Goldman Sachs Group, Inc.

Record profitability & revenues; charity “accelerator” distorted headline EPS - Q3 net revenues: $18.7B (2nd highest in history); EPS: $17.01; ROE: 18.7%, ROTE: 20.5%. - One-off item: impact of an accelerated charitable contribution (tax-efficient) — management said excluding it, Q3 EPS ≈ ~$18, and ROE/ROTE ≈ ~20% / ~21.5% (i.e., charity reduced earnings metrics by ~$1 EPS and ~1.1pp to both ROE/ROTE). - Year-to-date: record revenues with ROE 20.7% and ROTE 22.4% (durability theme emphasized).

Markets strength + improving “durability” from financing; no obvious quarter-specific negative - Global Banking & Markets revenues: $13.5B (2nd highest); segment ROE: 23.5% YTD. - Advisory/IB: Advisory revenues $1.7B (record quarter, +18% YoY) driven by volume; #1 M&A with $1.5T of announced transactions YTD; backlog “highest in 5 years” at start of quarter and remains robust even after strong realizations. - Equities: $6.4B net revenues (+72% YoY, 2nd best quarter); intermediation +52% (derivatives); financing +96% to record, supported by elevated prime balances and strength in Asia. - FICC: essentially flat YoY; intermediation down 7% (mortgages/rates/credit) offset by currencies & commodities; financing up 14%. - Key structural point (surprising/positive): financing is now a larger, more durable component—>40% of combined FICC & Equities revenues YTD.

Asset & Wealth Management momentum is strong and multi-year - AWM revenues: $5.1B (+14% YoY); management & other fees $3.6B (+22% YoY, record). - Assets under supervision: $4.1T (record), supported by $97B long-term net inflows (35th consecutive quarter of long-term inflows). - Wealth Management: $2.1T client assets with $47B long-term net inflows; management said 2026 annualizing long-term net inflows ~12%, above their 5% target. - Alternatives: $491B AUM/AUS (+26% YoY); third-party alternatives fundraising $37B in Q3 / $122B YTD; raised expectation of ~$150B full-year fundraising.