The Goldman Sachs Group, Inc.

Strong third-quarter and year-to-date results (core “good”) - Q3 net revenues $18.7B (2nd highest in firm history); EPS $17.01; ROE 18.7% and ROTE 20.5%. - Charitable contribution “accelerator” boosted reported optics: management said excluding the accelerated charitable contribution, Q3 EPS ~ $18, ROE ~20%, ROTE ~21.5%. - YTD: record performance with ROE 20.7% and ROTE 22.4%.

Business momentum: Global Markets + Investment Banking leadership (good, with data) - Global Banking & Markets: Q3 revenues $13.5B (2nd highest quarterly). - Investment Banking (Advisory): $1.7B revenues, record quarter, +18% YoY; maintained #1 M&A position with $1.5T of announced transactions YTD; ~$430B lead over closest peer (largest lead ever). - Equities: Q3 net revenues $6.4B, +72% YoY (2nd best quarter); strength in intermediation and financing. - FICC: net revenues flat YoY; intermediation -7% YoY (mortgages/rates/credit), offset by currencies & commodities; financing +14% to 2nd highest level. - Key structural “surprising/important” shift: financing is becoming more durable—financing >40% of FICC + Equities revenues YTD.

Asset & Wealth Management scale, inflows, and fundraising outlook (good + explicit expectations) - A&W Management Q3 revenues $5.1B (+14% YoY); management & other fees $3.6B (+22% YoY, record). - Assets under supervision (AUS): $4.1T (record) with $97B long-term net inflows (35th consecutive quarter). - Wealth Management: $47B long-term net inflows; client assets $2.1T (record). For 2026, long-term net inflows annualizing at 12%, ahead of the 5% target. - Alternatives: AUS $491B (+26% YoY). Fundraising $37B in the quarter, $122B YTD; management now expects full-year fundraising ~ $150B.