The Goldman Sachs Group, Inc.

Strong Q3 financial performance (and “durability” narrative) - Net revenues $18.7B (2nd-highest in history); EPS $17.01; ROE 18.7%, ROTE 20.5%. - ROE/ROTE would have been ~20%/21.5% excluding an accelerated charitable contribution: management said the charity impact was ~$1 EPS and ~+1.1pp to ROE/ROTE (each). - Year-to-date: record revenues; ROE 20.7%, ROTE 22.4%—reinforcing management’s “higher and more durable revenue base” message (durable revenues now ~45% of YTD revenues, having more than doubled since 2020 Investor Day).

Trading/IB strength; financing growth driving mix shift (surprising strength despite macro) - Global Banking & Markets: $13.5B revenues (2nd-highest quarterly); Advisory revenues $1.7B (quarterly record, +18% YoY). - M&A leadership: #1 position for announced and completed volumes; advised on $1.5T announced transactions YTD; ~$430B lead over closest peer (largest lead ever). - Equities: $6.4B net revenues, +72% YoY (2nd-best quarter); intermediation +52% (derivatives strength) and financing +96% to record (driven by higher prime balances and Asia activity). - FICC: net revenues flat YoY; intermediation down -7% (mortgages/rates/credit) offset by currencies/commodities; financing up +14%. - Key structural “durability” point: Equities + FICC financing is now >40% of YTD revenues (management frames this as more durable than pure intermediation).

Wealth & Alternatives momentum (growth at scale) - Asset & Wealth Management revenues $5.1B, +14% YoY. - Management & other fees $3.6B (+22% YoY; record); incentive fees $587M (management expects incentive fees remain elevated in Q4). - AUS: $4.1T (record) with $97B long-term net inflows (35 consecutive quarters of inflows). - Wealth Management: client assets $2.1T with $47B long-term net inflows; for 2026, long-term inflows annualizing ~12% vs 5% target. - Alternatives: $491B AUS (+26% YoY); $37B fundraising in Q3 / $122B YTD; management now expects full-year fundraising ~ $150B.