Huntington Bancshares, Inc. - FXDFR PRF PERPETUAL USD 25 - Ser J

Q1 performance was strong and broadly across the franchise (with clear “beat/raise” signals) - Reported EPS $0.25; adjusted EPS $0.37 (+9% YoY). - Adjusted PPNR +36% YoY; tangible book value +9% YoY. - ROTC(E) maintained at the 16–17% rolling 12-month target range; management raised target to 18–19% (from 16–17%). - Fee strength was a major driver: fee income beat plan; payments +21% YoY, wealth +19% YoY, and capital markets posted its strongest quarter on record (nearly ~60% YoY growth excluding acquisition impacts). - Surprising positive: capital markets delivered a record quarter and the company is already seeing revenue synergy benefits from integrations.

Outlook: 2026 guidance tightened to lower NII/margin but largely protected earnings via higher fees + expense control - Company says full-year fundamentals remain solid and plan is “broadly tracking within expectations,” but macro uncertainty is higher. - NIM / NII guidance lowered: 2026 NIM expected to trend into the high 3.20s vs prior mid-3.30s; management framed drivers as: - Loan growth now expected closer to the midpoint (vs earlier higher end). - Deposit cost improvement “modestly less” than previously assumed (competition + growth markets). - $4B incremental Fed cash added: minimal revenue impact but reduces reported NIM (~5 bps of the NIM change). - Fee outlook raised: fee revenue growth now expected 31%–33% (+4 percentage points vs prior expectation). - Expense outlook tightened: 2026 expense growth range narrowed to lower half of 32.5%–33.5%; targeted operating leverage modestly lower than initially planned (~400–450 bps). - Key milestone: Q4 efficiency ratio expected mid-to-low 54% (clarified improvement vs “<55%”).

Integration/partnerships are on track and already compounding the earnings “flywheel” - Synergy delivery focus (Veritex + Cadence, plus Janney/TM Capital) is proceeding with: - Veritex conversion completed in Q1 - Cadence conversion on track for June - Management highlighted early evidence of cost and revenue synergies: - Customers adopting the Huntington platform increased activity in capital markets and payments, higher card usage, and new account openings. - Surprising positive: Janney/TM Capital integration already showed up in capital markets performance—accretive within 3 months and contributed to a record capital markets quarter.