Huntington Bancshares Incorporated

Solid Q3 execution + disciplined strategy in a “more competitive/less rational” environment - Company framed results as *solid operating performance* despite a constructive macro backdrop, emphasizing their strategy hasn’t changed: maximize risk-adjusted returns, optimize the balance sheet, drive expense efficiency, and invest for long-term growth. - Management explicitly noted competition is tighter than expected (pricing/returns), leading to selective pullbacks in certain loan categories even while overall demand remains solid.

2027 outlook maintained: EPS growth >20% vs 2025; ROTCE trending up (but with no credit tailwind/just “core” drivers) - They reiterated expectations for 2027 EPS of $1.75 to $1.83 (tracking to a year-ahead bridge described as achievable). - Targets: 2027 EPS >20% growth from 2025 and ROTCE steadily into ~17%–18%. - Management confidence rests on: core earnings growth, operational execution, and incremental cost synergies (see next bullet).

Guidance bridge logic for next year (key numbers) - CFO gave a “math bridge” for the ~$0.22 EPS delta between consensus-type levels: - ~$150M incremental cost synergies from anniversarying run-rate benefits of cadence actions (~$0.06 EPS impact) - ~$0.02 EPS contribution from share repurchases - Remaining difference framed as core earnings growth (effectively ~8%–9% growth rate on their $1.54 baseline approach). - Q4/near-term expectations: NIM ~flat into Q4; fee revenues expected ~$750M (± normal variability) in Q4; core expenses expected flat in Q4 vs Q3.