Citizens Financial Group

“These models are typically able to offer higher rates on deposit products than traditional retail banking institutions given their lower cost structure.”

Annual report 2025A · The company itself

“Our other funding sources are dependent on our ability to securitize loans in secondary markets, raise funds in the debt and equity capital markets, pledge loans and/or securities for borrowing from the FHLB, pledge securities as collateral for borrowing under repurchase agreements, and sell AFS securities. Our ability to meet our obligations and support our operations could be materially affected by a variety of conditions, including market-wide illiquidity or disruption, a general loss of market or customer confidence in the financial services industry or in the Company specifically, or reductions in one or more of our credit ratings.”

Annual report 2025A · The company itself

“An increase in interest rates could weaken demand for loans by customers, reducing our net interest income due to lower loan balances and origination-related fee income due to lower production volume.”

Annual report 2025A · The company itself

“An increase in rates could also have an adverse impact on our credit costs, as borrowers may have difficulty in making higher interest payments, as well as on our AFS securities portfolio, which could trigger the recognition of losses in the event the securities need to be sold.”

Annual report 2025A · The company itself

“Similarly, a decrease in interest rates could reduce our net interest income, net interest margin, and fee income.”

Annual report 2025A · The company itself

“Changes in the spread between short-term and long-term interest rates (i.e., the yield curve) can also have a material impact on our net interest income and net interest margin. The yield curve, typically upward sloping with short-term rates lower than long-term rates, could cause our net interest income and net interest margin to decline if it were to flatten or invert, as the cost of our short-term funding is likely to increase relative to the yield we can earn on our long-term assets.”

Annual report 2025A · The company itself

“Key Financial Highlights •Net income of $1.8 billion increased $322 million, with earnings per diluted common share up $0.83 to $3.86 compared to 2024. •Net interest income of $5.9 billion increased $220 million and net interest margin of 2.97% increased 13 basis points compared to 2024.”

Annual report 2025A · The company itself

“The level of net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. Factors that influence our net interest income include, but are not limited to, the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB, and market interest rates.”

Annual report 2025A · The company itself

“Consumer Banking Net interest income increased $408 million compared to 2024, driven by higher net interest margin and growth in average interest-earning assets. Noninterest income increased $121 million compared to 2024, driven by wealth fees, mortgage banking fees, and service charges and fees, reflecting growth in assets under management, primarily driven by net inflows as well as market appreciation, higher MSR valuation results, net of hedging, and higher overdraft and cash management fees.”

Annual report 2025A · The company itself

“Commercial Banking Net interest income decreased $172 million compared to 2024, driven by lower net interest margin and a decline in average interest-earning assets.”

Annual report 2025A · The company itself

“Interest Rate Risk Interest rate risk emerges from the balance sheet after the aggregation of our assets, liabilities, and equity. We refer to this non-trading risk embedded in the balance sheet as “structural interest rate risk” or “interest rate risk in the banking book.” A major source of structural interest rate risk is a difference in the repricing of assets relative to liabilities and equity.”

Annual report 2025A · The company itself

“A primary source of our structural interest rate risk relates to faster repricing of floating-rate loans relative to core deposit funding. This source of asset sensitivity is more biased toward the short end of the yield curve.”

Annual report 2025A · The company itself

“The secondary source of our interest rate risk is driven by longer term rates comprising the rollover or reinvestment risk on fixed-rate loans, as well as prepayment risk on mortgage-related loans and securities funded by non-rate sensitive deposits and equity.”

Annual report 2025A · The company itself

“Repricing characteristics and balance fluctuations of deposits with indeterminate (i.e., non-contractual) maturities, as well as the pace of mortgage prepayments are the most significant behavioral assumptions.”

Annual report 2025A · The company itself

“As the following table illustrates, our balance sheet is slightly asset sensitive; net interest income would benefit from an increase in interest rates, while exposure to a decline in interest rates is within limits established and monitored by senior management. While an instantaneous and severe shift in interest rates is included in this analysis, we believe that any actual shift in interest rates would be more gradual and, therefore, have a more modest impact.”

Annual report 2025A · The company itself

“EVE measures the extent to which the economic value of assets, liabilities, and off-balance sheet instruments may change in response to fluctuations in interest rates.”

Annual report 2025A · The company itself

“Credit ratings assigned by agencies such as Moody’s, Standard and Poor’s, and Fitch impact our access to unsecured wholesale market funds and to large uninsured customer deposits and are presented in the table below. We currently have a “stable” outlook at Standard & Poor’s, a “stable” outlook at Moody’s, and a “positive” outlook at Fitch. Changes in our public credit ratings could affect both the cost and availability of our wholesale funding.”

Annual report 2025A · The company itself

“Under the income approach, cash flow projections are based on multi-year financial forecasts developed for each reporting unit that consider key business drivers such as new business initiatives, customer retention standards, market share changes, anticipated loan and deposit growth, fees and expenses, forward interest rates, historical performance, credit performance, and industry and economic trends, among other considerations.”

Annual report 2025A · The company itself

“Our financial performance may be adversely affected by deterioration in borrower credit quality. Risks arising from actual or perceived changes in credit quality and uncertainty over the recoverability of amounts due from borrowers is inherent in our businesses. If the economic environment were to deteriorate, our borrowers may have difficulty in repaying their loans which could result in higher credit losses and increased loan loss provision expense.”

Annual report 2025A · The company itself

“Any deterioration in national economic and political conditions could have a material adverse effect on our business, financial condition, and results of operations. Our business is affected by national economic and political conditions, as well as perceptions of those conditions and future economic prospects, with changes in such conditions neither predictable or controllable. Adverse economic and political conditions, such as global trade policies, inflationary pressures, and government shutdowns could have a material adverse effect on our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

“The level of net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. Factors that influence our net interest income include, but are not limited to, the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB, and market interest rates.”

Annual report 2025A · The company itself

“Property-type concentrations and both geographic and property-type performance metrics are actively monitored for all CRE loan types, with a focus on loans identified as higher risk based on our risk rating methodology.”

Annual report 2025A · The company itself

“The mix and level of loan balances, delinquency levels, assigned risk ratings, previous loss experience, current business conditions, amount and timing of expected future cash flows, and factors specific to commercial credits such as competition, business, and management performance are also considered.”

Annual report 2025A · The company itself

“Forward-looking economic assumptions include real GDP, unemployment rate, interest rate curve, and changes in collateral values.”

Annual report 2025A · The company itself

“Under the income approach, cash flow projections are based on multi-year financial forecasts developed for each reporting unit that consider key business drivers such as new business initiatives, customer retention standards, market share changes, anticipated loan and deposit growth, fees and expenses, forward interest rates, historical performance, credit performance, and industry and economic trends, among other considerations.”

Annual report 2025A · The company itself

“The conditions of other financial institutions or of the financial services industry could adversely affect our operations and financial condition. Financial services institutions are typically interconnected as a result of trading, investment, liquidity, clearing, counterparty, and other relationships. Within the financial services industry, the default by any one institution could lead to defaults by other institutions.”

Annual report 2025A · The company itself

“Consumer Banking Net interest income increased $408 million compared to 2024, driven by higher net interest margin and growth in average interest-earning assets. Noninterest income increased $121 million compared to 2024, driven by wealth fees, mortgage banking fees, and service charges and fees, reflecting growth in assets under management, primarily driven by net inflows as well as market appreciation, higher MSR valuation results, net of hedging, and higher overdraft and cash management fees.”

Annual report 2025A · The company itself

“Continue to optimize balance sheet and business mix: We manage our balance sheet with discipline and a clear focus on generating attractive, risk‑adjusted returns. Our strategy emphasizes thoughtful capital allocation, proactive portfolio management, and deliberate shifts toward relationship‑oriented, higher‑quality businesses.”

Annual report 2025A · The company itself

“The increase in net interest income is driven by higher net interest margin which reflects lower funding costs, including the reduction of higher-cost funding given the auto loan portfolio runoff and education loan sale, lower terminated swap impacts, and fixed-rate asset repricing benefits, partially offset by lower asset yields. •Noninterest income of $2.4 billion increased $218 million compared to 2024, reflecting growth across a number of fee categories, primarily wealth and capital markets fees.”

Annual report 2025A · The company itself

“The following table presents the components of noninterest income: Table 3: Noninterest Income Year Ended December 31, (dollars in millions) 2025 2024 Change Percent Service charges and fees $444 $420 $24 6 % Capital markets fees 511 467 44 9 Wealth fees 360 294 66 22 Card fees 346 368 (22) (6) Mortgage banking fees 233 209 24 11 Foreign exchange and derivative products 156 146 10 7 Letter of credit and loan fees 186 175 11 6 Securities gains, net 22 18 4 22 Other income(1) 136 79 57 72 Noninterest income $2,394 $2,176 $218 10 % (1) Includes bank-owned life insurance income and other income for all periods presented.”

Annual report 2025A · The company itself

“A deterioration in economic conditions or changes in consumer or business behavior that negatively impact home or commercial property values could, in event of the borrower’s default, result in materially higher credit losses. Similarly, elevated unemployment levels and higher interest rates can adversely affect our customers’ ability to repay their loans, which can negatively impact our credit performance.”

Annual report 2025A · The company itself

“Our consumer banking portfolio is comprised of five retail categories of loans: residential mortgages, home equity, education, automobile, and other retail. Residential Mortgages and Home Equity Residential mortgages are loans to consumers to purchase or refinance 1-4 family residential properties and are generally structured with repayment terms ranging from 15 to 30 years.”

Annual report 2025A · The company itself

“Property-type concentrations and both geographic and property-type performance metrics are actively monitored for all CRE loan types, with a focus on loans identified as higher risk based on our risk rating methodology.”

Annual report 2025A · The company itself

“Our CRE construction portfolio primarily consists of multifamily, warehouse, office, and data center property types.”

Annual report 2025A · The company itself

“Consumer Banking Segment Consumer Banking serves consumer customers and small businesses, with products and services that include deposits, mortgage and home equity lending, credit cards, small business loans, and wealth management solutions largely across our 14-state traditional banking footprint.”

Annual report 2025A · The company itself

“Commercial Real Estate provides customized debt capital solutions for middle-market operators, institutional developers, investors, and real estate investment trusts. Commercial Real Estate provides financing for projects primarily in the multifamily, office, industrial, retail, healthcare, and hospitality sectors.”

Annual report 2025A · The company itself

“Commercial Our commercial banking portfolio consists of traditional commercial and industrial loans, commercial leases, and commercial real estate loans.”

Annual report 2025A · The company itself

“These loans are typically repaid through cash flows generated from the operation, sale, or refinancing of the property. Risk on these loans is mitigated by requiring collateral values that exceed the loan amount and underwriting the loan with projected cash flow in excess of the debt service requirement.”

Annual report 2025A · The company itself

“Loans in this portfolio are generally for construction projects that have been pre-sold or pre-leased, have secured permanent financing, or are made to real estate companies with significant equity invested in the project. Portfolio Management, CRE Loan Operations, and Collateral Risk Services are responsible for this portfolio and actively monitor the construction phase and manage the loan disbursements according to the predetermined construction schedule. Construction loans, which are generally short term in nature, are utilized to fund the development or renovation of real estate, with repayment often tied to the successful completion and stabilization of the property.”

Annual report 2025A · The company itself

“To achieve our vision, we are executing against five strategic objectives: Grow high-quality deposits and deepen customer relationships: We remain focused on growing high‑quality deposits and strengthening primary banking relationships by delivering a customer‑centric experience grounded in advice, tailored solutions, and our expanded capabilities.”

Annual report 2025A · The company itself

“Consumer Banking Segment Consumer Banking serves consumer customers and small businesses, with products and services that include deposits, mortgage and home equity lending, credit cards, small business loans, and wealth management solutions largely across our 14-state traditional banking footprint.”

Annual report 2025A · The company itself

“In Consumer Banking, we provide 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.”

Annual report 2025A · The company itself

“BUSINESS SEGMENTS We have two reportable business segments: Consumer Banking and Commercial Banking. The business segments are determined based on the products and services provided, or the type of customer served.”

Annual report 2025A · The company itself

“We rely on customer deposits to be our primary stable and low-cost source of funding.”

Annual report 2025A · The company itself

“We offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.”

Annual report 2025A · The company itself

“Credit Risk Credit risk represents the potential for loss arising from the failure of a customer, counterparty, or issuer to perform in accordance with the contractual terms of an obligation. While the majority of our credit risk is associated with lending activities, we do engage with other financial counterparties for a variety of purposes including investing, asset and liability management, and trading activities.”

Annual report 2025A · The company itself

“In addition, we operate trading desks covering secondary loans, corporate bonds, and equity securities, with the objective of meeting secondary liquidity needs of our clients.”

Annual report 2025A · The company itself

“Headquartered in Providence, Rhode Island, we offer 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. We help our customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas, and solutions.”

Annual report 2025A · The company itself

“Commercial Banking Segment Commercial Banking primarily serves companies and institutions and strives to be a trusted advisor to our clients and preferred provider for their banking needs. We offer 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.”

Annual report 2025A · The company itself

“BUSINESS SEGMENTS We have two reportable business segments: Consumer Banking and Commercial Banking. The business segments are determined based on the products and services provided, or the type of customer served.”

Annual report 2025A · The company itself

“Commercial Our commercial banking portfolio consists of traditional commercial and industrial loans, commercial leases, and commercial real estate loans.”

Annual report 2025A · The company itself

“Consumer Banking Segment Consumer Banking serves consumer customers and small businesses, with products and services that include deposits, mortgage and home equity lending, credit cards, small business loans, and wealth management solutions largely across our 14-state traditional banking footprint.”

Annual report 2025A · The company itself

“Treasury & Wholesale Payments supports Commercial Banking and certain small business clients with treasury management and payment solutions, including domestic and international products and services related to receivables, payables, information reporting, and liquidity management, as well as commercial credit cards and trade finance.”

Annual report 2025A · The company itself

“Headquartered in Providence, Rhode Island, we offer 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. We help our customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas, and solutions.”

Annual report 2025A · The company itself

“The financial services industry, including the banking sector, continues to make technological enhancements to meet customer preferences, as well as meet legal and regulatory requirements, and we may not be able to compete effectively as a result of these changes. Technology within the financial services industry continues to evolve and new, unexpected technological changes, including those related to artificial intelligence, could have a transformative effect on the way banks offer products and services.”

Annual report 2025A · The company itself

“By leveraging artificial intelligence and advanced learning platforms we are accelerating personalized learning and building capacity for skill development.”

Annual report 2025A · The company itself

“The increase in net interest income is driven by higher net interest margin which reflects lower funding costs, including the reduction of higher-cost funding given the auto loan portfolio runoff and education loan sale, lower terminated swap impacts, and fixed-rate asset repricing benefits, partially offset by lower asset yields. •Noninterest income of $2.4 billion increased $218 million compared to 2024, reflecting growth across a number of fee categories, primarily wealth and capital markets fees.”

Annual report 2025A · The company itself

“The following table presents the components of noninterest income: Table 3: Noninterest Income Year Ended December 31, (dollars in millions) 2025 2024 Change Percent Service charges and fees $444 $420 $24 6 % Capital markets fees 511 467 44 9 Wealth fees 360 294 66 22 Card fees 346 368 (22) (6) Mortgage banking fees 233 209 24 11 Foreign exchange and derivative products 156 146 10 7 Letter of credit and loan fees 186 175 11 6 Securities gains, net 22 18 4 22 Other income(1) 136 79 57 72 Noninterest income $2,394 $2,176 $218 10 % (1) Includes bank-owned life insurance income and other income for all periods presented.”

Annual report 2025A · The company itself

“Drive scale in growth markets, key industries, and high-opportunity businesses: We continue to strengthen our competitive position by expanding in growth markets, deepening our presence in priority industry verticals, and investing in businesses with attractive and sustainable long‑term potential. Through disciplined resource allocation, targeted talent investments, and a focus on relationship‑led growth, we aim to broaden our reach and build scale where we are best positioned to win.”

Annual report 2025A · The company itself

“Corporate Finance also provides acquisition and follow-on financing for new and recapitalized portfolio companies of key sponsors, with services meeting the unique and time-sensitive needs of private equity firms, management companies, and funds, and underwriting and portfolio management expertise for leveraged transactions and relationships.”

Annual report 2025A · The company itself

“Automobile The automobile portfolio consists of loans originated primarily through independent franchised dealers, including some located in select states outside of our primary geographic footprint. This portfolio is in runoff as we discontinued the origination of automobile loans in 2023.”

Annual report 2025A · The company itself

“These loans are typically repaid through cash flows generated from the operation, sale, or refinancing of the property. Risk on these loans is mitigated by requiring collateral values that exceed the loan amount and underwriting the loan with projected cash flow in excess of the debt service requirement.”

Annual report 2025A · The company itself

“Our CRE construction portfolio primarily consists of multifamily, warehouse, office, and data center property types.”

Annual report 2025A · The company itself

“Education The education portfolio is primarily comprised of two products, in-school loans and education refinance loans. An in-school loan is generally financed over a 5, 10, or 15-year term and provides for fixed or variable rate financing to students while enrolled in school, with the option to pay while in school or to defer payment until after graduation.”

Annual report 2025A · The company itself

“Commercial Real Estate provides financing for projects primarily in the multifamily, office, industrial, retail, healthcare, and hospitality sectors.”

Annual report 2025A · The company itself

“Commercial Real Estate provides financing for projects primarily in the multifamily, office, industrial, retail, healthcare, and hospitality sectors.”

Annual report 2025A · The company itself

“Trading Risk We are exposed to market risk primarily through client facilitation activities from certain derivative and foreign exchange products as well as underwriting and market making activities. Market risk exposure arises from fluctuations in interest rates, basis spreads, volatility, foreign exchange rates, equity prices, and credit spreads across various financial instruments. Client facilitation activities consist primarily of interest rate derivatives, financially settled commodity derivatives, and foreign exchange contracts where we enter into offsetting trades with a separate counterparty or exchange to manage our market risk exposure.”

Annual report 2025A · The company itself

“Citizens Private Bank and Private Wealth 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.”

Annual report 2025A · The company itself

“Our CRE construction portfolio primarily consists of multifamily, warehouse, office, and data center property types.”

Annual report 2025A · The company itself

“In Consumer Banking, we provide 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.”

Annual report 2025A · The company itself

“Trading Risk We are exposed to market risk primarily through client facilitation activities from certain derivative and foreign exchange products as well as underwriting and market making activities. Market risk exposure arises from fluctuations in interest rates, basis spreads, volatility, foreign exchange rates, equity prices, and credit spreads across various financial instruments. Client facilitation activities consist primarily of interest rate derivatives, financially settled commodity derivatives, and foreign exchange contracts where we enter into offsetting trades with a separate counterparty or exchange to manage our market risk exposure.”

Annual report 2025A · The company itself

“We are subject to a variety of cybersecurity risks that, if realized, could adversely affect how we conduct our business. Evolving technologies, including the introduction of Generative Artificial Intelligence and Large Language Models, and the increased sophistication and activities of organized crime, hackers, terrorists, nation-states, activists, and other external parties present a significant information security risk to large financial institutions such as us.”

Annual report 2025A · The company itself

“Third parties with whom we or our customers do business also present operational and information security risks to us, including security breaches or failures of their own systems. Risks related to cyberattacks on our vendors and other third parties, including supply chain attacks affecting our software and information technology service providers, are on the rise as such attacks become more frequent and severe.”

Annual report 2025A · The company itself

“Our operations rely on the secure processing, transmission, and storage of confidential information in our computer systems and networks as well as in the third-party computer systems and networks used to provide products and services on our behalf. Although we believe that we have appropriate information security procedures and controls based on our adherence to applicable laws and regulations and industry standards, our technologies, systems, and networks may be the target of cyberattacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, theft, sale, or loss or destruction of the confidential and/or proprietary information of CFG, and our customers, vendors, counterparties, or employees.”

Annual report 2025A · The company itself

“We and our third-party vendors are under continuous threat of loss or network degradation due to cyberattacks, such as computer viruses, malicious or destructive code, phishing attacks, ransomware, and Distributed Denial of Service attacks (collectively, “fraudulent schemes”). Also, our customers are routinely the target of fraudulent schemes as we continue to expand customer capabilities to utilize the Internet and other remote channels to transact business. Two of the most significant cyberattack risks that we face as a result of these fraudulent schemes are potential loss of funds resulting from customers falling victim to cybercriminal communications directed to them or unauthorized access to sensitive customer data.”

Annual report 2025A · The company itself

“As cyber threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our layers of defense, to investigate and remediate any information security vulnerabilities internally, to assess and mitigate issues associated with customers that have fallen victim to fraudulent schemes, and perform additional due diligence with respect to our third-party vendors.”

Annual report 2025A · The company itself

“We are also subject to laws and regulations relating to the privacy of the information of our customers, employees, counterparties, and others, and any failure to comply with these laws and regulations could expose us to liability and/or reputational damage. As new privacy-related laws and regulations are implemented, the time and resources needed for us to comply with those laws and regulations, as well as our potential liability for non-compliance and our reporting obligations in the case of data breaches, may significantly increase.”

Annual report 2025A · The company itself

“Citizens Financial Group, Inc. | 28 Risks Related to Regulations Governing Our Industry As a financial holding company and a bank holding company, we are subject to regulation that could have a material adverse effect on our business and results of operations. As a FHC and a BHC, we are subject to regulation, supervision, and examination by the FRB. In addition, CBNA is subject to regulation, supervision, and examination by the OCC.”

Annual report 2025A · The company itself

“Although we have historically declared cash dividends on our common stock, we are not required to do so and may reduce or eliminate our common stock dividend in the future, which could adversely affect the market price of our common stock. Also, as a BHC, our ability to repurchase shares and declare and pay dividends is dependent on certain federal regulatory considerations, including the rules of the FRB regarding capital adequacy and dividends.”

Annual report 2025A · The company itself

“Our principal non-market risks include credit, operational, regulatory, reputational, liquidity, and strategic risks.”

Annual report 2025A · The company itself

“Compliance Risk Financial institutions are subject to many laws, rules, and regulations at both the federal and state levels. These broad-based laws, rules, and regulations include, but are not limited to, expectations relating to anti-money laundering, lending limits, client privacy, fair lending, prohibitions against unfair, deceptive, or abusive acts or practices, protections for military members as they enter active duty, and community reinvestment.”

Annual report 2025A · The company itself

“In Consumer Banking, the industry has become increasingly dependent on and oriented toward technology-driven delivery systems, permitting transactions to be conducted through online and mobile channels. In addition, technology has lowered barriers to entry and made it possible for non-bank institutions to attract funds and provide lending and other financial products and services. The emergence of digital-only banking models has increased and we expect this trend to continue.”

Annual report 2025A · The company itself

“The financial services industry, including the banking sector, continues to make technological enhancements to meet customer preferences, as well as meet legal and regulatory requirements, and we may not be able to compete effectively as a result of these changes. Technology within the financial services industry continues to evolve and new, unexpected technological changes, including those related to artificial intelligence, could have a transformative effect on the way banks offer products and services.”

Annual report 2025A · The company itself

“With respect to non-banking financial institutions, technology and other changes have lowered barriers to entry and made it possible for non-banks to offer products and services traditionally provided by banks. For example, consumers can maintain funds that would have historically been held as bank deposits in brokerage accounts or mutual funds and can also complete transactions such as paying bills and/or transferring funds directly without the assistance of banks. In addition, the emergence, adoption, and evolution of new technologies that do not require intermediation, including distributed ledgers such as digital assets and blockchain, as well as advances in automation, artificial intelligence, and robotics, could significantly affect the competition for financial services.”

Annual report 2025A · The company itself

“Inflationary pressures could have an adverse effect on our business, financial position, and results of operations. Volatility and uncertainty related to inflation and its associated effects may enhance or contribute to certain risks that we face by negatively impacting our funding costs and expenses, including increasing funding costs and expenses related to talent acquisition and retention. Inflation may also negatively impact consumer demand and client purchasing power for our products and services, as well as the ability of our borrowers to repay their obligations. These inflationary pressures would likely have an adverse impact on our business, financial position, and results of operations.”

Annual report 2025A · The company itself

“Any deterioration in national economic and political conditions could have a material adverse effect on our business, financial condition, and results of operations. Our business is affected by national economic and political conditions, as well as perceptions of those conditions and future economic prospects, with changes in such conditions neither predictable or controllable. Adverse economic and political conditions, such as global trade policies, inflationary pressures, and government shutdowns could have a material adverse effect on our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

“U.S. global trade policies, including the imposition of tariffs and uncertainty surrounding the resolution of trade disputes, or renewal of trade agreements, with various countries, may cause inflation to rise and ultimately affect interest rates.”

Annual report 2025A · The company itself

“We rely heavily on communications and information systems to conduct our business. Any failure, interruption, or breach in the security of our communication and information system due to, among other things, cyberattacks or our failure to adequately maintain and manage our systems or implement system changes and upgrades, could result in failures or disruptions in our customer relationship management, general ledger, deposit, loan, and other systems.”

Annual report 2025A · The company itself

“We rely on third parties for the performance of a significant portion of our information technology. Third parties perform a significant portion of our information technology functions and the provision of information technology and business process services including, but not limited to, the operation of our data communications networks, hosted services, and a wide range of other support services. The success of our business depends in part on the continuing ability of third parties to perform these functions and services in a timely and satisfactory manner, which performance could be disrupted or otherwise adversely affected due to failures or other information security events originating at the third parties or at the third parties’ suppliers or vendors (so-called “fourth party risk”).”

Annual report 2025A · The company itself

“Limitations on the manner in which regulated financial institutions, such as us, can compensate their officers and employees may make it more difficult for such institutions to compete for talent with financial institutions and other companies not subject to these or similar limitations. If we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected, perhaps materially.”

Annual report 2025A · The company itself

“Human Capital Management We believe long-term success depends on our ability to attract, develop, and retain a high-performing workforce.”

Annual report 2025A · The company itself

“The effects of geopolitical instability may adversely affect us and create significant risks and uncertainties for our business, with the ultimate impact dependent on future developments, which are highly uncertain and unpredictable. Ongoing geopolitical instability, such as the wars in Ukraine and the Middle East, has negatively impacted, and could in the future negatively impact, the global and U.S. economies, including by causing supply chain disruptions, rising prices for oil and other commodities, volatility in capital markets and foreign currency exchange rates, rising interest rates, and heightened cybersecurity risks.”

Annual report 2025A · The company itself

“U.S. global trade policies, including the imposition of tariffs and uncertainty surrounding the resolution of trade disputes, or renewal of trade agreements, with various countries, may cause inflation to rise and ultimately affect interest rates.”

Annual report 2025A · The company itself

“Several states in which we operate have also enacted or proposed statutes or regulations addressing climate-related issues. For example, California has enacted laws that impose climate-related disclosure requirements on certain companies doing business in California, while some states have enacted, or proposed to enact, divergent or sometimes conflicting statutes, including those that prohibit financial institutions from denying or canceling products or services on the basis of social credit scores and certain other factors.”

Annual report 2025A · The company itself

“We are also exposed to risks associated with the transition to a lower-carbon economy in response to concerns around climate change. Such risks may result from changes in policies, laws and regulations, technologies, or market preferences that are intended to address climate change. These changes could adversely impact our or our customers’ business, results of operations, financial condition, and reputation.”

Annual report 2025A · The company itself

“For example, a number of states in which we operate have enacted or proposed statutes and regulations addressing climate change and sustainability issues, while certain other states have enacted, or have proposed to enact, divergent or sometimes conflicting statutes, regulations, or policies. Uncertainties and changes in legislation, regulations, and/or global standards related to climate risk management and practices may result in higher regulatory, compliance, credit, and/or reputational risks and costs.”

Annual report 2025A · The company itself

“Climate change manifesting as physical or transition risks could adversely affect our operations, businesses, and customers. There is global concern over the risks of climate change and related environmental sustainability matters. The physical risks of climate change include discrete events, such as flooding and wildfires, and longer-term shifts in climate patterns, such as extreme heat, sea level rise, and more frequent and prolonged droughts.”

Annual report 2025A · The company itself

“Forward-looking economic assumptions include real GDP, unemployment rate, interest rate curve, and changes in collateral values.”

Annual report 2025A · The company itself

“Compliance Risk Financial institutions are subject to many laws, rules, and regulations at both the federal and state levels. These broad-based laws, rules, and regulations include, but are not limited to, expectations relating to anti-money laundering, lending limits, client privacy, fair lending, prohibitions against unfair, deceptive, or abusive acts or practices, protections for military members as they enter active duty, and community reinvestment.”

Annual report 2025A · The company itself

“Our products and services are offered through more than 1,000 branches in 14 states and the District of Columbia and 75 retail and commercial non-branch offices, though certain lines of business serve national markets.”

Annual report 2025A · The company itself

“MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Page Introduction 38 Executive Summary Consolidated Statement of Operations Analysis - 2025 compared with 2024 Consolidated Statement of Operations Analysis - 2024 compared with 2023 44 Consolidated Balance Sheet Analysis 45 Business Segments 48 Risk Management 50 Credit Risk 51 Market Risk 61 Liquidity Risk 67 Operational Risk 70 Compliance Risk 70 Capital 70 Critical Accounting Estimates 73 Accounting and Reporting Developments 76 Non-GAAP Financial Measures 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.”

Annual report 2025A · The company itself

“Our retail branch footprint is predominantly in the New England, Mid-Atlantic, and Midwest regions, and our Private Bank footprint includes offices in California, Florida, New York, and Massachusetts.”

Annual report 2025A · The company itself

“Our retail branch footprint is predominantly in the New England, Mid-Atlantic, and Midwest regions, and our Private Bank footprint includes offices in California, Florida, New York, and Massachusetts.”

Annual report 2025A · The company itself