Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Investor Day (May 2026)
128 slides from Raymond James Financial's investor day presentation, May 27, 2026
Slide 1: 2026 Analyst & Investor Day
MAY 27, 2026 2026 Analyst & Investor Day
Slide 2: Welcome & Agenda
Welcome & Agenda Kristie Waugh Senior Vice President, Investor Relations and FP&A
Slide 3: Forward-looking statements
Forward-looking statements Certain statements made in this presentation may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savin
Slide 4: Agenda
Agenda 1:00 PM – 2:30 PM Strategic Overview PAUL SHOUKRY CEO, Raymond James Financial Private Client Group TASH ELWYN President, Private Client Group Asset Management SCOTT CURTIS COO, Raymond James Financial President, Asset Management 2:30 PM Break 2:45 PM – 4:45 PM Capital Markets JIM BUNN Presid
Slide 5: Presenters
Presenters Vin Campagnoli Executive Vice President Technology & Operations Tash Elwyn President Private Client Group Paul Shoukry Chief Executive Officer Raymond James Financial Steve Raney President Bank Segment Butch Oorlog Chief Financial Officer Raymond James Financial Jim Bunn President Capital
Slide 6: Strategic Overview
Strategic Overview Paul Shoukry CEO, Raymond James Financial
Slide 7: Values
Values We put clients first. We act with integrity. We think long-term. We value independence. 7
Slide 8: Vision
To be the absolute best firm for financial professionals and their clients Vision 8
Slide 9: Highly diversified businesses
*Pie charts above do not include intersegment eliminations or the Other segment. The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate inve
Slide 10: Financial strength
Financial strength 10 As of 3/31/26. 1. To meet minimum risk-based capital requirement plus a capital conversation buffer of 2.5%. 2. This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF or oth
Slide 11: The Power of Personal
THE POWER OF PERSONAL®
Slide 12: A resilient financial profile
… and a resilient financial profile 12 Trust and relationships lead to profitability 153 consecutive quarters profitability T r a i l i n g 3 d e c a d e s $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2
Slide 13: Strategic priorities
EXPAND MARKET SHARE IN ALL BUSINESSES INCREASE COLLABORATION ACROSS BUSINESSES INVEST IN TOOLS AND RESOURCES ENHANCE INFRASTRUCTURE Hire, retain and develop the best people Leverage technology & AI 1 2 3 4
Slide 14: Expand market share
Expand market share PRIVATE CLIENT GROUP CAPITAL MARKETS ASSET MANAGEMENT BANK Raymond James has opportunities to grow market share in each our business units • Record advisor recruiting results in FY 2025 with $407 million of recruited trailing- twelve-month production • Domestic net new assets of
Slide 15: Sustainable growth vs. growth at all costs
Sustainable growth vs. growth at all costs
Slide 16: Focusing on collaboration to differentiate our financial professionals
Focusing on collaboration to differentiate our financial professionals P RIV A TE CL IE NT G ROUP Lending solutions Stable source of deposits Product due diligence and selection (Asset Management Services) solutions Unique access to portfolio managers Investment options (Raymond James Investment Man
Slide 17: Institute for Business Owner Excellence
In 2019, Raymond James launched an elite program for financial advisors serving HNW business owners. Its purpose was to equip advisors with knowledge and confidence to add value to business owner relationships and successfully integrate Investment Banking capabilities into their practices. Today, Ra
Slide 18: Invest in tools and resources
18 Technology investments are strengthening growth, productivity and platform resilience. Raymond James is using technology to enhance advisor capabilities, improve efficiency, support recruiting and retention, and reinforce the firm’s long-term competitive position. Invest in tools and resources3 T
Slide 19: AI is an enabler of the Advisor-Client relationship
19 AI is an enabler of the Advisor- Client relationship BACK OFFICE MIDDLE OFFICE FRONT OFFICE
Slide 20: Enhance infrastructure
Enhance infrastructure 4 20
Slide 21: M&A
Financially attractive Strategic fit Culture fit 21 M&A
Slide 22: To recap
Our financial strength provides the stability and flexibility needed to drive enduring, sustainable growth. Personal relationships are at our core. Our culture and long- term focus will continue to guide our decision making. To recap 22 Each of our business units is uniquely positioned for meaningfu
Slide 23: Private Client Group
Private Client Group Tash Elwyn President, Private Client Group
Slide 24: Private Client Group at a glance
Private Client Group at a glance 24 $1.7 trillion client assets under administration 9,076 PCG advisors 16% 5-year CAGR (3) for assets in fee-based accounts $54 billion domestic PCG net new assets for first six months FY26 (4) As of March 31, 2026 unless otherwise noted. 1. RIA stands for Registered
Slide 25: Long-term client asset growth
5-year CAGR for balances as of September 30, 2020 – September 30, 2025. Long-term client asset growth fueled by advisor and client-first focus 25 Strong client asset growth and greater adoption of fee-based programs have driven a 16% CAGR over the past five years. Fee-based assets represent 61% of P
Slide 26: Strong revenue and pre-tax income growth
$539 $749 $1,030 $1,763 $1,785 $1,720 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 9.7% 11.3% 13.4% 20.4% 18.9% 16.9% $5,552 $6,611 $7,710 $8,654 $9,459 $10,182 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 NET REVENUES $ MILLIONS PRE-TAX INCOME & PRE-TAX MARGIN $ MILLIONS Charts not to scale.
Slide 27: Inspire and empower the world's best financial professionals
Inspire and empower the world's best financial professionals. What it means: The next decade and beyond inspire We provide the insights, tools and products/services in a supportive culture of independence to encourage and enable growth. empower We ensure financial advisors have the insights, tools,
Slide 28: Why are we successful?
Growth engine: advisor retention, recruiting, increased productivity Unique culture & breadth of capabilities Why are we successful? Multiple affiliation models provide largest addressable market 28
Slide 29: Culture and capabilities
CULTURE CAPABILITIES A d v i s o r - a n d c l i e n t - f o c u s e d c u l t u r e L e a d i n g t e c h n o l o g y a n d s o l u t i o n s S t r o n g b a l a n c e s h e e t a n d i n d e p e n d e n c e
Slide 30: AdvisorChoice model services the largest addressable market
Source: Cerulli Report, U.S. Advisor Metrics 2025. 30 Our AdvisorChoice model services the largest addressable market in the industry The movement to “independence” is not channel-specific EMPLOYEE INDEPENDENT INDEPENDENT CONTRACTORS & FINANCIAL INSTITUTIONS RIA & CUSTODY SERVICES U.S. Retail Wealth
Slide 31: Strong asset growth across affiliation models
Strong asset growth across our multiple affiliation models 31 455 705 437 631 78 228 $970 $1,564 31-Mar-2021 31-Mar-2026 Employee Independent RIA & Custody Services (RCS) DOMESTIC PCG ASSETS UNDER ADMINISTRATION $ BILLIONS 8% 5-Year CAGR 24% 5-Year CAGR 9% 5-Year CAGR Quarter-end balances as of Marc
Slide 32: Driving sustainable growth through our proven model
Driving sustainable growth through our proven model 32 Sustainable Growth Advisor Retention Protects the base Experienced Advisor Recruiting Expands the base Advisor Productivity Compounds the base 1 23
Slide 33: Treating advisors as clients leads to strong retention
Treating advisors as clients leads to strong retention 33 Culture Profession-leading retention comes from advisors feeling respected, supported and independent Balance sheet strength Product breadth Technology Book ownership Power of Personal 1 Overall Satisfaction with Raymond James Satisfied 97% A
Slide 34: Succession & Capital Solutions
Succession & Capital Solutions 34 Recently launched solutions to provide optimal capital structure tailored to advisors’ goals. Attractive use of capital while supporting advisors with succession planning. Trusted partnership with Raymond James Liquidity for succession planning Continuity for client
Slide 35: Advisor recruiting
Advisor recruiting momentum reflects a durable, culture-led growth model, with scale, technology, platform breadth and financial strength reinforcing its appeal across affiliation options. Advisor recruiting • L o n g - t e r m t r a c k r e c o r d o f r e c r u i t i n g s u c c e s s a c r o s s
Slide 36: Destination of choice for experienced advisors
Destination of choice for high-quality, experienced advisors 36 New Join data represents trailing-twelve (T12) production at the advisor's prior firm. Raymond James & Associates (RJA) represents advisors in the employee affiliation model. Raymond James Financial Services (RJFS) represents advisors i
Slide 37: Strong net new asset growth
8,327 9,076 31-Mar-2021 31-Mar-2026 Employees Independent Contractors $95.0B $73.3B $60.7B $52.4B $53.8B 8.5% 7.7% 5.5% 3.8% 7.0% FY 2022 FY 2023 FY 2024 FY 2025 FYTD 2026 Charts not to scale. * Average of reported quarterly Domestic NNA from 2Q FY22 to 2Q FY26. Retaining and attracting the best adv
Slide 38: Technology investment to enhance advisor productivity
Private Wealth Platform Business Owner & Workplace Solutions Enhance Advisor Productivity $1.1 Billion Technology Investment AdvisorTime 3 38
Slide 39: More capacity to serve clients
$187M 2Q21 2Q26 Charts not to scale. CAGR for quarters ended March 31, 2021 to March 31, 2026. 1. Compensable revenues include asset management and related administrative fees, total brokerage revenues, and investment banking. Values based on Private Client Group (PCG) metrics. Giving advisors more
Slide 40: PCG collaborates across the firm
PCG collaborates across the firm to provide deeper, more holistic advice to clients 40 P RIV A TE CL IE NT G ROUP Lending solutions Stable source of deposits Unique access to portfolio managers Corporate executive services Referrals Unique investment opportunities High quality research Referrals B A
Slide 41: To recap
To recap M u l t i p l e A f f i l i a t i o n O p t i o n s P o w e r o f P e r s o n a l A d v i s o r - a n d C l i e n t - F i r s t C u l t u r e R J F S t a b i l i t y B o o k O w n e r s h i p I n s p i r e a n d e m p o w e r t h e w o r l d ’ s b e s t f i n a n c i a l p r o f e s s i o n
Slide 42: Asset Management
Asset Management Scott Curtis COO, Raymond James Financial President, Asset Management
Slide 43: Asset Management at a glance
Asset Management at a glance 43 $653M Net revenues $282M Financial Assets Under Management (“AUM”) 11% 5-year CAGR Net revenues 12% 5-year CAGR Financial AUM Fiscal year-to-date as of March 31, 2026 unless otherwise noted. 5-year CAGR for period FY 2020 – FY 2025. Asset Management Services (“AMS”) r
Slide 44: Asset Management supports advisors, bankers and clients
Asset Management supports advisors, bankers, and clients with a range of solutions P RIV A TE CL IE NT G ROUP Lending solutions Stable source of deposits Unique access to portfolio managers Corporate executive services Referrals Unique investment opportunities High quality research Referrals 44 B A
Slide 45: Business snapshot
Business snapshot All metrics as of FYTD March 2026 unless otherwise noted. CAGR for periods FY 2020 – FY 2025. 1. Includes services provided by Raymond James Trust, N.A. ("RJ Trust") and Raymond James Trust Company of New Hampshire ("RJTCNH"). 2. Excludes the portion of the AMS AUM that is managed
Slide 46: Consistent strong growth in financial AUM
5-year CAGR for fiscal year ending September 30, 2020 – September 30, 2025. 1. Excludes those fee-based assets for which the Asset Management segment provides administrative support but does not exercise discretion 2. Represents the portion of the AMS AUM that is managed by Raymond James Investment
Slide 47: Drives long-term revenue growth and operating leverage
$284 $503 $246 $280 FY 2020 FY 2025 FYTD 2025 FYTD 2026 $715 $1,188 $583 $653 FY 2020 FY 2025 FYTD 2025 FYTD 2026 NET REVENUES $ MILLIONS PRE-TAX INCOME $ MILLIONS Charts not to scale. 5-year CAGR for period FY 2020 – FY 2025. FYTD 2025 and FYTD 2026 includes the first two quarters of fiscal year 20
Slide 48: AMS Value Proposition
AMS Value Proposition 48 Teams educate advisors on investment solutions, support the evolving product strategies, and consult across the fee- based advisory platform Tenured team of credentialed associates ensure optimal platform of separately managed accounts (SMAs) and actively manage a suite of d
Slide 49: Consistent strong growth in AMS financial AUM
5-year CAGR for fiscal year ending September 30, 2020 – September 30, 2025. *Excludes those fee-based assets for which the Asset Management segment provides administrative support but does not exercise discretion. 49 Consistent strong growth in financial assets under management… 102 134 120 139 183
Slide 50: Asset Management Services strategic initiatives
Asset Management Services strategic initiatives 50 E N H AN CE T H E P L A TF O R M O P T I M I Z E P R O C E S S E SM O D E R N I Z E P R I C I N G D r i v e h i g h e r p e n e t r a t i o n o f m a n a g e d p r o g r a m s w h i l e i n c r e a s i n g o p e r a t i n g e f f i c i e n c y a n d
Slide 51: Industry trends driving higher penetration of fee-based assets
Industry trends driving higher penetration of fee-based assets 51 Asset Management Services Billable Assets Managed Program Assets* $216B, 27% of total *As of March 31, 2026. Represents the portion of our PCG segment fee-based AUA that is invested in managed programs overseen by AMS. Excludes those
Slide 52: Raymond James Investment Management boutiques
03 Raymond James Investment Management 52 Boutique Description Eagle Asset Management Fundamental, bottom-up manager with a focus on Small, Small/Mid, and Mid Cap Equity and high-net-worth fixed income strategies Reams Asset Management Total return, volatility driven institutional fixed income manag
Slide 53: RJIM Value Proposition
RJIM Value Proposition 53 Investment excellence Diversified platform High-touch service Investment performance driving strong growth in financial assets under management over long-term High-touch service model with access to market experts, thought leadership, and portfolio management teams Diversif
Slide 54: To recap
RJIM’s multi-boutique structure provides diverse holistic investment solutions across asset classes & product structures Growth supported by PCG fee- based asset growth To recap 54 Continue to expand product breadth to meet needs of advisors and clients
Slide 55: Q&A
Tash Elwyn President, Private Client Group Scott Curtis COO, Raymond James Financial President, Asset Management Private Client Group Asset Management Q&A
Slide 56: Capital Markets
Capital Markets Jim Bunn President, Capital Markets & Advisory
Slide 57: Capital Markets at a glance
Capital Markets at a glance 57 $1B Investment Banking FY25 revenue Strong reputation for high-quality small and mid-cap equity research Strong retention among senior producers across all capital markets businesses Full-service platform with deep expertise Lead with advice and high-touch service Entr
Slide 58: Capital Markets supports client activity across the firm
Capital Markets supports and facilitates client activity across the firm P RIV A TE CL IE NT G ROUP Lending solutions Stable source of deposits Product due diligence and selection (Asset Management Services) solutions Unique access to portfolio managers Corporate executive services Referrals Unique
Slide 59: Capital Markets net revenues mix
Capital Markets Merger & Acquisition and Advisory 35% Fixed Income Brokerage 22% Debt Underwriting* 15% Equity Brokerage 10% Equity Underwriting 8% Affordable Housing Investments 8% All Other 2% $1.8B FY2025 Capital Markets Segment Net Revenues *Debt Underwriting includes Fixed Income, Public Financ
Slide 60: Business Snapshot
Business Snapshot 60 Business Unit Primary Clients Revenue Drivers Key Metrics Advisory ▪ Private companies ▪ Private Equity (PE) firms ▪ Public companies ▪ # of rev. producing MDs ▪ MD productivity ▪ Average fee size ▪ Market environment ▪ Lending ▪ Average Sellside Fee: $3M+ ▪ Average Sellside Dea
Slide 61: Driving long-term growth through investments in platform and people
1,291 1,885 1,809 1,214 1,472 1,770 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Charts not to scale. 5-year CAGR for period FY 2020 – FY 2025. 1. Results for FY 2025 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M incre
Slide 62: Capital Markets & Advisory strategic initiatives
Capital Markets & Advisory strategic initiatives 62 Recruit and acquire to deepen and expand investment banking capabilities and footprint Increase capabilities across fixed income business Grow equities products and content to leverage industry-leading equity research platform Scale recently launch
Slide 63: Recruit & acquire to deepen investment banking capabilities
63 Recruit & acquire to deepen and expand investment banking capabilities and footprint Deepen Penetration Within More Established Practices Grow Newer / Less Mature Practices Consumer Industrials Technology Financial Services Employee Stock Ownership Plan (ESOP) Advisory Private Placements Restruct
Slide 64: Investment banking revenue mix and managing directors
INVESTMENT BANKING REVENUE MIX $ MILLIONS INVESTMENT BANKING MANAGING DIRECTORS(2) 290 639 709 418 521 623 258 185 285 210 85 131 150 87 133 172 143 110 168 263 127 $608 $1,096 $1,062 $613 $820 $1,036 $472 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FYTD 2026 M&A and Advisory Equity Underwriting
Slide 65: Expand Fixed Income & Equities product offering
Program Trading Fixed Income Total Return Products Electronic Trading Structured Products 65 Expand Fixed Income & Equities product offering to support clients
Slide 66: To recap
Deeply integrated across Raymond James; synergies with PCG and RJ Bank. Full-service investment banking and institutional trading platform built on advice and high-touch service. To recap 66 Focused on growth: scaling existing businesses, building new capabilities, recruiting senior talent, and acqu
Slide 67: Bank Segment
Bank Segment Steve Raney President, Bank Segment
Slide 68: Bank Segment at a glance
Bank Segment at a glance 68 As of and for the three months ended March 31, 2026, unless otherwise noted. 1. Private banking loans include securities-based loans and residential mortgage loans. 2. 3-year CAGR for period Mar. 31, 2023 – Mar. 31, 2026. 62% total private banking loans(1) as % of total l
Slide 69: Long-term profitability driven by loan growth and credit discipline
196 367 382 371 380 491 235 339 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FYTD 2025 FYTD 2026 765 672 1,084 2,013 1,716 1,776 859 973 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FYTD 2025 FYTD 2026 NET REVENUES $ MILLIONS Charts not to scale. 5-year CAGR for period FY 2020 – FY 2025. FYTD
Slide 70: Strong loan growth with conservative underwriting
$21.2 $51.6 $48.3 $54.8 30-Sep-2020 30-Sep-2025 31-Mar-2025 31-Mar-2026 BANK LOANS $ BILLIONS BANK NET INTEREST INCOME & NET INTEREST MARGIN $ MILLIONS Charts not to scale. 5-year CAGR for period FY 2020 – FY 2025. TriState Capital Bank was acquired in 2022. *FYTD 2026 includes the first two quarter
Slide 71: Bank growth driven by Private Client and institutional loans
Bank growth driven by Private Client and institutional loans supported by PCG client deposits P RIV A TE CL IE NT G ROUP Lending solutions Stable source of deposits Product due diligence and selection (Asset Management Services) solutions Unique access to portfolio managers Investment options (Raymo
Slide 72: Asset mix shift toward private banking loans
ASSET MIX HAS SHIFTED TOWARD PRIVATE BANKING LOANS OVER TIME ACCELERATED BY THE ACQUISITION OF TRISTATE CAPITAL IN FY 2022 3 9 8 6 12 20 10 34 $33B $69B 31-Mar-21 31-Mar-26 Favorable asset mix shift to attractive private banking loans over time Corporate loans(2) Available-for-sale securities Cash,
Slide 73: Diversified loan portfolio
Corporate 38% Private banking 62% C&I 19% CRE 14% REIT 3% Tax-exempt 2% Residential mortgage 20% SBL 42% LOAN PORTFOLIO MIX $55B TOTAL LOANS, NET As of March 31, 2026. Represents bank loans held for investment by portfolio segment as a percent of total loans held for investment. Diversified loan por
Slide 74: Bank segment deposits
BANK SEGMENT DEPOSITSDiverse funding mix to support long- term growth Raymond James Bank Deposit Program (RJBDP) is low-cost and provides largest source of funding FY 2020 data for Raymond James Bank. TriState Capital Bank was acquired in 2022. *2Q26 data as of March 31, 2026. RJBDP 48% ESP 20% Nati
Slide 75: Bank Segment value proposition
Bank Segment value proposition Co mp r e h ensive and gr o w ing p r o d u ct & so l u t ion se t R e s p ect f o r f inancial ad v is o r ind e p end ence Se r v ice - f i r st cu l tu r e 75
Slide 76: Bank Segment strategic initiatives
E X P A N D S E C U R I T I E S - B A S E D L O A N S M A N A G E C R E D I T R I S K S U P P O R T I N S T I T U T I O N A L C L I E N T S W I T H F O C U S E D C O R P O R A T E L E N D I N G Bank Segment strategic initiatives 76
Slide 77: Expand securities-based lending
Expand securities- based lending E xp and SBL p r o d u ct s o l u t io ns Co ntinu ing au to matio n to e nh ance ad v is o r & c l ie nt e xp er ience A d d ing bank co ns u l tants to incr e as e ad v is o r p e ne tr at ion 77
Slide 78: Securities-based loan balances
SECURITIES-BASED LOAN BALANCES $ BILLIONS Tremendous loan growth with a lot of headroom for further growth 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 $23B 3-year CAGR for period Mar. 31, 2023 – Mar. 31, 2026 78 17% 3-Year CAGR Raymond James Bank SBL balances as % of PCG client AUA remains low leaving s
Slide 79: Corporate lending with focus on supporting clients
Corporate lending with focus on supporting clients P r i v a t e C l i e n t G r o u p R o b u s t T r e a s u r y M a n a g e m e n t P l a t f o r m a t T S C F u n d F i n a n c e Ca p it al Ma rk e t s & A d viso ry S e rvice s Corporate and tax-exempt loans, totaling approximately $21 billion,
Slide 80: Strong credit metrics across cycles
27% 53% 31% 13% 8% 1% 4% 6% 6% 2% 3% 3% 30% (5%) 9% 7% 3% 2% 1.2% 2.2% 2.4% 2.2% 1.8% 1.5% 1.3% 1.3% 1.3% 1.1% 1.0% 1.0% 1.7% 1.3% 0.9% 1.1% 1.0% 0.9% 0.7% 2.1% 2.5% 1.6% 1.2% 1.0% 0.7% 0.4% 0.5% 0.2% 0.1% 0.2% 0.1% 0.2% 0.1% 0.2% 0.3% 0.3% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Slide 81: To recap
Loan mix shift to SBLs leading to favorable credit risk profile. High-quality bank focused on wealth client lending. To recap Capacity to support institutional client lending as spreads improve. 81
Slide 82: Technology Review
Technology Review Andy Zolper Chief Information Officer
Slide 83: IT at a glance
83 IT at a glance * Estimated technology spend for FY 2026 $1.1B FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026E* 14% 5-Yr CAGR Technology positions the firm for revenue growth and improved operating leverage over time. >70% technology investment is in wealth management businesses >1,800 global IT
Slide 84: Enabling technology to drive collaboration across the firm
Enabling technology to drive collaboration across the firm 84 We support all lines of business, with over 70% of our technology investment in wealth management businesses. P RIV A TE CL IE NT G ROUP Lending solutions Stable source of deposits Product due diligence and selection (Asset Management Ser
Slide 85: Designed by Advisors. Built for the Future.
Test solutions with advisors and their teams. Metrics and feedback captured to drive enhancements & training. MEASURE & FEEDBACK Advisors, new recruits, competitive analysis and research. INPUT & ANALYSIS EXECUTION, COMMUNICATION, & TRAINING Training, resources and communication plans developed. Rol
Slide 86: Advisory Councils
TECHNOLOGY ADVISORY COUNCIL (TAC) 86 Advisory Councils Our councils allows us to leverage valuable insights and perspectives from top and next-generation advisors to ensure our industry- leading advisor technology is just that – and built from the mind of the advisor. NEXTGEN TECHNOLOGY COUNCIL
Slide 87: Technology strategy competitive positioning
87 Raymond James’ technology strategy – balancing scale, integration, and advisor usability – drives consistent productivity gains and positions the firm for durable, long-term growth. Competitive positioning Tech Profile Tradeoff Raymond James Advantage Wirehouses High tech spend Complex, less flex
Slide 88: Advisor-first technology platform
88 Raymond James’ advisor-first technology platform aligns directly with the industry’s top driver of recruiting and retention – supporting sustained advisor growth and productivity. A primary competitive lever in recruiting and retention Satisfaction with Aspects of Raymond James Experience Overall
Slide 89: Technology roadmap
89 Technology roadmap Building on our strong foundation, we’ll continue our investments and enhancements in key initiatives. Core Modernization Business Process Innovation Advisor Platform and Productivity AI Scaling and Automation
Slide 90: Proprietary data advantage
90 Our proprietary data advantage is supported by sustained investment in enterprise data platforms, enabling scalable AI capabilities and faster insight generation, and supporting more differentiated advisor and client experiences. Data is the foundation of AI performance Many Competitors Raymond J
Slide 91: AI as an enabler of the Advisor-Client relationship
AI as an enabler of the Advisor-Client relationship 91 BACK OFFICE • Efficiency • Automation • Cost leverage MIDDLE OFFICE • Smarter support • Helping advisors operate more effectively FRONT OFFICE • Hyper-personalization • Serving more clients with tailored advice • Support holistic planning needs
Slide 92: What branches are saying about Raimond
What branches are saying about Raimond Unprompted feedback from branch advisors and their teams reinforces the strength and effectiveness of Raimond. 17k conversations in five months Over “It takes the place of most phone calls to the service desk.” “We use it daily and love it.” “This is a game cha
Slide 93: Technology at Raymond James
Technology at Raymond James 93 Technology is a key enabler of durable growth, scalability, and operating leverage. B A N K A S S E T M A N A G E M E N T C A P I T A L M A R K E T S P R I V A T E C L I E N T G R O U P Maximizes Efficiency Enables Customization Creates Seamless Experiences Optimizes P
Slide 94: Q&A
Vin Campagnoli EVP, Technology & Operations Andy Zolper Chief Information Officer Jim Bunn President, Capital Markets & Advisory Steve Raney President, Bank Segment Capital Markets Bank Technology Q&A
Slide 95: Financial Review
Financial Review Butch Oorlog CFO, Raymond James Financial
Slide 96: Financial Overview
Financial Overview 96 Consistent revenue growth across complimentary business segments Strong balance sheet Expense discipline focused on controlling base expenses while investing in growth Foundation for increased operating leverage Consistent capital priorities focused on growth
Slide 97: Track record of revenue growth
Track record of revenue growth… 5-year CAGR for period FY 2020 – FY 2025. FYTD 2025 and FYTD 2026 include the first two quarters of fiscal year 2025 and 2026, respectively. *Asset-based revenues include asset management and related administrative fees, asset-based brokerage revenues, net interest in
Slide 98: Consolidated non-interest expenses
CONSOLIDATED NON-INTEREST EXPENSES $ BILLIONS (% OF TOTAL) PCG Financial Advisor Compensation & Benefits, 54% Incentive Compensation, 8% All Other Compensation and Benefits, 20% $6.1B FYTD 2026 62% of Consolidated Expenses are PCG Financial Advisor Compensation & Benefits and Incentive Compensation
Slide 99: Strong foundation to increase operating leverage
$1,052 $1,791 $2,022 $2,280 $2,643 $2,714 $1,420 $1,463 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FYTD 2025 FYTD 2026 13.2% 18.4% 18.4% 19.6% 20.6% 19.3% 20.5% 19.3% …and strong foundation to increase operating leverage 5-year CAGR for period FY 2020 – FY 2025. FYTD 2025 and FYTD 2026 include
Slide 100: Base expenses growing slower than revenues
Base expenses growing slower than revenues and growth expenses will benefit future periods… 100 2-year CAGR for the period FY 2023 – FY 2025. 1. Reflects incremental growth-driven investment sub-advisory fees. BASE Consolidated Expenses include: Back-office and support compensation and benefits Exis
Slide 101: PCG segment non-compensation expenses
…achieving PCG segment leverage on non-compensation expenses, net of incremental growth-related expenses PCG SEGMENT NON -COMPENSATION EXPENSES $ MILLIONS Illustrative expenses Back-office and support salaries and incentive compensation Run the business technology Occupancy and equipment Professiona
Slide 102: Disciplined focus driving long-term shareholder returns
*FYTD 2026 reflects the first two quarter of fiscal year 2026, annualized. **These are non-GAAP measures. Beginning in fiscal 2022, these non-GAAP measures were adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of core operating results. Fiscal
Slide 103: Strong balance sheet and liquidity
KEY METRICS Strong balance sheet and liquidity As of March 31, 2026, unless otherwise noted. 1. This amount includes cash on hand at the parent, as well as parent cash loaned to RJ&A, which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities. 2. Calculated as c
Slide 104: Diverse funding base anchored by PCG client relationships
28.2 29.8 12.5 1.1 20.1 $29.3B $62.4B - - $25.1B $13.6B March 31, 2021 March 31, 2026 RJBDP - Third-party balances Other bank deposits ESP* RJBDP - Bank Segment As of March 31, 2026. TriState Capital Bank was acquired in 2022.*In March 2023, we introduced our Enhanced Savings Program (ESP), in which
Slide 105: Capital actions
$2.1B dividends paid $4.1B share repurchases $4.6B to shareholders equity $10.8B Net Income (FY 2020 – FYTD 2026) Returned to shareholders 57% Invested in growth strategies 43% Capital actions 105 Strong capital generation funds disciplined capital deployment FYTD 2026 includes first two quarters of
Slide 106: Capital priorities
$0.99 $1.04 $1.36 $1.68 $1.80 $2.00 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Invest in organic growth across core businesses Acquisitions which align culturally, strategically, and acquired at prices that add long-term value Sustainable and increasing dividend Manage regulatory capital levels
Slide 107: Financial targets
Financial targets Adjusted compensation ratio* ~65% Adjusted pre-tax margin* ~20% Adjusted return on common equity 17%+ Adjusted return on tangible common equity 20%+ 107 KEY ASSUMPTIONS: ▪ Current equity markets and short-term interest rates ▪ Investment banking revenues grow mid-single digit rate
Slide 108: To recap
Capital generation and deployment underpinned by established priorities Solid financial performance To recap 108 Continue to invest in growth Strong balance sheet with disciplined, consistent management approach
Slide 109: Q&A
Q&A Butch Oorlog CFO, Raymond James Financial Paul Shoukry CEO, Raymond James Financial
Slide 110: Appendix
Appendix RAYMOND JAMES
Slide 111: Presenter Biographies
Presenter Biographies RAYMOND JAMES
Slide 112: Paul Shoukry
Paul Shoukry Paul Shoukry is CEO and a board member of Raymond James Financial, Inc., a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. He previously served a
Slide 113: Tash Elwyn
Tash Elwyn Tash Elwyn is president of Raymond James’ Private Client Group, leading the firm’s domestic wealth management businesses that include approximately 9,000 employee and independent financial advisors and generate approximately 70 percent of overall firm revenues. Prior to his current role,
Slide 114: Scott Curtis
Scott Curtis Scott Curtis is COO and leads the firm’s Asset Management segment, global corporate real estate, corporate marketing, office services, and strategic initiatives supporting the firm’s continued growth and success. Prior to his promotion to COO, from 2018-2024 Scott served as president of
Slide 115: Jim Bunn
Jim Bunn Jim Bunn is the president of Capital Markets & Advisory for Raymond James. Prior to his current role, Mr. Bunn served as the president of Global Equities & Investment Banking and head of Investment Banking. From 2009 to 2013, Mr. Bunn was a Managing Director and Co-Head of Technology Servic
Slide 116: Steve Raney
Steve Raney Steve Raney oversees the firm’s Bank segment, serves as the executive chairman of Raymond James Bank, and is on the board of TriState Capital Bank. Both banks are wholly-owned subsidiaries of Raymond James Financial. Steve also serves on the board of Raymond James Trust and is one of the
Slide 117: Vin Campagnoli
Vin Campagnoli Vin Campagnoli is the executive vice president of Technology and Operations for Raymond James and is responsible for managing all aspects of technology and operations across Raymond James’ businesses. Prior to his current role, Vin served as the firm's chief information officer (CIO).
Slide 118: Andy Zolper
Andy Zolper Andy Zolper is Chief Information Officer for Raymond James Financial. He leads a global team of experts who deliver world class technology capabilities to our advisors, associates, and clients. Andy is a member of the firm's Operational Risk Management Committee and the Enterprise Risk M
Slide 119: Butch Oorlog
Butch Oorlog Butch Oorlog joined Raymond James in 2004 as chief financial officer for Raymond James Tax Credit Funds, Inc. In 2009, he joined the finance area within the firm with accounting and reporting oversight responsibilities for the domestic Broker-Dealer subsidiaries and the RJF Parent, wher
Slide 120: Executive Leadership Team
Executive Leadership Team Tash Elwyn President Private Client Group Jonathan Santelli EVP & General Counsel Raymond James Financial Steve Raney President Bank Segment Jim Bunn President Capital Markets & Advisory Chris Aisenbrey Chief Human Resources Officer Raymond James Financial Bella Loykhter Al
Slide 121: Non-GAAP Reconciliations
Non-GAAP Reconciliations RAYMOND JAMES
Slide 122: Non-GAAP financial measures
We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures
Slide 123: Reconciliation of non-GAAP financial measures to GAAP
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 9 Twelve months ended Six months ended $ in millions September 30, 2021 September 30, 2022 September 30, 2023 September 30, 2024 September 30, 2025 March 31, 2025 March 31, 2026 Net income available to common shareh
Slide 124: Reconciliation of non-GAAP financial measures to GAAP (FY2020)
*The non-GAAP financial measures for the twelve months ended September 30, 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. Twelve months ended $ in millions September 30, 2020 Net income available to common shareholders $ 818 Non-GAAP adjustments:
Slide 125: Reconciliation of non-GAAP financial measures to GAAP (returns)
Twelve months ended Six months ended $ in millions September 30, 2021 September 30, 2022 September 30, 2023 September 30, 2024 September 30, 2025 March 31, 2025 March 31, 2026 Average common equity (9) $ 7,635 $ 8,836 $ 9,791 $ 10,893 $ 12,035 $ 11,857 $ 12,494 Adjusted average common equity (9) $ 7
Slide 126: Reconciliation of non-GAAP financial measures to GAAP (FY2020 returns)
*The non-GAAP financial measures for the twelve months ended September 30, 2020 were not revised to reflect the aforementioned additional expenses related to our acquisitions. Twelve months ended $ in millions September 30, 2020 Average common equity (9) $ 6,860 Adjusted average common equity (9) $
Slide 127: Footnotes
(1) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such a
Slide 128: Raymond James
RAYMOND JAMES