Citizens Financial Group, Inc. Reports Fourth Quarter 2025 Net Income of (Form 8-K)

Citizens Financial Group, Inc. Reports Fourth Quarter 2025 Net Income of

$528 million, up 32% YoY, and EPS of $1.13, up 36% YoY

Positive Operating Leverage of 1.3% QoQ and 5.2% YoY on an Underlying basis

2025 Net Income of $1.8 billion and EPS of $3.86, up 14% and 19%
on an Underlying basis, respectively

						Key Financial Data*						4Q25			3Q25			4Q24						Fourth Quarter 2025 Highlights
Income Statement						($s in millions)																		■EPS of $1.13, up 8% QoQ; ROTCE of 12.2% -Continued strong Private Bank progress, contributing $0.10 to EPS, up $0.02 QoQ ■PPNR of $814 million, up 4% QoQ, 19% YoY -NII up 3.3% QoQ as NIM continues to expand, up 7 bps to 3.07% -Strong fee performance led by Wealth, up 5% QoQ and 31% YoY, and Capital Markets, up 16% YoY -Positive operating leverage of 1.3% QoQ; 5.2% YoY -Efficiency ratio improved 79 bps to 62.2% ■Loans up 1% QoQ on a spot and average basis with growth led by Private Bank and Commercial -Lower Non-Core runoff and balance sheet optimization impacts ■Continuing favorable credit trends; net charge-offs of 43 bps, down 3 bps QoQ ■Strong ACL coverage of 1.53%, down slightly QoQ, reflecting improved loan mix ■Average deposits up 2% QoQ driven by growth in Private Bank and Commercial -Private Bank spot deposits of $14.5 billion -Interest-bearing deposit costs down 15 bps QoQ ■Strong liquidity profile; spot LDR of 77.8% ■Strong CET1 ratio of 10.6%; 9.5% adjusted for AOCI opt-out removal ■TBV/share of $38.07, up 4% QoQ
						Total revenue						$	2,157		$	2,118		$	1,986
						Pre-provision profit						814			783			670
						Underlying pre-provision profit						814			783			684
						Provision for credit losses						137			154			162
						Net income						528			494			401
						Underlying net income						528			494			412
			Balance Sheet & Credit Quality						($s in billions)
									Period-end loans and leases						$	142.7		$	140.9		$	139.2
									Average loans and leases						141.8			140.0			140.9
									Period-end deposits						183.3			180.0			174.8
						Average deposits						179.9			176.0			174.3
						Period-end loan-to-deposit ratio						77.8		%	78.3		%	79.6		%
						NCO ratio						0.43		%	0.46		%	0.53		%
Financial Metrics						Diluted EPS						$	1.13		$	1.05		$	0.83
						Underlying Diluted EPS						1.13			1.05			0.85
						ROTCE						12.2		%	11.7		%	10.4		%
						Underlying ROTCE						12.2			11.7			10.7
						Net interest margin, FTE						3.07			3.00			2.87
						Efficiency ratio						62.2			63.0			66.3
						Underlying efficiency ratio						62.2			63.0			65.4
						CET1						10.6		%	10.7		%	10.8		%
						TBV/Share						$	38.07		$	36.73		$	32.34

Notable Items												4Q25									3Q25									4Q24
						($s in millions except per share data)						Pre-tax $			EPS						Pre-tax $			EPS						Pre-tax $			EPS
						Integration-related						$	-		$	-					$	-		$	-					$	(2)		$	-
						TOP/Other						-			-						-			-						(12)			(0.02)
						Total						$	-		$	-					$	-		$	-					$	(14)		$	(0.02)

*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.

Citizens Financial Group, Inc.

Comments from Chairman and CEO Bruce Van Saun

"We are pleased to report good fourth quarter and full year results that reflect strong execution of our key growth initiatives and continued improvement in our net interest margin," said Chairman and CEO Bruce Van Saun. "Our strong fee growth was paced by Capital Markets and Wealth, we continue to achieve positive operating leverage, up 5% in Q4 vs. prior year, our credit costs are trending favorably, and we delivered an 80% return of capital to shareholders for the year. The Private Bank hit year end deposits of $14.5 billion, delivering 7% accretion to our bottom line at a 25% ROE. I would like to thank our colleague base for their fine effort and dedication in continuing to serve our customers well and in positioning us for a strong 2026 and bright future."

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.46 per share. The dividend is payable on February 18, 2026 to shareholders of record at the close of business on February 4, 2026.

*ROE represents Return on Regulatory Capital.

2

Citizens Financial Group, Inc.

Earnings highlights(1):

						Quarterly Trends																														Full Year
																		4Q25 change from																														2025 change from 2024
($s in millions, except per share data)						4Q25			3Q25			4Q24						3Q25									4Q24									2025						2024
Earnings																		$/bps/%			%						$/bps/%			%																		$/bps
Net interest income						$	1,537		$	1,488		$	1,412					$	49		3		%				$	125		9		%				$	5,853					$	5,633					$	220
Noninterest income						620			630			574						(10)			(2)						46			8						2,394						2,176						218
Total revenue						2,157			2,118			1,986						39			2						171			9						8,247						7,809						438
Noninterest expense						1,343			1,335			1,316						8			1						27			2						5,311						5,234						77
Pre-provision profit						814			783			670						31			4						144			21						2,936						2,575						361
Provision for credit losses						137			154			162						(17)			(11)						(25)			(15)						608						687						(79)
Net income						528			494			401						34			7						127			32						1,831						1,509						322
Preferred dividends/other(2)						39			37			34						2			5						5			15						143						137						6
Net income available to common stockholders						$	489		$	457		$	367					$	32		7		%				$	122		33		%				$	1,688					$	1,372					$	316
After-tax notable Items						-			-			11						-			-						(11)			(100)						-						98						(98)
Underlying net income						$	528		$	494		$	412					$	34		7		%				$	116		28		%				$	1,831					$	1,607					$	224
Underlying net income available to common stockholders						489			457			378						32			7						111			29						1,688						1,470						218
Average common shares outstanding
Basic (in millions)						429.5			431.4			440.8						(1.9)			-						(11.3)			(3)						433.2						450.7						(17.5)
Diluted (in millions)						434.1			435.5			444.8						(1.4)			-						(10.8)			(2)						436.9						453.5						(16.6)
Diluted earnings per share						$	1.13		$	1.05		$	0.83					$	0.08		8		%				$	0.30		36		%				$	3.86					$	3.03					$	0.83
Underlying diluted earnings per share						1.13			1.05			0.85						0.08			8						0.28			33						3.86						3.24						$	0.62
Performance metrics
Net interest margin						3.06		%	2.99		%	2.86		%				7		bps							20		bps							2.97		%				2.84		%				13		bps
Net interest margin, FTE						3.07			3.00			2.87						7									20									2.98						2.85						13
Effective income tax rate						22.0			21.4			21.0						65									99									21.3						20.1						128
Efficiency ratio						62.2			63.0			66.3						(79)									(403)									64.4						67.0						(263)
Underlying efficiency ratio						62.2			63.0			65.4						(79)									(312)									64.4						65.2						(75)
Return on average tangible common equity						12.2			11.7			10.4						43									182									11.2						9.8						139
Underlying return on average tangible common equity						12.2			11.7			10.7						43									152									11.2						10.5						69
Return on average total tangible assets						0.98			0.93			0.76						5									22									0.87						0.71						16
Underlying return on average total tangible assets						0.98		%	0.93		%	0.78		%				5		bps							20		bps							0.87		%				0.76		%				11		bps
Capital adequacy(3,4)
Common equity tier 1 capital ratio						10.6		%	10.7		%	10.8		%
Total capital ratio						13.8			13.9			14.0
Tier 1 leverage ratio						9.4			9.4			9.4
Tangible common equity ratio						7.5			7.4			6.8
Allowance for credit losses to loans and leases						1.53		%	1.56		%	1.62		%				(3)		bps							(9)		bps
Asset quality(4)
Nonaccrual loans and leases to loans and leases						1.05		%	1.08		%	1.20		%				(3)		bp							(15)		bps
Allowance for credit losses to nonaccrual loans and leases						145			145			136						-		%							9		%
Net charge-offs as a % of average loans and leases						0.43		%	0.46		%	0.53		%				(3)		bps							(10)		bps							0.49		%				0.52		%				(3)		bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share

represent fully diluted per common share and references to NIM are on a FTE basis.

(2) 3Q25 includes preferred stock early redemption costs of $5 million.

(3) Current reporting-period regulatory capital ratios are preliminary.

(4) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

3

Citizens Financial Group, Inc.

The following table provides information on Underlying results which exclude the impact of notable items, recorded in 2024.

Underlying results:

						Quarterly Trends																														Full Year
																		4Q25 change from																											2025 Change
($s in millions, except per share data)						4Q25			3Q25			4Q24						3Q25									4Q24									2025			2024						from 2024
																		$/bps			%						$/bps			%															%
Net interest income						$	1,537		$	1,488		$	1,412					$	49		3		%				$	125		9		%				$	5,853		$	5,633					4		%
Noninterest income						620			630			564						(10)			(2)						56			10						2,394			2,161						11
Total revenue						$	2,157		$	2,118		$	1,976					$	39		2		%				$	181		9		%				$	8,247		$	7,794					6		%
Noninterest expense						1,343			1,335			1,292						8			1						51			4						5,311			5,078						5
Provision for credit losses						137			154			162						(17)			(11)						(25)			(15)						608			687						(11)
Net income available to common stockholders						$	489		$	457		$	378					$	32		7		%				$	111		29		%				$	1,688		$	1,470					15		%
Performance metrics
EPS						$	1.13		$	1.05		$	0.85					$	0.08		8		%				$	0.28		33		%				$	3.86		$	3.24					19		%
Efficiency ratio						62.2		%	63.0		%	65.4		%				(79)		bps							(312)		bps							64.4		%	65.2		%				(75)
Return on average tangible common equity						12.2		%	11.7		%	10.7		%				43		bps							152		bps							11.2		%	10.5		%				69		bps

Consolidated balance sheet summary(1):

																								4Q25 change from
($s in millions)						4Q25						3Q25						4Q24						3Q25									4Q24
																								$/bps			%						$/bps			%
Total assets						$	226,351					$	222,747					$	217,521					$	3,604		2		%				$	8,830		4		%
Total loans and leases						142,692						140,870						139,203						1,822			1						3,489			3
Total loans held for sale						1,198						1,334						858						(136)			(10)						340			40
Deposits						183,313						180,011						174,776						3,302			2						8,537			5
Stockholders' equity						26,317						25,829						24,254						488			2						2,063			9
Stockholders' common equity						24,206						23,718						22,141						488			2						2,065			9
Tangible common equity						$	16,341					$	15,848					$	14,246					$	493		3		%				$	2,095		15		%
Loan-to-deposit ratio (period-end)(2)						77.8		%				78.3		%				79.6		%				(42)		bps							(181)		bps
Loan-to-deposit ratio (average)(2)						78.8		%				79.6		%				80.9		%				(75)		bps							(206)		bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

4

Citizens Financial Group, Inc.

Notable items:

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 as TOP revenue and efficiency initiatives. These notable items were excluded from reported results to better reflect Underlying operating results.

Notable items - Integration-related						4Q25															3Q25												4Q24												FY 2025												FY 2024
($s in millions, except per share data)						Pre-tax						After-tax									Pre-tax						After-tax						Pre-tax						After-tax						Pre-tax						After-tax						Pre-tax						After-tax
Salaries & benefits						$	-					$	-								$	-					$	-					$	(2)					$	(1)					$	-					$	-					$	(9)					$	(6)
Equipment and software						-						-									-						-						-						-						-						-						-						-
Outside services						-						-									-						-						-						-						-						-						(1)						(1)
Occupancy						-						-									-						-						-						-						-						-						-						-
Other expense						-						-									-						-						-						-						-						-						-						-
Noninterest expense						$	-					$	-								$	-					$	-					$	(2)					$	(1)					$	-					$	-					$	(10)					$	(7)
EPS Impact - Noninterest expense												$	-														$	-											$	-											$	-											$	(0.02)
Total Integration-related						$	-					$	-								$	-					$	-					$	(2)					$	(1)					$	-					$	-					$	(10)					$	(7)
EPS Impact - Total Integration-related												$	-														$	-											$	-											$	-											$	(0.02)
Other notable items - TOP & Other						4Q25															3Q25												4Q24												FY 2025												FY 2024
($s in millions, except per share data)						Pre-tax						After-tax									Pre-tax						After-tax						Pre-tax						After-tax						Pre-tax						After-tax						Pre-tax						After-tax
Tax notable items						$	-					$	-								$	-					$	-					$	-					$	-					$	-					$	-					$	-					$	7
Noninterest income						-						-									-						-						10						8						-						-						15						11
Salaries & benefits						-						-									-						-						(15)						(12)						-						-						(37)						(27)
Equipment and software						-						-									-						-						(3)						(2)						-						-						(17)						(13)
Outside services						-						-									-						-						(4)						(3)						-						-						(27)						(21)
Occupancy						-						-									-						-						(5)						(4)						-						-						(19)						(14)
FDIC special assessment(1)						-						-									-						-						9						6						-						-						(31)						(24)
Other expense						-						-									-						-						(4)						(3)						-						-						(15)						(10)
Noninterest expense						$	-					$	-								$	-					$	-					$	(22)					$	(18)					$	-					$	-					$	(146)					$	(109)
Total Other Notable Items						$	-					$	-								$	-					$	-					$	(12)					$	(10)					$	-					$	-					$	(131)					$	(91)
EPS Impact - Other Notable Items												$	-														$	-											$	(0.02)											$	-											$	(0.19)
Total Notable Items						$	-					$	-								$	-					$	-					$	(14)					$	(11)					$	-					$	-					$	(141)					$	(98)
Total EPS Impact												$	-														$	-											$	(0.02)											$	-											$	(0.21)
(1) The FDIC special assessment earnings per share impact is $0.01 and $(0.05) for fourth quarter 2024 and full year 2024 respectively.

5

Citizens Financial Group, Inc.

Discussion of results:

Net interest income																								4Q25 change from
($s in millions)						4Q25						3Q25						4Q24						3Q25												4Q24
																								$/bps						%						$/bps						%
Interest income:
Interest and fees on loans and leases and loans held for sale						$	1,923					$	1,928					$	1,931					$	(5)					-		%				$	(8)					-		%
Investment securities						434						433						419						1						-						15						4
Interest-bearing deposits in banks						89						97						112						(8)						(8)						(23)						(21)
Total interest income						$	2,446					$	2,458					$	2,462					$	(12)					-		%				$	(16)					(1)		%
Interest expense:
Deposits						$	781					$	816					$	883					$	(35)					(4)		%				$	(102)					(12)		%
Short-term borrowed funds						-						5						1						(5)						(100)						(1)						(100)
Long-term borrowed funds						128						149						166						(21)						(14)						(38)						(23)
Total interest expense						$	909					$	970					$	1,050					$	(61)					(6)		%				$	(141)					(13)		%
Net interest income						$	1,537					$	1,488					$	1,412					$	49					3		%				$	125					9		%
Net interest margin, FTE						3.07		%				3.00		%				2.87		%				7		bps										20		bps

Fourth quarter 2025			vs.			third quarter 2025

Net interest income of $1.5 billion increased 3.3%, reflecting a higher net interest margin along with a 1% increase in average interest-earning assets.

•Net interest margin of 3.07% increased 7 basis points, reflecting the benefit of Non-Core runoff and lower terminated swap impacts, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.

•Interest-bearing deposit costs decreased 15 basis points to 2.20%; total deposit costs decreased 12 basis points to 1.72%; total cost of funds decreased 15 basis points to 1.90%.

Fourth quarter 2025			vs.			fourth quarter 2024

Net interest income of $1.5 billion increased 9%, primarily reflecting a higher net interest margin.

•Net interest margin of 3.07% increased 20 basis points, largely driven by the benefit of Non-Core runoff and terminated swap impacts, as well as fixed-rate asset repricing benefits, partially offset by lower asset yields.

6

Citizens Financial Group, Inc.

Noninterest Income																								4Q25 change from
($s in millions)						4Q25						3Q25						4Q24						3Q25												4Q24
																								$						%						$						%
Service charges and fees						$	112					$	112					$	109					$	-					-		%				$	3					3		%
Capital markets fees						140						166						121						(26)						(16)						19						16
Wealth fees						98						93						75						5						5						23						31
Card fees						86						87						97						(1)						(1)						(11)						(11)
Mortgage banking fees						52						49						60						3						6						(8)						(13)
Foreign exchange and derivative products						34						42						35						(8)						(19)						(1)						(3)
Letter of credit and loan fees						49						48						45						1						2						4						9
Securities gains, net						7						2						4						5						250						3						75
Other income(1)						42						31						28						11						35						14						50
Noninterest income						$	620					$	630					$	574					$	(10)					(2)		%				$	46					8		%
Underlying, as applicable
Card fees						$	86					$	87					$	86					$	(1)					(1)						$	-					-
Other income(1)						$	42					$	31					$	29					$	11					35						$	13					45
Underlying noninterest income						$	620					$	630					$	564					$	(10)					(2)		%				$	56					10		%
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

Fourth quarter 2025			vs.			third quarter 2025

Noninterest income of $620 million decreased $10 million, or 2%.

•Capital markets fees were strong, though decreased by $26 million relative to an exceptional third quarter. Several M&A and equity deals pushed into 2026 given impacts associated with the government shutdown in the quarter, with roughly $20 million in fees pushing into 1Q26. Loan syndication fees were higher in the quarter.

•Wealth fees increased $5 million to an all-time high, given an increase in advisory fees, primarily driven by net inflows and market appreciation.

•Mortgage banking fees increased $3 million, as higher MSR valuation results, net of hedge impact, were largely offset by lower servicing.

•FX and derivative products decreased $8 million primarily reflecting lower client interest rate hedging activity in anticipation of lower rates.

•Other income increased $11 million, reflecting favorable performance across several small revenue items.

Fourth quarter 2025			vs.			fourth quarter 2024

Underlying noninterest income of $620 million increased $56 million, or 10%.

•Capital markets fees increased $19 million, driven by higher debt and equity underwriting and loan syndication fees, partially offset by lower M&A fees.

•Wealth fees increased $23 million, primarily reflecting growth in AUM, mainly driven by net inflows.

•Other income increased $13 million, reflecting favorable performance across several small revenue items.

7

Citizens Financial Group, Inc.

Noninterest Expense																								4Q25 change from
($s in millions)						4Q25						3Q25						4Q24						3Q25									4Q24
																								$			%						$			%
Salaries and employee benefits						$	716					$	705					$	674					$	11		2		%				$	42		6		%
Equipment and software						199						197						193						2			1						6			3
Outside services						148						161						170						(13)			(8)						(22)			(13)
Occupancy						109						106						112						3			3						(3)			(3)
Other operating expense						171						166						167						5			3						4			2
Noninterest expense						$	1,343					$	1,335					$	1,316					$	8		1		%				$	27		2		%
Notable items						$	-					$	-					$	24					$	-		-		%				$	(24)		(100)%
Underlying, as applicable
Salaries and employee benefits						$	716					$	705					$	657					$	11		2		%				$	59		9		%
Equipment and software						199						197						190						2			1						9			5
Outside services						148						161						166						(13)			(8)						(18)			(11)
Occupancy						109						106						107						3			3						2			2
Other operating expense						171						166						172						5			3						(1)			(1)
Underlying noninterest expense						$	1,343					$	1,335					$	1,292					$	8		1		%				$	51		4		%

Fourth quarter 2025			vs.			third quarter 2025

Noninterest expense of $1.3 billion increased 0.6%.

•Salaries and employee benefits increased $11 million, reflecting hiring related to the Private Bank and Private Wealth buildout, higher incentive compensation and medical benefit costs.

•Outside services decreased $13 million, primarily driven by lower technology costs.

•Other operating expense increased $5 million, reflecting seasonal factors.

The effective tax rate was 22.0% in fourth quarter 2025 compared with 21.4% in third quarter 2025.

Fourth quarter 2025			vs.			fourth quarter 2024

Underlying noninterest expense of $1.3 billion increased 4%.

•Salaries and employee benefits increased $59 million, reflecting hiring related to the Private Bank and Private Wealth buildout, strong Capital Markets fee performance, and increased medical benefit costs.

•Equipment and software increased $9 million, reflecting technology investments.

•Outside services decreased $18 million, largely driven by lower vendor-related costs.

The effective tax rate was 22.0% in fourth quarter 2025 compared with 21.2% on an Underlying basis in fourth quarter 2024, primarily reflecting less benefit from tax-advantaged investments given higher income and higher state taxes.

8

Citizens Financial Group, Inc.

Interest-earning assets															4Q25 change from
($s in millions)			4Q25			3Q25			4Q24						3Q25												4Q24
Period-end interest-earning assets															$						%						$						%
Investments			$	44,650		$	44,456		$	42,217					$	194					-		%				$	2,433					6		%
Interest-bearing deposits in banks			12,224			11,090			9,827						1,134						10						2,397						24
Commercial loans and leases			73,812			72,493			69,776						1,319						2						4,036						6
Retail loans			68,880			68,377			69,427						503						1						(547)						(1)
Total loans and leases			142,692			140,870			139,203						1,822						1						3,489						3
Loans held for sale			1,198			1,334			858						(136)						(10)						340						40
Total loans and leases and loans held for sale			143,890			142,204			140,061						1,686						1						3,829						3
Total period-end interest-earning assets			$	200,764		$	197,750		$	192,105					$	3,014					2		%				$	8,659					5		%
Average interest-earning assets(1)
Investments			$	46,731		$	46,453		$	44,823					$	278					1		%				$	1,908					4		%
Interest-bearing deposits in banks			9,156			9,015			9,459						141						2						(303)						(3)
Commercial loans and leases			73,151			72,150			71,355						1,001						1						1,796						3
Retail loans			68,606			67,861			69,592						745						1						(986)						(1)
Total loans and leases			141,757			140,011			140,947						1,746						1						810						1
Loans held for sale			1,523			2,119			1,384						(596)						(28)						139						10
Total loans and leases and loans held for sale			143,280			142,130			142,331						1,150						1						949						1
Total average interest-earning assets			$	199,167		$	197,598		$	196,613					$	1,569					1		%				$	2,554					1		%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.

Fourth quarter 2025			vs.			third quarter 2025

Period-end interest-earning assets of $200.8 billion increased $3.0 billion, or 2%, reflecting a $1.1 billion increase in cash held in interest-bearing deposits and a $194 million increase in investments in securities. Total loans and leases increased $1.8 billion, as growth in the Private Bank, net new money originations in corporate banking and higher commercial line utilization, as well as growth in home equity and mortgage, were partially offset by commercial real estate paydowns and the runoff of Non-Core loans.

Average interest-earning assets of $199.2 billion increased $1.6 billion, or 1%, reflecting a $1.7 billion increase in total loans and leases and a $141 million increase in cash held in interest-bearing deposits, partially offset by a $596 million decrease in loans held for sale related to the final settlement of the Non-Core education loans sold.

The average effective duration of the securities portfolio was 3.8 years, compared with 3.6 years at September 30, 2025 and 3.7 years at December 31, 2024.

Fourth quarter 2025			vs.			fourth quarter 2024

Period-end interest-earning assets of $200.8 billion increased $8.7 billion, or 5%, reflecting a $2.4 billion increase in investments in securities, a $2.4 billion increase in cash held in interest-bearing deposits and a $3.8 billion increase in total loans and leases and loans held for sale. The increase in total loans and leases and loans held for sale was driven by $4.0 billion growth in commercial given net new money originations in corporate banking and higher commercial line utilization, as well as growth in the Private Bank, partially offset by commercial real estate paydowns. This was partially offset by a decline in retail of $547 million, as $4.9 billion of growth in home equity and mortgage was more than offset by Non-Core portfolio runoff.

Average interest-earning assets of $199.2 billion increased $2.6 billion, primarily reflecting a $1.9 billion increase in investments in securities and a $949 million increase in total loans and leases and loans held for sale.

9

Citizens Financial Group, Inc.

Deposits															4Q25 change from
($s in millions)			4Q25			3Q25			4Q24						3Q25												4Q24
Period-end deposits															$						%						$						%
Non-interest bearing demand			$	40,417		$	39,472		$	36,920					$	945					2		%				$	3,497					9		%
Checking with interest			37,428			35,219			33,246						2,209						6						4,182						13
Savings			24,353			24,759			25,976						(406)						(2)						(1,623)						(6)
Money market			60,062			59,709			55,321						353						1						4,741						9
Time			21,053			20,852			23,313						201						1						(2,260)						(10)
Total period-end deposits			$	183,313		$	180,011		$	174,776					$	3,302					2		%				$	8,537					5		%
Average deposits
Non-interest bearing demand			$	38,993		$	38,070		$	36,704					$	923					2		%				$	2,289					6		%
Checking with interest			36,257			34,748			32,720						1,509						4						3,537						11
Savings			24,477			25,001			26,237						(524)						(2)						(1,760)						(7)
Money market			58,904			57,783			54,548						1,121						2						4,356						8
Time			21,226			20,355			24,053						871						4						(2,827)						(12)
Total average deposits			$	179,857		$	175,957		$	174,262					$	3,900					2		%				$	5,595					3		%

Fourth quarter 2025			vs.			third quarter 2025

Total period-end deposits of $183.3 billion are up 2%, driven by growth in Private Bank, commercial, and retail, primarily across checking with interest, demand deposits and money market, partially offset by lower savings. Private Bank deposits reached $14.5 billion at year end.

Average deposits of $179.9 billion increased 2%, reflecting the same factors.

Fourth quarter 2025			vs.			fourth quarter 2024

Total period-end deposits of $183.3 billion increased 5%, primarily reflecting growth in Private Bank of $7.5 billion, and $3.5 billion in Commercial, partially offset by a $2.3 billion reduction in higher-cost Treasury brokered deposits.

Average deposits of $179.9 billion were up 3%.

10

Citizens Financial Group, Inc.

Borrowed Funds															4Q25 change from
($s in millions)			4Q25			3Q25			4Q24						3Q25												4Q24
Period-end borrowed funds															$						%						$						%
Short-term borrowed funds			$	58		$	214		$	-					$	(156)					(73) %						$	58					100		%
Long-term borrowed funds
FHLB advances			2,014			14			53						2,000						NM						1,961						NM
Senior debt			6,328			6,825			7,168						(497)						(7)						(840)						(12)
Subordinated debt and other debt			1,284			1,620			1,805						(336)						(21)						(521)						(29)
Auto collateralized borrowings			1,598			1,982			3,375						(384)						(19)						(1,777)						(53)
Total borrowed funds			$	11,282		$	10,655		$	12,401					$	627					6		%				$	(1,119)					(9)		%
Average borrowed funds
Short-term borrowed funds			$	221		$	589		$	41					$	(368)					(62) %						$	180					NM
Long-term borrowed funds
FHLB advances			35			1,009			172						(974)						(97) %						(137)						(80)
Senior debt			6,642			6,823			7,316						(181)						(3)						(674)						(9)
Subordinated debt and other debt			1,405			1,622			1,808						(217)						(13)						(403)						(22)
Auto collateralized borrowings			1,774			2,189			3,593						(415)						(19)						(1,819)						(51)
Total average borrowed funds			$	10,077		$	12,232		$	12,930					$	(2,155)					(18)		%				$	(2,853)					(22)		%

Fourth quarter 2025			vs.			third quarter 2025

Period-end borrowed funds increased $627 million, reflecting a $2.0 billion increase in FHLB advances largely offset by decreases in senior debt and subordinated debt of $497 million and $336 million, respectively, given redemptions, as well as a $384 million decrease in collateralized borrowings on auto loans as the associated portfolio runs down.

Average borrowed funds decreased $2.2 billion, driven by decreases in FHLB advances and short-term borrowed funds of $974 million and $368 million, respectively, a $415 million decrease in auto collateralized borrowings, as well as decreases in senior and subordinated debt of $181 million and $217 million, respectively, given the impact of redemptions.

Fourth quarter 2025			vs.			fourth quarter 2024

Period-end borrowed funds decreased by $1.1 billion, reflecting decreases of $1.8 billion in auto collateralized borrowings, given runoff of the associated portfolio, $840 million in senior and $521 million in subordinated debt given the impact of redemptions, partially offset by $2.0 billion in FHLB advances.

Average borrowed funds decreased by $2.9 billion, given a $1.8 billion decrease in auto collateralized borrowings, and decreases in senior and subordinated debt of $674 million and $403 million respectively, given the impact of redemptions.

11

Citizens Financial Group, Inc.

Capital															4Q25 change from
($s and shares in millions, except per share data)			4Q25			3Q25			4Q24						3Q25												4Q24
Period-end capital															$						%						$						%
Stockholders' equity			$	26,317		$	25,829		$	24,254					$	488					2		%				$	2,063					9		%
Stockholders' common equity			24,206			23,718			22,141						488						2						2,065						9
Tangible common equity			16,341			15,848			14,246						493						3						2,095						15
Tangible book value per common share			$	38.07		$	36.73		$	32.34					$	1.34					4		%				$	5.73					18		%
Common shares - at end of period			429.2			431.5			440.5						(2.2)						(1)						(11.3)						(3)
Common shares - average (diluted)			434.1			435.5			444.8						(1.4)						-		%				(10.8)						(2)		%
Common equity tier 1 capital ratio(1)			10.6		%	10.7		%	10.8		%
Total capital ratio(1)			13.8			13.9			14.0
Tangible common equity ratio			7.5			7.4			6.8
Tier 1 leverage ratio(1)			9.4			9.4			9.4
(1) Current reporting-period regulatory capital ratios are preliminary.

Fourth quarter 2025

•The CET1 capital ratio of 10.6% as of December 31, 2025 compares with 10.7% at September 30, 2025 and 10.8% at December 31, 2024.

•Total capital ratio of 13.8% compares with 13.9% at September 30, 2025 and 14.0% as of December 31, 2024.

•Tangible common equity ratio of 7.5% compares with 7.4% at September 30, 2025 and 6.8% as of December 31, 2024.

•Tangible book value per common share of $38.07 increased 4% compared with third quarter 2025, reflecting higher net income and AOCI benefit from lower long-term rates.

•Paid $201 million in common dividends to shareholders during fourth quarter 2025. This compares with $184 million in common dividends during third quarter 2025 and $188 million during fourth quarter 2024, given the fourth quarter 2025 increase in the quarterly dividend per share of $0.04 to $0.46.

•Repurchased $125 million of common shares during fourth quarter 2025, compared with $75 million in third quarter 2025 and $225 million in fourth quarter 2024.

12

Citizens Financial Group, Inc.

Credit quality review																								4Q25 change from
($s in millions)						4Q25						3Q25						4Q24						3Q25												4Q24
																								$/bps/%						%						$/bps/%						%
Nonaccrual loans and leases(1)						$	1,504					$	1,518					$	1,664					$	(14)					(1)		%				$	(160)					(10)		%
90+ days past due and accruing(2)						169						162						196						7						4						(27)						(14)
Net charge-offs						155						162						189						(7)						(4)						(34)						(18)
Provision for credit losses						137						154						162						(17)						(11)						(25)						(15)
Allowance for credit losses						$	2,183					$	2,201					$	2,259					$	(18)					(1)		%				$	(76)					(3)		%
Nonaccrual loans and leases to loans and leases						1.05		%				1.08		%				1.20		%				(3)		bps										(15)		bps
Net charge-offs as a % of total loans and leases						0.43						0.46						0.53						(3)												(10)
Allowance for credit losses to loans and leases						1.53						1.56						1.62						(3)												(9)
Allowance for credit losses to nonaccrual loans and leases						145		%				145		%				136		%				-		%										9		%
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $141 million, $114 million, and $172 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2025, September 30, 2025, and December 31, 2024, respectively.

Fourth quarter 2025			vs.			third quarter 2025

•Nonaccrual loans of $1.5 billion decreased 1% reflecting a decrease in commercial real estate, partially offset by an increase in C&I and residential real estate secured. The nonaccrual loans to total loans ratio of 1.05% compares with 1.08% at September 30, 2025.

•Net charge-offs of $155 million, or 43 basis points of average loans and leases, compares with 46 basis points in the prior quarter, with the decrease driven primarily by commercial real estate.

•The fourth quarter 2025 provision for credit losses of $137 million compares with $154 million for third quarter 2025.

•The ratio of allowance for credit losses to total loans of 1.53% was down slightly compared with 1.56% as of September 30, 2025 reflecting improved loan mix given the continued reduction in the Non-Core portfolio and a decrease in commercial real estate balances, with originations primarily in C&I and retail real estate secured that have a lower loss content profile.

•The allowance for credit losses to nonaccrual loans and leases ratio of 145% is stable with September 30, 2025.

Fourth quarter 2025			vs.			fourth quarter 2024

•Nonaccrual loans decreased 10% given a 20% decrease in commercial real estate and a 6% decrease in retail, reflecting decreases in education, other retail and auto, partially offset by increases in residential real estate secured categories. The nonaccrual loans to total loans ratio of 1.05% compares with 1.20% at December 31, 2024.

•Net charge-offs of $155 million, or 43 basis points of average loans and leases compares with 53 basis points for fourth quarter 2024. This reflects a decrease in commercial real estate and a decrease in retail, driven by reductions in education, auto and other retail, partially offset by an increase in C&I.

•Provision for credit losses of $137 million decreased compared with a $162 million provision in fourth quarter 2024 reflecting the runoff of the Non-Core portfolio and improving loan mix.

•Allowance for credit losses of $2.2 billion decreased $76 million compared with December 31, 2024 given the benefit of the sale of Non-Core education loans, continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.53% as of December 31, 2025 compares with 1.62% as of December 31, 2024.

•The allowance for credit losses to nonaccrual loans and leases ratio of 145% compares with 136% as of December 31, 2024.

13

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens' earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company's website at www.citizensbank.com/about-us.

Media: Peter Lucht - (781) 655-2289

Investors: Kristin Silberberg - (203) 900-6854

Conference Call

CFG management will host a live conference call today with details as follows:

Time: 9:00 am ET

Dial-in: (800) 369-1703, conference ID 3503262

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on January 21, 2026 through February 21, 2026. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

14

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding certain items that may occur in that period which management does not consider indicative of the Company's on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe those measures denoted as Underlying in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

15

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

(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)						$620						$630						$574						($10)						(2		%)				$46						8		%				$2,394						$2,176						$218						10		%
Less: Notable items						-						-						10						-						-						(10)						(100)						-						15						(15)						(100)
Noninterest income, Underlying (non-GAAP)						$620						$630						$564						($10)						(2		%)				$56						10		%				$2,394						$2,161						$233						11		%
Total revenue, Underlying:
Total revenue (GAAP)			A			$2,157						$2,118						$1,986						$39						2		%				$171						9		%				$8,247						$7,809						$438						6		%
Less: Notable items						-						-						10						-						-						(10)						(100)						-						15						(15)						(100)
Total revenue, Underlying (non-GAAP)			B			$2,157						$2,118						$1,976						$39						2		%				$181						9		%				$8,247						$7,794						$453						6		%
Noninterest expense, Underlying:
Noninterest expense (GAAP)			C			$1,343						$1,335						$1,316						$8						1		%				$27						2		%				$5,311						$5,234						$77						1		%
Less: Notable items						-						-						24						-						-						(24)						(100)						-						156						(156)						(100)
Noninterest expense, Underlying (non-GAAP)			D			$1,343						$1,335						$1,292						$8						1		%				$51						4		%				$5,311						$5,078						$233						5		%
Pre-provision profit:
Total revenue (GAAP)			A			$2,157						$2,118						$1,986						$39						2		%				$171						9		%				$8,247						$7,809						$438						6		%
Less: Noninterest expense (GAAP)			C			1,343						1,335						1,316						8						1						27						2						5,311						5,234						77						1
Pre-provision profit (non-GAAP)						$814						$783						$670						$31						4		%				$144						21		%				$2,936						$2,575						$361						14		%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)			B			$2,157						$2,118						$1,976						$39						2		%				$181						9		%				$8,247						$7,794						$453						6		%
Less: Noninterest expense, Underlying (non-GAAP)			D			1,343						1,335						1,292						8						1						51						4						5,311						5,078						233						5
Pre-provision profit, Underlying (non-GAAP)						$814						$783						$684						$31						4		%				$130						19		%				$2,936						$2,716						$220						8		%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)			E			$677						$629						$508						$48						8		%				$169						33		%				$2,328						$1,888						$440						23		%
Less: Income (expense) before income tax expense (benefit) related to notable items						-						-						(14)						-						-						14						100						-						(141)						141						100
Income before income tax expense, Underlying (non-GAAP)			F			$677						$629						$522						$48						8		%				$155						30		%				$2,328						$2,029						$299						15		%
Income tax expense, Underlying:
Income tax expense (GAAP)			G			$149						$135						$107						$14						10		%				$42						39		%				$497						$379						$118						31		%
Less: Income tax expense (benefit) related to notable items						-						-						(3)						-						-						3						100						-						(43)						43						100
Income tax expense, Underlying (non-GAAP)			H			$149						$135						$110						$14						10		%				$39						35		%				$497						$422						$75						18		%
Net income, Underlying:
Net income (GAAP)			I			$528						$494						$401						$34						7		%				$127						32		%				$1,831						$1,509						$322						21		%
Add: Notable items, net of income tax benefit						-						-						11						-						-						(11)						(100)						-						98						(98)						(100)
Net income, Underlying (non-GAAP)			J			$528						$494						$412						$34						7		%				$116						28		%				$1,831						$1,607						$224						14		%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)			K			$489						$457						$367						$32						7		%				$122						33		%				$1,688						$1,372						$316						23		%
Add: Notable items, net of income tax benefit						-						-						11						-						-						(11)						(100)						-						98						(98)						(100)
Net income available to common stockholders, Underlying (non-GAAP)			L			$489						$457						$378						$32						7		%				$111						29		%				$1,688						$1,470						$218						15		%