ANZ Group Holdings (ASX:ANZ) Stock: 2025 Results, 2026 Dividend Dates and Outlook for Investors

On 10 December 2025, ANZ Group Holdings Limited (ASX:ANZ) is trading around A$35.20 per share, up roughly 24% year to date and near the upper end of its 2025 trading range. ^[1] That kind of run puts ANZ ahead of several major Australian bank peers and has pushed the stock back into the spotlight for income and value investors alike.

At the same time, the bank is juggling a messy regulatory clean‑up, a high‑profile cultural reset under a new CEO, and a fresh five‑year “ANZ 2030” strategy that promises better efficiency and more digital firepower. ^[2]

Here’s what’s changed in 2025, what’s been announced for 2026, and how analysts currently see ANZ stock.

ANZ share price today: near 2025 highs

Market data from InvestSMART shows ANZ’s current share price at about A$35.23, compared with A$28.43 at the start of 2025 – a gain of roughly 23.7% for the year so far. ^[3] Over the same period, the stock has traded between A$26.22 and A$38.93, putting today’s level comfortably in the upper third of the 2025 range. ^[4]

Simply Wall St estimates ANZ’s year‑to‑date share price return at 29.2%, with a one‑year total shareholder return close to 23%, and three‑ and five‑year returns above 80% and 120% respectively – a solid multi‑year record of compounding for a big, slow‑moving bank. ^[5]

A separate piece on The Motley Fool notes that ANZ shares are up around 22% over the past year and have outpaced Commonwealth Bank, Westpac and NAB over that period, underlining ANZ’s relative strength in the “big four” pack in 2025.

In short: ANZ has quietly turned into one of the better‑performing income stocks on the ASX this year, despite all the drama behind the scenes.

FY25 results: profit dip, hefty charges, steady dividend

The good news for shareholders is that ANZ kept its dividend steady. The bad news is that it had to wade through a swamp of regulatory penalties and restructuring costs to get there.

In its official full‑year 2025 results (year ended 30 September 2025), ANZ reported: ^[6]

Statutory profit: A$5.89 billion, down 10% on the prior year.
Cash profit: A$5.79 billion, with Reuters noting a 14% fall in annual cash earnings versus FY24 as post‑tax “significant items” weighed on the bottom line.
Significant items: About A$1.11 billion after tax, including a record A$240 million ASIC penalty over misconduct and roughly A$414 million related to laying off around 3,500 staff and other restructuring actions.
Capital: Common Equity Tier 1 (CET1) ratio of around 12%, or 12.26% on a pro‑forma basis including capital returned from the non‑operating holding company.
Credit quality: A total credit impairment charge of A$441 million, with overall credit quality still described as “sound” and collective provisions edging higher.

Stripping out those one‑off regulatory and restructuring charges, ANZ says cash profit was broadly flat year‑on‑year at about A$6.9 billion, with cash return on equity around 9.6%. ^[7]

The result confirms a pattern that’s familiar across Australian banks in 2025: lending volumes are growing, but intense competition and lower interest rates are squeezing net interest margins and forcing management teams to slash costs to keep returns intact. ^[8]

ANZ 2030 strategy: leaner, more digital, more focused

2025 has effectively been “Year Zero” for ANZ’s new boss, Nuno Matos, who took over as CEO in May after a long stint at HSBC. ^[9]

In October the bank unveiled ANZ 2030, a five‑year strategy aimed at: ^[10]

Putting “customers first” across its Australian and New Zealand retail and business franchises.
Simplifying the group structure and reducing duplication, particularly in Australia Retail and Business & Private Bank, which management openly calls underperformers.
Integrating the recently acquired Suncorp Bank to deepen its Queensland presence and gain efficiency benefits.
Building a “single customer front‑end” via the ANZ Plus digital platform and modernising back‑end systems.
Tightening non‑financial risk management under a regulator‑approved “Root Cause Remediation Plan”.

TIKR’s recent review of ANZ highlights that, heading into 2026, the bank starts from a position of “cautious strength” – with relatively stable margins, benign credit conditions and CET1 above 13% on its own numbers – but stresses that execution on costs, deposit mix and digital investments will determine whether returns actually rise. ^[11]

That’s the central tension in the ANZ story right now: the balance sheet is solid, the strategy sounds sensible, but the bank needs to actually deliver on the promises while operating in a cut‑throat mortgage market with regulators breathing down its neck. ^[12]

Culture, regulation and governance: the messy side of the story

While the share price has been climbing, ANZ has been working through a long list of legacy issues. Australian regulators have brought 11 civil penalty cases against the bank since 2016, with total penalties now above A$310 million. ^[13]

Key flashpoints in 2025 include:

Record ASIC penalty: ANZ accepted a proposed A$240 million penalty over misconduct that included unconscionable behaviour in a government bond deal and charging fees to deceased customers – the largest such penalty against a single entity in Australia. ^[14]
“Good news culture” problem: A McKinsey‑backed review found ANZ had a “good news culture” that discouraged staff from speaking up about issues, something Matos told a parliamentary hearing he is now determined to fix by simplifying structures and making leaders accountable. ^[15]
Executive pay revolt risk: Two powerful proxy advisors, ISS and CGI Glass Lewis, have recommended shareholders vote against ANZ’s remuneration report at the 18 December 2025 AGM, arguing that executive pay cuts – including stripping former CEO Shayne Elliott of A$13.5 million in bonuses – were not tough enough in light of the scandals. ^[16]

A “second strike” on pay at the AGM would increase pressure on the board, even though most advisors are not yet calling for a full board spill. ^[17]

At the same time, the Australian Prudential Regulation Authority (APRA) has warned the major banks – ANZ included – not to loosen lending standards to win market share now that interest rates are lower, pointing to high household leverage and booming investor mortgage growth as key vulnerabilities. ^[18]

The governance and regulatory overhang is one of the biggest medium‑term risks for ANZ shareholders: it’s not just about fines, but also about management distraction, cultural drag and the possibility of harsher capital or conduct requirements if anything else goes wrong.

Dividends: 2025 payout and the full FY26 calendar

For many investors, ANZ is primarily a dividend stock, and on that front 2025 delivered continuity rather than surprise.

FY25 dividends

ANZ’s board declared: ^[19]

Interim dividend: 83 cents per share (partially franked at 70%), with an ex‑dividend date of 13 May 2025 and payment date of 1 July 2025.
Final dividend: 83 cents per share, again 70% franked, with ex‑dividend date of 13 November 2025 and payment date due on 19 December 2025.

That brings the total FY25 dividend to A$1.66 per share, unchanged from the prior year and implying a trailing dividend yield of roughly 4.7–5.0% at current prices, depending on which data provider you use. ^[20]

Confirmed FY26 dividend dates

ANZ has already published a detailed 2026 financial calendar for ordinary shares, which effectively locks in the key dates income investors care about. ^[21]

For FY26, the bank is currently planning to:

Announce 1H FY26 results and the interim dividend on Thursday, 7 May 2026.
Go ex‑dividend for the interim dividend on Monday, 18 May 2026.
Set the record date on Tuesday, 19 May 2026.
Close DRP/BOP and foreign currency elections on Wednesday, 20 May 2026.
Pay the interim dividend on Wednesday, 1 July 2026.

For the second half of FY26, ANZ expects to:

Announce full‑year results on Monday, 9 November 2026.
Go ex‑dividend for the final dividend on Thursday, 12 November 2026.
Set the record date on Friday, 13 November 2026.
Close DRP/BOP and FX elections on Monday, 16 November 2026.
Pay the final FY26 dividend on Friday, 18 December 2026. ^[22]

The latest article from The Motley Fool simply repackages these ANZ‑published dates for retail investors, underscoring how important the stock’s dividend rhythm is for local income portfolios. ^[23]

Analyst ratings, price targets and valuation debates

Given the strong share‑price run, the obvious question is whether ANZ is now priced for perfection. Analysts – and valuation models – don’t fully agree with each other.

Broker and consensus views

MarketScreener’s consensus shows: ^[24]

Mean rating: HOLD
Number of analysts: 14
Last close: A$35.16
Average 12‑month target price: A$35.24
Target range: A$30.00 (low) to A$40.40 (high)

In other words, on this dataset ANZ is trading almost exactly in line with the average target, with upside and downside potential of roughly 15% based on the extremes of the range. ^[25]

Fintel’s compilation paints a slightly more optimistic picture, with an average one‑year price target of about A$36.05 and a range from roughly A$30.30 to A$42.42, again based on around a dozen analyst forecasts. ^[26]

Jarden, Jefferies, UBS, Macquarie, Morgan Stanley and Citi all appear in MarketScreener’s coverage list, and recent notes show a mix of Overweight, Neutral and at least one Sell rating, reflecting differing views on how attractive ANZ’s risk‑reward profile is after the rally and the big cost‑cutting announcements. ^[27]

Independent valuation models

Independent platforms add extra spice to the valuation debate:

Simply Wall St “narrative” fair value: A recent analysis says that at A$36.94 (the price at the time of writing), ANZ traded about 7.9% above its narrative‑based fair value estimate of A$34.24, hence tagged as “overvalued” in that framework. ^[28]
Simply Wall St DCF model: In the same article, their discounted cash‑flow model actually suggests ANZ is around 6% undervalued, illustrating how sensitive valuations are to assumptions about margins, growth and discount rates. ^[29]
TIKR valuation model: TIKR’s work indicates potential total returns of about 25% over the next five years if ANZ maintains stable margins, benign credit trends and effective cost control, helped by its strong capital position. ^[30]

There’s also a stream of retail‑oriented commentary arguing that ANZ now trades close to or modestly above many fair‑value estimates after its rally, while still offering a healthy fully‑ or partially‑franked yield. ^[31]

The short version: the consensus is not screaming “bargain”, but nor is it flashing obvious overvaluation. Most formal research sits in the “hold to mildly positive” zone, with upside or downside largely hinging on how well ANZ executes its ANZ 2030 plan and how aggressive regulators remain. ^[32]

Key risks and opportunities for ANZ shareholders

Based on the latest newsflow, several themes stand out for investors weighing ANZ shares today:

1. Solid capital and income profile
ANZ sports a CET1 ratio around 12%, a two‑dividend‑a‑year pattern, and a trailing cash yield near 5% plus modest buybacks – an attractive combination in a low‑rate, income‑hungry environment. ^[33]

2. Cost cuts and restructuring could boost returns
Management is targeting about 3% cost reductions into FY26 while simplifying the group and integrating Suncorp Bank, which, if delivered, could expand margins and lift return on equity over time. ^[34]

3. Regulatory and cultural overhang is real
The record ASIC penalty, ongoing APRA scrutiny, multiple misconduct cases and the “second strike” risk on executive pay all point to governance risk that could translate into higher costs, management turnover or even tighter capital demands if mis‑steps continue. ^[35]

4. Competitive mortgage market pressures margins
APRA’s system‑wide stress‑test commentary and the big four banks’ push to grow mortgage books in a lower‑rate world suggest that preserving margins without loosening standards will be tricky. ANZ’s net interest margin is already under pressure, and further rate cuts or irrational competition could squeeze earnings. ^[36]

5. Execution risk on ANZ 2030 and digital transformation
The entire ANZ 2030 story – from ANZ Plus to Suncorp integration to “simplifying the bank” – is fundamentally an execution challenge. Early signs are encouraging, but technology projects and culture change have a long history of taking longer, costing more, and delivering less than hoped in banking land. ^[37]

Bottom line: what today’s setup means for ANZ stock

As of 10 December 2025, ANZ Group Holdings sits in an interesting sweet‑and‑sour spot:

The share price is strong, near 2025 highs after a multi‑year recovery. ^[38]
The dividend stream looks dependable, with detailed 2026 dates already locked in and a yield that remains competitive among income stocks on the ASX. ^[39]
Analysts largely call it a hold, with average targets hovering around the current share price and models split between mild overvaluation and modest undervaluation. ^[40]
The big swing factors are whether ANZ can successfully cut costs, bed down Suncorp, overhaul its culture and avoid further costly regulatory blow‑ups while navigating a highly competitive mortgage market. ^[41]

For income‑focused investors comfortable with bank‑sector risk, ANZ offers a familiar package: solid capital, a well‑flagged dividend timetable, and exposure to the Australian and New Zealand economies. For more value‑driven or risk‑averse investors, the combination of recent outperformance, governance noise and execution risk may justify a more cautious stance until there’s clearer evidence that ANZ 2030 is translating into sustainably higher returns.

Either way, ANZ is no longer the sleepy, underperforming cousin of the big four. It’s a live case study in how a major bank tries to reinvent itself under regulatory fire – and that makes it a stock worth watching closely, not just for the dividend cheques but for what it says about the future of Australian banking.