Earnings Conference Call Bill Rogers – Chairman & CEO Fourth Quarter 2025 Earnings Conference Call Mike Maguire – CFO Bill Rogers - Chairman & CEO Mike Maguire - CFO January 21, 2026 January 21, 2026 Fourth Quarter 2024 Forward-looking statements From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or curr ...

Core Viewpoint - Truist Financial reported an increase in fourth-quarter profit, driven by higher interest income and fees from its investment banking operations [1] Group 1 - The rise in profit for Truist Financial was attributed to increased interest income [1] - Fees from investment banking businesses also contributed to the profit growth [1]

Financial Performance - Truist Financial Corporation reported a solid performance in Q4 2025, with total revenue reaching $3.5 billion, a 5% increase year-over-year[1]. - The net income for the quarter was $800 million, reflecting a 10% growth compared to the same period last year[1]. - The outlook for Q1 2026 includes a revenue growth forecast of 4-6%, driven by continued loan growth and improved economic conditions[1]. - Net income for the quarter was $1,354 million, compared to $1,452 million in the previous quarter, reflecting a decrease of 6.75%[3]. - Earnings per share (basic) from continuing operations was $1.02, down from $1.05 in the previous quarter[3]. - The company reported a net income of $1,354 million for Q4 2025, compared to $1,452 million in Q3 2025[5]. - Segment net income for Consumer and Small Business Banking was $678 million in Q4 2025, compared to $709 million in Q4 2024, a decrease of 4.4% year-over-year[21]. Revenue and Income Sources - Truist's non-interest income rose by 8% to $1.2 billion, supported by higher fees from wealth management services[1]. - Noninterest income increased to $1,546 million from $1,558 million in the previous quarter, indicating a stable performance[3]. - Noninterest income for the total corporation was $1,546 million in Q4 2025, up from $1,470 million in Q4 2024, representing a growth of 5.2% year-over-year[21]. - Total mortgage banking income for Q4 2025 was $119 million, a slight increase from $118 million in Q3 2025[23]. Loan and Deposit Growth - Average deposits increased by 7% to $150 billion, driven by strong customer acquisition and retention strategies[1]. - The company’s loan portfolio grew by 6% to $120 billion, with a notable increase in commercial lending[1]. - Total loans and leases held for investment rose to $328,595 million, an increase of 1.1% from $306,383 million in Q4 2024[7]. - Total deposits reached $400,398 million, showing a 2.2% increase compared to $390,524 million in Q4 2024[7]. Efficiency and Cost Management - The bank's efficiency ratio improved to 55%, down from 57% in the previous quarter, indicating better cost management[1]. - The efficiency ratio (unadjusted) was 60.4%, up from 58.1% in the previous quarter, suggesting increased operational costs[3]. - The total noninterest expense for Truist Financial Corporation was $3,170 million in Q4 2025, compared to $3,035 million in Q4 2024, an increase of 4.4% year-over-year[21]. Capital and Liquidity - Common equity tier 1 ratio decreased to 10.8% from 11.0% in the previous quarter, indicating a decline in capital adequacy[3]. - The liquidity coverage ratio improved to 111% from 110% in the previous quarter, indicating better liquidity management[3]. - Common equity tier 1 capital stood at $48,028 million as of December 31, 2025, slightly down from $48,225 million a year earlier[22]. Credit Quality and Losses - Nonperforming loans and leases as a percentage of loans held for investment (LHFI) remained stable at 0.48%[3]. - The allowance for loan and lease losses stood at $5,030 million, up from $4,857 million in Q4 2024, marking an increase of 3.6%[7]. - The provision for credit losses for the quarter was $512 million, compared to $436 million in the prior quarter, reflecting a 17.5% increase[19]. - Net charge-offs were $470 million for the quarter, compared to $385 million in the prior quarter, indicating a 22.1% increase[19]. Technology and Digital Banking - Truist plans to expand its digital banking services, aiming for a 20% increase in online customer engagement by the end of 2026[1]. - The company is investing $200 million in technology upgrades to enhance customer experience and operational efficiency[1]. Market Position and Strategy - Truist has identified potential acquisition targets in the Southeast region to bolster its market presence and service offerings[1]. - The average yield on U.S. Treasury securities decreased to 4.82% from 5.40% in the previous year, while average balances remained stable around $13.275 billion[9].

Core Viewpoint - Truist Financial Corporation reported its fourth quarter 2025 results, highlighting its financial performance and providing access to earnings call details for investors [1]. Group 1: Company Overview - Truist Financial Corporation is a purpose-driven financial services company focused on inspiring and building better lives and communities [2]. - The company is headquartered in Charlotte, North Carolina, and holds a leading market share in many high-growth markets in the U.S. [2]. - As of December 31, 2025, Truist has total assets of $548 billion, positioning it as a top-10 commercial bank [2]. Group 2: Services Offered - Truist offers a wide range of products and services through its wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending [2].

Core Viewpoint - Truist Financial Corporation (TFC) is expected to report strong quarterly earnings, with significant year-over-year growth in earnings per share (EPS) and revenue, indicating positive market sentiment and growth prospects for the company [1][2][6] Financial Performance - TFC is projected to report EPS of $1.09 and revenue of approximately $5.32 billion for the upcoming quarter [1][6] - The anticipated EPS represents a 19.8% increase compared to the same period last year, driven by a 4.1% year-over-year revenue increase [2][6] - The consensus EPS estimate has been revised upward by 0.7% over the past 30 days, reflecting positive analyst sentiment [2][6] Income and Revenue Growth - TFC's net interest income (NII) is expected to rise by 3.2%, attributed to strong loan demand and reduced deposit costs [3] - Non-interest income is projected to grow by 6.5%, supported by stronger fee income across various segments [3] - Adjusted fourth-quarter revenues are anticipated to see a sequential growth of 1-2% [3] Loan Portfolio and Asset Growth - TFC's loan portfolio shows promising trends, with commercial and industrial loans comprising nearly half of total loans and leases [4] - Consumer loan demand, accounting for about 40% of total loans, remains solid [4] - The Zacks Consensus Estimate for TFC's average earning assets is set at $490.4 billion, reflecting a 3.7% increase [4] Market Valuation Metrics - TFC has a price-to-earnings (P/E) ratio of approximately 12.29 and a price-to-sales ratio of about 2.11 [5] - The enterprise value to sales ratio is around 3.23, while the enterprise value to operating cash flow ratio is approximately 25.01 [5] - Despite a debt-to-equity ratio of about 1.08, the current ratio is low at approximately 0.13, indicating potential liquidity concerns [5]

Core Viewpoint - Downtown Frederick Partnership has launched a Retail Incubator with support from Truist Foundation to enhance entrepreneurial opportunities and diversity in business ownership in Downtown Frederick [1][4]. Group 1: Retail Incubator Overview - The Retail Incubator will be located at 22 S Market St, inside the historic Federated Charities building, hosting three participants at a time for up to 12 months [2]. - Participants will have access to affordable retail space, shared operations, mentorship, and hands-on business training to test and grow their business concepts [2][5]. Group 2: Objectives and Goals - The initiative aims to cultivate new retail entrepreneurs from idea to implementation while diversifying ownership and offerings in Downtown Frederick [3]. - It addresses the need for affordable pathways into brick-and-mortar retail, particularly for historically underrepresented entrepreneurs [3][6]. Group 3: Support and Collaboration - The program is developed in collaboration with local businesses, economic development partners, and community organizations, leveraging SOUL Street's experience [3][4]. - Additional support comes from Frederick County's Office of Economic Development and the City of Frederick's Department of Economic Development, providing financial backing and resources [4][5]. Group 4: Economic Impact - The incubator is designed to strengthen Downtown Frederick's long-term economic resilience and enrich the retail mix by introducing a wider range of products and cultures [6]. - It aims to create a vibrant, inclusive, and competitive destination for residents and visitors, ultimately energizing the local economy [6]. Group 5: Application Process - Participants will be selected through an open application process, with the first round of applications expected to open in spring 2026 [7].

Core Viewpoint - Truist Financial (TFC) is expected to report strong fourth-quarter and full-year 2025 results, driven by solid lending demand and net interest income (NII) growth despite recent Federal Reserve interest rate cuts [1][3][10]. Lending and Income Estimates - Demand for commercial and industrial (C&I) loans, which make up nearly 50% of TFC's total loans, was decent in the quarter, alongside solid consumer loan demand, which accounts for almost 40% [2]. - The Zacks Consensus Estimate for TFC's average earning assets is $490.4 billion, reflecting a 3.7% increase from the prior year [2]. - NII is projected to rise by 3.2% to $3.71 billion, supported by robust loan demand and lower deposit costs [3][10]. Non-Interest Income - The Zacks Consensus Estimate for non-interest income is $1.57 billion, indicating a 6.5% rise year-over-year, with significant contributions from various fee income segments [8][10]. - Service charges on deposits are estimated at $240.9 million, a 1.7% increase, while card and payment-related fees are expected to reach $231.1 million, showing marginal growth [5]. - Investment banking and trading income is projected to be $323.8 million, reflecting a year-over-year increase of 23.6% [7]. Mortgage Banking and Expenses - Mortgage banking income is expected to rise to $117.4 million, slightly up from the previous year, due to declining mortgage rates and decent refinancing activity [6]. - Non-interest expenses are anticipated to continue rising due to technology investments and inflationary pressures, with management expecting adjusted expenses to remain stable sequentially [9]. Asset Quality and Earnings Outlook - The consensus estimate for total non-accrual loans and leases is $1.87 billion, indicating a 30.6% year-over-year increase, while total non-performing assets are also expected to rise by 26.6% to $1.87 billion [11]. - The Zacks Consensus Estimate for TFC's earnings is $1.09 per share, reflecting a growth of 19.8% from the previous year, with sales projected at $5.27 billion, a 4.1% increase [14][15]. 2025 Outlook - Management anticipates revenue growth of 1.5-2.5% from adjusted revenues of $20.1 billion in 2024, with adjusted expenses expected to increase by about 1% [16].

Economic Policy and Market Impact - President Trump's upcoming speech is expected to outline economic priorities and policy initiatives, with a focus on tax policy changes, infrastructure spending, regulatory approaches, and trade policy, particularly regarding China [1][2] - The speech's timing amid earnings season and critical economic data releases creates a complex backdrop for market reactions, as political rhetoric and corporate results will compete for investor attention [1][2] Economic Data Releases - Thursday will see a significant convergence of economic data, including the Q3 GDP revision and the November Core PCE Price Index, both released at 8:30am, which could lead to market volatility as investors assess growth and inflation data simultaneously [4] - The GDP revision will provide insights into consumer spending, business investment, and net exports, while the Core PCE Price Index will be crucial for understanding inflation trends [4] Company Earnings Insights - Netflix's earnings report will be critical for understanding the streaming industry's economics, including subscriber growth sustainability and content investment returns, especially in light of competition from platforms like Disney+ and Amazon Prime Video [5] - Intel's earnings will be a key indicator of its manufacturing transformation and competitive positioning in the semiconductor market, while GE Aerospace's results will provide insights into commercial aviation demand and defense spending trends [7] - Johnson & Johnson's earnings will offer perspectives on pharmaceutical demand and healthcare spending trends, while Procter & Gamble's results will assess consumer resilience in personal care and household products [8]

Core Viewpoint - Truist Financial Corporation (TFC) is expected to report quarterly earnings of $1.09 per share, a 19.8% increase year-over-year, with revenues projected at $5.27 billion, reflecting a 4.1% year-over-year growth [1]. Earnings Estimates - The consensus EPS estimate has been revised upward by 0.7% in the past 30 days, indicating analysts' reassessment of their initial projections [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3]. Key Financial Metrics - Analysts estimate a 'Net interest margin' of 3.0%, down from 3.1% in the previous year [4]. - 'Total nonperforming assets' are projected to reach $1.87 billion, up from $1.48 billion in the same quarter last year [5]. - The consensus estimate for 'Book Value Per Share (BVPS)' is $47.43, compared to $43.90 in the same quarter last year [5]. - 'Average balance - Total earning assets' is expected to be $490.36 billion, an increase from $472.64 billion in the previous year [6]. - The estimated 'Efficiency ratio-unadjusted' is 56.1%, improved from 60.0% in the same quarter last year [6]. - 'Total nonaccrual loans and leases' are expected to reach $1.87 billion, up from $1.43 billion year-over-year [7]. - The 'Tier 1 Leverage Ratio' is projected at 10.1%, down from 10.5% in the same quarter last year [7]. - The 'Tier 1 Capital Ratio' is expected to be 12.3%, compared to 12.9% in the previous year [8]. - The 'Total Capital Ratio' is forecasted at 14.4%, down from 14.9% in the same quarter last year [8]. - 'Total Noninterest Income' is projected to reach $1.57 billion, up from $1.47 billion in the previous year [9]. - 'Net interest income (FTE)' is estimated at $3.75 billion, compared to $3.64 billion in the same quarter last year [9]. - 'Net interest income (expense)' is expected to be $3.71 billion, up from $3.59 billion in the previous year [9]. Stock Performance - Truist Financial shares have shown a return of -0.6% over the past month, while the Zacks S&P 500 composite has increased by 1.6% [10].

Core Viewpoint - Truist Financial Corporation has appointed Mark Cuccinello as Head of Structured Credit to enhance its asset-based lending, working capital solutions, and equipment finance businesses, aiming to strengthen industry relationships and support client growth [1][2][3] Group 1: Leadership and Expertise - Mark Cuccinello brings significant expertise in asset-based lending origination and risk, previously leading efforts at JPMorgan Chase in the Northeast [2] - His leadership is expected to enhance Truist's ability to provide sophisticated solutions that support clients [2] Group 2: Strategic Focus - Cuccinello's role will focus on aligning structured credit strategies with corporate and commercial banking teams to deepen industry relationships [1][3] - The appointment reflects Truist's commitment to delivering best-in-class structured credit capabilities and ongoing investment in its Wholesale Banking platform [3] Group 3: Company Overview - Truist Financial Corporation is a purpose-driven financial services company with total assets of $544 billion as of September 30, 2025, and has a strong market share in high-growth U.S. markets [4]