First Horizon Corporation · NYSE:FHN

First Horizon — Q2 2026 Earnings Presentation

33 slides from First Horizon's earnings presentation, Jul 15, 2026

1. Slide 1: Second Quarter 2026 Earnings

   Second Quarter 2026 Earnings July 15, 2026

2. Slide 2: Disclaimers

   Disclaimers Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entitie

3. Slide 3: 2Q26 reported financial summary

   2Q26 reported financial summary $ in millions, Reported Results 2Q26 Change vs. except per share data 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 Net interest income $676 $667 $676 $674 $641 $9 1% $35 5% Fee income 211 195 212 215 189 16 8% 22 12% Total revenue 887 862 888 889 830 25 3% 57 7% Expense 531 505

4. Slide 4: 2Q26 adjusted financial summary

   2Q26 adjusted financial summary $ in millions, Adjusted Results 2Q26 Change vs. except per share data 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 Net interest income (FTE) $679 $670 $679 $678 $645 $9 1% $35 5% Fee income $211 $195 $212 $215 $189 $16 8% $22 12% Total revenue (FTE) $890 $865 $892 $893 $833 $25

5. Slide 5: Table of Contents

   Table of Contents 2Q26 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2Q26 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. Slide 6: Continued momentum in 2Q26

   Continued momentum in 2Q26 2Q26 financial highlights Strong First Half Performance 1H26 1H26 1H26 Change vs. 1H25 Earnings: 2Q26 vs. 1Q26 vs. 1H25 Adjusted +$0.21 adjusted ROTCE +184bps vs. 1H25 Adjusted +8% Adjusted EPS $0.54 +$0.01 EPS growth PPNR growth increase Adjusted PPNR $364 million +1% • A

7. Slide 7: 2Q26 notable items

   2Q26 notable items Notable Items 2Q26 Pre-Tax Notable Items ($ in millions, except per share data) Visa derivative valuation expense (other noninterest • $5 million impact related to Visa derivative valuation expenses ($5) expense) Pre-tax impact of notable items $5 After-Tax Notable Items • $3 mill

8. Slide 8: Loan growth supported NII growth in the quarter

   Loan growth supported NII growth in the quarter Net interest income ($) and NIM (%) $ in millions NII Margin $678 $679 $679 1Q26 $670 3.52% $670 Loan Balances & Fees $9 (0.02%) $645 3.55% Deposit Funding Mix ($3) (0.05%) 3.51% 3.52% 3.49% 3.40% Investment Portfolio & Trading Securities $2 0.02% Day

9. Slide 9: Deposit portfolio reflects balance sheet seasonality

   Deposit portfolio reflects balance sheet seasonality Period end deposits $67.5B $68.1B • 2Q26 period end deposits of $68.1 billion $65.6B $65.5B $66.5B ◦ Increase of $1.6 billion versus 1Q26, driven by a $2 billion $4.4 $4.2 $6.0 $5.3 $7.8 increase in brokered CDs ◦ Retained ~96% of ~$30 billion of

10. Slide 10: Loan growth driven by commercial in 2Q26

    Loan growth driven by commercial in 2Q26 Period end loans $64.2B $64.4B $65.3B • 2Q26 period end loans of $65.3 billion, up 1% versus $63.3B $63.1B $4.8B 1Q26 and 3% versus 2Q25 $4.1B $3.9B $4.7B $4.6B ◦ C&I excluding loans to mortgage companies $13.9B (LMC) grew $710 million, or 2% versus 1Q26 $14.

11. Slide 11: Fee income reflects changing rate environment

    Fee income reflects changing rate environment Adjusted Results 2Q26 Change vs. $ in millions 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 Fixed income $46 $53 $57 $57 $42 ($7) (14%) $4 8% Mortgage banking $9 $9 $10 $15 $10 $0 2% $0 (3%) Service charges and fees $59 $58 $64 $57 $55 $0 —% $4 6% Brokerage, trust

12. Slide 12: Expense discipline continues through the first half of 2026

    Expense discipline continues through the first half of 2026 Adjusted Results 2Q26 Change vs. $ in millions 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 Salaries and benefits $215 $211 $213 $209 $206 $4 2% $9 4% Incentives and commissions $76 $79 $87 $79 $73 ($3) (4%) $3 5% Deferred compensation expense $13 $(

13. Slide 13: Credit performance remains in line with expectations

    Credit performance remains in line with expectations Net charge-offs (NCOs) • 2Q26 net charge-offs of $33 million $34 ◦ NCO ratio of 0.20%, up 2bps from 1Q26 $33 $30 $29 $26 • Provision expense of $15 million in 2Q26 ◦ 2Q26 ACL to loans ratio decreased to 1.24%, reflecting lower non-pass and 0.60% 0

14. Slide 14: Loan growth and share repurchases support CET1 targets

    Loan growth and share repurchases support CET1 targets Capital ratios • CET1 ratio remained consistent with the prior quarter at 10.5% 14.0% 13.8% 13.7% ◦ CET1 changes were supported by strong loan growth and share 13.3% 13.4% buybacks of $100 million at $24.52 per share3 ◦ $665 million of authoriza

15. Slide 15: Reiterating 2026 outlook

    Reiterating 2026 outlook Core objectives Key metrics 2025 2026 1 Pre-provision net revenue growth Adjusted Revenue Baseline $3.42 billion Expectations 3 – 7% Comments Revenue range reflects outcomes from various rate ex. deferred comp. environments Flat guidance excludes bonuses/ Adjusted Expenses 2

16. Slide 16: Four consecutive quarters of 15%+ adjusted ROTCE

    Four consecutive quarters of 15%+ adjusted ROTCE driven by focused execution Adjusted ROTCE trends $100mm+ revenue-driven, PPNR opportunity Last Four Areas of focus FY24 FY25 Quarters • Client relationship growth 12.5% 14.2% 15.1% • Maximizing revenue opportunities • Product and business line penetr

17. Slide 17: Appendix

    Appendix ©2026 First Horizon Bank. Member FDIC.

18. Slide 18: Actively managing liquidity and interest rate sensitivity

    Actively managing liquidity and interest rate sensitivity 67% of deposits insured or collateralized Balance sheet hedges Modest interest rate sensitivity1 +100bps -100bps Insured +2.9% -3.3% 59% change in the next 12 months’ NII for an instantaneous, Swaps parallel shock on a static balance sheet 40

19. Slide 19: Track record of strong results supported by stable, diversified business mix

    Track record of strong results supported by stable, diversified business mix • Our diversified business model with a highly attractive geographic footprint provides opportunity to deliver strong performance through a variety of economic cycles • The counter-cyclical businesses (fixed income, loans t

20. Slide 20: FHN Financial's strong full-cycle returns are counter-cyclical to bank franchise

    FHN Financial’s strong full-cycle returns are counter-cyclical to bank franchise Fed Funds • FHN Financial provides fixed income sales & trading, investment Average ADR advisory, interest rate derivatives and other services to financial 6.00% $2.0 in millions FOMC easing institutions, municipalities

21. Slide 21: A balanced mix of NDFI, designed to manage risk

    A balanced mix of NDFI, designed to manage risk and capture opportunity across cycles NDFI represents a small portion of the loan portfolio 7% 6% $64.4 LMC 1Q26 period-end Non-LMC NDFI Non-depository financial institution (NDFI) Keys loans All Other 87% LMC exposure represents very low risk (~1bp av

22. Slide 22: Industry & product diversification: total loan portfolio

    Industry & product diversification: total loan portfolio Total loan portfolio C&I by industry CRE by property type Mortgage Warehouse Real Multi-Family C&I Other 14 13% Estate & 29% 57% Industries Leasing Land 12% All Energy 24% 2% other Total 3% C&I Office Office CRE loans $37.3B 19% CRE CRE Constr

23. Slide 23: Geographic diversification: commercial loan portfolio

    Geographic diversification: commercial loan portfolio $50.9B commercial loan portfolio C&I with 74% in attractive southeastern footprint Other Total TN FL TX NC LA GA SC SE1 31% $37.3B C&I 18% 12% 10% 6% 6% 4% 2% 11% C&I exposure to markets outside the southeast primarily driven by specialty busines

24. Slide 24: Investment portfolio prudently managed to support liquidity and IRR

    Investment portfolio prudently managed to support liquidity and IRR Investment portfolio • 2Q26 investment portfolio represents ~11% of total assets $9.3B $9.3B $9.3B $9.5B $9.2B ◦ Moderate total portfolio effective duration of 3.8 years ◦ Low reliance on the HTM designation at ~13% of total portfol

25. Slide 25: Notable items

    Notable items $ in millions, except EPS 2Q26 1Q26 4Q25 3Q25 2Q25 Summary of Notable Items: Deferred compensation adjustment $— $— $— $— $4 FDIC special assessment (other noninterest expense) $— $— $7 $2 $1 Other notable expenses * $(5) $— $(10) $(10) $— Total notable items (pre-tax) $(5) $— $(3) $(8

26. Slide 26: Reconciliation to GAAP financials

    Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions, except per share data Quarterly, Unaudited 2Q26 1Q26 4Q25

27. Slide 27: Reconciliation to GAAP financials

    Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions, except per share data Quarterly, Unaudited 2Q26 1Q26 4Q25

28. Slide 28: Reconciliation to GAAP financials

    Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions Quarterly, Unaudited 2Q26 1Q26 4Q25 3Q25 2Q25 Adjusted Non

29. Slide 29: Reconciliation to GAAP financials

    Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions Period end Average 2Q26 1Q26 2Q26 vs. 1Q26 2Q26 1Q26 2Q26

30. Slide 30: Reconciliation to GAAP financials

    Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions Quarterly, Unaudited 2Q26 1Q26 4Q25 3Q25 2Q25 Adjusted non

31. Slide 31: Reconciliation to GAAP financials

    Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions Quarterly, Unaudited 2Q26 1Q26 4Q25 3Q25 2Q25 Adjusted Pre

32. Slide 32: Reconciliation to GAAP financials

    Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions, except per share data Quarterly, Unaudited 2Q26 1Q26 1H26

33. Slide 33: Reconciliation to GAAP financials

    Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions, except per share data Quarterly, Unaudited 2Q26 1Q26 1H26

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