2026 Q3 Presentation

Earnings Results

October 16, 2026

To make a difference in people's lives

by knowing them, growing with them and connecting them with everything they need to thrive.

To be the bank invited into homes, businesses and communities,

by earning trust and deepening relationships with every interaction.

We deepen relationships through local knowledge, trusted advice and the full strength of M&T.

We create lasting value by showing up for the communities we serve.

We invest in our people because they are how customers experience M&T.

We build long-term value through disciplined execution, resilience and relationships that grow over time.

Enterprise execution with clarity, consistency, control and scalable strength

Alignment and integration across markets, lines of business and platform capabilities will accelerate regional bank growth

Michael Wisler, CIO, M&T Bank

Named to Inaugural Pacesetters List

Jennifer Warren, CEO, Wilmington Trust

Finalist, Executive Excellence Award

Received #1 Ranking among U.S. Companies

Received 13 "Best Bank" Awards across Small Business and Middle-Market Categories

Financial Results

Disciplined Focus on Returns, Consistent Balance Sheet Growth and Earnings, Strong NIM

Strong and Consistent Earnings

Sustained Attractive Returns

Solid Loan Growth and Continued Fee Momentum

Stable Credit Quality and Strong Capital

Generation and Preservation

$5.04

Diluted Earnings Per Share

$775 million

Net Income

1.47%

Return on Tangible Assets(1)

17.29%

Return on Tangible Common Equity(1)

Average Loans +2% QoQ

Growth in Each Category

$743 million

Fee Income

35 bps

Net Charge-Offs

10.16%(2)

CET1 Capital Ratio

(1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) September 30, 2026 CET1 capital ratio is estimated.

Note: As reported on M&T's Form 8-K dated September 28, 2026, effective for the third quarter of 2026 M&T made certain changes and reclassifications to Other income categories presented in its Consolidated Statement of Income. Also effective for the third quarter of 2026, M&T began separately presenting loans held for sale from loans held for investment in its Consolidated Balance Sheet and its Average Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly, annualized taxable-equivalent rates for each impacted loan category and certain loan-based credit quality ratios exclude loans held for sale. Additionally, as reported in M&T's Form 10-Q for the quarter ended June 30, 2026, in conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. All periods presented herein reflect those changes.

• Revenues increased +1% YoY

• Diluted EPS increased +5% YoY

• Net Charge-offs % Avg Loans decreased -7 bps YoY

  Notable items

  GAAP
  ($ in millions, except per share)	3Q26	2Q26	3Q25
  Revenues	$2,536	$2,532	$2,513
  Noninterest Expense	1,393	1,349	1,363
  Provision for Credit Losses	135	120	125
  Net Income	775	818	792
  Diluted EPS	5.04	5.32	4.82
  Return on Assets	1.40%	1.51%	1.49%
  Return on Common Equity	11.44	12.30	11.45
  Net Interest Margin	3.65	3.70	3.69
  Net Charge-offs % Avg Loans	.35	.23	.42

  ($ in millions, except per share) 3Q26		2Q26		3Q25
  Amt(1)	EPS	Amt(1)	EPS	Amt(1)	EPS
  Earnout payment related to - - - -				$28	$0.14
  FDIC Special Assessment - - - -				8	0.04

  2023 sale of CIT business(2)

  Note: (1) Amounts presented before any related tax effect. (2) Included in Other revenues from operations.

  Third Quarter 2026 Earnings Highlights

  Net Operating Results (Non-GAAP)(1)

  ($ in millions, except per share)	3Q26	2Q26	3Q25
  Net Operating Income	$780	$823	$798
  Diluted Net Operating EPS	5.08	5.35	4.87
  Efficiency Ratio	54.4%	52.8%	53.6%
  Net Operating ROTA	1.47	1.59	1.56
  Net Operating ROTCE	17.29	18.57	17.13
  Tangible Book Value per Share(2)	$115.88	$117.41	$115.31

• Diluted Net Operating EPS increased +4% YoY

• Net Operating ROTCE increased +16 bps YoY

Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end.

Stable Net Interest Income Trends with Strong NIM

$ IN MILLIONS

3Q25 4Q25 1Q26 2Q26 3Q26

Net Interest Income (Taxable-equivalent)(1) Net Interest Margin

QoQ Drivers

$1,773

$1,790

$1,763

$1,804

$1,805

3.69%

3.70%

3.70%

3.70%

3.65%

Taxable-equivalent net interest income(1) increased nominally QoQ:

• One additional day and growth in average loans

• Lower interest income on nonaccrual loans

• Interest-bearing deposit growth

  Net interest margin narrowed -5 bps to 3.65% QoQ:

• Lower nonaccrual interest income (-3 bps)

• Higher funding costs offset by asset repricing and net free funds (-2 bps)

  As expected, net interest margin for the quarter remained strong and reflects:

• Customer preference for interest-bearing products in the current environment

• Strong deposit growth to reduce higher-cost borrowings

  Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset.

  Balance Sheet - Overview

  Disciplined Balance Sheet Growth and Strong Capital Levels Supported by Capital Generation and Preservation

  				Change 3Q26 vs
  Average Balances, $ in billions, except per share	3Q26	2Q26	3Q25	2Q26	3Q25
  Interest-bearing Deposits at Banks	$14.2	$15.1	$17.7	-6%	-20%
  Investment Securities	38.6	38.7	36.6	-	5
  Loans Held for Sale	0.7	0.8	0.6	-12	7
  Commercial and Industrial ("C&I")	65.9	65.9	61.7	-	7
  Commercial Real Estate ("CRE")	24.9	23.2	24.0	7	4
  Residential Real Estate ("RRE")	25.2	24.9	24.1	1	4
  Consumer	27.3	26.7	26.1	2	5
  Total Loans	143.3	140.7	135.9	2	5
  Earning Assets	196.7	195.2	190.9	1	3
  Deposits	166.8	163.5	162.6	2	3
  Borrowings	19.2	20.8	15.6	-8	23
  Common Shareholders' Equity	25.4	25.5	26.2	-	-3
  As of Quarter End
  Common Shareholders' Equity per Share	$174.95	$176.03	$170.43	-1%	3%
  Tangible Equity per Common Share(1)	115.88	117.41	115.31	-1	-
  Tangible Common Equity / Tangible Assets(1)	7.85%	8.07%	8.79%	-22 bps	-94 bps
  Common Equity Tier 1 ("CET1") Capital Ratio	10.16 (2)	10.19	10.99	-3 bps	-83 bps

  • Capital levels strong with CET1 capital ratio of 10.16%(2)

  • Repurchased $323 million(3) of common shares in 3Q26

Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) September 30, 2026 CET1 capital ratio is estimated. (3) Includes share repurchase excise tax.

$27.3

Broad-based Loan Growth Across Portfolios

$ IN BILLIONS

$135.9 $136.5 $137.4

$140.7 $143.3

$26.7

QoQ Drivers

Average loans increased +$2.6 billion QoQ:

• Consumer loans increased +2% (+$634 million)

  $24.9		$25.2
  $23.2		$24.9	- -
  5.89%		5.86%
  $65.9		$65.9

  • Growth in the recreational finance and HELOC portfolios

    6.15%

    6.01%

    5.85%

    $61.7

    $62.2

    $63.6

    RRE loans increased +1% (+$367 million) CRE loans increased +7% (+$1.6 billion)

  • Growth in loans secured by multifamily and health services properties

3Q25 4Q25 1Q26 2Q26 3Q26

Strong Liquidity, Disciplined Portfolio Management and Continued Benefit from Repricing

Average Investment Securities and Yield Securities and Invested Cash at 9/30/26(2)

HTM

Other

Securities 2%

Securities

39%

Interest-

bearing deposits at banks 27%

$52.2B

TOTAL

AFS

Securities 32%

$37.8

$38.7

$38.6

$36.6

$36.7

4.15%

4.19%

4.22%

4.29%

4.33%

$ IN BILLIONS

Duration Pre-tax Unrealized Gain/(Loss)

AFS

~3.6 years

($745 million)

3Q25 4Q25 1Q26 2Q26 3Q26

Liquidity Coverage Ratio was 107%(1) on September 30, 2026

HTM ~4.5 years ($1,523 million)

Total Debt Securities

~4.1 years

($2,268 million)

Note: (1) While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on September 30, 2026 exceeded the regulatory minimum standards that would be applicable if it were a Category III institution

Strong Deposit Growth to Fund Growing Loan Portfolio

$ IN BILLIONS

$162.6 $164.9 $164.2 $163.5 $166.8

QoQ Drivers

Total deposit cost

Interest-bearing deposit cost

2.36% 2.17% 1.97% 1.95% 2.05%

1.72% 1.59% 1.43% 1.42% 1.52%

3Q25 4Q25 1Q26 2Q26 3Q26

Average deposits increased +$3.3 billion QoQ:

• Time deposits increased +$1.2 billion

  $43.7

  $43.9

  $44.6

  $44.2

  $44.0

  $104.7

  $108.0

  $105.8

  $106.6

  $107.2

  $15.1

• Savings and interest-checking deposits increased +$2.2 billion

• Average noninterest-bearing deposits decreased -$256 million

  Higher interest-bearing deposits supported loan growth and reduced reliance on higher-cost short-term borrowings which declined -$2.8 billion on average.

  Interest-bearing deposit cost increased +10 bps

• September interest rate hike +2 bps

• Growth and repricing of time deposits +4 bps

• Growth in other interest-bearing deposit products +4 bps

3Q25 4Q25 1Q26 2Q26 3Q26

Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits

$ IN MILLIONS

Stable Broad-Based Fee Income and Strong Revenue Diversification

3Q25 4Q25 1Q26 2Q26 3Q26

Noninterest Income

Noninterest income increased +$3 million QoQ:

• Trust and investment services income declined -$5 million reflecting seasonal tax services fees earned in 2Q26

• Mortgage banking revenues increased +$25 million reflecting a rise in residential mortgage loan sub-servicing income

• Capital markets and advisory revenues decreased -$9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers

• Other revenues from operations decreased -$10 million reflecting a lower distribution from M&T's investment in BLG

  Income Statement - Noninterest Expenses

  $ IN MILLIONS

  				Change 3Q26 vs
  $ in millions	3Q26	2Q26	3Q25	2Q26	3Q25
  Salaries & Employee Benefits(2)	$832	$826	$833	1%	-%
  Outside Data Proc & Software	173	154	138	12	25
  Equipment & Net Occupancy	131	129	129	-	1
  Professional & Other Services	97	89	81	10	22
  FDIC Assessments	19	18	13	15	55
  Advertising & Marketing	29	27	23	7	26
  Other Costs of Operations	105	99	136	6	-23
  Operating Expense(1)	1,386	1,342	1,353	3	2
  Intangible Amortization	7	7	10	-	-27
  Total Noninterest Expense	$1,393	$1,349	$1,363	3%	2%

  Continued Expense Discipline

  $1,438

  $1,363

  $1,379

  $1,349

  $1,429

  $1,353

  $1,369

  $1,342

  $1,393

  $1,386

  53.6%

  55.1%

  58.3%

  52.8%

  54.4%

  Adjusted

  Efficiency 54.5%(1)

  Adjusted

  Efficiency 55.0%(1)

  3Q25 4Q25 1Q26 2Q26 3Q26

  Operating Noninterest Expense(1) Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1)

  QoQ Drivers

  Noninterest expense rose $44 million, or +3% QoQ:

  • Salaries and employee benefits expense increased +$6 million reflecting an additional working day, partially offset by lower payroll-related taxes

  • Outside data processing and software costs increased +$19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure

• Professional and other services rose +$8 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives

• Other costs of operations increased +$6 million reflecting the Company's obligation under agreements to share in losses stemming from certain litigation of Visa, Inc.

Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP and adjusted measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) Severance-related charges for 3Q26, 2Q26 and 3Q25 were $8 million, $6 million and $22 million, respectively.

Sound YOY Credit Trends with Stable Loss Expectations

$185

$146

$127

0.54%

$105

0.42%

$80

0.31%

0.35%

0.23%

$ IN MILLIONS

$ IN MILLIONS

$125

$125 $140

$120

$135

3Q25 4Q25 1Q26 2Q26 3Q26

Net Charge-offs ($) Net Charge-off Ratio (%)

$120

3Q25 4Q25 1Q26 2Q26 3Q26

Provision for Loan Losses Provision for Unfunded Credit Commitments

$1,512

$1,252

$1,240

$1,208

$1,298

1.11%

0.91%

0.89%

0.85%

0.90%

$2,161

$2,116

$2,136

$2,176

$2,179

1.59%

1.54%

1.54%

1.53%

1.51%

$

IN MILLIONS

$ IN MILLIONS

3Q25 4Q25 1Q26 2Q26 3Q26

Nonaccrual Loans ($) Nonaccrual Loans (%)

3Q25 4Q25 1Q26 2Q26 3Q26

Allowance for Loan Losses ($) Allowance for Loan Losses (%)

$7.8

$7.3

$6.6

$6.1

$5.9

9.1%

8.4%

7.4%

6.5%

6.6%

Criticized loans increased +$245 million QoQ:

• C&I increased +$213 million

  • Predominantly driven by a loan to an auto leasing company

• CRE increased +$32 million

  $ IN BILLIONS

  • Permanent CRE +$102 million

  • Construction -$70 million

• 97% of criticized accrual loans are current

3Q25 4Q25 1Q26 2Q26 3Q26

Criticized Criticized % of C&I and CRE Loans

Solid Capital Foundation Supported by Strong Capital Generation and Management

CET1 Capital

(1)

Tangible Book Value Per Share

(2)

$115.88

$115.96

$115.31

3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26

Note: (1) CET1 capital ratio at September 30, 2026 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure.

Scale AI-tools adoption to drive productivity via training, broader access, practitioner communities and agentic capabilities

• Approximately 75% of employee base with access to AI tools

• More than 150 employee-developed AI solutions demonstrate growing adoption of automation and analytics capabilities

• Faster process to support early underwriting analysis / screening for commercial loans

  Employee Experience & Productivity

Accelerate adoption of vendor-embedded AI for consistency, scale & security

• 20% reduction in call transfers and improved first-call resolution through better customer routing

• 100% of developers use AI to accelerate software development and productivity across key engineering activities

  Improved Risk Management

• Accelerated and automated data review for onboarding large volume of mortgage loans

  Pathway 3:

  Build Differentiated AI Capabilities

  'AI Factory'

Establish the AI Factory - a secure, enterprise platform enabling rapid prototyping and deployment of

differentiated solutions

• Building an enterprise AI platform to support scalable, consistent deployment of AI solutions

• Implementing automated controls verification across technology software development and deployment

• Enhancing AI-enabled fraud investigation processes to streamline case review and documentation

  AI Enabled Focus on the Fundamentals

  Customer Experience

Faster, more personalized customer interactions

• Personalized financial insights help customers make smarter financial decisions

  Growth

• Predictive credit insights enable earlier engagement and more tailored support for clients

• Real-time agent guidance improves service speed, accuracy, and consistency across customer interactions

  Scalability

Greater workforce efficiency and effectiveness

• Scales process documentation and reduces manual effort for business teams

• Accelerates technical analysis and knowledge transfer across engineering teams

  Efficiency

• Converts employee feedback into operational insights that support faster business decisions

  Risk Management

Earlier risk detection and stronger controls

• Continuous credit monitoring identifies emerging risks earlier and enables timely intervention

• Automated complaint detection improves compliance oversight and reduces risk

• Enhanced vulnerability analysis accelerates identification and resolution of security risks

Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns

Purpose Driven Organization

• Long term focused with deeply embedded culture

• Business operated to represent the best interests of all key stakeholders

• Energized colleagues consistently serving our customers and communities

• A safe haven for our clients as proven during turbulent times and crisis

Successful and Sustainable Business Model

• Experienced and seasoned management team

• Strong risk controls with long track record of credit outperformance through cycles

• Leading position in core markets

Strong Shareholder Returns

• 15-17% ROTCE(1)

• Robust dividend growth

• 8% TBV per share growth(2)

Source: FactSet, S&P Global, Company Filings.

Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2020-2025, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2020-2025.

Appendix

M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be "nonoperating" in nature. Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results.

Note: (1) After any related tax effect.