Citizens Financial Group, Inc. · NYSE:CFG
Citizens Financial — Q4 2025 Earnings Presentation
54 slides from Citizens Financial's earnings presentation, Jan 21, 2026
Slide 1: 4Q25 Financial Results
4Q25 Financial Results January 21, 2026
Slide 2: Forward-looking statements and use of non-GAAP financial measures
2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward- looking statement. These st
Slide 3: 4Q25 and FY2025 GAAP summary
3 4Q25 and FY2025 GAAP summary Full Year 4Q25 3Q25 4Q24 Q/Q Y/Y 2025 vs. 2024 $s in millions $/bps % $/bps % 2025 2024 $/bps % Net interest income $ 1,537 $ 1,488 $ 1,412 $ 49 3 % $ 125 9 % $ 5,853 $ 5,633 $ 220 4 % Noninterest income 620 630 574 (10) (2) 46 8 2,394 2,176 218 10 Total revenue 2,157
Slide 4: 4Q25 and FY2025 Underlying financial summary
4 4Q25 and FY2025 Underlying financial summary(1) Full Year Q/Q Y/Y 2025 2024 2025 vs. 2024 $s in millions 4Q25 $/bps % $/bps % $/bps % Net interest income $ 1,537 $ 49 3 % $ 125 9 % $ 5,853 $ 5,633 $ 220 4% Noninterest income 620 (10) (2) 56 10 2,394 2,161 233 11 Total revenue 2,157 39 2 181 9 8,24
Slide 5: 4Q25 financial performance detail
5 4Q25 financial performance detail (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(1) Private Bank Core Non-Core(2) Total CFG Net interest income $1,423 $118.3 $1,541 $(4) $1,537 Noninterest income 593 23.7 617 3 620 Total revenue 2,016 141.9 2,158 (1) 2,157 Noninterest Expen
Slide 6: 2025 financial performance detail
6 2025 financial performance detail (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(1) Private Bank Core Non-Core(2) Total CFG Net interest income $5,515 $369.2 $5,884 $(31) $5,853 Noninterest income 2,311 72.6 2,384 10 2,394 Total revenue 7,827 441.8 8,268 (21) 8,247 Noninter
Slide 7: 4Q25 key highlights
7 ■ Maintained a strong capital position while continuing to repurchase shares – CET1 ratio of 10.6%(2); 9.5% adjusted for AOCI opt-out removal – Share repurchases of $600 million in FY2025, with total shareholder payout ratio of 80% ■ Strong liquidity profile; spot LDR of 77.8%; average deposits up
Slide 8: Net interest income and NIM
8 3.00% 0.02% 0.01% 0.01% 0.03% 3.07% 3Q25 Non-Core impact Terminated Swaps Fixed-rate asset repricing Balance sheet mix and pricing 4Q25 $196.6B $195.1B $196.3B $197.6B $199.2B $1,412 $1,391 $1,437 $1,488 $1,537 2.87% 2.90% 2.95% 3.00% 3.07% 4Q24 1Q25 2Q25 3Q25 4Q25 ■ NII up 3.3%, reflects higher N
Slide 9: Noninterest income
9 $574 $544 $600 $630 $620 $564 $544 $600 $630 $620 Underlying Notable items 4Q24 1Q25 2Q25 3Q25 4Q25 Noninterest income(1) $s in millions See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of no
Slide 10: Noninterest expense
10 Noninterest expense(1) See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Linked Quarter Year-Over-Year 4Q25 3Q25 4Q24 $ $s in millions Q/Q Y/Y Salaries
Slide 11: Loans and leases
11 $140.9 $139.7 $138.8 $140.0 $141.8 $7.4 $6.4 $3.9 $3.3 $2.7 $133.5 $133.3 $134.9 $136.7 $139.1 Non-Core Core Loan yield 4Q24 1Q25 2Q25 3Q25 4Q25 ~17% QoQ ■ Period-end loans up 1%; Core loans up 2% – Private Bank growth of $1.2 billion, driven primarily by multi-family and residential mortgage – C
Slide 12: Deposit performance and cost of funds
12 $174.3 $172.7 $174.1 $176.0 $179.9 4Q24 1Q25 2Q25 3Q25 4Q25 Deposit performance and cost of funds $s in billions Average deposits 2.02% 1.87% 1.85% 1.84% 1.72% 2.55% 2.37% 2.35% 2.35% 2.20% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-YearPeriod-e
Slide 13: Highly diversified and retail-oriented deposit base
13 Branch deposits 47% Citizens Access 5% Private Bank/ Private Wealth 9% Business Banking 12% Commercial 26% Treasury/ Other 1% As of 12/31/25 Highly diversified and retail-oriented deposit base $183.3B Period-end deposits Peer Avg(1) Business mix Product mix Stable retail deposits(1) (excludes Pri
Slide 14: Credit quality overview
14 $162 $153 $164 $154 $137 $189 $200 $167 $162 $155 0.53% 0.58% 0.48% 0.46% 0.43% Provision for credit losses Net charge-offs Net c/o ratio 4Q24 1Q25 2Q25 3Q25 4Q25 0.51% Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs $1,664 $1,582 $1,524 $1,518 $1,5
Slide 15: Allowance for credit losses
15 Allowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~70% Avg. loss severity (%) ~38% Default rate (%) ~28% General Office ACL coverage 10.8% Allowance for credit losses $260 million General Office key reserve assumptions ■ CRE General Office portfolio of
Slide 16: Strong capital position
16 Strong capital position $s in billions (period-end) 4Q24 1Q25 2Q25 3Q25 4Q25 Basel III basis(1) Common equity tier 1 capital $ 17.9 $ 17.8 $ 17.8 $ 18.0 $ 18.2 Risk-weighted assets $ 165.7 $ 166.9 $ 168.0 $ 168.9 $ 171.5 Common equity tier 1 ratio 10.8 % 10.6 % 10.6 % 10.7 % 10.6 % Tier 1 capital
Slide 17: Transformed Consumer Bank
17 Transformed Consumer Bank Strong deposit franchise grounded in primary relationships and high-quality customer growth Differentiated lending platform with focus on building relationships Significant potential to scale NY Metro and capture more affluent households ~54% Of households* are mass affl
Slide 18: Best-positioned Commercial Bank
18 Best-positioned Commercial Bank Delivering results Strong league table results Middle market bookrunner by volume for 2025(2) Sponsor #4 Overall #6 Revenue CAGR 2015 to 2025 Total Commercial Banking fees Record Capital Markets fees in 2025 Up 9% YoY Strong pipelines across M&A, debt and equity un
Slide 19: Private Bank buildout - financial update
19 Deposits $2.6 $5.3 $6.3$3.1 $5.9 $7.2 Avg Spot 4Q24 3Q25 4Q25 $6.5 $10.7 $13.1$7.0 $12.5 $14.5 Avg Spot 4Q24 3Q25 4Q25 $s in billions Loans Private Bank buildout - financial update ■ ~7% earnings contribution to total CFG in 2025, ahead of original expectation of 5%+ ■ Performed very well against
Slide 20: Private Bank - building a sustainable, growing high-quality franchise
20 $1.2 $7.0 $14.5 2023 2024 2025 $0.4 $4.8 $10.0 $4.7 $8.6 Transactional AUM 2023 2024 2025 Private Bank - building a sustainable, growing high-quality franchise See pages 41-43 for notes. As of year-end; $s in billions Deposits $0.3 $3.1 $7.2 2023 2024 2025 2026 Target 2026 Target 2026 Target EPS
Slide 21: Reimagine the Bank - positioning Citizens to win long term
21 Call center consolidation with artificial agents ■ Leverage rapid advances in technology to reshape how we serve customers and how we run the bank – Deliver meaningful improvement in consumer CX/NPS – Drive a step-change improvement in productivity and efficiency ■ Business model simplification t
Slide 22: Reimagine the Bank - current projection of financial impacts
22 Pre-tax run-rate benefit (annualized) Reimagine the Bank - current projection of financial impacts 2026 $s in millions ~$45 ~$450 % Benefit mix Expense Revenue ~75% ~67% Pre-tax implementation costs* ~$50 *Implementation costs are one-time in nature and should be considered capital costs, though
Slide 23: FY2026 Outlook vs. 2025
23 FY2026 Outlook vs. 2025 2025 2026 Outlook Net interest income $5,853MM Up 10 to 12% NIM 2.98%; 4Q 3.07% Expect 4 to 5 bps sequential expansion per quarter, progressing towards ~3.25% in 4Q26 Loans $142.7B spot $140.1B average Spot loans up 3 to 5% Average loans up 2.5 to 3.5% Interest-earning ass
Slide 24: FY2026 Expense outlook
24 1.8% 0.2% 2.5% 4.5% Private Bank & Private Wealth Reimagine the Bank Remaining bank Total CFG Private Bank FY2025 Full-year impact of 2025 investments Strategic investments/ other Private Bank FY2026 $s in millions FY2026 Expense outlook Incremental expense growth impact of ~1.8% to total CFG $5,
Slide 25: 1Q26 outlook vs. 4Q25
25 1Q26 outlook vs. 4Q25 See pages 41-43 for notes. 4Q25 1Q26 Outlook Net interest income $1,537MM ■ Stable; reflects day count impact of ~($22) million Noninterest income $620MM ■ Stable Noninterest expense $1,343MM ■ Up 2 to 2.5% reflecting seasonality Net charge-offs $155MM; 43 bps ■ Stable to sl
Slide 26: Medium-term financial targets
26 Medium-term financial targets Medium-term financial targets ROTCE(1) CET1 ratio Dividend payout ratio Efficiency ratio(1) ~16-18% ~10.0-10.5% ~35-40% Mid-50's % Key economic assumptions ■ Real GDP growth averaging 2-2.5% annually over the medium term ■ Unemployment rate centered around ~4.5% and
Slide 27: Meaningful NIM improvement over the medium term
27 Meaningful NIM improvement over the medium term Medium-term NIM target 3.30 to 3.50% Terminated swaps Non-Core Asset sensitivity net of swaps/other impacts Projected NIM range Fixed-rate asset repricing benefit Cumulative time-based NIM benefit vs. 4Q25 4Q26 4Q27 In basis points +14 +3 +17 +18 +5
Slide 28: Medium-term ROTCE outlook
28 4Q25 ROTCE Terminated swaps/ Non-Core Business performance Credit improvement AOCI & other capital impacts Medium-term ROTCE Medium-term ROTCE outlook(1) ■ Significant ROTCE improvement driven by non rate-dependent terminated swaps amortization and Non-Core run off with capital and liquidity rede
Slide 29: Citizens is an attractive investment opportunity
29 ■ Track record of strong execution; excellence in our capabilities, highly competitive with mega-banks and peers ■ TOP 10 achieved ~$100 million pre-tax run-rate benefit as of year-end 2025; launched Reimagine the Bank (multi- year transformational program) that targets ~$450 million of pre-tax r
Slide 30: Appendix
Appendix ■ FY2025 Scorecard ■ FY2025 and 4Q25 Private Bank financial performance ■ Interest rate risk management ■ Non-Core portfolio and balance sheet optimization ■ Credit
Slide 31: FY2025 Scorecard
31 FY2025 Scorecard FY24 Underlying outlook(1) FY24 Underlying results Net interest income Down 6-9% Noninterest income Up 6-9%, market dependent Noninterest expense Up ~1-1.5% Net charge-offs [$750MM]; 50 bps $748MM; 52 bps CET1 ratio(2) ~10.5% Tax rate ~21-22% 2025 Outlook 2025 Results Net interes
Slide 32: FY2025 and 4Q25 Private Bank financial performance
32 FY2025 and 4Q25 Private Bank financial performance Full Year Q/Q Y/Y 2025 vs. 2024 $s in millions 4Q25 $/bps % $/bps % 2025 $/bps % Net interest income $118.3 $18.1 18% $61.2 107% $369.2 $227.9 161 % Noninterest income 23.7 3.5 17 12.8 117 72.6 47.9 194 Total revenue 141.9 21.5 18 73.8 108 441.8
Slide 33: Interest rate risk management
33 $26.3 $26.3 $29.8 $31.8 $29.9 $26.6 $25.7 $27.3 $3.7 $7.3 $8.4 $11.6 $13.5 $18.3 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 $28.6 $27.4 $22.2 $15.3 $5.9 $2.8 $13.0 $19.3 $15.1 2025 2026 2027 2028 2029 Interest rate risk management W.A. receive-fixed rate 3.1% 3.1% 3.2% 3.3% 3.4% 3.5% 3.5% 3.6% 3.2%
Slide 34: Non-Core portfolio and balance sheet optimization
34 $13.7 $6.9 $2.5 $2.0 $1.6 $1.3 $1.1 $0.3 $2.0 $3.4 $1.6 $1.2 $0.9 $0.6 $0.3 $— $10.4 $4.7 $3.3 $2.2 2Q23 4Q24 4Q25 1Q26 2Q26 3Q26 4Q26 4Q27 2023 2024 2025 2026 C&I $5.1 $2.0 $1.7 ~$1-$1.5 CRE $0.9 $1.9 $1.7 ~$1.5 Loan growth in 2026 to reflect less run-off from Non-Core and Commercial BSO Non-Cor
Slide 35: Commercial credit portfolio
35 $73.8B Commercial credit portfolio Commercial portfolio risk ratings(3) $s in billions 59% 62% 64% 16% 17% 16% 18% 15% 14% 7% 6% 6% 4Q24 3Q25 4Q25 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $73.8 Highlights $72.5 $ Balances % of CFG C&I Finance and Insurance $ 17.2 12 % Capital call facilities
Slide 36: Commercial Real Estate - General Office portfolio well diversified
36 Suburban Class C 3% CBD Class C 5% Suburban Class A 39% CBD Class A 13% Suburban Class B 29% CBD Class B 11% 49% 100% 100% 51% 69% 100% 84% 88% 100% 51% 49% 31% 100% 16% 12% New York, NY Washington, DC Los Angeles, CA Atlanta, GA Philadelphia, PA Chicago, IL Phoenix, AZ Dallas, TX Baltimore, MD M
Slide 37: Retail credit portfolio
37 46% 47% 47% 31% 31% 31% 14% 14% 14% 4% 3% 3% 5% 5% 5% 4Q24 3Q25 4Q25 $35.0 $19.1 $2.3 $3.1 $5.3 $4.1 $68.9B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $68.9 $s in billions $68.4 Home equity Retail portfolio(1) Residential mortgage Auto Education - in school Education - refinance Ot
Slide 38: Allocation of allowance for credit losses by product type
38 Allocation of allowance for credit losses by product type December 31, 2025 September 30, 2025 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 49,232 $676 1.37 % $ 46,953 $641 1.36 % Commercial real estate 24,580 576 2.35 25,54
Slide 39: Delinquency by product type
39 Delinquency by product type December 31, 2025 (%) September 30, 2025 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.27 % 0.13 % 0.03 % 0.01 % 0.56 % 99.30 % 0.11 % 0.02 % 0.08 % 0.49 % Co
Slide 40: Notable items
40 Notable items(1) There are no notable items in 2025, as our intention going forward is to limit these to those items of greatest significance. Fourth quarter 2024 and full year 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well a
Slide 41: Notes on Non-GAAP Financial Measures
41 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results. Where there is a
Slide 42: Notes continued
42 Notes continued Notes on slide 18 - Best-positioned Commercial Bank 1) Reflects business unit results for Commercial Payments activities, including net interest income and fees. 2) Represents loan syndications; source: LSEG LPC Notes on slide 19 - Private Bank buildout - financial update 1) Repre
Slide 43: Notes continued
43 Notes continued Notes on slide 36 - Commercial Real Estate - General Office portfolio well diversified 1) See general note c). Notes on slide 37 - $68.9B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. 3) Estimated based on 2025 data. Source: Citizens Customer Int
Slide 44: Non-GAAP financial measures and reconciliations
44 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $ % $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $620 $630 $574 ($10) (2%) $46 8
Slide 45: Non-GAAP financial measures and reconciliations
45 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,157 $2,118 $1,986 $39 1.86% $171 8.57% $8,247 $7,809 $438 5.60% Less: Noninterest expens
Slide 46: Non-GAAP financial measures and reconciliations
46 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $221,24
Slide 47: Non-GAAP financial measures and reconciliations
47 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $/bps % $/bps % $/bps % Common equity ratio and tangible common equity ratio: Total assets (GAAP) Y $226,351 $222,747 $217,521 $3,604 2 $8,830 4% $226,351 $21
Slide 48: Non-GAAP financial measures and reconciliations
48 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $/bps % $/bps % $/bps % Card fees, Underlying: Card fees (GAAP) $86 $87 $97 ($1) (1%) ($11) (11%) $346 $368 ($22) (6%) Less: Notable items — — 11 — — (11) (10
Slide 49: Non-GAAP financial measures and reconciliations
49 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q25 1Q25 Noninterest income, Underlying: Noninterest income (GAAP) A $600 $544 Less: Notable items — — Noninterest income, Underlying (non-GAAP) B $600 $544 Total revenue, Unde
Slide 50: Non-GAAP reconciliations - CET1 adjusted for AOCI opt-out removal
50 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal QUARTERLY TRENDS 4Q25 3Q25 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,240 $ 18,046 Less: AFS securities - AOCI 922 1,060 HTM securities - AOCI(1) 681 700 DTA for AFS/HTM securities 33 30 P
Slide 51: Non-GAAP financial measures and reconciliations
51 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 4Q25 Change 4Q25 3Q25 4Q24 3Q25 4Q24 $/bps % $/bps % Total Retail loans - at period-end $68,880 $68,377 $69,427 $503 1% ($547) (1%) Less: Non-core retail loans - at period-end 2,460 2,972 6,942 (512) (17) (4,483) (65) Less: Private
Slide 52: Non-GAAP reconciliations excluding Private Bank & Non-Core
52 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data 4Q25 2025 Net income available to common stockholders excluding Private Bank & Non-Core, Underlying: Net income available to common stockholders (GAAP) A $489 $
Slide 53: Non-GAAP reconciliations - Private Bank Return on Regulatory Capital
53 Non-GAAP financial measures and reconciliations - Private Bank Return on Regulatory Capital $s in millions, except share, per share and ratio data 2025 Net income available to common stockholders: Private Bank Net income available to common stockholders, (GAAP) A $122 Regulatory Capital: Private
Slide 54: Citizens Financial Group, Inc.
x< Citizens Financial Group, Inc.”
Citizens Financial Group — Q4 2025 Earnings Presentation on 6ix