The Goldman Sachs Group, Inc.

Record profitability + strong franchise delivery (with one notable “one-off” item): - Q3 net revenues $18.7B (2nd highest in history), EPS $17.01, ROE 18.7% and ROTE 20.5%. - Accelerated charitable contribution boosted results optics in the quarter: excluding it, EPS would have been ~$18 and ROE/ROTE would have been ~20% / ~21.5%. - YTD: record revenues and ROE 20.7% / ROTE 22.4%—company emphasizes more durable revenue base.

Global Banking & Markets strength; advisory record; capital markets still “top quartile”: - Q3 GBBM revenues $13.5B (2nd highest quarterly) with 23.5% ROE YTD. - Advisory revenues $1.7B: quarterly record, +18% YoY; maintained #1 M&A with $1.5T announced YTD. - Equities: net revenues $6.4B (+72% YoY), driven by intermediation (+52%) and record financing (+96%). - FICC: net revenues essentially flat YoY; intermediation down -7% (mortgages/rates/credit) offset by currencies/commodities; financing +14% (second-highest). - Company characterization of activity: still a “top quartile” environment for capital markets; some IPO softness tied to valuation expectations, but ECM run-rate remains above long-term averages.

Financing durability theme (and key “surprising” support): - Management highlights that financing has become more durable: financing is >40% of FICC+Equities revenues YTD (and is record $12.7B total financing YTD). - Q3 equities financing is supported by elevated prime balances and Asia strength; demand for equities financing exceeds industry capacity, enabling selective balance sheet deployment. - Investors’ question on “cyclicality vs durability” answered with a 3–5+ year framing: while equity-driven volumes can be cyclical quarter-to-quarter, the firm argues the baseline growth is tied to GDP/market cap/tech innovation.