes gross exposure and associated impairment

allowance for assets classified as Stage 2, but not past due i.e. assets satisfying the criteria for a significant increase in Credit Risk, but which

are still complying with repayment terms.

A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the terms of

an asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of the original

loan, except in circumstances where debt is exchanged for equity. Both performing and non-performing forbearance assets are classified as

Stage 3 except where it is established that the concession granted has not resulted in diminished financial obligation and that no other

regulatory definition of default criteria has been triggered, in which case the asset is classified as Stage 2. The minimum probationary period

for non-performing forbearance is 12 months and for performing forbearance, 24 months. Hence, a minimum of 36 months is required for

non-performing forbearance to move out of a forborne state. Further details can be found in the credit risk section.

In order to assess asset credit quality, 12-month PDs are used to map assets into strong, satisfactory, higher risk or credit impaired. A credit

risk profile by internal PD grade for gross loans and advances at amortised cost and allowance for ECL is shown in the credit risk section,

analysing each of these categories by stage.

Wholesale accounts that are deemed to contain heightened levels of risk are recorded on graded watchlists comprising four categories,

graded in line with the perceived severity of the risk attached to the lending, and its probability of default. Where a counterparty's financial

health gives grounds for concern, it is immediately placed into the appropriate category. Once an account has been placed on a watchlist, the

exposure is monitored and, where appropriate, exposure reductions are effected. Further information on monitoring weaknesses in portfolios

can be found in the Barclays PLC Pillar 3 Report 2025 (unaudited).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 476 |
|  |  |  |  |  |  |  |  | 476 |

---

Additional unaudited information (continued)

**Impairment** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Allocation of the allowance for credit losses** | **Allocation of the allowance for credit losses** | **Allocation of the allowance for credit losses** | **Allocation of the allowance for credit losses** | **Allocation of the allowance for credit losses** |
| **Balance at end of period applicable to:** | **Amounts**  | **Amounts**  | **% of loans in each** <br>**category to total** <br>**loans** | **% of loans in each** <br>**category to total** <br>**loans** |
|  | **2025** | **2024** | **2025** | **2024** |
| **As at 31 December** | **£m** | **£m** |  |  |
| Loans and Advances at amortised cost to Banks | **11** | 9 | **2.3%** | 2.4% |
| Loans and Advances at amortised cost to Customers | **5278** | 5061 | **97.0%** | 96.7% |
| FVOCI | **1** | 2 | **0.7%** | 0.9% |
| **Loans and advances**<sup>1</sup> | **5290** | 5072 | **100.0%** | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Net Charge offs during the period to average loans outstanding**<sup>2</sup> | **Net Charge offs during the period to average loans outstanding**<sup>2</sup> | **Net Charge offs during the period to average loans outstanding**<sup>2</sup> | **Net Charge offs during the period to average loans outstanding**<sup>2</sup> |
| **Balance at end of period applicable to:** | **Amounts**  | **Amounts**  | **Amounts**  |
|  | **2025** | **2024** | **2023** |
| **As at 31 December** | **£m** | **£m** | **£m** |
| **Loans and Advances at amortised cost to Banks** |  |  |  |
| Net charge off | **—** |  |  |
| Average loans | **8920** | 8473 | 10671 |
| Ratio % | **—%** | —% | —% |
| **Loans and Advances at amortised cost to Customers** |  |  |  |
| Net charge off | **1393** | 1501 | 1095 |
| Average loans | **354636** | 341856 | 345659 |
| Ratio % | **0.4%** | 0.4% | 0.3% |
| **FVOCI** |  |  |  |
| Net charge off | **—** |  |  |
| Average loans | **2797** | 1784 | 346 |
| Ratio % | **—%** | —% | —% |

---

---

| | | |
|:---|:---|:---|
| **Consolidated basis**  | **Consolidated basis**  | **Consolidated basis**  |
| Allowance for credit losses to total loans outstanding during | **Amounts**  | **Amounts**  |
|  | **2025** | **2024** |
| **As at 31 December** | **£m** | **£m** |
| Allowance for credit losses | **5290** | 5072 |
| Total loans outstanding | **369180** | 354626 |
| Ratio % | **1.4%** | 1.4% |

---

**Notes:**

1Total loans outstanding excludes Debt securities at amortized cost.

2Average loans and advances include held for sale balances.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 477 |
|  |  |  |  |  |  |  |  | 477 |

---

Additional unaudited information (continued)

**Maturity analysis of gross loans and advances** 

Traded Loans are included in the 'on demand' column at their fair value. Liquidity risk on these items is not managed on the basis of

contractual maturity since these items are not held for settlement according to such maturity and will frequently be settled before contractual

maturity at fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **20 F-Maturity analysis of gross loans and advances**  | **20 F-Maturity analysis of gross loans and advances**  | **20 F-Maturity analysis of gross loans and advances**  | **20 F-Maturity analysis of gross loans and advances**  | **20 F-Maturity analysis of gross loans and advances**  | **20 F-Maturity analysis of gross loans and advances**  |
|  | **Less than 1** <br>**year**<br>| **One to five** <br>**years**<br>| **Five to** <br>**fifteen** <br>**years**<br>| **Over** <br>**fifteen** <br>**years**<br>| **Total** |
| **As at 31st December 2025** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Loans and advances at amortised cost to banks | **8649** | **—** | **—** | **—** | **8649** |
| Loans and advances at amortised cost to customers | **50345** | **98390** | **68469** | **140959** | **358163** |
| Loans and advances at fair value through other comprehensive income | **72** | **815** | **1480** | **—** | **2367** |
| Loans and advances at fair value through profit and loss | **40188** | **3980** | **2146** | **1358** | **47672** |
| Traded loans | **12249** | **—** | **—** | **—** | **12249** |
| **Total gross loans and advances** | **111503** | **103185** | **72095** | **142317** | **429100** |
|  | **Less than 1** <br>**year**<br>| **One to five** <br>**years**<br>| **Five to** <br>**fifteen** <br>**years**<br>| **Over** <br>**fifteen** <br>**years**<br>| **Total** |
| **As at 31 December 2024** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Loans and advances at amortised cost to banks | 8336 |  |  |  | 8336 |
| Loans and advances at amortised cost to customers | 50338 | 91514 | 69730 | 131425 | 343007 |
| Loans and advances at fair value through other comprehensive income | 74 | 1786 | 1423 |  | 3283 |
| Loans and advances at fair value through profit and loss | 38930 | 3105 | 1614 | 1418 | 45067 |
| Traded loans | 13470 |  |  |  | 13470 |
| **Total gross loans and advances** | 111148 | 96405 | 72767 | 132843 | 413163 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Interest rate sensitivity of gross loans and advances. Maturity > 1 year** | **Interest rate sensitivity of gross loans and advances. Maturity > 1 year** | **Interest rate sensitivity of gross loans and advances. Maturity > 1 year** | **Interest rate sensitivity of gross loans and advances. Maturity > 1 year** |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Fixed rate** | **Variable rate** | **Total** | **Fixed rate** | **Variable rate** | **Total** |
| **As at 31 December** | **£m** | **£m** | **£m** | **£m** | **£m** | **£m** |
| Loans and advances at amortised cost to <br>banks<br>| **—** | **—** | **—** |  |  |  |
| Loans and advances at amortised cost to <br>customers<br>| **173093** | **134725** | **307818** | 161647 | 131022 | 292669 |
| Loans and advances at fair value through <br>other comprehensive income<br>| **—** | **2295** | **2295** |  | 3209 | 3209 |
| Loans and advances at fair value through <br>profit and loss<br>| **3672** | **3812** | **7484** | 2504 | 3633 | 6137 |
| **Total loans and advances** | **176765** | **140832** | **317597** | **164151** | **137864** | **302015** |

---

---

| | | |
|:---|:---|:---|
| **Notional principal amounts of credit derivatives** |  |  |
|  | **2025** | **2024** |
| **As at 31 December** | **£m** | **£m** |
| Credit derivatives held or issued for trading purposes<sup>1</sup> | **1736768** | 1537115 |

---

**Note**

1 Includes credit derivatives held as economic hedges which are not designated as hedges for accounting purposes.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 478 |
|  |  |  |  |  |  |  |  | 478 |

---

Additional unaudited information (continued)

**Related party transactions additional disclosure**

For US disclosure purposes, the aggregate emoluments of all Directors and Officers of Barclays PLC who held office during the year (2025:

33 persons, 2024: 32 persons, 2023: 29 persons) for the year ended 31 December 2025 amounted to £98.3m (2024: £82.3m, 2023: £57.0m).

In addition, the aggregate amount set aside for the year ended 31 December 2025, to provide pension benefits for the Directors and Officers

amounted to £0.1m (2024: £0.1m, 2023: £nil).

The expiry dates of the 59,803 options held by Executive Directors and Officers of Barclays PLC as at 31 December 2025 are as follows:

• 30 April 2026: 21,428 shares

• 30 April 2027: 15,853 shares

• 30 April 2028: 2,072 shares

• 30 April 2029: 3,682 shares

• 30 April 2030: 10,558 shares

• 30 April 2031: 6,210 shares

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 479 |
|  |  |  |  |  |  |  |  | 479 |

---

**Glossary of Terms**

**'Acceptances and endorsements'** Acceptances are an undertaking by a bank to pay a bill of exchange drawn on a customer, for which

reimbursement by the customer is normally immediate. Endorsements are to change the payee of a bill of exchange but with no change to the

bank's liability.

**'Additional Tier 1 (AT1) capital'** A type of capital as defined in CRR, largely comprising eligible non-common equity capital securities and

any related share premium.

**'Additional Tier 1 (AT1) securities'**Non-common equity securities that are eligible as AT1 capital.

**'Advanced Internal Ratings Based (A-IRB)'**See 'Internal Ratings Based (IRB)'.

**'Advanced Measurement Approach (AMA)'** An approach used to quantify required capital for operational risk. Under the AMA, banks are

allowed to develop their own empirical model to quantify the required capital for operational risk. Banks can only use this approach subject

to approval from their applicable local regulators.

**'Agency Bonds'** Bonds issued by state and / or government agencies or government-sponsored entities.

**'Agency Mortgage-Backed Securities'**Mortgage-Backed Securities issued by government-sponsored entities.

**'All price risk (APR)'**An estimate of all the material market risks, including rating migration and default, for the correlation trading

portfolio.

**'American Depositary Receipts (ADR) or American Depositary Shares (ADS)'** A negotiable certificate that represents the ownership of

depositary shares in a non-US company (e.g. Barclays) trading on US financial markets.

**'Americas'** Geographic segment comprising the US, Canada and countries where Barclays operates within Latin America.

**'Annual Earnings at Risk (AEaR)'**A measure of the potential change in Net Interest Income (NII) due to interest rate movement over a

one-year period.

**'Annualised cumulative weighted average lifetime PD'**The Probability of Default (PD) over the remaining life of the asset, expressed as an

annual rate, reflecting a range of possible economic scenarios.

**'Application scorecards'** Algorithm based decision-making tools used to aid business decisions and manage credit risk, based on available

customer data at the point of application for a product.

**'Arrears'** Customers are said to be in arrears when they are behind in fulfilling their obligations, with the result that an outstanding loan is

unpaid or overdue. Such customers are also said to be in a state of delinquency. When a customer is in arrears, their entire outstanding

balance is said to be delinquent, meaning that delinquent balances are the total outstanding loans on which payments are overdue.

**'Asia'** Geographic segment comprising countries where Barclays operates within Asia and the Middle East.

**'Asset Backed Commercial Paper (ABCP)'** Typically short-term notes secured on specified assets issued by consolidated special purpose

entities for funding purposes.

**'Asset Backed Securities (ABS)'**Securities that represent an interest in an underlying pool of referenced assets. The referenced pool can

comprise any assets which attract a set of associated cash flows but are commonly pools of residential or commercial mortgages and, in the

case of a Collateralised Debt Obligation (CDO), the referenced pool may be ABS or other classes of assets.

**'Asset swap spreads'** The difference between the yield of the bond and the fixed rate leg of the corresponding interest rate swap. Primarily

used to measure the credit risk associated with a bond.

**'Assets Under Management (AUM)'** 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.

**'Assets Under Supervision (AUS)'**Total market value of client investment balances where Barclays provides custodian or transactional

services.

**'Attributable profit'** Profit after tax that is attributable to ordinary equity holders of Barclays adjusted for the after tax amounts of capital

securities classified as equity.

**'Average allocated tangible equity' (for businesses)** 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.

**'Average tangible shareholders' equity' (for Barclays Group)** 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.

**'Average tangible shareholders' equity' (for businesses)** 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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 480 |
|  |  |  |  |  |  |  |  | 480 |

---

Glossary of Terms (continued)

**'Average UK leverage ratio'** In accordance with the PRA Rulebook, calculated as the average capital measure based on the last day of each

month in the quarter divided by the average exposure measure for the quarter, where the average exposure is based on each day in the

quarter.

**'Back testing'** Includes a number of techniques that assess the continued statistical validity of a model by simulating how the model would

have predicted recent experience.

**'Balance weighted Loan to Value (LTV) ratio'** In the context of the credit risk disclosures on secured home loans, a means of calculating

marked to market (MTM) LTVs derived by calculating individual LTVs at account level, and weighting it by the balances to arrive at the

average position. Balance weighted LTV ratio is calculated using the following formula: LTV = ((loan 1 balance x MTM LTV% for loan 1)

+ (loan 2 balance x MTM LTV% for loan 2) + ...) / total outstanding balances in portfolio.

**'Bank of England (BoE)'**The central bank of the United Kingdom with devolved responsibility for managing monetary policy and to

oversee regulation of the UK's financial sector. The BoE prudentially regulates and supervises certain financial services firms through the

PRA.

**'Bank of England levy scheme' or 'BoE levy scheme'**A levy scheme which commenced on 1 March 2024 replacing the Cash Ratio Deposit

scheme as a means of funding the BoE's monetary policy and financial stability operations.

**'Bank Recovery and Resolution Directive (BRRD)'**The Bank Recovery and Resolution Directive (Directive 2014/59/EU) established a

framework for the recovery and resolution of EU credit institutions and investment firms.

**'Barclaycard Consumer UK'** One of three segments within Barclays UK comprising the UK Barclaycard business.

**'Barclays' or 'Barclays Group' or 'Group'** Barclays PLC, together with its subsidiaries.

**'Barclays Africa' or 'Absa' or 'Absa Group Limited'** Absa Group Limited (formerly Barclays Africa Group Limited), which was

previously a subsidiary of the Barclays Group. As a consequence of its disposals of shares in April 2022 and September 2022, the Barclays

Group has now exited its shareholding in Absa Group Limited.

**'Barclays Bank Group'** Barclays Bank PLC, together with its subsidiaries.

**'Barclays Bank Ireland PLC'**Barclays Bank Ireland PLC, also known as Barclays Europe and BBI.

**'Barclays Bank UK Group'**Barclays Bank UK PLC, together with its subsidiaries.

**'Barclays Execution Services' or 'BX' or 'Group Service Company'** Barclays Execution Services Limited, the Group-wide service

company providing technology, operations and functional services to businesses across the Barclays Group.

**'Barclays Investment Bank (IB)'** The Barclays Group's investment bank which consists of origination led and returns focused Global

Markets and Investment Banking businesses.

**'Barclays Operating Businesses'** The core Barclays businesses, comprising Barclays UK (which consists of the Personal Banking, Business

Banking and the Barclaycard Consumer UK businesses), UKCB, PBWM, IB and USCB.

**'Barclays Private Bank and Wealth Management (PBWM)'**This division serves UK and international private banking clients providing a

range of investment, banking and lending products alongside expert advice. It also serves UK wealth management and UK digital investing

clients offering a range of financial services.

**'Barclays UK'** This segment broadly represents businesses that sit within the UK ring-fenced bank entity, Barclays Bank UK PLC, and

comprises Personal Banking, Business Banking and Barclaycard Consumer UK.

**'Barclays US Consumer Bank (USCB)'** This is a co-branded credit card issuer and financial services partner in the United States for travel,

entertainment, retail and affinity institutions. It offers co-branded, small business and private label credit cards, installment loans, online

savings accounts and certificates of deposits.

**'Barclays UK Corporate Bank (UKCB)'** This division brings together lending, trade and working capital, liquidity, payments and FX

solutions for UK corporate clients with an annual turnover from £6.5 million and higher, excluding those clients that form part of the FTSE

350, which are included within the IB.

**'Basel 3' or 'Basel III'**The third of the Basel Accords, setting minimum requirements and standards that apply to internationally active

banks. Basel 3 is a set of measures developed by BCBS aiming to strengthen the regulation, supervision and risk management of banks.

**'Basel 3.1'** This refers to the revision of BCBS standards to complete the BCBS' post global financial crisis reforms. Basel 3.1 introduces

changes to how to calculate capital requirements for all risk types, for both standardised and internal model approaches.

**'Basel Committee on Banking Supervision (BCBS)' or 'The Basel Committee'** A forum for regular cooperation on banking supervisory

matters which develops global supervisory standards for the banking industry. Its 45 members are officials from central banks or prudential

supervisors from 28 jurisdictions.

**'Basic Indicator Approach (BIA)'** An approach used to quantify required capital for operational risk. Under the BIA, banks are required to

hold regulatory capital for operational risk equal to 15% of the annual average, calculated over a rolling three-year period, of the relevant

income indicator for the bank as whole.

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Glossary of Terms (continued)

**'Basis point(s)' or 'bp(s)'** Onehundredthof a per cent (0.01%); 100 basis points is 1%. The measure is used for quoting movements in

interest rates, yields on securities and for other purposes.

**'Basis risk'** Index/tenor risk that arises when floating rate products are linked to different interest rate indices, which are imperfectly

correlated, especially under stressed market conditions.

**'Behavioural scorecards'** Algorithm-based decision tools used to aid business decisions and manage credit risk based on existing customer

data derived from account usage.

**'Board'** The board of directors of the relevant Barclays Group entity.

**'Book quality'** In the context of the Capital Risk section of the Barclays PLC Annual Report (or equivalent section in quarterly or half yearly

results), changes in RWAs caused by factors such as underlying customer behaviour or demographics leading to changes in risk profile.

**'Book size'** In the context of the Capital Risk section of the Barclays PLC Annual Report (or equivalent section in quarterly or half yearly

results), changes in RWAs driven by business activity, including net originations or repayments.

**'Bounce Back Loan Scheme (BBLS)'** A UK government (British Business Bank) backed loan scheme which allowed SMEs to borrow

between £2,000 and £50,000. The UK Government guarantees 100% of the loan and pays the first 12 months of interest on behalf of the

borrowers, subject to terms and conditions. The scheme closed on 31 March 2021.

**'Business Banking'** One of three segments within Barclays UK. Includes Business Banking services for UK clients with an annual turnover

of typically up to £6.5 million, as well as the Education, Social Housing and Local Authority (ESHLA) portfolio.

**'Business Growth Fund (BGF)'** An independent company established by the UK's largest banks, including Barclays, to help young, fast-

growing businesses by providing long-term growth capital. Barclays holds an associate interest in BGF.

**'Business scenario stresses'**Multi-asset scenario analysis of extreme, but plausible, events that may impact the market risk exposures of the

IB.

**'Buy to let mortgage'** A mortgage whereby the intention of the customer at origination is to let the property.

**'Capital Conservation Buffer (CCB)'** A capital buffer of 2.5% of a bank's total exposures that needs to be met with an additional amount of

Common Equity Tier 1 capital above the 4.5% minimum requirement for Common Equity Tier 1 set out in CRR. Its objective is to conserve

a bank's capital by ensuring that banks build up surplus capital outside periods of stress which can be drawn down if losses are incurred.

**'Capital ratios'** Key financial ratios measuring the bank's capital adequacy or financial strength expressed as a percentage of RWAs.

**'Capital Requirements Directive (CRD)'** Directive 2013/36/EU (as amended), which accompanies the CRR and which prescribes further

prudential standards including capital buffers and "Pillar 2A" capital requirements. CRD was implemented before Brexit. In the EU, further

amendments to CRD are made by CRD VI.

**'Capital Requirements Directive VI (CRD VI)'** The Sixth Capital Requirements Directive, being an EU amending Directive accompanied

by an amending Regulation (CRR III) which together prescribe EU capital adequacy and liquidity requirements, and which implement Basel

3.1 in the European Union.

**'Capital requirements on the underlying exposures (KIRB)'**An approach available to banks when calculating RWAs for securitisation

exposures. This is based upon the RWA amounts that would be calculated under the IRB approach for the underlying pool of securitised

exposures in the programme, had such exposures not been securitised.

**'Capital Requirements Regulation (CRR)'**Refers to EU CRR and/or UK CRR as the context requires.

**'Capital Requirements Regulation III (CRR III)'**Regulation (EU) 2024/1623, introducing further amendments to EU CRR as regards to

requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor.

**'Capital resources'** Common Equity Tier 1, Additional Tier 1 capital and Tier 2 capital that are eligible to satisfy regulatory capital

requirements. Referred to as 'own funds' within EU and UK regulatory texts.

**'Capital risk'**The risk that the Barclays Group has an insufficient level or composition of capital to support its normal business activities and

to meet its regulatory capital requirements under normal operating environments or stressed conditions (both actual and as defined for

internal planning or regulatory testing purposes). This includes the risk from the Barclays Group's pension plans.

**'Cash Ratio Deposit scheme'** A scheme that previously funded the BoE's monetary policy and financial stability functions, until it was

replaced with the BoE levy scheme on 1 March 2024.

**'CBE'** Consumer Bank Europe which was previously the German consumer finance business for Barclays Bank Ireland PLC. On 3 February

2025, Barclays PLC announced that Barclays Bank Ireland PLC had completed the sale of the CBE business to BAWAG P.S.K, a wholly

owned subsidiary of BAWAG Group AG.

**'Central Bank of Ireland (CBI)'** The Central Bank of Ireland is responsible for maintaining monetary stability, promoting financial stability,

and regulating financial institutions to safeguard the integrity of the financial system in Ireland. The CBI is the Irish national competent

authority for the purposes of the SSM and EMIR.

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|  |  |  |  |  |  |  |  | 482 |

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Glossary of Terms (continued)

**'Central Counterparty' or 'Central Clearing Counterparties (CCPs)'** A clearing house mediating between the buyer and the seller in a

financial transaction, such as a derivative contract or repurchase agreement (Repo). Where a CCP is used, a single bi-lateral contract between

the buyer and seller is replaced with two contracts, one between the buyer and the CCP and one between the CCP and the seller. The use of

CCPs allows for greater oversight and improved credit risk mitigation in over-the-counter (OTC) markets.

**'Charge-off'** In the retail segment this refers to the point in time when collections activity changes from the collection of arrears to the

recovery of the full balance. This is normally when six payments are in arrears.

**'Client assets and liabilities'** Deposits, lending and invested assets.

**'Climate Risk'** The risk of financial loss arising from climate change, through physical risks and risks associated with transitioning to a low-

carbon economy. Climate Risk focuses on the Financial and Operational Risks associated with climate change.

**'CLOs and other insured assets'** Highly-rated CLO positions wrapped by monolines, non-CLOs wrapped by monolines and other assets

wrapped with Credit Support Annex (CSA) protection.

**'Clydesdale Financial Services Limited (CFSL)'** This houses Barclays' point-of-sale finance business and trades as Barclays Partner

Finance.

**'Collateralised Debt Obligation (CDO)'** A security issued by a third party which references Asset Backed Securities and/or certain other

related assets purchased by the issuer. CDOs may feature exposure to sub-prime mortgage assets through the underlying assets.

**'Collateralised Loan Obligation (CLO)'** A security backed by repayments from a pool of commercial loans.

**'Collateralised Mortgage Obligation (CMO)'**A security backed by mortgages. A special purpose entity receives income from the

mortgages and passes them on to investors in the security.

**'Combined Buffer Requirement (CBR)'** The total Common Equity Tier 1 capital required to meet the combined requirements of the Capital

Conservation Buffer, the G-SII Buffer, the Countercyclical Capital Buffer, and the O-SII Buffer if applicable to a firm.

**'Commercial paper (CP)'** Typically short-term notes issued by entities, including banks, for funding purposes.

**'Commercial real estate (CRE)'** Commercial real estate includes office buildings, medical centres, hotels, retail stores, shopping centres,

farm land, multifamily housing buildings, warehouses, garages, industrial properties and other similar properties. Commercial real estate

loans are loans backed by a package of commercial real estate. Note: for the purposes of the Credit Risk section of the Barclays PLC Annual

Report (or equivalent section in quarterly or half yearly results), the UK CRE portfolio includes property investment, development, trading

and housebuilders but excludes social housing contractors.

**'Commissions and other incentives'** Includes commission-based arrangements, guaranteed incentives and Long Term Incentive Plan

awards.

**'Committee of Sponsoring Organizations of the Treadway Commission Framework (COSO)'** A joint initiative of five private sector

organisations dedicated to the development of frameworks and providing guidance on enterprise risk management, internal control and fraud

deterrence.

**'Commodity derivatives'** Exchange traded and over-the-counter (OTC) derivatives based on an underlying commodity (e.g. metals, precious

metals, oil and oil related products, power and natural gas).

**'Commodity Futures Trading Commission (CFTC)'** Certain participants in US swap markets are required to register with the CFTC as

'swap dealers' or 'major swap participants' and/or with the Securities and Exchange Commission (SEC) as 'security-based swap dealers' or

'major security-based swap participants'. Such registrants are subject to CFTC and/or SEC regulation and oversight. Barclays Bank PLC and

Barclays Bank Ireland PLC are registered with the CFTC as swap dealers and are subject to CFTC oversight.

**'Commodity risk'** Measures the impact of changes in commodity prices and volatilities, including the basis between related commodities

(e.g. Brent vs. West Texas Intermediate crude prices).

**'Common Equity Tier 1 (CET1) capital'** The highest quality form of regulatory capital under CRR that comprises common shares issued

and related share premium, retained earnings and other reserves, less specified regulatory adjustments.

**'Common Equity Tier 1 (CET1) ratio'** A measure of CET1 capital expressed as a percentage of RWAs.

**'Compensation: income ratio'** The ratio of compensation expense over total income. Compensation represents total staff costs less non-

compensation items (consisting of outsourcing, staff training, redundancy costs and retirement costs).

**'Compliance Risk'** The risk of poor outcomes for, or harm to, customers, clients and markets, arising from the delivery of the firm's

products and services (also known as 'Conduct Risk') and the risk to Barclays, its clients, customers or markets from a failure to comply with

the laws, rules and regulations applicable to the firm (also known as Laws, Rules and Regulations Risk or 'LRR Risk').

**'Comprehensive Capital Analysis and Review (CCAR)'** An annual exercise, required by and evaluated by the Federal Reserve, through

which the largest banks' holding companies operating in the US assess whether they have sufficient capital to continue operations through

periods of economic and financial stress and have robust capital-planning processes that account for their unique risks.

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| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 483 |
|  |  |  |  |  |  |  |  | 483 |

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Glossary of Terms (continued)

**'Comprehensive Risk Capital Charge (CRCC)'** An estimate of all the material market risks, including rating migration and default, for the

correlation trading portfolio.

**'Comprehensive Risk Measure (CRM)'** An estimate of all the material market risks, including rating migration and default, for the

correlation trading portfolio. Also referred to as All Price Risk (APR) and Comprehensive Risk Capital Charge (CRCC).

**'Constant Currency Basis'**Excluding the impact of foreign currency conversion to GBP when comparing financial results in two different

financial periods.

**'Coronavirus Business Interruption Loan Scheme (CBILS)'** A loan scheme by the British Business Bank (BBB) to support UK based

small and medium-sized businesses (turnover of up to £45 million) adversely impacted by COVID-19. The CBILS provided loans of up to £5

million which are backed by an 80% UK Government (BBB) guarantee. The UK Government will pay interest and fees for the first 12

months on behalf of the borrowers, subject to terms and conditions. This scheme ended on 31 March 2021.

**'Coronavirus Large Business Interruption Loan Scheme (CLBILS)'**A loan scheme by the British Business Bank (BBB) to support UK

based medium-sized businesses (turnover above £45 million, but with no access to Covid Corporate Finance Facility (CCFF)) adversely

impacted by COVID-19. The CLBILS provided loans of up to £200 million which are backed by an 80% UK Government (BBB) guarantee.

This scheme ended on 31 March 2021.

**'Correlation risk'** Refers to the change in marked to market value of a security when the correlation between the underlying assets changes

over time.

**'Cost: income jaws'**Relationship between the percentage change movement in operating expenses relative to total income.

**'Cost: income ratio'**Total operating expenses divided by total income.

**'Cost of Equity'**The rate of return targeted by the equity holders of a company.

**'Countercyclical Capital Buffer (CCyB)'** A capital buffer that requires banks to have an additional cushion of Common Equity Tier 1

capital with which to absorb potential losses, enhancing their resilience and contributing to a stable financial system.

**'Countercyclical leverage ratio buffer (CCLB)'** A macroprudential capital buffer that has applied to specific PRA regulated institutions

since 2018 and is calculated at 35% of any risk weighted Countercyclical Capital Buffer set by the Financial Policy Committee (FPC). The

CCLB applies in addition to the minimum of 3.25% and any G-SII additional leverage ratio buffer that applies.

**'Counterparty credit risk (CCR)'** The risk that a counterparty to a transaction could default before the final settlement of a transaction's

cash flows. In the context of RWAs, a component of RWAs that represents the risk of loss from derivatives, repurchase agreements and

similar transactions as a result of the default of the counterparty.

**'Coverage ratio'** This represents the percentage of impairment allowance reserve against the gross exposure.

**'Covered bonds'** Debt securities backed by a portfolio of mortgages that are segregated from the issuer's other assets solely for the benefit of

the holders of the covered bonds.

**'Covid Corporate Financing Facility (CCFF)'**BoE scheme to support liquidity among larger investment grade firms which make a material

UK contribution, helping to bridge COVID-19 disruption to their cash flows. The BoE provided liquidity by purchasing short-term debt in

the form of commercial paper from corporates. Barclays acted as dealer. This scheme closed for new purchases of commercial paper with

effect from 23 March 2021.

**'Credit conversion factor (CCF)'** A factor used to estimate the risk from off-balance sheet commitments for the purpose of calculating the

total Exposure at Default (EAD) used to calculate RWAs.

**'Credit default swaps (CDS)'** A contract under which the protection seller receives premiums or interest-related payments in return for

contracting to make payments to the protection buyer in the event of a defined credit event. Credit events normally include bankruptcy,

payment default on a reference asset or assets, or downgrades by a rating agency.

 **'Credit derivatives (CDs)'** An arrangement whereby the credit risk of an asset (the reference asset) is transferred from the buyer to the seller

of the protection.

**'Credit impairment charges'**Impairment charges on loans and advances to customers and banks and impairment charges on fair value

through other comprehensive income assets and reverse repurchase agreements.

**'Credit market exposures'** Assets and other instruments relating to commercial real estate and leveraged finance businesses that have been

significantly impacted by the deterioration in the global credit markets. The exposures include positions subject to fair value movements in

the income statement, positions that are classified as loans and advances, and available for sale and other assets.

**'Credit quality step'** An indicator of credit risk. In the context of the Standardised Approach to calculating credit risk RWAs, a "credit

quality assessment scale" maps the credit assessments of a recognised credit rating agency or export credit agency to certain "credit quality

steps" that determine the risk weight to be applied to an exposure.

**'Credit rating'** An evaluation of the creditworthiness of an entity seeking to enter into a credit agreement.

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|  |  |  |  |  |  |  |  | 484 |

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Glossary of Terms (continued)

**'Credit risk'** The risk of loss to Barclays from the failure of clients, customers or counterparties, including sovereigns, to fully honour their

obligations to Barclays, including the whole and timely payment of principal, interest, collateral and other receivables. In the context of

RWAs, it is the component of RWAs that represents the risk of loss in loans and advances and similar transactions resulting from the default

of the counterparty.

**'Credit risk mitigation'**A range of techniques and strategies used to actively mitigate credit risks to which the bank is exposed. These can

be broadly divided into three types: collateral, netting and set-off, and risk transfer.

**'Credit spread'** The premium over the benchmark or risk-free rate required by the market to accept a lower credit quality.

**'Credit Valuation Adjustment (CVA)'**The difference between the risk-free value of a portfolio of trades and the market value which takes

into account the counterparty's risk of default. The CVA therefore represents an estimate of the adjustment to fair value that a market

participant would make to incorporate the credit risk of the counterparty due to any failure to perform contractual agreements.

**'Customer assets'** Represents loans and advances to customers. Average balances are calculated as the sum of all daily balances for the year

to date divided by number of days in the year to date.

**'Customer deposits'** Money deposited by all individuals and companies that are not credit institutions. Such funds are recorded as liabilities

in the Barclays Group's balance sheet under "deposits at amortised cost" (Customer liabilities).

**'Customer liabilities'**See 'Customer deposits'.

**'Daily Value at Risk (DVaR)'** An estimate of the potential loss which might arise from market movements under normal market conditions

if the current positions were to be held unchanged for one business day, measured to a specified confidence level.

**'Debit Valuation Adjustment (DVA)'** The opposite of Credit Valuation Adjustment (CVA). It is the difference between the risk-free value

of a portfolio of trades and the market value which takes into account the Barclays Group's risk of default. The DVA, therefore, represents an

estimate of the adjustment to fair value that a market participant would make to incorporate the credit risk of the Barclays Group due to any

failure to perform contractual obligations. The DVA decreases the value of a liability to take into account a reduction in the remaining

balance that would be settled should the Barclays Group default or not perform any contractual obligations.

**'Debt buybacks'** Purchases of the Barclays Group's issued debt securities, including equity accounted instruments, leading to their de-

recognition from the balance sheet.

**'Debt securities in issue'**Transferable securities evidencing indebtedness of the Barclays Group. These are liabilities of the Barclays Group

and include certificates of deposit and commercial paper.

**'Default fund contributions'** The contribution made by members of a Central Counterparty (CCP). All members are required to contribute

to this fund in advance of using a CCP. The default fund can be used by the CCP to cover losses incurred by the CCP where losses are

greater than the margins provided by a defaulting member.

**'Default grades'** The Barclays Group classifies ranges of default probabilities into a set of 21 intervals called default grades, in order to

distinguish differences in the Probability of Default (PD) risk.

**'Delinquency'** See 'Arrears'.

**'Deposit Guarantee Scheme (DGS)'**The EU Directive on Deposit Insurance (Directive 2014/49/EU) was transposed into Irish law through

the European Union (Deposit Guarantee Schemes) Regulations 2015 which came into effect on 20 November 2015. The CBI as the

'designated authority' is required to calculate risk based deposit insurance contributions in accordance with the EBA's guidelines "on

methods for calculating contributions to deposit guarantee schemes." The DGS is administered by the CBI and is funded by the credit

institutions covered by the scheme.

**'Derivatives netting'**Adjustments applied across asset and liability marked to market derivative positions pursuant to legally enforceable

bilateral netting agreements and eligible cash collateral received in derivative transactions that meet the requirements of BCBS 270 (Basel III

leverage ratio framework and disclosure requirements).

**'Digital Operational Resilience Act (DORA)'** the European Union's Digital Operational Resilience Act (Regulation (EU) 2022/2554) has

applied from 17 January 2025. This EU regulation introduces comprehensive and sector specific regulation on Information Communication

Technologies (ICT) risk management, ICT incident management and reporting, information sharing, digital operational resilience testing and

provides for oversight by the European Supervisory Authorities of critical third-party providers servicing the EU financial services sector.

**'Diversification effect'** Reflects the fact that the risk of a diversified portfolio is smaller than the sum of the risks of its constituent parts. It is

measured as the sum of the individual asset class Daily Value at Risk (DVaR) estimates less the total DVaR.

**'Dodd-Frank Act (DFA)'** The US Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended.

**'Domestic Liquidity Sub-Group Arrangement'** An intra-group capital and liquidity support agreement that secures certain regulatory

permissions authorised by the PRA.

**'Economic Value of Equity (EVE)'** A measure of the potential change in value of expected future cash flows due to an adverse interest rate

movement, based on existing balance sheet run-off profile.

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|  |  |  |  |  |  |  |  | 485 |

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Glossary of Terms (continued)

**'Education, Social Housing and Local Authority (ESHLA) or (ESHLA portfolio)'**A Barclays UK portfolio primarily consisting of long

dated fixed rate loans extended to counterparties in the UK Education, Social Housing and Local Authority sectors.

**'Effective Expected Positive Exposure (EEPE)'** The weighted average over time of effective expected exposure. The weights are the

proportion that an individual exposure represents of the entire exposure horizon time interval.

**'Effective interest rate (EIR)'** As defined in IFRS 9 Financial Instruments, effective interest rate is the rate that exactly discounts estimated

future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a

financial asset or to the amortised cost of a financial liability.

**'Eligible liabilities'**Liabilities and capital instruments that are eligible to meet MREL that do not already qualify as Own funds.

**'Encumbrance'** The use of assets to secure liabilities, such as by way of a lien or charge.

**'Enterprise Risk Management Framework (ERMF)'** The Barclays Group's risk management responsibilities are laid out in the Enterprise

Risk Management Framework, which describes how Barclays identifies and manages risk. The framework identifies the principal risks faced

by the Barclays Group, sets out risk appetite requirements, sets out roles and responsibilities for risk management, and sets out risk

committee structure.

**'Equities'**Trading businesses encompassing Cash Equities, Equity Derivatives & Equity Financing, part of IB.

**'Equity and stock index derivatives'** Derivatives whose value is derived from equity securities. This category includes equity and stock

index swaps and options (including warrants, which are equity options listed on an exchange). The Barclays Group also enters into fund-

linked derivatives, being swaps and options whose underlyings include mutual funds, hedge funds, indices and multi-asset portfolios. An

equity swap is an agreement between two parties to exchange periodic payments, based upon a notional principal amount, with one side

paying fixed or floating interest and the other side paying based on the actual return of the stock or stock index. An equity option provides

the buyer with the right, but not the obligation, either to purchase or sell a specified stock, basket of stocks or stock index at a specified price

or level on or before a specified date.

**'Equity risk'** In the context of trading book capital requirements, the risk of change in market value of an equity investment.

**'Equity structural hedge'** An interest rate hedge in place to reduce earnings volatility of the overnight / short-term equity investment and to

smooth the income over a medium/long term.

**'EU CRR'**Regulation (EU) No 575/2013 as amended. EU CRR prescribes prudential requirements including minimum capital requirements,

for EU banks and certain other entities. EU CRR was amended by CRR III as part of the EU's implementation of Basel 3.1. The amendments

entered into force from January 2025, other than those relating to market risk, whose entry into force was delayed until January 2026 by a

Delegated Act of the European Commission. In June 2025 the European Commission proposed a further delay to January 2027.

**'EU Risk Reduction Measure package'** A collection of amending Regulations and Directives that update core EU regulatory texts and

which came into force on 27 June 2019.

**'Euro Interbank Offered Rate (EURIBOR)'** A benchmark interest rate at which banks can borrow funds from other banks in the European

interbank market.

**'Europe'** Geographic segment comprising countries in which Barclays operates within the EU, Northern Continental and Eastern Europe.

**'European Banking Authority (EBA)'**The EBA is an independent EU authority which works to ensure effective and consistent prudential

regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to

safeguard the integrity, stability, efficiency and orderly functioning of the banking sector.

**'European Banking Union'**is an EU concept aimed at safeguarding the stability of the EU banking sector and includes as two of its pillars

the SSM and SRM.

**'European Central Bank (ECB)'**The European Central Bank is responsible, among other things, for the prudential supervision of credit

institutions located in EU member states participating in European Banking Union within the Single Supervisory Mechanism.

**'European Economic Area (EEA)'**The European Economic Area is a free-trade zone established by the EEA Agreement, which came into

effect on January 1, 1994. It includes all 27 EU member states and 3 EFTA states (Iceland, Liechtenstein, and Norway), aiming to promote

the free movement of goods, services, capital, and people within a unified market. The EEA allows the participating EFTA countries to

participate fully in the EU single market without being EU members.

**'European Market Infrastructure Regulation (EMIR)'**The European Market Infrastructure Regulation (Regulation 648/2012) imposes

requirements in the EU which are designed to improve transparency and reduce the risks associated with the derivatives market. EMIR has

operational and financial impacts on the Barclays Group, including by imposing collateral requirements and a requirement to centrally clear

certain OTC derivatives contracts transacted with a broad range of market participants.

**'European Securities and Markets Authority (ESMA)'** An independent European supervisory authority with the remit of enhancing the

protection of investors and reinforcing stable and well-functioning financial markets in the European Union.

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Glossary of Terms (continued)

**'Eurozone'**Represents the 20 European Union countries that have adopted the Euro as their common currency. The 20 countries are Austria,

Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands,

Portugal, Slovakia, Slovenia and Spain.

**'Exchange-traded notes (ETNs)'** Unsecured debt securities that track an underlying index of securities and trade on a stock exchange.

**'Expected Credit Losses (ECL)'**A present value measure of the credit losses expected to result from default events that may occur during a

specified period of time. ECLs must reflect the present value of cash shortfalls, and the unbiased and probability weighted assessment of a

range of outcomes.

**'Expected Losses'** A regulatory measure of anticipated losses for exposures captured under an Internal Ratings Based (IRB) credit risk

approach for capital adequacy calculations. It is measured as the Barclays Group's modelled view of anticipated losses based on Probability

of Default (PD), Loss Given Default (LGD) and Exposure at Default (EAD), with a one-year time horizon.

**'Expert lender models'**Models of risk measures that are used for parts of the portfolio where the risk drivers are specific to a particular

counterparty, but where there is insufficient data to support the construction of a statistical model. These models utilise the knowledge of

credit experts that have in depth experience of the specific customer type being modelled.

**'Exposure'**Generally refers to positions or actions taken by a bank, or consequences thereof, that may put a certain amount of a bank's

resources at risk.

**'Exposure at Default (EAD)'**The estimation of the extent to which the Barclays Group may be exposed to a customer or counterparty in the

event of, and at the time of, that customer's or counterparty's default. At default, the customer may not have drawn the loan fully or may

already have repaid some of the principal, so that exposure may be less than the approved loan limit.

**'External Credit Assessment Institutions (ECAI)'** Institutions whose credit assessments may be used by credit institutions for the

determination of risk weight exposures according to CRR.

**'External ratings based approach / internal assessment approach (SEC-ERBA / IAA)'** This is a method to calculate risk-weighted

exposure amounts for securitisation positions. Under the SEC-ERBA approach, regulatory capital is assigned to securitisation tranches on the

basis of their external credit rating. The SEC-ERBA approach can also be used for unrated ABCP exposures where the institution has the

regulatory permission to use the Internal Assessment Approach (IAA) to assign a credit rating to the unrated ABCP exposure.

**'Federal Housing Finance Agency (FHFA)'** An independent federal agency in the United States that oversees the secondary mortgage

market and regulates Fannie Mae and Freddie Mac, as well as 11 Federal Home Loan banks. The FHFA also sets the Housing Price Index

(HPI) in the United States.

**'Federal Reserve Board (FRB)'** The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is

responsible for – amongst other things – setting monetary policy in the US.

**'FICC'**Represents Macro (including rates and currency), Credit and Securitised products, part of IB.

**'Financial collateral comprehensive method (FCCM)'**A credit risk mitigation calculation approach which applies volatility adjustments to

the market value of exposure and collateral when calculating RWA values.

**'Financial Conduct Authority (FCA)'**The statutory body responsible for conduct of business regulation and supervision of UK authorised

firms. The FCA also has responsibility for the prudential regulation of firms that do not fall within the PRA's scope.

**'Financial crime risk'** The risk that the Group and its associated persons (employees or third parties) commit or facilitate financial crime,

and/or the Group's products and services are used to facilitate financial crime. Financial crime undermines market integrity and may result

in: harm to clients, customers, counterparties or employees; diminished confidence in financial products and services; damage to the Group's

reputation; regulatory breaches; and/or financial penalties.

**'Financial Policy Committee (FPC)'** The BoE's Financial Policy Committee identifies, monitors and takes action to remove or reduce

systemic risks with a view to protecting and enhancing the resilience of the UK financial system. The FPC also has a secondary objective to

support the economic policy of the UK Government.

**'Financial Services Compensation Scheme (FSCS)'** The UK's scheme for the compensation of customers of authorised financial services

firms that are unable to pay claims.

**'Financial Stability Board (FSB)'**An international body that monitors and makes recommendations about the global financial system. It

promotes international financial stability by coordinating national financial authorities and international standard-setting bodies as they work

toward developing strong regulatory, supervisory and other financial sector policies. It fosters a level playing field by encouraging coherent

implementation of these policies across sectors and jurisdictions.

**'Fitch'**A credit rating agency, including Fitch Ratings Inc. and its affiliated entities.

**'Forbearance Programmes'**Forbearance programmes assist customers in financial difficulty through agreements to accept less than

contractual amounts due where financial distress would otherwise prevent satisfactory repayment within the original terms and conditions of

the contract. These agreements may be initiated by the customer, Barclays or a third party and include approved debt counselling plans,

minimum due reductions, interest rate concessions and switches from capital and interest repayments to interest-only payments.

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Glossary of Terms (continued)

**'Foreclosures in Progress'** The process by which a bank initiates legal action against a customer with the intention of terminating a loan

agreement whereby the bank may repossess the property used as collateral for the loan, subject to applicable law, and recover amounts it is

owed.

**'Foreign exchange derivatives'**The Barclays Group's principal exchange rate-related contracts are forward foreign exchange contracts,

currency swaps and currency options. Forward foreign exchange contracts are agreements to buy or sell a specified quantity of foreign

currency, usually on a specified future date at an agreed rate. Currency swaps generally involve the exchange, or notional exchange, of

equivalent amounts of two currencies and a commitment to exchange interest periodically until the principal amounts are re-exchanged on a

future date. Currency options provide the buyer with the right, but not the obligation, either to purchase or sell a fixed amount of a currency

at a specified exchange rate on or before a future date. As compensation for assuming the option risk, the option writer generally receives a

premium at the start of the option period.

**'Foreign exchange risk'**In the context of DVaR, the impact of changes in foreign exchange rates and volatilities.

**'Foundation Internal Ratings Based (F-IRB)'** See 'Internal Ratings Based (IRB)'.

**'FTSE 350'** The Financial Times Stock Exchange index comprising the 350 largest companies by capitalisation listed on the London Stock

Exchange.

**'Full time equivalent (FTE)'**Full time equivalent units are the on-job hours paid for employee services divided by the number of ordinary-

time hours normally paid for a full-time staff member when on the job (or contract employees where applicable).

**'Fully loaded'**When a measure is presented or described as being on a fully loaded basis, it is calculated without applying the transitional

provisions set out in Part Ten of CRR.

**'Fundamental Review of the Trading Book (FRTB)'** A comprehensive suite of capital rules developed by the BCBS as part of Basel III and

applicable to banks' wholesale trading activities.

**'Funded credit protection'** A technique of credit risk mitigation where the reduction of the credit risk on the exposure of an institution

derives from the right of that institution, in the event of the default of the counterparty or on the occurrence of other specified credit events

relating to the counterparty, to liquidate, or to obtain transfer or appropriation of, or to retain certain assets or amounts, or to reduce the

amount of the exposure to, or to replace it with the amount of the difference between the amount of the exposure and the amount of a claim

on the institution.

**'FVOCI'**Fair value through other comprehensive income.

**'FVTPL'**Fair value through profit or loss.

**'FY23 Investor Update'**An event held in connection with Barclays resegmentation of businesses which was announced on 20 February

2024 and is part of its strategy to become Simpler, Better and more Balanced. Introducing the new segments of Barclays UK, Barclays UK

Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank, Barclays US Consumer Bank and Head Office.

**'Gains on acquisitions'** The amount by which an acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent

liabilities, recognised in a business combination, exceeds the cost of the combination.

**'General Data Protection Regulation (GDPR)'** GDPR (Regulation (EU) 2016/679) is a regulation intended to strengthen and unify data

protection for all individuals within the European Union. GDPR forms part of UK law (UK GDPR) pursuant to the European Union

(Withdrawal) Act 2018, as amended and the supplemental Data Protection Act 2018.

**'General market risk'**The risk of a price change in a financial instrument due to a change in the level of interest rates or owing to a broad

equity market movement unrelated to any specific attributes of individual securities.

**'Global Markets'** Offers clients a full range of liquidity, risk management and financing solutions, ideas and content tailored to their

investment and risk management needs, including execution capabilities across the spectrum of financial products.

**'Global Systemically Important Banks (G-SIBs or G-SIIs)'** Global financial institutions whose size, complexity and systemic

interconnectedness, mean that their distress or failure would cause significant disruption to the wider financial system and economic activity.

The Financial Stability Board and the BCBS publish a list of global systemically important banks.

**'Grandfathering'** In the context of capital resources, the phasing in of the application of instrument eligibility rules, which allows formerly

compliant capital instruments to be included in regulatory capital, subject to certain thresholds which decrease over the transitional period.

**'Gross charge-off rates'** Represents the balances charged-off to recoveries in the reporting period, expressed as a percentage of average

outstanding balances excluding balances in recoveries. Charge-off to recoveries generally occurs when the collections focus switches from

the collection of arrears to the recovery of the entire outstanding balance, and represents a fundamental change in the relationship between

the bank and the customer. This is a measure of the proportion of customers that have gone into default during the period.

**'Gross Domestic Product (GDP)'**Measures the total value of goods and services produced in a country within a specific time period.

**'Gross new lending'** New lending advanced to customers during the period.

**'Gross write-off rates'**Expressed as a percentage and represent balances written off in the reporting period divided by gross loans and

advances held at amortised cost at the balance sheet date.

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Glossary of Terms (continued)

**'Group net interest income excluding Barclays Investment Bank and Head Office'** A measure of Barclays Group net interest income,

excluding the net interest income reported in Barclays Investment Bank and Head Office.

**'G-SII additional leverage ratio buffer (G-SII ALRB)'**A macroprudential buffer that applies to G-SIBs and other major domestic UK

banks and building societies, including banks that are subject to ring-fencing requirements. The G-SII ALRB will be calibrated as 35% of the

combined buffers that apply to the bank.

**'G-SII Buffer'**Common Equity Tier 1 capital required to be held to ensure that G-SIBs build up surplus capital to compensate for the

systemic risk that such institutions represent to the financial system.

**'Guarantee'**Unless otherwise described, an undertaking by a third party to pay a creditor should a debtor fail to do so. It is a form of credit

substitution.

**'Head Office'**Comprises head office central support, central treasury operations, Barclays Execution Services assets and legacy businesses.

Following the resegmentation announced at the FY23 Investor Update on 20 February 2024, Head Office also includes the German consumer

finance business (sold early Q1 2025), and the Payment acceptance business (rebranded merchant acquiring business), for which a

partnership with Brookfield Asset Management Ltd was announced in April 2025.

**'High-Net-Worth'**Businesses that provide banking and other services to high net worth customers.

**'High-quality liquid assets (HQLA)'** Comprise eligible and unencumbered cash or assets that can be converted into cash at little or no loss

of value in private markets, to meet liquidity needs arising from a liquidity stress scenario or event. Among other things, HQLA should be

unencumbered and liquid in markets during a time of stress. These include cash and claims on central governments and central banks. Please

refer to 'Level 1 assets' and 'Level 2 assets'.

**'High Risk'** In retail banking, 'High Risk' is defined as the subset of up-to-date customers who, either through an event or observed

behaviour, exhibit potential financial difficulty. Where appropriate, these customers are proactively contacted to assess whether assistance is

required.

**'Home loan'**A loan to purchase a residential property. The property is then used as collateral to guarantee repayment of the loan. The

borrower gives the lender a lien against the property and the lender can foreclose on the property if the borrower does not repay the loan per

the agreed terms. Also known as a residential mortgage.

**'IAASA'**Irish Auditing and Accounting Supervisory Authority.

**'IASB'** International Accounting Standards Board.

**'Identified Impairment (II)'** Specific impairment allowances for financial assets, estimated individually.

**'IFRS'**International Financial Reporting Standards.

**'IFRS 9 transitional arrangements'**Following the application of IFRS 9 as of 1 January 2018, transitional arrangements under which

Article 473a of CRR permits institutions to phase-in the impact on capital and leverage ratios of the impairment requirements under the new

accounting standard.

**'IHC' or 'US IHC'** The intermediate US holding company, Barclays US LLC, which holds most of Barclays' subsidiaries and assets in the

US.

**'Impairment Allowances'**A provision held on the balance sheet as a result of the raising of a charge against profit for expected losses in the

lending book. An impairment allowance may either be identified or unidentified, and individual or collective.

**'Income'**Total income, unless otherwise specified.

**'Incremental Risk Charge (IRC)'**An estimate of the incremental risk arising from rating migrations and defaults for traded debt instruments

beyond what is already captured in specific market risk VaR for the non-correlation trading portfolio.

**'Independent Validation Unit (IVU)'** The function within Barclays responsible for independent review, challenge and approval of all

models.

**'Individual liquidity guidance (ILG)'** Guidance given to a bank about the amount, quality and funding profile of liquidity resources that the

PRA has asked the bank to maintain.

**'Inflation risk'**In the context of DVaR, the impact of changes in inflation rates and volatilities on cash instruments and derivatives.

**'Inorganic activity'** Refers to certain inorganic transactions announced as part of the FY23 Investor Update designed to improve Group

RoTE beyond 2024. In FY24 this included the £220m loss on sale of the performing Italian retail mortgage portfolio, the £9m loss on

disposal from the German consumer finance business and the £26m loss on sale of the non-performing Italian retail mortgage portfolio. This

was offset by the day 1 net profit before tax of £346m from the acquisition of Tesco Bank.

**'Insurance Risk'** The risk of the Barclays Group's aggregate insurance premiums received from policyholders under a portfolio of insurance

contracts being inadequate to cover the claims arising from those policies.

**'Interchange'** Income paid to a credit card issuer for the clearing and settlement of a sale or cash advance transaction.

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|  |  |  |  |  |  |  |  | 489 |

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Glossary of Terms (continued)

**'Interest-only home loans'** Under the terms of these loans, the customer makes payments of interest only for the entire term of the mortgage,

although customers may make early repayments of the principal within the terms of their agreement. The customer is responsible for

repaying the entire outstanding principal on maturity, which may require the sale of the mortgaged property.

**'Interest rate derivatives'**Derivatives linked to interest rates. This category includes interest rate swaps, collars, floors options and

swaptions. An interest rate swap is an agreement between two parties to exchange fixed rate and floating rate interest by means of periodic

payments based upon a notional principal amount and the interest rates defined in the contract. Certain agreements combine interest rate and

foreign currency swap transactions, which may or may not include the exchange of principal amounts. A basis swap is a form of interest rate

swap, in which both parties exchange interest payments based on floating rates, where the floating rates are based upon different underlying

reference indices. In a forward rate agreement, two parties agree a future settlement of the difference between an agreed rate and a future

interest rate, applied to a notional principal amount. The settlement, which generally occurs at the start of the contract period, is the

discounted present value of the payment that would otherwise be made at the end of that period.

**'Interest rate risk'** The risk of interest rate volatility adversely impacting the Barclays Group's NIM. In the context of the calculation of

market risk DVaR, measures the impact of changes in interest (swap) rates and volatilities on cash instruments and derivatives.

**'Interest rate risk in the banking book (IRRBB)'**The risk that the Barclays Group is exposed to capital or income volatility because of a

mismatch between the interest rate exposures of its (non-traded) assets and liabilities.

**'Internal Assessment Approach (IAA)'**One of three types of calculation that a bank with permission to use the Internal Ratings Based

(IRB) approach may apply to securitisation exposures. It consists of mapping a bank's internal rating methodology for credit exposures to

those of an External Credit Assessment Institution (ECAI) to determine the appropriate risk weight based on the ratings based approach. Its

applicability is limited to ABCP programmes related to liquidity facilities and credit enhancement.

**'Internal Capital Adequacy Assessment Process (ICAAP)'**It describes how the Barclays Group identifies, manages and qualifies the risks

to which it is exposed, in pursuit of its business strategy. It assesses whether the quality and quantity of capital is available to absorb capital

losses for the risks the firm undertakes. The capital adequacy is assessed on a point of time basis and on a forward looking basis taking into

account baseline and stressed economic capital conditions.

**'Internal Model Approach (IMA)'** In the context of RWAs, a method for calculating RWAs where the exposure amount has been derived

via the use of a regulator approved internal market risk model.

**'Internal Model Method (IMM)'** In the context of RWAs, a method for calculating RWAs where the exposure amount has been derived via

the use of a regulator approved internal counterparty credit risk model.

**'Internal Ratings Based (IRB)'**An approach under the CRR framework that relies on the bank's internal models to derive the risk weights.

The IRB approach is divided into two alternative applications, Advanced and Foundation: Advanced Internal Ratings Based (A-IRB): the

bank uses its own estimates of Probability of Default (PD), Loss Given Default (LGD) and credit conversion factor to model a given risk

exposure. Foundation Internal Ratings Based (F-IRB): the bank applies its own PD as for A-IRB, but it uses standard parameters for the

LGD and the credit conversion factor. The F-IRB approach is specifically designed for wholesale credit exposures. Hence retail, equity,

securitisation positions and non-credit obligations asset exposures are treated under standardised or A-IRB.

**'Internal Ratings Based approach (SEC-IRBA)'** This is a method to calculate risk-weighted exposure amounts for securitisation positions.

Under this method, an institution must be able to model regulatory capital requirements for underlying exposures in the securitisation as if

these had not been securitised ('KIRB'), subject to certain other inputs and criteria.

**'International Corporate Bank'**Provides lending, trade & working capital, liquidity, payments and FX solutions to multinational companies

and financial institutions globally and to FTSE 350 companies in the UK.

**'Invested assets'** Invested assets (held off-balance sheet) represent assets under management and supervision. Uninvested cash held under an

investment mandate and reported within customer deposits is excluded from invested assets.

**'Investment Banking'** Provides clients with strategic advice on mergers and acquisitions (M&A), corporate finance, financial risk

management and equity and debt issuance. As part of its International Corporate Bank offering it also provides lending, trade & working

capital, liquidity, payments and FX solutions to multinational companies and financial institutions globally and to FTSE 350 companies in

the UK.

**'Investment Banking Fees'**In the context of IB analysis of total income, fees generated from origination activity businesses – including

financial advisory, debt and equity underwriting.

**'Investment grade'** A debt security, treasury bill or similar instrument with a credit rating of AAA to BBB as measured by external credit

rating agencies.

**'Investor Compensation Scheme (ICS)'** The Investor Compensation Directive (Directive 97/9/EC) sets out the basis for clients of

investment firms (including banks that carry out investment services) to receive statutory compensation when an authorised investment firm

fails. In Ireland, the Investor Compensation Act 1998 (ICA) provides for the establishment of the Investor Compensation Company DAC

which administers the ICS.

**'IPO'** Initial Public Offering.

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Glossary of Terms (continued)

**'IRB Roadmap'** Contains several EBA technical standards and sets of guidelines developed with the intent to reduce unwarranted variability

across firms in IRB Risk-Weighted Assets for Credit Risk. The PRA required UK firms to implement these changes from 1 January 2022.

**'ISDA Master Agreement'**The most commonly used master contract for over-the-counter (OTC) derivative transactions internationally. It is

part of a framework of documents, designed to enable OTC derivatives to be documented fully and flexibly. The framework consists of a

master agreement, a schedule, confirmations, definitions booklets, and a credit support annex. The ISDA Master Agreement is published by

the International Swaps and Derivatives Association (ISDA).

**'Key Risk Scenarios (KRS)'**Key Risk Scenarios are a summary of the extreme potential risk exposure for each key risk in each business and

function, including an assessment of the potential frequency of risk events, the average size of losses and three extreme scenarios. The Key

Risk Scenario assessments are a key input to the Advanced Measurement Approach (AMA) calculation of regulatory and economic capital

requirements.

**'Large exposure'** A large exposure is defined as the total exposure of a bank to a counterparty or group of connected clients, whether in the

banking book or trading book or both, which in aggregate equals or exceeds 10% of the bank's eligible Tier 1 capital.

**'Legal risk', 'Laws, Rules and Regulations Risk' or 'LRR risk'**The risk of loss or imposition of penalties, damages or fines from the

failure of the firm to meet applicable laws, rules and regulations or contractual requirements or to assert or defend its intellectual property

rights.

**'Lending'** In the context of IB analysis of total income, lending income includes NII, gains or losses on loan sale activity, and risk

management activity relating to the loan portfolio.

**'Letters of credit'** A letter typically used for the purposes of international trade guaranteeing that a debtor's payment to a creditor will be

made on time and in full. In the event that the debtor is unable to make payment, the bank will be required to cover the full or remaining

amount of the purchase.

**'Level 1 assets'** High-quality liquid assets (HQLA) under local rules implementing the Basel Committee's Liquidity Coverage Ratio (LCR),

including cash, central bank reserves and higher quality government securities.

**'Level 2 assets'** High-quality liquid assets (HQLA) under local rules implementing the Basel Committee's Liquidity Coverage Ratio (LCR),

comprising Level 2A assets, including, e.g. lower quality government securities, covered bonds and corporate debt securities, and Level 2B

assets, including, e.g. lower rated corporate bonds, Residential Mortgage-Backed Securities and equities that meet certain conditions.

**'Lifetime expected credit losses'** An assessment of expected losses associated with default events that may occur during the life of an

exposure, reflecting the present value of cash shortfalls over the remaining expected life of the asset.

**'Lifetime Probability'** The likelihood of accounts entering default during the expected remaining life of the asset.

**'Liquidity Coverage Ratio (LCR)'** The ratio of the stock of high-quality liquid assets (HQLA) to expected net cash outflows over the next

30 days.

**'Liquidity Pool'**The Barclays Group liquidity pool comprises cash at central banks and highly liquid collateral specifically held by the

Barclays Group as a contingency to enable the bank to meet cash outflows in the event of stressed market conditions.

**'Liquidity Risk'**The risk that the Barclays Group is unable to meet its contractual or contingent obligations, or that it does not have the

appropriate amount, tenor and composition of funding and liquidity to support its assets.

**'Liquidity risk appetite (LRA)'** The level of liquidity risk that the Barclays Group chooses to take in pursuit of its business objectives and in

meeting its regulatory obligations.

**'Liquidity Risk Management Framework (the Liquidity Framework)'**The Liquidity Risk Management Framework incorporates liquidity

policies, systems and controls that the Barclays Group has implemented to manage liquidity risk within tolerances approved by the Board

and regulatory agencies.

**'Litigation and conduct charges' or 'Litigation and conduct'**Litigation and conduct charges include regulatory fines, litigation settlements

and conduct-related customer redress.

**'Loan loss rate (LLR)'**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.

**'Loan to deposit ratio' or 'Loan: deposit ratio'**Total loans and advances at amortised costs divided by deposits at amortised cost.

**'Loan to value (LTV) ratio'**Expresses the amount borrowed against an asset (i.e. a mortgage) as a percentage of the appraised value of the

asset. The ratios are used in determining the appropriate level of risk for the loan and are generally reported as an average for new mortgages

or an entire portfolio. Also see 'Marked to market (MTM) LTV ratio'.

**'London Interbank Offered Rate (LIBOR)'**A benchmark interest rate at which banks can borrow funds from other banks in the London

interbank market, currently phased out.

**'Long Term Incentive Plan (LTIP)'**The Barclays PLC Group Long Term Incentive Plan.

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Glossary of Terms (continued)

**'Loss Given Default (LGD)'** The percentage of Exposure at Default (EAD) that will not be recovered following default. LGD comprises the

actual loss (the part that is not expected to be recovered), together with the economic costs associated with the recovery process.

**'Management VaR'** A measure of the potential loss of value arising from unfavourable market movements at a specific confidence level, if

current positions were to be held unchanged for a predefined period. IB uses Management VaR with a two-year equally weighted historical

period, at a 95% confidence level, with a one day holding period.

**'Mandatory break clause'**In the context of counterparty credit risk, a contract clause that means a trade will be ended on a particular date.

**'Marked to market approach'**A counterparty credit risk exposure calculation approach which uses the current marked to market value of

derivative positions as well as a potential future exposure add-on to calculate an exposure to which a risk weight can be applied. This is also

known as the Current Exposure Method.

**'Marked to market (MTM) LTV ratio'**The loan amount as a percentage of the current value of the asset used to secure the loan. Also see

'Balance weighted Loan to Value (LTV) ratio' and 'Valuation weighted Loan to Value (LTV) ratio'.

**'Market risk'** The risk of loss arising from potential adverse changes in the value of the Barclays Group's assets and liabilities from

fluctuations in market variables including, but not limited to, interest rates, foreign exchange, equity prices, commodity prices, credit spreads,

implied volatilities and asset correlations.

**'Master netting agreement'** An agreement that provides for a single net settlement of all financial instruments and collateral covered by the

agreement in the event of the counterparty's default, bankruptcy or insolvency, resulting in a reduced exposure.

**'Master trust securitisation programme'** A securitisation structure where a trust is set up for the purpose of acquiring a pool of receivables.

The trust issues multiple series of securities backed by these receivables.

**'Material Risk Takers (MRTs)'**Categories of staff whose professional activities have or are deemed to have a material impact on Barclays'

risk profile, as determined in accordance with the European Banking Authority regulatory technical standard on the identification of such

staff.

**'Maximum Distributable Amount (MDA)'**The MDA is a factor representing the available distributable profit of an institution whilst

remaining in excess of its Combined Buffer Requirement (CBR). UK and EU regulations place restrictions on a bank's dividend, AT1

securities coupon and variable compensation decisions depending on its proximity to meeting the buffer.

**'Medium-Term Notes (MTNs)'**Corporate notes (or debt securities) continuously offered by a company to investors through a broker dealer.

MTN tenors from under 1 year to 30 years. They can be issued with a fixed or floating interest rate or with a more complex calculation of the

interest rate; with a fixed maturity date (non-callable) or with embedded call or put options or early repayment triggers. MTNs are most

generally issued as senior, unsecured debt.

**'Methodology and policy'**In the context of the Capital Risk section of the Barclays PLC Annual Report (or equivalent section in quarterly or

half yearly results), the effect on RWAs of methodology changes driven by regulatory policy changes.

**'MiFID II'** Refers to either the Markets in Financial Instruments Directive 2014/65/EC and the Markets in Financial Instruments Regulation

600/2014 (as amended), which together are European Union laws that provide harmonised regulation for investment services across the

member states of the European Economic Area, or these rules and regulations as they form part of UK law pursuant to the European Union

(Withdrawal) Act 2018 (as amended), as applicable.

**'Minimum requirement for own funds and eligible liabilities (MREL)'** A European Union-wide requirement under the Bank Recovery and

Resolution Directive for all European banks and investment banks to hold a minimum level of equity and/or loss absorbing eligible liabilities

to ensure the operation of the bail-in tool to absorb losses and recapitalise an institution in resolution, or these rules and regulations as they

form part of UK law pursuant to the UK transposition of the Directive and the European Union (Withdrawal) Act 2018 (as amended). An

institution's MREL requirement is set by its resolution authority.

**'Model risk'** The risk of the potential adverse consequences from financial assessments or decisions based on incorrect or misused model

outputs and reports.

**'Model updates'** In the context of the Capital Risk section of the Barclays PLC Annual Report (or equivalent section in quarterly or half

yearly results), changes in RWAs caused by model implementation, changes in model scope or any changes required to address model

malfunctions.

**'Model validation'** Process through which models are independently challenged, tested and verified to prove that they have been built,

implemented and used correctly, and that they continue to be fit-for-purpose.

**'Modelled VaR'** In the context of RWAs, market risk calculated using Value at Risk (VaR) models laid down by the CRR and supervised by

the PRA.

**'Money market funds'**Investment funds typically invested in short-term debt securities such as CP.

**'Monoline derivatives'** Derivatives with a monoline insurer such as credit default swaps referencing the underlying exposures held.

**'Moody's'**A credit rating agency, including Moody's Investors Service, Inc. and its affiliated entities.

---

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|  |  |  |  |  |  |  |  | 492 |

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Glossary of Terms (continued)

**'Mortgage Servicing Rights (MSR)'**A contractual agreement in which the right to service an existing mortgage is sold by the original lender

to another party that specialises in the various functions involved with servicing mortgages.

**'Multilateral development banks'**Financial institutions created for the purposes of development, where membership transcends national

boundaries.

**'Net asset value per share'**Calculated by dividing shareholders' equity, excluding non-controlling interests and other equity instruments, by

the number of issued ordinary shares.

**'Net Interest Income (NII)'** The difference between interest income on assets and interest expense on liabilities.

**'Net Interest Margin (NIM)'** Net interest income divided by the sum of average customer assets.

**'Net investment income'**Changes in the fair value of financial instruments designated at fair value, dividend income and the net result on

disposal of available for sale assets.

**'Net new assets under management'** 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.

**'Net Stable Funding Ratio (NSFR)'** The ratio of available stable funding to required stable funding over a one-year time horizon, assuming

a stressed scenario. The ratio is required to be over 100%. Available stable funding would include items such as equity capital, preferred

stock with a maturity of over one year, or liabilities with a maturity of over one year. The required amount of stable funding is calculated as

the sum of the value of the assets held and funded by the institution, multiplied by a specific required stable funding factor assigned to each

particular asset type, added to the amount of potential liquidity exposure multiplied by its associated required stable funding factor.

**'Net trading income'** Gains and losses arising from trading positions which are held at fair value, in respect of both market-making and

customer business, together with interest, dividends and funding costs relating to trading activities.

**'Net write-off rate'** Expressed as a percentage and represents balances written off in the reporting period less any post write-off recoveries

divided by gross loans and advances held at amortised cost at the balance sheet date.

**'Net written credit protection'** In the context of leverage exposure, the net notional value of credit derivatives protection sold and credit

derivatives protection bought.

**'New bookings'**The total of the original balance on accounts opened in the reporting period, including any applicable fees and charges

included in the loan amount.

**'Non-asset backed debt instruments'**Debt instruments not backed by collateral, including government bonds, US agency bonds, corporate

bonds, commercial paper, certificates of deposit, convertible bonds, corporate bonds and issued notes.

**'Non-Traded Market Risk'**The risk that the current or future exposure in the banking book (i.e. non-traded book) will impact the bank's

capital and/or earnings due to adverse movements in Interest or foreign exchange rates.

**'Non-Traded VaR'** Reflects the volatility in the value of the fair value through other comprehensive income (FVOCI) investments in the

liquidity pool which flow directly through capital via the FVOCI reserve. The underlying methodology to calculate non-traded VaR is similar

to Traded Management VaR, but the two measures are not directly comparable. The Non-Traded VaR represents the volatility to capital

driven by the FVOCI exposures. These exposures are in the banking book and do not meet the criteria for trading book treatment.

**'Notch'**A single unit of measurement in a credit rating scale.

**'Notional amount'**The nominal or face amount of a financial instrument, such as a loan or a derivative, that is used to calculate payments

made on that instrument.

**'Open Banking'**The Payment Services Directive (PSD2) and the Open API standards and data sharing remedy imposed by the UK

Competition and Markets Authority following its Retail Banking Market Investigation Order.

**'Operating leverage'**Operating expenses compared to total income less credit impairment charges and other provisions.

**'Operational risk'**The risk of loss to the Barclays Group from inadequate or failed processes or systems, human factors or due to external

events (e.g. fraud) where the root cause is not due to credit or market risks.

**'Operating expenses excluding litigation and conduct'** A measure of total operating expenses excluding litigation and conduct charges.

**'Operating costs'** A measure of total operating expenses excluding litigation and conduct charges and UK regulatory levies.

**'Operational Riskdata eXchange Association (ORX)'**A not-for-profit industry association dedicated to advancing the measurement and

management of operational risk in the global financial services industry. Barclays is a member of ORX.

**'Origination led'** Focus on high-margin, low-capital fee-based activities and related hedging opportunities.

**'O-SII Buffer'**CET1 capital required to be held under the UK and EU regimes to ensure that Other Systemically Important Institutions (O-

SIIs) build up surplus capital to compensate for the systemic risk that such institutions represent to the financial system.

**'Other systemically important institutions (O-SII)'**Other systemically important institutions are institutions that are deemed to create risk

to financial stability due to their systemic importance.

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| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 493 |
|  |  |  |  |  |  |  |  | 493 |

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Glossary of Terms (continued)

**'Over-issuance of Securities'** Over-issuance of securities under Barclays Bank PLC's US shelf registration statements on Form F-3 filed

with the US Securities and Exchange Commission in 2018 and 2019.

**'Over-the-counter (OTC) derivatives'**Derivative contracts that are traded (and privately negotiated) directly between two parties. They

offer flexibility because, unlike standardised exchange-traded products, they can be tailored to fit specific needs.

**'Overall capital requirement'**The overall capital requirement is the sum of capital required to meet the total of a Pillar 1 requirement, a

Pillar 2A requirement, a Global Systemically Important Institution (G-SII) buffer, a Capital Conservation Buffer (CCB) and a

Countercyclical Capital Buffer (CCyB).

**'Own credit'** The effect of changes in the Barclays Group's own credit standing on the fair value of financial liabilities.

**'Own funds'** The sum of Tier 1 and Tier 2 capital.

**'Own funds and eligible liabilities ratio'** A risk-based ratio representing the Own funds and eligible liabilities of the institution expressed as

a percentage of total RWAs.

**'Owner occupied mortgage'** A mortgage where the intention of the customer at origination was to occupy the property.

**'Partner profit share'**Payments made to partners based on the financial performance of the credit card portfolios.

**'Past due items'** Refers to loans where the borrower has failed to make a payment when due under the terms of the loan contract.

**'Payment Protection Insurance (PPI) redress'** Provision for the settlement of PPI mis-selling claims and related claims management costs.

**'Pension Risk'** The risk of the Barclays Group's earnings and capital being adversely impacted by the Barclays Group's defined benefit

obligations increasing or the value of the assets backing these defined benefit obligations decreasing due to changes in both the level and

volatility of prices.

**'Performance costs'** The accounting charge recognised in the period for performance awards. For deferred incentives and long-term

incentives, the accounting charge is spread over the relevant periods in which the employee delivers service.

**'Period end allocated tangible equity'** 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 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.

**'Period end tangible shareholder's equity' (for Barclays Group)**Shareholders' equity attributable to ordinary shareholders of the parent,

adjusted for the deduction of intangible assets and goodwill.

**'Period end tangible shareholder's equity (for businesses)'** 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.

**'Personal Banking'**One of three segments within Barclays UK. The business within the UK that offers retail solutions to help customers

with their day-to-day banking needs.

**'Pillar 1 requirements'** The minimum regulatory capital requirements under CRR, covering credit (including counterparty credit) risk,

market risk operational risk, settlement risk and CVA.

**'Pillar 2A requirements'** The additional regulatory capital requirement to meet risks not captured under Pillar 1 requirements. These

requirements are the outcome of the bank's ICAAP and the complementary supervisory review and evaluation carried out by the relevant

regulator.

**'Pillar Two'** The UK implemented Pillar Two legislation in the Finance (No.2) Act 2023 to introduce the OECD's global minimum tax rules

for accounting periods beginning on or after 31 December 2023. The EU Minimum Tax Directive (Pillar Two) (Council Directive (EU)

2022/2523) entered into force on 23 December 2022 and requires all member states to apply a Qualifying Domestic Minimum Top-up Tax

(QDMTT) to in scope multi-national groups within the EU.

**'Post-Model Adjustment (PMA)'** In the context of Basel models, a PMA is a short-term increase in regulatory capital applied at portfolio

level to account for model input data deficiencies, inadequate model performance or changes to regulatory definitions (e.g. definition of

default) to ensure the model output is accurate, complete and appropriate.

**'Potential Future Exposure (PFE) on derivatives'** A regulatory calculation in respect of the Barclays Group's potential future credit

exposure on both exchange traded and OTC derivatives, calculated by assigning a standardised percentage (based on the underlying risk

category and residual trade maturity) to the gross notional value of each contract.

**'PRA waivers'** PRA approvals which modify or waive existing rules. Waivers are specific to an organisation and require applications being

submitted to and approved by the PRA.

**'Primary securitisations'** The issuance of securities (bonds and commercial papers) for fund-raising.

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| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 494 |
|  |  |  |  |  |  |  |  | 494 |

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Glossary of Terms (continued)

**'Primary Stress Tests'** In the context of Traded Market Risk and Stress Testing, Primary Stress Tests apply stress moves to key liquidity risk

factors for each of the major trading asset classes.

**'Prime Services'**Involves financing of fixed income and equity positions using Repo and stock lending facilities. The Prime Services

business also provides brokerage facilitation services for hedge fund clients offering execution and clearance facilities for a variety of asset

classes.

**'Principal'** In the context of a debt liability, the total amount borrowed, or the part of the amount borrowed which remains unpaid (excluding

interest).

**'Principal Risks'** The principal risks affecting the Barclays Group, as described in the Risk Review section of the Barclays PLC Annual

Report.

**'Private equity investments'**Investments in equity securities in operating companies not quoted on a public exchange. Investment in private

equity often involves the investment of capital in private companies or the acquisition of a public company that results in the delisting of

public equity. Capital for private equity investment is raised by retail or institutional investors and used to fund investment strategies such as

leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital.

**'Pro-cyclicality'** Movements in financial variables (including capital requirements) following natural fluctuations in the economic cycle,

where the subsequent impact on lending or other market behaviours acts as an amplification of the economic cycle by the financial sector.

**'Probability of Default (PD)'**The likelihood that a loan will not be repaid and will fall into default. PD may be calculated for each client

who has a loan (normally applicable to wholesale customers/clients) or for a portfolio of clients with similar attributes (normally applicable

to retail customers). To calculate PD, Barclays assesses the credit quality of borrowers and other counterparties and assigns them an internal

risk rating. Multiple rating methodologies may be used to inform the rating decision on individual large credits, such as internal and external

models, rating agency ratings, and for wholesale assets, market information such as credit spreads. For smaller credits, a single source may

suffice such as the result from an internal rating model.

**'Product structural hedge'** An interest rate hedge put in place to reduce earnings volatility on product balances with instant access (such as

non-interest bearing current accounts and managed rate deposits) and to smoothen the income over a medium/long term.

**'Profit before impairment'**Calculated by excluding credit impairment charges or releases from profit before tax.

**'Properties in Possession held as 'Loans and Advances to Customers'** Properties in the UK and Italy where the customer continues to

retain legal title but where the bank has enforced the possession order as part of the foreclosure process to allow for the disposal of the asset

or the court has ordered the auction of the property.

**'Properties in Possession held as 'Other Real Estate Owned'**Properties in South Africa where the bank has taken legal ownership of the

title as a result of purchase at an auction or similar and treated as 'Other Real Estate Owned' within other assets on the bank's balance sheet.

**'Proprietary trading'**When a bank, brokerage or other financial institution trades on its own account, at its own risk, rather than on behalf

of customers, so as to make a profit for itself.

**'Prudential Regulation Authority (PRA)'** The PRA is part of the BoE and regulates and supervises banks, building societies, insurers and a

small number of significant investment banks in the UK.

**'Prudential Valuation Adjustment (PVA)'**A calculation which adjusts the accounting values of positions held on the balance sheet at fair

value to comply with regulatory valuation standards, which place greater emphasis on the inherent uncertainty around the value at which a

trading book position could be exited.

**'Public benchmark'**Unsecured medium-term notes issued in public syndicated transactions.

**'Qualifying central bank claims'** An amount calculated in line with the PRA rules allowing banks to exclude claims on the central bank

from the calculation of the leverage exposure measure, as long as these amounts are matched by liabilities denominated in the same currency

and of identical or longer maturity.

**'Qualifying Revolving Retail Exposure (QRRE)'** In the context of the IRB approach to credit risk RWA calculations, an exposure meeting

the criteria set out in Article 154(4) of UK CRR and Article 147(5a) of EU CRR (as applicable). It includes most types of credit card

exposure.

**'Rates'** In the context of IB income analysis, trading revenue relating to government bonds and interest rate derivatives.

**'Re-aging'** The returning of a delinquent account to up-to-date status without collecting the full arrears (principal, interest and fees).

**'Real Estate Mortgage Investment Conduits (REMICs)'** An entity that holds a fixed pool of mortgages and that is separated into multiple

classes of interests for issuance to investors.

**'Recovery book'** Represents the total amount of exposure which has been transferred to recovery units who set and implement strategies to

recover the Barclays Group's exposure.

**'Recovery book Impairment Coverage Ratio'** Impairment allowance held against recoveries balances expressed as a percentage of balance

in recoveries.

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| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 495 |
|  |  |  |  |  |  |  |  | 495 |

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Glossary of Terms (continued)

**'Recovery book proportion of outstanding balances'** Represents the amount of recoveries (gross month-end customer balances of all

accounts that have charged-off) as at the period end compared to total outstanding balances. The size of the recovery book would ultimately

have an impact on the overall impairment requirement on the portfolio. Balances in recovery will decrease if assets are written-off, amounts

are collected, or assets are sold to a third party (i.e. debt sale).

**'Regulatory capital'** The amount of capital that a bank holds to satisfy regulatory requirements.

**'Renegotiated loans'** Loans are generally renegotiated either as part of an ongoing customer relationship or in response to an adverse change

in the circumstances of the borrower. In the latter case, renegotiation can result in an extension of the due date of payment or repayment

plans under which the Barclays Group offers a concessionary rate of interest to genuinely distressed borrowers. This will result in the asset

continuing to be overdue, and individually impaired if the renegotiated payments of interest and principal will not recover the original

carrying amount of the asset. In other cases, renegotiation will lead to a new agreement, which is treated as a new loan.

**'Repurchase agreement (Repo)' or 'Reverse repurchase agreement (Reverse repo)'** Arrangements that allow counterparties to use

financial securities as collateral for an interest bearing cash loan. The borrower agrees to sell a security to the lender subject to a commitment

to repurchase the asset at a specified price on a given date. For the party selling the security (and agreeing to repurchase it in the future), it is

a repurchase agreement or repo; for the counterparty to the transaction (buying the security and agreeing to sell in the future), it is a reverse

repurchase agreement or reverse repo.

**'Reputation risk'** The risk that an action, transaction, investment or event will reduce trust in the Barclays Group's integrity and competence

by clients, counterparties, investors, regulators, employees or the public.

**'Residential Mortgage-Backed Securities (RMBS)'**Securities that represent interests in a group of residential mortgages. Investors in these

securities have the right to cash received from future mortgage payments (interest and/or principal).

**'Residual maturity'** The remaining contractual term of a credit obligation associated with a credit exposure.

**'Restructured loans'**Comprises loans where, for economic or legal reasons related to the debtor's financial difficulties, a concession has

been granted to the debtor that would not otherwise be considered. Where the concession results in the expected cash flows discounted at the

original effective interest rate being less than the loan's carrying value, an impairment allowance will be raised.

**'Retail Loans'**Loans to individuals or small and medium sized enterprises rather than to financial institutions and larger businesses. It

includes both secured and unsecured loans such as mortgages and credit card balances, as well as loans to certain smaller business customers,

typically with exposures up to £3 million or with an annual turnover of up to £5 million.

**'Return on average Risk Weighted Assets (RoRWA)'**Statutory profit after tax as a proportion of average RWAs.

**'Return on average tangible shareholders' equity (RoTE)' (for Barclays Group)**Annualised Group attributable profit, as a proportion of

average shareholders' tangible equity.

**'Return on average tangible shareholders' equity (RoTE)' (for businesses)** Annualised business attributable profit, as a proportion of that

business's average allocated tangible equity.

**'Risk appetite'**The level of risk that Barclays is prepared to accept whilst pursuing its business strategy, recognising a range of possible

outcomes as business plans are implemented.

**'Risks not in VaR (RNIVs)'** Refers to all the key market risks which are not captured or not well captured within the VaR model framework.

**'Risk weighted assets (RWAs) / Risk weighted exposure amounts (RWEAs)'** A measure of a bank's assets adjusted for their associated

risks. Risk weightings are established in accordance with the Basel framework as implemented in local law.

**'RWA Flow / movements in RWAs'**

**Book size/Asset size**

*Credit risk and counterparty risk (including CVA)*

This represents RWA movements driven by changes in the size and composition of underlying positions, measured using EAD values for

existing portfolios over the period. This includes, but is not exclusive to:

• new business and maturing loans

• changes in product mix and exposure growth for existing portfolios

• book size reductions owing to risk mitigation and write-offs.

*Market risk*

This represents RWA movements owing to the changes in risk level i.e. trading positions and volumes driven by business activity.

**Book quality/Asset quality**

*Credit risk and counterparty risk (including CVA)*

This represents RWA movements driven by changes in the underlying credit quality and recoverability of portfolios and reflected through

model calibrations or realignments where applicable. This includes, but is not exclusive to:

• PD migration and LGD changes driven by economic conditions

• ratings migration for standardised exposures

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| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 496 |
|  |  |  |  |  |  |  |  | 496 |

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Glossary of Terms (continued)

*Market risk*

This is the movement in RWAs owing to changing risk levels in the trading book caused by fluctuations in market conditions.

**Model updates**

*Credit risk and counterparty risk (including CVA)*

This is the movement in RWAs as a result of both internal and external model updates. This includes, but is not exclusive to:

• updates to existing model inputs driven by both internal and external review

• model enhancements to improve models performance

*Market risk*

This is the movement in RWAs reflecting change in model scope, changes to market data levels, volatilities, correlations, liquidity and

ratings used as input for the internal modelled RWA calculations.

**Methodology and policy**

*Credit risk and counterparty risk (including CVA)*

This is the movement in RWAs as a result of both internal and external methodology, policy and regulatory changes. This includes, but is not

exclusive to:

• updates to RWA calculation methodology, communicated by the regulator

• the implementation of credit risk mitigation to a wider scope of portfolios

*Market risk*

This is the movement in RWAs as a result of both internal and external methodology, policy and regulatory changes for market risk.

**Acquisitions and disposals**

This is the movement in RWAs as a result of the disposal or acquisition of business operations impacting the size of banking and trading

portfolios.

**Foreign exchange movements**

This is the movement in RWAs as a result of changes in the exchange rate between the functional currency of the Barclays business area or

portfolio and our presentational currency for consolidated reporting. It should be noted that foreign exchange movements shown in RWA

flow or movements in RWAs tables do not include the impact of foreign exchange for the counterparty credit risk or market risk RWAs.

**Other**

This is the movement in RWAs driven by items that cannot be reasonably assigned to the other driver categories. In relation to market risk

RWAs, this includes changes in measurement that are not driven by methodology, policy or model updates.

**'Sarbanes-Oxley requirements'** The Sarbanes-Oxley Act 2002 (SOX), which was introduced by the government of the United States to

safeguard against corporate governance scandals.

**'Secondary Stress Tests'**Secondary Stress Tests are used in measuring potential losses arising from illiquid market risks that cannot be

hedged or reduced within the time period covered in Primary Stress Tests.

**'Second Lien'**Debt that is issued against the same collateral as higher lien debt but that is subordinate to such higher lien debt. In the case of

default, compensation for this debt will only be received after the first lien has been repaid and thus represents a riskier investment than the

first lien.

**'Secured Overnight Financing Rate (SOFR)'**A broad measure of the cost of borrowing cash overnight collateralised by US Treasury

securities in the Repo market.

**'Securities Financing Transactions (SFT)'** In the context of RWAs, any of the following transactions: a repurchase transaction, a securities

or commodities lending or borrowing transaction, or a margin lending transaction whereby cash collateral is received or paid in respect of the

transfer of a related asset.

**'Securities Financing Transactions adjustments'** In the context of a bank's leverage ratio, a regulatory add-on calculated as exposure less

collateral, taking into account master netting agreements.

**'Securities lending arrangements'**Arrangements whereby securities are legally transferred to a third party subject to an agreement to return

them at a future date. The counterparty generally provides collateral against non-performance in the form of cash or other assets.

**'Securitisation'** Typically, a process by which debt instruments, such as mortgage loans or credit card balances, are aggregated into a pool,

which is used to back new securities. A company sells these pools of assets to a special purpose vehicle (SPV) which then issues securities

backed by the assets. This allows the credit quality of the assets to be separated from the credit rating of the original borrower.

**'Set-off clauses'** In the context of counterparty credit risk, contract clauses that allow Barclays to set off amounts owed to us by a

counterparty against amounts owed by us to the counterparty.

**'Settlement balances'** Receivables or payables recorded between the date (the trade date) a financial instrument (such as a bond) is sold,

purchased or otherwise closed out, and the date the asset is delivered by or to the entity (the settlement date) and cash is received or paid.

**'Settlement Netting'**Netting approach used in the calculation of the leverage exposure measure whereby firms may calculate their exposure

value of regular way purchases and sales awaiting settlement.

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| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 497 |
|  |  |  |  |  |  |  |  | 497 |

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Glossary of Terms (continued)

 **'Settlement risk'**The risk that settlement in a transfer system will not take place as expected, usually owing to a party defaulting on one or

more settlement obligations.

**'Significant Increase in Credit Risk (SICR)'**Barclays assesses when a significant increase in credit risk has occurred based on quantitative

and qualitative assessments.

**'Single Resolution Board (SRB)'**The Single Resolution Board is the central resolution authority within the European Banking Union,

established to ensure an orderly resolution of failing banks with minimal impact on the economy and public finances. It was created in 2015

as part of the broader banking union reforms and acts as the bank resolution authority for a subset of banks in the euro area. The SRB's

mission is to avoid future bailouts by placing the burden of resolution on the banks themselves.

**'Single Resolution Fund (SRF)'** is an emergency fund that may be used as part of the SRM. Institutions that come within the scope of the

SRMR are required to make ex-ante contributions to the SRF calculated by the SRB (in accordance with the SRMR) on an annual basis

**'Single Resolution Mechanism Regulation (SRMR)'**The Single Resolution Mechanism Regulation (Regulation 806/2014) established the

single resolution mechanism (SRM), which is comprised of the Single Resolution Board (SRB) and the National Resolution Authorities of

participating countries. The purpose of the SRMR is to ensure an orderly resolution of failing banks with minimal costs for taxpayers and to

the real economy.

**'Single Supervisory Mechanism (SSM)'**The Single Supervisory Mechanism is a framework for the prudential supervision of credit

institutions located in EU member states participating in European Banking Union, primarily overseen by the European Central Bank (ECB)

and also comprising the national competent authorities of the participating member states. It aims to ensure the safety and stability of the

European banking system by coordinating the supervision of significant institutions across member states.

**'Slotting'**Slotting is internal Barclays terminology for what is known as "Specialised Lending" in the IRB approach. A standard set of rules

is required to be used in credit risk RWA calculations, based upon an assessment of factors such as the financial strength of the counterparty.

The requirements for the application of the Specialised Lending approach are detailed in Article 153(5) of CRR.

**'Small and Medium-Sized Enterprises (SME)'**An enterprise which employs fewer than 250 persons and which has an annual turnover

which does not exceed EUR 50 million, and / or an annual balance sheet total not exceeding EUR 43 million. Within the SME category, a

small enterprise is defined as an enterprise which employs fewer than 50 persons and whose annual turnover and/or annual balance sheet

total does not exceed EUR 10 million. This is defined in accordance with Commission Recommendation 2003/361/EC of 6 May 2003

concerning the definition of micro, small and medium sized enterprises.

**'Software intangibles benefit'**A benefit introduced as part of the EU response package to the COVID-19 pandemic and subsequently

reversed in the UK. Since 1 January 2022, software assets are fully deducted from CET 1 capital under UK rules.

**'Sovereign exposure(s)'** Exposures to central governments, including holdings in government bonds and local government bonds.

**'Special purpose entity'**A legally separate vehicle established to carry out a specific financial or operational objective, such as isolating risk

or facilitating securitisation. It is typically structured to be bankruptcy-remote, ensuring its obligations remain independent of the financial

position of the sponsoring organisation. SPEs may be subsidiaries or orphan entities, depending on the intended legal and accounting

treatment.

**'Specific market risk'**A risk that is due to the individual nature of an asset and can potentially be diversified or the risk of a price change in

an investment due to factors related to the issuer or, in the case of a derivative, the issuer of the underlying investment.

**'Spread risk'**Measures the impact of changes to the swap spread, i.e. the difference between swap rates and government bond yields.

**'Stage 1'**This represents financial instruments where the credit risk of the financial instrument has not increased significantly since initial

recognition. Stage 1 financial instruments are required to recognise a 12-month expected credit loss allowance.

**'Stage 2'**This represents financial instruments where the credit risk of the financial instrument has increased significantly since initial

recognition. Stage 2 financial instruments are required to recognise a lifetime expected credit loss allowance.

**'Stage 3'**This represents financial instruments where the financial instrument is considered impaired. Stage 3 financial instruments are

required to recognise a lifetime expected credit loss allowance.

**'Standard & Poor's'**A credit rating agency, including S&P Global Inc. and its affiliated entities.

**'Standardised Approach' / 'STD'**A method of calculating RWAs that relies on a mandatory framework set by the regulator to derive risk

weights based on counterparty type and credit rating.

**'Standardised Approach (SEC-SA)'**This is a method to calculate risk-weighted exposure amounts for securitisation positions. Under this

method, an institution must be able to calculate regulatory capital requirements per standardised approach for underlying exposures in the

securitisation as if these had not been securitised ('KSA'), subject to certain other inputs and criteria.

**'Standby facilities, credit lines and other commitments'** Agreements to lend to a customer in the future, subject to certain conditions. Such

commitments are either made for a fixed period, or have no specific maturity but are cancellable by the lender subject to notice requirements.

**'Statutory'** Line items of income, expense, profit or loss, assets, liabilities or equity stated in accordance with the requirements of the UK

Companies Act 2006 and the requirements of IFRS.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 498 |
|  |  |  |  |  |  |  |  | 498 |

---

Glossary of Terms (continued)

**'Statutory return on average shareholders' equity'**Statutory profit after tax attributable to ordinary shareholders as a proportion of average

shareholders' equity.

**'Sterling Over Night Index Average (SONIA)'** A risk free interest rate that reflects banks' and building societies' wholesale overnight

funding rates in the sterling unsecured market administrated and calculated by the BoE.

**'Stress Testing'** A process which involves identifying possible future adverse events or changes in economic conditions that could have

unfavourable effects on the Barclays Group (either financial or non-financial), assessing the Barclays Group's ability to withstand such

changes, and identifying management actions to mitigate the impact.

**'Stressed Value at Risk (SVaR)'**An estimate of the potential loss arising from a 12-month period of significant financial stress calibrated to

99% confidence level over a 10-day holding period.

**'Structural cost actions (SCA)'**Cost actions taken to improve future financial performance.

**'Structural FX'** Foreign currency positions taken to hedge against the adverse effect of exchange rates on capital ratios. Under Article

352(2) of UK CRR the PRA may permit banks to exclude such Structural FX positions from the calculation of its market risk RWAs. On 15

December 2021 the PRA issued Barclays this permission, taking effect from 31 December 2021. Any FX positions that are in excess of what

is required to hedge the adverse effects of exchange rates on the bank's capital ratio are not in scope of this exemption and will therefore be

captured under the standardised market risk approach.

**'Structural hedge' or 'hedging'**An interest rate hedge in place to reduce earnings volatility and to smooth the income over a medium/long

term on positions that exist within the balance sheet and do not re-price in line with market rates. See also 'Equity structural hedge' and

'Product structural hedge'.

**'Structural model of default'**A model based on the assumption that an obligor will default when its assets are insufficient to cover its

liabilities.

**'Structured credit'** Includes the legacy structured credit portfolio primarily comprising derivative exposures and financing exposures to

structured credit vehicles.

**'Structured entity'**An entity in which voting or similar rights are not the dominant factor in deciding control. Structured entities are

generally created to achieve a narrow and well defined objective with restrictions around their ongoing activities.

**'Structured finance or structured notes'** A structured note is an investment tool that pays a return linked to the value or level of a specified

asset or index and sometimes offers capital protection if the value declines. Structured notes can be linked to equities, interest rates, funds,

commodities and foreign currency.

**'Sub-prime'** Sub-prime is defined as loans to borrowers typically having weakened credit histories that include payment delinquencies and

potentially more severe problems such as court judgments and bankruptcies. They may also display reduced repayment capacity as measured

by credit scores, high debt-to-income ratios, or other criteria indicating heightened risk of default.

**'Subordinated liabilities'** Liabilities which, in the event of insolvency or liquidation of the issuer, are subordinated to the claims of

depositors and other creditors of the issuer.

**'Supranational bonds'** Bonds issued by an international organisation, where membership transcends national boundaries (e.g. the European

Union or World Trade Organisation).

**'Synthetic Securitisation Transactions'**Securitisation transactions effected through the use of derivatives.

**'Tangible Net Asset Value (TNAV)'**Shareholders' equity excluding non-controlling interests adjusted for the deduction of intangible assets

and goodwill.

**'Tangible Net Asset Value per share'** 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.

**'Tangible shareholders' equity'**Shareholders' equity excluding non-controlling interests and other equity instruments adjusted for the

deduction of intangible assets and goodwill.

**'Term premium'** Additional interest required by investors to hold assets with a longer period to maturity.

**'Tesco Bank'** The retail banking business acquired from Tesco Personal Finance plc on 1 November 2024, which includes credit cards,

unsecured personal loans, savings and operating infrastructure.

**'The Standardised Approach (TSA)'** An approach used to quantify required capital for operational risk. Under TSA, banks are required to

hold regulatory capital for operational risk equal to the annual average, calculated over a rolling three-year period, of the relevant income

indicator (across all business lines), multiplied by a supervisory defined percentage factor by business lines.

**'The three lines of defence'**The three lines of defence operating model enables Barclays to separate risk management activities between

those client facing areas of the Barclays Group and associated support functions responsible for identifying risk, operating within applicable

limits and escalating risk events (first line); colleagues in Risk and Compliance who establish the limits, rules and constraints under which

the first line operates and monitor their performance against those limits and constraints (second line); and, colleagues in Internal Audit who

provide assurance to the Board and Executive Management over the effectiveness of governance, risk management and control over risks

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 499 |
|  |  |  |  |  |  |  |  | 499 |

---

Glossary of Terms (continued)

(third line). The Legal function does not sit in any of the three lines, but supports them all. The Legal function is, however, subject to

oversight from Risk and Compliance with respect to its own Operational and Compliance Risks, as well as with respect to the Legal Risk to

which Barclays is exposed.

**'Third country'**As defined in CRR, a country or territory outside the United Kingdom.

**'Third Party Service Providers (TPSP)'** Third Party Service Provider means any entity that has entered an arrangement with Barclays in

order to provide business functions, activities, goods and/or services to Barclays.

**'Through-the-cycle'**A long-run average through a full economic cycle.

**'Tier 1 capital'** The sum of the Common Equity Tier 1 (CET1) capital and Additional Tier 1 (AT1) capital.

**'Tier 1 capital ratio'** The ratio which expresses Tier 1 capital as a percentage of RWAs under CRR.

**'Tier 2 (T2) capital'**A type of capital as defined in CRR principally composed of capital instruments, subordinated loans and share premium

accounts where qualifying conditions have been met.

**'Tier 2 (T2) securities'**Securities that are treated as Tier 2 (T2) capital.

**'Total balances on forbearance programmes coverage ratio'** Impairment allowance held against forbearance balances expressed as a

percentage of balance in forbearance.

**'Total capital ratio'**Total regulatory capital as a percentage of RWAs.

**'Total Loss Absorbing Capacity (TLAC)'**A standard published by the FSB which is applicable to G-SIBs and requires a G-SIB to hold a

prescribed minimum level of instruments and liabilities that should be readily available for bail-in within resolution to absorb losses and

recapitalise the institution. See also 'Minimum requirement for own funds and eligible liabilities (MREL)'.

**'Total outstanding balance'** In retail banking, total outstanding balance is defined as the gross month-end customer balances on all accounts,

including accounts charged off to recoveries.

**'Total return swap'**An instrument whereby the seller of protection receives the full return of the asset, including both the income and

change in the capital value of the asset. The buyer of the protection in return receives a predetermined amount.

**'Traded Market Risk'**The risk of a reduction to earnings or capital due to volatility of trading book positions.

**'Trading book'**All positions in financial instruments and commodities held by an institution either with trading intent, or in order to hedge

positions held with trading intent.

**'Traditional Securitisation Transactions'**Securitisation transactions in which an underlying pool of assets generates cash flows to service

payments to investors.

**'Transitional'**When a measure is presented or described as being on a transitional basis, it is calculated in accordance with the transitional

provisions set out in CRR.

**'Treasury and Capital Risk'** This comprises of Liquidity Risk, Capital Risk and Interest Rate Risk in the banking book.

**'Twelve month expected credit losses'**The portion of the lifetime ECL arising if default occurs within 12 months of the reporting date (or

shorter period if the expected life is less than 12 months), weighted by the probability of said default occurring.

**'Twelve month PD'**The likelihood of accounts entering default within 12 months of the reporting date.

**'Unencumbered'**Assets not used to secure liabilities or otherwise pledged.

**'United Kingdom (UK)'** Geographic segment where Barclays operates comprising the UK.

**'UK bank levy'**A levy that applies to UK banks, building societies and the UK operations of foreign banks. The levy is payable based on a

portion of the UK chargeable equity and liabilities of the bank on its balance sheet date.

**'UK Cards'**Suite of credit cards offered to individual consumers located in the UK to suit their borrowing needs e.g. purchase spend,

balance transfer, or rewards. This includes the Tesco Bank cards.

**'UK Personal Loans'** Individual unsecured personal loans predominantly recruited from the Group's current account base in the UK. This

includes the Tesco Bank loans portfolio.

**'UK CRR'**Regulation (EU) No 575/2013, as amended, as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018,

as amended. UK CRR prescribes prudential requirements, including minimum capital requirements, for UK banks and certain other entities.

**'UK leverage exposure'**Calculated as per the PRA Rulebook, where the exposure calculation also includes the FPC's recommendation to

allow banks to exclude claims on the central bank from the calculation of the leverage exposure measure, as long as these are matched by

liabilities denominated in the same currency and of identical or longer maturity.

**'UK leverage ratio'**As per the PRA Rulebook, means a bank's Tier 1 capital divided by its total exposure measure, with this ratio expressed

as a percentage.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on form 20-F<br>| 500 |
|  |  |  |  |  |  |  |  | 500 |

---

Glossary of Terms (continued)

**'UK regulatory levies'** Comprises the BoE levy scheme and the UK bank levy.

**'Unfunded credit protection'**A technique of credit risk mitigation where the reduction of the credit risk on the exposure of an institution

derives from the obligation of a third party to pay an amount in the event of the default of the borrower or the occurrence of other specified

credit events.

**'US Partner Portfolio'**Barclays co-branded credit card programmes with companies across various sectors including but not limited to

travel, entertainment and retail.

**'US Residential Mortgage-Backed Securities'**Securities that represent interests in a group of US residential mortgages.

**'Valuation weighted Loan to Value (LTV) ratio'**In the context of credit risk disclosures on secured home loans, a means of calculating

marked to market LTVs derived by comparing total outstanding balance and the value of total collateral we hold against these balances.

Valuation weighted Loan to Value ratio is calculated using the following formula: LTV = total outstandings in portfolio/total property values

of total outstandings in portfolio.

**'Value at Risk (VaR)'**A measure of the potential loss of value arising from unfavourable market movements at a specific confidence level

and within a specific timeframe.

**'Weighted off balance sheet commitments'**Regulatory add-ons to the leverage exposure measure based on credit conversion factors used in

the Standardised Approach to credit risk.

**'Wholesale loans' or 'wholesale lending'**Lending to larger businesses, financial institutions and sovereign entities.

**'WM&I'**The Wealth Management & Investments business, which was transferred from Barclays UK to PBWM on 1 May 2023.

**'Working Group on Sterling Risk-Free Reference Rates (RFRWG)'** A group mandated with catalysing a broad-based transition to using

SONIA as the primary sterling interest rate benchmark in bond, loan and derivatives markets.

**'Write-off (gross)'**The point where it is determined that an asset is irrecoverable, or it is no longer considered economically viable to try to

recover the asset or it is deemed immaterial or full and final settlement is reached and the shortfall written off. In the event of write-off, the

customer balance is removed from the balance sheet and the impairment allowance held against the asset is released. Net write-offs represent

gross write-offs less post write-off recoveries.

**'Wrong-way risk'** Arises in a trading exposure when there is significant correlation between the underlying asset and the counterparty,

which in an event of default would lead to a significant mark to market loss. When assessing the credit exposure of a wrong-way trade,

analysts take into account the correlation between the counterparty and the underlying asset as part of the sanctioning process.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 501 |
|  |  |  |  |  |  |  |  | 501 |

---

**Exhibit Index**

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 1.1 | <u>[Articles of Association of Barclays PLC (incorporated by reference to Barclays PLC's Form 6-K (File No. 001-09246) filed with the SEC on May](https://www.sec.gov/Archives/edgar/data/312069/000119312524136218/d816770d6k.htm)</u><br><u>[10, 2024)](https://www.sec.gov/Archives/edgar/data/312069/000119312524136218/d816770d6k.htm)</u><br>|
| 2.1 | Long Term Debt Instruments: Barclays PLC is not party to any single instrument relating to long-term debt pursuant to which a total amount of <br>securities exceeding 10% of its total assets (on a consolidated basis) is authorised to be issued. Barclays PLC hereby agrees to furnish to the <br>Securities and Exchange Commission (the "Commission"), upon its request, a copy of any instrument defining the rights of holders of its long-<br>term debt or the rights of holders of the long-term debt of any of its subsidiaries for which consolidated or unconsolidated financial statements are <br>required to be filed with the Commission.<br>|
| 2.2 | <u>[Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](exhibit22-bplcx2025x12x31x.htm)</u> |
| 4.1 | <u>[Rules of the Barclays Group Incentive Share Plan (incorporated by reference to the Barclays PLC Registration Statement on Form S-8 (File no.](https://www.sec.gov/Archives/edgar/data/312069/000095012310054749/u09051exv4w4.htm)</u><br><u>[333-167232) filed on June 1, 2010)](https://www.sec.gov/Archives/edgar/data/312069/000095012310054749/u09051exv4w4.htm)</u><br>|
| 4.2 | <u>[Rules of the Barclays Group Share Value Plan (incorporated by reference to Exhibit 4.2 to Barclays PLC's 2022 Form 20-F (File No. 001-09246)](https://www.sec.gov/Archives/edgar/data/312069/000031206923000046/exhibit42-bplcx2022x12x31x.htm)</u><br><u>[filed with the SEC on February 15, 2023)](https://www.sec.gov/Archives/edgar/data/312069/000031206923000046/exhibit42-bplcx2022x12x31x.htm)</u><br>|
| 4.3 | <u>[Rules of the Barclays PLC Long Term Incentive Plan (incorporated by reference to Exhibit 4.3 to Barclays PLC's 2022 Form 20-F (File No.](https://www.sec.gov/Archives/edgar/data/312069/000031206923000046/exhibit43-bplcx2022x12x31x.htm)</u><br><u>[001-09246) filed with the SEC on February 15, 2023)](https://www.sec.gov/Archives/edgar/data/312069/000031206923000046/exhibit43-bplcx2022x12x31x.htm)</u><br>|
| 4.4 | <u>[Rules of the Barclays Group Deferred Share Value Plan (incorporated by reference to Exhibit 4.4 to Barclays PLC's 2022 Form 20-F (File No.](https://www.sec.gov/Archives/edgar/data/312069/000031206923000046/exhibit44-bplcx2022x12x31x.htm)</u><br><u>[001-09246) filed with the SEC on February 15, 2023)](https://www.sec.gov/Archives/edgar/data/312069/000031206923000046/exhibit44-bplcx2022x12x31x.htm)</u><br>|
| 4.5 | <u>[Contract of Employment - C.S. Venkatakrishnan (incorporated by reference to the 2021 Form 20-F/A filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/312069/000031206922000059/bplc-2021x12x31x20fxex45.htm)</u> |
| 4.6 | <u>[Appointment Letter – Mary Francis (incorporated by reference to the 2018 Form 20-F filed on February 21, 2019)](https://www.sec.gov/Archives/edgar/data/312069/000119312519046499/d667030dex416.htm)</u> |
| 4.9 | <u>[Appointment Letter – Nigel Higgins (incorporated by reference to the 2019 Form 20-F filed on February 13, 2020)](https://www.sec.gov/Archives/edgar/data/312069/000156276220000049/bplcfy2019index416.htm)</u> |
| 4.10 | <u>[Appointment Letter – Dawn Fitzpatrick (incorporated by reference to the 2019 Form 20-F filed on February 13, 2020)](https://www.sec.gov/Archives/edgar/data/312069/000156276220000049/bplcfy2019index417.htm)</u> |
| 4.11 | <u>[Appointment Letter – Brian Gilvary (incorporated by reference to the 2019 Form 20-F filed on February 13, 2020)](https://www.sec.gov/Archives/edgar/data/312069/000156276220000049/bplcfy2019index419.htm)</u> |
| 4.12 | <u>[Appointment Letter - Julia Wilson (incorporated by reference to the 2021 Form 20-F/A filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/312069/000031206922000059/bplc-2021x12x31x20fxex417.htm)</u> |
| 4.13 | <u>[Appointment Letter - Robert Berry (incorporated by reference to the 2021 Form 20-F/A filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/312069/000031206922000059/bplc-2021x12x31x20fxex418.htm)</u> |
| 4.14 | <u>[Contract of Employment - Anna Cross (incorporated by reference to the 2021 Form 20-F/A filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/312069/000031206922000085/bplc-2021x12x31x20fxex419.htm)</u> |
| 4.15 | <u>[Appointment Letter - Marc Moses (incorporated by reference to the 2022 Form 20-F filed with the SEC on February 15, 2023)](https://www.sec.gov/Archives/edgar/data/312069/000031206923000046/exhibit420-bplcx2022x12x31x.htm)</u> |
| 4.16 | <u>[Appointment Letter - Sir John Kingman (incorporated by reference to the 2023 Form 20-F filed with the SEC on February 20, 2024)](https://www.sec.gov/Archives/edgar/data/312069/000031206924000026/exhibit421-bplcx2023x12x31x.htm)</u> |
| 4.17 | <u>[Appointment Letter - Brian Shea (incorporated by reference to the 2024 Form 20-F filed with the SEC on February 13, 2025)](https://www.sec.gov/Archives/edgar/data/312069/000031206925000114/exhibit416-bplcx2024x12x31x.htm)</u> |
| 4.18 | <u>[Appointment Letter - Diony Lebot](exhibit418-bplcx2025x12x31x.htm)</u> |
| 4.19 | <u>[Appointment Letter - Mary Mack](exhibit419-bplcx2025x12x31x.htm)</u> |
| 8.1 | <u>[List of subsidiaries. The list of subsidiaries of Barclays PLC can be found on page 434 of the Form 20-F](#i12c1279a81884a37aee9a5181c6fa279_1393)</u> |
| 11.2 | <u>[Barclays Group Securities Dealing Code](exhibit112-bplcx2025x12x31x.htm)</u> |
| 12.1 | <u>[Certifications filed pursuant to 17 CFR 240. 13(a)-14(a)](exhibit121-bplcx2025x12x31x.htm)</u> |
| 13.1 | <u>[Certifications filed pursuant to 17 CFR 240. 13(a) and 18 U.S.C 1350(a) and 1350(b)](exhibit131-bplcx2025x12x31x.htm)</u> |
| 15.1 | <u>[Consent of KPMG LLP for incorporation by reference of reports in certain securities registration statements of Barclays PLC.](exhibit151-bplcx2025x12x31x.htm)</u> |
| 97.1 | <u>[Compensation Recovery Policy (incorporated by reference to the 2023 Form 20-F filed with the SEC on February 20, 2024)](https://www.sec.gov/Archives/edgar/data/312069/000031206924000026/exhibit971-bplcincentive.htm)</u> |
| 99.1 | <u>[A table setting forth the issued share capital of Barclays Group's total shareholders' equity, indebtedness and contingent liabilities as at 31](exhibit991-bplcx2025x12x31x.htm)</u><br><u>[December 2025](exhibit991-bplcx2025x12x31x.htm)</u><br>|
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within <br>the Inline XBRL document<br>|
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 101.CAL | Inline XBRL Taxonomy Extension Schema Calculation Linkbase |
| 101.DEF | Inline XBRL Taxonomy Extension Schema Definition Linkbase |
| 101.LAB | Inline XBRL Taxonomy Extension Schema Label Linkbase |
| 101.PRE | Inline XBRL Taxonomy Extension Schema Presentation Linkbase |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategy | Shareholder <br>information<br>| Climate and <br>sustainability report<br>| Governance | Risk <br>review<br>| Financial <br>review<br>| Financial <br>Statements<br>| **Barclays PLC** <br>Annual Report 2025<br>on Form 20-F<br>| 502 |
|  |  |  |  |  |  |  |  | 502 |

---

**Signatures**

**Signatures**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the

undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
| Date February 10, 2026 | **Barclays PLC**<br>(Registrant) | **Barclays PLC**<br>(Registrant) |
|  | By | /s/ Anna Cross |
|  |  | **Anna Cross, Group Finance Director** |

---

## Exhibit 4.18

![image_02.jpg](image_02.jpg)

Barclays PLC

&nbsp;&nbsp;&nbsp;&nbsp;1 Churchill Place&nbsp;&nbsp;&nbsp;&nbsp;London

&nbsp;&nbsp;&nbsp;&nbsp;E14 5HP

17 March 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Dioni-Catherine Kamitsis ep. Lebot

Dear Diony,

Following your discussions with Nigel Higgins, Chairman of Barclays PLC, I am pleased to confirm your appointment as an independent non-executive director of Barclays PLC (the 'Company' or 'BPLC'). BPLC and its subsidiaries and associated companies are referred to as the 'Barclays Group' in this letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>Appointment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This letter and its enclosures are a contract for services and not a contract of employment. Reference to your appointment in this letter means any or all of the offices as set out in 1(b) - (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With effect from 17 March 2025, you will serve as an independent non-executive director of BPLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During your appointment, you may be invited to serve on Committees (whether standing or ad hoc) of the Board of Directors of BPLC (the 'BPLC Board'), membership of which will be agreed with you at the time. Committee membership will be considered on appointment and will be subject to accepted principles of good governance and the needs of the BPLC Board at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>Term</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the termination provisions in section 3 below, your appointment will be for an initial term of 3 years from the date of your appointment and subject to the annual re-election by shareholders (see below). On or before the expiry of your initial term, and subject to the needs of the BPLC Board at the time, you may be invited to serve for a further term of up to three years. Non-executive directors will not usually serve for more than six years; however, this is subject to the discretion of the Board Nominations Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Your appointment, including any extension of your term, is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Company's Articles of Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.annual re-election by shareholders at the BPLC AGM, in accordance with the UK Corporate Governance Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.your ongoing ability to satisfy the standards and obligations applicable to directors of public companies, and, in particular, any regulatory standards expected of directors of banks and financial services firms, including if applicable, the need for regulatory approval and other requirements placed on directors under the Senior Managers Regime including compliance with the Senior Manager and Individual Conduct Rules;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.your ongoing fitness to serve as a company director and/or, if applicable, in a Senior Manager function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.your ongoing performance and contribution to the BPLC Board, as assessed by the BPLC Board having regard to relevant information, including the annual review of the effectiveness of the BPLC Board and individual directors and the importance of such contribution is to the Company's continued long-term sustainable success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.the needs of the BPLC Board having regard to the skills, knowledge and experience required to oversee the business, which may change over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)You undertake to inform the Company Secretary or Chair of BPLC or relevant regulatory authority of any change in your personal or professional circumstances that might impact your ability to continue in your role as an independent non-executive director of BPLC. This includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.You being charged with and/or convicted of a criminal offence (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.You becoming bankrupt (or its equivalent status in any other jurisdiction) or become insolvent or enter into any arrangements or composition with your creditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.You being subject to personal sanction in respect of any of your other roles, or guilty of a breach of the Senior Manager or Individual Conduct Rules, any serious misconduct or conduct which is calculated or likely to bring the Barclays Group or any of its directors or subsidiaries into disrepute or which conflicts with the Barclays Values, a copy of which will be included in your appointment pack.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Termination</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Your appointment is conditional upon you satisfying and maintaining on an ongoing basis, the requirements of section 2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This appointment can be terminated at any time by either party giving notice in writing to the other. Both parties agree that, in order to facilitate an orderly exit and succession, and where circumstances permit, they will provide reasonable notice to the other of their intentions to terminate the appointment. In accordance with the UK Corporate Governance Code, if you choose to resign and have concerns about the operation of the BPLC Board or the Management of the Company then you should provide a written statement to the Chair for circulation to the BPLC Board, which outlines your concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)There is no entitlement to any payment for loss of office. Regardless of the reason for termination, you will only be entitled to such fees and expenses as have accrued and are due to you as at the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Prior to the termination of your appointment, to the extent applicable and if so requested, you will prepare and provide to the Company a handover note in respect of your Senior Manager responsibilities in accordance with the Company's policy, or otherwise in a form prescribed by the Company sufficient for it to comply with its obligations in that respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)On termination of your appointment, you will immediately deliver to the Company all documents, records, papers, or other company property which may be in your possession or under your control and which relate in any way to the business affairs of the Company or the Barclays Group. You agree not to retain any copies or duplicates in any format.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)On termination of your appointment and whether or not you have formally resigned from your position, you will be deemed to have done so with effect from the date of termination. You agree that, on termination, relevant members of the Barclays Group are entitled to issue any announcements and make any filings or notifications required as a result of you ceasing to be a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Fees</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)In respect of your appointment, you will receive a fee ('Fee') of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.£98,300 per year payable in respect of your directorship of BPLC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.To the extent applicable, such other fee as shall be payable in respect of any other Committee memberships as advised to you on appointment to a Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fee is payable monthly in arrears by direct credit into your nominated bank account less any tax and any other statutory deductions. On termination, you will only be entitled to such amount of the Fee as has accrued at the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;(c)Any reasonable out of pocket expenses that you incur in performing your duties will be reimbursed in accordance with our standard expenses policy, a copy of which is available on request.

&nbsp;&nbsp;&nbsp;&nbsp;(d)The Fee may be subject to any amendment or qualification as required by any law, regulation, or regulatory authority including but not limited to tax and national insurance deductions as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e)To ensure alignment with the Barclays Group's interests, all directors of BPLC are encouraged to hold shares in BPLC. All dealings are subject to the Barclays Group Securities Dealing Code, a copy of which is available on request. You will be required to take £30,000 of your Fee, after tax and any other statutory deductions, in BPLC shares ('Shares'). The Shares will be purchased twice a year after the announcement of the BPLC full and half-year financial results. The Shares will be held on your behalf until the termination of your appointment; an agreement setting out the details for signature and return will be included in your appointment pack.

&nbsp;&nbsp;&nbsp;&nbsp;(f)There is no contractual entitlement to any increase in your Fee during your appointment. Directors' fees are reviewed periodically by the BPLC Board and benchmarked to the market.

&nbsp;&nbsp;&nbsp;&nbsp;(g)Aside from the Fee, you are not eligible to receive any contractual benefits. As a non-executive director, you are not eligible to participate in any benefit schemes, including but not limited to the Barclays Group's incentive award, long term incentive schemes and the Barclays Group's pension scheme, nor to receive any payment or cash allowances in lieu.

&nbsp;&nbsp;&nbsp;&nbsp;**5.<u>Role as a non-executive director</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)The attached role profile will form part of your contract for services. The role profile may be changed from time to time, and once notified to you, shall be deemed to replace the attached and form part of your contract for services.

&nbsp;&nbsp;&nbsp;&nbsp;(b)As an independent non-executive director your primary responsibilities include providing effective oversight and constructive challenge, helping to develop proposals on strategy and then fully empowering the executive directors to implement the strategy.

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&nbsp;&nbsp;&nbsp;&nbsp;(c)Non-executive directors have the same legal responsibilities and duties as any other director and are required to take decisions in the best interests of the Company. The BPLC Board as a whole is collectively responsible for promoting the long-term sustainable success of the Company, generating value for shareholders, and contributing to wider society. All directors must act with integrity, lead by example and promote the desired culture. The BPLC Board is responsible for: supervising the Company's affairs by providing effective and entrepreneurial leadership within a framework of prudent and effective controls and risk management; establishing the Company's purpose, values and strategy and ensuring that these align with the Company's culture; ensuring that the necessary resources are in place for the Company to meet its objectives and measure performance against them; reviewing management performance, offering specialist advice and holding management to account; and ensuring effective engagement with, and encourage participation from, shareholders and stakeholders and ensuring that workforce policies and practices are consistent with the Company's values and support its long-term sustainable success.

&nbsp;&nbsp;&nbsp;&nbsp;(d)During your appointment you agree to diligently perform such duties, responsibilities, and functions (whether statutory, fiduciary, or common law) in a manner consistent with your position and role profile as an independent non-executive director and with any relevant Barclays Group policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(e)To the extent applicable, during your appointment you will discharge your responsibilities under the Statement of Responsibilities allocated to you by the Company and in your capacity as a Senior Manager maintain appropriate records in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;**6.<u>Time Commitment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)In accepting this appointment, you confirm that you are able to allocate sufficient time to meet the expectations of your role on the BPLC Board including being available to devote additional time to the role during periods of increased activity or in response to market developments. Directors are also expected to attend the BPLC AGM, usually held in May and be available afterwards to meet with and answer questions from shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(b)The agreement of the BPLC Board must be sought before accepting additional appointments to any other company, corporate body, or entity, during your tenure that might affect the time that you are able to devote to your role.

&nbsp;&nbsp;&nbsp;&nbsp;(c)All directors are expected to attend all Board meetings. The BPLC Board is expected to formally meet up to eight times a year and on an ad-hoc basis as required. Some of the meetings may be held overseas. You will also be required to attend meetings of Committees of which you are a member.

&nbsp;&nbsp;&nbsp;&nbsp;(d)There is a standing invitation to all non-executive directors to attend any other BPLC Board Committee meeting. Please inform the relevant BPLC Committee Chair if you wish to attend a meeting of which you are not a member.

&nbsp;&nbsp;&nbsp;&nbsp;(e)Directors are expected to set aside sufficient time to consider the papers in advance of BPLC Board and Committee meetings. Papers are normally circulated to directors in the week prior to the relevant meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(f)Your expected average time commitment for your role as a BPLC non-executive director is 25 days per year.

&nbsp;&nbsp;&nbsp;&nbsp;**7.<u>Conflicts of interests and outside interests</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;(a)As a director you have a duty to avoid conflicts of interest and to disclose personal interests in contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(b)It is accepted and acknowledged that you have business activities and other interests outside of the Company such as but not limited to directorships, trusteeships, advisory positions, shareholdings or other significant commitments. Subject to such interests not giving rise to an actual or potential conflict, the Company does not object to you continuing with such interests provided they have been fully disclosed (including but not limited to, details of the associated time commitments and notification of any commercial relationship with the Barclays Group) and accepted by the Company prior to your appointment. Should you become aware of any actual or potential conflicts of interest in the course of your appointment, these should be discussed with the Chair of BPLC as soon as possible and authorised by the BPLC Board. All conflicts must be recorded in accordance with the BPLC Board's stated policy.

&nbsp;&nbsp;&nbsp;&nbsp;(c)As set out above, you must seek permission from the BPLC Board before taking on any additional outside interests**.**

&nbsp;&nbsp;&nbsp;&nbsp;**8.<u>Induction, Values and Support</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)To assist directors in making a contribution to the BPLC Board as quickly as possible, all directors are offered a comprehensive induction programme, details of which will be provided to you when you join the BPLC Board. We will also provide briefings on the details of procedures regarding the disclosure of any conflicts of interest, data protection, the control of inside information and for obtaining clearance to deal in BPLC securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b)The Barclays Values (Respect, Integrity, Service, Excellence and Stewardship) are a central part of everything we do. The Values form a critical part of how the Barclays Group is changing, as well as our purpose and behaviours. You will be expected to act in accordance with the Values as a non-executive director of the Company, and, in particular, to follow our Code of Conduct (known as the Barclays Way).

&nbsp;&nbsp;&nbsp;&nbsp;(c)As a non-executive director, you are expected to devote sufficient time to developing and refreshing your knowledge and skills to ensure that you have the knowledge and understanding to contribute to the BPLC Board effectively. On-going training and briefings on particular topics will be made available for this purpose, including any topics that you may request.

&nbsp;&nbsp;&nbsp;&nbsp;(d)As Company Secretary, I am available to all directors to support the effective and efficient discharge of their duties and to assist with any queries.

&nbsp;&nbsp;&nbsp;&nbsp;(e)Occasions may arise when you consider that you need professional advice in the furtherance of your duties as a director. Where it is deemed appropriate for you to seek advice from independent legal advisers, you may, with the prior written agreement of the Company Secretary, seek independent advice at the Company's expense.

&nbsp;&nbsp;&nbsp;&nbsp;**9.<u>Confidentiality</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)You will appreciate that the business of the Company and the Barclays Group is a specialised and competitive business. In the course of your appointment, you will have access to and knowledge of the trade secrets and confidential information of the Company and the Barclays Group. You acknowledge that the disclosure of any trade secrets or confidential information to actual or potential competitors of the Company and/or any Barclays Group company would place the Company and/or the Barclays Group at a serious competitive disadvantage and would

------

do serious damage, financial and/or otherwise, to its or their business and business development and would cause immeasurable harm.

&nbsp;&nbsp;&nbsp;&nbsp;(b)You must neither during the term of your appointment (except in the proper performance of the duties of your office or with the express written consent of the BPLC Board) nor at any time (without limit) after the termination of your appointment except where disclosure is required by law, by an order of a competent court or by a regulatory body:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.publish, divulge, or communicate to any person, company, business entity or other organisation or to the media or any social media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.use for your own purposes or for any purposes other than those of the Company or the Barclays Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.through any failure to exercise due care and diligence, permit or cause any unauthorised disclosure of,

&nbsp;&nbsp;&nbsp;&nbsp;any confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;(c)These restrictions shall cease to apply to any information which shall become available to the public generally otherwise than through any breach by you of the provisions of this letter or other default of yours.

&nbsp;&nbsp;&nbsp;&nbsp;(d)All notes, memoranda, records, and documents (in whatever form or media held) that you make during the term of your appointment in performing your duties as non-executive director will belong to the Barclays Group and will be handed over to the Company together with any copies promptly from time to time on reasonable request of any Barclays Group company and at the end of your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;(e)Nothing in this letter, including but not limited to the provisions on confidentiality above, is intended to or shall prevent you from raising concerns in line with the Company's internal reporting processes or making any disclosure to governmental bodies, law enforcement authorities and/or regulators as permitted or required under applicable law or regulation (including but not limited to a "protected disclosure" within the meaning of Part 43A (Protected Disclosures) of the Employment Rights Act 1996 and to any protected disclosures made about matters previously disclosed to another recipient).

&nbsp;&nbsp;&nbsp;&nbsp;**10.<u>Dealing in Barclays Securities</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)Your attention is drawn to the requirements under both law and regulation regarding the disclosure of price sensitive information. Matters relating to BPLC may from time to time give rise to price sensitive information which must be held under strict confidentiality conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(b)Your responsibilities will be explained to you as part of your induction. You should avoid taking any action that might risk a breach of these requirements. If you need any assistance in understanding your obligations, please contact me.

&nbsp;&nbsp;&nbsp;&nbsp;**11.<u>Indemnification and insurance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)As a statutory director of BPLC, you will have the benefit of and are able to rely upon an indemnity from BPLC. Your indemnity is of course in addition to any other protection available to you by virtue of the provisions of statute, common law or indeed any specific contract.

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&nbsp;&nbsp;&nbsp;&nbsp;(b)To formalise the indemnification arrangements referred to above, you will be issued with a deed of indemnity from BPLC and instructions on what steps you need to take to enter into the deed and to accept its terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(c)As a UK statutory director, you will be deemed to be an insured person for the purpose of the Barclays Group's current policy of Directors' and Officers' Liability Insurance subject to its terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;**12.<u>Data Privacy</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company and any Barclays Group company shall process your personal information for HR, compliance, administrative and other purposes related to your appointment and the conduct of the business of the Barclays Group, for the purposes of the Company's legitimate interest or as required by law (the 'Agreed Purposes'). Processing includes obtaining, holding, editing, destroying, or disclosing your personal information to any Barclays Group company and/or any third parties (for example, insurers, banks, and new Barclays Group companies following a business transfer or merger) for the Agreed Purposes ('Processing' or 'Process'). The Company may also transfer your information to any other Barclays Group company and/or any third parties (for example, insurers, banks, and new Barclays Group companies following a business transfer or merger) in order to Process your personal information for the Agreed Purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(b)You agree to comply with all applicable laws, regulations, and policies of Barclays Group in relation to data protection and privacy. Further, you agree to provide your personal information to the Company and the Barclays Group and consent to the Processing of that information for the Agreed Purposes. This may include transfers to recipients based in another country to your place of appointment (either within or outside the EEA).

**13.<u>Facilitation of tax evasion</u>**

During your appointment, you will not knowingly do anything or omit to do anything to facilitate tax evasion, whether in the United Kingdom or in any other jurisdiction and will immediately report to the BPLC Board any concerns or suspicions of tax evasion, the facilitation thereof or other financial crime by employees, agents, suppliers, customers, and clients of the Barclays Group.

This letter and enclosures set out the main terms of your appointment and on acceptance will constitute a contract for services.

Please confirm your acceptance of the appointment as set out in this letter by signing and returning the enclosed duplicate letter. If I can help with any further information, please do not hesitate to contact me.

&nbsp;&nbsp;&nbsp;&nbsp;

Yours sincerely,

**Hannah Ellwood**

**Group Company Secretary**

**Barclays PLC**

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Enclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Role Profile for BPLC non-executive directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Dates for BPLC Board and Committee meetings

I agree to the terms and conditions of my appointment as set out in this letter dated 17 March 2025.

---

| | |
|:---|:---|
| Signed:  |  |
| <br>Name:  | Diony Lebot |
| <br>Date:  |  |

---

## Exhibit 4.19

![image_01.jpg](image_01.jpg)

Barclays PLC

&nbsp;&nbsp;&nbsp;&nbsp;1 Churchill Place&nbsp;&nbsp;&nbsp;&nbsp;London

&nbsp;&nbsp;&nbsp;&nbsp;E14 5HP

17 March 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Mary Mack

Dear Mary,

Following your discussions with Nigel Higgins, Chairman of Barclays PLC, I am pleased to confirm your appointment as an independent non-executive director of Barclays PLC (the 'Company' or 'BPLC'). BPLC and its subsidiaries and associated companies are referred to as the 'Barclays Group' in this letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>Appointment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This letter and its enclosures are a contract for services and not a contract of employment. Reference to your appointment in this letter means any or all of the offices as set out in 1(b) - (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With effect from 1 June 2025, you will serve as an independent non-executive director of BPLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During your appointment, you may be invited to serve on Committees (whether standing or ad hoc) of the Board of Directors of BPLC (the 'BPLC Board'), membership of which will be agreed with you at the time. Committee membership will be considered on appointment and will be subject to accepted principles of good governance and the needs of the BPLC Board at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>Term</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the termination provisions in section 3 below, your appointment will be for an initial term of 3 years from the date of your appointment and subject to the annual re-election by shareholders (see below). On or before the expiry of your initial term, and subject to the needs of the BPLC Board at the time, you may be invited to serve for a further term of up to three years. Non-executive directors will not usually serve for more than six years; however, this is subject to the discretion of the Board Nominations Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Your appointment, including any extension of your term, is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Company's Articles of Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.annual re-election by shareholders at the BPLC AGM, in accordance with the UK Corporate Governance Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.your ongoing ability to satisfy the standards and obligations applicable to directors of public companies, and, in particular, any regulatory standards expected of directors of banks and financial services firms, including if applicable, the need for regulatory approval and other requirements placed on directors under the Senior Managers Regime including compliance with the Senior Manager and Individual Conduct Rules;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.your ongoing fitness to serve as a company director and/or, if applicable, in a Senior Manager function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.your ongoing performance and contribution to the BPLC Board, as assessed by the BPLC Board having regard to relevant information, including the annual review of the effectiveness of the BPLC Board and individual directors and the importance of such contribution is to the Company's continued long-term sustainable success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.the needs of the BPLC Board having regard to the skills, knowledge and experience required to oversee the business, which may change over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)You undertake to inform the Company Secretary or Chair of BPLC or relevant regulatory authority of any change in your personal or professional circumstances that might impact your ability to continue in your role as an independent non-executive director of BPLC. This includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.You being charged with and/or convicted of a criminal offence (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.You becoming bankrupt (or its equivalent status in any other jurisdiction) or become insolvent or enter into any arrangements or composition with your creditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.You being subject to personal sanction in respect of any of your other roles, or guilty of a breach of the Senior Manager or Individual Conduct Rules, any serious misconduct or conduct which is calculated or likely to bring the Barclays Group or any of its directors or subsidiaries into disrepute or which conflicts with the Barclays Values, a copy of which will be included in your appointment pack.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Termination</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Your appointment is conditional upon you satisfying and maintaining on an ongoing basis, the requirements of section 2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This appointment can be terminated at any time by either party giving notice in writing to the other. Both parties agree that, in order to facilitate an orderly exit and succession, and where circumstances permit, they will provide reasonable notice to the other of their intentions to terminate the appointment. In accordance with the UK Corporate Governance Code, if you choose to resign and have concerns about the operation of the BPLC Board or the Management of the Company then you should provide a written statement to the Chair for circulation to the BPLC Board, which outlines your concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)There is no entitlement to any payment for loss of office. Regardless of the reason for termination, you will only be entitled to such fees and expenses as have accrued and are due to you as at the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Prior to the termination of your appointment, to the extent applicable and if so requested, you will prepare and provide to the Company a handover note in respect of your Senior Manager responsibilities in accordance with the Company's policy, or otherwise in a form prescribed by the Company sufficient for it to comply with its obligations in that respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)On termination of your appointment, you will immediately deliver to the Company all documents, records, papers, or other company property which may be in your possession or under your control and which relate in any way to the business affairs of the Company or the Barclays Group. You agree not to retain any copies or duplicates in any format.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)On termination of your appointment and whether or not you have formally resigned from your position, you will be deemed to have done so with effect from the date of termination. You agree that, on termination, relevant members of the Barclays Group are entitled to issue any announcements and make any filings or notifications required as a result of you ceasing to be a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Fees</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)In respect of your appointment, you will receive a fee ('Fee') of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.£98,300 per year payable in respect of your directorship of BPLC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.To the extent applicable, such other fee as shall be payable in respect of any other Committee memberships as advised to you on appointment to a Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fee is payable monthly in arrears by direct credit into your nominated bank account less any tax and any other statutory deductions. On termination, you will only be entitled to such amount of the Fee as has accrued at the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;(c)Any reasonable out of pocket expenses that you incur in performing your duties will be reimbursed in accordance with our standard expenses policy, a copy of which is available on request.

&nbsp;&nbsp;&nbsp;&nbsp;(d)The Fee may be subject to any amendment or qualification as required by any law, regulation, or regulatory authority including but not limited to tax and national insurance deductions as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e)To ensure alignment with the Barclays Group's interests, all directors of BPLC are encouraged to hold shares in BPLC. All dealings are subject to the Barclays Group Securities Dealing Code, a copy of which is available on request. You will be required to take £30,000 of your Fee, after tax and any other statutory deductions, in BPLC shares ('Shares'). The Shares will be purchased twice a year after the announcement of the BPLC full and half-year financial results. The Shares will be held on your behalf until the termination of your appointment; an agreement setting out the details for signature and return will be included in your appointment pack.

&nbsp;&nbsp;&nbsp;&nbsp;(f)There is no contractual entitlement to any increase in your Fee during your appointment. Directors' fees are reviewed periodically by the BPLC Board and benchmarked to the market.

&nbsp;&nbsp;&nbsp;&nbsp;(g)Aside from the Fee, you are not eligible to receive any contractual benefits. As a non-executive director, you are not eligible to participate in any benefit schemes, including but not limited to the Barclays Group's incentive award, long term incentive schemes and the Barclays Group's pension scheme, nor to receive any payment or cash allowances in lieu.

&nbsp;&nbsp;&nbsp;&nbsp;**5.<u>Role as a non-executive director</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)The attached role profile will form part of your contract for services. The role profile may be changed from time to time, and once notified to you, shall be deemed to replace the attached and form part of your contract for services.

&nbsp;&nbsp;&nbsp;&nbsp;(b)As an independent non-executive director your primary responsibilities include providing effective oversight and constructive challenge, helping to develop proposals on strategy and then fully empowering the executive directors to implement the strategy.

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&nbsp;&nbsp;&nbsp;&nbsp;(c)Non-executive directors have the same legal responsibilities and duties as any other director and are required to take decisions in the best interests of the Company. The BPLC Board as a whole is collectively responsible for promoting the long-term sustainable success of the Company, generating value for shareholders, and contributing to wider society. All directors must act with integrity, lead by example and promote the desired culture. The BPLC Board is responsible for: supervising the Company's affairs by providing effective and entrepreneurial leadership within a framework of prudent and effective controls and risk management; establishing the Company's purpose, values and strategy and ensuring that these align with the Company's culture; ensuring that the necessary resources are in place for the Company to meet its objectives and measure performance against them; reviewing management performance, offering specialist advice and holding management to account; and ensuring effective engagement with, and encourage participation from, shareholders and stakeholders and ensuring that workforce policies and practices are consistent with the Company's values and support its long-term sustainable success.

&nbsp;&nbsp;&nbsp;&nbsp;(d)During your appointment you agree to diligently perform such duties, responsibilities, and functions (whether statutory, fiduciary, or common law) in a manner consistent with your position and role profile as an independent non-executive director and with any relevant Barclays Group policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(e)To the extent applicable, during your appointment you will discharge your responsibilities under the Statement of Responsibilities allocated to you by the Company and in your capacity as a Senior Manager maintain appropriate records in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;**6.<u>Time Commitment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)In accepting this appointment, you confirm that you are able to allocate sufficient time to meet the expectations of your role on the BPLC Board including being available to devote additional time to the role during periods of increased activity or in response to market developments. Directors are also expected to attend the BPLC AGM, usually held in May and be available afterwards to meet with and answer questions from shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(b)The agreement of the BPLC Board must be sought before accepting additional appointments to any other company, corporate body, or entity, during your tenure that might affect the time that you are able to devote to your role.

&nbsp;&nbsp;&nbsp;&nbsp;(c)All directors are expected to attend all Board meetings. The BPLC Board is expected to formally meet up to eight times a year and on an ad-hoc basis as required. Some of the meetings may be held overseas. You will also be required to attend meetings of Committees of which you are a member.

&nbsp;&nbsp;&nbsp;&nbsp;(d)There is a standing invitation to all non-executive directors to attend any other BPLC Board Committee meeting. Please inform the relevant BPLC Committee Chair if you wish to attend a meeting of which you are not a member.

&nbsp;&nbsp;&nbsp;&nbsp;(e)Directors are expected to set aside sufficient time to consider the papers in advance of BPLC Board and Committee meetings. Papers are normally circulated to directors in the week prior to the relevant meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(f)Your expected average time commitment for your role as a BPLC non-executive director is 25 days per year.

&nbsp;&nbsp;&nbsp;&nbsp;**7.<u>Conflicts of interests and outside interests</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;(a)As a director you have a duty to avoid conflicts of interest and to disclose personal interests in contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(b)It is accepted and acknowledged that you have business activities and other interests outside of the Company such as but not limited to directorships, trusteeships, advisory positions, shareholdings or other significant commitments. Subject to such interests not giving rise to an actual or potential conflict, the Company does not object to you continuing with such interests provided they have been fully disclosed (including but not limited to, details of the associated time commitments and notification of any commercial relationship with the Barclays Group) and accepted by the Company prior to your appointment. Should you become aware of any actual or potential conflicts of interest in the course of your appointment, these should be discussed with the Chair of BPLC as soon as possible and authorised by the BPLC Board. All conflicts must be recorded in accordance with the BPLC Board's stated policy.

&nbsp;&nbsp;&nbsp;&nbsp;(c)As set out above, you must seek permission from the BPLC Board before taking on any additional outside interests**.**

&nbsp;&nbsp;&nbsp;&nbsp;**8.<u>Induction, Values and Support</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)To assist directors in making a contribution to the BPLC Board as quickly as possible, all directors are offered a comprehensive induction programme, details of which will be provided to you when you join the BPLC Board. We will also provide briefings on the details of procedures regarding the disclosure of any conflicts of interest, data protection, the control of inside information and for obtaining clearance to deal in BPLC securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b)The Barclays Values (Respect, Integrity, Service, Excellence and Stewardship) are a central part of everything we do. The Values form a critical part of how the Barclays Group is changing, as well as our purpose and behaviours. You will be expected to act in accordance with the Values as a non-executive director of the Company, and, in particular, to follow our Code of Conduct (known as the Barclays Way).

&nbsp;&nbsp;&nbsp;&nbsp;(c)As a non-executive director, you are expected to devote sufficient time to developing and refreshing your knowledge and skills to ensure that you have the knowledge and understanding to contribute to the BPLC Board effectively. On-going training and briefings on particular topics will be made available for this purpose, including any topics that you may request.

&nbsp;&nbsp;&nbsp;&nbsp;(d)As Company Secretary, I am available to all directors to support the effective and efficient discharge of their duties and to assist with any queries.

&nbsp;&nbsp;&nbsp;&nbsp;(e)Occasions may arise when you consider that you need professional advice in the furtherance of your duties as a director. Where it is deemed appropriate for you to seek advice from independent legal advisers, you may, with the prior written agreement of the Company Secretary, seek independent advice at the Company's expense.

&nbsp;&nbsp;&nbsp;&nbsp;**9.<u>Confidentiality</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)You will appreciate that the business of the Company and the Barclays Group is a specialised and competitive business. In the course of your appointment, you will have access to and knowledge of the trade secrets and confidential information of the Company and the Barclays Group. You acknowledge that the disclosure of any trade secrets or confidential information to actual or potential competitors of the Company and/or any Barclays Group company would place the Company and/or the Barclays Group at a serious competitive disadvantage and would

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do serious damage, financial and/or otherwise, to its or their business and business development and would cause immeasurable harm.

&nbsp;&nbsp;&nbsp;&nbsp;(b)You must neither during the term of your appointment (except in the proper performance of the duties of your office or with the express written consent of the BPLC Board) nor at any time (without limit) after the termination of your appointment except where disclosure is required by law, by an order of a competent court or by a regulatory body:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.publish, divulge, or communicate to any person, company, business entity or other organisation or to the media or any social media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.use for your own purposes or for any purposes other than those of the Company or the Barclays Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.through any failure to exercise due care and diligence, permit or cause any unauthorised disclosure of,

&nbsp;&nbsp;&nbsp;&nbsp;any confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;(c)These restrictions shall cease to apply to any information which shall become available to the public generally otherwise than through any breach by you of the provisions of this letter or other default of yours.

&nbsp;&nbsp;&nbsp;&nbsp;(d)All notes, memoranda, records, and documents (in whatever form or media held) that you make during the term of your appointment in performing your duties as non-executive director will belong to the Barclays Group and will be handed over to the Company together with any copies promptly from time to time on reasonable request of any Barclays Group company and at the end of your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;(e)Nothing in this letter, including but not limited to the provisions on confidentiality above, is intended to or shall prevent you from raising concerns in line with the Company's internal reporting processes or making any disclosure to governmental bodies, law enforcement authorities and/or regulators as permitted or required under applicable law or regulation (including but not limited to a "protected disclosure" within the meaning of Part 43A (Protected Disclosures) of the Employment Rights Act 1996 and to any protected disclosures made about matters previously disclosed to another recipient).

&nbsp;&nbsp;&nbsp;&nbsp;**10.<u>Dealing in Barclays Securities</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)Your attention is drawn to the requirements under both law and regulation regarding the disclosure of price sensitive information. Matters relating to BPLC may from time to time give rise to price sensitive information which must be held under strict confidentiality conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(b)Your responsibilities will be explained to you as part of your induction. You should avoid taking any action that might risk a breach of these requirements. If you need any assistance in understanding your obligations, please contact me.

&nbsp;&nbsp;&nbsp;&nbsp;**11.<u>Indemnification and insurance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)As a statutory director of BPLC, you will have the benefit of and are able to rely upon an indemnity from BPLC. Your indemnity is of course in addition to any other protection available to you by virtue of the provisions of statute, common law or indeed any specific contract.

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&nbsp;&nbsp;&nbsp;&nbsp;(b)To formalise the indemnification arrangements referred to above, you will be issued with a deed of indemnity from BPLC and instructions on what steps you need to take to enter into the deed and to accept its terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(c)As a UK statutory director, you will be deemed to be an insured person for the purpose of the Barclays Group's current policy of Directors' and Officers' Liability Insurance subject to its terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;**12.<u>Data Privacy</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company and any Barclays Group company shall process your personal information for HR, compliance, administrative and other purposes related to your appointment and the conduct of the business of the Barclays Group, for the purposes of the Company's legitimate interest or as required by law (the 'Agreed Purposes'). Processing includes obtaining, holding, editing, destroying, or disclosing your personal information to any Barclays Group company and/or any third parties (for example, insurers, banks, and new Barclays Group companies following a business transfer or merger) for the Agreed Purposes ('Processing' or 'Process'). The Company may also transfer your information to any other Barclays Group company and/or any third parties (for example, insurers, banks, and new Barclays Group companies following a business transfer or merger) in order to Process your personal information for the Agreed Purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(b)You agree to comply with all applicable laws, regulations, and policies of Barclays Group in relation to data protection and privacy. Further, you agree to provide your personal information to the Company and the Barclays Group and consent to the Processing of that information for the Agreed Purposes. This may include transfers to recipients based in another country to your place of appointment (either within or outside the EEA).

**13.<u>Facilitation of tax evasion</u>**

During your appointment, you will not knowingly do anything or omit to do anything to facilitate tax evasion, whether in the United Kingdom or in any other jurisdiction and will immediately report to the BPLC Board any concerns or suspicions of tax evasion, the facilitation thereof or other financial crime by employees, agents, suppliers, customers, and clients of the Barclays Group.

This letter and enclosures set out the main terms of your appointment and on acceptance will constitute a contract for services.

Please confirm your acceptance of the appointment as set out in this letter by signing and returning the enclosed duplicate letter. If I can help with any further information, please do not hesitate to contact me.

&nbsp;&nbsp;&nbsp;&nbsp;

Yours sincerely,

**Hannah Ellwood**

**Group Company Secretary**

**Barclays PLC**

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Enclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Role Profile for BPLC non-executive directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Dates for BPLC Board and Committee meetings

I agree to the terms and conditions of my appointment as set out in this letter dated 17 March 2025.

---

| | |
|:---|:---|
| Signed:  |  |
| <br>Name:  | Mary T. Mack |
| <br>Date:  |  |

---

## Exhibit 11.2

![image_0.jpg](image_0.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Barclays Group Securities Dealing Code**

Approved by the Board of Barclays PLC

with effect on and from 11 December 2025

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Barclays Group Securities Dealing Code

Introduction

The purpose of this Code is to ensure that Group PDMRs and other individuals identified by Barclays do not abuse, and do not place themselves under suspicion of abusing, Inside Information and comply with their obligations under the Market Abuse Regulation.

Part A of this Code contains the Dealing clearance procedures which must be observed by Group Employee Insiders. This means that there will be certain times when such persons cannot Deal in Barclays Securities.

Part B sets out certain additional obligations which only apply to Group PDMRs.

Failure by any person who is subject to this Code to observe and comply with its requirements may result in disciplinary action. Depending on the circumstances, such non-compliance may also constitute a civil and/or criminal offence. Schedule 1 sets out the meaning of capitalised words used in this Code.

The Addendum to this Code applies to Listed Subsidiary PDMRs only and extends the application of Part A and Part B of this Code to Listed Subsidiary PDMRs on the terms set out in the Addendum.

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Part A – Clearance procedures for Group Employee Insiders

**1.&nbsp;&nbsp;&nbsp;&nbsp;Clearance to Deal**

***When do I need clearance to Deal?***

1.1&nbsp;&nbsp;&nbsp;&nbsp;You must not Deal for yourself or for anyone else, directly or indirectly, in Barclays Securities without obtaining clearance from Barclays (as specified in paragraph 1.6) in advance.

1.2&nbsp;&nbsp;&nbsp;&nbsp;You must not enter into, amend or cancel a Trading Plan or an Investment Programme under which Barclays Securities may be purchased or sold unless clearance has been given to do so.

1.3&nbsp;&nbsp;&nbsp;&nbsp;You must receive clearance to Deal before electing to participate in, amending, or ceasing to participate in, any scrip dividend or dividend re-investment plan.

1.4&nbsp;&nbsp;&nbsp;&nbsp;If you act as the trustee of a trust, you should speak to the Group Company Secretary about your obligations in respect of any Dealing in Barclays Securities carried out by the trustee(s) of that trust.

1.5&nbsp;&nbsp;&nbsp;&nbsp;You should seek further guidance from the Group Company Secretary before transacting in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)**&nbsp;&nbsp;&nbsp;&nbsp;**units or shares in a collective investment undertaking (e.g. a UCITS or an Alternative Investment Fund) which holds, or might hold, Barclays Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;financial instruments which provide exposure to a portfolio of assets which has, or may have, an exposure to Barclays Securities.

This is the case even if you do not intend to transact in Barclays Securities by making the relevant investment.

***How do I seek clearance to deal?***

1.6**&nbsp;&nbsp;&nbsp;&nbsp;**Applications for clearance to Deal must be made in writing and submitted to the Group Company Secretary where application is being made by a non-executive Director or to BCS through the Barclays Employee Insiders portal where application is being made by employees.

1.7&nbsp;&nbsp;&nbsp;&nbsp;You must not submit an application for clearance to Deal if you are in possession of Inside Information. If you become aware that you are or may be in possession of Inside Information after you submit an application, you must inform the Group Company Secretary or BCS, as applicable, as soon as possible and you must refrain from Dealing (even if you have been given clearance).

1.8&nbsp;&nbsp;&nbsp;&nbsp;You will receive a written response to your application from the Group Company Secretary or through the Barclays Employee Insiders portal normally within 48 hours of the request being made. Barclays will not normally give you reasons if you are refused permission to Deal. You must keep any refusal confidential and not discuss it with any other person.

1.9&nbsp;&nbsp;&nbsp;&nbsp;If you are given clearance, you must use best endeavours to Deal as soon as possible after receiving clearance and in any event within two business days of receiving clearance. The Group Company Secretary or BCS (through the Barclays Employee Insiders portal) must be notified as soon as possible and by no later than two business days of any such approved Dealing occurring.

1.10&nbsp;&nbsp;&nbsp;&nbsp;Clearance to Deal may be given subject to conditions. Where this is the case, you must observe those conditions when Dealing.

1.11&nbsp;&nbsp;&nbsp;&nbsp;You will not ordinarily be given clearance to Deal on considerations of a short-term nature. A sale of Barclays Securities which were acquired less than a year previously will normally be considered to be a Dealing of a short term nature. Considerations of a short-term nature shall not include Barclays Securities which were acquired by you as a result of the vesting of a Barclays Securities award/exercise of an option granted under a Barclays Share Plan.

1.12**&nbsp;&nbsp;&nbsp;&nbsp;**Different clearance procedures will apply where Dealing is being carried out by Barclays in relation to Barclays Share Plans. You will be notified separately of any arrangements for clearance if this applies to you.

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***What other requirements do I need to consider?***

1.13**&nbsp;&nbsp;&nbsp;&nbsp;**In addition to this Code, Barclays operates a Personal Investments Policy and a Personal Investments Standard. These will apply alongside this Code and they must therefore also be considered by you when contemplating any Dealing in Barclays Securities.

***What happens when I am no longer employed by Barclays?***

1.14**&nbsp;&nbsp;&nbsp;&nbsp;**The provisions of this Code do not apply following termination of a contract of employment of a Barclays employee to whom this Code applies. Such employees, as far as required, will be made aware of any on-going Dealing obligations they have in any exit documentation, such as a settlement agreement.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Circumstances for refusal**

You will not ordinarily be given clearance to Deal in Barclays Securities during any period when there exists any matter which constitutes Inside Information or during a Closed Period.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Further guidance** 

**If you are uncertain as to whether or not a particular transaction requires clearance, you must obtain guidance from the Group Company Secretary before carrying out that transaction.**

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Part B – Additional provisions for Group PDMRs

**4.&nbsp;&nbsp;&nbsp;&nbsp;Notification of transactions**

4.1**&nbsp;&nbsp;&nbsp;&nbsp;**You must notify Barclays (through the Group Company Secretary, for non-executive Directors, or through BCS in all other cases) and the FCA in writing of every Notifiable Transaction in Barclays Securities conducted for your account as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;Notifications to the FCA must be made within three working days of the transaction date. Barclays will notify the FCA on your behalf unless you specifically request to the contrary, whereupon it will be your personal responsibility to make the required notifications to the FCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;In order to make the notification on your behalf within the time limit specified in (A) above, notifications to Barclays must be received by the Group Company Secretary or BCS, as applicable, in writing on the prescribed form (available from BCS) as soon as practicable and in any event within one working day of the transaction date. You should ensure that your investment managers (whether discretionary or not) notify you of any Notifiable Transactions conducted on your behalf promptly so as to allow you to notify Barclays within this time frame.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;If you have specifically requested to make your own notifications to the FCA, rather than Barclays doing so on your behalf, please send any such notification (once made to the FCA) to the Group Company Secretary or BCS, as applicable, so that Barclays can comply with its own announcement obligations.

4.2&nbsp;&nbsp;&nbsp;&nbsp;If you are uncertain as to whether or not a particular transaction is a Notifiable Transaction, you must obtain guidance from the Group Company Secretary.

4.3&nbsp;&nbsp;&nbsp;&nbsp;Barclays is required to announce every Notifiable Transaction via the London Stock Exchange's Regulatory News Service within two working days of being notified of the relevant transaction.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Persons Closely Associated with Group PDMRs ('PCA') and investment managers**

5.1**&nbsp;&nbsp;&nbsp;&nbsp;**You must provide BCS with a list of your PCAs and notify BCS of any changes that need to be made to that list.

5.2&nbsp;&nbsp;&nbsp;&nbsp;You should instruct your PCAs (whether directly or through an investment manager) and your investment managers (whether or not discretionary) not to Deal in Barclays Securities during Closed Periods and not to Deal on considerations of a short-term nature. A sale of Barclays Securities which were acquired less than a year previously will normally be considered to be a Dealing of a short-term nature. Considerations of a short-term nature shall not include Barclays Securities (a) transferred to your PCA by you and which have already been held by you for a minimum of a year; or (b) were acquired by you as a result of the vesting of a Barclays Securities award/exercise of an option granted under a Barclays Share Plan.

5.3&nbsp;&nbsp;&nbsp;&nbsp;Your PCAs are also required to notify Barclays (through BCS) and the FCA in writing, within the time frames given in paragraph 4, of every Notifiable Transaction conducted for their account. You should inform your PCAs in writing of this requirement and keep a copy. The Group Company Secretary will provide you with a letter that you can use to do this. Barclays will notify the FCA on behalf of your PCA unless you specifically request to the contrary, whereupon it will be your PCA's personal responsibility to make the required notifications to the FCA and notify Barclays as described in paragraph 4.1(C) above.

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Schedule 1

Defined terms

**'Addendum**' means the Addendum to the Code.

**'Barclays' or 'Barclays Group'** means Barclays PLC and its subsidiaries.

**'Barclays Insider'** means any individual (not being a Group PDMR) who has been told by BCS that the clearance procedures in Part A of this Code apply to him or her.

**'Barclays Securities'** means any Barclays publicly traded or quoted shares or debt instruments, and any derivatives or other financial instruments linked to any of them, including phantom options and/or awards. This would include shares, depositary receipts, options/awards and bonds.

'**Barclays Share Plans**' means Barclays Group Share Value Plan, Barclays Long Term Incentive Plan, Sharepurchase, Sharesave and any other employee share plan or share-based remuneration introduced or operated by Barclays from time to time.

**'BCS'** means Barclays Corporate Secretariat.

**'Closed Period'** means any of the following:

(A)&nbsp;&nbsp;&nbsp;&nbsp;the longer of (1) the period each year from and including 1 January up to the publication of the Barclays PLC annual results; and (2) the 30 calendar day period before such publication of the Barclays PLC annual results;

(B)&nbsp;&nbsp;&nbsp;&nbsp;the longer of (1) the period each year from and including 1 April up to the release of the Barclays PLC Q1 results; and (2) the 30 calendar day period before such release;

(C)&nbsp;&nbsp;&nbsp;&nbsp;the longer of (1) the period each year from and including 1 July up to the release of the Barclays PLC half-yearly financial report; and (2) the 30 calendar day period before such release; and

(D)&nbsp;&nbsp;&nbsp;&nbsp;the longer of (1) the period each year from and including 1 October up to the release of the Barclays PLC Q3 results; and (2) the 30 calendar day period before such release.

**'Code'** means the Barclays Group Securities Dealing Code, which regulates Dealings in Barclays Securities by Group Employee Insiders.

**'Dealing'** (together with corresponding terms such as **'Deal'** and **'Deals'**) means any type of transaction in Barclays Securities, including purchases, sales, the grant or exercise of options or vesting of awards, the receipt of Barclays Securities under Barclays Share Plans, using Barclays Securities as security for a loan or other obligation and entering into, amending or terminating any agreement in relation to Barclays Securities (e.g. a Trading Plan or scrip dividend or dividend re-investment plan).

**'EU MAR'** means the EU Market Abuse Regulation (Regulation (EU) No. 596/2014).

**'FCA'** means the UK Financial Conduct Authority or any successor organisation from time to time.

**'Group Employee Insider'** means:

(A)&nbsp;&nbsp;&nbsp;&nbsp;a Group PDMR; or

(B)&nbsp;&nbsp;&nbsp;&nbsp;a Barclays Insider.

**'Group PDMR'** means either:

(A)&nbsp;&nbsp;&nbsp;&nbsp;a director of Barclays PLC; or

(B)&nbsp;&nbsp;&nbsp;&nbsp;a member of the Barclays Group Executive Committee.

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**'Inside Information'** means information of a precise nature, which has not been made public, relating, directly or indirectly, to Barclays or Barclays Securities, and which, if it were made public, would be likely to have a non-trivial effect on the price of Barclays Securities and which an investor would be likely to use as part of the basis of his or her investment decision.

**'Investment Programme'** means a share acquisition scheme relating only to the Barclays shares under which: (A) shares are purchased by an individual who is subject to this Code pursuant to a regular standing order or direct debit or by regular deduction from the person's salary or director's fees; or (B) shares are acquired by that individual by way of a standing election to re-invest dividends or other distributions received; or (C) shares are acquired as part payment of that individual's remuneration or director's fees.

**'Listed Subsidiary PDMR'** has the meaning given in the Addendum.

**'Market Abuse Regulation'** means UK MAR and/or EU MAR (as the case may be).

**'Notifiable Transaction'** means any transaction relating to Barclays Securities conducted for the account of a PDMR or PCA, whether the transaction was conducted by the PDMR or PCA or on his or her behalf by a third party and regardless of whether or not the PDMR or PCA had control over the transaction. This captures every transaction or event which changes a PDMR's or PCA's holding of Barclays Securities, even if the transaction does not require clearance under this Code. It also includes gifts of Barclays Securities, the grant of options or Barclays Securities awards, the exercise of options or vesting of Barclays Securities awards and transactions carried out by investment managers or other third parties on behalf of a PDMR, including where discretion is exercised by such investment managers or third parties and including under Trading Plans or Investment Programmes<sup>1</sup>.

**'PCA'** means a person closely associated with a PDMR, being:

(A)&nbsp;&nbsp;&nbsp;&nbsp;the spouse or civil partner of a PDMR; or

(B)&nbsp;&nbsp;&nbsp;&nbsp;a PDMR's child or stepchild under the age of 18 years who is unmarried and does not have a civil partner; or

(C)&nbsp;&nbsp;&nbsp;&nbsp;a relative who has shared the same household as the PDMR for at least one year on the date of the relevant Dealing; or

(D)&nbsp;&nbsp;&nbsp;&nbsp;a legal person, trust or partnership, the managerial responsibilities of which are discharged by a PDMR (or by a PCA referred to in paragraphs (A), (B), or (C) of this definition), which is directly or indirectly controlled by such a person, which is set up for the benefit of such a person or which has economic interests which are substantially equivalent to those of such a person.

**'PDMR'** means a Group PDMR or, for the purposes of the Addendum, a Listed Subsidiary PDMR.

'**Sharepurchase**' means Barclays Group Share Incentive Plan, any other plan designed to meet the requirements of Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 introduced or operated by Barclays from time to time or any global equivalent, including Barclays Global Sharepurchase Plan.

'**Sharesave**' means Barclays Group SAYE Share Option Scheme, any other plan designed to meet the requirements of Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003 introduced or operated by Barclays from time to time or any global equivalent, including Barclays Group Irish SAYE Share Option Scheme.

**'Trading Plan'** means a written plan entered into by an individual who is subject to this Code and an independent third party that sets out a strategy for the acquisition and/or disposal of Barclays Securities by that individual, and:

(A)&nbsp;&nbsp;&nbsp;&nbsp;specifies the amount of Barclays Securities to be dealt in and the price at which and the date on which the Barclays Securities are to be dealt in; or

(B)&nbsp;&nbsp;&nbsp;&nbsp;gives discretion to that independent third party to make trading decisions about the amount of Barclays Securities to be dealt in and the price at which and the date on which the Barclays Securities are to be dealt in; or

<sup>1</sup> Note: Barclays requires all transactions relating to Barclays Securities conducted for the account of a PDMR or PCA to be notified in accordance with Part B and does not apply the de minimis thresholds set out in UK MAR and EU MAR (EUR 5,000 and EUR 20,000 respectively, unless amended by the FCA or equivalent EU regulator in accordance with the discretion given to regulators under UK MAR and EU MAR).

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(C)**&nbsp;&nbsp;&nbsp;&nbsp;**includes a method for determining the amount of Barclays Securities to be dealt in and the price at which and the date on which the Barclays Securities are to be dealt in.

**'UK MAR'** means the EU Market Abuse Regulation (Regulation (EU) No. 596/2014) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

**'Working Day'** means a day other than (i) Saturday or Sunday; (ii) Christmas Day or Good Friday; or (iii) a day which is a bank holiday in England and Wales under the Banking and Financial Dealings Act 1971.

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**ADDENDUM – LISTED SUBSIDIARY PDMRS**

This Addendum applies to Listed Subsidiary PDMRs and has been prepared to regulate Dealings in Listed Subsidiary Securities (on account of the fact that each Listed Subsidiary has issued listed debt securities which are within the scope of the Market Abuse Regulation).

1. The following additional definitions apply in this Addendum:

'**Listed Subsidiary**' means each of Barclays Bank PLC, Barclays Bank UK PLC and Barclays Bank Ireland PLC (and any other subsidiary of Barclays PLC which has issued securities which are within the scope of the Market Abuse Regulation).

'**Listed Subsidiary PDMR'** means, in relation to a Listed Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Chief Executive Officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Chief Finance Officer,

of that Listed Subsidiary.

'**Listed Subsidiary Securities**' means, in relation to a Listed Subsidiary, any publicly traded or quoted shares or debt instruments of that Listed Subsidiary, and any derivatives or other financial instruments linked to any of them, including phantom options and/or awards. This would include shares, depositary receipts, options/awards and bonds.

**'Relevant Listed Subsidiary Securities**' means, in relation to a Listed Subsidiary PDMR, the Listed Subsidiary Securities of the Listed Subsidiary in respect of which he or she acts as a Listed Subsidiary PDMR.

2. Save as otherwise provided in (a) or (b) below, all provisions of the Code shall apply to Listed Company Subsidiary PDMRs as if references to Group PDMRs were references to Listed Subsidiary PDMRs and references to Barclays Securities were references to Relevant Listed Subsidiary Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)You must not Deal for yourself or for anyone else, directly or indirectly, in Relevant Listed Subsidiary Securities without obtaining clearance from Barclays in advance as set out in Part A of the Code. You should seek that clearance from the Company Secretary of the relevant Listed Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)You must follow the notification procedures set out in Part B of the Code in relation to Notifiable Transactions conducted for your account in relation to Relevant Listed Securities. Depending on which listed securities the relevant Listed Subsidiary has outstanding at the time, an EU regulator may need to be notified instead of, or in addition to, the FCA. Barclays will make the relevant regulatory notification(s) on your behalf unless you or your PCA specifically request to the contrary, whereupon it will be your (or their) personal responsibility to make the required notifications<sup>2</sup>.

<sup>2</sup> The position <u>as at the date of adoption of this Addendum</u>, as set out in Article 19(2) of UK MAR and Article 19(2) of EU MAR, is that (i) a Notifiable Transaction in BBPLC debt securities would need to be notified to both the FCA, and the Central Bank of Ireland (CBI), as BBPLC has both UK and EU listed debt securities outstanding; (ii) a Notifiable Transaction in BBUKPLC debt securities would need to be notified to the FCA, as BBUKPLC has UK listed debt securities outstanding; and (iii) a Notifiable Transaction in BBIPLC debt securities would need to be notified to the CBI, as BBIPLC has EU listed debt securities outstanding. This analysis should be re-confirmed at the time of any Notifiable Transaction and legal advice sought as to the specific notification requirements. Further, legal advice should be sought as to how such Notifiable Transaction must be announced to the market. <u>As at the date of adoption of this Addendum</u>, regulated information in the UK must be announced via RNS as a regulatory information service (RIS) and filed with the FCA as the officially appointed mechanism (OAM). In Ireland, regulated information must be filed with the CBI, whilst also being filed with Euronext Dublin as the OAM and RIS.

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATIONS FILED PURSUANT TO 17 CFR 240. 13(A) - 14(A)**

I, C.S. Venkatakrishnan, certify that:

1. I have reviewed this annual report on Form 20-F of Barclays PLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's boards of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: February 10, 2026

/s/ C.S. Venkatakrishnan

C.S. Venkatakrishnan

Title: Group Chief Executive

Barclays PLC

------

I, Anna Cross, certify that:

1. I have reviewed this annual report on Form 20-F of Barclays PLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's boards of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: February 10, 2026

/s/ Anna Cross

Anna Cross

Title: Group Finance Director

Barclays PLC

## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATIONS FILED PURSUANT TO 17 CFR 240. 13(A) AND 18 U.S.C**

**SECTION 906 CERTIFICATION**

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each undersigned officer of Barclays PLC, a public limited company incorporated under the laws of England and Wales ("Barclays"), hereby certifies, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended December 31, 2025 (the "Report") of Barclays fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934 and information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Barclays.

Date: February 10, 2026

---

| |
|:---|
| /s/ C.S. Venkatakrishnan |
| C.S. Venkatakrishnan |
| Title: Group Chief Executive |
| Barclays PLC |

---

Date: February 10, 2026

---

| |
|:---|
| /s/ Anna Cross |
| Anna Cross |
| Title: Group Finance Director |
| Barclays PLC |

---

## Exhibit 15.1

**Exhibit 15.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in the registration statement (No. 333-277578) on Form F-3 and in the registration statements (Nos: 333-236905, 333-236904, 333-225082, 333-216361, 333-195098, 333-183110, 333-173899, 333-167232, 333-153723, 333-254570, 333-261584, 333-272812) on Form S-8 of Barclays PLC of our report dated February 9, 2026, with respect to the consolidated financial statements of Barclays PLC and the effectiveness of internal control over financial reporting, included in the annual report on Form 20-F of Barclays PLC for the year ended December 31, 2025.

/s/ KPMG LLP

London, United Kingdom

February 10, 2026

## Exhibit 99.1

**Capitalisation and Indebtedness**

**Exhibit 99.1**

The following table sets out the Group's capitalisation, indebtedness and contingent liabilities on a consolidated basis, in accordance with IFRS, as at 31 December 2025.

---

| | |
|:---|:---|
| | **2025** |
| **As at 31 December** | **m** |
| **Share Capital of Barclays PLC** |  |
| Ordinary shares - issued and fully paid shares of £0.25 each | **13867** |
|  | **£m** |
| **Group equity** |  |
| Called up share capital and share premium | **4178** |
| Other equity instruments | **12725** |
| Other reserves | **1628** |
| Retained earnings | **59253** |
| **Total equity excluding non-controlling interests** | **77784** |
| Non-controlling interests | **452** |
| **Total equity** | **78236** |
| **Group indebtedness** |  |
| Subordinated liabilities | **12954** |
| Debt securities in issue at amortised cost | **119033** |
| Debt securities in issue designated at fair value | **86676** |
| **Total indebtedness** | **218663** |
| **Total capitalisation and indebtedness** | **296899** |
| **Group contingent liabilities and commitments** |  |
| Guarantees and letters of credit pledged as collateral security | **16749** |
| Performance guarantees, acceptances and endorsements | **8625** |
| **Total contingent liabilities** | **25374** |
| Documentary credits and other short-term trade related transactions | **1103** |
| Standby facilities, credit lines and other commitments | **423503** |
| **Total commitments** | **424606** |

---

As at 31 December 2025, £20.4bn of our indebtedness was secured.

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