Northern Trust Corporation · NASDAQ:NTRS
Northern Trust — Q4 2025 Earnings Presentation
23 slides from Northern Trust's earnings presentation, Jan 22, 2026
Slide 1: Strategy Update & Fourth Quarter 2025 Earnings Review
STRATEGY UPDATE & FOURTH QUARTER 2025 EARNINGS REVIEW January 22, 2026 Executive Sponsor: Presenting: northerntrust.com | © 2026 Northern Trust Corporation northerntrust.com | © 2026 Northern Trust Corporation 1
Slide 2: Agenda
1 Strategic Update Page 3 2 Financial Highlights Page 11 Agenda 3 Appendix Page 20 northerntrust.com northerntrust.com / © 2026Trust | © 2026 Northern Northern Trust Corporation 22
Slide 3: Strategic Update
Strategic Update northerntrust.com northerntrust.com / © 2026Trust | © 2026 Northern Northern Trust Corporation 33
Slide 4: Financial Highlights & Key Takeaways
Financial Highlights & Key Takeaways Q425 FY25 Revenue Growth, ex. notables1 9% 7% One Northern Trust strategy is delivering stronger financial performance Expense Growth, ex. notables1 5% 5% Productivity engine and AI creating investment capacity Operating Leverage, ex. notables1 4+ pts 2+ pts Busi
Slide 5: Executing Successfully Across Our Strategic Pillars
Executing Successfully Across Our Strategic Pillars Deepened client engagement, modernized our operating model, and strengthened risk and technology foundations PILLARS RESULTS OPTIMIZE Accelerated enterprise and business unit growth initiatives by mobilizing firmwide capabilities to GROWTH create v
Slide 6: Wealth Management Growth Update
Wealth Management Growth Update UHNW momentum and continued investments in talent Premier private bank for high-net worth individuals & families GROWTH AREAS OF FOCUS Holistic and $500+B differentiated Assets under • Leverage leading capabilities for upper tier wealth segment Management1 offering •
Slide 7: Asset Servicing Growth Update
Asset Servicing Growth Update Scalable growth and improving margins Leading specialized asset servicer for institutional investors GROWTH AREAS OF FOCUS 70% 53% • Scale global Capital Markets and Banking of Top 50 U.S. Healthcare of Top 100 U.S. Corporate Plans1 PensionPlans1 • Maintain momentum wit
Slide 8: Asset Management Growth Update
Asset Management Growth Update Strong liquidity and product innovation momentum Highly respected, integrated asset manager GROWTH AREAS OF FOCUS • Broaden Alternatives product and distribution capabilities Well-positioned $1.8T to capitalize Assets under on key Management1 • Accelerate product innov
Slide 9: Financial and Operating Momentum
Financial and Operating Momentum Improved efficiency and consistent operating leverage delivers higher returns and earnings growth Expenses to Trust Fees Pre-Tax Margin 121% 32% 119% 29% 28% 30% 26% 117% 22% 115% 115% 114% 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 Return on Equity
Slide 10: Delivering on Our Commitments and Defining the Path Ahead
Delivering on Our Commitments and Defining the Path Ahead Strong execution allows us to raise medium-term pre-tax margin and return on equity targets MEDIUM-TERM TARGETS Expenses to Trust Fees 105-110% Pre-Tax Margin 33% Return on Equity Mid-teens northerntrust.com | © 2026 Northern Trust Corporatio
Slide 11: Financial Highlights
Financial Highlights northerntrust.com northerntrust.com / © 2026Trust | © 2026 Northern Northern Trust Corporation 1111
Slide 12: Financial Highlights & Key Metrics – 4Q 2025
Financial Highlights & Key Metrics – 4Q 2025 % CHANGE VS. ~200 bps 3Q 2025 4Q 2024 Revenue (FTE¹) $2,135.8M 5% 8% INCOME Noninterest Expense $1,497.3M 5% 9% YoY Improvement in Expense to Trust Fee Ratio* STATEMENT Net Income $466.0M 2% 2% Earnings Per Share $2.42 6% 7% Assets under Custody / Adminis
Slide 13: Wealth Management Highlights
Wealth Management Highlights Wealth Management Trust, Investment and Other Servicing Fees ($ in millions) +6% % CHANGE % CHANGE VS. +3% $578 Key Indicators (in billions): 4Q 2025 3Q 2025 4Q 2024 $559 QoQ YoY $547 $542 $539 $107 6 % 7 % Assets under Custody / Administration (AUC/A)1 $ 1,298 3 % 13 %
Slide 14: Asset Servicing Highlights
Asset Servicing Highlights Asset Servicing Trust, Investment and Other Servicing Fees ($ in millions) +8% +3% % CHANGE % CHANGE VS. $730 QoQ YoY Key Indicators (in billions): 4Q 2025 3Q 2025 4Q 2024 $692 $707 $676 $672 $44 2 % 7 % $45 $43 $23 8 % 13 % $41 $48 $21 Assets under Custody / Administratio
Slide 15: Net Interest Income and Balance Sheet Trends
Net Interest Income and Balance Sheet Trends Average Earning Assets Net Interest Income (FTE¹) ($ in billions) ($ in millions) +7% % CHANGE +14% +3% +10% $146 $143 $138 $139 QoQ YoY 654 $134 $9 $11 615 $8 $9 18 % 31 % 596 $8 574 574 $41 $41 $42 $41 (2 )% (1) % $41 $52 $52 $55 $57 3% 10 % $52 $37 $44
Slide 16: Noninterest Expense
Noninterest Expense Total Noninterest Expense Expense Highlights ($ in millions) +9% • Excluding notables1 and currency, noninterest +5% % CHANGE expenses were up 3.8% in 4Q and 4.3% for $1,497 QoQ YoY the full-year. $1,418 $1,417 $1,423 85 ─% (9) % $1,376 • Noninterest expense included the followin
Slide 17: Financial Highlights & Key Metrics – Full-Year 2025
Financial Highlights & Key Metrics – Full-Year 2025 % CHANGE VS. 2024 100+ bps Revenue (FTE¹) $8,114.9M (2)% YoY Improvement in Expense to Trust Fee Ratio* INCOME Noninterest Expense $5,754.4M 2% STATEMENT Net Income $1,736.9M (14)% 29.2% Earnings Per Share $8.74 (11)% Pre-Tax Margin(FTE)¹ Assets un
Slide 18: Capital Update
Capital Update Northern Trust Corporation Capital Ratios Capital Highlights Standardized Common Equity Tier 1 Standardized Tier 1 Leverage • Robust capital and liquidity 12.4% 12.9% 12.2% 12.4% 12.6% 8.1% 8.0% 8.0% 7.8% 7.6% ◦ $12.0 billion in Tier 1 capital ◦ 64% of average deposits covered by high
Slide 19: Delivering on Our Commitments and Defining the Path Ahead
Delivering on Our Commitments and Defining the Path Ahead 2025 TARGETS 2026 TARGETS Total Expense Growth1 Net Interest Income Growth <5% +Low to mid-single digits Positive Operating Leverage Positive Operating Leverage1 >1 point Total Payout Ratio Total Payout Ratio >100% >100% Achieved in 2025 ¹ Ex
Slide 20: Appendix
Appendix northerntrust.com / © 2026 Northern Trust
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, pre-tax income, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on a fully taxable equivalent (FTE) b
Slide 22: Notable Item Summary
Notable Item Summary QUARTERS YEARS 2025 2024 2025 2024 2023 ($ in Millions) FOURTH THIRD SECOND FIRST Revenue Impacts, pre-tax Investment security loss $ — $ — $ — $ (189.4) $ — $ (189.4) $ (169.5) Net gain related to Visa transaction $ — $ — $ 878.4 $ — $ — $ 878.4 $ — Securities loss related to r
Slide 23: Forward-Looking Statements
Forward-Looking Statements This presentation may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as