ANZ Group Holdings (ASX: ANZ) on 4 December 2025: Share Price, Dividend, AGM Pay Revolt and 2026 Outlook

ANZ Group Holdings Limited (ASX: ANZ) heads into December trading a little above A$35 per share, offering a near‑5% dividend yield but facing one of the most contentious annual general meetings (AGMs) in the Australian banking sector in years. ^[1]

On 4 December 2025, the stock sits close to consensus analyst valuation, as investors weigh a generous payout, strong capital and Suncorp integration benefits against regulatory penalties, a risk‑culture overhaul and a brewing shareholder revolt over executive pay. ^[2]

ANZ share price snapshot on 4 December 2025

On Thursday, ANZ Group shares are trading just above A$35 on the ASX, around 1% higher than Wednesday’s close of A$34.73. ^[3]

Key market metrics as of 4 December 2025:

Share price: ~A$35.0
Prev. close: A$34.73
52‑week range: A$26.22 – A$38.93 ^[4]
Market capitalisation: ~A$106 billion ^[5]
1‑year share price change: about +10% ^[6]

Over the same 12‑month period, the S&P/ASX 200 index has delivered roughly low single‑digit gains – around 1–2% depending on the exact start date – meaning ANZ has modestly outperformed the broader market despite recent volatility. ^[7]

Technical services such as StockInvest note that ANZ closed at A$34.73 on 3 December and sits below its recent peak near A$39 but comfortably above its 52‑week low in the mid‑A$20s. Their models currently characterise ANZ as a “hold/accumulate” candidate after a pull‑back, not a momentum high‑flyer. ^[8]

TradingView’s blended technical rating leans “sell” on very short‑term indicators, while its 1‑week and 1‑month signals tilt more constructive – a picture of a large, liquid bank stock moving sideways around fair value rather than trending strongly in either direction. ^[9]

2025 full‑year result: weaker earnings, solid balance sheet

ANZ’s share price today still reflects the market’s reaction to its 2025 full‑year result, released on 10 November for the year ended 30 September 2025. ^[10]

Headline numbers:

Statutory profit: A$5.89 billion, down 10% vs FY24
Cash profit: A$5.79 billion, down 14% vs FY24
Cash EPS: 194.7 cents, down 13%
Cash return on equity (RoE): 8.1%, down from 9.7%
APRA Level 2 CET1 ratio: 12.0% (still comfortably above regulatory minimums) ^[11]

The result was dragged down by A$1.11 billion after‑tax in “significant items”, previously flagged in October. These charges cover: ^[12]

A$414 million for 3,500 permanent staff redundancies and additional contractor cuts
A$264 million tied to settlements with the Australian Securities & Investments Commission (ASIC)
Costs related to exiting non‑core businesses (including online loyalty platform Cashrewards) and revaluing ANZ’s stake in Indonesia’s Panin Bank

Excluding these one‑offs, ANZ says cash profit would have been broadly flat year‑on‑year around A$6.9 billion, with underlying returns closer to 9.6% RoE and 10.5% on tangible equity. ^[13]

The profitability squeeze also reflects structural pressures:

Net interest margin declined to around 1.55%, as intense mortgage competition and earlier RBA rate cuts squeezed spread income. ^[14]
Operating expenses jumped ~20%, partly because the restructuring and remediation costs were booked through the P&L. ^[15]

Despite this, credit quality remains sound. Total credit impairment charges of A$441 million remain modest for a bank of ANZ’s size, and management stresses that arrears and write‑offs are still low, helped by falling official rates and relatively resilient employment. ^[16]

Dividend, DRP and capital management: income story intact

For income‑focused investors, the main headline is that ANZ has held its dividend steady:

2025 final dividend: 83 cents per share (partially franked at 70%)
Total FY25 ordinary dividend: 166 cents, unchanged from FY24
Payment date: 19 December 2025
Record date: 14 November 2025 ^[17]

At today’s share price a little above A$35, the trailing dividend of A$1.66 per share implies a cash yield of about 4.7–4.8%, before the benefit of franking credits for eligible Australian investors. ^[18]

Key details for shareholders:

Dividend Reinvestment Plan (DRP) & Bonus Option Plan (BOP): both are in operation and attract a 1.5% discount for the 2025 final dividend. ^[19]
The DRP/BOP issue price for this dividend has been set at A$34.37, based on the volume‑weighted average price over the late‑November pricing period. ^[20]

On capital management, the new CEO has swung the pendulum towards balance‑sheet strength over buybacks. In October ANZ cancelled the remaining A$800 million of a planned A$2 billion on‑market share buyback, choosing instead to conserve capital to fund restructuring, technology investment and the Suncorp Bank integration. ^[21]

At the same time, ANZ is returning around A$1 billion of surplus capital from its non‑operating holding company into the main bank, leaving the pro‑forma CET1 ratio at about 12.26% after these moves. ^[22]

The upshot: the dividend looks well‑covered for now – ANZ’s payout ratio on trailing earnings sits in the high‑60% range – but investors should not expect aggressive buybacks while regulatory and risk‑culture issues are still being worked through. ^[23]

Governance under fire: proxy advisers urge a revolt on pay

The biggest near‑term catalyst for ANZ shares is the 2025 AGM on 18 December in Sydney, where shareholders will vote on the board’s remuneration report and several ESG‑related resolutions. ^[24]

In the week of 2–4 December:

Proxy adviser CGI Glass Lewis recommended that investors vote against the remuneration report. ^[25]
On 4 December, Institutional Shareholder Services (ISS) followed suit, urging a “no” vote as well. ^[26]

Their criticism centres on how the bank has handled executive pay in light of a string of scandals:

ANZ has agreed with ASIC and the Federal Court to pay A$240 million in penalties across four cases, covering unconscionable conduct in a federal government bond deal and widespread overcharging and failures across retail and institutional businesses – the largest penalty ASIC has ever sought against a single entity. ^[27]
A separate risk‑culture review commissioned by regulators and carried out with independent advisers described ANZ’s internal culture as overly focused on “good news”, with staff reluctant to challenge decisions or escalate problems. ^[28]

The board has already:

Stripped former CEO Shayne Elliott of A$13.5 million in bonuses
Imposed broader executive pay cuts of about A$32 million across several former leaders ^[29]

ISS argues this still does not go far enough, noting that Elliott retains roughly A$7.9 million in long‑term incentive value even after the clawbacks and that accountability for cultural and risk failures remains incomplete. ^[30]

Importantly, a vote against the remuneration report this year would be the second consecutive “strike” after last year’s protest vote. Under Australian company law, a second strike allows investors to vote on a board spill resolution. Although neither ISS nor Glass Lewis is currently recommending a spill, the threat itself increases governance risk and keeps ANZ firmly under the spotlight. ^[31]

Judicial and public scrutiny is also intensifying. Federal Court Justice Jonathan Beach has publicly questioned whether the proposed A$240 million settlement is “on the light side”, and hearings continue over the bond‑trading and deceased‑estate misconduct. ^[32]

Risk culture, APRA capital add‑on and the “root cause” plan

The governance debate sits on top of a formal risk‑culture crackdown by Australia’s prudential regulator, APRA.

In April 2025 APRA: ^[33]

Accepted a Court Enforceable Undertaking (CEU) from ANZ, requiring a multi‑year overhaul of non‑financial risk management
Increased ANZ’s capital add‑on from A$750 million to A$1 billion, effectively tying up additional equity as a buffer until risk‑culture weaknesses are addressed

The independent review that triggered these measures found systemic shortcomings in how ANZ identified and escalated non‑financial risks, with the “good news” culture leading to under‑reporting of problems. ^[34]

ANZ has responded with a detailed Root Cause Remediation Plan (RCRP), approved by APRA on 7 November 2025. The plan covers changes to governance, accountability, risk reporting and culture across the bank, backed by a dedicated program office. ^[35]

For shareholders, the key question is whether the bank can:

Satisfy APRA and have the A$1 billion capital add‑on removed over time, unlocking capital
Demonstrate to investors that the risk‑culture problems which led to the record ASIC penalty are genuinely fixed, not just documented

Until that is clearer, a governance and regulatory overhang will remain part of the ANZ equity story.

Strategy reset under CEO Nuno Matos

All of this is happening under relatively new leadership. Former HSBC executive Nuno Matos took over as ANZ Group CEO in May 2025 and has moved quickly to reshape the bank. ^[36]

Key elements of his strategy so far:

Aggressive cost‑cutting:
- 3,500 permanent job cuts plus around 1,000 contractor roles to go by late 2026
- Targeted A$800 million of pre‑tax cost savings from restructuring and exiting non‑core businesses ^[37]
- Commitment to cut total costs by 3% in FY26 despite inflationary pressures ^[38]
Capital reallocation and simplification:
- Halting the remaining A$800 million of the share buyback to preserve capital for transformation and risk remediation ^[39]
- Accelerating integration of Suncorp Bank, with expected annual synergies lifted to A$500 million from the original plan ^[40]
- Exiting or shrinking non‑core operations such as Cashrewards and some international holdings
Return targets:
- Aim for 12% return on tangible equity by 2028 and 13% by 2030, a meaningful uplift from the current single‑digit RoTE. ^[41]

Matos has also just been appointed chair of the Australian Banking Association (ABA) council, giving him a prominent platform in industry policy debates on competition, access to banking services and scam protection. ^[42]

Execution of this strategy – delivering cost savings and Suncorp synergies without fresh risk or customer‑service blow‑ups – is central to the medium‑term ANZ investment case.

How the market values ANZ today

Across major data providers, ANZ is currently priced as a steady, income‑oriented bank with modest growth and tangible governance risk, rather than a deep value or high‑growth play.

From Investing.com and other sources, the key valuation metrics around A$35 per share are: ^[43]

Price/earnings (P/E): ~17–18x trailing earnings
Price/book (P/B): ~1.5x
Return on equity: ~8–9%
Dividend: A$1.66 per share (TTM)
Dividend yield: ~4.7–4.8%

Analyst ratings and 12‑month price targets

Consensus forecasts cluster tightly around the current share price:

Investing.com:
- 14 analysts
- Consensus rating: “Neutral”
- Recommendation split: 4 Buy, 7 Hold, 3 Sell
- Average 12‑month target price: A$35.24
- Range: A$30 – A$40.40 ^[44]
TradingView:
- Average target: A$34.67
- Range: A$24.96 – A$40.40 ^[45]
MarketScreener / MarketWatch:
- Consensus rating: Hold/Neutral
- Average targets in the A$34–35 zone, based on mid‑teens analyst coverage. ^[46]

In other words, sell‑side analysts see limited upside – perhaps 0–3% – from today’s price, with most regarding ANZ as fairly valued given its current earnings and risk profile.

Earnings and growth forecasts

Forecasts for ANZ’s medium‑term growth differ slightly by provider but tell a similar story: modest, not explosive, expansion.

Simply Wall St:
- Forecast earnings growth: ~7.9% per year
- Revenue growth: ~3.6% per year
- EPS growth: ~7.5% per year
- ROE expected to rise to ~10.3% in three years ^[47]
PortersFiveForce and other aggregators (using earlier‑2025 data):
- Earnings growth: ~1.7% per year
- Revenue growth: ~4% per year
- EPS growth: ~1.6% per year, with shares drifting towards the mid‑A$30s under a conservative scenario. ^[48]
Motley Fool Australia’s May 2025 modelling:
- Suggests ANZ’s reported profit could edge up to around A$6.9 billion by FY27, implying low single‑digit annual growth rather than a step‑change. ^[49]

Taken together, the market is not pricing ANZ as a turnaround rocket ship. It is being valued more as a large, high‑yield bank where moderate profit growth and a stable dividend are expected – but not guaranteed – as the risk‑culture clean‑up unfolds.

Macro backdrop: RBA cuts, sticky inflation and housing resilience

ANZ’s 2025 story sits within an unusually complex Australian macro environment:

The Reserve Bank of Australia (RBA) has cut the cash rate three times this year, from 4.35% to 3.60%, with the last cut in August. ^[50]
Since then, the RBA has held rates at 3.60% at its September and November meetings, citing a renewed pick‑up in inflation and lingering uncertainty about how earlier cuts are feeding through to the economy. ^[51]
ANZ’s own economics team has now scrapped earlier forecasts of near‑term cuts and expects the cash rate to stay at 3.60% for an extended period, as inflation hovers around 3.8% and unemployment edges above 4%. ^[52]

For the bank:

Lower rates compress net interest margins, particularly in mortgages, which ANZ singled out as a pressure point in its full‑year result. ^[53]
But a prolonged plateau rather than an aggressive cutting cycle can limit credit‑quality damage, because borrowers get some relief while deposit pricing remains reasonably disciplined.

A Reuters poll now expects Australian home prices to rise nearly 7% in 2026, supported by constrained supply and earlier rate cuts – a backdrop that tends to support banks’ mortgage books but raises affordability and political risks. ^[54]

Key risks and catalysts for ANZ shares into 2026

From a market perspective, the main moving parts for ANZ Group Holdings Limited over the next 12 months are:

AGM outcome on 18 December 2025
- A second strike on the remuneration report would crystallise a board spill resolution and keep governance front‑page news. ^[55]
Regulatory follow‑through on ASIC penalty and APRA CEU
- Court approval of the A$240 million penalty, APRA’s assessment of RCRP progress and any change to the A$1 billion capital add‑on will directly influence ANZ’s cost base, capital flexibility and risk premium. ^[56]
Delivery of cost cuts and Suncorp synergies
- The market will closely track whether the promised A$800 million of cost savings and A$500 million a year of Suncorp synergies show up in FY26 numbers without causing operational or reputational damage. ^[57]
Interest‑rate path and economic data
- Any surprise shift in RBA policy – particularly a return to hikes if inflation reignites, or deeper‑than‑expected cuts if growth stalls – would have direct implications for ANZ’s margins, loan growth and impairments. ^[58]
Rebuilding trust and culture
- Concrete evidence that ANZ has moved beyond its “good news culture” and embedded stronger non‑financial risk management will be crucial for reducing regulatory risk and justifying a re‑rating towards peers with cleaner reputations. ^[59]

Bottom line: how ANZ stock looks on 4 December 2025

As of 4 December 2025, ANZ Group Holdings Limited looks like:

A well‑capitalised big‑four bank with CET1 around 12% and additional buffers held against regulatory concerns
A high‑yield, income‑oriented stock, offering a ~4.7–4.8% cash dividend yield with partially franked payouts, and a long track record of twice‑yearly dividends ^[60]
A franchise with modest expected earnings growth, where consensus sees only limited upside from current levels over the next year
A “prove‑it” turnaround story on governance and risk culture, facing intense scrutiny from regulators, courts, proxy advisers and ESG‑focused investors

For investors and traders scanning Google News or Discover, ANZ is unlikely to be a classic bargain or a speculative rocket. It’s a mature bank in the middle of a complex reset – one where dividends and execution discipline will matter at least as much as the next quarter’s profit headline.