Slide 1: Earnings Results Presentation
January 14, 2026 Earnings Results Presentation Fourth Quarter and Full Year 2025
Slide 2: Agenda
Agenda 4Q25 and FY 2025 Financial Results 3 Financial Outlook 19 Appendix 24 2
Slide 3: Our strategy and path forward remain unchanged
Our strategy and path forward remain unchanged Our Vision Be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in our home market of the United States Delivering on our Investor Day priorities Largely Complete Mai
Slide 4: Delivering strong performance in 2025
Delivering strong performance in 2025 4Q25 FY25 Reported Ex-Notable Item(e) Reported Ex-Notable Items(e) Revenues $19.9 billion $21.0 billion Revenues $85.2 billion $86.4 billion Net Income $2.5 billion $3.6 billion Net Income $14.3 billion $16.1 billion EPS $1.19 $1.81 EPS $6.99 $7.97 ROE 4.5% 6.8%
Slide 5: Five interconnected businesses driving strong 2025 performance
Five interconnected businesses driving strong 2025 performance Global network Interconnected Diversified Services Markets Banking Wealth U.S. Personal Banking TTS : #1 Rank(1) #3 Overall Rank (tied)(3) Investment Banking: #5 Private Bank (Global): #6 Branded Cards and Retail TTS: gained ~95 bps of R
Slide 6: Making continued progress on Citi's top two priorities
Making continued progress on Citi’s top two priorities FY25 Business Achievements FY25 Transformation and Technology ✓ Services extended Citi’s competitive lead with innovative and always-on • Over 80% of our Transformation programs are at or nearly at Citi’s target-state. cross-border solutions, su
Slide 7: Financial results overview
Financial results overview Financial Results 4Q25 Financial Overview Highlights ($ in MM, except EPS) 4Q25 % Δ QoQ % Δ YoY 2025 % Δ YoY • Revenues - Up 2% YoY, driven by growth in Banking, Services, USPB and Net Interest Income 15,665 5% 14% 59,792 11% Wealth, primarily offset by a decline in All Ot
Slide 8: Full year revenue trend from 2021 to 2025
Full year revenue trend from 2021 to 2025 ($ in B) Revenue ex- '21-'25 CAGR(3) 2025 Highlights Divestitures and Russia HFS $72.2 $74.1 $76.7 $80.7 $86.6 5% • Robust growth in deposit and loan balances and accounting underlying fee drivers, with total fee revenue up treatment(1,2) $85.2 4% Services 6
Slide 9: Full year expense trend from 2021 to 2025
Full year expense trend from 2021 to 2025 Expense Overview 2025 Expense Drivers ($ in B) Transactional Expenses ex-Divestitures $46.7 $50.2 $53.9 $53.0 $54.5 and Product • Higher volumes in USPB, Markets, Wealth and and FDIC Special Services, partially offset by productivity and Assessment(1) Servic
Slide 10: U.S. credit cards and corporate credit overview
U.S. credit cards and corporate credit overview Citi had over $21B in total reserves with a reserve-to-funded loans ratio of 2.6% as of December 31 ($ in B) U.S. Cards Loans Corporate Lending Exposure EOP Loans by Segment EOP Loans by FICO Score(1) By Region By Grade Rating International Exposure Ot
Slide 11: Capital and balance sheet overview
Capital and balance sheet overview Regulatory Capital & Liquidity Metrics End of Period Assets ($ in B) 4Q24 3Q25 4Q25 ($ in B) QoQ YoY CET1 Capital (b) 155 158 157 $2,642 $2,657 1% 13% Standardized RWA 1,140 1,194 1,193 $2,353 - 26% 348 350 CET1 Capital Ratio - Standardized (b) 13.6% 13.3% 13.2% Ca
Slide 12: Services results, key metrics and statistics
Services results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q25 % Δ QoQ % Δ YoY 2025 % Δ YoY • Revenues – Up 15% YoY, driven by growth in both TTS and Securities Services. Net Interest Income 3,303 6% 16% 12,238 12% Excluding the impact of the Russia notable item, revenue
Slide 13: Markets results, key metrics and statistics
Markets results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q25 % Δ QoQ % Δ YoY 2025 % Δ YoY • Revenues – Down (1)% YoY, driven by both Fixed Income and Equity Markets Rates and Currencies 2,413 (15)% - 11,418 12% Spread Products / Other Fixed Income 1,045 (13)% (1)% 4,808
Slide 14: Banking results, key metrics and statistics
Banking results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q25 % Δ QoQ % Δ YoY 2025 % Δ YoY • Revenues – Up 78% YoY, driven by growth in Corporate Lending and Investment Investment Banking 1,272 11% 38% 4,434 22% Banking Corporate Lending (ex-gain/(loss))(1) 964 (6)% 199%
Slide 15: Wealth results, key metrics and statistics
Wealth results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q25 % Δ QoQ % Δ YoY 2025 % Δ YoY • Revenues – Up 7% YoY, driven by growth in Citigold and the Private Bank, Private Bank 625 (5)% 6% 2,676 12% partially offset by a decline in Wealth at Work Wealth at Work 227 6% (
Slide 16: U.S. Personal Banking results, key metrics and statistics
U.S. Personal Banking results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q25 % Δ QoQ % Δ YoY 2025 % Δ YoY • Revenues – Up 3% YoY, driven by growth in Branded Cards and Retail Banking, Branded Cards 2,952 (1)% 5% 11,636 8% partially offset by a decline in Retail Services R
Slide 17: All Other (Managed Basis) results, key metrics and statistics
All Other (Managed Basis(f)) results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q25 % Δ QoQ % Δ YoY 2025 % Δ YoY • Revenues – $(248) million, compared to $1.3 billion in the prior-year period, Legacy Franchises (Managed Basis) 329 (82)% (79)% 5,512 (19)% driven by decline
Slide 18: Agenda
Agenda 4Q25 and FY 2025 Financial Results 3 Financial Outlook 19 Appendix 24 18
Slide 19: 2026 NII ex-Markets outlook
2026 NII ex-Markets outlook NII ex-Markets expected to grow in 2026(c,1) Key highlights ($ in B) • NII ex-Markets up 5-6% YoY(1), primarily attributable to: 6% YoY ~5-6% $49.8 – Loan growth in Cards and Wealth $47.1 ▲Loan growth ▲Reinvestment – Deposit growth in Services and Wealth in Cards and of t
Slide 20: 2026 expense drivers and efficiency ratio outlook
2026 expense drivers and efficiency ratio outlook ($ in B) 72% Reported Efficiency Ratio 66% 65% Targeting a ~60% efficiency ratio 63% ex-notable items(e) and another year of positive operating leverage Reported Expenses 2026 Expense Drivers 56.0 Goodwill 55.1 ▼ Productivity savings from prior Impai
Slide 21: We continue to target a 10-11% return in 2026
We continue to target a 10-11% return in 2026(1) (1) 10-11% Underlying Drivers of 2026 Return Target 8.8% ex-notable items(a,e) 1.1% NII ex-Markets up 5-6% YoY(c,2) and NIR ex-Markets(d,2) growth driven by continued momentum in Services, Impact of notable items(a, e) Banking and Wealth ~60% efficien
Slide 22: Forward-looking statements
Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not g
Slide 23: Agenda
Agenda 4Q25 and FY 2025 Financial Results 3 Financial Outlook 19 Appendix 24 23
Slide 24: 2025 KPIs progress vs. 2022 targets
2025 KPIs progress vs. 2022 targets 2022 Investor Day Targets 2025 Results Business KPIs Through the Medium Term vs. 2021(1) • Average Deposits • Mid Single-Digits CAGR • +2% CAGR • USD Clearing Volumes(2) • High Single-Digits CAGR • +5% CAGR TTS • Cross-Border Transaction Value(3) • High Single-Dig
Slide 25: Net interest income, average loans and deposits
Net interest income, average loans and deposits ($ in B) Net Interest Income 2.42% 2.47% 2.51% 2.49% QoQ YoY 2.40% Citigroup NIM $15.18 $14.94 $15.67 $0.73 $1.94 Citigroup NII $13.73 $14.01 2.90 2.25 2.84 $0.59 $0.98 Markets NII 1.86 2.01 NII ex-Markets(c) 11.88 12.00 12.27 12.69 12.82 $0.13 $0.94 4
Slide 26: Credit Trends for Branded Cards and Retail Services
Credit Trends for Branded Cards and Retail Services ($ in B) Branded Cards - Credit Cards Retail Services - Credit Cards 90+ DPD & NCL Trend EOP 4Q24 3Q25 4Q25 90+ DPD & NCL Trend EOP 4Q24 3Q25 4Q25 90+ DPD NCL Loans $117.3 $117.4 $121.5 90+ DPD NCL Loans $53.8 $50.1 $52.2 2026 NCL guidance range: 3
Slide 27: 2025 Financial Summary of Businesses
2025 Financial Summary of Businesses All Other (Managed Basis) (f) Legacy Franchises Reconciling 2025 Services Markets Banking Wealth USPB Corporate/Other Total (Managed Basis)(f) Items(e) (P&L $ in MM; Balance Sheet $ in B) $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ
Slide 28: Historical average deposit growth
Historical average deposit growth ($ in B) Total CAGR: 4.5% Services CAGR: 6.2% 1,422 1,370 1,363 1,338 1,382 1,321 1,343 1,334 1,323 1,316 1,361 1,315 1,320 1,326 1,310 1,311 1,320 1,305 1,343 80 1,305 1,304 1,268 110 84 1,234 116 90 112 106 100 88 88 123 88 101 103 105 102 97 85 80 80 90 129 128 1
Slide 29: Banamex 25% stake sale – financial impacts of the December 2025 closing
Banamex 25% stake sale – financial impacts of the December 2025 closing a• At closing, assets increased reflecting the consideration received for the Balance Sheet Impacts at Closing ($ in B) 25% stake based on the Price/Book of 0.80 times the local GAAP book Total Estimated Sale Consideration 2.3 v
Slide 30: Notable Items
Notable Items(e) Held-For-Sale Accounting Treatment Impact of Closing Banamex Total P&L Impact ($ in MM, except per share) ` of Russia 4Q25 FY25 4Q25 FY25 4Q25 FY25 Revenue (1,173) (1,173) - - (1,173) (1,173) Expenses - - - 726 - 726 Net Income (1,123) (1,123) - (714) (1,123) (1,837) EPS (0.62) (0.6
Slide 31: Tangible common equity reconciliation and Citigroup returns
Tangible common equity reconciliation and Citigroup returns Tangible Common Equity and Tangible Book Value Per Share Return on Tangible Common Equity (RoTCE) ($ in MM, except per share amounts) 4Q24 3Q25 4Q25 ($ in MM, except per share amounts) 4Q24 3Q25 4Q25 2024 2025 Common Stockholders' Equity $1
Slide 32: FX impact
FX impact Total Citigroup Legacy Franchises – Mexico Consumer/SBMM (1) Foreign currency (FX) translation impact ($ in MM) 4Q24 1Q25 2Q25 3Q25 4Q25 % Δ QoQ % Δ YoY Foreign currency (FX) translation impact(1) ($ in MM) 4Q24 1Q25 2Q25 3Q25 4Q25 % Δ QoQ Total Revenues - as reported $19,465 $21,596 $21,6
Slide 33: Glossary
Glossary AA: American Airlines EOP: End of Period NCL: Net Credit Loss ACL: Allowance for Credit Losses EPS: Earnings per Share NII: Net Interest Income ACLL: Allowance for Credit Losses on Loans FDIC: Federal Deposit Insurance Corporation NIM: Net Interest Margin AFG: Asset Finance Group FI: Fixed
Slide 34: Notes on references to the Financial Supplement
Notes on references to the Financial Supplement a) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For a reconciliation to reported results, please refer to the financial
Slide 35: Footnotes
Footnotes Slide 3 1) Represents consumer banking businesses and certain other businesses in All Other – Legacy Franchises that Citi has exited or is exiting across 14 markets in Asia, Europe, the Middle East and Mexico as part of Citi’s strategic refresh. Slide 4 1) 2025 RoE impact related to the "h
Slide 36: Footnotes (cont.)
Footnotes (cont.) Slide 7 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $23 million related to loans and unfunded lending commitments as well as other provisions of approximately $7 million relating to held-to-maturity (HTM) debt
Slide 37: Footnotes (cont.)
Footnotes (cont.) Slide 9 1) Results excluding divestiture-related impacts and FDIC special assessment are non-GAAP financial measures and are primarily recorded in All Other. 2025 divestiture-related impacts include (i) goodwill impairment of approximately $726 million in operating expenses related
Slide 38: Footnotes (cont.)
Footnotes (cont.) Slide 11 1) For the composition of Citigroup's Supplementary Leverage ratio, please see the 4Q25 Financial Supplement. 2) Includes changes in goodwill and intangible assets, and changes in Other Comprehensive Income. Also includes deferred tax excludable from Basel III CET1 Capital
Slide 39: Footnotes (cont.)
Footnotes (cont.) Slide 13 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(80) million related to loans and unfunded lending commitments as well as other provisions of approximately $(12) million relating to held-to-maturity (HT
Slide 40: Footnotes (cont.)
Footnotes (cont.) Slide 16 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(113) million related to loans and unfunded lending commitments as well as other provisions of approximately $3 million relating to benefits and claims, a
Slide 41: Footnotes (cont.)
Footnotes (cont.) Slide 21 1) Full year 2026 RoTCE is a forward-looking non-GAAP financial measure. From time to time, management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for revenue, expenses and RoTCE. We are unable to provide a reconcil
Slide 42: Footnotes (cont.)
Footnotes (cont.) Slide 29 1) The closing of the Banamex 25% stake equity transaction resulted in an approximate $(0.6) billion implied net loss on sale, consisting of an approximate $(0.7) billion reduction to Additional Paid-In Capital (APIC), partially offset by an approximate $0.1 billion benefi